Factsheet: Murray International Ord

Global Equity Income

Rated Fund 2014-2018. A 'Stout' long-term performance record

Murray International sports the highest yield among Rated Funds in this asset group. The investment trust yields 3.8 per cent and pays dividends quarterly.Bruce Stout has notched up an impressive track record with this trust since 2004. FundCalibre, the fund ratings and research provider, 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 their shares.He believes that being able to invest globally gives him scope for great diversification, which helps to reduce volatility. Nevertheless, he has been reducing his exposure to the UK and Europe, and the trust's holdings in these areas are now at their lowest levels for more than 20 years. At the end of 2017, Stout had more than 60 per cent in Asia Pacific, Latin America, Japan and other emerging markets � with 46 per cent in equities and 15 per cent in bonds issued by companies in these parts of the world.Murray International aims to grow and preserve investors' capital and pay an above-average and growing income � something that investors are increasingly attracted to. That is exemplified by the shares trading at a modest premium to their net asset value for most of 2017, though there have been five periods during the past three years in which they could be bought at a discount, the widest being almost 8 per cent.

Narrative and ratings content all as of 01 January 2018.

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Name
Murray International Ord
Manager
Aberdeen
Type
Closed Ended Investment Company
ISIN
GB0006111909
Sector
Global Equity Income
Launched
18/12/1907
OCF
0.64 %
Risk Rating
4
3 Year Sharpe
0.75
3 Year Alpha
-0.45
Yield
4.4 %
Benchmark
FTSE UK TR GBP
Fund Size
£ 1.48 billion
NAV
1,156
Gearing
112
Discount Premium
-0
The fund seeks to achieve a total return greater than its benchmark by investing predominantly in equities worldwide. Within this objective the manager will seek to increase the company's revenues in order to maintain an above average dividend yield.
Holding %
Taiwan Semiconductor Manufacturing Co Ltd 4.39 %
Grupo Aeroportuario del Sureste SAB de CV Class B 4.34 %
Sociedad Quimica Y Minera De Chile SA ADR 4.24 %
Taiwan Mobile Co Ltd 3.27 %
Daito Trust Construction Co Ltd 2.95 %
Total SA 2.79 %
PT Unilever Indonesia Tbk 2.65 %
Philip Morris International Inc 2.53 %
British American Tobacco PLC 2.43 %
Singapore Telecommunications Ltd 2.23 %
Region %
Latin America 19.77 %
Asia - Developed 16.35 %
United Kingdom 14.85 %
United States 14.62 %
Asia - Emerging 9.22 %
Eurozone 6.83 %
Europe - ex Euro 5.09 %
Sector %
Communication Services 17.19 %
Consumer Defensive 16.14 %
Financial Services 15.79 %
Industrials 11.61 %
Basic materials 11.44 %
Energy 8.35 %
Technology 7.29 %
Healthcare 6.14 %
Name
Aberdeen
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.

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