Murray Income Trust: Keeping an eye on the long term for 100 years

fireworks at night with buildings
(Image credit: Murray Income Trust PLC)

At a time when investors can pick up a high income from bonds, the real value of a stock market portfolio is its ability to grow income and capital over time. This growth potential is particularly important when inflation is likely to be structurally higher, and preserving the real value of invested wealth is increasingly difficult. 

100 years may be beyond the time horizon of many investors, but Murray Income’s growth since it was founded in Glasgow on 8 June 1923 shows what is possible. The Second Scottish Western Investment Company started with an initial share capital of £500,000 and on 30 June 2023, its net asset value was nearly £1bn. That’s quite some appreciation. 

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Header Cell - Column 0 30/06/2330/06/2230/06/2130/06/2030/06/19
Share Price4.9(0.7)18.5(5.8)13.2
Net Asset Value9.0(3.5)20.8(5.3)7.9
FTSE All-Share7.91.621.5(13.0)0.6
Swipe to scroll horizontally
Financial year 20222021202020192018
Total dividend (p)37.5034.5034.2534.0033.25

Charles Luke is manager of the Murray Income Trust (LSE: MUT).