Title: 

URL Source: https://is.gd/IGabRH

Published Time: Thu, 22 May 2025 13:30:26 GMT

Markdown Content:
# invtrusts.co.uk 

## Investment objective 

To achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities. 

## Benchmark 

FTSE All-Share Index. 

## Cumulative performance (%) as at 31/03/25 1month 3months 6months 1year 3years 5years 

Share Price 825.0p (3.4) 2.1 (2.0) 3.7 6.6 45.9 NAV A 923.1p (3.0) 1.6 (1.7) 2.0 11.5 55.7 FTSE All-Share (2.2) 4.5 4.1 10.5 23.3 76.5 

## Discrete performance (%) 31/03/25 31/03/24 31/03/23 31/03/22 31/03/21 

Share Price 3.7 2.4 0.4 7.8 27.0 NAV A 2.0 7.8 1.4 11.4 25.3 FTSE All-Share 10.5 8.4 2.9 13.0 26.7 

## Five year dividend table (p) Financial year 2024 2023 2022 2021 2020 

Total dividend (p) 38.50 37.50 36.00 34.50 34.25 Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen and Morningstar. 

Past performance is not a guide to future results. Murray Income Trust PLC An investment trust founded in 1923 aiming for high and growing income with capital growth 

Performance Data and Analytics to 31 March 2025 A Including current year revenue. B © 2025 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/ MethodologyDocuments/AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. 

Morningstar Rating TM  

> B

Morningstar Rating TM for Funds 

Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to similar funds. 

Morningstar Sustainability Rating TM 

Twenty largest equity holdings (%) 

AstraZeneca 5.2 Unilever 5.1 RELX 5.1 National Grid 4.2 BP 3.7 London Stock Exchange 3.7 Diageo 3.6 TotalEnergies 3.6 Experian 3.2 HSBC Holdings 2.9 DBS Group Holdings Ltd 2.9 Convatec 2.8 Sage 2.6 Haleon plc 2.5 Anglo American 2.3 Rio Tinto plc 2.2 SSE 2.0 Nordea Bank Abp 1.9 Rentokil Initial 1.9 Inchcape 1.8 

Total 63.1 Total number of investments 52 

All sources (unless indicated): Aberdeen: 31 March 2025. 

## Murray Income Trust PLC 02 Sector allocation (%) 

Financials 17.9 Industrials 13.3 Consumer Discretionary 13.1 Health Care 13.1 Consumer Staples 11.6 Energy 8.5 Utilities 6.2 Basic Materials 5.7 Technology 4.4 Real Estate 3.0 Telecommunications 2.2 Cash 0.9 

Total 100.0 

> Figures may not add up to 100 due to rounding.

Key information Calendar 

Year end 30 June Accounts published September Annual General Meeting November Dividend paid March, June, September and December Established 1923 Fund manager Charles Luke Ongoing charges C 0.50% Annual management fee D0.35% per annum on the first £1.1bn of net assets, 0.25% thereafter. Premium/(Discount) (10.6)% Yield E 4.7% Net cash/(gearing) F (11.5)% Net cash/(gearing) with debt at market value F(11.1)% Active share G 63.0% 

AIFMD Leverage Limits 

Gross Notional 2.5x Commitment 2x 

# Murray Income Trust PLC Murray Income Trust PLC 1 year Premium/(Discount) Chart (%) 

-15 -12 -9 -6 Mar-25 Jan-25 Nov-24 Sep-24 Jul-24 May-24 Mar-24 

## Fund managers’ report Market commentary 

The UK equity market ended March lower, as equities fell globally as US President Donald Trump enacted tariffs and threatened further measures targeting Canada, Mexico and the EU. Investors were unsettled by the risk of economic disruption and higher inflation. The UK continued to attempt to secure exemptions from US tariffs. Domestically, UK Chancellor Rachel Reeves delivered the Spring Statement which announced public spending cuts to restore the government’s narrow fiscal headroom. The more domestic focused FTSE 250 Index underperformed the FTSE 100 Index. Commodity prices generally rose during the month. Gold prices surged to an all-time high above $3,100 per troy ounce, as traders flocked to precious metals amid economic weakness and rising geopolitical tensions, while oil prices rose on supply constraints. Turning to economic data, the UK Consumer Price Index (CPI) reading for February showed prices rose by an annual rate of 2.8%, down from 3.0% in January. This level is still above the Bank of England’s (BoE) 2% target and inflation could rise in the coming months driven by utility prices and the upcoming National Insurance contribution increases. The BoE held rates unchanged at the March meeting, as was expected. UK GDP was weaker than expected in January, with the economy contracting by 0.1%, following the surprisingly strong 0.4% growth in December. The Office of Budget Responsibility halved its 2025 growth estimate from 2% of GDP to 1%. 

