We answer clients' most common questions about the trust

The change of investment manager to Artemis took effect on 2 March 2026.
Artemis is waiving management fees for the first nine months following its appointment on 2 March 2026. After that, the annual management fee will be 0.40% on the first £750m, 0.375% on the next £250m, and 0.35% on assets above £1bn. The fee is calculated on the lower of the Trust's market value or net asset value (NAV). The Trust's ongoing charges figure (OCF) is expected to remain below 0.50%.
The Trust is managed by the Artemis Income team of Adrian Frost, Nick Shenton and Andy Marsh. Together, they have around 46 years' experience managing UK equity income portfolios. Adrian has managed the open-ended Artemis Income Fund since January 2002, with Nick joining him in 2013, followed by Andy in 2018. They are supported by Jamie Lindsay (Analyst) and Josh Passmore (Investment Director).

Designed as a core UK equity solution, the strategy aims to achieve compelling total returns through both sustained income and capital growth. Historically the Artemis Income strategy has grown dividends at 4-5% per annum, although future dividend growth cannot be guaranteed. The team intends to maintain and build on the Trust's Dividend Hero record by continuing to grow the dividend per share over time. 

The team seeks to invest in companies capable of generating robust and growing cash flows that are often overlooked by the market. The strategy is style agnostic: the team does not think in terms of growth, value or other investment factors or styles, but instead invests wherever the fund managers see attractive opportunities. This approach is believed to have helped generate consistently healthy returns across a wide range of market environments over two and a half decades. 

In an increasingly short-term market, the team focuses on the long term, taking a three- to five-year view. The average company in the Artemis Income portfolio has been held for more than eight years. 

The fund managers have all invested their own money in the Murray Income Trust, helping ensure that their interests are directly aligned with shareholders.