Murray International Trust - Attractive offering of income and capital growth

Murray International Trust's (MYI's) three managers, Bruce Stout, Martin Connaghan and Samantha Fitzpatrick, have worked closely together since 2001, so it will be business as usual when Stout retires at the end of June. The trust has amassed considerable revenue reserves (equivalent to around one year's annual dividend) so was able to continue its progressive dividend policy during COVID; MYI returned to a covered dividend in FY22. Despite high inflation preventing real (above inflation) dividend growth in recent years, the trust now has an 18-year record of consecutive annual dividend growth and offers an attractive 4.6% dividend yield, which compares favourably with its peers in the AIC Global Equity Income sector, most of which, unlike MYI, can pay dividends out of capital.

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