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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