The £587 million Murray Income Trust saw its net asset value per share grow by 7.9 per cent over the year, far ahead of the benchmark index (FTSE All-Share) return of 0.6 per cent.

Murray Income’s chairman Neil Rogan said the trust had delivered a high and growing income along with capital growth from a portfolio of predominantly UK equities.

“The manager’s relentless focus on quality has helped navigate successfully through some very uncertain times and a quicker reaction speed has helped to avoid any major mistakes in the past year,” said Mr Rogan.

He added: “The risk from Brexit is currently considered to be elevated due to continuing uncertainty about the political and regulatory outlook.

“In absolute terms, there is a risk of volatile markets post Brexit impacting the valuation of the portfolio.”