Murray Income Trust PLC

An investment trust founded in 1923 aiming for high and growing income with capital growth


Morningstar rating:
5 out of 5

Daily prices as of 26 Nov 2021

Share Price 873.00p

Estimated NAV cum income 940.13p

Estimated NAV ex income 930.17p

Dividend Yield 3.8%

Premium / (Discount) to NAV cum income -7.1%

Online Q&A and Annual General Meeting (AGM)

Thank you to everyone who joined our online Q&A session on Wednesday 13 October 2021. This event took the form of a short, pre-recorded fireside chat between Neil Rogan, Chairman of the Board and Charles Luke, Investment Manager. This was followed by an interactive session with questions taken from the audience and a recording of the event is now available to watch below.

We look forward to welcoming shareholders in person at our upcoming AGM at 12:30pm on Tuesday 2 November 2021 at The Mermaid Conference Centre, Puddle Dock, Blackfriars, London, EC4V 3DB.

Watch the Q&A on demand now >

Latest news

An update from our investment manager, Charles Luke - 21 September 2021

We expect that the global economy will experience several years of above-trend growth as it emerges from the pandemic, aided by the vaccine rollouts and accommodative fiscal and monetary policy settings. However, divergence and asynchronous recoveries are likely to characterise this future period with disparities reflecting early and late vaccinators, developed and emerging economies, and manufacturing and services industries. For the UK, in particular, the backdrop both economically and politically is supportive with significant pent-up demand, a stable government, a fast vaccine rollout and Brexit concerns now in the rear view mirror.

Given this generally supportive backdrop, we are increasingly sanguine about the potential for the holdings in the portfolio to perform well while continuing to deliver an appealing and sustainable income stream. Moreover, valuations of UK-listed companies remain attractive on a relative basis. As an example, the dividend yield of the UK market remains at an appealing premium to other regional equity markets let alone other asset classes.

Indeed, we believe that in many cases the attractiveness of our holdings is not reflected in their share prices, particularly given the underlying strengths of the businesses. We think a fair proportion of the portfolio may be vulnerable to corporate activity and it is noteworthy that private equity purchasers often look for attractive quality characteristics in potential acquisitions that dovetail with our investment criteria.

Furthermore, international investors remain underweight the UK providing a further underpin. Therefore, we feel very comfortable maintaining our investments in high quality companies capable of growing their earnings and hence their dividends over the long term.

About us

Hear more from our investment manager Charles Luke:

 

Key people

Charles Luke

Charles Luke

Senior Investment Director

Charles Luke is a Senior Investment Director on the UK and European equities team having joined the company in 2000. Charles started his career at Framlington Investment Management in 1998, covering UK equities.

Charles graduated with a BA in Economics and Japanese Studies from Leeds University and an MSc in Business and Economic History from the London School of Economics.

Iain Pyle

Iain Pyle

Investment Director

Iain has been an Investment Director in the UK Equities team for abrdn since 2015. He is the lead manager of Shires Income plc and is deputy manager for Murray Income Trust and Aberdeen Standard Equity Income Trust plc. Within his role, he manages the UK Equity High Income Fund and the Bothwell UK Equity Income Fund and has sector responsibility for oil & gas and banks.

Iain has been covering analyst for the pharmaceutical and healthcare sectors. He is also a member of the Pan-European fund management team. Prior to joining the company, Iain was a Vice President on the number one ranked European Oil & Gas research team at Sanford Bernstein from 2007. He also worked as a management consultant at PwC. Iain holds an MSc, Masters in Chemical Engineering, ACA, CFA and is a qualified accountant.

  • Charles Luke

    Charles Luke

    Senior Investment Director

    Charles Luke is a Senior Investment Director on the UK and European equities team having joined the company in 2000. Charles started his career at Framlington Investment Management in 1998, covering UK equities.

    Charles graduated with a BA in Economics and Japanese Studies from Leeds University and an MSc in Business and Economic History from the London School of Economics.

