Murray International Trust PLC

A high conviction global portfolio built with the potential to grow capital and deliver a strong and rising income

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Annual General Meeting (AGM) Update

At the reconvened Annual General Meeting of the Company held on 27 April 2020, all resolutions, with the exception of resolution 11 were unanimously passed on a show of hands.

As previously announced, Resolution 11, relating to the final dividend was withdrawn following the Company's recent declaration of an interim dividend of 17.5p (in lieu of the final) which will be payable on 15 May 2020 in lieu of the final dividend.

Bruce Stout, the Manager of the Company, has recorded a short commentary for the year which is available below.

Latest News

An update from our investment manager, Bruce Stout - 17 May 2020

It feels somewhat surreal reflecting on the global economic backdrop that is evolving at the moment. With the escalating coronavirus pandemic essentially paralysing economic activity throughout the world, the depth and duration of the emerging global recession remains unfathomable and unquantifiable at present. The magnitude of draconian constraints currently being exerted on production, manufacturing, travel, consumption and the services will undoubtedly result in an economic contraction unprecedented relative to any historical norms. We must prepare ourselves for some very tough times ahead.

Whilst panic and fear dictated the volatile direction of financial markets throughout most of March, a degree of calm has since descended. Immediate liquidity concerns have eased in response to pledges of enormous monetary and fiscal support from Governments worldwide. As evidence of escalating economic hardship now emerges, the focus of attention within financial markets is likely to switch to corporate profits, balance sheets and dividends.

Murray International maintains a very diversified portfolio of global equities and bonds. In addition to emphasising companies with strong balance sheets and proven management teams, those possessing deep financial resources and robust historical dividend track records are deemed of great significance under current conditions. Having exposure to numerous such businesses has always been fundamental to the Trusts investment process.

Against the daily changing backdrop of clinical, political and economic events, providing a credible near-term outlook is both futile and irresponsible. Current conditions demand constant daily scrutiny of the business fundamentals of underlying holdings and the implications of virus related impacts, yet also remaining alert that at some point some semblance of normality will undoubtedly return. During times of severe market dislocations it is always very important to remain calm, objective and humble, but with the longer term outlook in mind, also vigilant and pro-active to attractive investment opportunities that are presented by such extraordinary volatility and prevailing fearful behaviours. Such focus will continue to be rigorously adhered to.

Key people

Bruce Stout

Bruce Stout

Senior Investment Manager

Education and Experience

Bruce Stout is a senior investment manager on the Global equities team. Bruce joined Aberdeen in 1987 via the acquisition of Murray Johnstone. Bruce has held a number of roles including investment manager on the emerging markets team.
Bruce graduated with a BA in Economics from the University of Strathclyde and completed a graduate training course with General Electric Company UK.

Martin Connaghan

Martin Connaghan

Investment Director

Education and Experience

Martin is an Investment Director on the Global Equity Team at Aberdeen Standard Investments. Martin began his career at Murray Johnstone in 1998 and joined ASI via the acquisition of Murray Johnstone in 2001. Martin has held a number of roles including Trader, Credit Analyst and ESG Analyst, however he has been focused on the management of global equity portfolios for the last fifteen years.

Samantha Fitzpatrick

Samantha Fitzpatrick

Investment Director

Education and experience

Samantha is an Investment Director on the Global Equity Team at Aberdeen Standard Investments. Samantha joined ASI in 2001 via the acquisition of Murray Johnstone where she was a Performance and Risk Analyst. Samantha has been involved in the management of global equity portfolios for the last fifteen years. She has a BSC (Hons) degree in Mathematics from the University of Strathclyde and is a CFA Charter holder.

  • Bruce Stout

    Senior Investment Manager

    Education and Experience

    Bruce Stout is a senior investment manager on the Global equities team. Bruce joined Aberdeen in 1987 via the acquisition of Murray Johnstone. Bruce has held a number of roles including investment manager on the emerging markets team.
    Bruce graduated with a BA in Economics from the University of Strathclyde and completed a graduate training course with General Electric Company UK.

  • Martin Connaghan

    Investment Director

    Education and Experience

    Martin is an Investment Director on the Global Equity Team at Aberdeen Standard Investments. Martin began his career at Murray Johnstone in 1998 and joined ASI via the acquisition of Murray Johnstone in 2001. Martin has held a number of roles including Trader, Credit Analyst and ESG Analyst, however he has been focused on the management of global equity portfolios for the last fifteen years.

  • Samantha Fitzpatrick

    Investment Director

    Education and experience

    Samantha is an Investment Director on the Global Equity Team at Aberdeen Standard Investments. Samantha joined ASI in 2001 via the acquisition of Murray Johnstone where she was a Performance and Risk Analyst. Samantha has been involved in the management of global equity portfolios for the last fifteen years. She has a BSC (Hons) degree in Mathematics from the University of Strathclyde and is a CFA Charter holder.

kevin carter

Dr Kevin Carter

Chairman and Independent Non-Executive Director

Education and Experience

He was previously Managing Director and Head of EMEA Pension Advisory Group at JP Morgan Securities. Prior to that Dr Carter was Head of the European Investment Consulting Practice at Watson Wyatt and formerly CEO of Old Mutual Asset Managers in both the UK and the US. He is a trustee director of the Universities Superannuation Scheme and chairman of its investment committee and performs the same roles for the BBC Pension Scheme. He is also a director of JPMorgan American Investment Trust PLC, Aspect Capital Limited and Newton Investment Management Limited.

