Title: URL Source: https://is.gd/z15K5c Published Time: Wed, 21 May 2025 09:34:10 GMT 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. ## Reference Index FTSE All World Index in GBP. ## Cumulative performance (%) as at 31/03/25 1month 3months 6months 1year 3years 5years Share Price 262.0p (3.9) 2.7 4.2 10.4 19.5 91.7 NAV A 286.8p (2.2) 2.4 4.1 7.1 23.3 96.2 Reference Index (6.0) (4.0) 1.8 5.5 26.5 96.0 ## Discrete performance (%) 31/03/25 31/03/24 31/03/23 31/03/22 31/03/21 Share Price 10.4 (2.9) 11.4 8.8 47.4 NAV A 7.1 9.1 5.6 17.9 35.0 Reference Index 5.5 21.0 (0.9) 12.8 37.5 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 high conviction global portfolio designed to deliver a strong and rising income and to grow capital Performance Data and Analytics to 31 March 2025 A Including current year revenue. B © 2025 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. C Consolidates all equity holdings from same issuer Morningstar Rating TM > B 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 4.5 CME 3.5 Taiwan Semiconductor 3.4 AbbVie 3.3 Grupo Aeroportuario 3.1 Oversea-Chinese Banking 3.1 Zurich Insurance 3.0 TotalEnergies 2.8 Broadcom 2.7 Cisco Systems 2.5 Verizon Communications 2.5 Enbridge 2.5 Telus 2.4 Singapore Telecommunications 2.2 Hong Kong Exchanges & Clearing 2.2 Shell 2.2 Johnson & Johnson 2.1 Unilever C 2.1 Enel 2.1 TRYG 2.0 Total 54.2 Ten largest fixed income holdings (%) Rep of South Africa 7% 28/02/31 0.8 Mexican Govt Bond 5.75% 05/03/26 0.8 Indonesia Govt. 6.125% 15/05/28 0.8 Dominican Republic 6.85% 27/01/45 0.6 Petroleos Mexicanos 6.75% 21/09/47 0.6 Indonesia Govt. 8.375% 15/03/34 0.6 Power Finance Corp 7.63% 14/08/26 0.4 HDFC Bank 7.95% 21/09/26 0.4 Petroleos Mexicanos 5.5% 27/06/44 0.3 Indonesia Govt.10% 15/02/28 0.2 Total 5.6 All sources (unless indicated): Aberdeen: 31 March 2025. Global Global Equity Income Murray International Trust PLC 02 Total number of investments Total Equity Holdings in Portfolio 49 Total Fixed Income Holdings in Portfolio 12 Total 61 Portfolio analysis (%) Equities North America 32.7 Europe ex UK 24.5 Asia Pacific ex Japan 22.8 Latin America 7.5 United Kingdom 5.8 Fixed Income Latin America 2.4 Asia Pacific ex Japan 2.3 Africa & Middle East 0.8 United Kingdom 0.4 Cash 0.7 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 0.52% Annual management fee E0.5% (tiered) Premium/(Discount) (8.6)% Yield F 4.5% Net cash/(gearing) G (5.8)% Active share H 93.0% # Murray International Trust PLC Murray International Trust PLC 1 Year Premium/Discount Chart (%) -12 -10 -8 -6 -4 Mar-25 Jan-25 Nov-24 Sep-24 Jul-24 May-24 Mar-24 ## Fund managers’ report Background Global equities ended March notably lower as investors grew increasingly concerned about US President Trump's tariff policies, fearing a global trade war. Inflationary concerns are already weighing on consumer sentiment and may cause the US Federal Reserve to slow the pace of interest rate cuts this year. US equities fell sharply, with the S&P 500 Index recording its worst monthly return since 2022 and the Nasdaq Composite Index entering correction territory by falling more than 10% from its most recent peak. The autos sector was hit by a proposed 25% tariff on imported vehicles and car parts, while additional duties on imported steel and aluminium were enacted. Japanese and developed Asian indices weakened as investors pulled back from carmakers and technology stocks. European markets were generally weak, with drinks producers threatened with tariffs of up to 200%. UK equities fell from record highs early in the month, while attempts to secure tariff exemptions continue. Emerging markets were more resilient. Indian stocks rose as banks advanced on expectations of interest rate cuts, while Chinese equities were supported by strong earnings and growth forecasts. Latin American indices also advanced. Commodities generally rose. Gold prices surged to an all-time high amid economic weakness and rising geopolitical tensions. Oil and natural gas prices also rose after delays to a proposed ceasefire between Russia and Ukraine, which was intended to halt fighting in the Black Sea and protect energy infrastructure. D Expressed as a percentage of total costs divided by average daily net assets for the year ended 31 December 2024. 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 The annual fee is charged at 0.5% of net assets (ie excluding gearing) up to £500 million, and 0.4% of Net Assets above £500 million. F Calculated using the Company’s historic net dividends and month end share price. G Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. H The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the Reference Index index holdings. Fund managers’ report continues overleaf 03 Murray International Trust PLC Murray International Trust PLC Performance The trust declined in March in both NAV and share price terms but outperformed global equity markets, providing a degree of downside protection. Latin America was the trust’s best-performing region this month, with strong contributions from Brazilian holdings Banco Bradesco and commodity producer Vale. Europe and the UK also generated positive returns, driven by energy giants TotalEnergies and Royal Dutch Shell, financial firms Tryg