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Murray Income

Closed-end funds and OEICs
Dod101
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Murray Income

#396609

Postby Dod101 » March 18th, 2021, 8:07 am

For long term holders of Murray Income (like me) the dividend being paid today may come as a bit of a shock, because, as previously announced, it has been reduced to a mere 3.95p per share. However do not fear, we ongoing shareholders received an enhanced dividend in December of 12.55p and will revert to the 'normal' dividend of 8.25p for the next payment in June. The enhanced payment in December was merely bringing forward part of the March dividend so as to compensate ongoing shareholders, before the new shareholders from Perpetual started to receive the dividend (They received a distribution of the Revenue Reserves of Perpetual before the merger (and that has resulted in the revenue reserves per share of Murray being substantially reduced after the merger).

Dod

richfool
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Re: Murray Income Trust

#432440

Postby richfool » August 4th, 2021, 10:35 am

Latest (fourth) dividend notification for Murray Income trust:
The Directors of Murray Income Trust PLC (the "Company") have declared a fourth interim dividend of 9.75p per Ordinary share in respect of the year ended 30 June 2021 which will be paid to shareholders on 16 September 2021 based on a record date of 20 August 2021. The ex dividend date will be 19 August 2021.

Following a first interim dividend of 12.55p per share paid on 17 December 2020, a second interim dividend of 3.95p per share paid on 18 March 2021 and a third interim dividend of 8.25p per share paid on 17 June 2021 (2020 - three interim dividends of 8.25p), the fourth interim dividend of 9.75p (2020 - fourth interim dividend of 9.50p) will result in total dividends per share for the year ended 30 June 2021 of 34.50p (2020 - 34.25p), representing the 48th year of consecutive increase.

https://www.investegate.co.uk/murray-in ... 00044599H/

dundas666
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Re: Murray Income Trust

#432518

Postby dundas666 » August 4th, 2021, 4:40 pm

... will result in total dividends per share for the year ended 30 June 2021 of 34.50p (2020 - 34.25p), representing the 48th year of consecutive increase.


...and representing a paltry 0.73% increase in the dividend

Dod101
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Re: Murray Income Trust

#432521

Postby Dod101 » August 4th, 2021, 5:03 pm

dundas666 wrote:
... will result in total dividends per share for the year ended 30 June 2021 of 34.50p (2020 - 34.25p), representing the 48th year of consecutive increase.


...and representing a paltry 0.73% increase in the dividend


Looks as if they squeezed that out in order to maintain their record of increasing the dividend but it is risable.

Dod

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Re: Murray Income

#432530

Postby monabri » August 4th, 2021, 6:28 pm

How much is the 'marriage' (with Perpetual "PLI") dragging on performance? In terms of total returns over the last year, data from Hargreaves indicates
that a "could do better" might be written in the report card. There's quite a difference in returns between income trusts (more or less) fishing in the same sea. Surprisingly, Merchants seems to have it's nose out in front. Of course, come back next year and things might have changed.

(percentages are total returns over the last year).




ABSTD EQUITYINC - Aberdeen Standard Equity (or is it ABDN Standard Equity ... whatever!! ;) )


link to HL site from where I extracted the data in the table above.
https://www.hl.co.uk/funds/fund-discoun ... ion/charts

edit: quoting to 2 decimal places - huh! :oops:

Dod101
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Re: Murray Income

#432544

Postby Dod101 » August 4th, 2021, 8:42 pm

I do not think that the annual results to 30 June have yet been published. They may give a clue. I suspect that the absorption of Perpetual will have derailed the figures a bit for this year, if for no other reason than that they probably did a fair bit of buying and selling in order to integrate the assets. That might have caused some dividend 'drag' and not done much for the value of the assets in the short term at least. WE should get the detailed numbers before long.

Dod

richfool
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Re: Murray Income

#444022

Postby richfool » September 21st, 2021, 9:11 am

Murray Income Trust (MUT) - Annual Financial Report
Highlights

· Successful merger with Perpetual Income and Growth Investment Trust plc completed in November 2020

· Total dividends per share increased by 0.7% to 34.50p, the 48th year of consecutive increase and 98% covered by
revenue earned

· Dividend yield of 4.0%, based on the year end share price of 871.0p

· After two very strong years of relative performance, this year was a year of consolidation. Net Asset Value Total Return of 20.6% slightly behind the FTSE All-Share Index Total Return of 21.4%

Income and Dividend Policy


The Board declared, on 4 August 2021, a fourth interim dividend per share of 9.75p, payable on 16 September 2021, which makes a total for the Year of 34.50p, an increase of 0.7% on the 34.25p per share paid in the previous year. This marks the 48th consecutive year of dividend increases, securing our place on the AIC's list of Dividend Heroes.

