Murray Income Trust - Differentiated approach to UK equity income
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.Murray Income Trust is an investment trust company. Co. invests in portfolio of equities in the U.K. Co. invests no more than 15% of gross assets in other listed investment companies (including investment trusts). Co.'s investment portfolio comprised of a range of sectors including oil and gas, basic materials, industrials, consumer goods, healthcare, consumer services, telecommunications, utilities, financials, and technology. Co. is managed by Aberdeen Fund Managers Limited. As of June 30, 2017, Co.'s total investments amounted to £595.4 million.
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