57. Uncovering trusts – Murray International Trust (MYI): A dividend hero with a differentiated global portfolio

So we featured the Trust in November 2025, but given the development since then, could you perhaps start the conversation today by giving a brief introduction?

Yes, absolutely.

Murray International Trust is one of the oldest investment trusts in the market, having launched in December 1907.

It is listed on the main market of the London Stock Exchange and managed at Aberdeen by Martin Conegan and Samantha Fitzpatrick, both of whom are senior investment directors.

Now, the trust's objective is to achieve an above-average dividend yield, together with long-term growth in dividends and capital ahead of inflation, principally by investing in global equities.

Since July 2025, the trust's benchmark has been the MSCA All Companies World Index High Dividend Yield Index in sterling, which I think is a more natural comparator for global equity income strategy than a broad all-world index.

Thanks.

That's a very nice introduction to kick us off.

I guess my next question would be, what distinguishes MYI from other global equity income trusts?

I would highlight three points.

First, the portfolio is genuinely differentiated.

The trust has a much lower allocation to the United States than most global equity funds, with no exposure to the Mach 7 technology stocks, and a meaningfully higher allocation to emerging markets.

In the latest fact sheet, North America was around one third of assets, while Asia Pacific, ex-Japan and Latin America together accounted for just over 28%.

That gives shareholders exposure to income and dividend growth opportunities that are not simply, you know, a mirror of the global index.

Second, the dividend policy is important.

The trust pays dividends from income and, where appropriate, revenue reserves.

So it does not use capital to fund distributions, which I believe is a meaningful distinction from many peers.

And third, there is the trust's long-term emphasis on resilience.

The managers are not trying to maximize exposure to the fastest-growing parts of the market.

They are trying to build a portfolio of good businesses at good prices with the ability to generate income.

grow dividends and preserve capital during weaker markets.