Title: 242347400.pdf URL Source: https://documentscdn.financialexpress.net/Literature/2580EE409E9B1AC9B2FE75DB100CC822/242347400.pdf Number of Pages: 5 Markdown Content: invtrusts.co.uk ## Investment objective The aim of the Company is to achieve an above average dividend yield, with long term growth in dividends and capital ahead of inflation, by investing principally in global equities. ## Benchmark MSCI ACWI High Dividend Yield in GBP. ## Cumulative performance (%) as at 30/04/26 1 month 3 months 6 months 1 year 3 years 5 years Share Price 342.5p 2.8 2.5 13.5 34.3 46.2 77.2 NAV A 343.0p 0.6 2.6 8.7 27.5 47.7 80.4 Benchmark/Reference Index B 0.6 3.6 8.8 29.0 60.9 72.7 ## Discrete performance (%) 30/04/26 30/04/25 30/04/24 30/04/23 30/04/22 Share Price 34.3 11.4 (2.3) 11.6 8.6 NAV A 27.5 7.1 8.2 6.7 14.5 Benchmark/Reference Index B 29.0 5.4 18.3 2.5 4.8 Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen and Morningstar. Past performance is not a guide to future results. # Murray International Trust PLC ## A globally diversified portfolio designed to ## deliver attractive, growing income and long-term ## capital growth Performance Data and Analytics to 30 April 2026 > A Including current year revenue. > B Since 30 June 2025 the benchmark index of the Company has been the MSCI ACWI High Dividend Yield in GBP. Prior to that date, the reference index was the FTSE All-World Index in GBP. > C © 2026 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/ MethodologyDocuments/AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its Reference Index and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. Morningstar Rating TM > C Morningstar Rating TM for Funds Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to similar funds. Twenty largest equity holdings (%) Philip Morris 3.2 Cisco Systems 3.0 CME 3.0 Johnson & Johnson 2.9 TotalEnergies 2.9 AbbVie 2.9 DBS Group 2.8 Merck 2.8 Coca Cola 2.6 Enbridge 2.5 Bristol-Myers Squibb 2.4 Zurich Insurance 2.4 Grupo ASUR 2.4 Enel 2.3 British American Tobacco 2.2 Intesa Sanpaolo 2.2 Taiwan Semiconductor 2.2 Verizon 2.1 Hong Kong Exchange & Clearing 2.0 Medtronic 2.0 Total 50.8 Total number of investments Total Equity Holdings in Portfolio 51 Total Fixed Income Holdings in Portfolio 4 Total 55 All sources (unless indicated): Aberdeen: 30 April 2026. Global Global Equity Income Murray International Trust PLC 02 Portfolio analysis (%) Equities North America 33.6 Europe ex UK 24.8 Asia Pacific ex Japan 20.3 United Kingdom 9.3 Latin America 7.9 Fixed Income Africa & Middle East 0.8 Asia Pacific ex Japan 0.5 United Kingdom 0.2 Cash 2.6 Total 100.0 Figures may not add up to 100 due to rounding. Key information Calendar Year end 31 December Accounts published March Annual General Meeting April Dividend paid February, May, August, November Established 1907 Fund manager Martin Connaghan Samantha Fitzpatrick Ongoing charges D 0.50% Annual management fee 0.5% per annum on the first £500m of net assets and 0.4% thereafter Premium/(Discount) (0.1)% Yield E 3.6% Net cash/(gearing) F (2.7)% Active share G 78.6% Assets/Debt £’m % Equities 2,049.4 101.8 Fixed Income 32.1 1.6 2,081.5 103.4 Cash & cash equivalents 55.0 2.7 Other Assets/(Liabilities) (13.9) (0.7) Gross Assets 2,122.6 105.5 Debt (109.9) (5.5) Net Assets 2,012.7 100.0 # Murray International Trust PLC Murray International Trust PLC ## 1 Year Premium/Discount Chart (%) -12 -8 -4 04Apr-26 Feb-26 Dec-25 Oct-25 Aug-25 Jun-25 Apr-25 ## Fund managers’ report Background Global equity markets rose sharply in April, recouping March’s conflict-driven losses as the US–Iran ceasefire improved investor risk appetite. However, sentiment turned more cautious later in the month as oil prices rose again, keeping inflation concerns elevated and limiting expectations for near-term central-bank easing. Most regional indices ended higher. In the US, the S&P 500 gained, while the Nasdaq outperformed, supported by large-cap technology stocks amid renewed enthusiasm for AI-related growth. Broader gains reflected improved sentiment and resilient corporate earnings. Emerging markets advanced strongly, led by Asia where South Korea and Taiwan benefited from AI tailwinds. Indian equities also rose as the more constructive backdrop outweighed concerns about higher oil prices. In contrast, Latin America lagged, as commodity support was offset by limited exposure to technology-driven gains. Developed Asia-Pacific markets, including Japan, rose, while European equities advanced as ceasefire relief offset lingering energy concerns. UK equities also moved higher. Commodity markets ended higher overall. Oil was volatile, finishing above $100 amid supply disruptions and Middle East tensions. Natural gas prices fell, while copper rose on improved sentiment and supply concerns. Gold was little changed, as geopolitical support was offset by reduced expectations for near- term rate cuts. > D Expressed as a percentage of total costs divided by average daily net assets for the year ended 31 December 2025. