The classification of this Super 60 investment has changed. Find out more
| Asset Group | Asset Sub-Group | Investment Category |
| Equities | Global equity income | Adventurous |
The trust is managed by Bruce Stout, Martin Connaghan and Samantha Fitzpatrick, who have worked together for over two decades, dating back to when the product was run by Murray Johnstone before being brought into the abrdn franchise. Stout, who have over 35 years of investment experience, leads the team and plays a key role in the construction of the portfolio. The managers leverage the stock ideas from abrdn’s global analyst team. The trust is managed as a global multi-cap strategy and although it technically has a mandate of growth and income, income is the real focus. While the trust’s focus on yield leads to a value bias, there are clear elements of quality in the portfolio and key factors considered in stock selection include; durability of the business model and moat, the attractiveness of the industry, the strength of the financials and management’s capability. While the trust’s mandate allows for gearing of up to 30%, the managers currently only have a facility in place, which allows for gearing of up to 12.5%. In performance terms the fund has consistently delivered on its income objective with a yield that is comfortably in excess of 4%, however capital returns have been lumpy, hampered in part by the fund’s value style bias. Opinion Over time we would expect the trust’s income objective to remain a key focus, but the benchmark agnostic, unconstrained nature of the portfolio is likely to lead to lumpy returns with respect to capital performance. December 2022 | ||
Classification change
The decision to reclassify Murray International from Global Equity Income/ Income to Global Equity Income/ Adventurous is in-line with our stated methodology. We have conducted a careful review of the risks associated with the trust, including the style of the manager and portfolio positioning as well as assessment of the sector.
In conclusion, we maintain our conviction in the manager and his process. The risk re-categorisation was needed due to the current, post sell-off market environment and the possibility of longer recovery periods for value investing.
(20 July 2020)
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