Corporate News

Murray International Trust PLC Reports Strong Half‑Year Performance

Murray International Trust PLC (MIT) disclosed its financial results for the six months ending 30 June 2026, underscoring a performance that continues to outpace its benchmark over extended horizons. The trust recorded a net asset value (NAV) return of approximately 10 % and a share price return close to 10 % for the period, both surpassing the MSCI ACWI High Dividend Yield Index. In line with its progressive dividend policy, MIT declared a dividend of 2.8 pence per share for the first half of the year and announced a second interim dividend for November 2026.

Portfolio Dynamics

Growth‑Focused Holdings

MIT’s portfolio remained anchored in high‑growth technology and infrastructure equities, with key contributors including:

  • Samsung Electronics
  • BE Semiconductor
  • Taiwan Semiconductor Manufacturing Company (TSMC)
  • Cisco Systems

These positions provided significant upside, reflecting robust demand for advanced semiconductor and networking solutions across global supply chains.

Detracting Sectors

Conversely, the trust identified positions in CME Group, Infosys, Ping An Insurance, and Taylor Wimpey as detractors. Challenges in derivatives markets, outsourcing services, Asian insurance, and UK housing sectors, respectively, have constrained performance in these holdings.

New Additions

During the reporting period, MIT expanded its exposure to alternative assets and industrial sectors with the following additions:

  • Blackstone – alternative investment platform
  • Pfizer – pharmaceutical innovation
  • Union Pacific – rail infrastructure
  • Fastenal – industrial supplies
  • ONEOK – energy infrastructure

These holdings broaden the trust’s diversification across asset classes and sectors, positioning it to capture opportunities in both traditional and emerging markets.

Operational Highlights

  • Treasury Share Repurchase: MIT sold a substantial portion of its treasury shares at a modest premium, generating capital that can be redeployed or returned to shareholders.
  • Fixed‑Income Exposure: The trust further reduced its allocation to fixed‑income securities, maintaining a low leverage profile with a net gearing level of around 4 %.
  • Income Generation: Dividends from portfolio holdings rose in most cases, reinforcing the trust’s income‑focused mandate.
  • Currency Management: Exposure to foreign currencies remained broadly balanced, mitigating net currency risk in a volatile global environment.

Outlook and Risk Considerations

MIT acknowledges heightened geopolitical and macroeconomic uncertainty, particularly concerning energy markets and potential shifts in technology demand. The board emphasises that a disciplined, selective investment approach is essential to navigate these risks while continuing to pursue long‑term capital growth and income for shareholders.

By maintaining a diversified portfolio across technology, infrastructure, alternative assets, and industrial sectors, and by exercising prudent capital management, Murray International Trust PLC aims to deliver sustainable returns that remain ahead of benchmark indices over longer timeframes.