Artemis appointed investment manager of Murray Income Trust PLC
Our press enquiries team
- Shareholders gain access to Artemis’ experienced UK equity income team
- Commitment to maintaining the Trust’s Dividend Hero status and delivering a growing income stream
- Gearing of 8-10%, with the aim of enhancing income and total returns
- Nine-month fee waiver, after which fees will be charged on the lower of the Trust’s share price or NAV
Artemis Fund Managers Limited (“Artemis”) has been appointed as investment manager of the £953m1 Murray Income Trust PLC (“the Trust” or “Murray Income Trust”), effective 2 March 2026.
The portfolio will be managed by Andy Marsh, Nick Shenton and Adrian Frost, the team behind the £5.3bn2 Artemis Income Fund, alongside analyst Jamie Lindsay. The Artemis Income Fund has achieved top-quartile returns within the IA UK Equity Income sector since launch in June 20003 and has outperformed the FTSE All-Share in almost all rolling five-year periods to 31 December 20254.
Teun Johnston, Artemis’ chief executive officer, said:
“We are delighted to be appointed investment manager of Murray Income Trust. Our UK equity income team has delivered long-term outperformance through a disciplined, cashflow-driven approach. We look forward to building on the Trust’s strong heritage and delivering sustainable income and capital growth for shareholders.”
The Murray Income Trust’s portfolio will be managed using the same investment strategy as the Artemis Income Fund, with three key differences: gearing of 8-10% with the aim of enhancing income and total returns; dividends will be paid quarterly; and fees are structured differently. Shareholders will benefit from a nine-month fee waiver commencing on 2 March 2026. Thereafter, fees will be levied on the Trust’s market capitalisation or NAV, whichever is lowest. The Trust was trading at a 7.9% discount to its net asset value (NAV) as at 26 February 20265.
Andy Marsh, fund manager, commented:
“We believe our investment process is well suited to the Trust’s objective of achieving a high and growing income, combined with capital growth. We take a long-term approach with an average holding period in excess of seven years and we invest in companies whose cashflow is attractively valued, relative to its duration and growth. This focus on cashflow is key to achieving an attractive and growing stream of dividends.”
Murray Income Trust has an unbroken 52-year6 track record of progressive dividend growth and is recognised as a ‘Dividend Hero’ by the Association of Investment Companies (AIC). It pays dividends on a quarterly basis.
Nick Shenton, fund manager, said:
“To be a Dividend Hero requires a consistent investment process that works in different market conditions. We have been able to outperform in a wide variety of environments by taking a long-term perspective, being style-agnostic and investing where we see opportunities.”
Fund manager Adrian Frost added:
“The Trust will be managed in a similar manner to the Artemis Income Fund, with a portfolio of companies that we believe are well-equipped to deliver a growing stream of cashflows and dividends. We also intend to make the most of the investment company structure by using gearing in the region of 8-10% over the medium to long term, which we believe can enhance income and capital returns.”
Murray Income Trust is Artemis’ second investment company mandate, following its appointment as investment manager of Artemis UK Future Leaders PLC in March 2025.
Notes and references
1 Source: Murray Income Trust as at 31 January 2026.
2 Source: Artemis as at 31 January 2026.
3 Source: Lipper Limited/Artemis, from 6 June 2000 to 31 December 2025. For past performance of the Artemis Income Fund, please see here
Past performance is not a guide to the future. Source: Lipper Limited/Artemis to 31 December 2025 for class I distribution units, GBP. Data prior to 7 March 2008 reflects class R distribution GBP. All figures show total returns with dividends and/or income reinvested, net of all charges. Performance does not take account of any costs incurred when investors buy or sell the fund. Returns may vary as a result of currency fluctuations if the investor's currency is different to that of the class. This class may have charges or a hedging approach different from those in the IA sector benchmark.
4 The Artemis Income Fund’s net total returns have exceeded the FTSE All-Share in 97% of rolling five-year periods from 6 June 2000 to 31 December 2025. Source: Lipper Limited/Artemis to 31 December 2025 for class I distribution units, GBP. Data prior to 7 March 2008 reflects class R distribution GBP.
5 Source: London Stock Exchange as at market close, 26 February 2026.
6 Source: Association of Investment Companies as at 19 February 2026.
This is a marketing communication. Before making any final investment decisions, and to understand the investment risks involved, refer to the fund prospectus and KIID/KID, available in English and in your local language (depending on local country registration), from the relevant fund page or literature section on www.artemisfunds.com. The documents can also be found on www.fundinfo.com.
CAPITAL AT RISK. All financial investments involve taking risk and the value of your investment may go down as well as up. This means your investment is not guaranteed and you may not get back as much as you put in. Any income from the investment is also likely to vary and cannot be guaranteed.
Risks specific to Murray Income Trust plc
- Market volatility risk The net asset value of the trust, and the income it receives from its investments, can rise and fall because of movements in stockmarkets, currencies and interest rates, each of which can move irrationally and be affected unpredictably by diverse factors, including political and economic events.
- Currency hedging risk The trust hedges with the aim of protecting against unwanted changes in foreign exchange rates. The trust is still subject to market risks, may not be completely protected from all currency fluctuations and may not be fully hedged at all times. The transaction costs of hedging may also negatively impact the trust’s returns.
- Gearing risk The trust may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the net asset value meaning that any movement in the value of the trust’s assets will result in a magnified movement in the net asset value.
- Income risk Although the trust aims to pay a high and growing income, the payment of any dividend, and its level, is not guaranteed.
- Premium/discount risk Investment trust shares tend to trade at discounts to their underlying net asset values, although they can also trade at a premium. Discounts and premiums can fluctuate considerably leading to more volatile returns for shareholders. There is no guarantee that the market price of the trust's shares will fully reflect their underlying net asset value.
- Market spread risk As with all stock exchange investments, the prices at which shares can be purchased and sold can be different, this is called the bid-offer spread. The bid-offer spread can widen when trading volumes are lower or when there is increased market volatility.
Risks specific to Artemis Income Fund
- Market volatility risk The value of the fund and any income from it can fall or rise because of movements in stockmarkets, currencies and interest rates, each of which can move irrationally and be affected unpredictably by diverse factors, including political and economic events.
- Currency risk The fund’s assets may be priced in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the fund's value.
- Charges from capital risk Where charges are taken wholly or partly out of a fund's capital, distributable income may be increased at the expense of capital, which may constrain or erode capital growth.
- Income risk The payment of income and its level is not guaranteed.
