Edison Investment Research Limited
London, UK, 21 March 2024
Edison issues review on Murray International Trust (MYI): Business as usual ahead of manager's retirement Murray International Trust's (MYI's) managers are transitioning smoothly from a team of three to two, ahead of Bruce Stout's retirement at the end of June 2024. The two remaining managers, Martin Connaghan and Samantha Fitzpatrick, have worked closely with Stout since 2001, so MYI's shareholders can have confidence that it will be 'business as usual' in H224 and beyond. Regardless of the market environment, the managers strive to fulfil their objectives of generating income and capital growth higher than the rate of UK inflation and to have a covered dividend. However, in years of lower income, the board can draw on the trust's revenue reserves, which are equivalent to more than the annual dividend payment, to enable MYI's progressive dividend policy to continue.
MYI is a very well-established trust, with an experienced collaborative management team, offering investors the prospects of both income and capital growth. Its low-risk approach, seeking 'good businesses at good prices', should help to protect investors' capital during periods of market volatility. The managers employ a long-term perspective with low portfolio turnover; some of the positions have been in the fund for more than 20 years. Versus its peers, MYI has a higher allocation to emerging markets due to their higher growth potential and attractive valuations. As a result of heightened investor risk aversion in an uncertain macroeconomic environment, the trust's discount is meaningfully wider than its historical averages, which may provide a very favourable entry point for investors.
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1864523 21-March-2024
