Profile: Murray International (MYI)

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%.

Published: 13 October 2016
Last updated: 13 October 2016

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