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.
Click here to view the full report.
All reports published by Edison are available to download free of charge from its website
www.edisoninvestmentresearch.com
About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
For more information please contact Edison:
Sarah Godfrey, +44 (0)20 3681 2519
Mel Jenner, +44 (0)20 3077 5720
[email protected]
Learn more at www.edisongroup.com and connect with Edison on:
LinkedIn https://www.linkedin.com/company/edison-investment-research
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv
