Edison issues initiation on Murray Income Trust

RNS Number : 7427O

Murray Income Trust PLC

31 January 2019

 

London, UK, 31 January 2019

Edison issues initiation on Murray Income Trust (MUT)

Murray Income Trust (MUT) seeks to provide investors with a high and growing income, as well as capital growth, by investing mainly in UK equities. Lead manager Charles Luke and deputy manager Iain Pyle run a relatively focused portfolio of 30-70 companies chosen for their attractive yields and dividend and capital growth prospects. They seek good-quality businesses with strong balance sheets and competitive positions, and may invest up to 20% of the portfolio overseas in order to diversify sources of income, and access opportunities unavailable in the UK. Following the merger of Aberdeen Asset Management and Standard Life, MUT has access to a significantly expanded UK equity team, with in-depth coverage of large, medium-sized and smaller companies, and has increased its exposure to higher-growth mid and small caps as a result. MUT has a 45-year record of dividend growth and currently offers a yield of 4.5%, above the average for its AIC UK Equity Income peer group.

At 30 January, MUT's shares traded at a 5.9% discount to cum-income net asset value. This was narrower than the average discount of 8.3% over one year, following share price outperformance of the NAV during the market volatility in 2018. MUT has an active discount management policy and, while there is no publicly stated level at which it will repurchase shares, it has tended to buy back at discounts exceeding c 9%. MUT currently offers a 4.5% dividend yield.

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