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
|Taiwan Semiconductor Manufacturing Co Ltd||4.93 %|
|Taiwan Mobile Co Ltd||3.89 %|
|Roche Holding AG Dividend Right Cert.||3.79 %|
|CME Group Inc Class A||3.39 %|
|Grupo Aeroportuario del Sureste SAB de CV Class B||3.38 %|
|Verizon Communications Inc||3.12 %|
|Philip Morris International Inc||2.80 %|
|Intel Corp||2.40 %|
|British American Tobacco PLC||2.37 %|
|Sociedad Quimica Y Minera De Chile SA ADR||2.33 %|
|United States||23.66 %|
|Asia - Developed||20.36 %|
|Latin America||14.18 %|
|Europe - ex Euro||11.11 %|
|Asia - Emerging||11.07 %|
|United Kingdom||7.89 %|
|Communication Services||18.47 %|
|Consumer Defensive||14.28 %|
|Financial Services||11.88 %|
|Basic materials||9.71 %|
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.
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