MURRAY INTERNATIONAL TRUST PLC (the “Company”)
Legal Entity Identifier (LEI): 549300BP77JO5Y8LM553
HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025
Murray International Trust PLC is a globally-diversified investment trust aiming to deliver an attractive and growing income, alongside long-term capital growth.
- During the period the Company delivered a NAV total return of +6.0% and a share price total return of +11.6%, this compares a +1.0% increase in the Reference Index.
- The Company declared two dividend distributions for the period of 2.6 pence per share each and remains committed to a progressive dividend policy.
- The discount ended the period at -2.7% compared to -7.5% at 31 December 2024.
- The diversification evident in the portfolio emerged in the key drivers of robust performance with an international consumer staple company (Philip Morris International), a Central American airport operator (Grupo ASUR), a leading Asian stock exchange (Hong Kong Exchanges and Clearing), an Asian communication services business (Singapore Telecommunications), and a European-based utility (Enel) making up the top five performing stocks for the period.
- The most significant detractors during the period were Merck & Co., Bristol Myers Squibb, Diageo, Pernod Ricard and GlobalWafers.
- During the period, new positions were initiated in Anglo-Australian mining giant Rio Tinto, Indian IT service company Infosys and Italian financial services provider Intesa Sanpaolo.
- Murray International achieved AIC ‘Dividend Hero’ status, having delivered an increased dividend for the 20th consecutive year in 2024.
Virginia Holmes, the Company’s Chair, commented:
“We are pleased to report six months of robust returns for our shareholders in a particularly turbulent period for global investors, with a NAV total return of +6.0% significantly outperforming the Company’s reference index and stronger share price performance of +11.6% as the discount to net assets at which the Company’s shares traded narrowed significantly.
During this period, from Wall Street to Asia’s tech-driven markets, investors eventually looked through turbulence experienced earlier in the year and risk appetite recovered sharply by mid-year leading many markets to reach new all-time highs. However, the path ahead is likely to remain uneven and challenging.
In this environment, investors will benefit from a patient, globally diversified, and risk-aware approach, which is central to our Manager’s strategy in pursuing Murray International’s aim of achieving an above average dividend yield, with long-term growth in dividends and capital ahead of inflation.”
The Directors of Murray International Trust PLC report the unaudited results of the Company for the six months ended 30 June 2025.
Performance Highlights
| Net asset value total returnA | Share price total returnA | ||
| Six months ended 30 June 2025 | +6.0% | Six months ended 30 June 2025 | +11.6% |
| Year ended 31 December 2024 | +8.1% | Year ended 31 December 2024 | +4.5% |
| Reference index total returnB | Discount to net asset valueA | ||
| Six months ended 30 June 2025 | +1.0% | As at 30 June 2025 | -2.7% |
| Year ended 31 December 2024 | +19.8% | As at 31 December 2024 | -7.5% |
| Ongoing charges ratioA | Net gearingA | ||
| As at 30 June 2025 | 0.51% | As at 30 June 2025 | 5.8% |
| As at 31 December 2024 | 0.52% | As at 31 December 2024 | 6.1% |
A Alternative Performance Measure
B FTSE All World TR Index.
Financial Calendar and Highlights
| Payment dates of quarterly dividends | 15 August 2025 18 November 2025 17 February 2026 18 May 2026 |
| Financial year end | 31 December |
| Expected announcement of results for year ending 31 December 2025 | March 2026 |
| Annual General Meeting | 23 April 2026 |
Financial Highlights
| 30 June 2025 | 31 December 2024 | % change | |
| Total assets less current liabilities (before deducting loan notes) | £1,816.0m | £1,788.8m | +1.5 |
| Net assets | £1,706.1m | £1,678.8m | +1.6 |
| Share price per Ordinary share (mid market)A | 280.0p | 257.5p | +8.7A |
| Net Asset Value per Ordinary share | 287.9p | 278.4p | +3.4A |
| Discount to Net Asset Value per Ordinary shareB | -2.7% | -7.5% | |
| Net gearingB | 5.8% | 6.1% | |
| Ongoing charges ratioB | 0.51% | 0.52% |
B Considered to be an Alternative Performance Measure.
Interim Board Report – Chair’s Statement
Background
The year began with positive momentum in financial markets driven by President Trump’s return, along with expectations for tax cuts and deregulation. However, this optimism quickly diminished after the “Liberation Day” sell off in April. This downturn was fuelled by President Trump’s threats of tariffs, fiscal concerns, tensions with the Federal Reserve, and unpredictable policy decisions. Geopolitical risks escalated with a direct conflict between Israel and Iran; however, a swift ceasefire helped restore some market stability. Sentiment improved following a surprising trade truce between the U.S. and China, along with a framework deal with the UK, and more trade agreements elsewhere. From Wall Street to Asia’s tech-driven markets, investors eventually looked through the turbulence experienced earlier in the year and risk appetite recovered sharply by mid-year leading many markets to reach new all-time highs.
