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Murray International Trust PLC on Friday said it underperformed against its reference index, but raised its dividend as net asset value nevertheless rose. The company said net asset value per share rose 3.9% to 268.8 pence as at December 31 from 258.7p a year prior. The Edinburgh-based investment trust, managed by abrdn PLC, invests in global equities for dividend yield and capital growth. Its top ten investments include Broadcom Inc, Taiwan Semiconductor Manufacturing Co Ltd, Philip Morris International Inc, TotalEnergies SE, and Samsung Electronics Co. Murray International’s NAV per share total return fell to 8.6% for 2023 from 8.8% and underperformed against its reference index, the FTSE All World which posted a total return of 15.7%. The company said: ‘The impacts of sharply rising interest rates, which had begun in earnest in early 2022, began to have a negative impact on most global economies. Scrutinised by sceptical bond markets, central banks remained vigilant about ongoing inflationary pressures. ‘Interest rates continued to rise, debt servicing costs increased further and economic stagnation remained a constant threat. Whilst most countries experienced decelerating rates of inflation, overall prices continued to rise, putting further pressure on already stretched household budgets.’ Murray recommended a final dividend of 4.3 pence per share, up 7.5% from 4.0p a year prior. This brought the total payout to 11.5p, up 2.7% from 11.2p. Looking ahead, Chair Virginia Holmes commented: ‘Despite mounting global uncertainties in what currently appears to be an increasingly divided and fractious world, the manager remains deeply committed to the company’s investment strategy, believing such a proven investment process will continue to identify appropriate opportunities to deliver the company’s objectives.’ Murray shares rose 0.6% to 245.400 pence each on Friday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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