Murray International Trust (LON: MYI), a London-listed investment trust that invests globally for income and capital growth, reported a net asset value (NAV) total return of 10.5% and a share price total return of 9.9% for the six months to 30 June, both behind the 12.4% return of its benchmark, the MSCI ACWI High Dividend Yield Index. The trust remains ahead of benchmark over one and five years. The board raised the interim dividend to 2.8p per share, from 2.6p a year earlier.
MYI shares were trading at 369.75p, barely changed from Thursday’s close of 369.5p and near the top of a 52-week range of 277.49p to 372.5p. That puts the shares at a 2.4% premium to the trust’s NAV per share of 351.9p at the end of June, narrowed from a 3.0% premium at the end of December. Net assets rose to £2,094.7m from £1,921.0m over the half.
The trust’s half-yearly report showed the underperformance stemmed largely from profit-taking in top-performing holdings. Samsung Electronics gained 129%, BE Semiconductor 113%, Taiwan Semiconductor Manufacturing Company 59% and Cisco Systems 54% during the period, but manager Aberdeen trimmed or exited these positions on valuation and low-yield grounds, judging the reward from further gains no longer justified the reduced income on offer. Detractors included CME Group (-19%), Infosys (-40%), Ping An (-22%) and Taylor Wimpey (-24%).
Proceeds were recycled into new positions including Blackstone, Pfizer, Union Pacific, Fastenal and ONEOK. Portfolio income fell to £49.7m from £52.3m a year earlier, yet the board maintained its progressive dividend policy, backed by £84.6m of distributable revenue reserves, equivalent to 1.2 times the 2025 full-year dividend. Ongoing charges fell to 0.47% from 0.50%, while net gearing eased to 4.0% from 4.4%, supported by £110m of fixed-rate loan notes.
Virginia Holmes, chair of Murray International Trust, said the results were achieved “against a macro backdrop of significant uncertainty and volatility,” with the company having “delivered robust performance.”
MYI issued almost five million shares from treasury during the half, raising £17.6m at a weighted average premium of 1.5%.