Revenue per share for the year was 33.7p, up 10.5% from the previous year's 30.5p. This means that the 34.50p dividend was 98% covered by income received during the year. Our current projections show revenue per share surpassing the dividend for the Year, a much faster recovery than looked possible a year ago and three years ahead of Link Group's projection of when UK dividends will return to previous highs. The remaining 2% of the Year's dividend (0.8p per share) comes from our revenue reserves. This leaves revenue reserves of 12.9p per share available to support future dividends, equivalent to 37% of the current annual dividend of 34.50p. This ability to access revenue reserves, a particular feature of investment trusts, is a huge advantage in allowing the Company to deliver regular and growing income for shareholders.

https://www.investegate.co.uk/murray-in ... 00083814M/

88V8
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Re: Murray Income

#444047

Postby 88V8 » September 21st, 2021, 9:56 am

richfool wrote:Murray Income Trust (MUT) - Annual Financial Report
Highlights.....an increase of 0.7% on the 34.25p per share paid in the previous year. This marks the 48th consecutive year of dividend increases, securing our place on the AIC's list of Dividend Heroes.

As with all Heroes, this is quite rightly a bit of an obsession, given the benefit of a long unbroken run in marketing terms.
Yes, paltry increases until they have rebuilt their reserves, but we have had no cuts !!

V8

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Re: Murray Income

#444049

Postby richfool » September 21st, 2021, 10:00 am

I actually hold DIG, current yield of 4.03% as opposed top MUT's 3.81%. (I used to hold MUT and DIG but rationalised down to the one holding last year).

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Re: Murray Income

#444723

Postby Dod101 » September 23rd, 2021, 1:43 pm

One highlight that has not I think been highlighted in the extract by richfool of the Annual Results is that the ongoing charges ratio has reduced from 0.64% to 0.46% as a result of the increased assets following on from the merger. This was heralded in the original case for the merger and is a very good sign. I notice also that the bid/offer spread has reduced as a result of the increased liquidity.

Otherwise as I suggested earlier in this thread, it is likely that the disruption of the merger has restrained the actual NAV result and it is a bit unfair to read too much into the results to 30 June 2021. I am very happy to hold.

Dod

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Re: Murray Income

#444724

Postby Dod101 » September 23rd, 2021, 1:45 pm

88V8 wrote:
richfool wrote:Murray Income Trust (MUT) - Annual Financial Report
Highlights.....an increase of 0.7% on the 34.25p per share paid in the previous year. This marks the 48th consecutive year of dividend increases, securing our place on the AIC's list of Dividend Heroes.

As with all Heroes, this is quite rightly a bit of an obsession, given the benefit of a long unbroken run in marketing terms.
Yes, paltry increases until they have rebuilt their reserves, but we have had no cuts !!

V8


But the Chairman seems to be expecting that the current year's dividend will be covered by the increased revenue coming through.

Dod

richfool
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Re: Murray Income

#452284

Postby richfool » October 22nd, 2021, 3:31 pm

Do we have any idea of what the new "first dividend" will be, the one that goes ex div at end of this month, October 2021? (Last year's was confused by adjustments to accommodate the merger).

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Re: Murray Income

#452291

Postby staffordian » October 22nd, 2021, 3:54 pm

I have 12 October pencilled in as the declaration date, based on previous declaration dates, so I'd expect an announcement any time...

monabri
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Re: Murray Income

#452296

Postby monabri » October 22nd, 2021, 3:58 pm

Thought I'd try their website for info

"404 Page Not Found"

Image


Crap website by the way! It keeps flashing warnings up and I need to dismiss them again and again.

I thought abrdn were supposed to be tech savvy with their sexy 21st Century rebranding...don't they check the website functions properly?

