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London, UK, 26 November 2020
Edison reviews Murray Income Trust (MUT)
Murray Income Trust's (MUT) recent combination with Perpetual Income and Growth Investment Trust (PLI) has doubled the trust's assets under management to £1.1bn and is expected to deliver a substantial fee reduction to investors. MUT invests in a diversified portfolio of mainly UK equities and aims to provide a high and growing income, combined with capital growth. It has achieved these objectives, having just delivered its 47th consecutive year of increasing annual dividends, while also outperforming its benchmark (a broad UK stock market index) and most of its peers over both the short and longer term. Manager Charles Luke's success - even in the current climate, which has been characterised by widespread dividend cuts - confirms his conviction that 'quality, sustainable and growing income is out there, if you know where to look'. He intends to maintain his research-intensive search for resilient companies capable of growing future earnings and dividends over time.
A favourable investor response to the recent combination with PLI has seen MUT's shares trade into premium territory. As at 24 November, this premium to cum-income NAV was 0.2%. This compares with average discounts of 4.8%, 6.4%, 7.2% and 4.1% over the past one, three, five and 10 years. MUT's current dividend yield stands at 4.1%.
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