Murray International Trust

Investment summary

Murray International Trust (MYI) is managed by the Global Equity team at Aberdeen Standard Investments (ASI), led by Bruce Stout and supported by Martin Connaghan and Samantha Fitzpatrick. Stout says ‘it was a humbling experience to manage an income fund in 2020 as so many companies had to cut, cancel or suspend their dividends’. Last year, global stock market leadership was narrow as ‘when growth is scarce investors are prepared to pay any price for growth businesses’. Once vaccine programmes gain momentum and lockdowns are eased, the manager expects pent-up demand to contribute to a meaningful improvement in economic growth and broader market leadership, ‘which would be helpful for the relative performance of a diversified portfolio’ and has been evident over the last few months. MYI continues to have a significant exposure to emerging markets as these are regions where Stout sees the most attractive growth prospects.