and Zurich Insurance, and traditionally more defensive stocks like Unilever, Danone and Enel. The main area of weakness was Asia Pacific, where technology holdings Taiwan Semiconductor Manufacturing (TSMC), Hon Hai Precision Industry and Globalwafers declined. Information Technology was the weakest sector for the trust this month, with Broadcom also detracting in North America. Activity We exited two of the trust's lower dividend yielders in March due to limited capacity for such stocks. The first was Swedish company Atlas Copco, which specializes in flow-control equipment. It has performed well for the trust over the long term. The second was Chilean miner SQM, which disappointed by cutting its dividend more than expected last year. We reinvested the proceeds from SQM into UK-listed Rio Tinto, which offers greater diversification in commodity exposures and a higher, more stable dividend yield. We again trimmed the position in German industrial conglomerate Siemens at the beginning of the month, capitalizing on strong performance. Excess cash was deployed into existing pharmaceutical holdings Bristol-Myers Squibb, Merck and Sanofi, as well as Nordic wireless telecoms company Telenor, ahead of upcoming dividend payments. Outlook As the world grapples with the potential impact of a full-scale global trade war, concerns around geopolitical tensions and declining economic growth have intensified. We understand these concerns and remain cautious in our outlook. Amid elevated uncertainty and a challenging backdrop, we remain fully focused on delivering the investment mandate for our shareholders. We will continue to leverage the trust’s flexible remit, ensuring the portfolio is well-diversified across regions and sectors. This approach aims to generate income and capital growth over time, while preserving capital during periods of market weakness. Assets/Debt £’m % > Equities 1,653.0 98.5 Fixed Income 106.1 6.3 1,759.1 104.8 Cash & cash equivalents 13.1 0.8 Other Assets/(Liabilities) 16.4 1.0 Gross Assets 1,788.6 106.5 Debt (109.9) (6.5) > Net Assets 1,678.7 100.0 AIFMD Leverage Limits > Gross Notional 2.4x Commitment 2x Capital structure > Ordinary shares 593,557,932 Treasury shares 53,502,083 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@aberdeenplc.com Institutional Investors InvestmentTrustInvestorRelations-UK@ aberdeenplc.com Ben Heatley Head of Closed End Fund Sales Ben.Heatley@aberdeenplc.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: 24 March 2025 Recurring Operating Expenses (£000) Year ended 31 Dec 24 % of NAV Year Ended 31 Dec 23 % of NAV % Ch Y/Y Management Fee (inc AIFM) £7,122 0.42% £6,929 0.42% 2.8% Custody fees and bank charges £523 0.03% £451 0.03% 16.0% Promotional activities £400 0.02% £400 0.02% 0.0% Directors remuneration £220 0.01% £208 0.01% 5.8% Depositary fees £156 0.01% £155 0.01% 0.6% Auditors' remuneration £49 0.00% £52 0.00% -5.8% Other administrative expenses £344 0.02% £460 0.03% -25.2% Ongoing Operating Expenses (ex indirect fund management expenses) £8,814 0.52% £8,655 0.53% 1.8% Expenses relating to investments in other collective investments 0.00% 0.00% Ongoing Operating Expenses (inc indirect fund management expenses) £8,814 0.52% £8,655 0.53% 1.8% Average Net Asset Value £1,694,445 £1,638,136 3.4% Operating Expense Ratio (ex indirect fund management expenses) 0.52% 0.53% Operating Expense Ratio (inc indirect fund management expenses) 0.52% 0.53% Transaction Costs and Other One-Off Expenses (£000) Year ended 31 Dec 24 % of NAV Year Ended 31 Dec 23 % of NAV % Ch Y/Y Transaction costs £754 0.04% £385 0.02% 95.8% Performance Fees 0.00% 0.00% Other non-recurring expenses £106 0.01% £64 0.00% 65.6% Total £860 0.05% £449 0.03% 91.5% 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 Investment Management Agreement . The Company has entered into an Investment Management Agreement with abrdn Fund Managers Limited ("aFML"), a subsidiary of abrdn 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 abrdn 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 abrdn Group . No performance fee Fee Scale - % of NAV % £0-£500m 0.50% >£500m 0.40% Directors' Remuneration Directors' Fee Rates (£) Year ended 31 Dec 24 Year Ended 31 Dec 23 % Ch Y/Y Chair £53,500 £50,000 7.0% Chair of Audit & Risk Committee £38,500 £36,000 6.9% Senior Independent Director £33,500 £32,000 4.7% Director £31,500 £30,000 5.0% Number of Directors 6 5 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 0004674601 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. • With funds investing in bonds there is a risk that interest rate fluctuations could affect the capital value of investments. Where long term interest rates rise, the capital value of shares is likely to fall, and vice versa. In addition to the interest rate risk, bond investments are also exposed to credit risk reflecting the ability of the borrower (i.e. 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. In turn, this may have an adverse impact on funds that invest in such bonds. • 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 invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down. 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 2025. ‘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.