Murray Income Trust Plc MUT

Page 1 of 2 | Morningstar Factsheets | All data as at 13 Oct 2014 unless stated otherwise
Murray Income Trust Plc
MUT
Morningstar Peer Group Classification
UK Equity Income
Total Return Performance (GBP) over 5 years (or since inception)
Investment Objective
To achieve a high and growing income combined with capital growth
through investment in a portfolio of UK equities.
Valuation statistics (NAVs estimated1) GBX
13 Oct 2014
Price
728.50
Fair Cum NAV
732.71
Fair Ex NAV
725.24
Par Cum NAV
732.71
Par Ex NAV
726.70
Fair Cum Discount
-0.57
Fair Ex Discount
+0.45
Par Cum Discount
-0.57
Par Ex Discount
+0.25
Peer Group Discount
-0.50
0.50
Z-Statistic2
12 m High
806.00
Low
721.50
807.90
722.12
+3.07
-3.89
Last Actual NAVs (GBX) as at 10 Oct 2014
Fair Cum NAV
733.00
Fair Ex NAV
725.53
Par Cum NAV
733.00
Par Ex NAV
725.53
Key Data
Domicile
Launch Date
Financial Year-end
Exchange
Next AGM
NAV Frequency
Dividend Frequency
Total Assets (GBP)
Net Assets (GBP)
Shares Outstanding
Gross Gearing3
Net Gearing4
Average Daily Shares Traded (1yr)
Average Daily Value Traded (1yr)
Total Expense Ratio5 (2014)
Market Capitalisation (GBP)
Net Dividend Yield6
UK
07 Jun 1923
30 Jun
London (LSE)
Oct 2014
Daily
Quarterly
539.3m
494.3m
68,017,458
109
108
0.054m
0.694m
0.73%
495.5m
4.29%
Performance (Total Return %)8 GBP
1 month 3 months
Price
-4.12
-6.84
NAV
-5.62
-5.34
Peer Group (Price)
-5.15
-4.83
Peer Group (NAV)
-5.94
-4.21
Benchmark
-6.56
-4.20
6 months
-2.25
-3.41
-2.95
-2.36
-2.19
1 year
-0.44
+0.71
+1.61
+3.49
+1.24
YTD
-4.48
-4.46
-3.63
-2.80
-3.53
3 years
+35.70
+37.13
+48.52
+48.70
+34.91
5 years
+72.23
+65.70
+91.96
+82.90
+51.53
Peer Group: Morningstar IT UK Growth & Inc P
Morningstar Benchmark: FTSE All-Share Index
Fund distributions reinvested on ex-dividend date8
Dividend Yields over 5 years (or since inception)
Dividend Policy
The fund intends to pay quarterly dividends
Year-on-Year Dividend Growth % (financial year 30 Jun)
2015
0.00
2014
1.63
2013
3.36
2012
3.48
2011
2.68
Distributions (GBP) over 5 years (or since inception)
Dividend Growth % (annualised on current financial year)7
1 year
0.00
2 years
0.81
3 years
1.65
4 years
2.11
5 years
2.22
Directors
Patrick Gifford (Chairman), Donald Cameron, Neil Honebon, Jean Park, Neil
Rogan, David E Woods
Fund Manager: Charles Luke (03 Oct 2006)
Aberdeen Asset Management
40 Princes Street, Edinburgh, UK, EH2 2BY
Telephone: +44 (0)131 528 4000
Website: www.murray-income.co.uk
Stockbroker: Canaccord Genuity Limited
Management Fee Summary
Management fee 0.55% on the first GBP400m, 0.45% on the next
GBP150m and 0.25% on amount in excess of GBP550m p.a. of Net Assets.
Contract terminable on 3 months notice. A secretarial fee of GBP75,000
p.a. is also payable.
