Murray Income Trust plc (MUT)
An investment trust founded in 1923 aiming for high and growing income with capital growth
Uses a team-based investment approach honed over the past twenty-five years
Flexible portfolio designed to deliver capital growth and income across different market cycles
Benchmark-agnostic stock selection with prudent use of gearing to enhance long-term income and returns
Investment objective: To achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities.
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Key details
| Benchmark | FTSE All-Share Index |
|---|---|
| Base currency | GBP |
| Year end | 30 Jun |
| Pay dates | Mar, Jun, Sep, Dec |
| AGM date | October |
| Founded | January 1923 |
| Directors | Peter Tait (Chair), Stephanie Eastment, Nandita Sahgal Tully, Angus Franklin and Andrew Page |
| ISA eligible | Yes |
| ISIN | GB0006111123 |
| OCF* | 0.48% |
| Shares in issue** | 94,333,684 |
| Net cash/(Gearing)** | (7.9)% |
| Net cash/(Gearing) with debt at market value** | (7.1)% |
This trust is actively managed.
*Expressed as a percentage of average daily net assets for the year ended 30 June 2025. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other ongoing operating expenses. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company because these costs are already reflected in the share price performance and/or the Company’s net asset value (NAV), as applicable. Further relevant information is disclosed in the Company’s annual report.
**Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. As at 31 March 2026.
Objective
To achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities.
Investment policy
In pursuit of the Company’s investment objective, the Company’s investment policy is to invest in the shares of companies that have potential for real earnings and dividend growth, while at the same time providing an above-average portfolio yield. The emphasis is on the management of risk and on the absolute return and yield from the portfolio as a whole rather than the individual companies which the Company invests in, which is achieved by ensuring an appropriate diversification of stocks and sectors within the portfolio, with a high proportion of assets in strong, well-researched companies. The Company makes use of borrowing facilities to enhance shareholder returns when appropriate.
Portfolio
Top 10 holdings (%)
Tesco | 4.8 |
Lloyds Banking Group | 4.8 |
NatWest Group | 4.6 |
BP | 4.6 |
Aviva | 4.5 |
GSK | 4.5 |
Barclays | 4.1 |
Imperial Brands | 3.9 |
Pearson | 3.9 |
Informa | 3.8 |
Total number of holdings | 45 |
Market cap breakdown (%)
Large | 94.5 |
Mid | 13.2 |
Small | 0.6 |
Sector breakdown (%)
Financials | 34.7 |
Consumer Discretionary | 20.4 |
Consumer Staples | 14.0 |
Health Care | 11.0 |
Industrials | 7.8 |
Energy | 7.1 |
Real Estate | 4.5 |
Technology | 4.2 |
Basic Materials | 2.8 |
Utilities | 1.7 |
Source: Artemis as at 30 April 2026.
Figures may not add up to 100% due to rounding and cash and derivative holdings. Visit Glossary of terms for an explanation of investment terms.
Dividends
Ordinary shares
Yield
Dividend yield | 4.3% |
The dividend yield quoted is historical. It is based on dividends paid by the trust in the previous 12 months as a percentage of the share price. It does not include any preliminary charges and investors may be subject to tax on distributions. Although the trust aims to pay a high and growing income, the payment of any dividend and its level, is not guaranteed. The dividend yield is not an indicator of the future performance of the trust.
Dividend frequency | Quarterly |
Pay dates | Mar, Jun, Sep, Dec |
Year end | 30 Jun |
Dividend history
2025/2026 | Record date | Ex-dividend date | Payment date | Dividend |
|---|---|---|---|---|
2nd interim | 13 Feb 2026 | 12 Feb 2026 | 12 Mar 2026 | 9.5000p |
1st interim | 14 Nov 2025 | 13 Nov 2025 | 11 Dec 2025 | 9.5000p |
Total paid this trust financial year | 19.0000p |
Risk considerations
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.
Risk and reward profile
The trust is in the category shown due to historic volatility (how much and how quickly the value of shares in the trust may have risen and fallen in the past due to movements in markets, currencies and interest rates). It may not be a reliable indication of the future risk profile of the trust. The figure highlighted in the risk reward profile is the Summary Risk Indicator (SRI). For more information visit our Glossary of terms.
Contact us
Registered office:
Murray Income Trust PLC
6th Floor, Exchange Plaza
50 Lothian Road
Edinburgh EH3 9BY
Other information
FOR PROFESSIONAL INVESTORS AND/OR QUALIFIED INVESTORS AND/OR FINANCIAL INTERMEDIARIES ONLY. NOT FOR USE WITH OR BY PRIVATE INVESTORS.
This is a marketing communication. Before making any final investment decisions, and to understand the investment risks involved, refer to the Pre-Investor Disclosure Document, Articles of Association and KID, available in English above or on the literature page. The documents can also be found on www.fundinfo.com.
Investment in a trust concerns the acquisition of shares in the trust and not in the underlying assets of the trust.
Reference to specific shares or companies should not be taken as advice or a recommendation to invest in them.
Third parties (including FTSE, Russell, MSCI and Refinitiv) whose data may be included in this document do not accept any liability for errors or omissions. For information, visit our third party data page
Any research and analysis in this communication has been obtained by Artemis for its own use. Although this communication is based on sources of information that Artemis believes to be reliable, no guarantee is given as to its accuracy or completeness.
Any forward-looking statements are based on Artemis’ current expectations and projections and are subject to change without notice.
Financial advisers and retail investors: The company currently conducts its affairs so that the shares in issue can be recommended by financial advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (FCA’s) rules in relation to non-mainstream investment products and intends to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.
