REG - Murray Inc Trust PLC - Update on Transition of Portfolio Holdings

Murray Income TrustAnnouncement

02/04/2026 07:00

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RNS Number : 1562Z  Murray Income Trust PLC  02 April 2026

Murray Income Trust PLC ("the Company")

Legal Entity Identifier (LEI):  549300IRNFGVQIQHUI13

 

2 April 2026

 

Update on Transition of Portfolio Holdings

The Board of Murray Income Trust PLC, the FTSE 250 investment company with net
assets of approximately £911 million(1), is pleased to announce that, having
taken over management of the company on 2 March, as of 31 March Artemis Fund
Managers Limited had completed 98.7% of the portfolio transition. This
reflects change of approximately 75% of the portfolio.

Peter Tait, Chair of Murray Income Trust, said: "The investment management
team at Artemis has been successfully repositioning the portfolio of the
Company over the past month despite the very considerable level of volatility
in markets resulting from the Middle East conflict."

Artemis fund manager Andy Marsh said: "During periods of market dislocation we
retain our focus on good companies run by good management teams.

"The key is that the businesses are generating sufficient cash - after paying
down costs - to leave enough both to pay a dividend to shareholders and fund
future investment in their business."

The portfolio transition will be complete shortly. The top 20 holdings and
sector positioning are shown below.

Artemis has also increased net gearing in the portfolio from around 5.3% as at
the end of February to 7.0% as at end of March.

At 31 March, the NAV per share (debt at fair value) is 966p and discount to
NAV is 8.6%.

Artemis has waived its investment management fee until 2 December 2026.

 

(1) As at 31 March 2026

 

 Top 20 Holdings      Portfolio %
 Tesco                5.1
 GSK                  4.9
 Lloyds               4.6
 NatWest              4.5
 Aviva                4.5
 Imperial Brands      4.4
 BP                   4.1
 Barclays             3.9
 Informa              3.7
 Pearson              3.7
 IG Group             3.4
 LSEG                 3.2
 RELX                 3.1
 Shell                2.9
 Smith & Nephew       2.8
 Legal & General      2.7
 AstraZeneca          2.7
 3i                   2.6
 SSE                  2.6
 Segro                2.6

 

There are currently 46 holdings in the portfolio, with an expected range of
40-65 going forward. 72.0% of the portfolio is currently accounted for by the
top 20 holdings.

 Sector                  Portfolio %
 Financials              33.7
 Consumer Discretionary  20.8
 Consumer Staples        14.6
 Health Care             12.1
 Energy                  7.4
 Industrials             7.3
 Real Estate             4.3
 Technology              4.1
 Basic Materials         2.6
 Utilities               2.6

 

Sources: Artemis as at 31 March 2026

 

For further information, please contact:

 Murray Income Trust PLC

 Peter Tait (Chair) - enquiries via Company Secretary

 NSM (Company Secretary)
 Toby Nash/Brian Smith                                  T: 020 3697 5770

 mut@nsm.group

 Artemis
 Lawrence Gosling                                       T: 020 7399 6039

 Investec Bank plc (Corporate Broker)
 Tom Skinner                                            T: 020 7597 4000

 David Yovichic

 

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