That’s the view of the Artemis’ UK equity income team which is now managing the £892m trust following the switch from Aberdeen earlier this year after a poor performance.

The trust had languished in the bottom quartile of its sector over three and five years, run for the vast majority of that time by Aberdeen Asset Management.

However, Artemis’ Andy Marsh, who now manages the trust alongside Nick Shenton and Adrian Frost, is confident a change in approach will reap dividends.

Marsh said: “I kind of think of an investment trust version of this strategy as the missing piece of the jigsaw. When we met with the board of the trust, it was a bit of a meeting of minds, we are style agnostic, which they liked.

“We want to find companies that are undervalued, but it is not for us to decide which sectors those might be found in at any given time.”

Marsh, Shenton and Frost also manage the £5.3bn Artemis Income Fund, which has built a strong long-term track record.

The plan is that in due course, Murray Income’s portfolio will mirror that of the open-ended fund.

Unlike the investment trust, however, the open-ended fund cannot use gearing — borrowing to invest.

As reported in the FT Adviser, Marsh intends to use gearing of between 8 and 10% in Murray Income to enhance returns and support dividend growth, while also helping narrow the trust’s discount.

He estimates that, if the same level of gearing could be applied to the open-ended fund, its yield would increase from around 3.5% to 4%.

While some rival income trusts offer yields of more than 6%, Marsh said his priority is achieving a balance between income and long-term dividend growth, rather than simply offering the highest yield in the sector.