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

Following the postponement of the scheduled AGM on 24 April 2020, the Board has now determined to hold the Company's 2020 Annual General Meeting at 9:00 a.m. on Monday, 27 April 2020 at the offices of Dickson Minto W.S., 17 Charlotte Square, Edinburgh EH2 4DF. A new Notice of the AGM has been posted to shareholders and a copy can be found below. In the light of the compulsory measures that have been implemented by the UK Government to manage the COVID-19 pandemic, Shareholders are strongly discouraged from attending the meeting and indeed entry may be refused if Government guidance so requires. Arrangements will be made by the Company to ensure that the minimum number of Shareholders required to form a quorum will attend the meeting in order that the meeting may proceed and the business concluded, accordingly we would encourage Shareholders to vote by proxy. As a reminder, Shareholders should not attend the Mermaid Conference Centre in central London on 24 April 2020, as this meeting will not now take place.

Latest News

An update from our investment manager, Bruce Stout

Whilst broad global diversification has been relatively ineffectual in limiting the downside in what only can be described as the panic phase of the global financial market correction, this follows previous historical patterns. The ensuing scramble for immediate liquidity prompts individual companies to trade at levels significantly out-with the bounds of fundamental valuations.

Murray International's portfolio on a net asset value basis has weathered this initial storm relatively well under the circumstances. The emerging market bond portfolio (18%) and large exposure to "defensive" sectors such as Telecoms (16%) have held up well, and Sterling weakness against most portfolio currencies has helped protect capital and provided a welcome tailwind to current overseas revenue translation rates.

Severe equity market weakness over the past few days has provided the opportunity to divest all short-dated Brazilian Sovereign bonds and selective short-dated Indonesian bonds (all of which have provided extremely defensive contributions of late) and reinvest the proceeds in equities.

This has been done at levels that provide overall portfolio yield pick-up as money moves from bonds to equities, and further possibilities of such switching are currently being considered.

The overall portfolio still remains less than 100% geared into equities, although less so than it was at the beginning of the year. The key to further equity investment remains sustainability of corporate dividends, therefore great care and attention must be paid to balance sheets, pay-out ratios and managements' previous history of dealing with opaque operating environments. We remain vigilant and proactive to evolving opportunities.



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 Fitpatrick

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.

Peter Dunscombe

Peter Dunscombe

Senior Independent Non-Executive Director

Education and Experience

He was previously head of pensions investment at the BBC Pension Trust and prior to that he was joint managing director at Imperial Investments Limited. He is a member of the investment committee of St James's Place plc and a director of HgCapital Trust Plc.

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

Independent Non-Executive 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 Macksesy

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.

  • 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.

  • Peter Dunscombe

    Senior Independent Non-Executive Director

    Education and Experience

    He was previously head of pensions investment at the BBC Pension Trust and prior to that he was joint managing director at Imperial Investments Limited. He is a member of the investment committee of St James's Place plc and a director of HgCapital Trust Plc.

  • 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

    Independent Non-Executive 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.

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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