The trust’s share price total return was 7.7%, meaning both the company’s net asset value and share price total return outperformed the FTSE All-Share Index return of 5.5%.

In the longer term, the trust’s performance is ahead of the index over one, three and five and ten years. At the same time, Murray Income continues to grow its dividend, with a dividend increase chalked up in every one of the past forty-six years.

This puts Murray Income into the top ten on the AIC’s list of ‘Dividend Heroes’, as measured by the number of years of dividend growth, the investment trusts with the longest records of consecutive annual dividend growth.

Neil Rogan, chairman of Murray Income Trust, said: “There is still plenty to worry about and the world’s media and stock markets are very good at worrying. The transition period on leaving the EU, President Trump, trade wars and tariffs, Prime Minister Johnson, the Middle East, the coronavirus, there are potential negative headlines everywhere you look.

“There are further obstacles to overcome this year: Trade deals with the EU, US and beyond will be difficult to negotiate in a tight timetable. The US Presidential election in November will dominate headlines.

“Climate change is far more than just a one-year problem and those governments and companies that are not doing enough will come under ever-increasing pressure. Companies seen to be taking this issue seriously will be rewarded for their endeavours and the Manager’s extensive dialogue with those in the portfolio aims to ensure that this is the case.

“Irrespective of which way you leaned on Brexit or the UK General Election, the removal of political uncertainty is usually positive for stock markets. It is uncertainty that stops companies from committing to new capital expenditure plans, and uncertainty that makes consumers wait before spending.

” Now that the UK has left the European Union and now that the new UK Government has a very strong majority to take it through the next five years, it is likely that many of those spending decisions will be made sooner rather than later. Add to this the Government’s announced commitment to infrastructure and regional spending plus the Bank of England’s loose monetary conditions and it is not impossible that we will start to worry about the UK economy overheating before too long. That would be another negative but the journey from here to there would be interesting for investors. Very interesting.”

Charles Luke, manager of Murray Income Trust, added: “The robust level of outperformance reflected two broad themes in the portfolio. Firstly, our high quality domestically-oriented mid cap companies - including holdings such as Countryside Properties, Howden Joinery, Assura and Close Brothers - performed strongly following the Prime Minister’s agreement with the European Union for a revised Withdrawal Agreement agreed in October and then again following the General Election result in December.

“Secondly, the corollary of this was the underperformance of some of the largest companies in the market (including Shell, BP and HSBC) in which the portfolio is underweight.”