4th Mar 2026 09:57
(Alliance News) - Murray International Trust PLC on Wednesday said it expects the global investment landscape to be likely to continue a shift "towards a more fragmented, multipolar world" as it announced higher net asset value and a dividend increase.
The Edinburgh-based trust said net asset value per share was 325.4 pence each as at December 31, up 17% from 278.4p a year prior.
Murray International said the strongest contributors spanned a wide range of geographies and industries, noting that Taiwan Semiconductor Manufacturing Co Ltd, known as TSMC, "delivered exceptional performance in 2025" as TSMC reported a 32% revenue jump for 2025 to TWD3.81 trillion, around USD120.41 billion.
Meanwhile, Diageo PLC was cited as a detractor. The London-based company operates in over 180 countries with a portfolio of over 200 brands, including top sellers like Johnnie Walker whisky, Smirnoff vodka, Tanqueray gin, and Guinness stout.
Murray said: "Diageo's share price struggled in 2025 as a combination of macroeconomic, category specific, and operational headwinds weighed on performance. Weak consumer confidence in key markets, particularly the US and China, was a significant drag, with stretched household budgets and cautious spending reducing demand for premium spirits. In the US, competitive pressures in tequila, ongoing destocking, and tough comparisons following prior restocking of brands such as Don Julio added further strain. These challenges were compounded by broader premium-spirits weakness linked to the cost of living backdrop, shifting consumer behaviour, and concerns that weight loss drugs may dampen alcohol consumption."
Murray added that Pernod Ricard SA, a Paris-based wine and spirits company, as well as Princeton, New Jersey-based pharmaceutical company Bristol-Myers Squibb Co were detractors, both facing challenges during 2025. Pernod Ricard was hit by "softer spirits demand" in the US, while Bristol-Myers Squibb faced an "accelerating erosion from non-branded generic competition", Murray said.
Murray recommended a final dividend per share of 4.6p, up 7.0% from 4.3p a year prior. This brings the total payout to 12.4p, up 5.1% from 11.8p.
Chair Virginia Holmes said: "Looking ahead to 2026, the global investment landscape is likely to continue reflecting the shift toward a more fragmented, multipolar world. Periods of volatility are inevitable, but history shows that patient, long-term investors can continue to find opportunities.
"Global growth is expected to continue, though unevenly, constrained by tighter financial conditions and geopolitical uncertainty. Monetary policy in developed markets is likely to remain relatively restrictive compared with the post financial crisis era, even as headline inflation continues to moderate. Central banks are expected to move cautiously, prioritising credibility and financial stability over short-term growth, for the time being. In addition, investor sentiment towards emerging markets appears to be improving, where central banks potentially have more room to cut rates and where earnings growth and relative valuations remain attractive."
Murray shares were 0.1% higher at 353.50 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Murray InternationalDiageo