Edison issues review on Murray International Trust
London, UK, 26 September 2022
Edison issues review on Murray International Trust (MYI)
Murray International Trust (MYI) employs a team-based approach, headed up by Bruce Stout working closely with Martin Connaghan and Samantha Fitzpatrick, who are part of abrdn's global equity team. The trust offers investors a globally diversified portfolio of primarily equities (c 90%) with the balance in fixed income securities and cash, broadly split 50:50 between developed and emerging markets. MYI's portfolio is constructed independently on a bottom-up basis without consideration of the make-up of its global reference index. Nevertheless, as shown in the chart below, the trust's relative performance has improved over the last year, while it is now first out of the seven funds in the AIC global equity income sector over the last 12 months by quite some margin.
Given MYI's improving relative performance, one could argue that a higher valuation is warranted. The 5.1% discount to cum-income NAV is wider than the 1.0% to 4.8% range of average discounts over the last one, three and five years and compares with the range of a 0.0% premium to a 9.3% discount over the last 12 months. MYI's board has paid a higher annual dividend for the last 17 consecutive years and for 15 of these the increase has been above the prevailing level of UK inflation. Based on its current share price the trust offers an attractive 4.5% dividend yield.
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