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Murray Income Trust PLC Murray Income Trust PLC Murray Income Trust PLC An investment trust founded in 1923 aiming for high and growing income with capital growth Investment Trust Performance Data and Analytics to 31 August 2021 Investment objective Morningstar Sustainability RatingTM To achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities. Morningstar RatingTM Benchmark FTSE All-Share Index. B Morningstar RatingTM for Funds Cumulative performance (%) Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years and accounting for all sales charges) in comparison to Share Price 935.0p 4.3 3.7 16.0 28.6 38.8 60.9 similar funds. NAVA 989.9p 3.6 7.3 19.7 28.7 31.2 53.1 FTSE All-Share 2.7 3.4 13.3 26.9 11.4 33.3 Discrete performance (%) Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Share Price 28.6 (3.8) 12.2 2.8 12.8 NAVA 28.7 (4.5) 6.7 4.6 11.6 FTSE All-Share 26.9 (12.6) 0.4 4.7 14.3 Five year dividend table (p) Financial year 2021 2020 2019 2018 2017 Total dividend (p) 34.50 34.25 34.00 33.25 32.75 Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Twenty largest equity holdings (%) Past performance is not a guide to future results. AstraZeneca 4.8 Diageo 4.6 1 Year Premium/Discount Chart (%) RELX 3.7 BHP 3.6 % 4 Rio Tinto 3.3 National Grid 2.7 SSE 2.7 0 Coca-Cola 2.6 Close Brothers 2.6 -4 Unilever 2.5 Aveva 2.5 Inchcape 2.4 -8 Standard Chartered 2.4 Safestore 2.3 -12 Croda 2.3 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 TotalEnergies 2.2 Countryside 2.0 Marshalls 1.9 Howden Joinery 1.9 Prudential 1.8 Total 54.8 A Including current year revenue. Total number of investments 61 B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Asset Managers Limited 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all Private investors 0808 500 0040 indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. @aberdeenstandard.com Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. Page 1 of 4 Murray Income Trust PLC An investment trust founded in 1923 aiming for high and growing income with capital growth Fund managers’ report Sector allocation (%) Market commentary Industrials 17.6 The UK equity market performed well in August, helped by company earnings and easing Financials 15.9 lockdown restrictions. The FTSE All-Share Index returned approximately 2.7% over the Consumer Staples 12.3 Health Care 11.1 month. Small and mid-sized UK firms outperformed the FTSE 100. Global equity markets Basic Materials 10.4 also posted strong gains in August, brushing off concerns about rising cases of the Consumer Discretionary 9.6 Covid-19 Delta variant. Corporate results were upbeat and central bank comments Real Estate 6.6 Utilities 5.4 supportive, which boosted sentiment. The MSCI World Index returned 3.6% (in sterling Technology 4.4 terms) in August and reached a record high at month-end. Commodity prices finished the Energy 3.5 month lower, with falls in energy and most metals. Telecommunications 2.1 Cash 1.1 Government bond prices generally fell (yields rose) in August, amid concerns about a Total 100.0 withdrawal of central bank support. However, there was a careful tone to speeches at the Figures may not add up to 100 due to rounding. Jackson Hole meeting of global central bankers and the Bank of England voted unanimously for no change at its August meeting, leaving interest rates at 0.1% and Key information maintaining targets for bond purchases. Calendar Data from the Organisation for Economic Co-operation and Development indicated that Year end 30 June global growth is moderating. Second-quarter statistics showed strong growth for the UK Accounts published September economy due to easing of restrictions, however the economy is still smaller than before Annual General Meeting November the pandemic began. Employment figures also remain strong, however staff shortages Dividend paid March, June, September and and supply chain issues as a result of the pandemic and Brexit have hindered the UK December hospitality and retail sectors. Anticipation of a resurgence in travel and tourism helped Established 1923 sentiment, with data from Heathrow Airport showing passenger numbers have returned Fund manager Charles Luke to March 2020 levels. Ongoing chargesC 0.46% Annual management feeD 0.55% per annum on Performance the first £350m of The portfolio outperformed the benchmark by approximately 0.7% in August on a total net assets, 0.45% on the next £100m and return basis. At a sector level, the portfolio’s exposure to the Industrials and Utilities 0.25% on the excess sectors contributed most positively to performance, whereas the exposure to the over £450m. Consumer Staples sector detracted. At the stock level, the positions in Genuit, SSE and Premium/(Discount) (5.5)% Safestore had the largest positive contributions. Genuit rose on strong results. SSE shares YieldE 3.7% responded positively to rumours of an activist buying a stake in the company. Safestore Net gearingF 8.9% G performed well in line with other listed self-storage stocks as demand continues to be Active share 70.7% strong. The holdings in Coca-Cola HBC, M&G and BHP contributed most negatively this month. Coca-Cola HBC fell despite reporting encouraging results. M&G reported mixed AIFMD Leverage Limits results but the capital position remains strong. BHP underperformed in line with Gross Notional 2.5x weakness in the iron ore price. Not holding Meggitt which was bid for negatively impacted Commitment 2x performance. Assets/Debt (£m) Trading Trading in the month related to managing existing holdings. We added to Marshalls after Gross 1,276.2 an encouraging meeting with the company. They are seeing strong growth and are Debt 118.3 Cash & cash equivalents 15.8 managing cost inflation. We participated in a placing of Moonpig shares, adding to this relatively new holding where we expect continued growth. Intermediate Capital and OSB Capital structure Ordinary shares 117,046,487 Fund managers’ report continues overleaf Treasury shares 2,483,045 C Expressed as a percentage of average daily net assets for the year ended 30 June 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different companies. Receive the factsheet by email as soon D The management fee is 0.55% per annum on net assets up to £350m, 0.45% per annum on net assets between £350m and £450m, and 0.25% per annum on net assets above £450m. as it is available by registering at E Calculated using the Company’s historic net dividends and month end share price. F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. www.invtrusts.co.uk/ITemail G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.murray-income.co.uk benchmark index holdings.
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