Having taken over the management of Murray Income Trust (MUT) on 2 March, Artemis’ UK equity income team has speedily repositioned the portfolio.
As of 31 March, new managers Adrian Frost, Andy Marsh and Nick Shenton had completed 98.7% of the transition.
The managers turned over roughly 75% of the portfolio, implementing their changes despite the market volatility of the last month.
Murray Income currently has 46 holdings with an expected range of 40 to 65 going forward. The new team has increased the trust’s gearing. This has risen from around 5.3% as of end-February to 7% as of end-March.
In new hands
Murray Income Trust was founded in 1923 with the aim of delivering high and growing income with capital growth. Artemis took over management from abrdn following a review by the board after a sustained period of underperformance.
Frost, Shenton and Marsh, Murray will manage the trust under the same strategy as the successful Artemis Income Fund (B2PLJH1).
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.’
All change
Artemis has rapidly introduced lots of new stocks into Murray Income, all of which are held in the Artemis Income fund.
Supermarket titan Tesco (TSCO) has replaced pharmaceutical giant AstraZeneca (AZN) as Murray Income’s biggest position.
Tesco represents 5.1% of the portfolio. As Marsh recently told The Mail on Sunday’s Jeff Prestridge, ‘Tesco is a stable service business which has great growth potential’.
The retailer has invested in prices and products and understands what customers want. Moreover, Tesco is not constrained by debt unlike private equity-owned Asda and Morrisons.
| Top 10 | 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 |
| Source: Murray Income Trust | As at 31 March 2026 |
Sharesify compared and contrasted the holdings at the end of February versus the end of March.
Our analysis shows energy company National Grid (NG.) and consumer goods goliath Unilever (ULVR) have exited the top 20. Also, Sensodyne-maker Haleon (HLN), spirits leader Diageo (DGE) and Dettol maker Reckitt Benckiser (RKT) no longer appear.
New additions
The top 10 holdings now include banking groups Natwest (NWG), Lloyds (LLOY) and Barclays (BARC). Furthermore, the new managers have introduced insurer Aviva (AV.) and drug-maker GSK (GSK) into the top 10, while nicotine products purveyor Imperial Brands (IMB) is another new holding
Murray Income Trust’s 9% share price discount to NAV offers a compelling entry point for investors.
The Artemis team have decades of UK equity income experience. Their process targets companies that consistently generate durable and increasing levels of cash flow.
Murray Income boasts a 52-year unbroken record of progressive dividend growth and intends to maintain its AIC Dividend Hero status under Artemis’ management.
In a shareholder-friendly initiative, Artemis has waived its investment management fee until 2 December 2026.
Learn more about Murray Income Trust here: https://www.artemisfunds.com/en-gb/individual/funds/murray-income-trust/
