Murray Income Trust (MUT) seeks to provide investors with a high and growing income, as well as capital growth, by investing mainly in UK equities. Lead manager Charles Luke and deputy manager Iain Pyle run a relatively focused portfolio of 30–70 companies chosen for their attractive yields and dividend and capital growth prospects. They seek good-quality businesses with strong balance sheets and competitive positions, and may invest up to 20% of the portfolio overseas in order to diversify sources of income, and access opportunities unavailable in the UK. Following the merger of Aberdeen Asset Management and Standard Life, MUT has access to a significantly expanded UK equity team, with in-depth coverage of large, medium-sized and smaller companies, and has increased its exposure to higher-growth mid and small caps as a result. MUT has a 45-year record of dividend growth and currently offers a yield of 4.5%, above the average for its AIC UK Equity Income peer group.
