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Fund Profile


Disclosure – Independent Investment Research

This is independent research issued by Kepler Partners LLP. The analyst who has prepared this research is not aware of Kepler Partners LLP having a relationship with the company covered in this research report and/or a conflict of interest which is likely to impair the objectivity of the research and this report should accordingly be viewed as independent.

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Murray International (MYI) offers investors a Portfolio of global equities and bonds, with the objective of achieving long-term growth in dividends and capital while generating a compelling yield. The three-strong team of Bruce Stout, Martin Connaghan and Samantha Fitzpatrick invest in an entirely bottom-up manner, though they have long held a large overweight to emerging market equities and bonds. This is a reflection both of the team’s desire to identify companies with sufficiently attractive dividend profiles, and of the naturally higher growth rates of emerging market economies when compared to their developed peers. The team remain confident in the potential of Asian equity markets in the near term, especially due to the potential re-rating from the slightly delayed implementation of the COVID-19 vaccine.

The team have long made use of bonds as a source of both return and yield for the trust. The team’s allocation to bonds reflects their perceived relative attractiveness compared to equities, with MYI having an 11% allocation to fixed income, compared to the 102% allocation to equities (including the effects of gearing).

MYI has underperformed both global equities and its peer group over both a one-year and a five-year time horizon. MYI’s near-term underperformance reflects both the dominance of low-yielding growth stocks and the underperformance of Asian equities, to which MYI is overweight, as we describe in the Performance section.

MYI currently yields 4.8%, one of the highest yields in the peer group. The team highlight their belief in their companies’ ability to sustain their Dividend growth rate, allowing the trust to have largely covered its dividend for the last decade. MYI currently trades on a 7.5% Discount, wider than its long-term and peer group average, although it has in the past traded much closer to its NAV.

Analyst's View

MYI offers investors the advantage of a naturally high-yielding strategy which has been sustained by strong underlying revenue generation. MYI continues to retain the same defining characteristics it has had in previous years: a high yield, coupled with a unique approach to global income investing. The team’s emerging market allocation, coupled with holdings in fixed income securities, offers investors a clear source of both stock and sector diversification, given the uniqueness of MYI’s position relative to that of its peers. MYI may be of particular attraction to more cautious investors who are looking to enhance the yield of their portfolio without having to utilise higher-risk strategies such as dedicated emerging market trusts.

We believe that MYI’s positioning means that it may be able to benefit from different tailwinds than its peers. As Asia continues to catch up to the West on vaccine roll-outs, if investors return to the region then MYI’s relative underperformance may begin to narrow given its large overweight to the region. Likewise, the managers’ willingness to hold fixed income securities also means that MYI can capitalise on different tailwinds to its peers. As global inflation and interest rates begin to rise, that may end up being a painful headwind to MYI’s bond holdings, given their negative relationship. Yet that may also open up new opportunities for the team to enhance MYI’s yield thanks to the higher yields on fixed income instruments. We also note that MYI’s current discount, which is wide by historical standards, may offer an attractive entry point as a result.


Attractive dividend profile with above-average yield when compared to peer group

Historically wide discount offers attractive entry point

Offers source of diversification thanks to fixed income and emerging market holdings


Track record of underperformance relative to peers due to persistent emerging market bias

Gearing can enhance losses on the downside

May not fully capitalise on global equity recoveries due to lower exposure to developed market equities

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

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