Murray Income Trust


£564.6m market cap

854p last close

Murray Income Trust (MUT) aims for a high and growing income combined with capital growth through investment in a portfolio principally of UK equities. Its investment policy is to invest in companies that have potential for real earnings and dividend growth, while also providing an above-average portfolio yield. The emphasis is on the management of risk and on the absolute return from the portfolio. MUT measures its performance versus the FTSE All-Share Index.

Investment summary

Murray Income Trust (MUT) has significantly outperformed its FTSE All-Share Index benchmark and the majority of peers over the past year, in large part due to its focus on high-quality companies with strong balance sheets, which have held up better than others in recent bouts of market volatility. Manager Charles Luke takes a long-term approach, giving time for company fundamentals to win through and reducing trading costs. The trust has an increased focus on mid-cap and smaller companies (now c 30% of the portfolio) and also has the ability to invest up to 20% (currently c 11%) overseas. The manager highlights MUT’s attractive income characteristics, with a 4.0% yield, above-average dividend growth and dividend security, and a 46-year record of increasing its annual payouts.

Share price graph
Price performance
Actual 2.2 2.6 16.0
Relative* 0.7 0.4 11.0
52-week high/low 866.0p/714.0p
*% relative to local index
Key management
Antonia Dodson Manager - Investment Trust Promotion

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