Interim Management Statement

RNS Number : 5493R

Murray International Trust PLC

04 November 2011

 

Murray International Trust PLC

Interim Management Statement - 3 months to 30 September 2011

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 2011 to 30 September 2011, 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 2011 a total of 1,997 new Ordinary shares were issued following the conversion of 1,997 B Ordinary shares on 30 June 2011.

On 2 August 2011 the Company declared a second interim dividend of 8.0p per Ordinary share, payable on 15 November 2011 to Ordinary shareholders on the register at close of business on 14 October 2011.

On 5 August 2011 the Company announced its half yearly results and the half yearly report was posted to shareholders on 17 August 2011.

On 16 August 2011 the Company paid a first interim dividend of 8.0p to Ordinary shareholders and B Ordinary shareholders were issued by way of capitalisation issue with 0.88795 new B Ordinary shares for every 100 B Ordinary shares held on the record date of 15 July 2011.

During the period under review a total of 1,888,302 new Ordinary shares were issued for cash at a premium to the prevailing net asset value.  Subsequent to the period end a further 885,000 shares were issued for cash at a premium to the prevailing net asset value.

Twenty largest equity holdings at 30 September 2011

Company	% of NAV
British American Tobacco *	5.4
Unilever Indonesia	4.5
Souza Cruz	4.2
Telecomunicacoes de Sao Paulo	2.9
TELUS	2.9
Taiwan Mobile	2.9
ASUR	2.8
Nordea Bank	2.7
Philip Morris	2.6
Johnson & Johnson	2.5
Petrobras	2.5
China Mobile	2.4
Singapore Telecommunications	2.4
Standard Chartered	2.4
Taiwan Semiconductor	2.4
Zurich Financial	2.3
PTT Exploration and Production	2.3
Kimberly-Clark de Mexico	2.3
PetroChina	2.2
Daito Trust Construction	2.2
TOTAL	56.8

* consolidates all holdings by issuer

Ten Largest Fixed Interest Holdings at 30 September 2011

Company	% of NAV
Imperial Tobacco Finance 5.5%  22/11/2016	1.2
Portugal Telecom Int Fin 4.5% 16/06/25	1.2
Vale Overseas Limited 6.875% 21/11/2036	1.1
Telefonica Emisiones 5.375% 02/02/2018	1.1
Hypermarcas 6.5% 20/04/21	1.1
Banco Bradesco (Cayman) 5.9% 16/01/21	1.0
Indonesia (Rep of) 10% 15/02/28	0.8
Venezuela (Rep of) 8.5% 08/10/2014	0.8
Indonesia (Rep of) 9.5% 15/07/23	0.8
Brazil (Fed rep of) 11% 17/08/40	0.4
TOTAL	9.5

General description of Company's financial position and performance as at 30 September 2011

	£m
Gross Assets	1,036.1
Debt	(171.1)
Actual gearing	19.1%

Cumulative performance (%)

	as at	1 month	3  months	6  months	1  year	3  years	5  years
	30/09/2011
Share Price	842.5p	-7.6	-13.9	-7.4	-0.7	50.4	68.4
NAV	792.4p	-7.3	-14.5	-9.1	-1.7	44.4	52.8
Composite Benchmark		-5.0	-14.1	-13.4	-4.1	17.9	10.2

Discrete performance (%) year to:

	30/09/2011	30/09/2010	30/09/2009	30/09/2008	30/09/2007
Share Price	-0.7	22.4	23.8	-3.8	16.3
NAV	-1.7	19.7	22.8	-8.2	15.2
Composite Benchmark	-4.1	10.4	11.4	-17.2	12.9

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 1 October 2011 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

4 November 2011

 

END

 

 

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