murray-intl.co.uk
Murray International Trust PLC
A globally diversified portfolio designed to deliver
attractive, growing income and long-term capital growth
Annual Report
31 December 2025
For more information visit murray-intl.co.uk
aberdeeninvestments.com
Overview
Glasgow’s Finnieston Crane, a symbol
of the city’s industrial heritage.
The Company’s roots can be traced
back to Glasgow’s thriving industrial
and shipbuilding-based economy.
Murray International Trust PLC 141
Directors
V. Holmes (Chair)
C. Binyon
W. Colquhoun (Senior Independent Director)
G. Eckersley
J. Huysinga
N. Melhuish
Secretaries and Registered Office
abrdn Holdings Limited
1 George Street
Edinburgh EH2 2LL
E-mail: CEF.CoSec@aberdeenplc.com
Registered in Scotland as an Investment
Company
Company Number SC006705
Website
murray-intl.co.uk
Points of Contact
The Chair, the Senior Independent Director and the
Company Secretary at the registered office of the
Company
Email: VirginiaHolmes.Chair@aberdeenplc.com
Manager
abrdn Investments Managers Limited
AIFM
abrdn Fund Managers Limited
Broker
JPMorgan Cazenove
Registrars
MUFG Corporate Markets (
formerly Link Group
)
Central Square
29 Wellington Street
Leeds LS1 4DL
Tel: +44 (0) 371 664 0300
(lines are open 9.00am-5.30pm Mon-Fri excluding public
holidays in England & Wales)
Calls to 0371 are charged at the standard geographic
rate and will vary by provider. Calls outside the United
Kingdom are charged at the applicable international rate.
E-mail: shareholderenquiries@cm.mpms.mufg.com
Investor Centre:
https://uk.investorcentre.mpms.mufg.com/
Depositary
The Bank of New York Mellon (International) Limited
Independent Auditor
BDO LLP
United States Internal Revenue Service
FATCA Registration Number (GIIN)
8Y8Z2N.99999.SL.826
Legal Entity Identifier (LEI)
549300BP77JO5Y8LM553
Contact Addresses
Murray International Trust PLC 1
A globally diversified portfolio designed to deliver attractive,
growing income and long-term capital growth
Distinctive, diversified and truly global
Murray International offers a globally diversified portfolio with a balanced focus on
income and capital growth. By avoiding overexposure to low yielding stocks, it provides a
distinctive complement to more growth-orientated strategies. The Company is
managed by an experienced team who have worked together for over 20 years,
supported by on-the-ground research teams across developed and emerging markets.
A proven track record of dividend growth
The Company aims to deliver steady, reliable income backed by underlying profits from
strong businesses. Recognised as an AIC ‘dividend hero’ in 2025, Murray International has
increased its dividend for over 20 consecutive years, demonstrating the Company’s long-
term commitment to income investors.
Supporting long-term wealth creation
Alongside growing income, the Company seeks to grow investors’ capital over time.
By investing in high-quality companies worldwide, the Company aims to generate
returns that outpace inflation and support long-term wealth creation.
Murray International Trust PLC
2 Murray International Trust PLC
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR
IMMEDIATE ATTENTION. If you are in any doubt about
the action you should take, you are recommended to
seek your own independent financial advice from your
stockbroker, bank manager, solicitor, accountant or
other independent financial adviser authorised under
the Financial Services and Markets Act 2000 if you are in
the United Kingdom or, if not, from another
appropriately authorised financial adviser. If you have
sold or otherwise transferred all your Ordinary shares in
Murray International Trust PLC, please forward this
document, together with the accompanying
documents immediately to the purchaser or transferee,
or to the stockbroker, bank or agent through whom the
sale or transfer was effected for transmission to the
purchaser or transferee.
Martin Connaghan
Investment Manager
Virginia Holmes
Chair
Samantha Fitzpatrick
Investment Manager
“By almost any metric, this has
been a strong year for your
Company which has delivered
robust absolute and relative
performance. The Net Asset
Value (‘NAV’) total return was
21.9%, while the share price
total return was 36.0%,
compared with a Benchmark
total return of 12.6%.”
“
In 2025, the portfolio’s truly global
and diverse composition was the
primary driver of returns.
”
“
Our aim remains unchanged: to
deliver attractive, growing income
alongside long-term capital
growth, supporting shareholders’
wealth creation over time.”
Murray International Trust PLC 3
Overview
Why Invest in Murray International Trust PLC? 4
Highlights 5
Financial Highlights 6
Calendar 7
Strategic Report
Chair’s Statement 10
Investment Manager’s Review 14
The Manager’s Investment Process 24
Investment Case Studies 27
Key Performance Indicators (KPIs) 34
Performance Track Record 35
Investment Objective and Investment Policy 38
Promoting Your Company’s Success 39
Risk Management and Viability 45
Portfolio
Ten Largest Investments 50
List of Investments 51
Distribution of Investments 53
Summary of Net Assets 54
Sector/Geographical Analysis 55
Governance
Board of Directors 58
Directors’ Report 61
Directors’ Remuneration Report 69
Report of Audit and Risk Committee 73
Statement of Directors’ Responsibilities 75
Independent Auditor’s Report to the Members of
Murray International Trust PLC 76
Financial Statements
Statement of Comprehensive Income 88
Statement of Financial Position 89
Statement of Changes in Equity 90
Statement of Cash Flows 91
Notes to the Financial Statements 92
Securities Financing Transactions
Disclosure (unaudited) 115
Alternative Performance Measures (unaudited) 117
Corporate Information (Unaudited)
ESG and Climate Related Factors 121
Investor Information 123
Alternative Investment Fund Managers Directive
Disclosures (AIFMD) 126
Glossary of Terms 127
General
Notice of Annual General Meeting 131
Contact Addresses 141
Contents
4 Murray International Trust PLC
Distinctive, diversified and truly global
Murray International uses active asset management to bring stock-specific insights with the ability to
deploy gearing judiciously to enhance returns resulting in a high conviction, diversified portfolio of 51 stocks.
19.0%
14.9%
14.3%
13.7%
9.0%
7.8%
7.6%
6.1%
4.3%
3.3%
Financials
Consumer Staples
Health Care
Telecommunications
Technology
Consumer Discretionary
Energy
Industrials
Basic Materials
Utilities
Sector Analysis
32.1%
26.9%
23.6%
9.3%
8.1%
North America
Europe ex UK
Asia Pacific ex Japan
United Kingdom
Latin America
Geographical Analysis
A proven track record of dividend growth
The Company aims to cover dividends from income earned in the year, with the ability to call on significant historic
revenue reserves to smooth dividends.
0
2
4
6
8
10
12
14
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Dividend per share (restated for
share split in April 2023)
Dividend funded from revenue earnings Dividend partially funded from reserves
10 year annualised DPS growth: 3.0%
Supporting long term wealth creation
NAV and share price growth is further supported by the Company’s long standing active discount management policy.
100
150
200
250
300
350
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
MINT NAV total return
(CAGR 11.6%)
MINT dividend growth
(CAGR 3.0%)
UK RPI (CAGR 4.6%)
Benchmark total
return* (CAGR 11.7%)
* See glossary on page 129 for definition.
All returns rebased to 100 from 31 December 2015.
Why Invest in Murray International Trust PLC?
Murray International Trust PLC 5
Strategic Report Governance
Overview
General
Portfolio
Corporate Information Financial Statements
Net asset value total return
AB
– 2025 Share price total return
AB
– 2025
+21.9% +36.0%
2024 +8.1% 2024 +4.5%
Retail Price Index
B
– 2025 Benchmark total return
BC
– 2025
4.2% +12.6%
2024 3.5% 2024 +19.8%
Revenue return per share
B
– 2025 Dividends per share
BE
– 2025
13.9
p
12.4
p
2024 11.6
p
2024 11.8
p
Premium/(discount) to net asset value
AD
– 2025 Dividend yield
AD
– 2025
3.0% 3.7%
2024 –7.5% 2024 4.6%
Net gearing
AD
– 2025 Ongoing charges ratio
AD
– 2025
4.4% 0.50%
2024 6.1% 2024 0.52%
A
Alternative Performance Measure (see pages 117 to 119).
B
For the year to 31 December.
C
From 1 July 2025 the MSCI ACWI High Dividend Yield Index was adopted as the Company’s Benchmark Index. Longer term performance is measured against a blend of the
Benchmark Index combined with the former composite benchmark (40% of the FTSE World UK Index and 60% of the FTSE World ex-UK Index) for periods up to 27 April 2020 and
the former reference index (FTSE All World TR Index) between 28 April 2020 and 30 June 2025.
D
As at 31 December.
E
Dividends declared for the year to which they relate and assuming shareholder approval of final dividend.
