REG - Murray Intnl Trust - Half-year Report
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RNS Number : 4224V Murray International Trust PLC 15 August 2025
MURRAY INTERNATIONAL TRUST PLC (the "Company")
Legal Entity Identifier (LEI): 549300BP77JO5Y8LM553
HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025
Murray International Trust PLC is a globally-diversified investment trust
aiming to deliver an attractive and growing income, alongside long-term
capital growth.
- During the period the Company delivered a NAV total return of +6.0% and
a share price total return of +11.6%, this compares a +1.0% increase in the
Reference Index.
- The Company declared two dividend distributions for the period of 2.6 pence
per share each and remains committed to a progressive dividend policy.
- The discount ended the period at -2.7% compared to -7.5% at 31 December 2024.
- The diversification evident in the portfolio emerged in the key drivers of
robust performance with an international consumer staple company (Philip
Morris International), a Central American airport operator (Grupo ASUR), a
leading Asian stock exchange (Hong Kong Exchanges and Clearing), an Asian
communication services business (Singapore Telecommunications), and a
European-based utility (Enel) making up the top five performing stocks for the
period.
- The most significant detractors during the period were Merck & Co.,
Bristol Myers Squibb, Diageo, Pernod Ricard and GlobalWafers.
- During the period, new positions were initiated in Anglo-Australian mining
giant Rio Tinto, Indian IT service company Infosys and Italian financial
services provider Intesa Sanpaolo.
- Murray International achieved AIC 'Dividend Hero' status, having delivered an
increased dividend for the 20th consecutive year in 2024.
Virginia Holmes, the Company's Chair, commented:
"We are pleased to report six months of robust returns for our shareholders in
a particularly turbulent period for global investors, with a NAV total return
of +6.0% significantly outperforming the Company's reference index and
stronger share price performance of +11.6% as the discount to net assets at
which the Company's shares traded narrowed significantly.
During this period, from Wall Street to Asia's tech-driven markets, investors
eventually looked through turbulence experienced earlier in the year and risk
appetite recovered sharply by mid-year leading many markets to reach new
all-time highs. However, the path ahead is likely to remain uneven and
challenging.
In this environment, investors will benefit from a patient, globally
diversified, and risk-aware approach, which is central to our Manager's
strategy in pursuing Murray International's aim of achieving an above average
dividend yield, with long-term growth in dividends and capital ahead of
inflation."
The Directors of Murray International Trust PLC report the unaudited results
of the Company for the six months ended 30 June 2025.
Performance Highlights
Net asset value total return(A) Share price total return(A)
Six months ended 30 June 2025 Six months ended 30 June 2025
+6.0% +11.6%
Year ended 31 December 2024 +8.1% Year ended 31 December 2024 +4.5%
Reference index total return(B) Discount to net asset value(A)
Six months ended 30 June 2025 As at 30 June 2025
+1.0% -2.7%
Year ended 31 December 2024 +19.8% As at 31 December 2024 -7.5%
Ongoing charges ratio(A) Net gearing(A)
As at 30 June 2025 As at 30 June 2025
0.51% 5.8%
As at 31 December 2024 0.52% As at 31 December 2024 6.1%
(A) Alternative Performance Measure (see definition below).
(B) FTSE All World TR Index.
Financial Calendar and Highlights
Payment dates of quarterly dividends 15 August 2025
18 November 2025
17 February 2026
18 May 2026
Financial year end 31 December
Expected announcement of results for March 2026
year ending 31 December 2025
Annual General Meeting 23 April 2026
Financial Highlights
30 June 2025 31 December 2024 % change
Total assets less current liabilities (before deducting loan notes) £1,816.0m £1,788.8m +1.5
Net assets £1,706.1m £1,678.8m +1.6
Share price per Ordinary share (mid market)(A) 280.0p 257.5p +8.7(A)
Net Asset Value per Ordinary share 287.9p 278.4p +3.4(A)
Discount to Net Asset Value per Ordinary share(B) -2.7% -7.5%
Net gearing(B) 5.8% 6.1%
Ongoing charges ratio(B) 0.51% 0.52%
(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. See definition below.
Interim Board Report - Chair's Statement
Background
The year began with positive momentum in financial markets driven by President
Trump's return, along with expectations for tax cuts and deregulation.
However, this optimism quickly diminished after the "Liberation Day" sell off
in April. This downturn was fuelled by President Trump's threats of tariffs,
fiscal concerns, tensions with the Federal Reserve, and unpredictable policy
decisions. Geopolitical risks escalated with a direct conflict between Israel
and Iran; however, a swift ceasefire helped restore some market stability.
Sentiment improved following a surprising trade truce between the U.S. and
China, along with a framework deal with the UK, and more trade agreements
elsewhere. From Wall Street to Asia's tech-driven markets, investors
eventually looked through the turbulence experienced earlier in the year and
risk appetite recovered sharply by mid-year leading many markets to reach new
all-time highs.
Performance and Dividends
The net asset value (NAV) total return, with dividends reinvested, for the six
months to 30 June 2025 was 6.0% compared with 1.0% for the Company's Reference
Index (the FTSE All World TR Index in GBP). Over the six-month period, the
share price total return was 11.6%, as the discount to the NAV narrowed
significantly to -2.7% from
-7.5% at 31 December 2024. The Manager's Review contains more information
about both the drivers of performance in the period and activity within the
portfolio.
The first interim dividend of 2.6 pence per share (2024: 2.5p) in respect of
the six months to 30 June 2025 is payable on 15 August 2025. The Board has
declared a second interim dividend of 2.6 pence per share (2024: 2.5p) for the
current year which will be paid on 18 November 2025 to shareholders on the
register on 3 October 2025.
The Board remains committed to the Company's progressive dividend policy given
the Company's investment objective to provide growing levels of income. This
means that, in some years, revenue will be added to reserves while, in others,
revenue may be taken from reserves to supplement earned revenue for that year
to pay the annual dividend. Shareholders should not be surprised or concerned
by either outcome as, over time, the Company will aim to pay out what the
underlying portfolio earns. As a long-established investment trust, the
Company has the benefit of over £78.5 million of distributable revenue
reserves on its balance sheet at 30 June 2025, which equates to 1.12 times the
dividend in respect of 2024.
MSCI ACWI High Dividend Yield Index
During the year, the Board reviewed the appropriateness of using the FTSE
All-World Index as the Company's "Reference Index". As a result of this
review, the Board concluded that it would be more helpful for shareholders if
the index against which the portfolio's performance is measured was more
reflective of the Company's investment style. The Board has therefore
determined that with effect from 1 July 2025, the previous reference index
should be changed and the MSCI ACWI High Dividend Yield Index adopted in its
place as the Company's benchmark index from that date.