Performance 

The benchmark FTSE All-Share Index decreased by approximately 2.3% in March on a total return basis. The portfolio underperformed the benchmark by 0.5% on a gross assets basis. At a sector level, the portfolio’s overweight C Expressed as a percentage of average daily net assets for the year ended 30 June 2024. 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 charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different companies. D The management fee is 0.35% per annum on the first £1.1 billion of net assets and 0.25% thereafter. E Calculated using the Company’s historic net dividends and month end share price. F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the benchmark index holdings. 

Fund managers’ report continues overleaf 03 Murray Income Trust PLC Murray Income Trust PLC 

position in the Industrials sector and underweight position in the Energy sector contributed most negatively to relative performance, while the higher exposure than the benchmark to the Consumer Discretionary and Utilities sectors contributed positively to relative performance. At the stock level, TotalEnergies contributed positively to relative performance, as the shares rose on rebounding oil prices as it appeared US sanctions on Venezuela and Iran and threats of secondary tariffs on Russian oil could tighten market balances. Not holding Glencore or International Consolidated Airlines also benefited relative performance. Stocks not held also contributed negatively to relative performance in March, with not holding Shell or BAE Systems the largest detractors from relative performance. Of stocks held, Smurfit WestRock contributed most negatively, as sentiment around the demand outlook declined. 

Trading 

Trading in March included exiting the small position in Novo Nordisk following recent weak trial data. The holding in Unilever was trimmed to raise cash and manage the size of the position. We continued to write options to gently increase the income available to the fund including calls in Air Liquide, Anglo American, AstraZeneca, HSBC, Rio Tinto, Sage, and Unilever. 

Outlook 

Newsflow since the period end has been engulfed by President Trump’s ‘Liberation Day’ announcement around the proposed introduction of various tariffs on the trading partners of the United States. Although the picture remains somewhat fluid, the size and breadth of these tariffs may well have a significant impact on the global economy and markets. In addition to the first order impacts for companies and countries exposed to the impact of the tariffs themselves, second order implications include weaker growth and an uncertain effect on inflation near and medium term coupled with continued political disruption. We retain our cautiously optimistic outlook for the portfolio which we believe is populated with companies that can generate significant long term returns – and with valuations now more attractive. We believe that good quality companies should be well placed to navigate the current uncertainty and the value of our structural growth exposure should be better appreciated in what is likely to be a slower growth environment. Moreover, if there are shifts of capital out of the US, which has dominated global market returns in the last decade, and towards an under-appreciated UK market, this could add further support. 

Assets/Debt (£m) Gross Assets £’000 %               

> Equities - UK listed 799,930 89.3 - Overseas listed 190,458 21.3 Total investments 990,389 110.5 Cash & cash equivalents 9,363 1.0 Other net assets 8,773 1.0 Short-term borrowings (6,189) (0.7) Loan notes (106,399) (11.9)
> Net assets 895,937 100.0

Capital structure   

> Ordinary shares 98,113,980 Treasury shares 21,415,552

Trading details     

> Reuters/Epic/ Bloomberg code MUT ISIN code GB0006111123 Sedol code 0611112 Stockbrokers Investec Market makers SETSmm

# i

Factsheet 

Receive the factsheet by email as soon as it is available by registering at www.aberdeeninvestments.com/ trustupdates www.aberdeeninvestments.com/mut 

Contact Private investors 

trusts@aberdeenplc.com 

Institutional Investors 

InvestmentTrustInvestorRelations-UK@ aberdeenplc.com 

Ben Heatley 

Head of Closed End Fund Sales Ben.Heatley@aberdeenplc.com 

## Fund managers’ report - continued The risk outlined overleaf relating to gearing is particularly relevant to this trust, but should be read in conjunction with all warnings and comments given. Important information overleaf 04 Murray Income Trust PLC Murray Income Trust PLC Statement of Operating Expenses  Publication date: 9 October 2024 Recurring Operating Expenses (£000s) Year ended 30 Jun 2024 % of Average NAV Year ended 30 Jun 2023 % of Average NAV % Change (YOY) 

