Murray International Trust Plc
Global Equity Income
Rated Fund 2014-19. A ‘Stout’ long-term performance record
Murray International sports the second-highest yield among Rated Funds in this asset group. The investment trust yields 4.5%, has grown its dividends for the past 15 years and pays them out quarterly.
Its performance in 2017 and the first half of 2018 was disappointing and the five-year record is uninspiring, leading the trust to move from a modest premium to net asset value to a small discount in mid 2018. Nevertheless, this trust has the best three-year record in the group, with a return of 56%.
This long-term Rated Fund has a strict discipline that we like. Bruce Stout has been named manager since 2004, but his involvement dates back to the 1980s. FundCalibre, the fund ratings and research provider, also likes his forthright, high-conviction approach and ability to invest in bonds to support the yield from shares in the portfolio.
Stout focuses on defensive businesses where he has a high degree of confidence that the companies will be able to continue to deliver earnings and dividends, and on not paying too high a price for them. He believes that being able to invest globally gives him scope for great diversification, which helps to reduce volatility. The trust has had a high weighting to emerging markets in recent years, with little in the UK.
Stout has been part of the Aberdeen Standard Investments global equities team since Aberdeen Asset Management and Standard Life Investments merged in 2017 – a move that saw Morningstar downgrade its rating on Murray International from gold to silver during 2018.
“Our ongoing conviction here is based firmly on Stout’s long-term continuity and expertise. However, in drawing on ideas from a pool of portfolio managers and analysts, where refining team interactions is a work in progress, our conviction has slightly diminished,” says analyst David Holder.
Narrative and ratings content all as of 01 January 2019.See all Money Observer rated funds
|Taiwan Semiconductor Manufacturing Co Ltd||4.35 %|
|Grupo Aeroportuario del Sureste SAB de CV Class B||4.23 %|
|Taiwan Mobile Co Ltd||3.62 %|
|CME Group Inc Class A||2.81 %|
|Verizon Communications Inc||2.65 %|
|Philip Morris International Inc||2.63 %|
|PT Unilever Indonesia Tbk||2.63 %|
|Sociedad Quimica Y Minera De Chile SA ADR||2.59 %|
|Roche Holding AG Dividend Right Cert.||2.55 %|
|Total SA||2.53 %|
|Latin America||19.00 %|
|Asia - Developed||17.84 %|
|United States||16.87 %|
|Asia - Emerging||12.30 %|
|United Kingdom||11.74 %|
|Europe - ex Euro||7.46 %|
|Financial Services||17.38 %|
|Communication Services||16.97 %|
|Consumer Defensive||16.17 %|
|Basic materials||11.88 %|
Bruce Stout is a Senior Investment Manager on the Global Equity Team. He joined Aberdeen in 2001 via the acquisition of Murray Johnstone where he held a number of roles including Investment Manager for their emerging markets team. Bruce graduated with a BA in Economics from the University of Strathclyde and completed a graduate training course with General Electric Company UK.
Data provided by Morningstar.
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