  • Iain Pyle

    Iain Pyle

    Investment Director

    Iain has been an Investment Director in the UK Equities team for abrdn since 2015. He is the lead manager of Shires Income plc and is deputy manager for Murray Income Trust and Aberdeen Standard Equity Income Trust plc. Within his role, he manages the UK Equity High Income Fund and the Bothwell UK Equity Income Fund and has sector responsibility for oil & gas and banks.

    Iain has been covering analyst for the pharmaceutical and healthcare sectors. He is also a member of the Pan-European fund management team. Prior to joining the company, Iain was a Vice President on the number one ranked European Oil & Gas research team at Sanford Bernstein from 2007. He also worked as a management consultant at PwC. Iain holds an MSc, Masters in Chemical Engineering, ACA, CFA and is a qualified accountant.

Neil Rogan

Neil Rogan

Chairman

Neil was appointed a Director on 26 November 2013 and became Chairman on 6 November 2017.

He is former Head of the Global Equities Team at both Gartmore and Henderson and former Head of International Equities, as well as a former member of the Investment Division Executive Committee, at Gartmore. He has previously managed Fleming Far Eastern Investment Trust and, while at Touche Remnant, he worked on TR Pacific Basin Investment Trust, TR Technology Trust and Bankers Investment Trust.

Peter Tait

Peter Tait

Senior Independent Director

Peter was appointed as a Director in November 2017 and Senior Independent Director in November 2021, having retired from the Nestlé Group where he was initially Head of Investments for the Nestlé UK Pension Fund and then CEO & CIO of Nestlé Capital Management. Prior to Nestlé he worked for many years in the investment management industry managing portfolios for investment trusts, pension funds and charitable foundations.

During that time he was a Managing Director at BlackRock International and, before that, a Director of Dunedin Fund Managers and a portfolio analyst at Scottish Widows Life Assurance Fund. Prior to working as an investment manager, Peter worked for five years as an economist in the agricultural industry.

Stephanie Eastment

Stephanie Eastment

Chairman of Audit Committee

Stephanie was appointed a Director on 2 August 2018. Just prior to this she retired from being Head of Specialist Funds Company Secretariat and Accounts at Invesco Perpetual, where she had worked since 1996 specialising in the asset management industry with particular focus on investment trusts. Her career spans over 30 years working in financial services including roles at UBS, Wardley Investment Services International and KPMG. She is a Fellow of the Institute of Chartered Accountants in England and Wales, a Fellow of the Institute of Chartered Secretaries and Administrators and a member of the Technical Committee of the Association of Investment Companies.

Alan Giles

Alan Giles

Non-Executive Director

Alan Giles was appointed a Director on 17 November 2020 after serving as a director of Perpetual Income and Growth Investment Trust plc from November 2015. He is Senior Independent Director and Chairman of the remuneration committee of Foxtons Group plc, Chairman of The Remuneration Consultants Group, an Associate Fellow at Saïd Business School, University of Oxford, and an honorary visiting professor at The Business School (formerly Cass), City, University of London. He was formerly Chairman of Fat Face Group Limited, Chief Executive of HMV Group plc, Managing Director of Waterstones, and an executive director of WH Smith plc. He previously held non-executive directorships at The Competition & Markets Authority, Rentokil Initial plc, The Office of Fair Trading, Somerfield plc and Wilson Bowden Plc.

Merryn_Somerset 250x350px

Merryn Somerset Webb

Non-Executive Director

Merryn Somerset Webb was appointed as a Director on 7 August 2019. She is the Editor-in-Chief of UK personal finance magazine Money Week and comments regularly on financial matters across radio and television. She brings a wealth of investment trust experience as well as a particular knowledge of, and interest in, developing the links between investment trusts and their current and potential retail investor base.

silhouette female

Nandita Sahgal Tully

Non-Executive Director

Nandita Sahgal Tully was appointed as a Director in November 2021. She is a Fellow of the Institute of Chartered Accountants in England and Wales and a Member of the Chartered Institute for Securities and Investment. Nandita Sahgal Tully is a Managing Director at ThomasLloyd Group, an impact investor focussed on clean energy and ESG.

