MURRAY INCOME TRUST PLC (MUT), an investment trust aiming for high and growing income with capital growth, is currently celebrating two key milestones. This year marks its 100-year anniversary, and 50 years of consistently rising dividends. MUT’s FY23 dividend of 37.5p (up from 36.0p in FY22) represents a current yield of 4.7% and MUT’s board has stated that maintaining the trust’s record of annually increasing dividends remains a priority. Performance has improved after a rare bout of underperformance last year. In the year ended September 2023, MUT returned 14.5%, in line with the benchmark, and in the 10 years to September, it delivered an average annual return of 6.1% on an NAV basis, versus a market return of 5.6%. The trust’s managers, Charles Luke and Iain Pyle, are confident its exposure to some ‘unstoppable long-term trends’ means it is well-positioned to continue delivering positive returns and growing income over the long term.
