Mur­ray In­ter­na­tional (MYI) £10.58 BUY

Cur­rent premium to NAV: 2.4%

12-month av­er­age premium to NAV: 3.1%

Man­aged by Bruce Stout since 2004, this trust has a global re­mit. In­vest­ment de­ci­sions are sup­ported by 10 global eq­uity spe­cial­ists and for the most part Stout adopts a buy-and-hold ap­proach with mod­est churn in the port­fo­lio.

Adopt­ing a cau­tious and dis­ci­plined strat­egy, and in­vest­ing in both stocks and bonds, this is a rel­a­tively con­cen­trated fund with the top 20 hold­ings ac­count­ing for around half the port­fo­lio.

Stout is fairly neg­a­tive on de­vel­oped economies and prefers the growth on of­fer in emerg­ing mar­kets.

Re­flect­ing the wider weak­ness of this in­vest­ment theme, 2018 has been a bit rough but he has out­per­formed the trust’s com­pos­ite bench­mark in all but three years since he took over as lead man­ager 14 years ago. In­vestors are be­ing re­warded for their pa­tience dur­ing this sticky spell by a gen­er­ous look­ing div­i­dend yield of 4.7%.

Top hold­ings in­clude mi­crochip man­u­fac­turer Tai­wan Semi­con­duc­tor Man­u­fac­tur­ing and Mex­i­can air­ports op­er­a­tor Groupo Asur.

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