Management of Premium/Discount
Your Board continues to believe that, in normal market conditions, it is
appropriate to seek to address temporary imbalances in the supply and demand
for the Company's shares which might otherwise result in a recurring material
discount or premium. The Board believes that this process is in all
shareholders' interests as it seeks to reduce volatility in the discount or
premium to underlying NAV whilst also making a small positive contribution to
the NAV. While we saw discounts generally narrow across the industry over
the period, investment trust discounts remained wider than the long-term
average. The Company bought back 10.5 million Ordinary Shares of 5p for
Treasury during the period representing 1.8% of the issued share capital, at a
total cost of £27.9 million and at a weighted average discount of -8.6%.
At 13 August 2025, the latest practicable date prior to publication of this
Half Yearly Report, the NAV (including income) per share was 303.1p and the
share price was 291.5p equating to a discount of 3.8% per Ordinary share.
Gearing
The Company's borrowings consist of £110 million of unsecured loan notes
which are fully drawn with £50m repayable in 2031 and the balance in 2037.
The weighted cost of these fixed-rate loan notes is 2.56%. The borrowings
represented a net gearing level of 5.8% based on the Company's NAV at 30 June
2025 (31 December 2024: 6.1%). The Board continues to monitor options for
further gearing but has concluded that interest rates at the present time
remain too high. The Board will continue to keep this under review.
Ongoing Charges Ratio ("OCR")
During the review period, the OCR remained broadly flat, ending the six months
at 0.51% (31 December 2024: 0.52%). The Board remains focused on controlling
costs and delivering value to shareholders. A full breakdown of the OCR
calculation is provided below.
Board Composition
As part of the Board's long-term succession planning, Alexandra Mackesy
retired from the Board at the conclusion of the AGM in April 2025 and, as
previously announced, the Directors welcomed Jeroen Huysinga to the Board as
an independent non-executive Director on 1 May 2025. Jeroen is a highly
experienced investment professional with a strong background of over 20 years
in global equities and the management of investment trusts having been
managing director global equities at JP Morgan Asset Management until his
retirement in 2020.
Outlook
Global equity markets are navigating a complex macroeconomic environment.
Although there was resilient performance in the first half of the year, there
have also been periods of volatility and weakness, and the path ahead is
likely to remain uneven. Despite these challenges, compelling opportunities
exist. Earnings growth is gradually expanding beyond just the mega-cap
technology companies. Central banks, particularly the European Central Bank,
have implemented modest rate cuts, and there are expectations that the Federal
Reserve will follow suit. This should support valuations and sustain investor
sentiment. In emerging markets, lower interest rates and a weaker U.S. dollar
may attract capital inflows, especially in Asia and Latin America. However,
risks remain. Geopolitical tensions could lead to potential shocks, and
concerns about the fiscal position of the United States persist. Trade
tensions may also influence market dynamics and have a spillover effect on
inflation, which could restrict central banks' ability to ease monetary policy
as currently anticipated. In this environment, investors will benefit from a
patient, globally diversified, and risk-aware approach, which is central to
how our Manager aims to meet the investment objectives.
Shareholder Engagement
The Board was pleased to note that almost 280 investors joined the pre-AGM
webinar we hosted in April and many more have subsequently viewed the
recording on the Company's website. The Board sees this as a very helpful
means of connecting with current and potential shareholders and addressing
their questions. We expect that this process will be repeated ahead of the
Annual General Meeting next April.
Shareholders' views are very important to the Board and I encourage you to
email me if you have feedback on the Company at
VirginiaHolmes.Chair@abrdn.com.
Virginia Holmes
Chair
14 August 2025
Interim Board Report - Manager's Review
Summary
The first half of 2025 proved to be a rollercoaster for global markets,
underscoring both their vulnerability to shocks and their capacity for
opportunity and recovery. Investors were whipsawed by a volatile mix of
political developments, economic uncertainty, and geopolitical flashpoints
that tested confidence across asset classes. Markets kicked off the year on a
high note, lifted by renewed investor enthusiasm following President Trump's
return to office. Hopes for sweeping tax reforms and deregulation sparked a
wave of optimism. But that sentiment quickly soured. April's dramatic
"Liberation Day" marked a turning point, as markets reacted sharply to a
flurry of destabilising signals: tariff threats, fiscal instability, friction
with the Federal Reserve, and erratic policy moves from Washington. Tensions
abroad added to the unease. A brief but intense military confrontation between
Israel and Iran rattled global investors, though the fact that it did not
escalate and a ceasefire was agreed very quickly helped contain the fallout.
Unfortunately, efforts to broker peace in other conflict zones-namely between
Russia and Ukraine, and Israel and Hamas-have not progressed at the same rate,
casting a shadow over broader geopolitical stability. Despite the turbulence,
a shift in tone emerged by mid-year. A surprise trade détente between the
U.S. and China, along with a new framework agreement with the UK, helped ease
fears of a global trade breakdown. Additional trade negotiations were reported
to be underway, further lifting sentiment. By summer, risk appetite had
returned, and equity markets across the globe-particularly in the U.S. and
Asia-rallied to new highs. The first six months of 2025 serve as a vivid
reminder of the risks and opportunities that global equity markets offer.
Which stocks have performed well?
Below we discuss the most significant contributors to relative performance
this year. The diversification across geographies and industries evident in
the portfolio emerges as a key driver of robust performance with an
international consumer staple company, a Central American airport operator, a
leading Asian stock exchange, an Asian communication services business, and a
European-based utility making up the top five performing stocks for the six
months.
Philip Morris International ("Philip Morris"), the portfolio's single largest
holding, has been the best performing investment during the first half of the
year in relative terms. The company is a formidable business, generating
substantial earnings growth and free cash flows as it leverages its
traditional tobacco business to facilitate its transition into reduced-risk
and smoke-free products, which now account for approximately 40% of its
revenues. It has proven itself to be relatively immune to the tariff noise
that has plagued markets at times, and its defensive, growing earnings stream
is attractive given the environment. Given the strength of the share price, we
have reduced the Company's holding marginally during the period under review,
recycling that capital into other companies that have performed less strongly
but remain attractive. While we remain comfortable with the investment outlook
for Philip Morris, it is unlikely to be a recipient of fresh capital at this
juncture, given its very strong performance over the last twelve months.
Grupo ASUR is the owner and operator of sixteen airports across Mexico, Puerto
Rico and Colombia. Its most significant assets are its Mexican airports,
including Cancun and Cozumel. Whilst growth in passenger numbers has been more
subdued in its Mexican operations recently, its assets in Puerto Rico and
Colombia have offset that to some degree. The business has consistently grown
its commercial revenues-the revenues that passengers spend while in their
terminals-at very attractive rates over the long term, resulting in a
high-margin, cash-generative business. Earlier this year, the company
announced its intention to return some of the excess cash on its balance sheet
to shareholders via a significantly higher-than-expected regular dividend,
followed by two special dividends later this year. This announcement, which
means the stock yields a very attractive 14%, was received positively by the
market.