Performance and Dividends
The net asset value (NAV) total return, with dividends reinvested, for the six months to 30 June 2025 was 6.0% compared with 1.0% for the Company’s Reference Index (the FTSE All World TR Index in GBP). Over the six-month period, the share price total return was 11.6%, as the discount to the NAV narrowed significantly to -2.7% from -7.5% at 31 December 2024. The Manager’s Review contains more information about both the drivers of performance in the period and activity within the portfolio.
The first interim dividend of 2.6 pence per share (2024: 2.5p) in respect of the six months to 30 June 2025 is payable on 15 August 2025. The Board has declared a second interim dividend of 2.6 pence per share (2024: 2.5p) for the current year which will be paid on 18 November 2025 to shareholders on the register on 3 October 2025.
The Board remains committed to the Company’s progressive dividend policy given the Company’s investment objective to provide growing levels of income. This means that, in some years, revenue will be added to reserves while, in others, revenue may be taken from reserves to supplement earned revenue for that year to pay the annual dividend. Shareholders should not be surprised or concerned by either outcome as, over time, the Company will aim to pay out what the underlying portfolio earns. As a long-established investment trust, the Company has the benefit of over £78.5 million of distributable revenue reserves on its balance sheet at 30 June 2025, which equates to 1.12 times the dividend in respect of 2024.
MSCI ACWI High Dividend Yield Index
During the year, the Board reviewed the appropriateness of using the FTSE All-World Index as the Company’s “Reference Index”. As a result of this review, the Board concluded that it would be more helpful for shareholders if the index against which the portfolio’s performance is measured was more reflective of the Company’s investment style. The Board has therefore determined that with effect from 1 July 2025, the previous reference index should be changed and the MSCI ACWI High Dividend Yield Index adopted in its place as the Company’s benchmark index from that date.
Management of Premium/Discount
Your Board continues to believe that, in normal market conditions, it is appropriate to seek to address temporary imbalances in the supply and demand for the Company’s shares which might otherwise result in a recurring material discount or premium. The Board believes that this process is in all shareholders’ interests as it seeks to reduce volatility in the discount or premium to underlying NAV whilst also making a small positive contribution to the NAV. While we saw discounts generally narrow across the industry over the period, investment trust discounts remained wider than the long-term average. The Company bought back 10.5 million Ordinary Shares of 5p for Treasury during the period representing 1.8% of the issued share capital, at a total cost of £27.9 million and at a weighted average discount of -8.6%.
At 13 August 2025, the latest practicable date prior to publication of this Half Yearly Report, the NAV (including income) per share was 303.1p and the share price was 291.5p equating to a discount of 3.8% per Ordinary share.
Gearing
The Company’s borrowings consist of £110 million of unsecured loan notes which are fully drawn with £50m repayable in 2031 and the balance in 2037. The weighted cost of these fixed-rate loan notes is 2.56%. The borrowings represented a net gearing level of 5.8% based on the Company’s NAV at 30 June 2025 (31 December 2024: 6.1%). The Board continues to monitor options for further gearing but has concluded that interest rates at the present time remain too high. The Board will continue to keep this under review.
Ongoing Charges Ratio (“OCR”)
During the review period, the OCR remained broadly flat, ending the six months at 0.51% (31 December 2024: 0.52%). The Board remains focused on controlling costs and delivering value to shareholders. A full breakdown of the OCR calculation is provided below.
Board Composition
As part of the Board’s long-term succession planning, Alexandra Mackesy retired from the Board at the conclusion of the AGM in April 2025 and, as previously announced, the Directors welcomed Jeroen Huysinga to the Board as an independent non-executive Director on 1 May 2025. Jeroen is a highly experienced investment professional with a strong background of over 20 years in global equities and the management of investment trusts having been managing director global equities at JP Morgan Asset Management until his retirement in 2020.
Outlook
Global equity markets are navigating a complex macroeconomic environment. Although there was resilient performance in the first half of the year, there have also been periods of volatility and weakness, and the path ahead is likely to remain uneven. Despite these challenges, compelling opportunities exist. Earnings growth is gradually expanding beyond just the mega-cap technology companies. Central banks, particularly the European Central Bank, have implemented modest rate cuts, and there are expectations that the Federal Reserve will follow suit. This should support valuations and sustain investor sentiment. In emerging markets, lower interest rates and a weaker U.S. dollar may attract capital inflows, especially in Asia and Latin America. However, risks remain. Geopolitical tensions could lead to potential shocks, and concerns about the fiscal position of the United States persist. Trade tensions may also influence market dynamics and have a spillover effect on inflation, which could restrict central banks’ ability to ease monetary policy as currently anticipated. In this environment, investors will benefit from a patient, globally diversified, and risk-aware approach, which is central to how our Manager aims to meet the investment objectives.
Shareholder Engagement
The Board was pleased to note that almost 280 investors joined the pre-AGM webinar we hosted in April and many more have subsequently viewed the recording on the Company’s website. The Board sees this as a very helpful means of connecting with current and potential shareholders and addressing their questions. We expect that this process will be repeated ahead of the Annual General Meeting next April.