Hi
g
hli
g
hts
6 Murray International Trust PLC
31 December 2025 31 December 2024 % change
Total assets
A
£2,030.9m £1,788.8m +13.5
Net assets
£1,921.0m £1,678.8m +14.4
Market capitalisation
£1,977.3m £1,553.1m +27.3
Net Asset Value per Ordinary share
325.4p 278.4p +16.9
Share price per Ordinary share (mid market)
335.0p 257.5p +30.1
Premium/(discount) to Net Asset Value per Ordinary share
B
3.0% –7.5%
Net gearing
B
4.4% 6.1%
Revenue return per share
13.9p 11.6p +19.8
Dividends per share
C
12.4p 11.8p +5.1
Dividend cover (including proposed final dividend)
B
1.12x 0.98x
Dividend yield
B
3.7% 4.6%
Revenue reserves
D
£85.4m £74.2m
Ongoing charges ratio
B
0.50% 0.52%
A
See definition on page 129.
B
Considered to be an Alternative Performance Measure as defined on pages 117 and 118.
C
The figure for dividends per share reflects the years to which their declaration relates (see note 8 on page 98) and assuming approval of the final dividend of 4.6p
(2024 – final dividend of 4.3p).
D
The revenue reserve figure does not take account of the third interim and final dividends amounting to £15,347,000 and £27,222,000 respectively
(2024 – third interim dividend of £15,078,000 and final dividend of £25,590,000).
Financial Hi
g
hli
g
hts
Murray International Trust PLC 7
Strategic Report Governance
Overview
General Portfolio Corporate Information Financial Statements
Expected Dividend Payment Dates
Dividends
Rate Ex-dividend date Record date Payment date
1st interim 2.6p 3 July 2025 4 July 2025 15 August 2025
2nd interim 2.6p 2 October 2025 3 October 2025 18 November 2025
3rd interim 2.6p 2 January 2026 5 January 2026 17 February 2026
Proposed final 4.6p 9 April 2026 10 April 2026 18 May 2026
Total dividends 12.4p
Shareholder Engagement
Calendar
18 May
2026
14 August
2026
18 November
2026
17 February
2027
Online
Investor Webinar
9 April 2026
Annual
General Meeting
23 April 2026
Half
Yearly Results
August 2026
Annual
Results
March 2027
8 Murray International Trust PLC
Strategic
Report
Murray International Trust PLC 9
Murray International Trust PLC is an
investment company listed on the main
market of the London Stock Exchange and is
a FTSE250 constituent. The Company is an
approved investment trust and aims to
achieve an above average dividend yield,
with long-term growth in dividends and
capital ahead of inflation, by investing
principally in global equities.
10 Murray International Trust PLC
I am pleased to present
this Annual Report for
the year ended
31 December 2025.
Virginia Holmes, Chair
By almost any metric, this has been a strong year for your
Company which has delivered robust absolute and
relative performance. The Net Asset Value (‘NAV’) total
return was 21.9%, while the share price total return was
36.0%, compared with a Benchmark total return of 12.6%.
Revenue generated by the Company’s portfolio was also
up significantly on last year.
Background
Global capital markets in 2025 were shaped by a familiar
mix of corporate fundamentals, macroeconomic
dynamics, monetary policy shifts, geopolitical tensions,
technological innovation, and shifting investor sentiment.
Equity markets began the year with strong momentum
buoyed by President Trump’s return to office in the US and
expectations of tax cuts and deregulation there. While
optimism initially drove gains across risk orientated stocks,
confidence faded quickly. The sharp “Liberation Day” sell-
off in April marked a turning point, triggered by renewed
tariff uncertainty, mounting fiscal concerns, tensions
between the US administration and the Federal Reserve,
and a series of unpredictable policy announcements.
Geopolitical developments added further complexity. The
conflict between Russia and Ukraine continued, and
tensions in the Middle East escalated during the spring,
culminating in a brief direct confrontation between Israel
and Iran. Markets initially reacted defensively, but a swift
ceasefire helped stabilise sentiment.
Despite the noisy market environment, market weakness
was relatively short lived. Towards the end of May, risk
appetites recovered as global trade tensions eased
following a surprise US-China truce, a framework trade
agreement with the United Kingdom, and additional
bilateral deals elsewhere.
Chair’s Statement
Murray International Trust PLC 11
Strategic Report
Governance
Overview Portfolio General Corporate Information Financial Statements
Equity markets rebounded strongly, with major indices
reaching new all-time highs. Technology and artificial
intelligence (AI)-related stocks led the rally, particularly in
US and Asian markets, while gains broadened across
sectors. Inflation trends moderated in several developed
economies and financial conditions remained
generally stable.
By year-end, markets had navigated political uncertainty,
geopolitical shocks, and sharp swings in sentiment,
ultimately delivering solid outcomes for investors in global
equities.
Performance
Against this volatile background, I am pleased to report
that the Company's net asset value per share posted a
total return (i.e. with dividends reinvested) of 21.9%, and
the share price delivered a total return of 36.0%. This
compares favourably with the UK Retail Price Index (RPI)
increase of 4.2% and the total return of 12.6% from the
Company’s new Benchmark (see below).
Further detail on portfolio performance, including
significant contributors and detractors, can be found in
the Investment Manager’s Review starting on page 14.
MSCI ACWI High Dividend Yield Index
As I reported at the Half Year, during early 2025, 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 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. Longer
term performance is measured against a blend of the
Benchmark Index combined with the former composite
benchmark (40% of the FTSE World UK Index and 60% of
the FTSE World ex-UK Index) for periods up to 27 April
2020 and the former reference index (FTSE All World TR
Index) between 28 April 2020 and 30 June 2025.
Dividends
Revenue return per share for the year (after tax and
expenses) amounted to 13.9 pence per share, compared
with 11.6 pence for the previous financial year. This
increase primarily reflects the growth in portfolio revenue
to £95.9m (2024: £84.2m).
Three interim dividends of 2.6 pence per share (2024: 2.5
pence per share), were declared during the year. The
Board is recommending a final dividend of 4.6 pence per
Ordinary share (2024: 4.3 pence per share). This
proposed final dividend, together with the interim
dividends already paid, brings the total dividend for the
year to 12.4 pence per share (2024: 11.8 pence per share),
an increase of 5.1%. If approved at the Annual General
Meeting on 23 April 2026, this final dividend will be paid on
18 May 2026 to shareholders on the register as at 10 April
2026 (ex-dividend date 9 April 2026).
The dividend will be fully funded from revenue received
during the year, which represents dividend cover of 1.12x
(2024: 0.98x), and a significant sum of £11.2m will also be
added to the Company’s revenue reserves. As a long-
established investment trust, the Company has the benefit
of over £85.4 million of distributable revenue reserves on
its balance sheet at 31 December 2025 which have been
accumulated over many years from realised earnings.
These reserves are available to support dividend
distributions where the Board considers this to be
appropriate. This means that, in some years, revenues will
be added to reserves while in others an amount may be
taken from reserves to supplement revenue earned
during that year. Over time, the Company will aim to pay
out what the underlying portfolio earns in sterling terms.
The Board intends to maintain the Company’s progressive
dividend policy.
With a globally diversified portfolio focused on delivering
attractive and growing income backed by underlying
profits from strong businesses, as well as growing capital,
Murray International continues to demonstrate the
resilience and reliability that we believe income-focused
investors value, reinforced by its ongoing recognition as an
AIC ‘Dividend Hero’ with 21 consecutive years of dividend
increases.
Management of Discount and Share Capital
For much of the year, the Company’s shares traded at a
discount to the NAV, in line with the broader investment
trust sector. The Board is pleased to report that this
discount narrowed steadily and had closed completely by
December 2025, with the share price finishing the year at
a 3.0% premium (2024: 7.5% discount).
12 Murray International Trust PLC
When the shares traded at a discount, the Company
acted to reduce volatility and enhance the NAV for
ongoing shareholders, buying back 12.9m Ordinary shares
(2024: 17.7m Ordinary shares) at a total cost of £35.1m
(2024: £54.1m). These shares were purchased at a
weighted average discount of 7.9% and represented 2.1%
of the Company’s issued share capital at the start of the
year (2024: 2.8%). This activity increased the NAV per
share by 0.16%. Consistent with its disciplined, long-term
approach, the Board remains committed to managing
temporary supply–demand imbalances in order to reduce
volatility around the discount or premium to NAV, in the
interests of all shareholders.
Since the year-end, the Company has sold over 1.5m
shares from Treasury at a premium to NAV. No shares
have been purchased for Treasury. At close of business on
2 March 2026, the latest practicable date prior to
publication of this Annual Report, the NAV (including
income) per share was 357.9 pence and the share price
was 362.5 pence, equating to a premium of 1.3% per
Ordinary share.
As in previous years, resolutions to renew the authority to
buy back shares (at a discount to the NAV) and to issue or
sell shares from Treasury (at a premium to the NAV) will
be proposed at the Annual General Meeting (‘AGM’) on
23 April 2026, and shareholders are encouraged to
support these proposals.