Hong Kong Exchanges and Clearing ("HKEX") is one of the world's leading global
exchange groups, offering a range of equity, derivatives, commodities, fixed
income, and other financial markets, products and services, including the
London Metal Exchange. It is also the world's leading IPO market and a
world-leading capital raising venue for Hong Kong and Mainland Chinese
issuers, while acting as the frontline regulator of companies listed in Hong
Kong. The share price jumped in February and again in May, driven by strong
results. HKEX led global initial public offering activity in the first half of
the year with 42 new company listings. Trading activity and clearing volumes
also surged, driven by record northbound and southbound flows through Stock
Connect. This mutual market access programme links the stock markets of
Mainland China with Hong Kong.
Enel operates as a multinational power company and an integrated player in the
global power, gas, and renewables markets. The company produces energy and
distributes electricity to business and household users and manages wind,
solar, geothermal and hydropower plants all over the world. Enel's strong
start to 2025 has been driven by several factors: operational outperformance,
with solid profits and full-year guidance; geographic diversification, where
strong performances in Spain and Latin America offset softness in Italy; and
solid growth across its renewables business. These were all underpinned by
strong free cash flow generation, enabling the company to reduce debt and
deliver attractive dividend growth.
Singapore Telecommunications ("Singtel") is one of Asia's leading
communications technology groups, offering fixed and mobile phone services,
broadband, TV and digital services. Along with its regional associates,
Airtel, AIS, Globe, Optus, and Telkomsel, it provides services to over 780
million customers across 20 countries in Asia, Australia, and Africa. Singtel
delivered robust performance in the first half of 2025, with underlying net
profit up 6% compared to the prior year period, driven by improved mobile
performance and disciplined cost management at Optus, its Australian business,
as well as margin expansion and solid bookings at NCS, its tech & digital
services segment. Free cash flow increased by 9% and the company raised its
final dividend by 26%, putting it on a c.4.5% dividend yield.
What detracted from performance in the first half of 2025?
Given the volatility in markets that we have seen, it is inevitable that not
every stock has delivered positive performance in the period. A more
pronounced pattern is evident in the areas of the portfolio that have
performed poorly over the last six months, with healthcare and alcohol
producers among the poorest performing stocks.
Merck & Co. ("Merck") is a global healthcare company that delivers
innovative health solutions through its prescription medicines, vaccines, and
animal health products. Despite solid first-quarter results, the business
disappointed the market with a more subdued outlook for the rest of the year,
trimming its earlier guidance and citing a slowdown in sales of its HPV
vaccine, Gardasil, in China. Tariff-related headwinds and uncertainties, as
well as broader sector concerns about the regulatory and pricing environment
in the United States, have also weighed on sentiment. Share price weakness
also reflects investor concerns over the patent expiry of Keytruda, its
leading cancer treatment, which occurs in 2028. We have taken advantage of the
share price weakness we've seen this year to increase the size of this holding
in the portfolio. The stock's healthy balance sheet and robust cash flows have
enabled Merck to invest in a broader and later-stage pipeline, which could
mitigate the impact of the Keytruda patent loss. In our view, the stock is
undervalued for the growth it should be able to deliver on both a near- and
long-term basis.
Bristol Myers Squibb ("Bristol Myers") is another healthcare company listed in
the United States that struggled during the first half despite reasonable
results in the first quarter. It has also been caught up in similar tariff and
sector specific issues along with Merck; it also faces challenges with key
drugs, such as the anticoagulant Eliquis and myeloma treatment Pomalyst, which
are expected to experience pricing pressures due to price negotiations with
the U.S. Centres for Medicare & Medicaid Services as part of the Inflation
Reduction Act. As with Merck, we have used the relative weakness in the stock
as an opportunity to increase our holding size. Bristol Myers has a robust
balance sheet and generates attractive levels of free cash flow to support
internal research & development, as well as potential mergers. The
business remains a formidable player in the field of haematology, with
multiple new drug launches underway, the most notable being the schizophrenia
treatment, Cobenfy.
Diageo's share price has continued to struggle this year, which has been
frustrating, as the company has faced numerous challenges. The threat of
tariffs on alcohol imports into the United States, its largest market, has
been a key concern, and it has seen inventory builds and sales declines in
markets such as Latin America and the Caribbean. Being positioned at the more
premium end of the brand spectrum has also hindered it, as consumers become
increasingly price-aware due to the current economic uncertainty. The company
recently parted ways with CEO Debra Crew, with CFO Nik Jhangiani taking the
role on an interim basis. Since Nik Jhangiani arrived as CFO in early 2024,
there has been greater clarity on what Diageo can do to reduce costs, improve
cash flow, and deleverage its balance sheet. Diageo boasts an impressive and
broad portfolio of brands across beer and spirits and has been innovative in
developing and acquiring low- and no-alcohol brands to adapt to shifting
consumer tastes. The appointment of the new CEO and the company's anticipated
strategy for re-positioning the business for the future will be an essential
step for the company and its fortunes going forward.
Elsewhere in the alcoholic beverages sector, Pernod Ricard ("Pernod") has been
caught up in trade disputes, as China imposed additional duties on cognac, a
key product for Pernod, in retaliation for EU tariffs on Chinese electric
vehicles. The company has also faced weaker than expected sales in key
markets, such as the United States and China. It too faces similar questions
on whether the industry is facing a temporary cyclical slowdown or a more
permanent structural shift in consumers and their attitude to alcohol
consumption. The latter also presents an opportunity for both Pernod and
Diageo; if they can utilise their expertise and scale to invest in and
position new and existing brands at the forefront of this trend, then this
could represent an attractive growth and higher-margin opportunity for the
companies that get this right. Philip Morris is an example of a consumer
company that has navigated this transition successfully. We used the share
price weakness in both beverages companies as an opportunity to increase the
positions during the first half of the year, believing that they can overcome
the challenges they currently face and deliver positive returns for our
shareholders over the coming years.
GlobalWafers is a Taiwanese manufacturer of silicon wafers, crystal rods, and
semiconductor ingots for the semiconductor industry. One might think this
company would benefit from the opportunity around Artificial Intelligence
(AI); however, it is not that straightforward. GlobalWafers relies on
broader-based wafer demand in the areas of consumer electronics and autos,
rather than just chips related to AI. Demand in these areas has been weak, and
this has come at a time when the business is expanding its manufacturing
capabilities in six countries overseas. This has led to higher depreciation,
labour and logistics expenses, which have weighed on margins. The company
reduced its dividend by 42% this year and we became increasingly concerned
that if non-AI demand remains soft while the company continues to expand
capacity globally, the risk of underutilised fabrication facilities would
continue to hamper margins and returns on invested capital. We decided to exit
the position earlier in the year due to these concerns.
Income Generation
Despite all the noise impacting equity markets from a capital perspective, the
income picture, both in terms of the portfolio and more generally, remains
more stable. The portfolio's total income in the period under review increased
by £6 million, or 13% compared to the first half of last year, to £52
million. The portfolio's underlying dividend outlook remains strong. Of the 25
companies that have declared full year dividend intentions 22 increased their
full-year dividend distributions, with TSMC, Telkom Indonesia and Siemens
increasing their dividends by 27%, 19% and 11% respectively. These were all
beaten by the airport operator, Grupo ASUR, which declared a substantial cash
return to shareholders, representing a 281% increase over the prior year's
distribution. Of the 80 pesos that Grupo ASUR are to pay out this year, two
special dividends, totalling 30 pesos, are to be paid out in the second half
of the year. It is likely therefore that the scale of dividend will not be
repeatable in future years.
