Complete your registration today for a chance to win £50 John Lewis vouchers in our weekly draw Enter now
Fund Profile


This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. This material should be considered as general market commentary.

A new version of this profile is available. View Latest

Murray International Trust (MYI) is managed by Bruce Stout, who aims to generate a high yield with income and capital growth from a diversified portfolio of global equities supplemented with bonds. MYI offers investors a 4.8% yield, in excess of the AIC Global Equity Income sector average. Despite the impact of the pandemic on companies’ ability to pay dividends, the trust has so far paid three interims which were higher than last year’s, and has extensive revenue reserves to draw on.

Bruce implements a ‘growth at a reasonable price’ strategy with a highly active, benchmark-agnostic approach. His economic views have led to a long-term overweight to emerging markets, which makes the trust stand out in the AIC Global Equity Income sector and offers diversification to the typical more developed world global trust.

As we outline in the Performance section, MYI has performed marginally ahead of its AIC Global Equity Income peer group over five years. However, it has underperformed its reference index, the FTSE World, over the last five years due to this distinctive positioning, particularly the underweight to the US and the overweight to Latin America (although we note the reference index is dominated by the low-yielding USA, which has outperformed over this period).

Perhaps due to its high yield and its diversification benefits, MYI has generally traded at a narrow discount over recent years, with a current discount of 3%. The board operates an active policy of discount control to ensure that MYI trades close to NAV.

Analyst's View

MYI offers an attractively high yield with healthy revenue reserves, which we believe is why it has managed to maintain a narrow discount over the years. Lead manager Bruce Stout’s preference for emerging markets has nonetheless not been helpful from a total return perspective versus a global market benchmark. However, it has meant that the portfolio has been more resilient to the impact of the coronavirus crisis on its revenue account than was the case for other equity income trusts, in particular UK equity income trusts. The board commented in June that it intended to maintain or grow the payout in the 2020 financial year, and although some time then passed the board did declare an interim in November which was level with the two previous payouts and above the equivalent in 2019, which we view as a good sign that the target of growing the full-year payout will be met.

MYI contains diversifying exposures to typical global equity income trusts, with significant overweights to Latin America and Asia ex China. This means it could offer diversification benefits to many investors and potentially catch-up potential if market leadership changes, as the areas the trust favours have long been out of favour and seen as ‘value’ plays.

Offers clear diversification benefits compared to its peers
Highly active country positioning could lead to underperformance of global markets
MYI’s value-orientated portfolio may perform well in a COVID-19 recovery
Use of gearing can amplify losses
Offers a competitive above-average dividend yield
The impact of COVID-19 on Latin America, an MYI overweight, continues to drag on the region
Continue to Portfolio

Fund History

22 Dec 2023 Fund Analysis
MYI’s diversified approach may offer stability in an uncertain environment...
18 Aug 2023 We’re all going on a summer holiday
Sustained tourism demand has fund managers looking to the sector…
11 Jan 2023 Fund Analysis
MYI’s benchmark agnostic approach may continue to benefit as the same structural economic challenges persist into the new year despite its current premium rating…
02 Nov 2022 The stability dividend
Our analysis shows that trusts paying a regular income suffer less discount volatility...
26 Jan 2022 Fund Analysis
MYI offers investors one of the highest yields in its sector, coupled with a unique approach to income investing and a historically wide discount…
28 Jan 2021 Fund Analysis
MYI offers a high income from a highly differentiated approach…
20 Jan 2021 Kepler's top-rated investment trusts for 2021
We update our annual quantitative ratings for investment trusts…
22 Jul 2020 Fund Analysis
MYI offers capital growth and an attractive level of income through an equity and fixed income portfolio of global companies…
05 Jun 2020 Deep impact
Audio and presentations from our conference this week, where fifteen of the world's best fund managers described a profoundly altered investment landscape...
13 May 2020 Braving the new world
Join 15 of the UK's best known fund managers at the Kepler Trust Intelligence Virtual Summit to find out how they see the world after the pandemic...
08 Oct 2019 Fund Analysis
With a global portfolio skewed towards emerging markets, Murray International looks to invest in high quality companies with strong growth prospects at a reasonable price...
25 Jul 2018 Fund Analysis
Bruce Stout remains resolutely bearish and the portfolio continues to underperform against a momentum driven backdrop...
08 Nov 2017 Fund Analysis
A global equity income trust which has grown its dividend for more than years, with significant exposure to emerging markets and other-non sterling assets...
12 Oct 2017 Roaring back…
We analyse the drivers behind the significant outperformance of global active managers in 2017, following what was a very poor year for them in 2016...
22 Feb 2017 Into the wilderness...
In this detailed study of the global equity sectors, we analyse how managers are positioned in a world of high valuations and seismic political changes...
22 Mar 2016 Discounts in focus: AIC Global Equity Income
In our third edition of our discount in focus series, we analyse the AIC Global Equity Income sector and look at Murray International which currently trades at a much wider discount to its historic norm
View all

Welcome to Kepler Trust Intelligence

Please enter a valid email address
Please enter a valid password
Please enter a valid email address
Please check your email. If an account exists you'll be sent instructions on how to reset your password.
To ensure that we are able to provide content which is appropriate for you, please tell us a little about yourself.
Please choose an option
Please enter a company name
Please enter a location name
Please choose an option
Please enter a platform
Please choose an option
Please enter a trust
The information contained herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). The investment funds referred to herein have not been registered in the United States under the Investment Company Act of 1940 and units or shares of such funds are not registered in the United States under the Securities Act of 1933.
Please confirm
Please select an option
See benefits
A free Kepler Trust Intelligence account allows you to access premium content including the ‘Kepler View’ – our verdict on the trusts we cover – and historical research so you can see how our view has changed over time. An account also unlocks useful facilities like the ‘follow’ button which lets you keep track of the trusts you’re interested in and as a logged in user you can also download PDFs of our research, and choose the layout of the page you’re reading to suit your preference. We will not share your details unless you give us permission to do so, and we won’t bombard you with emails – we only send one a week.
Please select an option
Please enter your first name
Please enter your last name
Please enter a valid email address
An account already exists with this email - have you forgotten your password?
Please enter a valid password
Please enter a valid password
How will this information be used? Your answers help us to tailor our content to relevant investment trusts, and to ensure that the asset allocation and portfolio strategy research we produce is appropriate to our userbase.
Our Website uses Cookies Cookies are small text files held on your computer. They allow us to give you the best browsing experience possible and mean we can understand how you use our site. Some cookies have already been set. You can delete and block cookies, but parts of our site won’t work without them. By using our website you accept our use of cookies. For further information please refer to the Kepler Privacy Notice.
Need help?

One more thing...

Did you know, you can 'follow' individual trusts on Kepler Trust Intelligence? Use the functions below to set up alerts and we'll send you research and updates on your chosen trusts.

Suggested trusts to follow

Browse all funds
Need help?
Current Site Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.