Murray Income Trust

What Murray Income Trust does

Murray Income Trust PLC is a UK investment trust founded in 1923 and listed on the London Stock Exchange (ticker: MUT, ISIN: GB0006111123), aiming to deliver a high and growing income combined with capital growth through a portfolio principally invested in UK equities. The trust holds 46 positions concentrated in large-cap UK names — financials (35.9% sector weight) and consumer staples/discretionary together account for the bulk — with top holdings Lloyds, NatWest, Aviva, GSK, Barclays, and Tesco. It qualifies as an AIC Dividend Hero with 52+ consecutive years of dividend growth, paying quarterly distributions (4.3% trailing yield, 28.5p per share for FY 2025/2026).

Since 2 March 2026 the trust has been managed by Artemis Investment Managers (previously Aberdeen/abrdn), with co-managers Adrian Frost, Andy Marsh, and Nick Shenton applying the established Artemis Income fund strategy. Governance sits with a board of six non-executive directors chaired by Peter Tait. The trust charges an Ongoing Charges Figure (OCF) of 0.48% on £940.4m of net assets and applies gearing — currently 9.5% at par (8.7% at market value) — to enhance shareholder returns.

Distribution is via the LSE main market with ISA/SIPP eligibility, supported by Artemis's UK adviser network and individual investor portal. The trust is positioned as a UK-focused income diversifier for retail and advised investors concerned about technology concentration in global benchmarks (top 10 stocks represent ~32% of MSCI ACWI), with shares trading at a 7.07% discount to NAV as at 31 May 2026.

Name

Murray Income Trust

Legal name

Murray Income Trust PLC

Website

https://murray-income.co.uk

Company type

Public

Founded year

1923

Operating status

Operating

Short description

Murray Income Trust PLC is a UK investment trust listed on the London Stock Exchange (MUT) investing principally in UK equities to deliver high and growing income plus capital growth. Managed by Artemis since March 2026, it holds 46 holdings, charges a 0.48% OCF on £940m of assets, and is an AIC Dividend Hero with 52+ years of consecutive dividend growth.

Ownership category

akta.pro rank

Headquarters

HQ city

Edinburgh

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Management fees on investment trust assets: The trust generates revenue through an Ongoing Charges Figure (OCF) of 0.48% applied to average daily net assets. As an investment trust, it does not charge investors directly at point of sale; costs are embedded in the NAV/share price performance. The trust also utilises gearing (borrowing) to enhance returns, which contributes to revenue generation through amplified investment performance.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Murray Income Trust plc is a UK-listed investment trust that invests principally in UK equities with the objective of delivering a high and growing income combined with capital growth. The portfolio is actively managed by Artemis, targeting companies that generate high levels of cash from operations and pay reliable dividends, with conservative use of gearing to enhance long-term returns. Ordinary shares are traded on the London Stock Exchange (ticker: MUT) and are eligible for inclusion in ISAs.

Product overview

Murray Income Trust plc is a single investment trust product managed by Artemis since March 2026. The trust operates as a UK-focused equity income investment vehicle, aiming for high and growing income with capital growth through investment primarily in UK equities. The investment approach emphasizes companies with potential for real earnings and dividend growth while maintaining an above-average portfolio yield, with diversification across stocks and sectors.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 4.3% dividend yield as at 31 May 2026
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Artemis (new investment manager)coreStrategic or Co-development Partner · 2 March 2026Artemis took over management of the £1.1bn Murray Income Trust from Aberdeen (abrdn) on 2 March 2026. Co-managers Adrian Frost, Andy Marsh, and Nick Shenton assumed leadership, applying their existing Artemis Income fund strategy. The transition included a nine-month fee waiver for shareholders and a planned increase in gearing to 8-10% from the prior 4% level. The change followed a strategic review initiated in July 2025, with implementation in Q1 2026.
• Aberdeen (former investment manager)minorOthers · 2 March 2026Aberdeen (abrdn) previously managed Murray Income Trust. Following a strategic review, the trust switched management to Artemis. The departure of Murray Income represents a continued setback for Aberdeen in its investment strategies.

Scale indicators8 records

Recent moves2 records

Expansion highlights4 records

Direct peers

• City of London Investment Trust: One of the largest and longest-standing UK equity income investment trusts, with a comparable mandate for high and growing income from FTSE All-Share constituents and a multi-decade dividend growth record. Direct competitor for UK retail income flows and ISA allocations.
• Merchants Trust: UK equity income investment trust focused on large-cap FTSE 100 dividend payers, with a multi-decade dividend growth track record. Closely comparable mandate, target investor base, and yield profile to Murray Income Trust.
• JPMorgan Claverhouse Investment Trust: UK equity income trust targeting income growth plus capital appreciation from UK equities, with a similar AIC Dividend Hero status. Comparable size, mandate, and UK retail/adviser distribution channel.
• Temple Bar Investment Trust: UK equity value-focused investment trust with a contrarian income mandate, competing directly with Murray Income for UK value-income investors. Similar LSE-listed closed-end structure and FTSE All-Share orientation.
• Troy Income & Growth Trust: Actively managed UK equity income trust employing a disciplined, cash-generative company screen. Comparable Artemis-style quality-income investment philosophy and UK retail focus.
• Invesco Income Growth Trust: UK equity income investment trust pursuing income and capital growth from primarily UK-listed companies, with comparable dividend yield and LSE-listed structure. Competes for the same adviser-recommended income mandate.
• Law Debenture Corporation: UK-listed investment trust combining a portfolio of UK/global equities with an independent professional services business, offering income and growth. Comparable size range and UK income-investor target market.
• JPMorgan Equity & Income Trust: Multi-asset income trust with significant UK equity exposure targeting both income and capital growth, similar dual mandate structure. Competes for the same UK income-and-growth retail/adviser segment.

Broad incumbents

• Aberdeen (abrdn) — UK Equity Income Funds: Former manager of Murray Income Trust and a major UK asset manager with a broad UK equity income product range. Remains a direct competitor for UK income flows despite losing the Murray Income mandate.
• Artemis Income Fund: Sibling OEIC/Unit Trust run by the same managers (Frost/Marsh/Shenton) applying the same 25-year-honed income strategy now used in Murray Income Trust. Closely related product competing for identical UK income investors via different vehicle structures.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/111040

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Murray Income Trust