LONDON (Alliance News) - Murray International Trust PLC on Monday said the single biggest constraint on overall portfolio returns in the first half was the strength of the pound sterling.
In a statement, the FTSE 250 constituent said its net asset value total return with net income reinvested declined by 2.6% in the six months to the end of June.
The trust's benchmark, which combines 40% the FTSE World UK and 60% FTSE World excluding UK, produced a 2.0% total return in the same period.
"By far the largest contributing factor to constraining overall portfolio returns was sterling's strength; with close to 90% of net assets invested internationally, the pound's constant appreciation proved negative for returns," Chairman Kevin Carter said in a statement.
"The company continues to be invested in a broadly diversified global portfolio, and in individual companies believed to have sound business models, strong market positions and competent management focused on shareholder interests. In your board's opinion, these features offer the best opportunity of meeting the company's investment objective over time," Carter said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Murray International (MYI)