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. > E Calculated using the Company’s historic net dividends and month end share price. > F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. > G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the Benchmark Index index holdings. Fund managers’ report continues overleaf 03 Murray International Trust PLC > Murray International Trust PLC Performance The trust delivered positive absolute returns in April. While performance lagged the strong rally in broad global equity markets, it fared better against the more relevant MSCI ACWI High Dividend Yield benchmark, performing in line on a net asset value basis, and outperforming in share price terms. Regionally, Asia ex Japan and Europe were the strongest contributors from both an absolute and relative perspective, while Latin America was the largest detractor. From a sector standpoint, technology holdings performed strongly, whereas healthcare lagged. Although energy holdings detracted in absolute terms, they held up relatively well, with the trust’s underweight position versus the benchmark also proving beneficial. At the stock level, Samsung Electronics, TSMC, BE Semiconductor, Broadcom and Intesa Sanpaolo were amongst the top contributors, while Merck, Medtronic, Grupo ASUR, Telkom Indonesia and Taylor Wimpey detracted from performance. Activity This month, we exited the position in German automaker Mercedes-Benz Group after capturing the annual dividend payment. While the stock has been a strong contributor to income, the capital side has fallen short of expectations. Increasing competitive pressures—particularly in China—are proving difficult to overcome and the company’s margin targets seem overly ambitious in our view, which could lead to further disappointment. We also trimmed positions in Samsung Electronics, TSMC and Broadcom following strong share price performance, which has resulted in compressed dividend yields. Proceeds were redeployed into several holdings that have underperformed recently, including Medtronic, Sanofi and Taylor Wimpey. In addition, we continued to build positions in Veolia Environnement and Grupo Banorte, both of which were initiated late last year. Outlook Geopolitical tensions remain highly elevated, with the potential for disruption— particularly in energy markets—continuing to pose risks to global growth and inflation dynamics. Regardless of the timing or nature of any resolution, we believe geopolitical risk is likely to remain structurally higher than in the past. At times, this appears to be largely underappreciated by equity markets, some of which have returned to all-time highs. Against this uncertain backdrop, we remain firmly focused on delivering the trust’s clear investment mandate. Rather than attempting to position for inherently unpredictable macro outcomes, we continue to emphasise company fundamentals, portfolio diversification, and the resilience of income streams on behalf of our shareholders. AIFMD Leverage Limits > Gross Notional 2.4x > Commitment 2x Capital structure > Ordinary shares 593,533,877 > Treasury shares 53,526,138 Allocation of management fees and finance costs > Capital 70% > Revenue 30% Trading details > Reuters/Epic/ > Bloomberg code > MYI > ISIN code GB00BQZCCB79 > Sedol code BQZCCB7 > Stockbrokers J.P. Morgan > Cazenove > Market makers SETSmm # i Factsheet Receive the factsheet by email as soon as it is available by registering at www.aberdeeninvestments.com/ trustupdates www.aberdeeninvestments.com/myi Contact Private investors trusts@aberdeenp lc.com Institutional Investors InvestmentTrustInvestorRelations-UK@ aberdeenp lc.com Ben Heatley Head of Closed End Fund Sales Ben.Heatley@aberdeenp lc.com ## Fund managers’ report - continued The risks outlined overleaf relating to gearing, exchange rate movements and emerging markets are particularly relevant to this trust but should be read in conjunction with all warnings and comments given. Important information overleaf 04 Murray International Trust PLC Statement of Operating Expenses Publication date: 16 March 2026 Recurring Operating Expenses (£000s) Year ended 31 Dec 25 % of NAV Year Ended 31 Dec 24 % of NAV % Change (YOY) Management Fee (inc AIFM) 7,342 0.41% 7,122 0.42% 3.1% Custody fees and bank charges 427 0.02% 523 0.03% -18.4% Promotional activities 325 0.02% 400 0.02% -18.8% Directors remuneration 231 0.01% 220 0.01% 5.0% Depositary fees 161 0.01% 156 0.01% 3.2% Auditors' remuneration 53 0.00% 49 0.00% 8.2% Stock exchange fees 157 0.01% 143 0.01% 9.8% Printing and postage 36 0.00% 4 0.00% 800.0% Other administrative expenses 228 0.01% 197 0.01% 15.7% Ongoing Operating Expenses (ex indirect fund management expenses) 8,960 0.50% 8,814 0.52% 1.7% Expenses relating to investments in other collective investments 0.00% 0.00% Ongoing Operating Expenses (inc indirect fund management expenses) 8,960 0.50% 8,814 0.52% 1.7% Average Net Asset Value 1,782,658 1,694,445 5.2% Operating Expense Ratio (ex indirect fund management expenses) 0.50% 0.52% Operating Expense Ratio (inc indirect fund management expenses) 0.50% 0.52% Transaction costs and other one-off expenses (£000s) Year ended 31 Dec 25 % of NAV Year