Interim Management Statement

RNS Number : 3936V

Murray International Trust PLC

01 November 2010

 



Murray International Trust PLC

Interim Management Statement - 3 months to 30 September 2010

To the members of Murray International Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body in accordance with the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 July 2010 to 30 September 2010, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

The primary aim is to achieve a total return greater than its benchmark by investing predominantly in equities worldwide. Within this objective, the manager will seek to increase the Company's revenues in order to maintain an above average dividend yield.

Benchmark

40% FTSE World UK and 60% FTSE World ex UK.

Material events

On 1 July 2010 and 12 July 2010 a total of 290,732 new Ordinary shares were issued following the conversion of 290,732 B Ordinary shares on 30 June 2010.

On 3 August 2010 the Company declared a second interim dividend of 6.8p per Ordinary share, payable on 15 November 2010 to Ordinary shareholders on the register at close of business on 15 October 2010.

On 6 August 2010 the Company announced its half yearly results and the half yearly report was posted to shareholders on 19 August 2010.

On 16 August 2010 the Company paid a first interim dividend of 6.8p to Ordinary shareholders and B Ordinary shareholders were issued by way of capitalisation issue with 0.82064 new B Ordinary shares for every 100 B Ordinary shares held on the record date of 16 July 2010.

During the period under review a total of 1,500,000 new Ordinary shares were issued for cash at a premium to the prevailing net asset value.  Subsequent to the period end a further 175,000 shares were issued for cash at a premium to the prevailing net asset value.

Twenty largest equity holdings at 30 September 2010

Company	% of NAV
Unilever Indonesia	4.4
Souza Cruz	4.1
British American Tobacco *	4.0
Standard Chartered	2.9
Aeropuertos del Sureste	2.6
PTT Exploration & Production	2.6
Kimberly-Clark	2.6
Tenaris	2.5
Petrobras	2.4
Vale	2.3
Nordea Bank	2.3
Wing Hang Bank	2.2
Taiwan Mobile	2.2
Public Bank	2.1
Philip Morris International	2.1
Petrochina	2.1
Weir	2.0
Taiwan Semiconductor	2.0
QBE Insurance	2.0
Rio Tinto	2.0
TOTAL	51.4

* consolidates all holdings by issuer

Ten Largest Fixed Interest Holdings at 30 September 2010

Company	% of NAV
Rio Tinto Finance 6.5% 15/07/2018	1.5
Portugal Telecom Int Fin 4.5% 16/06/25	1.4
Telefonica Emisiones 5.375% 02/02/2018	1.2
Imperial Tobacco Finance 5.5%  22/11/2016	1.2
Vale Overseas Limited 6.875% 21/11/2036	1.2
Pemex Project Funding Master 7.75% 29/09/2049	1.2
Venezuela (Rep of) 8.5% 08/10/2014	0.7
Indonesia (Rep of) 9.5% 15/07/23	0.7
Indonesia (Rep of) 10% 15/02/28	0.7
Mexico 10.5% 14/07/2011	0.7
TOTAL	10.5

General description of Company's financial position and performance as at 30 September 2010

	£m
Gross Assets	1,018.6
Debt	156.1
Actual gearing	18%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/09/2010 (p)
Share Price	881.0	6.4	7.6	3.0	22.4	45.8	91.8
NAV	839.0	7.5	10.1	3.9	19.7	35.0	74.9
Composite Benchmark		6.8	10.4	-2.6	10.4	1.8	27.2

Discrete performance (%) year to:

	30/09/2010	30/09/2009	30/09/2008	30/09/2007	30/09/2006
Share Price	22.4	23.8	-3.8	16.3	13.1
NAV	19.7	22.8	-8.2	15.2	12.5
Composite Benchmark	10.4	11.4	-17.2	12.9	10.6
Total Return; NAV-to-NAV, Net Income Reinvested, GBP
Source: Aberdeen Asset Management, Factset and Morningstar
NAV returns based on NAVs excluding income and with debt valued at par

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 1 October 2010 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.murray-intl.co.uk.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested.

For Murray International Trust PLC

Aberdeen Asset Management PLC, Secretary

1 November 2010

 

END

 

 

IMSBUBDBBBGBGGB