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Re: Murray Income

#452299

Postby monabri » October 22nd, 2021, 4:10 pm

I'm going to hazard a guess at 28th October for xd.

richfool
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Re: Murray Income

#452357

Postby richfool » October 22nd, 2021, 8:15 pm

richfool wrote:Do we have any idea of what the new "first dividend" will be, the one that goes ex div at end of this month, October 2021? (Last year's was confused by adjustments to accommodate the merger).

"What the (first) dividend will be", ... as in how much - pence per share), not when. Sorry, if I didn't make myself clear.

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Re: Murray Income

#455463

Postby staffordian » November 4th, 2021, 7:59 am

richfool wrote:Do we have any idea of what the new "first dividend" will be, the one that goes ex div at end of this month, October 2021? (Last year's was confused by adjustments to accommodate the merger).


Here it is...


https://www.investegate.co.uk/murray-in ... LC%20Alert

Three interims of 8.25p per share

richfool
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Re: Murray Income

#501661

Postby richfool » May 20th, 2022, 8:59 am

An update report from Edison on Murray Income Trust (MUT):
Murray Income Trust (MUT) invests mainly in UK equities and aims to provide a high and growing income, combined with capital growth. Its quality bias has resulted in underperformance during the recent rotation away from the quality and growth stocks favoured by manager, Charles Luke. However, the trust’s long-term track record of outperformance of the market and its peers confirms that Luke’s approach pays off over time. Over the ten years to end March 2022, MUT has generated an average annualised return of 8.1% on an NAV basis and 7.7% in share price terms, compared to a market return of 7.2%. The trust’s FY22 dividend is expected to be at least 34.75p, putting it on track to deliver its 49th consecutive year of dividend growth. This represents a prospective yield of 4.1%.

https://www.investegate.co.uk/murray-in ... 10071602M/

Full Report:
https://www.edisongroup.com/publication ... nce/30921/

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Re: Murray Income

#519470

Postby forrado » August 3rd, 2022, 1:26 pm

Announcement of Fourth Interim Dividend
The Directors of Murray Income Trust PLC (the "Company") have declared a fourth interim dividend of 11.25p per Ordinary share in respect of the year ended 30 June 2022 (2021: 9.75p). As a result, the total dividend for the year is 36.00p per Ordinary share, a 4.3% increase on the previous year's total dividend of 34.50p per Ordinary share, and is the 49th year of consecutive increase.

The fourth dividend will be paid to shareholders on 15 September 2022 based on a record date of 19 August 2022 and an ex dividend date of 18 August 2022. This dividend follows the Company's first three quarterly interim dividends which totalled 24.75p per Ordinary share paid in December 2021, March 2022 and June 2022 (total for year ended 30 June 2021: 24.75p).

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Re: Murray Income

#519494

Postby scotia » August 3rd, 2022, 2:27 pm

forrado wrote:Announcement of Fourth Interim Dividend
The Directors of Murray Income Trust PLC (the "Company") have declared a fourth interim dividend of 11.25p per Ordinary share in respect of the year ended 30 June 2022 (2021: 9.75p). As a result, the total dividend for the year is 36.00p per Ordinary share, a 4.3% increase on the previous year's total dividend of 34.50p per Ordinary share, and is the 49th year of consecutive increase.

The fourth dividend will be paid to shareholders on 15 September 2022 based on a record date of 19 August 2022 and an ex dividend date of 18 August 2022. This dividend follows the Company's first three quarterly interim dividends which totalled 24.75p per Ordinary share paid in December 2021, March 2022 and June 2022 (total for year ended 30 June 2021: 24.75p).


OK - maybe I'm being over-critical, but the statement that this is "the 49th year of a consecutive increase" (in the dividend) could be a bit misleading to a novice investor. Over the past year the total return has been -2.65%. So the capital share value has declined by 2.65% + 4.2% (the dividend). Hence their really was no dividend to issue from the investments over the past year - it was a return of capital. Maybe they should make that clear. OK - I know that MUT is not the only sinner among the Income ITs in this respect.
It could be argued that the current "dividend" has been extracted from excess un-issued income stored in previous good years - but the share price (which would include such surpluses) has only increased by 8.5% over 5 years - so there doesn't seem much of a surplus buffer there to continue with "dividends" which are not covered by total return.

A little pat on the back - their total return over 5 years is 34% compared to the FTSE all share index of 20%.


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