Murray International Trust PLC

As the name suggests, this trust offers an international portfolio of UK and global equities, as well as some bonds. The manager may invest anywhere in the world and in any sectors, with a focus on maintaining an above-average yield for investors. Veteran manager Bruce Stout retired from the firm in June 2024, with co-managers Martin Connaghan and Samantha Fitzpatrick taking on his responsibilities.

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Our Opinion
Fund Managers
Key Facts
Fund Performance
Risk
Talking Factsheet
Investment process
ESG

Our Opinion

This is a genuinely international portfolio. abrdn is well-known for its global equity research capabilities and the managers make full use of the resources available to them. Overall, their style has meant that returns have been very strong in some years and weaker in others, but the trust has delivered in the long run. As a result, Murray International may suit investors who have a long-term investment horizon and are looking for income and growth from global markets. We like the fact the trust focuses on defensive business where the managers feels he will be able to retain both earnings and dividends, without paying over the odds.

Fund Managers

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Fund Managers

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Samantha is an Investment Director on the Global Equity Team at abrdn. She joined the company in 2001 following the acquisition of Murray Johnstone, where she initially worked as a Performance and Risk Analyst. With fifteen years of experience in managing global equity portfolios, Samantha holds a BSc (Hons) in Mathematics from the University of Strathclyde and is a CFA Charterholder.

Manager photo

Martin is an Investment Director on the Global Equity Team at abrdn. He started his career at Murray Johnstone in 1998 and joined abrdn through its acquisition of Murray Johnstone in 2001. Over the years, Martin has held various roles, including Trader, Credit Analyst, and ESG Analyst. For the past fifteen years, he has concentrated on managing global equity portfolios.

Samantha is an Investment Director on the Global Equity Team at abrdn. She joined the company in 2001 following the acquisition of Murray Johnstone, where she initially worked as a Performance and Risk Analyst. With fifteen years of experience in managing global equity portfolios, Samantha holds a BSc (Hons) in Mathematics from the University of Strathclyde and is a CFA Charterholder.

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Martin is an Investment Director on the Global Equity Team at abrdn. He started his career at Murray Johnstone in 1998 and joined abrdn through its acquisition of Murray Johnstone in 2001. Over the years, Martin has held various roles, including Trader, Credit Analyst, and ESG Analyst. For the past fifteen years, he has concentrated on managing global equity portfolios.

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Key Facts

Asset type Equity

Annual Income (Historic) -

Sector Global Equity Income

Gearing-

Fund Size-

Fund Manager Start Date 16 June 2004

Ongoing Charges Figure (OCF) -

Payment Date(s) Jan, Apr, Jul, Oct

Share price discount or premium -

Fund Performance

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Risk

Murray International is a relatively focused portfolio of no more than around 50 stocks and 30-40 bond holdings (although it has the ability to hold more), so stock selection risk is higher than in trusts that invest in more companies. Currency is another factor that needs to be considered, as the manager does invest globally. However, abrdn’s rigorous process and well-resourced team do go a long way to mitigate these risks.

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Fund Performance

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Risk

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Murray International is a relatively focused portfolio of no more than around 50 stocks and 30-40 bond holdings (although it has the ability to hold more), so stock selection risk is higher than in trusts that invest in more companies. Currency is another factor that needs to be considered, as the manager does invest globally. However, abrdn’s rigorous process and well-resourced team do go a long way to mitigate these risks.

Talking Factsheet

Talking Factsheet

Murray International Trust PLC

Martin Connaghan

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Quote from the Fund Manager

Followers of investment fashion invariably pay extravagant prices to own the latest, must-have, in vogue stocks. For those of a more thrifty disposition, our investment process focuses more on sustainable, long-term growth opportunities where valuations have yet to reflect widespread popular recognition.

Samantha Fitzpatrick

Co-Manager

Investment process

The assets are invested in a diversified portfolio of international equities and fixed income securities spread across a range of industries and economies. Although the managers have the final say, in general abrdn’s investment style is very much a team effort. At the heart of the process is well-disciplined stock research. In effect, the managers have two mandates: to protect investors’ money and grow it over the long term, and to provide above-average income.

The managers prefers simple businesses that have a strong ability to produce surplus cash and a resilient business model. These could be in any industry. They are also prepared to invest anywhere in the world they see value, with Murray International’s investment process giving them a buylist of around 900 stocks to choose from. The investment horizon when selecting stocks is at least five years. There are no limits regarding geographic or sector exposure, but a maximum 15%, at the time of investment, is allowed in a single holding.

The trust also has the ability to invest in fixed income securities, with the process of selecting and monitoring both sovereign and corporate bonds following exactly the same structure and methodology as equities, with the managers using the global investment resources available.

Risk

Murray International is a relatively focused portfolio of no more than around 50 stocks and 30-40 bond holdings (although it has the ability to hold more), so stock selection risk is higher than in trusts that invest in more companies. Currency is another factor that needs to be considered, as the manager does invest globally. However, abrdn’s rigorous process and well-resourced team do go a long way to mitigate these risks.

ESG

ESG - Limited
Although ESG factors are not the overriding criteria in relation to the investment decisions for this trust, significant prominence is placed on ESG and climate related factors by the asset management firm. abrdn has around 150 equity professionals globally, all of whom analyse ESG risks and opportunities for each company, it also has a 20 strong ESG investment team, providing consultancy and insight.

A globally-applied approach to evaluating stocks is used to compare companies consistently on their ESG credentials – both regionally and against their peer group. This looks at which ESG factors are relevant for a company, how material they are, and if they are being addressed; abrdn’s own assessment of governance, ownership and management; and if incentives and key performance indicators are aligned with company strategy/shareholders. A combination of external and proprietary in-house quantitative scoring techniques are also applied. The result is a five-step scale which evaluates companies from ‘best in class’ to ‘laggard’ from an ESG perspective.

Related Insights

The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.