Conversely, only three dividend reductions have been declared. Walmart de
Mexico, while increasing its regular dividends from the prior year, reduced
the special distributions it typically makes, resulting in a 22% decrease in
the combined dividend payout. The special dividend has fluctuated over the
years, and the weaker macroeconomic conditions in Mexico, where GDP growth has
been slowing, made this outcome expected. The Mercedes-Benz Group, a company
that has been caught in the middle of tariff-related uncertainty, also reduced
its dividend payout by 19% compared to the previous year. Even with this cut,
it remains one of the highest yielding companies in the portfolio.
GlobalWafers cut its payout by 42% subsequent to our sale of the stock as the
business contends with subdued demand for non-AI semiconductor materials
alongside an ambitious overseas investment plan, supporting our decision to
sell.
We are constantly alert to the potential impact of currency fluctuations,
particularly when investing globally with an unhedged portfolio, where over
90% of assets are denominated in currencies other than Sterling. You will
recall the impact that currency headwinds had last year, as Sterling was
strong against most major currencies, with notable moves against the Canadian
Dollar, Norwegian Krone, Brazilian Real, and Mexican Peso. So far this year,
the currency picture is more balanced. While the British Pound has continued
to be strong against the U.S. Dollar in particular, its movements against the
Canadian and Singapore Dollars are not as pronounced. Thus, it is not all
one-way traffic as it was last year, as during 2025 Sterling has continued to
weaken against the Euro and Latin American currencies, such as the Mexican
Peso and Brazilian Real.
Changes made to the portfolio
Turnover has been 8.3% of gross assets thus far this year, which is in line
with both the prior half year period and expectations, given the volatility
present in equity markets. As discussed earlier, a considerable amount of that
trading has been reducing holdings which have been performing well, such as
Philip Morris International, and buying into the share price weakness
displayed by holdings including Merck, Bristol Myers, Pernod Ricard and
Diageo. Other positions that have been reduced for similar reasons include
North American midstream company Enbridge and Singaporean bank OCBC. German
industrial giant Siemens and Swiss-based Zurich Insurance Group also saw their
positions reduced slightly due to the strength of their share prices during
the first six months of the year. Semiconductor and infrastructure software
giant Broadcom was another portfolio position to be reduced at the margin, as
it continues to see impressive demand for its AI infrastructure products.
We reinvested the capital raised from these sales by increasing existing
positions in communication services companies, including Telenor and Telkom
Indonesia. The holdings in UK housebuilder Taylor Wimpey and Mercedes-Benz
Group were also increased, as were positions in healthcare firms Medtronic and
Sanofi. In terms of outright disposals from the portfolio, as mentioned
earlier, we exited the holding in GlobalWafers as the dividend outlook for the
business continues to look challenging. We sold the position in the Swedish
industrial group, Atlas Copco, in the early part of the year. There is
absolutely nothing wrong with Atlas Copco as a business but its valuation was
elevated and it faces risks around demand within its compressor, industrial,
and power business segments. Being one of the lower-yielding stocks in the
portfolio its position in the portfolio was more dependent on capital
appreciation. On balance, with some near-term questions around operations and
valuation, we decided to exit the holding. It is a stock that we could revisit
at a more attractive price should that opportunity present itself as it
clearly meets our quality threshold and is an attractive business to own at
lower valuations.
We also sold our holding in the Chilean lithium miner, Sociedad Quimica Y
Minera de Chile ("SQM"). Lithium prices are currently at low levels compared
to where they have been over the last five years, despite demand for electric
vehicles having improved globally, even as major manufacturers have been
revising their targets regarding electric vehicles replacing internal
combustion engine powered vehicles in overall production numbers. The flip
side is ongoing oversupply which has made us uncertain about the timing for a
sustainable price rebound in the commodity itself and therefore in SQM's share
price. The business is ramping up capacity, which is not the worst strategy,
as prices, although low, are still above its breakeven point. This approach
allows it to avoid ceding market share in the long term. The impact,
unfortunately, will be that in that scenario, leverage will trend higher, and
cash flows will be tighter if not negative, limiting dividend payouts over the
next couple of years.
We also sold the Chinese property business, China Resources Land, in the
latter part of the period under review. This was, unfortunately, an investment
where the thesis had not played out as intended. The expectation was that the
Chinese authorities would have acted more quickly and substantially regarding
the issues the property market has been facing, but this has not in fact
happened. China Resources Land has one of the better-quality investment
property portfolios and has not faced the severe balance sheet issues that
many of its competitors have. This should enable it to be one of the
beneficiaries in any recovery, as it ought to win market share and become a
larger operator in a smaller but more stable property market. This thesis may
still come to pass but this is dependent on predicting Chinese government
policy which has become hard to do. In our investment process there must be
tangible waypoints that we can use to assess the company's progress towards
our anticipated outcome. Having re-examined the outlook for China Resources
Land we concluded that these waypoints were no longer visible enough and the
decision was made to exit.
Finally, we note the ongoing reduction of fixed income securities within the
portfolio. We sold the Indonesian and Dominican Republic Government bonds,
recycling the capital into Mercedes-Benz Group and Intesa Sanpaolo, both of
which presented opportunities for higher yields compared to the fixed income
securities, while also aligning with our decision to gradually reduce our
exposure to fixed income securities when opportunities present themselves.
In terms of new additions to the portfolio, we initiated a new holding in the
Anglo-Australian mining giant Rio Tinto, reinvesting the proceeds raised from
the disposal in SQM. Rio Tinto offers a higher and potentially more stable
dividend relative to SQM, as well as a greater diversity in commodity
exposures. This allows us to remain exposed to lithium, thanks to their
acquisition of Arcadium Lithium, which was completed earlier this year.
We initiated a new holding in the Indian IT Service company, Infosys. This
enabled us to diversify the portfolio's exposure to information technology,
which has been skewed towards semiconductors over the last few years, while
also investing in a higher-yielding opportunity relative to holdings such as
TSMC and Broadcom. There are near-term risks for us to be mindful of regarding
businesses cutting their discretionary spending as a result of the uncertain
environment. Over the long term, however, we view Infosys as a key beneficiary
of global IT trends, including Generative AI, enterprise cloud, and digital
automation adoption across various industries. The company generates
attractive returns on equity, has a net cash position on its balance sheet and
its cost control initiative, Project Maximus, still has more levers to pull,
which could drive long-term margin expansion.
