Murray Intnl Trust MYI Interim Management Statement

  Murray Intnl Trust (MYI) - Interim Management Statement

RNS Number : 1450Q
Murray International Trust PLC
01 November 2012
 



Murray International Trust PLC

Interim Management Statement - 3 months to 30 September 2012

 

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 July 2012 to 30
September 2012, 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 28 June 2012 a total of 5,726 new Ordinary shares were issued following the
conversion of 5,726 B Ordinary shares in the period to 23 June 2012.

 

On 14 August 2012 the Company declared  a second interim dividend of 9.0p  per 
Ordinary share, payable on  15 November 2012 to  Ordinary shareholders on  the 
register at close of business on 12 October 2012.

 

On 16  August 2012  the  Company paid  a first  interim  dividend of  9.0p  to 
Ordinary shareholders  and  B Ordinary  shareholders  were issued  by  way  of 
capitalisation issue  with 0.96425  new  B Ordinary  shares  for every  100  B 
Ordinary shares held on the record date of 13 July 2012.

 

On 22 August 2012 the Company announced  its half yearly results and the  half 
yearly report was posted to shareholders on 11 September 2012.

 

During the period under review a  total of 2,266,500 new Ordinary shares  were 
issued for cash at a premium to the prevailing net asset value.  Subsequent to
the period end a further 575,000 shares  were issued for cash at a premium  to 
the prevailing net asset value.

 

 

Twenty largest equity holdings at 30 September 2012

 

Company                      % of NAV
British American Tobacco *        5.2
Unilever Indonesia                4.8
Souza Cruz                        4.2
ASUR                              3.7
Taiwan Mobile                     3.5
Philip Morris                     3.4
Kimberly-Clark de Mexico          3.1
Taiwan Semiconductor              3.0
Telus                             2.8
PetroChina                        2.8
Standard Chartered                2.5
Tenaris                           2.5
Singapore Telecommunications      2.4
Nordea                            2.4
Femsa                             2.4
Total                             2.4
Daito Trust Construction          2.4
Petroleo Brasileiro               2.3
Roche                             2.3
ENI                               2.3
TOTAL                            60.4

* consolidates UK and Malaysian holdings by same issuer

 

 

Ten Largest Fixed Interest Holdings at 30 September 2012

 

Company                                 % of NAV
Portugal Telecom Int Fin 4.5% 16/06/25       1.0
Hypermarcas 6.5% 20/04/21                    0.9
Vale Overseas Limited 6.875% 21/11/2036      0.9
Telefonica Emisiones 5.375% 02/02/2018       0.9
Banco Bradesco (Cayman) 5.9% 16/01/21        0.8
Venezuela (Rep of) 8.5% 08/10/2014           0.7
Indonesia (Rep of) 10% 15/02/28              0.6
Indonesia (Rep of) 9.5% 15/07/23             0.6
Brazil (Fed rep of) 11% 17/08/40             0.3
General Accident 7.875%                      0.2
TOTAL                                        6.9

 

 

General description of Company's financial  position and performance as at  30 
September 2012

 

               £m
Gross Assets   1,278.7
Debt           (163.5)
Actual gearing 14.3%

Gearing is expressed as a percentage of gross assets divided by net assets.

 

Cumulative total return performance (%)

 

                                   1       3       6     1      3      5
                         as at month  months  months  year  years  years
                    30/09/2012
Share Price            1033.0p   3.3     6.0     6.3  27.6   55.0   84.7
NAV*                    930.8p   0.9     2.6     2.7  22.6   44.2   62.5
Composite Benchmark              1.1     4.0     0.8  17.3   24.1   14.5

* Excluding current year revenue.

 

 

Discrete total return performance (%) year to:

 

                    30/09/2012 30/09/2011 30/09/2010 30/09/2009 30/09/2008
Share Price               27.6       -0.7       22.4       23.8       -3.8
NAV*                      22.6       -1.7       19.7       22.8       -8.2
Composite Benchmark       17.3       -4.1       10.4       11.4      -17.2

 

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 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 October 2012  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 the Company's 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

1 November 2012

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
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IMSBUBDBCUGBGDB -0- Nov/01/2012 16:00 GMT