This marks the completion of a strategic review, initiated by the trust’s board on 3 July 2025, following a period of poor performance and the trust persistently trading on a discount to its net asset value (NAV).
The trust will be managed by the experienced trio behind the Artemis Income fund - Adrian Frost, Nick Shenton and Andy Marsh. Their investment process focuses on identifying companies with a superior ability to generate free cash flow. They invest in cash generative companies with recurring revenues and the potential to be able to grow their earnings, and as a result the dividend they can pay to shareholders, for years to come.
The objective of the trust, to achieve a high and growing income combined with capital growth mainly through investing in UK equities, will remain unchanged. We feel the new managers’ investment approach is well aligned with meeting this objective.
We have a high level of conviction in Adrian Frost, Nick Shenton and Andrew Marsh. They have over nine decades of investment experience between them, have been investing through good times and bad and we think their skillsets and capabilities make them one of the best teams in the business.
As a result, we view this change of manager as a positive development for shareholders in the trust.
The trust currently trades on a discount to NAV of 6.23% and has a dividend yield of 4.46%. Yields are variable and income is not guaranteed.
Annual performance growth
Oct 20 – Oct 21 | Oct 21 – Oct 22 | Oct 22 – Oct 23 | Oct 23 – Oct 24 | Oct 24 – Oct 25 | |
|---|---|---|---|---|---|
Murray Income | 31.16% | -10.92% | 6.20% | 10.15% | 18.35% |
FTSE All Share | 35.40% | -2.78% | 5.89% | 16.30% | 22.50% |
AIC UK Equity Income | 46.50% | -11.26% | 3.05% | 17.75% | 19.30% |