Edison issues review on Murray International Trust

London, UK, 1 April 2022

Edison issues review on Murray International Trust (MYI)

Murray International Trust (MYI) is managed by Bruce Stout, who is supported by Martin Connaghan and Samantha Fitzpatrick; they are part of abrdn's global equity team. The fund provides a differentiated offering for investors as emerging markets make up close to 50% of the portfolio as the managers favour these regions in terms of their higher growth potential and reasonably attractive valuations. A higher focus on real assets in recent years should stand the trust in good stead in the current inflationary environment. MYI's board has committed to continuing the trust's progressive dividend strategy, using revenue reserves when required. The trust has now achieved a consecutive 17-year stretch of higher annual dividends and offers a 4.3% yield.

MYI's current 3.8% discount to cum-income NAV is wider than the 0.5% to 3.3% range of average discounts over the last one, three and five years. There is scope for a higher valuation if the managers can build on the trust's recent outperformance versus the reference index. Shares are repurchased if they trade at a persistent discount to ex-income NAV; during FY21, c 2.6m shares were repurchased and held in treasury, which was c 2.0% of MYI's share base.

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