The final new position in the portfolio is an Italian financial services
provider, Intesa Sanpaolo. Intesa is the number one domestic bank in Italy,
which is a relatively fragmented market. Despite this, it still generates
relatively high returns on tangible equity, and there is still the opportunity
for loan growth, as household debt as a percentage of GDP in Italy is
considerably lower, at 47%, than in countries such as the United States and
the UK where it is 71% and 80% respectively. The senior management team has
been in place for many years and has done an impressive job of focusing
domestically and achieving efficiency through consolidation and scale, while
focusing on higher growth areas like wealth management. The company is
well-capitalised with a common equity Tier 1 capital ratio of 14%, and its
cost-to-income ratio of below 40% is very impressive for a large bank. The
company pays an attractive dividend of 7% at the time of writing.
Outlook
Global equity markets have demonstrated a degree of resilience in the first
half of 2025; however, the broader environment remains highly complex and
uncertain. While many indices have posted gains, the journey so far has been
far from smooth, marked by intermittent bouts of volatility, shifting
macroeconomic signals, and persistent geopolitical tensions. Looking ahead,
the investing environment remains complex, and investors should be prepared
for a similarly challenging path as the year wears on. Geopolitical
uncertainty remains a key concern. Ongoing conflicts and unresolved tensions
in several regions pose the risk of sudden market shocks, which could disrupt
global supply chains, energy markets, and investor confidence. In addition,
the fiscal trajectory of the United States continues to raise questions.
Persistent deficits and rising debt levels may eventually lead to higher
long-term interest rates or renewed political brinkmanship, both of which
could unsettle markets. Trade relations also remain fragile. While some
progress has been made on bilateral agreements, the potential for renewed
trade disputes-particularly between major economies-could reintroduce
inflationary pressures and complicate the policy outlook for central banks. If
inflation proves more persistent than expected, it may limit the scope for
further rate cuts, which could disappoint current expectations and undermine
one of the key supports for equity valuations. Market conditions may continue
to shift rapidly, and the balance between opportunity and risk is likely to
remain delicate. It is pleasing to see the portfolio exhibit robustness during
the bouts of volatility that we have experienced this year. This is no more
than we would expect from a portfolio of this style. It is also pleasing to
see the portfolio keep pace with the rebound that we have seen since the lows
of April 7th to the half-year point. Regardless of the prevailing market
environment, delivering a globally diversified portfolio, with a focus on
quality and income, will remain our primary focus.
Martin Connaghan, Samantha Fitzpatrick,
Senior Investment Director Senior Investment Director
Joined Aberdeen in 1998 and has been involved in the management of global Joined Aberdeen in 1998 and has been involved in the management of global
equity portfolios for over 20 years and directly involved with managing the equity portfolios for over 20 years and directly involved with managing the
Company since 2017 Company since 2019
abrdn Investments Limited
14 August 2025
Interim Board Report - Directors' Disclosures
Principal Risks and Uncertainties
The Board has approved a matrix of the key risks that, in its assessment,
affect the business. The major financial risks associated with the Company are
detailed in note 18 of the 2024 Annual Report and the other principal risks
are summarised below. These risks represent the principal risks anticipated
for the remaining six months of the year. They can be summarised into the
following categories:
- Investment Strategy and Objectives;
- Investment Portfolio Performance Risk;
- Operational and Governance Risks;
- Financial Risks; and
- Macro and Geopolitical Risks.
Details of the management of the risks and the Company's internal controls are
disclosed on pages 40 to 42 of the 2024 Annual Report.
The Board also has a process in place to identify emerging risks. If any of
these are deemed to be significant, these risks are categorised, rated and
added to the Company's risk matrix.
The Board monitors emerging risks and has reviewed the principal risks and
uncertainties including prevailing geo-political concerns. The Board notes the
Manager's robust and disciplined investment process which continues to focus
on long-term company fundamentals including balance sheet strength and
deliverability of sustainable earnings growth. The Board, aided by the
Manager, closely monitors all third-party service arrangements.
Related Party Transactions
Details of the transactions with the Manager including the fees payable to
Aberdeen Group Plc group companies are disclosed in note 11 of this Half
Yearly Report.
Going Concern
In accordance with the Financial Reporting Council's Guidance on Risk
Management, Internal Control and Related Financial and Business Reporting, the
Directors have undertaken a rigorous review and consider that there are no
material uncertainties and that the adoption of the going concern basis of
accounting is appropriate. This review encompassed the global geopolitical
environment which is increasingly destabilised by conflicts, tensions and
other uncertainties. The Company's assets consist of a diverse portfolio of
listed equities and bonds and the portfolio in most circumstances is
realisable within a very short timescale. The Directors believe that the
Company has adequate financial resources to continue its operational existence
for the foreseeable future and for 12 months from the date of this Half Yearly
Report. Accordingly, the Directors continue to adopt the going concern basis
in preparing these financial statements.
Directors' Responsibility Statement
The Directors are responsible for preparing the Half Yearly Financial Report
in accordance with applicable law and regulations. The Directors confirm that
to the best of their knowledge:
- the condensed set of Financial Statements has been prepared in accordance
with Financial Reporting Standard 104 (Interim Financial Reporting);
- the Half Yearly Board Report includes a fair review of the information
required by rule 4.2.7R of the Disclosure and Transparency Rules (being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of Financial
Statements and a description of the principal risks and uncertainties for the
remaining six months of the financial year); and
- the Half Yearly Board Report includes a fair review of the information
required by rule 4.2.8R (being related party transactions that have taken
place during the first six months of the financial year and that have
materially affected the financial position of the Company during that period;
and any changes in the related party transactions described in the last Annual
Report that could do so).
The Half Yearly Financial Report for the six months ended 30 June 2025
comprises the Half Yearly Board Report, the Directors' Responsibility
Statement and the condensed set of Financial Statements.
For and on behalf of the Board of Murray International Trust PLC
Virginia Holmes
Chair
14 August 2025
Condensed Statement of Comprehensive Income (unaudited)
Six months ended Six months ended
30 June 2025 30 June 2024
Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments - 54,843 54,843 - 53,304 53,304
Income 2 52,259 - 52,259 46,079 - 46,079
Investment management fees 11 (1,089) (2,540) (3,629) (1,063) (2,479) (3,542)
Administrative expenses (890) - (890) (799) - (799)
Currency losses - (297) (297) - (962) (962)
Net return before finance costs and taxation 50,280 52,006 102,286 44,217 49,863 94,080
Finance costs (424) (990) (1,414) (502) (1,171) (1,673)
Return before taxation 49,856 51,016 100,872 43,715 48,692 92,407
Taxation 3 (4,837) (205) (5,042) (4,577) 320 (4,257)
Return attributable to equity shareholders 45,019 50,811 95,830 39,138 49,012 88,150
Return per Ordinary share (pence) 5 7.57 8.54 16.11 6.35 7.95 14.30
The total column of the Condensed Statement of Comprehensive Income is the
profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
The accompanying notes are an integral part of these financial statements.
