Marketing communication
Portfolio and performance
Data is updated via an IDX feed from the London Stock Exchange and is delayed at least 15 minutes.
Commentary from the investment team
Past performance is not a guide to the future. Your capital is at risk.
Past performance is not a guide to the future. Your capital is at risk.
Key details
| Benchmark | FTSE All-Share Index |
| Base currency | GBP |
| ISA eligible | Yes |
| Shares in issue | 93,313,684 |
Objective
To achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities.
Gearing
| Net cash/(Gearing) | (7.4)% |
| Net cash/(Gearing) with debt at market value | (6.9)% |
Costs and charges
| OCF | 0.48% |
Murray Income investment team
Third party endorsements are not a recommendation to buy. For sources, dates and other information, visit www.artemisfunds.com/endorsements
Investment policy
In pursuit of the Company’s investment objective, the Company’s investment policy is to invest in the shares of companies that have potential for real earnings and dividend growth, while at the same time providing an above-average portfolio yield. The emphasis is on the management of risk and on the absolute return and yield from the portfolio as a whole rather than the individual companies which the Company invests in, which is achieved by ensuring an appropriate diversification of stocks and sectors within the portfolio, with a high proportion of assets in strong, well-researched companies. The Company makes use of borrowing facilities to enhance shareholder returns when appropriate.
Portfolio
Top 10 holdings (%)
NatWest Group | 5.0 |
Aviva | 4.8 |
Lloyds Banking Group | 4.6 |
GSK | 4.4 |
BP | 4.2 |
Informa | 4.0 |
Barclays | 4.0 |
Pearson | 3.5 |
Imperial Brands | 3.3 |
IG Group Holdings | 3.1 |
Total number of holdings | 48 |
Market cap breakdown (%)
Large | 92.0 |
Mid | 14.7 |
Small | 3.9 |
Sector breakdown (%)
Financials | 35.1 |
Consumer Discretionary | 19.5 |
Consumer Staples | 16.1 |
Health Care | 9.9 |
Industrials | 8.4 |
Energy | 6.9 |
Real Estate | 3.8 |
Basic Materials | 3.6 |
Technology | 2.9 |
Utilities | 1.5 |
Source: Artemis as at 30 September 2026.
Figures may not add up to 100% due to gearing, cash and derivative holdings. Visit Glossary of terms for an explanation of investment terms.
Risk considerations
Market volatility risk
The net asset value of the trust, and the income it receives from its investments, can fall or rise because of movements in stockmarkets, currencies and interest rates, each of which can move irrationally and be affected unpredictably by diverse factors, including political and economic events.
Currency hedging risk
The trust can hedge with the aim of protecting against unwanted changes in foreign exchange rates. The trust is still subject to market risks, may not be completely protected from all currency fluctuations and may not be fully hedged at all times. The transaction costs of hedging, whilst usually minimal, may also negatively impact the trust's returns.
Gearing risk
The trust may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the net asset value meaning that any movement in the value of the trust’s assets will result in a magnified movement in the net asset value.
Income risk
Although the trust aims to pay a high and growing income, the payment of any dividend, and its level, is not guaranteed.
Premium/discount risk
Investment trust shares tend to trade at discounts to their underlying net asset values, although they can also trade at a premium. Discounts and premiums can fluctuate considerably leading to more volatile returns for shareholders. There is no guarantee that the market price of the trust's shares will fully reflect their underlying net asset value.
Market spread risk
As with all stock exchange investments, the prices at which shares can be purchased and sold can be different, this is called the bid-offer spread. The bid-offer spread can widen when trading volumes are lower or when there is increased market volatility.
Risk and reward profile
The trust is in the category shown due to historic volatility (how much and how quickly the value of shares in the trust may have risen and fallen in the past due to movements in markets, currencies and interest rates). It may not be a reliable indication of the future risk profile of the trust. The figure highlighted in the risk reward profile is the Summary Risk Indicator (SRI). For more information visit our Glossary of terms.
Other information
This is a marketing communication. Before making any final investment decisions, and to understand the investment risks involved, refer to the Pre-Investor Disclosure Document, Articles of Association and KID, available in English above. The documents can also be found on www.fundinfo.com.
Investment in a trust concerns the acquisition of shares in the trust and not in the underlying assets of the trust.
Reference to specific shares or companies should not be taken as advice or a recommendation to invest in them.
Third parties (including FTSE, Russell, MSCI and Refinitiv) whose data may be included in this document do not accept any liability for errors or omissions. For information, visit www.artemisfunds.com/third-party-data.
Any research and analysis in this communication has been obtained by Artemis for its own use. Although this communication is based on sources of information that Artemis believes to be reliable, no guarantee is given as to its accuracy or completeness.
Any forward-looking statements are based on Artemis’ current expectations and projections and are subject to change without notice.
Financial advisers and retail investors: The company currently conducts its affairs so that the shares in issue can be recommended by financial advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (FCA’s) rules in relation to non-mainstream investment products and intends to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.
Our income approach
Learn how our team looks for companies generating high levels of cash that can support sustainable and growing dividends
Murray dividends
View our dividend history and learn how income from Murray can be received as cash or reinvested for future capital growth
How to invest in Murray
Murray Income Trust can be bought on many online investment platforms, via stockbrokers or with the help of a financial adviser