Murray International Trust Plc

Global Equity Income

Update: 16 October 2019: Murray International - taken off performance watch
Full details regarding why we have taken this decision can be found here.

Update: 6 August 2019: Murray International - on performance watch
Full details regarding why we have taken this decision can be found here.

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
Name
Murray International Trust Plc
Manager
Aberdeen Standard Investments
Type
Closed Ended Investment Company
ISIN
GB0006111909
Sector
Global Equity Income
Launched
18/12/1907
OCF
0.69 %
Risk Rating
2
3 Year Sharpe
0.65
3 Year Alpha
1.39
Yield
4.4 %
Benchmark
FTSE UK TR GBP
Fund Size
£ 1.55 billion
NAV
1,139
Gearing
113
Discount Premium
4
To achieve a total return greater than its benchmark by investing predominantly in equities worldwide. The Company invests in a diversified portfolio of international equities and fixed income securities spread across a range of industries and economies. Company is permitted to invest up to 15% investments by value any single holding (at the time of purchase).
Holding %
Taiwan Semiconductor Manufacturing Co Ltd 4.92 %
Grupo Aeroportuario del Sureste SAB de CV Class B 3.92 %
Taiwan Mobile Co Ltd 3.38 %
CME Group Inc Class A 3.37 %
Verizon Communications Inc 2.83 %
Roche Holding AG Dividend Right Cert. 2.73 %
PT Unilever Indonesia Tbk 2.68 %
Philip Morris International Inc 2.49 %
Total SA 2.45 %
Sociedad Quimica Y Minera De Chile SA ADR 2.28 %
Region %
Asia - Developed 19.63 %
United States 17.67 %
Latin America 17.35 %
United Kingdom 11.32 %
Asia - Emerging 10.24 %
Europe - ex Euro 9.50 %
Sector %
Communication Services 18.23 %
Financial Services 16.96 %
Consumer Defensive 15.22 %
Industrials 12.23 %
Technology 11.41 %
Basic materials 10.59 %
Energy 8.54 %
Healthcare 6.82 %
Name
Aberdeen Standard Investments
Address
EC4M 9HH, London, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Bruce Stout
Joined 06/16/2004

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.

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Morningstar. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.