Fact sheet: Murray International IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
GLOBAL EQUITY INCOME
Sector
IT Global Equity Income
Fund type
Investment Trust
Primary aim
GROWTH & INCOME
Why Money Observer Rates Murray International IT

Rated Fund 2014-2017. A Stout long-term performance record

Murray International was founded in 1907, so it has been through some turbulent world events since then. Its aim is to grow and preserve investors' capital and pay an above-average and growing income. Its current yield is 4 per cent. It has been managed since 2004 by Bruce Stout, who has an impressive track record.

Though the trust's performance did slump in 2014/15, we retained our confidence in Stout's management and it has now returned to form. Its exposure to Asia and emerging markets contributed to its decline, but was also instrumental in its recovery last year as sentiment improved.

Stout has not changed his emphasis in recent years; this involves focusing on defensive businesses where he has a high degree of confidence that the companies will be able to continue to deliver earnings and dividends, and not paying too high a price for their shares. He believes that being able to invest globally gives him scope for great diversification.

When selecting investments, he is not so much interested in the countries where companies are based, as in the type of business they undertake and the defensive nature of what they can deliver.

Nevertheless, he has been gradually reducing his exposure to the UK and Europe recently and the trust's holdings in these areas are now at their lowest levels for over 20 years. Around 15 per cent of the trust has been invested in emerging market government and corporate debt over the last few years to help support the yield.

3 Year Performance
Fund Performance33.6%
Average of Rated Funds Group40.9%
Sector Performance42.2%
Fund information
Fund name
Murray International Trust PLC Ord 25p
Fund manager company
Aberdeen Fund Managers Ltd
Fund type
Investment Trust
Fund manager
  • Global Equity Teamsince 01/01/1970
Accolades
Winner - Regular Savings Global Generalist
Fund objective
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
No data available.
Investment style
Active
Investment method
Shares
Quick stats
1 Year return
6.5%
1 Year rank in sector
6/7
Sector
IT Global Equity Income
Yield
4%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.68%
Fund size
£1,549m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
113
Mid price
1212
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
1178.16
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
+2.87
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
112
Top in this sector
Fund name1 Year
Blue Planet Inv Tst PLC ORD 1P14.5%
JPM Gbl Grw&Inc plc13.1%
Invesco Perp Select GE plc10.7%
Hnd Int Inc Tst plc10.1%
Scottish Am Inv Co PLC9.8%
...more in IT Global Equity Income

Performance snapshot

Holdings snapshot

  • Asia Pacific ex Japan30%
    Global Emerging Markets26%
    North America14.5%
    UK12.6%
    Europe ex UK11%
  • Equities92.4%
    Fixed Interest17.6%
    Money Market0.6%
    Debt-10.6%
  • Asia Pacific ex Japan Equities24.3%
    Global Emerging Market Equities17.8%
    North American Equities14.5%
    UK Equities12.1%
    Europe ex UK Equities9.5%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-5.3%-2.1%-1.9%6.5%33.6%36.7%
Sector-5.5%-2.2%0.8%10.1%42.2%66.6%
Rank within sector2 / 74 / 77 / 76 / 76 / 77 / 7
Quartile2nd3rd4th4th4th4th
Calendar performance
 YTD - 20182017201620152014
Fund-3.6%11%50.5%-15.2%1.7%
Sector-3.8%17.6%25.6%1.7%2.4%
Rank within sector2 / 76 / 71 / 77 / 74 / 7
Quartile2nd4th1st4th3rd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
-6.89
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.32
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.51
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
13.25
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
8.47
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
-0.39
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.63
Price movement
52 week high1307
52 week low1166
Current bid price1208
Current offer price1212
Current mid price1212
Region
1Asia Pacific ex Japan30%
2Global Emerging Markets26%
3North America14.5%
4UK12.6%
5Europe ex UK11%
6Japan4.3%
7Africa1%
8Money Market0.6%
Industry sector
1Equities92.4%
2Fixed Interest17.6%
3Money Market0.6%
4Debt-10.6%
Asset type
1Asia Pacific ex Japan Equities24.3%
2Global Emerging Market Equities17.8%
3North American Equities14.5%
4UK Equities12.1%
5Europe ex UK Equities9.5%
6Global Emerging Market Fixed Interest8.2%
7Asia Pacific ex Japan Fixed Interest4.6%
8Japanese Equities4.3%
9Europe ex UK Fixed Interest1.5%
Individual holdings
1TAIWAN SEMICONDUCTOR CO4.8%
2QUIMICA Y MINERA4.3%
3GRUPO ASUR4.2%
4BRITISH AMERICAN TOBACCO HLDGS3.8%
5DAITO TRUST CONSTRUCTION CO NPV3.4%
6UNILEVER INDONESIA3.4%
7PHILIP MORRIS INTERNATIONAL INC3.1%
8TAIWAN MOBILE CO3%
9TOTAL SA2.3%
Management
Fund manager group
Aberdeen
Fund manager company
Aberdeen Fund Managers Ltd
Fund type
Investment Trust
Fund objective
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
No data available.
Investment style
Active
Investment method
Shares
Fund manager
NameSinceBiography
Global Equity Team01/01/1970
Compliance
AIC Member
Domicile
No data available.
Fund for sale in
United Kingdom
Murray International Trust PLC Ord 25p
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price1179.15
CurrencyGBX
Price updated14/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNJMX
Murray International Trust PLC Ord 25p NAV
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price1158.21
CurrencyGBX
Price updated14/02/2018
Type-
Institutional or retail classRetail
Domicile-
Citi codeEV28
Data provided by

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