Interim Management Statement

RNS Number : 9039D

Murray International Trust PLC

02 May 2013

 



Murray International Trust PLC

Interim Management Statement - 3 months to 31 March 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 January 2013 to 31 March 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 18 February 2013 the Company paid a third interim dividend in respect of the year ended 31 December 2012 of 9.0p.  Also on 18 February 2013 8,716 B Ordinary shares of 25 pence each were allotted in lieu of the third interim dividend payable to Ordinary shareholders as a result of the capitalisation of B Ordinary shares of 25p on the basis of 0.96845 B Ordinary shares for every 100 B Ordinary shares held on the record date of 4 January 2013.

On 27 February 2013 the Company released its Annual Financial Report Announcement.

On 11 April 2013 the Company held its Annual General Meeting at which all resolutions were passed.  The special business included resolutions to approve the payment of the final dividend of 13.5p and associated capitalisation issue to B Ordinary shareholders; to authorise the Directors to allot new shares for cash and to dis-apply pre-emption rights and to allow the Company to buy back shares (up to 14.99% of the issued share capital).

On 11 April 2013 the Directors declared a first interim dividend in respect of the year ending 31 December 2013 of 9.5p per Ordinary share which will be payable on 16 August 2013 to shareholders on the register on 12 July 2013 (ex dividend 10 July 2013). 

During the period from 1 January 2013 to date the Company has issued a total of 2,621,500 new Ordinary shares for cash at a premium to the net asset value per share.

Twenty largest equity holdings at 31 March 2013

Company	% of NAV
Grupo Aeropuertes del Sureste ADS	5.0
British American Tobacco *	4.8
Souza Cruz	4.0
Kimberly-Clark de Mexico	4.0
Unilever Indonesia	3.2
Philip Morris	3.1
Taiwan Mobile	2.9
Taiwan Semiconductor	2.9
Telus	2.7
Fomento Economico Mexicano	2.6
Standard Chartered	2.5
Roche	2.5
Zurich Insurance	2.5
Nordea	2.5
Telefonica Brasil	2.5
PetroChina	2.4
Singapore Telecommunications	2.4
Royal Dutch Shell	2.2
Tenaris	2.2
Verizon Communications	2.2
TOTAL	59.1

* Consolidates all equity holdings from same issuer

Ten Largest Fixed Interest Holdings at 31 March 2013

Company	% of NAV
Portugal Telecom Int Fin 4.5% 16/06/25	1.1
Hypermarcas 6.5% 20/04/21	0.9
Telefonica Emisiones 5.375% 02/02/2018	0.8
Vale Overseas Limited 6.875% 21/11/2036	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) 10% 15/02/28	0.5
Indonesia (Rep of) 9.5% 15/07/23	0.5
Brazil (Fed rep of) 11% 17/08/40	0.2
General Accident 7.875%	0.2
TOTAL	6.3

General description of Company's financial position and performance as at 31 March 2013

	£m
Gross Assets	1,510.7
Debt	(143.9)
Actual gearing	10.5%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/03/2013
Share Price	1178.0p	2.4	13.4	16.0	23.3	51.4	105.5
NAV*	1076.8p	0.1	12.9	17.9	21.0	47.5	91.4
Composite Benchmark		1.8	12.9	16.0	17.0	27.1	45.8

Discrete performance (%) year to:

	31/03/2013	31/03/2012	31/03/2011	31/03/2010	31/03/2009
Share Price	23.3	11.2	10.5	51.4	-10.3
NAV*	21.0	8.5	12.3	57.4	-17.5
Composite Benchmark	17.0	0.8	7.8	48.6	-22.8

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, Factset, Lipper and Morningstar

* Excluding 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 January 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 that 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

2 May 2013

 

END

 

 

IMSBXGDUUSGBGXD