Chair’s Statement
Continued
Murray International Trust PLC 13
Strategic Report
Governance
Overview Portfolio General Corporate Information Financial Statements
Gearing
Total borrowings at year-end were unchanged at £110m
(2024: £110m), comprising unsecured fixed rate sterling
loan notes, not repayable until 2031 at the earliest. This
represents net gearing (calculated by dividing the total
borrowings less cash by shareholders’ funds) of 4.4%
(2024: 6.1%). The weighted cost of borrowing is 2.56%. The
Board monitors borrowing costs and will only consider
increasing gearing when it is considered commercially
attractive to do so.
Ongoing Charges Ratio (“OCR”)
The Board remains focused on delivering value to
shareholders through disciplined cost control. The OCR for
2025 was 0.50% (2024: 0.52%), remaining one of the
lowest in the AIC Global Equity Income sector.
Board of Directors
Following the retirement of Mrs Alexandra Mackesy at the
April 2025 AGM, the Directors were pleased to welcome
Mr Jeroen Huysinga as an independent Non-Executive
Director on 1 May 2025. Jeroen brings over 20 years of
global equity and investment trust experience, including
as Managing Director, Global Equities at JP Morgan
Asset Management.
Online Investor Presentation and AGM
Following the success of previous events, and with 280
investors joining in 2025, the Board will host another online
investor presentation at 11.00 a.m. on Thursday 9 April
2026, ahead of and in addition to the in-person AGM. The
online presentation will include updates from me, as Chair,
and the investment management team, followed by a live
question and answer session.
Full details on how to join the online event can be found on
the Company’s website at murray-intl.co.uk. For those
unable to join, a full recording will be made available on
the Company’s website shortly afterwards.
I would encourage all shareholders to submit proxy votes
ahead of the AGM, whether or not they plan to attend in
person. Shareholders on the main register can do this by
completing and returning the proxy form which has been
sent to them. Shareholders holding on a platform via a
nominee may find further guidance via the AIC at
theaic.co.uk/how-to-vote-your-shares.
The AGM will take place at 12:30 p.m. on 23 April 2026, at
Wallacespace Spitalfields, 15 Artillery Lane, London E1
7HA and will be followed by a buffet lunch and an
opportunity to meet the Board and the investment
management team.
Questions for either event can be submitted via
murray-intl@aberdeenplc.com, and shareholders are
welcome to email me directly at
VirginiaHolmes.Chair@aberdeenplc.com.
Outlook
Looking ahead to 2026, the global investment landscape is
likely to continue reflecting the shift toward a more
fragmented, multipolar world. Periods of volatility are
inevitable, but history shows that patient, long-term
investors can continue to find opportunities.
Global growth is expected to continue, though unevenly,
constrained by tighter financial conditions and geopolitical
uncertainty. Monetary policy in developed markets is likely
to remain relatively restrictive compared with the post
financial crisis era, even as headline inflation continues to
moderate. Central banks are expected to move
cautiously, prioritising credibility and financial stability over
short-term growth, for the time being. In addition, investor
sentiment towards emerging markets appears to be
improving, where central banks potentially have more
room to cut rates and where earnings growth and relative
valuations remain attractive.
Corporate profitability remains broadly positive, although
performance may vary significantly across geographies
and industries.
Against this backdrop, we believe that a disciplined,
diversified, and truly global income-focused strategy,
remains well positioned to support long-term wealth
creation for shareholders. These principles are at the core
of our Manager’s distinctive approach.
Virginia Holmes
Chair
3 March 2026
14 Murray International Trust PLC
Summary
2025 was a year of stark contrasts for global markets,
revealing both vulnerability to sudden shocks and an
underlying resilience amid persistent volatility. Investors
contended with political upheaval, economic uncertainty,
and ongoing geopolitical tensions, all of which weighed on
confidence across asset classes. The year opened on a
strong footing, supported by optimism following President
Trump’s return to office in the US, including expectations of
tax reform and deregulation. However, sentiment
deteriorated rapidly. April’s “Liberation Day” proved a
decisive inflection point, with markets unsettled by tariff
threats, fiscal instability, strained relations with the Federal
Reserve, and inconsistent policy signals from Washington.
Efforts to advance peace in conflict regions, including
Russia/Ukraine and the Middle East, offered little respite.
Although the market backdrop was volatile, the period of
weakness proved brief. By the end of May, sentiment
improved, following a surprise trade détente between the
US and China, alongside broader framework agreements
that eased fears of a deeper global trade rupture. This
shift supported a summer rally, with equities reaching new
highs, particularly in the US and Asia.
Volatility resurfaced in the second half of the year as
inflationary pressures persisted, labour market
uncertainty re-emerged, and fiscal and political concerns
intensified. Yet markets proved resilient. Strong corporate
earnings, accelerating AI adoption, and robust consumer
demand helped global equities finish the year near
record levels.
Against this backdrop, the benefits of the Company’s
globally diversified approach remained clear,
underpinned by its focus on attractive income and long-
term capital growth.
Performance
Performance over the full financial year was strong. The
Company’s NAV total return was 21.9%, outperforming
the Benchmark, which returned 12.6%. This also
represented real growth ahead of the UK Retail Price
Index (“RPI”) rate of 4.2%, aligning with one of the
Company's investment objectives and key performance
indicators.
In 2025, the portfolio’s truly global and diverse composition
was the primary driver of returns. Companies outside the
US, spanning a broad range of sectors, delivered notably
strong results. Significant exposures in Latin America and
Asia contributed meaningfully, as did allocations to
Telecommunications, Financials, Industrials, Materials and
Utilities. Importantly, the portfolio demonstrated resilience
during the volatile first half of the year and then kept pace
as markets rallied to new highs in the second half.
The attribution analysis overleaf outlines the factors
influencing portfolio performance. In summary, of the 8.5%
of performance relative to the Benchmark (before
expenses), asset allocation added 5.6% and stock
selection added 2.7%. Structural effects, relating to the
fixed income portfolio, cash, foreign exchange and
gearing net of borrowing costs, added a further 0.5% of
relative performance.
Investment Mana
g
er’s Review
Murray International Trust PLC 15
Strategic Report
Governance
Overview Portfolio General Corporate Information Financial Statements
Attribution Analysis as at 31 December 2025
Company Benchmark
A
Contribution from:
Asset Stock
Weight Return Weight Return Allocation Selection Total
% % % % % % %
Africa & Middle East
– – 3.1 19.3 –0.1 – –0.1
Asia Pacific ex Japan
23.7 31.8 12.6 18.2 0.7 2.7 3.4
Europe ex UK
26.1 21.7 19.7 29.3 1.7 –1.5 0.1
Japan
– – 7.5 20.8 –0.5 – –0.5
Latin America
8.0 36.0 0.9 48.6 2.0 –0.7 1.3
North America
32.0 16.9 51.1 7.0 1.4 2.9 4.3
UK
10.2 11.2 5.1 17.8 0.4 –0.5 –0.1
Gross equity portfolio return
100.0 22.2 100.0 12.6 5.6 2.7 8.5
Fixed Interest
–0.4
Gearing, cash and foreign exchange
0.9
Gross portfolio return
22.7
Management fees and administrative expenses
–0.6
Tax charge
–0.4
Technical differences
0.2
Total return
21.9 12.6
A
From 1 July 2025 the MSCI ACWI High Dividend Yield Index was adopted as the Company’s Benchmark Index. Longer term performance is measured against a blend of the
Benchmark Index combined with the former composite benchmark (40% of the FTSE World UK Index and 60% of the FTSE World ex-UK Index) for periods up to 27 April 2020 and
the former reference index (FTSE All World TR Index) between 28 April 2020 and 30 June 2025.
Notes to Performance Analysis
Asset Allocation effect – measures the impact of over or underweighting each asset category, relative to the benchmark weights.
Stock Selection effect – measures the effect of security selection within each category.
Technical differences – the impact of different return calculation methods used for NAV and portfolio performance
Source: Aberdeen Group plc. Figures may appear not to add up due to rounding.
16 Murray International Trust PLC
Stocks adding to performance in 2025
The strongest contributors spanned a wide range of
geographies and industries, including an Asian technology
company, a communications services firm, a US
technology business and two international consumer
staples companies. This breadth highlights the value of the
portfolio’s balanced and diversified positioning.
Taiwan Semiconductor Manufacturing Company (“TSMC”)
TSMC, the world’s largest contract chipmaker, specialises
in cutting-edge semiconductor fabrication across
advanced process nodes, producing smaller, faster, and
more power‑efficient chips. The company, which has
been held for over twenty years, delivered exceptional
performance in 2025, driven primarily by surging demand
for artificial intelligence and high-performance
computing. Full-year revenue rose 31.6% to NT$3.81 trillion
- a record high.
As impressive as TSMC’s fundamentals remain, we have
been mindful of how strongly the shares have performed.