Claire Binyon

Claire Binyon

Independent Non-Executive Director

Education and Experience

She is a chartered accountant who, following an early career in the City, held senior corporate development and strategic planning roles with global multinational businesses including inBev, Cadbury, DS Smith and Fenner (a Michelin group company).

Marcia Campbell

Marcia Campbell

Independent Non-Executive Director

Education and Experience

She was operations director at Ignis Asset Management having previously been group operations director and CEO Asia Pacific at Standard Life until 2010. She is a director of CNP Assurances in France, Charles Stanley Group PLC, Canada Life Group and Canada Life International and is a member of the independent governance committee for Aviva UK and ROI.

David Hardie

David Hardie

Senior Investment Director

Education and Experience

He is a corporate lawyer by background and was formerly a partner of UK law firm, Dundas & Wilson (now part of CMS Cameron McKenna), where he was a partner for over 30 years and where he previously held various positions including head of corporate, managing partner and chairman. David is also a non-executive chairman of W N Lindsay Limited.

Ali Mackesy

Alexandra Mackesy

Independent Non-Executive Director

Education and Experience

She is a former investment equity research analyst by background having spent the majority of her executive career in Asia. She is a non executive director of JPMorgan Chinese Investment Trust plc and The Henderson Smaller Companies Investment Trust plc and a former director of The Scottish Oriental Smaller Companies Trust Plc, RENN Universal Growth Investment Trust Plc, Schroder Asian Total Return Investment Co Plc and Empiric Student Property Plc.

Simon Fraser

Simon Fraser

Independent Non Executive Director

He has had a distinguished career in asset management at Fidelity International Ltd. having retired in 2008 as President, Investment Solutions Group, Fidelity Retirement Institute and having held other senior roles including president of Fidelity's European and Institutional business and Global Chief Investment Officer. Simon has recently retired as chairman of F&C Investment Trust PLC and brings a wealth of investment trust experience and deep knowledge of global markets. Simon has sat on a number of other listed company boards in the past including Barclays plc and Ashmore plc. He is currently Chairman of McInroy and Wood Ltd., the Investor Forum and the independent research boutique TS Lombard. He is also on the board of Fidelity Funds SICAV, Treasurer of the Kings Fund and a trustee of the Abbotsford Trust.

  • Dr Kevin Carter

    Chairman and Independent Non-Executive Director

    Education and Experience

    He was previously Managing Director and Head of EMEA Pension Advisory Group at JP Morgan Securities. Prior to that Dr Carter was Head of the European Investment Consulting Practice at Watson Wyatt and formerly CEO of Old Mutual Asset Managers in both the UK and the US. He is a trustee director of the Universities Superannuation Scheme and chairman of its investment committee and performs the same roles for the BBC Pension Scheme. He is also a director of JPMorgan American Investment Trust PLC, Aspect Capital Limited and Newton Investment Management Limited.

  • Claire Binyon

    Independent Non-Executive Director

    Education and Experience

    She is a chartered accountant who, following an early career in the City, held senior corporate development and strategic planning roles with global multinational businesses including inBev, Cadbury, DS Smith and Fenner (a Michelin group company).

  • Marcia Campbell

    Independent Non-Executive Director

    Education and Experience

    She was operations director at Ignis Asset Management having previously been group operations director and CEO Asia Pacific at Standard Life until 2010. She is a director of CNP Assurances in France, Charles Stanley Group PLC, Canada Life Group and Canada Life International and is a member of the independent governance committee for Aviva UK and ROI.

  • David Hardie

    Senior Investment Director

    Education and Experience

    He is a corporate lawyer by background and was formerly a partner of UK law firm, Dundas & Wilson (now part of CMS Cameron McKenna), where he was a partner for over 30 years and where he previously held various positions including head of corporate, managing partner and chairman. David is also a non-executive chairman of W N Lindsay Limited.

  • Alexandra Mackesy

    Independent Non-Executive Director

    Education and Experience

    She is a former investment equity research analyst by background having spent the majority of her executive career in Asia. She is a non executive director of JPMorgan Chinese Investment Trust plc and The Henderson Smaller Companies Investment Trust plc and a former director of The Scottish Oriental Smaller Companies Trust Plc, RENN Universal Growth Investment Trust Plc, Schroder Asian Total Return Investment Co Plc and Empiric Student Property Plc.

  • Simon Fraser

    Independent Non Executive Director

    He has had a distinguished career in asset management at Fidelity International Ltd. having retired in 2008 as President, Investment Solutions Group, Fidelity Retirement Institute and having held other senior roles including president of Fidelity's European and Institutional business and Global Chief Investment Officer. Simon has recently retired as chairman of F&C Investment Trust PLC and brings a wealth of investment trust experience and deep knowledge of global markets. Simon has sat on a number of other listed company boards in the past including Barclays plc and Ashmore plc. He is currently Chairman of McInroy and Wood Ltd., the Investor Forum and the independent research boutique TS Lombard. He is also on the board of Fidelity Funds SICAV, Treasurer of the Kings Fund and a trustee of the Abbotsford Trust.

Financial calendar

Year End 31 December
Accounts published March
Annual General Meeting April
Dividend Paid February, May, August, November

Trust details

Murray International Trust PLC

Registered Office:
1 George Street
Edinburgh
EH2 2LL

Registered in Scotland as an Investment Company Number SC006705

Launch Date: December 1907
Risk warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision.
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