Objective of Murray International Trust
The objective of Murray International Trust PLC is to achieve a total return greater than its benchmark by investing predominately in equities worldwide. Within this objective the manager will seek to increase the company's revenues in order to maintain an above average dividend yield.
History of Murray International Trust Murray International Trust PLC started its life in 1907 as The Scottish Western Investment Company Limited. The Scottish Western of the early days was very highly geared but it was mainly invested in bonds, though the international spread was just as great with countries such as Argentina, China, Japan, Canada and many others appearing in the portfolio. Although the range of currencies was much smaller, multi currency or even gold-backed bonds were all the rage, as many of the era’s bond certificates show. The big move into equities came after the 1930s slump, when bond defaults forced the purchase of higher yielding equities to fund the costs of the trust’s gearing. The Managers were not slow to spot an opportunity, but it started as Hobson’s choice, and was only later trumpeted as brilliant foresight. In 1929 just under 20% of the assets were in equities, in 1940 38%, in 1948 51% of the assets, which were still only £2.65 million. After deducting the preference shares and debentures, the Company was effectively over 100% geared into equities by the start of the great post war boom. After a number of amalgamations, the Company emerged as a generalist investment trust. However, there was an excess of trusts with a similar broad remit, so towards the end of the 1970s the Board defined the investment brief more narrowly as growth in income and capital through a well diversified portfolio. Symbolised by the name change from Murray Western to Murray International Trust in 1984, the focus has since been on a relatively high yielding portfolio of equities in a well diversified mix of overseas markets supported by a substantial UK component. Today, it is managed primarily by Bruce Stout as lead manager, drawing on the Aberdeen approved universe of equities and fixed income securities from around the world.
About Aberdeen Asset Management Aberdeen Asset Management PLC is an international investment management group, managing assets for both retail and institutional clients from offices around the world. Listed on the London Stock Exchange since 1991, the group had over £184.4 billion under management as at 29 February 2012. Our headquarters are in Aberdeen, but we place our people near the companies and markets in which they invest. Today we have staff based in 23 countries.