Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • Murray International Trust delivered a NAV total return of 6.0% and a share price total return of 11.6% for the period, compared to a 1.0% increase in the Reference Index.

  • Two interim dividends of 2.6 pence per share each were declared, maintaining the Company’s progressive dividend policy.

  • The period-end discount narrowed to 2.7% from 7.5% at 31 December 2024.

Murray International Trust PLC (LSE:MYI), a globally diversified investment trust focused on delivering an attractive and growing income alongside long-term capital growth, has released its performance update for the period.

The Company reported a net asset value (NAV) total return of 6.0% and a share price total return of 11.6%, exceeding the 1.0% increase recorded by its Reference Index. The narrowing of the discount from 7.5% at the end of December 2024 to 2.7% at the close of the period reflected the positive movement in the share price relative to NAV.

In line with its progressive dividend policy, the Company declared two interim dividend distributions of 2.6 pence per share each. In 2024, Murray International achieved “Dividend Hero” status from the Association of Investment Companies (AIC) after increasing its dividend for the 20th consecutive year.

Performance during the period was supported by contributions from a diverse set of holdings. The top five performers included Philip Morris International, Grupo Aeroportuario del Sureste (Grupo ASUR), Hong Kong Exchanges and Clearing, Singapore Telecommunications, and Enel. These positions represent exposure across global consumer staples, transportation infrastructure, financial markets, communication services, and utilities.

The main detractors from performance were Merck & Co., Bristol Myers Squibb, Diageo, Pernod Ricard, and GlobalWafers. These holdings span pharmaceuticals, beverages, and semiconductor manufacturing.

Portfolio activity during the period included the initiation of new positions in Rio Tinto, an Anglo-Australian mining company; Infosys, an Indian IT services provider; and Intesa Sanpaolo, an Italian financial services group. These additions were aimed at enhancing diversification and positioning the portfolio for potential long-term opportunities.

Outlook

The Company noted that global equity markets continue to operate within a complex macroeconomic backdrop. While the first half of the year saw resilient performance, market conditions have also been marked by volatility. The outlook remains uneven, but earnings growth is beginning to broaden beyond the largest technology companies.

Central banks, including the European Central Bank, have already implemented modest interest rate cuts, and there is an expectation that the U.S. Federal Reserve may follow. Lower interest rates, alongside a weaker U.S. dollar, could attract capital inflows into emerging markets, particularly in Asia and Latin America.

However, potential headwinds remain. Geopolitical tensions, concerns over U.S. fiscal sustainability, and trade disputes may impact market sentiment and inflation trends, potentially limiting the scope for further monetary policy easing.