Outperformance during uncertain times

Murray International Trust (MYI) delivered very strong FY25 results against a difficult and changing investment backdrop. In H125, the trust navigated market volatility in the wake of US President Trump’s tariff policy, while it kept pace with its benchmark in H225 as regional indices hit new highs. Portfolio turnover has been higher than average as co-managers Martin Connaghan and Samantha Fitzpatrick at Aberdeen Group have taken advantage of market moves to lock in profits from holdings that have made outsized gains, recycling the proceeds into high-conviction positions that have performed less well. MYI’s board employs an active discount management programme. In recent years there have been regular share buybacks. However, starting th...