MURRAY INTERNATIONAL TRUST PLC (the “Company”)
Legal Entity Identifier (LEI): 549300BP77JO5Y8LM553
HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2026
Murray International Trust PLC (the “Company”), a globally diversified investment trust aiming to deliver an attractive and growing income, alongside long-term capital growth, is pleased to report strong performance for the six months ended 30 June 2026.
- During the period the Company delivered a NAV total return of +10.5% and a share price total return of +9.9%; this compares to a +12.4% increase in the Benchmark Index. The NAV total return and share price total return remain ahead of the Benchmark over one and five years.
- The Company declared two interim dividends of 2.8 pence per share during the period and remains committed to a progressive dividend policy.
- The Company’s shares ended the period trading at a 2.4% premium to NAV, compared with a 3.0% premium at 31 December 2025.
- During the period, the Company sold 4.96m shares from treasury, raising £17.6m, at an average premium of 1.5% to meet ongoing demand.
- Strong performance during the period was driven by the quality of the portfolio’s holdings and the long-term growth opportunities available across the companies in which the Company invests. Notable contributors included Samsung Electronics, BE Semiconductor, Taiwan Semiconductor Manufacturing Company and Cisco Systems.
- The principal detractors from performance during the period were CME Group, Infosys, Ping An Insurance and Taylor Wimpey.
- During the period, new positions were initiated in Blackstone, the world’s largest alternative asset management firm, Pfizer, the international biopharmaceutical research and development company, Union Pacific, a leading US infrastructure firm, Fastenal, a global wholesale distributor of industrial and construction supplies, and ONEOK, a North American energy infrastructure company.
Virginia Holmes, the Company’s Chair, commented:
“Against a macro backdrop of significant uncertainty and volatility, the Company has delivered robust performance, delivering both NAV growth and real capital growth ahead of the UK Retail Price Index, thereby meeting one of the Company’s key investment objectives and performance benchmarks.
“In this environment, the Company’s approach of maintaining a highly selective and disciplined investment style is more important than ever. A number of the portfolio’s technology picks delivered significant share price performances, benefitting from the AI-related demand in areas where they hold market-leading positions. The portfolio’s commodities holdings also benefitted, with BHP Group a standout performer as it successfully repositioned itself as a premier copper play. During the period under review, the Manager introduced a handful of new companies, including Blackstone, Union Pacific and Pfizer, all selected for their compelling long-term growth characteristics.
“The outlook for global equity markets remains broadly positive, supported by resilient economic growth, albeit periods of volatility are to be expected. Given the Company’s robust, disciplined portfolio approach, the Board is very confident of the Company’s ability to continue to deliver shareholder value, with long-term growth in dividends and capital ahead of inflation.”
Highlights
| Net asset value total returnA | Share price total returnA | ||
| Six months ended 30 June 2026 | Six months ended 30 June 2026 | ||
| +10.5% | +9.9% | ||
| Year ended 31 December 2025 | +21.9% | Year ended 31 December 2025 | +36.0% |
| Benchmark total returnB | Premium to net asset valueA | ||
| Six months ended 30 June 2026 | As at 30 June 2026 | ||
| +12.4% | 2.4% | ||
| Year ended 31 December 2025 | +12.6% | As at 31 December 2025 | 3.0% |
| Ongoing charges ratioA | Net gearingA | ||
| As at 30 June 2026 | As at 30 June 2026 | ||
| 0.47% | 4.0% | ||
A Alternative Performance Measure (see below).
B MSCI ACWI High Dividend Yield Index (formerly the reference index was the FTSE All World TR Index between 28 April 2020 and 30 June 2025).
| 30 June 2026 | 31 December 2025 | % change | |
| Total assets less current liabilities (before deducting loan notes) | £2,204.6m | £2,030.9m | +8.6 |
| Net assets | £2,094.7m | £1,921.0m | +9.0 |
| Share price per Ordinary share (mid market)A | 360.5p | 335.0p | +7.6A |
| Net Asset Value per Ordinary share | 351.9p | 325.4p | +8.1A |
| Premium to Net Asset Value per Ordinary shareB | 2.4% | 3.0% | |
| Dividend yieldB | 3.6% | 3.7% | |
| Net gearingB | 4.0% | 4.4% | |
| Ongoing charges ratioB | 0.47% | 0.50% |
A The movement relates to capital only and does not take account of the reinvestment of dividends.
B Considered to be an Alternative Performance Measure. Further details can be found below.
Calendar
| Expected Dividend Payment Dates | |||
| 14 August 2026 | 18 November 2026 | 17 February 2027 | 18 May 2027 |
| Dividends | ||||
| Rate | Ex-dividend date | Record date | Payment date | |
| 1st interim | 2.8p | 2 July 2026 | 3 July 2026 | 14 August 2026 |
| 2nd interim | 2.8p | 1 October 2026 | 2 October 2026 | 18 November 2026 |
| Total dividends | 5.6p | |||
| Shareholder Engagement | |||
| Half Yearly Results 7 August 2026 | Annual Results early March 2027 | Online Investor Presentation early April 2027 | Annual General Meeting 27 April 2027 |