Interim Management Statement

RNS Number : 8079F

Murray International Trust PLC

29 April 2014

 



Murray International Trust PLC

Interim Management Statement - 3 months to 31 March 2014

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 2014 to 31 March 2014, 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 2014 the Company paid a third interim dividend in respect of the year ended 31 December 2013 of 9.5p.  Also on 18 February 2014 8,856 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 0.94652 B Ordinary shares for every 100 B Ordinary shares held on the record date of 10 January 2014.

On 10 March 2014 the Company released its Annual Financial Report Announcement.

On 29 April 2014 the Company held its Annual General Meeting at which all resolutions were passed.  Including resolutions to (i) approve the payment of the final dividend of 14.5p and associated capitalisation issue to B Ordinary shareholders; (ii) to authorise the Directors to allot new shares for cash, (iii) to dis-apply pre-emption rights and (iv) to allow the Company to buy back shares (up to 14.99% of the issued share capital).

On 29 April 2014 the Directors declared a first interim dividend in respect of the year ending 31 December 2014 of 10.0p per Ordinary share which will be payable on 15 August 2014 to shareholders on the register on 11 July 2014 (ex dividend 9 July 2014).

On 29 April 2014 the Company announced the appointment of Mr David Hardie as an independent non executive Director with effect from 1 May 2014 and confirmed the retirement of Mr Fred Shedden as a Director with effect from the end of the Annual General Meeting held on 29 April 2014.

During the period from 1 January 2014 to date the Company has issued a total of 242,000 new Ordinary shares for cash at a premium to the net asset value per share.

Twenty largest equity holdings at 31 March 2014

Company	% of NAV
British American Tobacco *	4.6
Grupo Aeropuertes del Sureste ADS	4.5
Unilever Indonesia	3.5
Taiwan Semiconductor	3.3
Casino Guichard Perrachon	3.3
Roche	3.2
Taiwan Mobile	3.2
Philip Morris	3.1
Nordea	3.0
Telus	2.8
Total	2.8
Zurich Insurance	2.7
Fomento Economico Mexicano	2.6
Royal Dutch Shell	2.6
Wing Hang Bank	2.5
Souza Cruz	2.5
Verizon Communications *	2.4
Standard Chartered	2.4
BHYP Billiton	2.4
Tenaris	2.4
TOTAL	59.8

* Consolidates all equity holdings from same issuer

Ten Largest Fixed Interest Holdings at 31 March 2014

Company	% of NAV
Petroleos Mexicanos 5.5% 27/06/44	1.4
Brazil (Fed rep of) 10% 1/01/17	1.2
Vale Overseas Limited 6.875% 21/11/36	1.1
Venezuela (Rep of) 8.5% 08/10/2014	1.0
Hypermarcas 6.5% 20/04/21	0.8
Bharti Airtel Intl. 5.125% 11/03/23	0.8
Banco Bradesco (Cayman) 5.9% 16/01/21	0.7
Indonesia (Rep of) 9.5% 15/07/23	0.4
Indonesia (Rep of) 10% 15/02/28	0.4
General Accident 7.875%	0.3
TOTAL	8.1

General description of Company's financial position and performance as at 31 March 2014

	£m
Equities	1,328.3
Fixed Income	105.5
Cash	13.4
Other net assets	0.1
Gross Assets	1,447.3
Debt	(193.4)
Net Assets	1,253.9
Net Gearing*	14.4%

* Gearing is defined as a percentage with Net Debt (total debt less cash and cash equivalents) divided by shareholders' funds

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/03/2014
Share Price	1043.0p	5.2	0.1	(3.0)	(8.1)	26.0	110.7
NAV*	989.9p	5.5	1.1	0.4	(6.1)	23.2	119.2
Composite Benchmark		(0.2)	0.0	5.1	7.3	26.5	102.7

Discrete performance (%) year to:

	31/03/2014	31/03/2013	31/03/2012	31/03/2011	31/03/2010
Share Price	(8.1)	23.3	11.2	10.5	51.4
NAV*	(6.1)	21.2	8.3	12.8	57.7
Composite Benchmark	7.3	17.0	0.8	7.9	48.6

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 include 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 January 2014 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

29 April 2014

 

END

 

 

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