  • Neil Rogan

    Neil Rogan

    Chairman

    Neil was appointed a Director on 26 November 2013 and became Chairman on 6 November 2017.

    He is former Head of the Global Equities Team at both Gartmore and Henderson and former Head of International Equities, as well as a former member of the Investment Division Executive Committee, at Gartmore. He has previously managed Fleming Far Eastern Investment Trust and, while at Touche Remnant, he worked on TR Pacific Basin Investment Trust, TR Technology Trust and Bankers Investment Trust.

  • Peter Tait

    Peter Tait

    Senior Independent Director

    Peter was appointed as a Director in November 2017 and Senior Independent Director in November 2021, having retired from the Nestlé Group where he was initially Head of Investments for the Nestlé UK Pension Fund and then CEO & CIO of Nestlé Capital Management. Prior to Nestlé he worked for many years in the investment management industry managing portfolios for investment trusts, pension funds and charitable foundations.

    During that time he was a Managing Director at BlackRock International and, before that, a Director of Dunedin Fund Managers and a portfolio analyst at Scottish Widows Life Assurance Fund. Prior to working as an investment manager, Peter worked for five years as an economist in the agricultural industry.

  • Stephanie Eastment

    Stephanie Eastment

    Chairman of Audit Committee

    Stephanie was appointed a Director on 2 August 2018. Just prior to this she retired from being Head of Specialist Funds Company Secretariat and Accounts at Invesco Perpetual, where she had worked since 1996 specialising in the asset management industry with particular focus on investment trusts. Her career spans over 30 years working in financial services including roles at UBS, Wardley Investment Services International and KPMG. She is a Fellow of the Institute of Chartered Accountants in England and Wales, a Fellow of the Institute of Chartered Secretaries and Administrators and a member of the Technical Committee of the Association of Investment Companies.

  • Alan Giles

    Alan Giles

    Non-Executive Director

    Alan Giles was appointed a Director on 17 November 2020 after serving as a director of Perpetual Income and Growth Investment Trust plc from November 2015. He is Senior Independent Director and Chairman of the remuneration committee of Foxtons Group plc, Chairman of The Remuneration Consultants Group, an Associate Fellow at Saïd Business School, University of Oxford, and an honorary visiting professor at The Business School (formerly Cass), City, University of London. He was formerly Chairman of Fat Face Group Limited, Chief Executive of HMV Group plc, Managing Director of Waterstones, and an executive director of WH Smith plc. He previously held non-executive directorships at The Competition & Markets Authority, Rentokil Initial plc, The Office of Fair Trading, Somerfield plc and Wilson Bowden Plc.

  • Merryn_Somerset 250x350px

    Merryn Somerset Webb

    Non-Executive Director

    Merryn Somerset Webb was appointed as a Director on 7 August 2019. She is the Editor-in-Chief of UK personal finance magazine Money Week and comments regularly on financial matters across radio and television. She brings a wealth of investment trust experience as well as a particular knowledge of, and interest in, developing the links between investment trusts and their current and potential retail investor base.

  • silhouette female

    Nandita Sahgal Tully

    Non-Executive Director

    Nandita Sahgal Tully was appointed as a Director in November 2021. She is a Fellow of the Institute of Chartered Accountants in England and Wales and a Member of the Chartered Institute for Securities and Investment. Nandita Sahgal Tully is a Managing Director at ThomasLloyd Group, an impact investor focussed on clean energy and ESG.

 

Financial calendar

Year End 30 June
Accounts published September
Annual General Meeting November
Dividend Paid March, June, September, December

Trust details

Murray Income Trust PLC

Registered Office:
1 George Street
Edinburgh
EH2 2LL

Registered in Scotland as an Investment Company Number SC12725

Launch Date: June 1923

Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.