Murray International Trust PLC
Interim Management Statement - 3 months to 31 March 2011
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 January 2011 to 31 March 2011, 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 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 17 February 2011 the Company paid a third interim dividend in respect of the year ended 31 December 2010 of 6.8p.
On 23 February 2011 the Company released its Annual Financial Report Announcement.
On 28 April 2011 the Company held its Annual General Meeting at which all resolutions were passed. The special business included resolutions to approve the payment of the final dividend of 11.6p and associated capitalisation issue to B Ordinary shareholders; to authorise the Directors to allot new shares for cash and to dis-apply pre-emption rights and to allow the Company to buy back shares (up to 14.99% of the issued share capital).
On 28 April 2011 the Directors declared a first interim dividend in respect of the year ending 31 December 2011 of 8.0p per Ordinary share which will be payable on 16 August 2011 to shareholders on the register on 15 July 2011 (ex dividend 13 July 2011). The Directors will announce the ratio for the corresponding capitalisation issue to B Ordinary shareholders in due course.
Immediately following the conclusion of business at the Annual General Meeting held on 28 April 2011 Mr Trott retired from the Board of Directors and Dr Carter was appointed Chairman.
On 29 April 2011 Ms Ella Brown and Mr Peter Dunscombe were both appointed as non-executive Directors of the Company.
Twenty largest equity holdings at 31 March 2011
|
Company
|
% of NAV
|
|
British American Tobacco *
|
4.9
|
|
Souza Cruz
|
3.9
|
|
Unilever Indonesia
|
3.7
|
|
Tenaris
|
2.9
|
|
ASUR
|
2.9
|
|
PTT Exploration and Production
|
2.8
|
|
Standard Chartered
|
2.7
|
|
Vale
|
2.7
|
|
Kimberly-Clark de Mexico
|
2.5
|
|
Taiwan Mobile
|
2.5
|
|
Philip Morris
|
2.4
|
|
PetroChina
|
2.4
|
|
Nordea Bank
|
2.4
|
|
Petrobras
|
2.4
|
|
Weir
|
2.2
|
|
Taiwan Semiconductor
|
2.2
|
|
Telus
|
2.1
|
|
Royal Dutch Shell B
|
2.1
|
|
Zurich Financial
|
2.0
|
|
Public Bank
|
2.0
|
|
TOTAL
|
53.7
|
* Consolidates all equity holdings from same issuer
Ten Largest Fixed Interest Holdings at 31 March 2011
|
Company
|
% of NAV
|
|
Rio Tinto Finance 6.5% 15/07/2018
|
1.3
|
|
Portugal Telecom Int Fin 4.5% 16/06/25
|
1.3
|
|
Telefonica Emisiones 5.375% 02/02/2018
|
1.1
|
|
Imperial Tobacco Finance 5.5% 22/11/2016
|
1.1
|
|
Vale Overseas Limited 6.875% 21/11/2036
|
1.0
|
|
Banco Bradesco (Cayman) 5.9% 16/01/21
|
0.9
|
|
Venezuela (Rep of) 8.5% 08/10/2014
|
0.7
|
|
Mexico 10.5% 14/07/2011
|
0.6
|
|
Indonesia (Rep of) 9.5% 15/07/23
|
0.6
|
|
Indonesia (Rep of) 10% 15/02/28
|
0.6
|
|
|
|
|
TOTAL
|
9.2
|
General description of Company's financial position and performance as at 31 March 2011
|
|
£m
|
|
Gross Assets
|
1,097.4
|
|
Debt
|
(154.6)
|
|
|
|
|
Actual gearing
|
16%
|
Cumulative performance (%)
|
|
as at
|
1 month
|
3 months
|
6 months
|
1 year
|
3 years
|
5 years
|
|
|
31/03/2011
|
|
|
|
|
|
|
|
Share Price
|
931.5p
|
1.5
|
-0.3
|
7.3
|
10.5
|
49.9
|
80.4
|
|
NAV
|
893.3p
|
1.7
|
-2.1
|
8.1
|
12.3
|
45.8
|
66.5
|
|
Composite Benchmark
|
|
0.4
|
1.9
|
10.7
|
7.8
|
23.7
|
25.3
|
Discrete performance (%) year to:
|
|
31/03/2011
|
31/03/2010
|
31/03/2009
|
31/03/2008
|
31/03/2007
|
|
Share Price
|
10.5
|
51.4
|
-10.3
|
11.1
|
8.3
|
|
NAV
|
12.3
|
57.4
|
-17.5
|
6.7
|
7.0
|
|
Composite Benchmark
|
7.8
|
48.6
|
-22.8
|
-3.7
|
5.1
|
Total Return; NAV-to-NAV, Net Income Reinvested, GBP
Source: Aberdeen Asset Management, Factset and Morningstar
NAV returns based on NAVs excluding income and with debt valued at par
Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 1 January 2011 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 that 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
3 May 2011