We have used this strength to manage the overall position,
trimming both TSMC and other holdings that have been
buoyed by the AI‑related rally, ensuring the portfolio
maintains balanced exposure.
Singapore Telecommunications (“Singtel”)
Singtel is one of Asia's leading communications
technology groups, providing fixed and mobile services,
broadband, TV and digital solutions. Together with its
regional associates - Airtel (India), AIS (Thailand), Globe
(Philippines), Optus (Australia), and Telkomsel (Indonesia)
- it serves more than 780 million customers across 20
countries in Asia, Australia, and Africa.
Share price strength in 2025 was underpinned by robust
financial results, strategic capital management, and
continued growth in digital infrastructure. The company
delivered a 9% increase in underlying net profit to
S$2.47 billion, supported by strong contributions from
Optus, NCS (IT services), and regional associates such as
Airtel and AIS. Singtel also exceeded its asset recycling
target, raising it from S$6 billion to S$9 billion, and launched
a S$2 billion share buyback programme, reinforcing
investor confidence.
Singtel continued to advance its strategic shift toward
high-growth digital segments, expanding its Nxera data
centres across Asia and rolling out innovative 5G+
network-slicing capabilities, further strengthening its
competitive position.
Broadcom
Broadcom delivered exceptional performance in 2025,
driven primarily by the explosive growth in AI-related
semiconductor solutions and ongoing momentum across
its software portfolio. Consolidated revenue reached a
record US$64 billion, with AI revenues alone rising 65% to
US$20 billion. This was fuelled by strong demand for
custom AI accelerators (ASICs) and advanced AI
networking products, including the Tomahawk 5 and
Jericho4 Ethernet switches.
The Infrastructure Software segment also made a
significant contribution, with revenue increasing 26% to
US$27 billion, supported by strong adoption of VMware
Cloud Foundation (VCF). Throughout the year, Broadcom
benefited from expanding hyperscaler demand, securing
major new customers for its custom chips and winning
large scale orders tied to leading AI platforms.
As with TSMC, we used periods of share price strength to
reduce the overall position, ensuring disciplined portfolio
balance.
Philip Morris International
Philip Morris International remained the portfolio's single
largest holding at the half year and retained that position
at the end of the full year. The company continues to be a
formidable business, generating strong earnings growth
and substantial free cash flows as it leverages its
traditional tobacco operations to support its transition into
reduced-risk and smoke-free products, which now
represent approximately 40% of revenues. Its defensive
and steadily growing earnings stream proved particularly
attractive in an environment unsettled by tariff‑related
market volatility earlier in the year.
Given the strength of the share price, we continued to trim
the position marginally during the period, recycling capital
into other holdings that have been less strong performers
but remain fundamentally appealing. While we remain
confident in the investment outlook for Philip Morris, we
are mindful of the growth expectations embedded in its
Zyn product (tobacco‑free oral pouches). As such, the
company is unlikely to receive additional capital at this
stage, following its very strong performance over the last
twelve months.
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British American Tobacco (BAT)
BAT delivered a notably strong performance in 2025, a
year characterised by strategic execution following
several years of significant investment. Revenue rose
around 2% on a constant currency basis, slightly ahead of
expectations. A key highlight was the US business, which
returned to both revenue and profit growth for the first
time since 2022, supported by stabilising combustible
market share and the withdrawal of the proposed
menthol ban.
BAT’s smokeless portfolio continued to scale, reaching
18.2% of Group revenue. Nicotine pouches, particularly
the Velo brand, were standout performers, growing more
than 40% in the first half. Strong cash conversion, above
95%, enabled the company to expand its 2025 share
buyback to £1.1 billion. Meanwhile, productivity initiatives
remained firmly on track, with savings expected to exceed
£1.2 billion by year-end, helping to offset inflationary
pressures.
Stocks detracting from performance in 2025
Given the year’s volatility and the portfolio’s diversified
positioning, it is inevitable that not all holdings delivered
positive returns. What matters is whether periods of
weakness challenge the underlying investment thesis or
instead create opportunities to add capital at more
attractive valuations. In 2025, a clearer pattern emerged:
healthcare and alcohol producers were among the
weakest performers.
Diageo
Diageo’s share price struggled in 2025 as a combination of
macroeconomic, category specific, and operational
headwinds weighed on performance. Weak consumer
confidence in key markets, particularly the US and China,
was a significant drag, with stretched household budgets
and cautious spending reducing demand for premium
spirits. In the US, competitive pressures in tequila, ongoing
destocking, and tough comparisons following prior
restocking of brands such as Don Julio added further
strain. These challenges were compounded by broader
premium-spirits weakness linked to the cost of living
backdrop, shifting consumer behaviour, and concerns
that weight loss drugs may dampen alcohol consumption.
Rising inflation and geopolitical uncertainty contributed to
a global slowdown in spirits demand, prompting Diageo to
withdraw its medium-term organic growth guidance
amid an uncertain recovery trajectory. Tariff related
pressures in 2025 added to difficulties, increasing costs
and weighing on sentiment as US trade tensions
escalated. Currency volatility, elevated inventories, and
leadership instability following CEO changes also acted as
headwinds.
Despite these challenges, we believe the business
continues to exhibit the core characteristics underpinning
the investment thesis. We see long-term opportunity in the
global scotch whisky market, particularly in the US and
China, and continue to value Diageo's broad geographic
footprint and the strength of its brand portfolio. We also
believe the company is well placed to innovate in
response to shifting consumer tastes, particularly through
low- and no-alcohol offerings and ready-to-drink formats.
While performance has been disappointing and
frustrating to date, we have used share price weakness to
add selectively to the position, as we believe current levels
offer long-term value.
Pernod Ricard
Pernod Ricard faced a challenging 2025, affected by
many of the same pressures that weighed on Diageo.
Organic net sales declined for the fiscal year, driven by
pronounced weakness in the US, China, and Global Travel
Retail - three of its four strategic “must win” markets. In the
US, softer spirits demand and ongoing distributor inventory
adjustments held back performance, while persistent US
tariffs under the current administration risked costing the
Group €35 million. China proved an even larger drag: sales
fell 21% amid weak demand for Scotch and the effective
suspension of Martell shipments in the second half.
Despite these headwinds, Pernod Ricard maintained
strong cost discipline, expanding organic operating
margins and advancing its long term €1 billion efficiency
programme. As with Diageo, we do not believe Pernod
Ricard’s investment thesis is broken. We have therefore
added to the position during periods of share price
weakness, where we see long-term value emerging
despite near-term pressures.
Bristol Myers Squibb
Bristol Myers Squibb faced significant challenges in 2025,
as accelerating erosion from non-branded generic
competition and continued US regulatory and pricing
uncertainty weighed heavily on sentiment. The primary
pressure point was the decline of the Legacy Portfolio:
cancer therapies such as Revlimid, Pomalyst, Sprycel, and
Abraxane experienced ongoing volume and pricing
headwinds.
We used the weakness in Bristol Myers Squibb’s share
price to add to the position, as the company’s Growth
Portfolio continued to expand. Key products including
18 Murray International Trust PLC
Opdivo, Reblozyl, Camzyos, Breyanzi and the newly
approved schizophrenia medication, Cobenfy, delivered
encouraging growth. While these gains were not yet
sufficient to offset the mounting losses from legacy
products or the regulatory headwinds faced during the
year, they provide a credible path toward mitigating
patent expiries and rebuilding momentum as the
company transitions beyond its ageing oncology
blockbusters.
TELUS
TELUS experienced notable share price weakness
throughout 2025, emerging as one of the clear laggards
within the Canadian telecom sector, particularly in the
final third of the year. The primary concern for investors
was the company’s elevated payout ratio, which
suggested that its long-standing dividend-growth
commitments were becoming increasingly difficult to
sustain. By late 2025, it appeared increasingly likely that
dividend outflows could exceed 100% of free cash flow
towards the end of the decade, raising questions about
whether further dividend increases (or even the dividend
itself) would remain financially prudent in the coming
years.
At the same time, TELUS faced pressures from rising
capital intensity and heightened competition, continued
investment in fibre and 5G networks, and slower-than-
expected returns from its sizeable expansion into TELUS
International. While yield and income remain central to the
company’s investment objectives, we place strong
emphasis on ensuring that dividends from portfolio
holdings are both sustainable and capable of growing
over time. As our confidence in TELUS’ ability to meet this
standard diminished, we made the decision to exit the
holding towards the end of the year.
Merck
Merck’s share price was weak in 2025, weighed down by
disappointing guidance, product specific setbacks, and
mounting pricing and regulatory uncertainty more
broadly across the sector. In early February, the company
issued weaker than expected guidance for 2025,
projecting revenue of US$64.1–US$65.6 billion,
meaningfully below the US$67.36 billion consensus
estimate. This guidance surprise triggered an intraday
decline of more than 10% - one of the steepest single day
drops for Merck in nearly two decades.