Condensed Statement of Financial Position (unaudited)
As at As at
30 June 2025 31 December 2024
Note £'000 £'000
Fixed assets
Investments at fair value through profit or loss 1,788,727 1,764,994
Current assets
Prepayments and accrued income 14,039 7,591
Other debtors 11,559 10,577
Cash at bank and in hand 4,141 8,732
29,739 26,900
Creditors: amounts falling due within one year
Other creditors (2,468) (3,129)
(2,468) (3,129)
Net current assets 27,271 23,771
Total assets less current liabilities 1,815,998 1,788,765
Creditors: amounts falling due after more than one year
2.24% Senior Unsecured Loan Note 2031 (49,941) (49,936)
2.83% Senior Unsecured Loan Note 2037 (59,980) (59,980)
Net assets 1,706,077 1,678,849
Capital and reserves
Called-up share capital 32,353 32,353
Share premium account 363,461 363,461
Capital redemption reserve 8,230 8,230
Capital reserve 1,223,415 1,200,623
Revenue reserve 78,618 74,182
Equity shareholders' funds 1,706,077 1,678,849
Net asset value per Ordinary share (pence) 6 287.9 278.4
The accompanying notes are an integral part of these financial statements.
Condensed Statement of Changes in Equity (unaudited)
Six months ended 30 June 2025
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 December 2024 32,353 363,461 8,230 1,200,623 74,182 1,678,849
Return after taxation - - - 50,811 45,019 95,830
Dividends paid (see note 4) - - - - (40,583) (40,583)
Buy back of shares to Treasury - - - (28,019) - (28,019)
Balance at 30 June 2025 32,353 363,461 8,230 1,223,415 78,618 1,706,077
Six months ended 30 June 2024
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 December 2023 32,353 363,461 8,230 1,189,686 75,132 1,668,862
Return after taxation - - - 49,012 39,138 88,150
Dividends paid (see note 4) - - - - (41,298) (41,298)
Buy back of shares to Treasury - - - (18,328) - (18,328)
Balance at 30 June 2024 32,353 363,461 8,230 1,220,370 72,972 1,697,386
The accompanying notes are an integral part of these financial statements.
Condensed Statement of Cash Flows
(unaudited)
Six months ended Six months ended
30 June 2025 30 June 2024
Notes £'000 £'000
Net return before finance costs and taxation 102,286 94,080
Decrease in accrued expenses (18) (553)
Overseas withholding tax (6,222) (4,386)
Decrease/(increase) in accrued income 2,717 (1,389)
Interest paid (1,409) (1,749)
Gains on investments (54,843) (53,304)
Currency losses 131 962
Increase in other debtors (5) (147)
Net cash from operating activities 42,637 33,514
Investing activities
Purchases of investments (149,895) (115,389)
Sales of investments 172,044 173,806
Net cash from investing activities 22,149 58,417
Financing activities
Equity dividends paid 4 (40,583) (41,298)
Ordinary shares bought back to Treasury (28,663) (18,502)
Loan repayment - (30,000)
Net cash used in financing activities (69,246) (89,800)
(Decrease)/increase in cash (4,460) 2,131
Analysis of changes in cash during the period
Opening balance 8,732 5,878
Effect of exchange rate fluctuations on cash held (131) (962)
(Decrease)/increase in cash as above 8 (4,460) 2,131
Closing cash and cash equivalents 4,141 7,047
Represented by:
Cash at bank and in hand 4,141 7,047
The accompanying notes are an integral part of these financial statements.
Notes to the Financial Statements (unaudited)
For the six months ended 30 June 2025
1. Accounting policies - Basis of preparation
The condensed financial statements have been prepared in accordance with
Financial Reporting Standard 104 (Interim Financial Reporting) and with the
Statement of Recommended Practice for 'Financial Statements of Investment
Trust Companies and Venture Capital Trusts'. They have also been prepared on a
going concern basis and on the assumption that approval as an investment trust
will continue to be granted. Annual financial statements are prepared under
Financial Reporting Standard 102.
2. Income
Six months ended Six months ended
30 June 2025 30 June 2024
£'000 £'000
Income from investments
UK dividends 5,992 3,615
Overseas dividends - revenue 42,745 37,921
Overseas interest 3,261 4,207
51,998 45,743
Other income
Deposit interest 14 61
Stocklending 247 275
261 336
Total income 52,259 46,079
3. Taxation
The taxation expense reflected in the Condensed Statement of Comprehensive
Income is based on the estimated annual tax rate expected for the full
financial year. The estimated annual corporation tax rate used for the year to
31 December 2025 is the current standard rate of 25% (2024 - standard rate of
25%).
The tax expense represents the sum of tax currently payable and deferred tax.
Any tax payable is based on the taxable profit for the year. Taxable profit
differs from net return as reported in the Condensed Statement of
Comprehensive Income because it excludes items of income or expense that are
taxable or deductible in other years and it further excludes items that are
never taxable or deductible.
4. Ordinary dividends on equity shares
Six months ended Six months ended
30 June 2025 30 June 2024
£'000 £'000
Third interim dividend 2024 of 2.5p (2023 - 2.4p) 15,078 14,898
Final dividend 2024 of 4.3p (2023 - 4.3p) 25,505 26,400
40,583 41,298
A first interim dividend for 2025 of 2.6p (2024 - 2.5p) will be paid on 15
August 2025 to shareholders on the register on 4 July 2025. The ex-dividend
date was 3 July 2025.
A second interim dividend for 2025 of 2.6p (2024 - 2.5p) will be paid on 18
November 2025 to shareholders on the register on 3 October 2025. The
ex-dividend date is 2 October 2025.
5. Return per Ordinary share (pence)
Six months ended Six months ended
30 June 2025 30 June 2024
£'000 Per Ordinary share (p) £'000 Per Ordinary share (p)
Returns are based on the following figures:
Revenue return 45,019 7.57 39,138 6.35
Capital return 50,811 8.54 49,012 7.95
Total return 95,830 16.11 88,150 14.30
Weighted average number of Ordinary shares 595,003,144 616,408,026
6. Net asset value
The net asset value per share and the net asset value attributable to the
Ordinary shares at the period end calculated in accordance with the Articles
of Association were as follows:
As at As at
30 June 2025 31 December 2024
Attributable net assets (£'000) 1,706,077 1,678,849
Number of Ordinary shares in issue (excluding Treasury) 592,603,288 603,129,219
Net asset value per share (pence) 287.9 278.4
7. Transaction costs
During the period expenses were incurred in acquiring or disposing of
investments classified as fair value through profit or loss. These have been
expensed through capital and are included within gains on investments in the
Condensed Statement of Comprehensive Income. The total costs were as follows:
Six months ended Six months ended
30 June 2025 30 June 2024
£'000 £'000
Purchases 366 182
Sales 135 168
501 350
8. Analysis of changes in net debt
At At
31 December Currency Cash Non-cash 30 June
2024 differences flows movements(A) 2025
£'000 £'000 £'000 £'000 £'000
Cash at bank and in hand 8,732 (131) (4,460) - 4,141
Debt due after more than one year (109,916) - - (5) (109,921)
(101,184) (131) (4,460) (5) (105,780)
At At
31 December Currency Cash Non-cash 30 June
2023 differences flows movements(A) 2024
£'000 £'000 £'000 £'000 £'000
Cash at bank and in hand 5,878 (962) 2,131 - 7,047
Debt due within one year (29,996) - 30,000 (4) -
Debt due after more than one year (109,905) - - (5) (109,910)
(134,023) (962) 32,131 (9) (102,863)
(A) Figures reflect amortisation of finance costs and a movement in maturity
dates.
