Artemis Replaces Abrdn at Murray Income

Artemis has been appointed as the new portfolio manager for the £1 billion Murray Income investment trust, succeeding Abrdn. The Artemis team brings extensive experience from managing the successful Artemis Income fund. This fund has consistently outperformed its peers and Murray Income over periods of three, five, and ten years. For instance, over the past five years, Artemis Income generated a 73% return, compared to Murray Income's 45%.

Following the change in management, Artemis has begun restructuring the trust's portfolio. While retaining a portion of Abrdn's previous selections, they have introduced 32 new holdings, all of which are currently part of the Artemis Income portfolio. This strategic shift aims to leverage their proven investment approach, focusing on cash-rich companies with strong management that can sustain dividends and future investment. Tesco is highlighted as a new holding, praised for its stability and growth potential.

Three key distinctions will set Murray Income apart under Artemis: quarterly dividend payments (versus bi-annual), the use of borrowing to enhance equity exposure and dividend income, and the opportunity for investors to buy shares at an 8% discount to their underlying asset value. Artemis has waived its annual management fee for the rest of the year, reflecting confidence in their portfolio reshaping efforts. The trust aims to maintain its impressive 52-year track record of annual dividend growth, with a current yield of 4.5%.