Operationally, Merck faced significant product level
pressures. Gardasil sales fell 17% due to weaker demand
in China, and the company paused shipments to the
region until mid-2025, further dampening forward
revenue expectations. Market sentiment was also
dominated by concerns surrounding the upcoming patent
expiry of Keytruda in 2028, prompting investors to
question the company’s medium term growth trajectory.
We added to the position during the year, as we believe
Merck’s longer-term valuation case remains compelling.
The company is leveraging reformulations to extend the
runway for Keytruda, including the rollout of a more
convenient subcutaneous injection. It is also actively
diversifying its revenue base, supported by strategic
pipeline expansion and acquisitions such as Verona
Pharma. Additionally, Merck continues to invest heavily in
new product launches, underpinned by a multiyear
US$3 billion cost optimisation programme designed to
redirect resources into higher growth areas.
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The top five and bottom five stock contributors are detailed below:
Top Five Stock Contributors %* Bottom Five Stock Contributors %*
TSMC 0.73 Diageo -0.63
Singapore Telecommunications 0.71 Pernod Ricard -0.55
Philip Morris 0.69 Bristol Myers Squibb -0.31
Broadcom 0.60 TELUS -0.31
British American Tobacco 0.59 Merck -0.28
* % relates to the percentage contribution to return relative to the Benchmark
Income Generation
Despite equity market volatility, income generation
remained strong. Portfolio income increased by over £11.7
million, or 13.9%, to £95.9 million. This robust income profile
is fully aligned with the Company’s long-standing
commitment to delivering attractive, growing dividends
for investors.
Of the 54 income-generating holdings, 42 raised their
dividends. Notable contributors included TSMC, Telkom
Indonesia, Siemens, Broadcom, Telefónica Brazil, Vale,
DBS Group, Hong Kong Exchanges & Clearing, Intesa
Sanpaolo, Banorte and OCBC, all of which delivered
double-digit dividend increases.
Airport operator Grupo ASUR was the standout, with a
281% increase driven by special dividends. This reflected
the return of excess balance-sheet cash. However, the
magnitude of this distribution is unlikely to be repeatable in
future years.
Ten holdings reduced dividends, largely in line with
expectations. Commodity-exposed names such as BHP,
Rio Tinto and Woodside Energy cut payouts from the prior
year, consistent with our forecasts. China Resources Land,
Infosys and Taylor Wimpey reduced dividends by 8%, 9%
and 3%, respectively. Walmart de México increased its
regular dividend, but reduced the scale of its typical
special distribution, resulting in a 22% decline in its
combined payout. This outcome was anticipated given
the weaker macroeconomic backdrop in Mexico, where
GDP growth has been slowing. Mercedes-Benz Group
also reduced its dividend by 19% amid tariff-related
uncertainty. GlobalWafers cut its payout by 42% after our
exit from the stock, as the business navigates subdued
demand for non-AI semiconductor materials and an
ambitious overseas investment programme. CME Group
postponed its annual variable dividend into 2026, aligning it
with its first-quarter payment schedule.
We remain acutely aware of the impact currency
movements can have on income when investing globally
with an unhedged portfolio, where over 90% of assets are
denominated in currencies other than Sterling. Currency
posed a sizeable headwind in 2024, when Sterling
strengthened against most global currencies. In 2025, the
picture was more balanced. While the Pound continued to
appreciate against the Indian Rupee, Indonesian Rupiah,
and US Dollar, it weakened against the Euro, Swedish
Krona, Mexican Peso, Swiss Franc, Danish Krone and
Brazilian Real, leading to a more neutral overall impact on
income.
20 Murray International Trust PLC
Changes to the Portfolio
Turnover was 18.7% (2024: 13%) of gross assets, slightly
higher than in prior years, reflecting market volatility and
valuation-driven adjustments. We trimmed several strong
performers including TSMC, Broadcom, Philip Morris,
Enbridge, Siemens and Zurich Insurance Group, and
added to holdings where share-price weakness created
attractive opportunities, such as Medtronic, Merck, Bristol
Myers, Pernod Ricard and Diageo.
As noted in the interim report, we exited Atlas Copco due
to valuation concerns, and divested Chilean lithium
producer SQM and Taiwanese semiconductor silicon
producer Global Wafers owing to anticipated dividend
declines. Proceeds were redeployed into new positions in
Rio Tinto, Italian financial services company Intesa
Sanpaolo,
and Indian IT services group Infosys. We also
exited Banco Bradesco in Brazil and China Resources Land
into share-price strength earlier in the year.
In the second half, we executed a switch between two
Singaporean financial stocks. We sold Oversea-Chinese
Banking Corporation (OCBC) and initiated a position in DBS
Group. The catalyst was the decline in short-term rates in
both the Hong Kong and Singapore dollars during early- to
mid-2025. OCBC has greater exposure to floating-rate
loans in Hong Kong dollars, and we believed consensus
expectations for its net interest income and margins were
overly optimistic. DBS, by contrast, appeared less rate-
sensitive due to its hedging practices and offered more
diversified earnings, including a stronger wealth
management franchise. The other major disposal in the
second half was Canadian telecom company TELUS, as
concerns mounted about an increasingly competitive
environment and the sustainability of its dividend growth
potential.
A new addition in the second half was Finnish-listed KONE,
a global leader in the escalator and elevator industry. The
company is seeing strong momentum in its services and
modernisation business, supported by digital and AI-
enabled predictive maintenance. With elevators and lifts
difficult to replace once installed, KONE benefits from a
long runway of higher-margin service work as the global
installed base ages. The business is geographically
diversified and offers a 2.9% yield backed by strong cash
generation – an attractive proposition for a high-quality
industrials business capable of generating returns on
invested capital of around 28%.
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Spanish‑listed Inditex was another new purchase. Owner
of brands such as Zara, Pull&Bear, Massimo Dutti, Bershka
and Stradivarius, Inditex remains one of the most
consistent operators in the global retail sector—a
notoriously difficult industry. Its hybrid sourcing model, with
roughly half of garments made in Spain, Portugal,
Morocco and Turkey, enables rapid response to fashion
trends and reduces inventory risk. High‑volume basics are
sourced from Asia, and the company continues to lead in
technologies for inventory optimisation, logistics and
customer experience. With net cash on its balance sheet
and strong free‑cash‑flow generation, Inditex supports a
2.4% dividend yield—modest but up 37% over five years. By
funding new positions through reductions in lower‑yielding
holdings such as TSMC and Broadcom, the portfolio
benefits from disciplined trimming of strong performers,
the introduction of high‑quality businesses, and a stronger
income profile.
A further lower-yielding addition was US based home
improvement retailer Lowe’s. Accessing US consumer
exposure within an income‑oriented mandate can be
challenging, but we believe Lowe’s is well positioned for
meaningful earnings growth as the home‑improvement
cycle strengthens, supported by easing mortgage rates
and a rising stock of ageing US homes. The company has
been narrowing the margin gap with its main competitor,
Home Depot, through digital transformation, supply-chain
optimisation and a focus on the “Pro customer” segment,
where margins tend to be more resilient. While Lowe’s
higher exposure to DIY customers introduces some
volatility, it also increases sensitivity to improving housing
turnover. Its US$1.325 billion acquisition of Artisan Design
Group provides a strategic foothold in the homebuilder
market - an area where it historically lacked scale. Aside
from Verizon, the portfolio has little direct exposure to the
US consumer. Reducing Broadcom to initiate a
1.7%‑yielding position in Lowe’s improved diversification
and enhanced portfolio yield.
We introduced Veolia Environnement, the French
multinational and global leader in water, waste and
energy management. Around 60% of its revenue comes
from Europe, with significant operations in the US and
Australia. Veolia’s businesses sit at the intersection of
major long-term structural themes: rising demand for
water-scarcity solutions, expansion of circular-economy
hazardous-waste treatment, and growth in
energy-transition services such as bioenergy and
efficiency technologies. With contract renewal rates
above 90%, we believe Veolia offers defensive
characteristics and strong long-term visibility.
Finally, in keeping with the strategy of the last few years,
we continued to reduce the fixed income exposure. While
having the flexibility to use the asset class to deliver the
investment objective is useful, it can bring additional
complexity. In the first half, we sold Indonesian and
Dominican Republic government bonds, reallocating
capital into Mercedes-Benz Group and Intesa Sanpaolo,
both offering higher yields. In the second half, we exited
Pemex bonds, the Mexican state-owned petroleum
company, using proceeds for a new holding in Grupo
Financiero Banorte, one of Mexico’s largest financial
institutions. This switch improved yield potential and
offered attractive prospects for capital appreciation,
supported by Banorte’s strong profitability, capitalisation
and asset quality.
These adjustments help maintain a distinctive, globally
diversified portfolio with strong income characteristics.
