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Murray Income Trust PLC announced on 2 April 2026 that Artemis Fund Managers Limited, having taken over management on 2 March 2026, completed 98.7% of the portfolio transition, reflecting a 75% change, by 31 March 2026. Artemis also increased net gearing from 5.3% at the end of February to 7.0% at the end of March and waived its investment management fee until 2 December 2026. As of 31 March 2026, the Company reported net assets of approximately £911 million, with a NAV per share of 966p and an 8.6% discount to NAV.
| Date | 2 Apr 2026 |
| Time | 07:00:04 |
| Category | Corporate updates |
| ID | 1562Z |
Murray Income Trust PLC ("the Company")
Legal Entity Identifier (LEI): 549300IRNFGVQIQHUI13
2 April 2026
Update on Transition of Portfolio Holdings
The Board of Murray Income Trust PLC, the FTSE 250 investment company with net assets of approximately £911 million1, is pleased to announce that, having taken over management of the company on 2 March, as of 31 March Artemis Fund Managers Limited had completed 98.7% of the portfolio transition. This reflects change of approximately 75% of the portfolio.
Peter Tait, Chair of Murray Income Trust, said: "The investment management team at Artemis has been successfully repositioning the portfolio of the Company over the past month despite the very considerable level of volatility in markets resulting from the Middle East conflict."
Artemis fund manager Andy Marsh said: "During periods of market dislocation we retain our focus on good companies run by good management teams.
"The key is that the businesses are generating sufficient cash - after paying down costs - to leave enough both to pay a dividend to shareholders and fund future investment in their business."
The portfolio transition will be complete shortly. The top 20 holdings and sector positioning are shown below.
Artemis has also increased net gearing in the portfolio from around 5.3% as at the end of February to 7.0% as at end of March.
At 31 March, the NAV per share (debt at fair value) is 966p and discount to NAV is 8.6%.
Artemis has waived its investment management fee until 2 December 2026.
1 As at 31 March 2026
|
Top 20 Holdings |
Portfolio % |
|
Tesco |
5.1 |
|
GSK |
4.9 |
|
Lloyds |
4.6 |
|
NatWest |
4.5 |
|
Aviva |
4.5 |
|
Imperial Brands |
4.4 |
|
BP |
4.1 |
|
Barclays |
3.9 |
|
Informa |
3.7 |
|
Pearson |
3.7 |
|
IG Group |
3.4 |
|
LSEG |
3.2 |
|
RELX |
3.1 |
|
Shell |
2.9 |
|
Smith & Nephew |
2.8 |
|
Legal & General |
2.7 |
|
AstraZeneca |
2.7 |
|
3i |
2.6 |
|
SSE |
2.6 |
|
Segro |
2.6 |
There are currently 46 holdings in the portfolio, with an expected range of 40-65 going forward. 72.0% of the portfolio is currently accounted for by the top 20 holdings.
|
Sector |
Portfolio % |
|
Financials |
33.7 |
|
Consumer Discretionary |
20.8 |
|
Consumer Staples |
14.6 |
|
Health Care |
12.1 |
|
Energy |
7.4 |
|
Industrials |
7.3 |
|
Real Estate |
4.3 |
|
Technology |
4.1 |
|
Basic Materials |
2.6 |
|
Utilities |
2.6 |
Sources: Artemis as at 31 March 2026
For further information, please contact:
|
Murray Income Trust PLC Peter Tait (Chair) - enquiries via Company Secretary |
|
|
NSM (Company Secretary) |
|
|
Toby Nash/Brian Smith mut@nsm.group |
T: 020 3697 5770 |
|
Artemis |
|
|
Lawrence Gosling |
T: 020 7399 6039 |
|
Investec Bank plc (Corporate Broker) |
|
|
Tom Skinner David Yovichic |
T: 020 7597 4000 |