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Murray Income Trust PLC on Friday lifted its dividend but posted lower returns for financial 2025, citing persistent market volatility. The Edinburgh-based investor in primarily UK equities said its net asset value per share was 936.3 pence at June 30, down 1.8% from 946.0p a year before. Total NAV return fell sharply to 2.7% from 9.9% during financial 2024, and was well below the 11.2% return seen by its benchmark, the FTSE All-share index. Murray noted that its shares continued to trade ‘at a sustained discount to NAV...despite a significant level of share buybacks,’ and suggested that the wider investment sector had seen discounts trend ‘above average’ in recent years. Nonetheless, Murray raised its final dividend to 40.00p per share from 38.50p. The firm described both international and domestic equity markets as ‘remarkably sanguine overall’ in the face of the turbulence, but said last year’s UK government budget did little to ease shakiness: ‘These domestic policy shifts, combined with the broader international climate, have contributed to periodic fluctuations and instability in both UK and global financial markets.’ The equity investor implied a potential change in management going forwards, in an effort to prop up performance. Considerations will factor in ‘historic record, portfolio construction, investment philosophy, investment management structure, income generation, risk controls and commitment to investment trusts,’ Murray said on Friday. ‘The board recognises and shares shareholders’ disappointment that, against this backdrop, the company’s NAV and share price returns over the year were only 2.7% and 4.3%, once again lagging behind the benchmark. In fact, the company is now trailing the benchmark over one, three, five and ten years,’ the firm acknowledged. ‘As part of the review announced in July 2025, which remains ongoing, the board is considering proposals regarding the company’s future and its management arrangements from a range of candidates, including third party investment managers, other investment companies, and the incumbent manager.’ Murray maintained that its focus was ‘shutting out short-term noise to maintain a long-term investment perspective. Murray Income Trust shares were up 0.2% at 897.76 pence on Friday morning in London, and have gained 5.3% in the past 12 months. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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