Interim Management Statement

RNS Number : 1912C

Murray International Trust PLC

09 November 2009

 



Murray International Trust PLC

Interim Management Statement - 3 months to 30 September 2009

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 2009 to 30 September 2009, 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 4 August 2009 the Company declared a second interim dividend of 5.6p per Ordinary share, payable on 13 November 2009 to Ordinary shareholders on the register at close of business on 7 October 2009.  

On 7 August 2009 the Company announced its half yearly results and the half yearly report was posted to shareholders on 20 August 2009.

On 14 August 2009 the Company paid a first interim dividend of 5.6p to Ordinary shareholders and B Ordinary shareholders were issued by way of capitalisation issue with 1.03542 new B Ordinary shares for every 100 B Ordinary shares held on the record date of 10 July 2009.

During the period under review a total of 1,525,000 new Ordinary shares were issued for cash at a premium to the prevailing net asset value. Subsequent to the period end a further 940,000 shares were issued for cash at a premium to the prevailing net asset value.

On 6 November 2009 the company purchased in the market for cancellation £1,469,560 nominal of its 4% Perpetual Debenture. Following the buy back, £150,440 nominal of the 4% Perpetual Debenture remains in issue. 

On 9 November 2009, the Company confirmed that, in lieu of the second interim dividend, 0.93900 new B Ordinary shares credited as fully paid would be issued on 13 November 2009 for every 100 B Ordinary shares held at close of business on the record date of 9 October 2009.

Twenty largest equity holdings at 30 September 2009

Company	% of NAV
Petrobras	4.6
British American Tobacco*	3.5
Souza Cruz	3.4
Tenaris	3.2
Unilever Indonesia	3.2
Standard Chartered	3.1
Nordea Bank	2.7
QBE Insurance	2.5
PTT Exploration and Production	2.4
Aeropuertos del Sureste	2.3
Rio Tinto	2.2
Taiwan Mobile	2.2
Telecomunicacoes de Sao Paulo	2.1
Vale	2.1
Wing Hang Bank	2.0
E.ON	1.9
Mapfre	1.9
Philip Morris International	1.9
Schlumberger	1.9
Total Fina	1.9
Total	51.0

* consolidates all holdings by issuer

  Ten Largest Fixed Interest Holdings at 30 September 2009

Company	% of NAV
Rio Tinto Finance 6.5% 15/07/2018	1.7
Telefonica Emisiones 5.375% 02/02/2018	1.5
Pemex Project Funding Master 7.75% 29/09/2049	1.4
Imperial Tobacco Finance 5.5% 22/11/2016	1.4
Vale Overseas Limited 6.875% 21/11/2036	1.3
Venezuela (Rep of) 8.5% 08/10/2014	1.0
Indonesia Recapital Bond 13.15% 15/03/2010	0.9
Mexico 10.5% 14/07/2011	0.8
Petrobras International Finance 8.375% 10/12/2018	0.5
ASIF 5.375% 07/12/2009	0.5
Total	11.0

General description of Company's financial position and performance as at 30 September 2009

	£m
Gross Assets	833.6
Debt	145.0
Actual gearing	21.1%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/03/2009	%	%	%	%	%	%
Share Price	745.0	7.0	21.0	27.4	23.8	38.6	125.8
NAV	726.1	8.1	21.9	36.6	22.8	29.9	97.4
Composite Benchmark		5.8	21.9	31.1	11.4	4.2	42.7

Discrete performance (%) year to:

	31/03/2009	31/03/2008	31/03/2007	31/03/2006	31/03/2005
Share Price	23.8	-3.8	16.3	13.1	44.1
NAV	22.8	-8.2	15.2	12.5	35.1
Composite Benchmark	11.4	-17.2	12.9	10.6	23.8

Total Return; NAV-to-NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Management, Factset and Fundamental Data

NAV returns based on NAVs 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 2009 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

9 November 2009

 

END

 

 

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