Edison issues update on Murray Income Trust PLC
Source: RNS
London, UK, 1 December 2022
Edison issues update on Murray Income Trust (MUT)
Murray Income Trust (MUT) invests mainly in UK equities and aims to provide a high and growing income, combined with capital growth. The trust is meeting these three objectives. The FY23 dividend is expected to be at least 36.5p, putting it on track to deliver its 50th consecutive year of dividend growth. This represents a prospective yield of 4.4%. MUT has underperformed during this year's market rotation away from the quality companies favoured by manager Charles Luke. However, the trust has slightly outpaced the market over the long term on an NAV basis; in the 10 years ended October 2022, MUT's average annualised NAV return was 6.7%, compared to an average market return of 6.3%.
MUT's share price discount is currently at historically wide levels - wider than the average of its UK equity income sector peers - providing a potentially attractive entry point to new investors. There is scope for the discount to narrow as and when the trust's performance returns to form and/or investor sentiment towards the UK market improves.
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