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(Alliance News) - Murray International Trust PLC on Friday reported a positive net asset value total return in the first half of 2023, though this fell short of its reference index, while it said its long-serving lead manager is set to retire.
The Edinburgh-based investment trust is managed by abrdn PLC. It invests in global equities for dividend yield and capital growth. Its top-ten investments include Broadcom Inc, Taiwan Semiconductor Manufacturing Co Ltd, Unilever PLC, TotalEnergies SE, and Samsung Electronics Co.
NAV was 257.9 pence per share on June 30, down from 0.3% from a restated 258.7p on December 31. The share price fell to 254.0p from 266.8p over the same period, swinging to a 1.5% discount to NAV from a 3.1% premium.
NAV total return over the six months was 2.2%, short of the 7.9% for Murray's reference index, the FTSE All World TR Index.
Reviewing the half-year, Chair David Hardie said: "For financial markets, the divergence between the performance of bonds and equities proved extremely pronounced: the former constantly fretting over wage inflation and the erosion of real incomes; and the latter apparently ignoring the reality of rising recession risks and downward revisions to growth and corporate profitability."
Murray declared two interim dividends of 2.4p each for the first six months of the year. For all of 2023, it plans to at least match the 11.2p payout in 2022.
Lead investment manager Bruce Stout will retire at the end of June 2024, having been in post since 2004. Current assistants Martin Connaghan and Samantha Fitzpatrick will take on co-managerial responsibility for investments, starting immediately.
Murray International Trust shares, which are part of the FTSE 250 index, were down 1.4% to 244.07 pence on Friday in London.
By Tom Waite, Alliance News editor
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