Management Fee (inc AIFM) 3,692 0.37% 3,804 0.37% -2.9% Custody fees and bank charges 72 0.01% 68 0.01% 5.9% Promotional activities 406 0.04% 418 0.04% -2.9% Directors remuneration 174 0.02% 188 0.02% -7.4% Depositary fees 78 0.01% 90 0.01% 0.0% Auditors' remuneration 54 0.01% 42 0.00% 28.6% Secretarial fees 75 0.01% 75 0.01% 0.0% Registrars fees 68 0.01% 76 0.01% -10.5% Printing and postage 41 0.00% 61 0.01% -32.8% Legal and professional fees 50 0.01% 38 0.00% 31.6% Irrecoverable VAT 137 0.01% 164 0.02% -16.5% Other administrative expenses 154 0.02% 162 0.02% -4.9% Ongoing Operating Expenses (ex indirect fund management expenses) 5,001 0.50% 5,186 0.50% -3.6% Expenses relating to investments in other collective investments 0.00% 0.00% Ongoing Operating Expenses (inc indirect fund management expenses) 5,001 0.50% 5,186 0.50% -3.6% Average Net Asset Value 991,404 1,036,020 -4.3% 

Operating Expense Ratio (ex indirect fund management expenses) 0.50% 0.50% Operating Expense Ratio (inc indirect fund management expenses) 0.50% 0.50% Transaction costs and other one-off expenses (£000s) Year ended 30 Jun 2024 % of Average NAV Year ended 30 Jun 2023 % of Average NAV % Change (YOY) 

Transaction costs 956 0.10% 941 0.09% 1.6% Performance fees 0.00% 0.00% Other non-recurring expenses 25 0.00% 8 0.00% 212.5% 

Total 981 0.10% 949 0.09% 3.4% Current Service Providers 

AIFM abrdn Fund Managers Limited Investment Manager abrdn Investments Limited Company Secretary abrdn Holdings Limited Administrator BNP Paribas Fund Services UK Limited Auditor PricewaterhouseCoopers LLP Depositary & Custodian BNP Paribas S.A., London Branch Registrar Link Group Corporate Broker Investec Bank plc 

Summary of Current Key Commercial Arrangements 

abrdn Fund Managers Limited (“aFML”) has been appointed by the Company, under a management agreement, to provide investment management, risk management, administration and company secretarial services as well as promotional activities. The Company’s portfolio is managed by abrdn Investments Limited (""aIL"") by way of a group delegation in place with aFML. In addition, aFML has sub-delegated fund administration and promotional activities to aIL and secretarial services to abrdn Holdings Limited. aIL has sub-delegated fund accounting services to BNP Paribas Fund Services UK Limited. No performance fee. 

Fee scale % of NAV 

£0-£1,100m 0.35% >£1,100m 0.25% 

Directors fee rates (£) Year ended 30 Jun 2024 Year ended 30 Jun 2023 % Change (YOY) 

Chair 43,125 41,200 4.7% Chair of Audit & Risk Committee 35,950 34,300 4.8% Senior Independent Director 31,625 30,200 4.7% Director 28,750 27,500 4.5% Number of Directors 5 6

Important Information 

The Statement of Operating Expenses is designed to help investors understand the impact of operating expenses on financial performance. 

Operating expenses are NOT deducted from the value of an investor's shareholding, which is derived from the share price. 

The market value (share price) of all publicly traded companies reflects a wide range of factors, including the estimated impact of operating expenses on future financial performance. 

The market value of an investment trust may diverge materially, both positively and negatively, from the reported net asset value. 0004674601 For more information visit invtrusts.co.uk Important information Risk factors you should consider prior to investing: 

• The value of investments, and the income from them, can go down as well as up and investors may get back less than the amount invested. 

• Past performance is not a guide to future results. 

• Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. 

• The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. 

• The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. 

• The Company may charge expenses to capital which may erode the capital value of the investment. 

• Derivatives may be used, subject to restrictions set out for the Company, in order to manage risk and generate income. The market in derivatives can be volatile and there is a higher than average risk of loss. 

• There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value. 

• As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. 

• Certain trusts may seek to invest in higher yielding securities such as bonds, which are subject to credit risk, market price risk and interest rate risk. Unlike income from a single bond, the level of income from an investment trust is not fixed and may fluctuate. 

• Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. 

Other important information: 

An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Investment should only be following a review of the current Key Information Document (KID) and pre-investment disclosure document (PIDD) both of which are available on www.invtrusts. co.uk. Any data contained herein which is attributed to a third party ("Third Party Data") is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by Aberdeen*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Aberdeen* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. *Aberdeen means the relevant member of the Aberdeen Group, being Aberdeen Group plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. FTSE International Limited (‘FTSE’) © FTSE 2025. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. RAFI® is a registered trademark of Research Affiliates, LLC. All rights in the FTSE indices and/ or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Issued by abrdn Fund Managers Limited, registered in England and Wales (740118) at 280 Bishopsgate, London, EC2M 4AG, authorised and regulated by the Financial Conduct Authority in the UK.