33. Emerging markets, weather forecasts and getting defensive

In the second of three podcasts recorded at FundCalibre’s annual investment trust dinner, Bruce Stout, manager of Murray International investment trust tells us why he prefers the shares and bonds of emerging market companies and governments today, explains why he thinks financial forecasters are just there to make weather forecasters look good and discusses the times he’s put more money into bonds to help protect the portfolio from falling equity markets.
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Murray International is a genuinely international portfolio that invests in the shares of companies, as well as some bonds. Manager Bruce Stout has two mandates: to protect his investors’ money and grow it over the long term, and to provide above-average income. He prefers simple businesses that have a strong ability to produce surplus cash and a resilient business model. These companies could be in any industry anywhere in the world.

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The views of the author and any people interviewed are their own and do not constitute financial advice. However the knowledge that professional analysts have analysed a fund or trust in depth before assigning them a rating can be a valuable additional filter for anyone looking to make their own decisions. Before you make any investment decision make sure you’re comfortable and fully understand the risks. If you invest in fund or trust make sure you know what specific risks they’re exposed to. Past performance is not a reliable guide to future returns. Remember all investments can fall in value as well as rise, so you could make a loss.

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