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Murray Intnl Trust (MYI)

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Monday 03 November, 2008

Murray Intnl Trust

Interim Management Statement

RNS Number : 2786H
Murray International Trust PLC
03 November 2008
 



Murray International Trust PLC

Interim Management Statement - 3 months to 30 September 2008



To the members of Murray International Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body in accordance with the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.


This interim management statement relates to the period from 1 July 2008 to 30 September 2008, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.


Investment objective

The primary aim is to achieve a total return greater than its benchmark by investing predominantly in equities worldwide. Within this objective, the manager will seek to increase the Company's revenues in order to maintain an above average dividend yield.


Benchmark

40% FTSE World UK and 60% FTSE World ex UK.


Material events 

On 5 August 2008 the company declared a second interim dividend of 4.8p per Ordinary share, payable on 14 November to Ordinary shareholders on the register at close of business on 3 October 2008.  


On 8 August 2008 the Company announced its half yearly results and the half yearly report was posted to shareholders on 21 August 2008.


On 14 August 2008 the Company paid a first interim dividend of 4.8p to Ordinary shareholders and B Ordinary shareholders were issued by way of capitalisation issue with 0.70183 new B Ordinary shares for every 100 B Ordinary shares held on the record date of 11 July 2008.


During the period under review a total of 1,295,000 new Ordinary shares were issued for cash at a premium to the prevailing net asset value. Subsequent to the period end a further 990,000 shares were issued for cash at a premium to the prevailing net asset value.


On 2 October 2008 the Company confirmed that, in lieu of the second interim dividend, 0.69380 new B Ordinary shares credited as fully paid would be issued on 14 November 2008 for every 100 B Ordinary shares held at close of business on the record date of 3 October 2008.



Twenty largest equity holdings at 30 September 2008


Company

% of NAV

Petrobras

4.5

British American Tobacco *

3.5

Tenaris

3.0

Unilever Indonesia

2.6

Souza Cruz

2.6

QBE Insurance Group

2.4

E.ON

2.2

Aeropuertos del Sureste

2.0

Procter and Gamble

2.0

Nordea Bank

2.0

Zurich Financial Services

1.9

PTT Exploration & Production

1.9

Philip Morris International

1.9

Telecomunicacoes de Sao Paulo

1.9

Total

1.9

Taiwan Mobile

1.9

Kraft Foods

1.8

ENI

1.8

Kimberly Clarke

1.8

Johnson & Johnson

1.8

TOTAL 

45.4


Ten Largest Fixed Interest Holdings at 30 September 2008


Company

Country/Sector

% of NAV

UK Treasury 4.75% 07/09/2015

United Kingdom

1.3

UK Treasury 5% 07/03/2012

United Kingdom

1.3

Pemex Project Funding Master 7.75% 29/09/2049

USA

1.3

UK Treasury 9% Conversion 12/07/2011

United Kingdom

1.2

Mexico 10.5% 14/07/2011

Mexico

1.2

Indonesia Recapital Bond 13.15% 15/03/2010

Indonesia

1.1

Commonwealth of Australia  6.25% 15/04/2015

Australia

0.9

Petrobras International Finance 8.375% 10/12/2018

USA

0.6

ASIF 5.375% 07/12/2009

United Kingdom

0.5

Brazil (Rep of) 11% 17/08/2040

Brazil

0.5

TOTAL


9.9


General description of Company's financial position and performance as at 30 September 2008


 
£m
Gross Assets
660.5
Debt
(110.1)
 
 
Actual gearing
17%

 



Cumulative performance (%)


as at 

1 month

3 months

6 months

1 year

3 years

5 years

 

30/09/2008

 

 

 

 

 

 

Share Price

626.0

-10.7

-8.0

-7.7

-3.8

26.6

104.1

NAV

616.1

-10.7

-9.5

-8.3

-8.2

19.0

85.1

Composite Benchmark


-10.9

-7.9

-9.2

-17.2

3.4

41.8



Discrete performance (%) year to:

 

30/09/2008

30/09/2007

30/09/2006

30/09/2005

30/09/2004

Share Price

-3.8

16.3

13.1

44.1

11.9

NAV

-8.2

15.2

12.5

35.1

15.2

Composite Benchmark

-17.2

12.9

10.6

23.8

10.8


Total Return; NAV-to-NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Management, Factset and Fundamental Data

NAV returns based on NAVs with debt valued at par


Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 1 July 2008 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.murray-intl.co.uk.



Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.



For Murray International Trust PLC

Aberdeen Asset Management PLC, Secretary

3 November 2008


This information is provided by RNS
The company news service from the London Stock Exchange
 
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