Murray International Trust delivers 10.5% NAV return in first half of 2026

Murray International Trust Plc (LON:MYI) reported strong performance for the six months ended 30 June 2026.

During the period the Company delivered a NAV total return of +10.5% and a share price total return of +9.9%; this compares to a +12.4% increase in the Benchmark Index. The NAV total return and share price total return remain ahead of the Benchmark over one and five years.

The Company declared two interim dividends of 2.8 pence per share during the period and remains committed to a progressive dividend policy.

The Company’s shares ended the period trading at a 2.4% premium to NAV, compared with a 3.0% premium at 31 December 2025.

During the period, the Company sold 4.96m shares from treasury, raising £17.6m, at an average premium of 1.5% to meet ongoing demand.

Strong performance during the period was driven by the quality of the portfolio’s holdings and the long-term growth opportunities available across the companies in which the Company invests. Notable contributors included Samsung Electronics, BE Semiconductor, Taiwan Semiconductor Manufacturing Company and Cisco Systems.

The principal detractors from performance during the period were CME Group, Infosys, Ping An Insurance and Taylor Wimpey.

During the period, new positions were initiated in Blackstone, the world’s largest alternative asset management firm, Pfizer, the international biopharmaceutical research and development company, Union Pacific, a leading US infrastructure firm, Fastenal, a global wholesale distributor of industrial and construction supplies, and ONEOK, a North American energy infrastructure company.

Virginia Holmes, the Company’s Chair, commented:

“Against a macro backdrop of significant uncertainty and volatility, the Company has delivered robust performance, delivering both NAV growth and real capital growth ahead of the UK Retail Price Index, thereby meeting one of the Company’s key investment objectives and performance benchmarks.

“In this environment, the Company’s approach of maintaining a highly selective and disciplined investment style is more important than ever. A number of the portfolio’s technology picks delivered significant share price performances, benefitting from the AI-related demand in areas where they hold market-leading positions. The portfolio’s commodities holdings also benefitted, with BHP Group a standout performer as it successfully repositioned itself as a premier copper play. During the period under review, the Manager introduced a handful of new companies, including Blackstone, Union Pacific and Pfizer, all selected for their compelling long-term growth characteristics.

“The outlook for global equity markets remains broadly positive, supported by resilient economic growth, albeit periods of volatility are to be expected. Given the Company’s robust, disciplined portfolio approach, the Board is very confident of the Company’s ability to continue to deliver shareholder value, with long-term growth in dividends and capital ahead of inflation.”

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