Murray Income Trust (MUT) aims to provide a high and growing income combined with capital growth, through investment in a diversified portfolio of mainly UK equities. It has achieved these objectives both recently and longer term, delivering 46 consecutive years of increasing annual dividends, and outperforming its benchmark (a broad UK stock market index) and most of its peers during the recent market turbulence and over the long term. Manager Charles Luke’s approach is based on identifying dependable stocks, which have the capacity to weather downturns, and on diversification across income, capital and sector. He focuses on high-quality companies, including mid-caps, which he believes produce less volatile income streams and are better placed to navigate uncertain times and capitalise on opportunities to create value over the longer term.