Murray International Trust Outperforms Benchmark with Philip Morris Contribution

Murray International Trust PLC reported a 3.4% increase in net asset value per share to 287.9p as of June 30, with an interim dividend of 2.6p per share, up 4.0% from last year. The trust outperformed its reference index, the FTSE All Share World TR index in sterling, with a 6.0% NAV total return for the first half of 2025. Philip Morris International was a significant contributor, driven by substantial earnings growth and free cash flow. Merck & Co, Diageo, and Bristol-Myers Squibb were among the sharpest detractors.

Murray International Trust PLC (LON:MYI) has reported robust financial performance for the six months ended 30 June 2025, with a net asset value (NAV) total return of +6.0% and a share price total return of +11.6%. This compares to a +1.0% increase in the Reference Index, the FTSE All World TR Index in GBP [1].

The trust, which aims to deliver an attractive and growing income alongside long-term capital growth, saw its net asset value per share increase by 3.4% to 287.9p. The interim dividend was increased to 2.6p per share, up 4.0% from the previous year. This dividend distribution is part of the trust's progressive dividend policy, which focuses on growing levels of income [1].

Key contributors to the trust's performance included Philip Morris International, a leading international consumer staple company. Other notable contributors were Grupo ASUR, a Central American airport operator, and Enel, a European-based utility. These companies drove robust performance in the portfolio [1].

Conversely, Merck & Co., Bristol Myers Squibb, Diageo, Pernod Ricard, and GlobalWafers were significant detractors during the period. However, the trust's portfolio diversification helped mitigate the impact of these detractors [1].

Murray International Trust PLC also initiated new positions in Rio Tinto, Infosys, and Intesa Sanpaolo during the period. These additions reflect the trust's strategy of investing in a globally diversified portfolio of companies across various sectors [1].

The trust's discount to net assets narrowed significantly from -7.5% at 31 December 2024 to -2.7% at 30 June 2025. This improvement in the discount reflects the trust's commitment to addressing temporary imbalances in the supply and demand for its shares [1].

Murray International Trust PLC's ongoing charges ratio (OCR) remained broadly flat at 0.51% for the six months ended 30 June 2025, indicating a focus on controlling costs and delivering value to shareholders [1].

The trust's performance highlights the importance of a patient, globally diversified, and risk-aware approach in navigating the complex macroeconomic environment. Despite periods of volatility and weakness, compelling opportunities exist, and earnings growth is gradually expanding beyond just the mega-cap technology companies [1].

References:
[1] https://www.directorstalkinterviews.com/murray-international-trust-reports-strong-half-year-returns-and-dividend-growth/4121212115