A statement reconciling the movement in net funds to the net cash flow has not
been presented as there are no differences from the above analysis.
9. Fair value hierarchy
FRS 102 requires an entity to classify fair value measurements using a fair
value hierarchy that reflects the significance of the inputs used in making
the measurements. The fair value hierarchy has the following classifications:
Level 1: Unadjusted quoted prices in an active market for identical assets or
liabilities that the entity can access at the measurement date.
Level 2: Inputs other than quoted prices included within Level 1 that are observable
(ie developed using market data) for the asset or liability, either directly
or indirectly.
Level 3: Inputs are unobservable (ie for which market data is unavailable) for the
asset or liability.
The financial assets and liabilities measured at fair value in the Condensed
Statement of Financial Position are grouped into the fair value hierarchy at
the reporting date as follows:
Level 1 Level 2 Level 3 Total
As at 30 June 2025 Note £'000 £'000 £'000 £'000
Financial assets at fair value through profit or loss
Quoted equities a) 1,725,080 - - 1,725,080
Quoted preference shares b) - 3,984 - 3,984
Quoted bonds b) - 59,663 - 59,663
Total 1,725,080 63,647 - 1,788,727
Level 1 Level 2 Level 3 Total
As at 31 December 2024 Note £'000 £'000 £'000 £'000
Financial assets at fair value through profit or loss
Quoted equities a) 1,654,770 - - 1,654,770
Quoted preference shares b) - 6,907 - 6,907
Quoted bonds b) - 103,317 - 103,317
Total 1,654,770 110,224 - 1,764,994
a) Quoted equities. The fair value of the Company's investments in quoted
equities has been determined by reference to their quoted bid prices at the
reporting date. Quoted equities included in Fair Value Level 1 are actively
traded on recognised stock exchanges.
b) Quoted preference shares and bonds. The fair value of the Company's
investments in quoted preference shares and bonds has been determined by
reference to their quoted bid prices at the reporting date. Investments
categorised as Level 2 are not considered to trade in active markets.
10. Share capital
As at 30 June 2025 there were 592,603,288 (31 December 2024 - 603,129,219)
Ordinary shares of 5p each in issue. Ordinary shares held in Treasury were
54,456,727 (31 December 2024 - 43,930,796). Subsequent to the period end
965,645 Ordinary shares were bought back to be held in Treasury at a cost of
£2,739,000.
11. Transactions with the Manager
The Company has agreements with abrdn Fund Managers Limited ('aFML' or the
'Manager') for the provision of investment management, secretarial, accounting
and administration and promotional activity services.
The management fee has been charged on net assets (i.e. excluding borrowings
for investment purposes) averaged over the six previous quarters at a rate of
0.5% per annum up to £500 million, and 0.4% per annum thereafter. A fee of
1.5% per annum is chargeable on the value of any unlisted investments. No fees
are chargeable in the case of investments managed or advised by the Aberdeen
Group. The investment management fee is chargeable 30% against revenue and 70%
against realised capital reserves. During the period £3,629,000 (30 June 2024
- £3,542,000) of investment management fees was payable to the Manager, with
an amount of £1,818,000 (30 June 2024 - £1,778,000) being payable to aFML at
the period end.
No fees are charged in the case of investments managed or advised by the
Aberdeen Group. The management agreement may be terminated by either party on
the expiry of six months' written notice. On termination the Manager is
entitled to receive fees which would otherwise have been due up to that date.
The promotional activities fee is based on a current annual amount of
£277,000 (30 June 2024 - £400,000), payable quarterly in arrears. During the
period £139,000 (30 June 2024 - £200,000) of fees was payable, with an
amount of £69,000 (30 June 2024 - £100,000) being payable to aFML at the
period end.
12. Segmental information
The Company is engaged in a single segment of business, which is to invest in
equity securities and debt instruments. All of the Company's activities are
interrelated, and each activity is dependent on the others. Accordingly, all
significant operating decisions are based on the Company as one segment.
13. Half Yearly Report
The financial information in this Report does not comprise statutory accounts
within the meaning of Section 434 - 436 of the Companies Act 2006. The
financial information for the year ended 31 December 2024 has been extracted
from published accounts that have been delivered to the Registrar of Companies
and on which the report of the Company's auditor was unqualified and contained
no statement under Section 498 (2), (3) or (4) of the Companies Act 2006. The
condensed interim financial statements have been prepared using the same
accounting policies as contained within the preceding annual financial
statements.
The financial information for the six months ended 30 June 2025 and 30 June
2024 has not been audited or reviewed by the Company's auditor.
14. This Half Yearly Financial Report was approved by the Board on 14 August 2025.
Alternative Performance Measures
Alternative performance measures are numerical measures of the Company's
current, historical or future performance, financial position or cash flows,
other than financial measures defined or specified in the applicable financial
framework. The Company's applicable financial framework includes FRS 102 and
the AIC SORP. The Directors assess the Company's performance against a range
of criteria which are viewed as particularly relevant for closed-end
investment companies.
Discount to net asset value per Ordinary share
The discount is the amount by which the share price is lower or higher than
the net asset value per share, expressed as a percentage of the net asset
value.
30 June 2025 31 December 2024
NAV per Ordinary share (p) a 287.9 278.4
Share price (p) b 280.0 257.5
Discount (b-a)/a -2.7% -7.5%
Ongoing charges
The ongoing charges ratio has been calculated in accordance with guidance
issued by the AIC as the total of investment management fees and
administrative expenses and expressed as a percentage of the average published
daily net asset values with debt at fair value throughout the year. The ratio
for 30 June 2025 is based on forecast ongoing charges for the year ending 31
December 2025.
30 June 2025 31 December 2024
Investment management fees (£'000) 7,268 7,122
Administrative expenses (£'000) 1,582 1,798
Less: non-recurring charges(A) (£'000) (12) (106)
Ongoing charges (£'000) 8,838 8,814
Average net assets (£'000) 1,718,353 1,694,445
Ongoing charges ratio 0.51% 0.52%
(A) Professional services comprising new Director recruitment costs and legal
and advisory fees unlikely to recur.
The ongoing charges ratio provided in the Company's Key Information Document
is calculated in line with the PRIIPs regulations, which includes amongst
other things, the cost of borrowings and transaction costs.
Net gearing
Net gearing measures the total borrowings less cash and cash equivalents
dividend by shareholders' funds, expressed as a percentage. Under AIC
reporting guidance cash and cash equivalents includes amounts due to and from
brokers at the period end as well as cash and cash equivalents.
