Murray International Trust posted six months of robust returns and noted the return of risk appetite in equity markets by the middle of the year.
The Aberdeen Group trust delivered a total return of 6.% on net asset value and a share price total return of 11.6%, above its benchmark.
It declared two dividend distributions for the period of 2.6 pence per share each and remains committed to a progressive dividend policy.
The discount ended the period down 2.7% compared to -7.5% at 31 December 2024. It increased the dividend for the 20th consecutive year in 2024.
The top five performing stocks were Philip Morris International, Grupp ASUR (a Central American airport operator), Hong Kong Exchanges and Clearing, Singapore Telecommunications, and European-based utility Enel.
During the period, new positions were initiated in Anglo-Australian mining giant Rio Tinto, Indian IT service company Infosys and Italian financial services provider Intesa Sanpaolo.
Virginia Holmes, chair, commented: “We are pleased to report six months of robust returns for our shareholders in a particularly turbulent period for global investors, with a NAV total return of +6.0% significantly outperforming the Company’s reference index and stronger share price performance of +11.6% as the discount to net assets at which the Company’s shares traded narrowed significantly.
During this period, from Wall Street to Asia’s tech-driven markets, investors eventually looked through turbulence experienced earlier in the year and risk appetite recovered sharply by mid-year leading many markets to reach new all-time highs. However, the path ahead is likely to remain uneven and challenging.
In this environment, investors will benefit from a patient, globally diversified, and risk-aware approach, which is central to our Manager’s strategy in pursuing Murray International’s aim of achieving an above average dividend yield, with long-term growth in dividends and capital ahead of inflation.”
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