This compares to the benchmark FTSE All-Share Index of 6.5%.

The trust’s share price total return also rose by 7.5% over the period.

The trust’s board has also announced a dividend per Ordinary share 34.50p. The dividend continues to grow with an increase in every one of the past 48 years. This ensures the company features on the AIC’s list of ‘Dividend Heroes’ as measured by the number of years of dividend growth.

Murray Income Trust posted a lower blended annualised management fee of 0.33% and ongoing charges ratio of 0.48%.

The board has stated that the company’s performance is significantly ahead of the Benchmark over three, five and ten years.

Neil Rogan, chairman, Murray Income Trust, looking at the story of dividend recovery, said: “Link reports that the calendar year 2020 dividends for the UK market as a whole fell 44% on 2019 levels while 2021 dividends (on an underlying basis) were up 22% on 2020.

“Link forecast dividends to fall 7% in 2022, which would leave them still 21% below 2019 levels. The Company’s focus on quality companies has produced a very different experience and outlook: the Murray Income Trust Investment Manager reported a 13% reduction in our portfolio income in 2020, followed by an 11% recovery in 2021, and now projects portfolio income levels to reach new highs later in 2022. This is not necessarily repeatable but places us well ahead of our original forecasts. “

Commenting on the outlook, Charles Luke and Iain Pyle, managers of Murray Income Trust added: “Catalysed by hawkish signals from the Fed given concerns around the inflation outlook, real bond yields have risen since the start of the calendar year. This has resulted in a sharp style rotation within the equity market favouring value at the expense of quality and growth companies which tend to have a longer duration of earnings while ‘concept’ stocks (mostly in the technology sector) with little or no cashflows have been particularly affected.

“Macro influences can have a salient impact on share prices in the short term but we are reminded of the saying attributed to the famous investor Benjamin Graham that ‘in the short run the market is a voting machine, but in the long run it is a weighing machine’ or in other words long term share price performance will reflect the fundamentals of the businesses that we invest in and that is certainly borne out empirically.

“At the time of writing, the Russian invasion of Ukraine has just commenced for which the outcome and consequences are currently unknown. However, for now, our baseline forecasts are for global growth to remain above trend in 2022, helped by a rebound from the Omicron headwind. For the UK, in particular, the backdrop is generally supportive with pent-up demand and a fast booster rollout, albeit the prospect of higher utility bills weighing on consumer disposable income and other less benign inflationary pressures are increasingly areas of concern.”

They concluded: “We take comfort that the valuations of UK-listed companies remain attractive on a relative basis and as such we think a fair proportion of the portfolio may be vulnerable to corporate activity. Moreover, the dividend yield of the UK market remains at an appealing premium to other regional equity markets let alone other asset classes. Furthermore, international investors remain underweight the UK providing a further underpin. Therefore, we feel very comfortable maintaining our long term focus on investments in high quality companies capable of sustainable earnings and dividend growth.”