London, UK, 26 March 2019
Edison issues review on Murray International Trust (MYI)
Murray International Trust (MYI) is managed by Bruce Stout at Aberdeen Standard Investments. He stresses the importance of sticking to his disciplined investment process, regardless of stock market gyrations, to achieve the trust's objectives of long-term growth (and protection) of capital while delivering an above-average level of income. Stout is very positive on the prospects for emerging markets, suggesting that now the US has backed away from raising interest rates there is potential for policy easing in these regions, which would be very supportive for economic growth. MYI has a progressive dividend policy; over the last five years, the annual distribution has compounded at an average rate of 3.7% pa and the trust currently offers a 4.4% yield.
MYI's 3.0% premium to cum-income NAV compares with the average premiums of 0.9%, 0.6% 1.6% and 3.3% over the last one, three, five and 10 years respectively. The trust's board employs a progressive dividend policy; the proposed 51.5p per share FY18 total distribution is a 3.0% increase year-on-year, and based on its current share price, MYI is offering a dividend yield of 4.4%. Gearing of up to 30% of NAV is permitted, in normal market conditions; at end-February 2019, net gearing was 11.9%.
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