Murray Income Trust have launched a campaign trying to encourage shareholders, existing and new, to meet their fund manager and directors at their forthcoming AGM.
ShareSoc are great believers in making AGMs as useful as possible. The Murray Income Trust campaign is welcomed by ShareSoc.
So, I am happy in this blog to give a plug for this AGM and also for their bright idea for their shareholders to bring a friend and have a free lunch.
After your free lunch you can attend the FRC meeting in the afternoon, see https://www.sharesoc.org/events/lifting-the-lid-on-the-frc-5-november-2019/ .
The Directors of Murray Income Trust include my golfing acquaintance Neil Rogan, who is the Chairman and Merryn Somerset Webb who writes an excellent column in the FT.
The performance data is solid and the fees, taken from the AIC site are shown below.
The AIC ongoing charge is 0.61%, see https://www.theaic.co.uk/companydata/299/gearing
The managers are entitled to receive a fee p.a. of 0.55% on the first GBP 350m, 0.45% from GBP 350m to GBP 450m of net assets and 0.25% on net assets in excess of GBP 450m, calculated and paid monthly. Agreement may be terminated by either party on 3 months’ notice. A secretarial fee of GBP 75,000 p.a. is also payable, which is chargeable 100% to revenue.
Disclaimer: I do not own shares in Murray Income Trust, at the time of writing.
Cliff Weight, Director, ShareSoc