30 June 2025 31 December 2024
Borrowings (£'000) a 109,921 109,916
Cash (£'000) b 4,141 8,732
Amounts due (from)/to brokers (£'000) c (7,012) 647
Shareholders' funds (£'000) d 1,706,077 1,678,849
Net gearing (a-b+c)/d 5.8% 6.1%
Total return
NAV and share price total returns show how the NAV and share price has
performed over a period of time in percentage terms, taking into account both
capital returns and dividends paid to shareholders. Share price and NAV total
returns are monitored against open-ended and closed-ended competitors, and the
Reference Index, respectively.
Share
Six months ended 30 June 2025 NAV price
Opening at 1 January 2025 a 278.4p 257.5p
Closing at 30 June 2025 b 287.9p 280.0p
Price movements c=(b/a)-1 3.4% 8.7%
Dividend reinvestment(A) d 2.6% 2.9%
Total return c+d +6.0% +11.6%
Share
Year ended 31 December 2024 NAV price
Opening at 1 January 2024 a 268.8p 258.0p
Closing at 31 December 2024 b 278.4p 257.5p
Price movements c=(b/a)-1 3.6% -0.2%
Dividend reinvestment(A) d 4.5% 4.7%
Total return c+d +8.1% +4.5%
(A) NAV total return involves investing the net dividend in the NAV of the
Company with debt at par value on the date on which that dividend goes
ex-dividend. Share price total return involves reinvesting the net dividend in
the share price of the Company on the date on which that dividend goes
ex-dividend.
Summary of Net Assets
Valuation Valuation
30 June 2025 31 December 2024
£'000 % £'000 %
Equities 1,725,080 101.1 1,654,770 98.6
Preference shares 3,984 0.2 6,907 0.4
Bonds 59,663 3.5 103,317 6.1
Total investments 1,788,727 104.8 1,764,994 105.1
Net current assets 27,271 1.6 23,771 1.4
Total assets 1,815,998 106.4 1,788,765 106.5
Borrowings(A) (109,921) (6.4) (109,916) (6.5)
Net assets 1,706,077 100.0 1,678,849 100.0
(A) All long-term loan notes.
Summary of Investment Changes
Valuation Appreciation/ Net purchases/ Valuation
31 December 2024 (depreciation) (sales) 30 June 2025
£'000 % £'000 £'000 £'000 %
Equities
UK 128,125 5.3 (1,477) 13,051 139,699 7.8
North America 565,927 32.1 16,999 7,964 590,890 33.1
Europe ex UK 405,457 24.9 22,223 14,614 442,294 24.7
Asia Pacific ex Japan 412,778 23.4 3,191 8,621 424,590 23.7
Latin America 142,483 8.1 17,843 (32,719) 127,607 7.2
1,654,770 93.8 58,779 11,531 1,725,080 96.5
Preference shares
UK 6,907 0.4 (102) (2,821) 3,984 0.2
6,907 0.4 (102) (2,821) 3,984 0.2
Bonds
Europe ex UK 1,703 0.1 (9) (1,694) - -
Asia Pacific ex Japan 43,237 2.4 (2,880) (27,465) 12,892 0.8
Latin America 43,342 2.5 (977) (10,707) 31,658 1.7
Africa 15,035 0.8 34 44 15,113 0.8
103,317 5.8 (3,832) (39,822) 59,663 3.3
Total investments 1,764,994 100.0 54,845 (31,112) 1,788,727 100.0
Investment Portfolio
As at 30 June 2025
Valuation Valuation
Security Country £'000 %
Philip Morris International USA 85,427 4.8
Taiwan Semiconductor Manufacturing Taiwan 74,143 4.1
Broadcom Corporation USA 69,403 3.9
CME Group USA 60,309 3.4
Aeroporto del Sureste Mexico 60,158 3.4
Oversea-Chinese Bank Singapore 50,697 2.8
AbbVie USA 49,021 2.7
BE Semiconductor Netherlands 48,955 2.7
Zurich Insurance Switzerland 48,284 2.7
Cisco Systems USA 47,810 2.7
Top ten investments 594,207 33.2
TotalEnergies France 44,629 2.5
Telus Canada 44,445 2.5
Hong Kong Exchanges Hong Kong 43,993 2.5
Singapore Telecommunications Singapore 43,660 2.4
Enbridge Canada 43,121 2.4
Verizon Communications USA 40,398 2.3
Enel Italy 40,227 2.3
British American Tobacco UK 38,071 2.1
Tryg Denmark 36,628 2.0
Unilever(A) UK & Netherlands 35,423 2.0
Top twenty investments 1,004,802 56.2
Merck USA 34,633 1.9
Mercedes-Benz Germany 34,083 1.9
Sanofi France 33,798 1.9
Johnson & Johnson USA 32,634 1.8
Samsung Electronics Korea 32,611 1.8
Shell UK 31,153 1.8
Bristol-Myers Squibb USA 30,395 1.7
Walmart de Mexico Mexico 29,735 1.7
Danone France 29,707 1.7
Hon Hai Precision Industry Taiwan 29,360 1.6
Top thirty investments 1,322,911 74.0
Diageo UK 28,144 1.6
Telenor Norway 28,141 1.6
Pernod-Ricard France 27,538 1.5
Intesa Sanpaolo Italy 27,205 1.5
Medtronic USA 26,720 1.5
Coca-Cola USA 26,574 1.5
Infosys India 26,262 1.5
Siemens Germany 26,257 1.5
BHP Group Australia 24,444 1.3
Taylor Wimpey UK 23,750 1.3
Top forty investments 1,587,946 88.8
SCB X Thailand 23,637 1.3
Ping An Insurance China 23,147 1.3
Woodside Energy Australia 19,098 1.1
Telefonica Brasil Brazil 18,868 1.1
Vale do Rio Doce Brazil 18,846 1.0
Telkom Indonesia Indonesia 17,619 1.0
Rio Tinto Australia 15,919 0.9
United Mexican States 5.75% 05/03/26 Mexico 15,194 0.8
Republic of South Africa 7% 28/02/31 South Africa 15,113 0.8
Petroleos Mexicanos 6.75% 21/09/47 Mexico 10,571 0.6
Top fifty investments 1,765,958 98.7
HDFC Bank 7.95% 21/09/26 India 6,454 0.4
Power Finance Corp 7.63% 14/08/26 India 6,438 0.4
Petroleos Mexicanos 5.5% 27/06/44 Mexico 5,893 0.3
Santander 10.375% Non Cum Pref UK 3,984 0.2
Total investments 1,788,727 100.0
(A)Holding comprises UK and Netherlands securities, split £18,581,000 and
£16,842,000 respectively.
The Half Yearly Report will be printed and issued to shareholders in late
August and further copies will be available on the Company's web site
murray-intl.co.uk*.
* Neither the Company's website nor the content of any website accessible from
hyperlinks on it (or any other website) is (or is deemed to be) incorporated
into, or forms (or is deemed to form) part of this announcement.
By order of the Board
ABRDN HOLDINGS LIMITED, SECRETARY
14 August 2025
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