Murray sells off equities

By Adam Lewis The Murray Japan Growth & Income investment trust is holding more in cash than in equities as it tries to avoid breaching its debt covenant. The £61.3m portfolio run by Graeme Sinclair sold off £20m in Japanese equities by 12 March. As of 14 March the trust had just £7m, equivalent to 10.8% of the portfolio, in equities. In contrast it has some 33.3% in cash and money market instruments. The trust, launched in November 1999, is obliged to ensure its assets are worth at least 160% of its £36m in yen-denominated bank debt, a figure of some £57.6m. Volatile market ...