Interim Management Statement

RNS Number : 8043R

Murray International Trust PLC

31 October 2013

 



Murray International Trust PLC

Interim Management Statement - 3 months to 30 September 2013

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 2013 to 30 September 2013, 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 of the Company 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 2013 a total of 2,465 new Ordinary shares were issued following the conversion of 2,465 B Ordinary shares in the period to 23 June 2013.

On 13 August 2013 the Company declared a second interim dividend of 9.5p per Ordinary share, payable on 15 November 2013 to Ordinary shareholders on the register at close of business on 11 October 2013.

On 16 August 2013 the Company paid a first interim dividend of 9.5p to Ordinary shareholders and B Ordinary shareholders were issued by way of capitalisation issue with 0.87464 new B Ordinary shares for every 100 B Ordinary shares held on the record date of 12 July 2013.

On 21 August 2013 the Company announced its half yearly results and the half yearly report was posted to shareholders on 3 September 2013.

During the period under review no new Ordinary shares were issued for cash.  Subsequent to the period end 25,000 shares were issued for cash at a premium to the prevailing net asset value.

Twenty largest equity holdings at 30 September 2013

Company	% of NAV
British American Tobacco *	4.8
Aeropuertos del Sureste	4.1
Unilever Indonesia	3.6
Philip Morris	3.4
Souza Cruz	3.3
Taiwan Mobile	3.1
Roche	2.9
Taiwan Semiconductor	2.9
Wing Hang Bank	2.9
Standard Chartered	2.9
Nordea	2.6
Telus	2.6
Fomento Economico Mexicano	2.6
Casino Guichard Perrachon	2.6
Tenaris	2.6
Total	2.5
Singapore Telecommunications	2.5
Kimberly-Clark de Mexico	2.5
BHP Billiton	2.3
Royal Dutch Shell	2.3
TOTAL	59.0

* Consolidates all equity holdings from same issuer

Ten Largest Fixed Interest Holdings at 30 September 2013

Company	% of NAV
Petroleos Mexicanos 5.5% 27/06/44	1.4
Vale Overseas Limited 6.875% 21/11/2036	1.1
Portugal Telecom Int Fin 4.5% 16/06/25	1.1
Telefonica Emisiones 5.375% 02/02/2018	0.9
Hypermarcas 6.5% 20/04/21	0.8
Banco Bradesco (Cayman) 5.9% 16/01/21	0.7
Venezuela (Rep of) 8.5% 08/10/2014	0.6
Indonesia (Rep of) 9.5% 15/07/23	0.4
Indonesia (Rep of) 10% 15/02/28	0.4
General Accident 7.875%	0.2
TOTAL	7.6

General description of Company's financial position and performance as at 30 September 2013

	£m
Gross Assets	1,475.6
Debt	(197.6)
Actual gearing*	14.1%

*Gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders' funds

Cumulative total return performance (%)

	as at	1 month	3  months	6  months	1  year	3  years	5  years
	30/09/2013
Share Price	1095.0p	1.6	(1.4)	(5.2)	10.0	39.3	111.1
NAV*	1004.7p	1.3	(1.7)	(6.5)	10.1	33.3	95.2
Composite Benchmark		0.6	2.6	2.1	18.5	33.3	63.9

Discrete total return performance (%) year to:

Year ending	30/09/2013	30/09/2012	30/09/2011	30/09/2010	30/09/2009
Share Price	10.0	27.6	(0.7)	(22.4)	23.8
NAV*	10.1	21.9	(0.7)	19.2	22.8
Composite Benchmark	18.5	17.4	(4.2)	10.4	11.4

NAV total return is calculated on a NAV to NAV basis with net income reinvested on the ex dividend date. NAV returns are based on NAVs that exclude current period revenue and with debt valued at par.  Share price total return is calculated on a mid-to-mid basis with net income reinvested on the ex dividend date.  Source: Aberdeen Asset Managers Limited, Lipper and Morningstar.

*Including current year revenue.

Past performance is not a guide to future results.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 1 October 2013 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.

*Neither the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Murray International Trust PLC

Aberdeen Asset Management PLC, Secretary

31 October 2013

 

END

 

 

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