22 Murray International Trust PLC
Summary of Investment Changes During the Year
Valuation Appreciation/ Valuation
31 December 2024 (depreciation) Transactions 31 December 2025
£’000 % £’000 £’000 £’000 %
Equities
UK
128,125 7.2 8,791 44,330 181,246 9.1
Europe ex UK
405,457 23.0 61,599 56,331 523,387 26.3
North America
565,927 32.1 74,686 (17,846) 622,767 31.2
Asia Pacific ex Japan
412,778 23.4 101,154 (54,126) 459,806 23.1
Latin America
142,483 8.1 25,187 (11,964) 155,706 7.8
1,654,770 93.8 271,417 16,725 1,942,912 97.5
Preference shares
UK
6,907 0.4 (236) (2,821) 3,850 0.2
6,907 0.4 (236) (2,821) 3,850 0.2
Bonds
Europe ex UK
1,703 0.1 (9) (1,694) – –
Asia Pacific ex Japan
43,237 2.4 (3,321) (27,467) 12,449 0.6
Latin America
43,342 2.5 2,697 (29,557) 16,482 0.8
Africa & Middle East
15,035 0.8 2,253 231 17,519 0.9
103,317 5.8 1,620 (58,487) 46,450 2.3
Total Investments
1,764,994 100.0 272,801 (44,583) 1,993,212 100.0
Continued
Investment Mana
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Murray International Trust PLC 23
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Outlook
We expect the challenging backdrop to persist,
characterised by economic uncertainty, elevated
geopolitical tensions and conflicts. Market performance
broadened out towards the end of the year, particularly in
the US. However, the significant driver of expected
earnings growth remains concentrated in US mega-cap
technology stocks, which increases vulnerability to sector-
specific shocks or a slowdown, should broader market
participation fail to materialise. Although trade-related
concerns have eased somewhat, the situation in the
Middle East and tensions in regions such as Eastern
Europe and between East and West more broadly,
continue to present meaningful risks.
The Federal Reserve has initiated rate cuts, but
policymakers remain divided on the appropriate path
forward. Investors are watching closely for any signs of
pressure on the Fed's independence, particularly if
inflation or labour market tightness were to re-emerge.
Historically, rate cuts in a non-recessionary environment
(as we are in today), have tended to be constructive for
equities, reducing borrowing costs and supporting growth
and cyclical sectors. However, the current environment is
complicated by the risk that markets interpret rate
reductions as politically motivated, which could blunt their
impact and make monetary policy a less effective tool
than in the past. At the same time, many companies
continue to hold strong cash positions and manageable
leverage, providing flexibility to navigate a slower growth
backdrop. Corporate earnings also remain resilient across
many sectors, reinforcing the value of maintaining a
selective approach.
Artificial Intelligence continues to be the defining theme of
the current market cycle, driving extraordinary gains and
reshaping corporate investment priorities. While its long-
term transformative potential is clear, the rally remains
highly concentrated, leaving investors to balance powerful
structural tailwinds against the risk of speculative excess.
Valuations appear to be supported by current growth
expectations, but the pace of investment and earnings
expansion will inevitably slow at some point. We remain
exposed to the AI theme on your behalf, while remaining
mindful of the scale of that exposure following recent
strong performance. If AI is to be as seismic and
transformative as many expect, history reminds us that no
major technological revolution has unfolded seamlessly or
without periods of dislocation elsewhere in the economy—
or without interruptions in monetisation for the companies
involved.
It is natural to look back to the late stages of the 1999 Tech
Bubble and draw parallels around market concentration
and elevated multiples, and to caution against justifying
valuations with the phrase “this time is different.” Yet we
must also recognise that when markets become
concentrated and expectations run high, the margin for
error narrows and gravity becomes a powerful force.
Selectivity will remain critical. Our focus will continue to be
on quality, diversification and disciplined risk management
as markets navigate these conflicting signals. While recent
performance has been encouraging, the broader
backdrop is likely to remain noisy.
We will continue to concentrate on the factors we can
control – challenging portfolio holdings, scrutinising
positioning, maintaining a long-term perspective and
using bouts of market weakness to strengthen alignment
with our investment objective. Our aim remains
unchanged: to deliver attractive, growing income
alongside long-term capital growth, supporting
shareholders’ wealth creation over time.
Martin Connaghan,
Senior Investment Director
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 Company since 201
7
Samantha Fitzpatrick,
Senior Investment Director
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 Company since 201
9
abrdn Investments Limited
3 March 2026
24 Murray International Trust PLC
Core Investment Beliefs
As an active equity investor, the Investment Manager’s
approach to equity investing is underpinned by three core
investment beliefs:
· Fundamental research is the key to delivering insights
that can be used to exploit situations where the
Investment Manager believes the market is not correctly
valuing a company and so identify the best investment
opportunities. Such market inefficiencies can arise from
mispricing, information asymmetry or behavioural
biases amongst investors who often have very different
investment time horizons.
· By including constructive engagement and
environmental, social and governance (ESG)
considerations at the heart of its company research, the
Investment Manager believes that risks can be
mitigated, and returns for clients enhanced, as
companies with robust ESG practices tend to enjoy
long-term financial benefits.
· That disciplined, active investment with the aim of
using stock specific insights to build high conviction
portfolios and provide access to the Investment
Manager’s best investment ideas can deliver superior
outcomes for clients.
Idea Generation
The Company’s portfolio managers are Martin
Connaghan and Samantha Fitzpatrick, who form part of
Aberdeen’s equity division. When searching for
investments for the Company's portfolio, the portfolio
managers benefit from insights and ideas from the
Investment Manager's c.110-strong active equity division,
which is spread over 12 cities across the globe. Cross-
asset class and macro-economic insights are also gained
from conversations held between the portfolio managers
and other teams such as Credit, Real Estate and the
Aberdeen Research Institute. Analyst recommendations
on every stock under coverage are quantitively measured,
recognising that company insights are a critical
component of alpha generation in portfolios over time.
The Investment Manager's reputation as a responsible
long-term investor means the investment management
team has first-rate access to the companies under
research. Through structured meetings and regular
conversations, the Investment Manager gathers insights
from both executive management teams and non-
executive directors.
Research
The Investment Manager has developed a proprietary
research platform used by all its equity, credit and ESG
teams, giving instant access to research globally. The
research is focused on four key areas:
Foundations – the Investment Manager analyses how a
company makes money, the attractiveness and
characteristics of its industry, and the strength and
sustainability of the economic competitive advantage or
'moat'. This includes a thorough evaluation of the
company's ESG risks and opportunities. Face-to-face
meetings help confirm the Investment Manager’s
understanding and challenge the key elements of a
company's fundamentals including:
· The evolution and growth of the business.
· The sustainable competitive advantage.
· Management's track record of execution and
managing risk.
· The balance sheet and financials.
· ESG risks and opportunities.
Dynamics – shorter and longer-term business dynamics
are one of the critical determinants of a company’s
corporate value over time. In addition, the Investment
Manager looks for changes in the factors driving the
market price of a stock, identifying the drivers that the
broader market may not be pricing in. Understanding the
dynamics behind these drivers allows the Investment
Manager to focus on the factors that will drive shareholder
returns from a particular stock.
Financials and Valuation - the Investment Manager
examines the strengths and weaknesses of a company's
financials, including a detailed analysis of the balance
sheet, cash flow and accounting practices, the market's
perception of the company's future prospects and value,
and its own forecasts of future financials and how the
stock should be priced. This includes significant focus on
the dividend paying capability of each business and the
potential for dividend growth.
Investment Insight and Risk - the Investment Manager
articulates its investment thesis, explaining how it views a
stock differently from the market consensus and how it
expects to crystallise value from the holding over time,
while also flagging any key risks.
The Mana
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er’s Investment Process
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Peer Review
Having a common investment language internally
facilitates effective communication and comparison of
investment ideas through peer review which is a critical
part of the investment process. All investment ideas are
subject to rigorous peer review, both at regular meetings
and on an ad-hoc basis.
Martin Connaghan and Samantha Fitzpatrick form part of
a dedicated equity income group consisting of senior
team members with clear accountability for various
income strategies. This group debates stock holdings,
portfolio structure and risk profiles.
Portfolio Construction/Risk Controls
The Company’s portfolio is built from the bottom up by
Martin Connaghan and Samantha Fitzpatrick, who
prioritise high conviction stock ideas, once they have been
debated, in a risk aware framework. The portfolio risk
tolerance is derived from the Company’s investment
objective and required outcomes.
As an active equity investor, the Investment Manager has
adopted a disciplined portfolio construction process which
takes appropriate and intentional risk to drive returns. Risk
systems monitor and analyse risk exposures across
multiple perspectives breaking down the risk within the
portfolio by industry and country factors, by currency and
macro factors, and by other fundamental factors (quality,
momentum, etc). Consideration of risk starts at the stock
level with rigorous company research helping the
management team to avoid stock specific errors. Martin
Connaghan and Samantha Fitzpatrick ensure that any
sector or country risk is appropriately sized and managed
relative to the overall objectives of Company. Portfolios
built by the Investment Manager’s management teams
are formally reviewed on a regular basis with the
Investment Manager’s Global Head of Equities and its
Investment Governance and Risk teams. This oversight
monitors portfolio risk and oversees operational risk to
ensure client objectives are met.
