Murray Income mulls options to 'better understand' underperformance

Murray Income Trust PLC said Thursday it is undertaking a strategic review, as it looks to understand ‘the factors behind the company’s underperformance’.

Shares in the company were 2.6% higher at 873.97 pence each in London on Thursday morning.

Murry Income Trust aims for ‘high and growing income combined with capital growth’ from investing in UK equities. It was founded in 1923 and is managed by Aberdeen Investments, part of Aberdeen Group PLC.

The trust said it is mulling ‘options available to the company in the pursuit of delivering improved performance and returns for its shareholders’.

‘The board regularly evaluates the company’s performance, which for some time has been below the board’s expectations and has contributed to the persistent discount to NAV. The board has recently undertaken a detailed review of performance, including engaging with its investment manager, Aberdeen, in order to better understand the factors behind the company’s underperformance. Following this, the board has concluded that it is now appropriate to undertake a wider strategic review,’ Murray Income said.

Investec Bank has been called on to assist with the process, which will include a review of its ‘future investment management arrangements’.

‘The board welcomes proposals for the future of the company from its current investment manager, alongside proposals from third party investment managers and other investment companies,’ Murray Income said.

Murray Income’s benchmark is the FTSE All-Share Index. In the six months that ended December 31, the trust’s net asset value total return was negative 2.1%, short of the benchmark’s positive 1.9% return.

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