Latest Dividend History (GBp)
Type
Income
Income
Income
Income
Income
Income
Income
Income
Income
Income
Dividend Declared Date
10.250
10 Sep 14
7.000
09 Dec 13
09 Dec 13
7.000
09 Dec 13
7.000
11 Sep 13
9.750
07 Dec 12
7.000
07 Dec 12
7.000
07 Dec 12
7.000
12 Sep 12
13.250
28 Dec 11
5.500
Ex Div Date
24 Sep 14
04 Jun 14
05 Mar 14
18 Dec 13
25 Sep 13
05 Jun 13
06 Mar 13
19 Dec 12
26 Sep 12
06 Jun 12
Record Date
26 Sep 14
06 Jun 14
07 Mar 14
20 Dec 13
27 Sep 13
07 Jun 13
08 Mar 13
21 Dec 12
28 Sep 12
08 Jun 12
Payment Date
31 Oct 14
04 Jul 14
04 Apr 14
17 Jan 14
29 Oct 13
12 Jul 13
12 Apr 13
14 Jan 13
25 Oct 12
13 Jul 12
Initial Public Offering
on 17 Sep 1953
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
Financial Year
2014
2014
2014
2014
2013
2013
2013
2013
2012
2012
Page 2 of 2 | Morningstar Factsheets | All data as at 13 Oct 2014 unless stated otherwise
Murray Income Trust Plc
MUT
Risk & Return9
Discrete Monthly Price & NAV Total Return % (GBP)
Sector Breakdown (%)
Discrete Yearly Price & NAV Total Return % (GBP)
Geographic Breakdown (%)
Risk & Correlation
Alpha (NAV) 11
Beta (NAV)12
R-squared (NAV)13
Sharpe (NAV)14
Price Volatility15
NAV Volatility15
Benchmark Volatility15
Peer Group Price Volatility15
Peer Group NAV Volatility15
3 months
-0.03
1.05
0.83
-1.15
11
10
9
9
9
6 months
-0.01
0.98
0.81
0.08
12
9
9
9
8
1 year
-0.10
1.07
0.84
0.90
13
10
9
9
9
3 years
0.21
0.89
0.81
1.21
16
12
13
12
11
5 years
0.21
0.95
0.86
1.01
19
14
15
14
14
Additional Performance (Total Return%8) GBX
Largest Holdings (% Portfolio10) as at 31 Aug 2014
Royal Dutch Shell Plc
AstraZeneca
Unilever Plc
GlaxoSmithKline Plc
British American Tobacco
BHP Billiton Plc
Centrica Plc
HSBC Holdings Plc
Roche Holding AG
Prudential Plc
Total
Capital Structure
Number of Shares
68,017,458
451,000
Loan CCY
GBP
4.8%
4.5%
4.4%
4.4%
4.4%
4.2%
3.9%
3.8%
3.7%
3.3%
41.1%
Period
2014
2013
2012
2011
2010
2009
Since FTSE 2009 Low (13 Mar 09)
Since Sub-Prime (20 Nov 07)
Since FTSE 2007 Peak (13 Oct 07)
Price
-4.48
+23.20
+12.25
+2.95
+26.29
+23.35
+152.16
+54.02
+37.02
NAV Peer Price
-4.46
-3.63
+23.64
+28.29
+11.18
+17.43
+1.96
+2.08
+16.83
+25.29
+26.67
+24.69
+157.81
+173.99
+39.33
+72.35
+28.64
+55.92
Peer NAV Benchmark
-2.80
-3.53
+29.60
+20.81
+14.50
+12.30
+3.31
-3.46
+16.76
+14.51
+25.40
+30.12
+174.46
+131.64
+55.67
+36.52
+43.65
+26.14
Wind-up Provisions/Buy Back Policy
The Fund has an unlimited life. The Funds authority to repurchase up to 14.99% of its own issued share capital will
be up for renewal annually at the AGM.
Share Type
Ord 25p
Treasury Shares
£m
45.0
Redemption
Coupon
1.354%
Net Dividend Yield – This is calculated by dividing the current financial years dividends (this will include prospective dividends) by the current price.
Dividend Growth – The annualised percentage growth in dividends. Based upon the current financial year, including any future estimates or forecasts.
Performance – Calculated using start and end period Share Prices or NAV Dividends are reinvested on the ex-dividend date at the prevailing Share Price or NAV.
Risk & Return – 1 Year ex income par NAV total return performance against 1 Year NAV volatility. Please see notes 8 and 15 for performance and volatility definitions
respectively.
2
10 Portfolio – In order to calculate the portfolio value we deduct any holdings in cash only (Note that Fixed Interest is not included).
11 Alpha – The difference between the fund’s average excess total return and the benchmark’s average excess total return.
3
12 Beta – The sensitivity of the fund to broad market movements. A Beta of 0.5 would imply the fund will move by half as much as the index.
4
13 R-squared – A measure of correlation between the fund and index. A value of 0.8 means that 80% of the fund’s NAV changes can be explained by changes in the index.
14 Sharpe – A risk-adjusted return measure, calculated by dividing the fund’s average monthly excess total return over the risk-free rate by the standard deviation of those returns.
5
The figure shown is the annualized Sharpe Ratio.
15 Volatility – The annualized standard deviation of the logged daily returns, adjusting for distributions from capital.
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
1
NAV Estimation - Fair value of debt refers to the market price of the debt if it is traded or, if it is not traded, an
estimation of its value calculated using points over gilt methodology.
Cum Income NAVs include net revenue in the financial year to date. All estimates are fully diluted for the effects of
warrants, convertibles or treasury shares. NAV estimations are created and maintained by Morningstar. For more
detailed methodology document please contact [email protected]
Z-Statistic 1y – Shows whether the fund’s current discount is significantly higher or lower than the average over the
past year, calculated as (Current Discount – Mean) / Std Dev
Gross Gearing – The ratio of estimated gross Assets to the Net Assets, expressed as a percentage
Net Gearing – The ratio of estimated Gross Assets minus cash and fixed interest to the Net Assets, expressed as a
percentage. Cash and fixed interest represents not-equity exposure.
Total Expense Ratio – (Total Expenses – Performance Fees – Cost of Leverage – Tax – Restructuring Costs) /
Average Net Assets
6
7
8
9