26 Murray International Trust PLC
Integrated ESG and Climate
Change Analysis
Whilst ESG factors are not the overriding criteria in relation
to the investment decisions taken by the management
team for the Company, significant attention is given to
ESG and climate related factors throughout the
investment process. By embedding ESG analysis into the
active equity investment process, the Investment
Manager aims to enhance potential value for
shareholders, reducing risk and investing in companies
that can contribute positively to the world. In the
Investment Manager’s view, companies that successfully
manage climate change risks will perform better in the
long term. It is important that the Investment Manager
assesses the financial implications of material climate
change risks across all asset classes, including real assets,
to make portfolios more resilient to climate risk. Further
details of the Manager’s embedded ESG process are
contained on pages 121 and 122.
abrdn Investments Limited
3 March 2026
The Mana
g
er’s Investment Process
Continued
Murray International Trust PLC 27
The Manager takes into consideration many factors when
deciding whether to invest in or divest from a company.
These factors have been described in the previous
sections covering The Manager’s Investment Process and
are further illustrated by the case studies below:
Industria de Diseño Textil, S.A. (Inditex)
In which year did the
company first invest? 2025
% Holding 1.3%
Where is its head office? A Coruña, Spain
What is its web address? Inditex.com/en
Business Fundamentals
Inditex is the world’s fourth-largest fashion retailer, behind
LVMH, Nike and TJX Companies, based on annual sales,
and is the global leader in fast fashion. Zara remains the
dominant engine of the group, representing over 70% of
total revenue, supported by a complementary portfolio of
brands including Pull&Bear, Massimo Dutti, Bershka,
Stradivarius and Oysho.
The business maintains a diversified global footprint, with
its home market Spain accounting for 15% of sales, the
rest of Europe accounts for 50%, the Americas 19% and
Asia & Rest of World 17%. Online operations are fully
integrated into the business model and now account for
around 30% of total revenue, demonstrating the success
of the company’s digital transformation strategy.
Founded in 1985 by Amancio Ortega, Inditex remains
influenced by its founding family, who retain a 59%
ownership stake. Leadership continuity has been
reinforced through the appointment of Marta Ortega (the
founder’s daughter) as Chair in 2022, following 15 years in
key operational roles. This stability underpins strategic
discipline and a long-term outlook, contributing to
operational resilience relative to peers such as H&M.
A key competitive advantage is Inditex’s hybrid sourcing
model, which blends proximity manufacturing in Spain,
Portugal, Morocco and Turkey with large scale global
sourcing from Asian hubs. Roughly half of all garments are
produced in proximate markets, enabling rapid reaction
to fashion trends and helping to reduce inventory risk,
while Asian sourcing focuses on high volume basics.
Coupled with leadership in inventory optimisation, logistics
and customer experience technologies, this model has
proven highly effective in a notoriously difficult sector.
Investment Case Studies
28 Murray International Trust PLC
What is Changing?
Despite operating in the highly competitive and
fragmented mass market apparel industry, typically
characterised by elevated markdowns and supply chain
inefficiencies, Inditex continues to outperform on both
financial and operational metrics.
In FY24, it delivered a gross margin of 57.8% and an
operating margin of 19.7%, both exceptional for the
sector, where double digit operating margins are rare.
Return on equity is similarly impressive at 30%, well ahead
of the fast fashion industry average of 18%. After the
pandemic related dip in 2021, performance has
rebounded strongly and now exceeds pre-COVID levels.
Inditex’s robust financial position, supported by a net-cash
balance sheet and strong free cash flow, had previously
placed the company on our watch list. However, valuation
and a relatively modest dividend yield prevented action.
During 2025, share price weakness led to valuation
compression to 23x P/E, below its 10-year average of 26x,
prompting our analyst to upgrade the stock to a “Strong
Buy” in September 2025. Underperformance up to that
point had been largely driven by short term foreign
exchange effects and tariff related sentiment rather than
underlying fundamentals.
Meanwhile, the dividend profile has strengthened
meaningfully over time. When we bought the stock in
October 2025 it was yielding 3.5%, reflecting significant
growth from a low base, with 1, 3 and 5 year dividend
CAGRs of 9%, 22% and 37% respectively. With the
company nearing the end of an elevated capex cycle and
avoiding M&A, cash returns to shareholders should remain
well supported. Our purchase was timed just ahead of the
ex-dividend date, allowing us to capture half of the annual
income payout for 2025.
Valuation and Investment Insight
We initiated the position at 1% and later increased it
following a combination of valuation support, improving
shareholder-return dynamics and continued operational
excellence. Although Inditex trades at a premium to most
mass market apparel peers, its superior margins, returns
and balance sheet strength justify the higher multiple in
our view. The temporary price weakness created an
appealing entry point.
With online integration driving operating leverage, the
hybrid sourcing model sustaining industry leading
economics, and the company is now exiting a period of
elevated capital investment, free cash flow generation is
poised to strengthen further.
Inditex’s avoidance of M&A supports capital discipline, and
we see a long runway for sustainable dividend growth
given its global scale, supply chain agility and strong brand
resonance. Overall, we view Inditex as a high-quality
compounder with the potential for attractive long-term
upside, combining operational consistency with best in
class financial performance.
Environmental, Social and Governance (ESG)
While family control can be a corporate governance red
flag, in the case of Inditex it has proved positive, as the
founding family’s interests remain closely aligned with long
term shareholders, underpinning a disciplined,
conservative, and enduring approach to managing the
business. Inditex operates in a sector exposed to
environmental, labour and supply chain risks, yet it
consistently ranks as an ESG leader. Its strong governance
framework, anchored by long term family stewardship,
supports strategic consistency and accountability. The
company’s sourcing model, which includes a high
proportion of proximity manufacturing, helps reduce
transport emissions and offers greater visibility over labour
practices.
Inditex’s industry leading ESG ratings from providers such
as MSCI highlight its commitment to responsible
production and supply chain transparency. While human
capital and environmental risks remain inherent in fast
fashion, the company’s substantial investment in
technology enabled supply chain optimisation, alongside
ongoing improvements in product circularity and
sustainable sourcing, continue to enhance its ESG profile.
Given its scale and influence within the industry, Inditex is
well positioned to shape best practice across the broader
apparel ecosystem.
Investment Case Studies
Continued
Murray International Trust PLC 29
Grupo Aeroporto del Sureste
In which year did the
company first invest? 2000
% Holding 3.1%
Where is its head office? Mexico City, Mexico
What is its web address? www.asur.com.mx
This case study updates shareholders on Grupo ASUR, a
long-held stock that has navigated significant challenges
over the past few years. We outline the main issues faced
and explain why the Manager believes overcoming them
has strengthened ASUR's ability to deliver sustained value.
Business Fundamentals
Founded during Mexico’s first wave of airport
privatisations, Grupo Aeroportuario del Sureste, S.A.B. de
C.V. (ASUR) has evolved from a single-country operator
into a geographically diversified platform spanning nine
airports in southeast Mexico, including Cancún, as well as
six airports in Colombia and one in Puerto Rico. ASUR’s
business focuses on operating, maintaining, and
developing airport infrastructure and providing regulated
aeronautical services, including aircraft and passenger
processing. This represents around 70% of revenues, and
while fees are capped by maximum-rate formulas that
are updated annually, it provides the business with a
predictable base to fund capex and dividends. It also
manages commercial activities that capture higher-
margin travel retail economics within its airport facilities,
including retail, dining, and duty-free shops which are
not regulated.
The Journey So Far
We first invested in ASUR shortly after its initial listing in
2000, making it one of, if not the, longest-held stock in the
portfolio. The Mexican billionaire Fernando Chico Pardo
was a founding investor in the business and remains its
Chairman to this day, as well as a key shareholder. The
company has faced countless challenges over that
holding period, which it has negotiated well, leaving it in a
strong position moving forward.
30 Murray International Trust PLC
International Departures
Several years ago, ASUR made two cross-border
acquisitions beyond Mexico. In 2012, a consortium led by
ASUR and Highstar Capital (via Aerostar Airport Holdings)
secured a 40-year lease to operate Luis Muñoz Marín
International Airport in Puerto Rico, beginning operations in
2013. In 2017, ASUR acquired a controlling stake in Airplan,
a Colombian operator managing six airports in northern
Colombia. These expansions have elevated ASUR’s
business by widening its USD-linked revenue, extending
concession duration, and boosting cash flow. Geographic
diversification reduced reliance on Mexico, offset volatility,
and stabilised results. In 2025, growth in Colombia and
Puerto Rico offset weaker traffic in Mexico, supporting
revenue. Exposure to multiple currencies provided a
natural hedge, with overseas cost bases benefiting
from peso weakness, reinforcing ASUR’s resilience
across cycles.
