Profile: Murray International (MYI)

Published by Cherry Reynard on 13 October 2016.
Last updated on 13 October 2016

First 50 funds

Aberdeen’s Bruce Stout, who manages the trust, had established himself as one of the top-performing global investors, but performance in recent years had been lacklustre. Principally, this was down to Mr Stout’s fondness for companies in emerging markets, which saw a significant slowdown in 2014 and 2015.

However, Mr Stout describes himself as a “natural contrarian”, and says that there will be times when his views are out of favour. This year the trust has been back with a vengeance and has resumed its place at the top of the performance tables. The weakness boosted the dividend yield, which now sits at 4.1%. Equally, it reduced the trust’s chunky premium, making it look better value for investors.

The portfolio still has a distinctly emerging market flavor: 28% is in Asia ex Japan equities, while another 25% is in emerging market equities. For Mr Stout, this is where the long-term growth in the global economy resides. However, in many cases these are companies with which investors will be familiar – Unilever Indonesia, for example.

Stout uses the ample resources from within Aberdeen Asset Management, calling on the company’s global 'buy' list, compiled by specialist analysts. He is also very much a proponent of the wider Aberdeen ‘buy-and-hold’ philosophy, looking to hold companies for the long term. The trust has an annual management charge of 0.5%.

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