Murray International Trust Plc

Global Equity Income

Rated Fund 2014-20. Boasts strong long-term performance record

Murray International sports the second-highest yield – 4.3% – among Rated Funds in this asset group, having grown its dividends, paid quarterly, for the past 16 years.

Its five-year record is uninspiring, but recent performance has perked up, leading to significant outperformance of its composite 40% FTSE World UK and 60% FTSE World ex UK benchmark over the past year. Shares in the trust have moved to a small single-digit premium (within their +5% to -5% range over the past three years).

This long-term Rated Fund has a strict discipline we like. Bruce Stout has been named manager since 2004, but his involvement dates back to the 1980s. He focuses on buying defensive businesses where he has a high degree of confidence that they will be able to continue to deliver earnings and dividends, and on not paying too much for them. He believes being able to invest globally gives him scope for great diversification, which helps reduce volatility.

For Rob Morgan, an investment analyst at wealth manager Charles Stanley, the trust fulfils a number of key criteria: a benchmark-agnostic style with structurally high active share and low ongoing fees (0.69%). He says: “Performance has been disappointing recently – a function of the value tilt, sector allocation and country skew towards Latin America and away from the US – but the manager’s experience should count for a great deal going forward.”

FundCalibre, the fund ratings and research provider, also likes Stout’s forthright, high-conviction approach and ability to invest in bonds to support the yield from shares. Fixed income holdings accounted for 16% of assets at the end of 2019.

Narrative and ratings content all as of 01 January 2020.

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
0.61 %
Risk Rating
4
3 Year Sharpe
-0.41
3 Year Alpha
-7.88
Yield
6 %
Benchmark
FTSE UK TR GBP
Fund Size
£ 1.15 billion
NAV
888
Gearing
115
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 5.16 %
Grupo Aeroportuario del Sureste SAB de CV Class B 4.50 %
Taiwan Mobile Co Ltd 3.43 %
CME Group Inc Class A 3.34 %
Roche Holding AG Dividend Right Cert. 3.16 %
Philip Morris International Inc 2.83 %
Verizon Communications Inc 2.68 %
Sociedad Quimica Y Minera De Chile SA ADR 2.36 %
Oversea-Chinese Banking Corp Ltd 2.25 %
British American Tobacco PLC 2.13 %
Region %
Asia - Developed 21.12 %
United States 18.14 %
Latin America 17.98 %
Asia - Emerging 10.46 %
Europe - ex Euro 10.44 %
United Kingdom 8.28 %
Sector %
Communication Services 18.34 %
Consumer Defensive 15.26 %
Financial Services 14.70 %
Industrials 13.67 %
Technology 13.00 %
Basic materials 10.07 %
Healthcare 7.59 %
Energy 7.38 %
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 Fund Manager within the Global Equities Team at Aberdeen. He joined Aberdeen in 2000 following the takeover of Murray Johnstone - where he held the position of Investment Manager for their Emerging Markets Team. Bruce worked for Murray Johnstone for over 14 years in a number of roles and prior to that had completed a graduate training course at GEC, following his graduation from Strathclyde University with a BA in Economics.

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.