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Equities investor Murray Income Trust reported a positive annual performance that came in just under its benchmark.
The company's net asset value total return per share for the year through June was 20.6%.
That compared to a 21.4% return on the FTSE All-Share Index.
Murray Income Trust declared a full-year dividend of 34.5p per share, up 0.7% from 34.25p year-on-year.
'While there is still a lot that could go wrong, it does now appear that the UK economy is recovering much faster than expected,' chairman Neil Rogan said, citing the country's vaccine rollout.
'Many UK companies have adapted successfully and some sectors have already surpassed their 2019 highs.'
'Yet UK stock market valuations still seem low by international and historical standards, particularly on a cash flow and yield basis.'
Rogan said the impact of Brexit, while hard to distinguish from the affects of the pandemic, did not 'seem to have been the expected big negative'.
Still, he said the new negative that was starting to show now was inflation.
'There is a big debate whether the effects will be transitory or more serious and in truth it is too soon to tell,' he said.
'Only when inflation becomes too high or too embedded does it become a problem and that is not happening yet.'