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Objective of Murray Income Trust Plc
The objective of Murray Income Trust PLC is to achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities.
History of Murray Income trust Plc Murray Income Trust is an investment trust traded on the London Stock Exchange and is a constituent of the FTSE Actuaries All-Share Index. The Caledonian Trust Company Limited (as Murray Income Trust PLC was originally called) was formed in 1923 to invest in growth areas of the day. It was very highly geared, borrowing at 3% and investing at 5%, almost entirely in fixed income securities. In January 1930, after a year which saw substantial profits, there were 497 holdings; 52.5% were bonds, loans and debentures, 28.5% preferred stocks and shares and only 18.9% equities. The portfolio spread was huge –31% ‘Home’, 10.5% ‘British Colonies and Dependencies’, 18% Europe, 15% USA, 7% Argentina, and so on down to 1% each in Cuba and Mexico and 5.5% in ‘other countries’. The big move into equities came after the 1930s slump, when bond defaults forced the purchase of higher yielding equities to fund the costs of the Trust’s gearing. After a number of amalgamations and reorganisations, Caledonian Trust Company emerged as a generalist investment trust. However, many trusts had a similar broad remit and there was a glut, so in 1979 the Board defined the investment brief more narrowly as income growth and changed the name of the Company to Murray Caledonian Investment Trust. Symbolised by the name change to Murray Income in 1984, the focus has since been on a relatively high yielding portfolio of UK blue chip equities.
About Aberdeen Asset Management Aberdeen Asset Management PLC is an international investment management group, managing assets for both retail and institutional clients from offices around the world. Listed on the London Stock Exchange since 1991, the group had over £183.3 billion under management as at 31 December 2010. Our headquarters are in Aberdeen, but we place our people near the companies and markets in which they invest. Today we have staff based in 30 offices across 23 countries.