Ended 31 Dec 24 % of NAV % Change (YOY) Transaction costs 1,131 0.06% 754 0.04% 50.0% Performance fees 0.00% 0.00% Other non-recurring expenses 74 0.00% 106 0.01% -30.2% Total 1,205 0.07% 860 0.05% 40.1% Current Service Providers Investment Manager abrdn Investments Limited AIFM abrdn Fund Managers Limited Company Secretary abrdn Holdings Limited Administrator abrdn Holdings Limited Auditor BDO LLP Depositary & Custodian The Bank of New York Mellon (International) Limited Registrar Link Group Corporate Broker JP Morgan Cazenove Summary of Current Key Commercial Arrangements The Company has entered into an Investment Management Agreement with abrdn Fund Managers Limited ("aFML"), a subsidiary of Aberdeen Group PLC, to act as the Company's Investment Fund Manager ("AIFM") and to provide investment management, secretarial, accounting and administration, and promotional activity services. Under the terms of the agreement, the Manager has delegated investment management to abrdn Investments Limited ("aIL") and administration, accounting and company Link Group secretarial services to abrdn Holdings Limited ("aHL"). Both aIL and aHL are wholly owned subsidiaries of Aberdeen Group PLC. The agreement may be terminated by either party with 6 months written notice. Under the terms of the agreement the Manager is entitled to a tiered management fee charged as a % of net assets averaged over the previous six quarters. A higher fee rate of 1.5% is chargeable on the value of any unlisted investments. No fees are charged on investments managed or advised by the Aberdeen Group. No performance fee. Fee scale % of NAV £0-£500m 0.50% >£500m 0.40% Directors fee rates (£) Year ending 31 Dec 25 Year ending 31 Dec 24 % Change (YOY) Chair 56,000 53,500 4.7% Chair of Audit & Risk Committee 41,500 38,500 7.8% Senior Independent Director 35,000 33,500 4.5% Director 33,000 31,500 4.8% Number of Directors 6 6 Important Information . The Statement of Operating Expenses is designed to help investors understand the impact of operating expenses on financial performance. . Operating expenses are NOT deducted from the value of an investor's shareholding, which is derived from the share price. . The market value (share price) of all publicly traded companies reflects a wide range of factors, including the estimated impact of operating expenses on future financial performance. . The market value of an investment trust may diverge materially, both positively and negatively, from the reported net asset value. Murray International Trust PLC 0006300338 For more information visit invtrusts.co.uk ## Important information Risk factors you should consider prior to investing: • The value of investments, and the income from them, can go down as well as up and investors may get back less than the amount invested. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. • The Company may charge expenses to capital which may erode the capital value of the investment. • Movements in exchange rates will impact on both the level of income received and the capital value of your investment. • There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value. • As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. • The Company's portfolio includes investments in bonds. There is a risk that interest rate fluctuations could affect the capital value of bond investments. In addition to the interest rate risk, bond investments are also exposed to credit risk reflecting the ability of the bond issuer to meet its obligations (i.e. pay the interest on a bond and return the capital on the redemption date). The risk of this happening is usually higher with bonds classified as ‘sub-investment grade’. These may produce a higher level of income but at a higher risk than investments in ‘investment grade’ bonds. The capital value of the bonds may fluctuate accordingly. • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. • The Company's portfolio includes investments in emerging markets which tend to be more volatile than mature markets. Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Investment should only be following a review of the current Key Information Document (KID) and pre-investment disclosure document (PIDD) both of which are available on www.invtrusts. co.uk. Any data contained herein which is attributed to a third party ("Third Party Data") is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by Aberdeen*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Aberdeen* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. *Aberdeen means the relevant member of the Aberdeen Group, being Aberdeen Group plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. FTSE International Limited (‘FTSE’) © FTSE 2026. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. RAFI® is a registered trademark of Research Affiliates, LLC. All rights in the FTSE indices and/ or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Issued by abrdn Fund Managers Limited, registered in England and Wales (740118) at 280 Bishopsgate, London, EC2M 4AG, authorised and regulated by the Financial Conduct Authority in the UK.