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The Company currently conducts its affairs so that securities issued by Murray International Trust PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream Pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.
The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.
At close 16-Apr-2014Ord
|Net Dividend Yield||4.02%|
|Net Dividend Yield||3.15%|
* Debt at market value
** Debt at par
Source: Morningstar, NAV = Net Asset Value, excluding income.
The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.Read the detailed Risk Warning
Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.
40 Princes Street,
Registered in Scotland as an Investment Company Number SC0006705
The objective of Murray International Trust PLC is to achieve a total return greater than its benchmark by investing predominantly in equities worldwide. Within this objective the Manager will seek to increase the Company’s revenues in order to maintain an above average dividend yield.
In his investment outlook for 2014 Bruce Stout, manager of Murray International Trust, explains why the ‘grotesque’ practice of quantitative easing has left developed market equities looking overvalued.
Despite this unfavourable backdrop, he tells Money Observer editor Andrew Pitts, equities are his favoured asset class, and he is finding well-run companies at less demanding valuations in the emerging markets.
In this webcast Bruce gives an update on a wide range of subjects including performance, a sector breakdown, the twenty largest investments and an outlook for the Trust.
Global economic developments were somewhat influenced by extreme climate conditions during the month. Trends in construction, housing and employment were tough to interpret as temporary weather-related impacts distorted data in some of the worst hit regions. Floods in the UK and ice storms in the United States proved particularly problematic.
Without the distraction of hard facts to either appease or disappoint investors, most global equity markets returned to an upward trajectory based on renewed hope and expectation. Europe, the UK and Asia all participated in strong capital appreciation, as did the United States, but negative returns from the Japanese equity market was a noticeable exception to the general trend.
Transaction activity was almost entirely concentrated on fixed income securities, with the outright sales of Portugal Telecom and Telefonica following strong absolute performance. Proceeds were reinvested in Brazil Sovereign debt and establishing a new position in Bharti Airtel bonds, one of India’s largest mobile communication companies.
The general contempt of equity markets to consider anaemic earnings growth and acknowledge cautious trading statements from global corporates suggests the harsh reality of doing business in the current challenging economic environment is not being factored into current equity prices. The risk of deflating expectations on highly rated equity valuations cannot be ignored, suggesting great caution should be maintained and exercised.
Source: Monthly Factsheet Aberdeen Asset Managers Limited