Murray Income (MUT), the £855m UK equity income trust, says Artemis, its new fund manager, has largely completed the overhaul of the portfolio it took over from Aberdeen on 2 March. At 31 March, 98.7% of the three quarters of the holdings Artemis wanted to change had been completed. The top position is now Tesco (5.1%), followed by GSK (4.9%), Lloyds (4.6%), NatWest (4.5% and Aviva (4.5%). Financials now account for 33.7% of the portfolio with 20.8% in consumer discretionary stocks. Chair Peter Tait 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.”

Digital 9 Infrastructure (DGI9) has agreed to a £10m settlement from Ardian in relation to the earn-out from Verne Global, the Icelandic data centre operator, it sold to the French investment group in March 2024 for $575m (then £456m). The winding-down investment company concluded that the earn-out was highly unlikely to pay out anything like the $135m maximum in the sales contract due to “localised power constraints” at the Keflavík site in Iceland. It said this was a “pragmatic and mutually beneficial resolution” that will help fund a £30m return of capital of 3.5p per share later this month.

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