Murray Income (MUT)

Murray Income Trust (MUT) has entered an exciting new chapter, with Artemis's highly experienced trio, Andy Marsh, Nick Shenton and Adrian Frost, taking the helm on 02/03/2026. The managers hit the ground running, completing 98.7% of the Portfolio repositioning within a month, aligning MUT's portfolio closely with the well-established Artemis Income strategy.

Performance under the new managers has started well. From April, once the portfolio transition was substantially completed, to 25/08/2026, MUT delivered NAV and share price total returns of 11.4% and 14.7%, respectively, versus the FTSE All-Share’s 7.7%. Though a short period to judge performance, the managers' record on the open-ended side adds valuable context: under Adrian's tenure, Artemis Income has delivered an annualised total return of 8.6%, 1.4 percentage points ahead of the FTSE All-Share's 7.2%. This is a meaningful margin sustained over a quarter of a century, and that consistency shows with Artemis Income's total return exceeding the index in 96% of monthly, five-year rolling periods since January 2002.

The new managers bring a proven record of delivering growing income too, having grown Artemis Income's dividend by 7.4% annualised over the past five years, a track record that marries well with MUT. The trust is known for its exceptional Dividend record: 52 consecutive years of increases, with growth compounding at 8.8% per annum, comfortably ahead of inflation. Subject to shareholder approval, a 53rd consecutive increase looks on track with the new managers keen to extend that record, supported by the same cash-flow-driven process used on Artemis Income.

The manager transition also brought a restructuring to MUT's Charges. Artemis is waiving its management fee for the first nine months before introducing a lower, tiered fee on the lesser of NAV or market capitalisation. The board expects the OCF to remain below 0.5%, competitive against the wider UK Equity Income sector.