Murray International Regulatory News (MYI)

London, UK, 8 October 2019

Edison issues review on Murray International Trust (MYI)

Murray International Trust (MYI) is a well-established investment trust, launched in 1907. Manager Bruce Stout runs a diversified portfolio of global equities and fixed income securities, aiming to achieve long-term capital growth while protecting capital during periods of market weakness, and generate an above-average level of income (the current dividend yield is 4.4%). The majority of the portfolio is invested in emerging markets: regions where the manager finds the most attractive opportunities, and which continue to employ orthodox economic policies, unlike many developed markets.

As shown in Exhibit 8, over the last three years, MYI has regularly traded at a premium; its current 0.6% discount to cum-income NAV compares with an average discount of 0.1% and average premiums of 0.8%, 0.8% and 3.1% over the last one, three, five and 10 years, respectively. The board has a progressive dividend policy, adding income to reserves when available and drawing down in other years when required. MYI currently offers a 4.4% dividend yield, which is the highest in the AIC Global Equity Income sector.

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