Meteorological Challenges
ASUR’s geographic footprint in southeast Mexico and the
Caribbean offers unique opportunities but also exposes its
operations to significant meteorological risks, particularly
during the third quarter of each year. The company has
successfully navigated several major hurricane events,
demonstrating the strength of its infrastructure resilience
and operational continuity protocols. While occasional
physical damage to airport facilities has occurred, ASUR’s
proactive hurricane response strategy centres on
protecting physical assets and enabling rapid operational
recovery. Moreover, the company remains focused on
supporting the broader regional tourism infrastructure to
foster a swift rebound in passenger demand.
Health Crises
Recent events have shown that while global health crises
can challenge most business models, airports are among
those tested most significantly. ASUR has demonstrated
exceptional resilience, successfully navigating two major
global health crises during the time we have been invested
on your behalf: the 2009 H1N1 (Swine Flu) outbreak and
the COVID 19 pandemic beginning in 2020. During H1N1 in
2009, passenger traffic fell by more than 50%—particularly
international leisure travel—before recovering to pre-crisis
levels over approximately 26 months. Management’s
response at the time was largely reactive, focused on
government mandated health measures and maintaining
operational continuity during a demand downturn. COVID
19 presented a much more severe stress test, with
passenger traffic collapsing by more than 90% at the
trough as international travel effectively ceased. Despite
this unprecedented decline, the recovery period was
broadly similar to H1N1, at around 27 months, highlighting
both the underlying resilience of travel demand and
ASUR’s improved crisis management capabilities.
Financially, management prioritised liquidity preservation
and long-term value over short term optimisation. ASUR
worked collaboratively with airlines and commercial
tenants to manage revenue disruption, providing
temporary relief where needed while protecting the
durability of its commercial relationships and
earnings base.
A consistent feature across both crises was ASUR’s
commitment to workforce stability. The company
implemented no compulsory redundancies during either
H1N1 or COVID 19. During the pandemic, management
absorbed part of the financial burden by cancelling
executive performance bonuses, reinforcing alignment
with long term stakeholders.
What Is Changing?
Companies that stand still tend to mature and slow down.
ASUR is not one of those companies. Its growth plan
continues to hinge on two parallel tracks: (i) capacity-led
organic expansion at its Mexican flagship in Cancun and
selected regional airports, and (ii) a disciplined,
increasingly international M&A program aimed at
diversifying both traffic mix and regulatory risk.
Management insists the two vectors are complementary—
capex is largely self-funded from robust cash flows, while
bolt-on deals are executed only when they clear strict
return hurdles. Cancun airport, the group’s dynamic profit
engine, delivering an impressive 60% of earnings, is
midway through an ambitious multi-terminal overhaul.
They are fully renovating and expanding Terminal 1, with
completion scheduled for mid-2026. The airport is also
doubling the size of Terminal 4, with works due to be
finished by 2028. Once operational, the opening of
Terminal 1 will efficiently relieve congestion in Terminal 2
and create substantial new commercial square footage,
further boosting retail yields.
Investment Case Studies
Continued
Murray International Trust PLC 31
Strategic Report
Governance Overview Portfolio General Corporate Information Financial Statements
International Expansion
ASUR’s recent acquisitions mark a meaningful evolution in
the group’s long-term growth and risk management
strategy, further reducing reliance on the Mexican
regulatory environment while improving the stability and
quality of future cash flows. Together, the transactions
expand ASUR’s airport footprint, rebalance earnings
toward less-regulated revenue streams, and extend
exposure to faster growing aviation markets globally.
In November 2025, ASUR agreed to acquire Motiva’s stake
in CPC Aeroportos for approximately R$5.0 billion (US$936
million), securing interests in 20 airports across Brazil,
Ecuador, Costa Rica and Curaçao. While the acquisition
multiple of 9.1x EV/EBITDA is above the 5–8x range
typically observed across the sector, we view this
premium as strategically justified. The transaction adds
approximately 45 million passengers to ASUR’s portfolio,
materially diversifying traffic and earnings away from
Mexico and toward South America’s largest aviation
market. Alongside this, ASUR has expanded into the US
airport commercial market through the acquisition of
URW Airports for US$295 million. This transaction grants
ASUR management of commercial programs at major US
hubs, including Los Angeles International, John F. Kennedy
International and Chicago O’Hare. Beyond the immediate
earnings contribution, the acquisition embeds ASUR into
some of the world’s highest spend passenger
environments and provides valuable data on US traveller
behaviour, supporting more sophisticated yield
optimisation across the group. This is an interesting move
which we will monitor closely.
Valuation and Investment Insight
The Company first acquired a position in ASUR over
twenty years ago. Over that time, the cumulative total
return from the stock has been over 5500% in Sterling, an
annualised return of 17.5%, which is very reasonable. The
special dividends received this year were very welcome
and something the business was always capable of doing,
given its cash position. While we still view ASUR as a very
sound, cash-generative business, one that has shown how
important it considers shareholder returns, we would not
expect a similar level of income to be paid out to
shareholders this coming year. Recent trading multiples
place ASUR around the middle of the global airport
valuation range. However, if we look at it on a traffic-
normalised basis, so EV/EBITDA per passenger, for
example, the company trades at a premium versus
regional peers. We believe this is warranted given its
flexibility, strong balance sheet, and above-peer margins,
driven by its retail-heavy mix and long concession life.
Moving forward, passenger recovery and capacity-driven
expansion at Cancun, along with execution on the Motiva
deal, could be the catalysts for a multiple re-rating. Given
how well management has executed in the past, we view
this as a likely outcome despite any future turbulence,
which would yield further value from the position over the
coming years.
Environmental, Social and Governance (ESG)
A powerful majority shareholder can cause corporate
governance concerns, but that has not been the case
here given the long-term perspective and strong
alignment of interests. ASUR has taken meaningful steps to
integrate sustainability into its airport operations. The
company is advancing on renewable energy, carbon
intensity, workforce stability and governance
transparency. Environmentally, it has been expanding its
on site clean energy generation, supported by further
solar roll outs that help mitigate its carbon intensity. The
group has formalised its commitment to the Science
Based Targets initiative, which enables transparency and
monitoring of its emissions targets. Mexico and Colombia
are biodiversity-sensitive countries; the company follows
robust programs to manage risks to biodiversity and
community impacts tied to expansion projects, relative to
industry peers. Socially, ASUR benefits from a very low staff
turnover rate of 4.1%, offers extensive training programs
and progressive inclusion policies, alongside pioneering
efforts such as human trafficking prevention initiatives.
While progress has been made on gender parity, it
remains a work in progress, and reliance on third party
service providers adds operational complexity.
32 Murray International Trust PLC
KONE
In which year did the
company first invest? 2025
% Holding 1.3%
Where is its head office? Espo, Finland
What is its web address? www.kone.co.uk
Business Fundamentals
KONE is a global leader in the elevator and escalator
industry. The company focuses on enabling the safe,
efficient, and sustainable movement of people within
buildings and urban environments. Headquartered in
Finland, KONE designs, manufactures, installs, and
maintains elevators, escalators, and automatic building
doors. Its products serve residential towers, commercial
offices, transport hubs, and public infrastructure.
The business operates across the full lifecycle of its
products. New equipment installations are key growth
drivers in expanding urban centres. KONE’s large and
growing installed base also supports a substantial Services
and Modernisation business. These activities include
maintenance, repairs, upgrades, and digital monitoring.
They provide recurring revenue and foster strong long-
term customer relationships. Over time, this services-led
mix has increased the resilience and defensiveness of
KONE’s earnings profile.
KONE operates worldwide and has a strong presence in
Europe and Asia. The business benefits from structural
trends such as urbanisation, ageing buildings, and the rise
of smart cities, which drive demand for new installations
and modernisation.
What is Changing?
KONE is actively transitioning its business focus toward
Services and Modernisation to capitalise on the ageing
global installed base and mitigate headwinds in the new
construction market. Reflecting these evolving
fundamentals, KONE’s new strategy, called “Rise,” is built
around four strategic shifts aimed at driving growth,
profitability, and sustainability.
KONE will accelerate digitalisation by increasing
connectivity across its maintenance base, now
close to 40% of revenues, and using digital tools to raise
field service productivity.
Investment Case Studies
Continued
Murray International Trust PLC 33
Strategic Report
Governance Overview Portfolio General Corporate Information Financial Statements
The company will focus on modernisation, targeting the
world’s 10 million ageing elevators with modular, partial
modernisation solutions. These solutions are faster to
install, less disruptive for customers, and more
energy efficient.
KONE will sharpen its focus on the residential segment by
offering affordable, purpose-built products, such as the
MonoSpace 100 DX, an entry-level passenger elevator for
low-rise residential and commercial buildings.
Innovation and sustainability are central to KONE’s
strategy. The company invests heavily in energy efficient
technologies, digital connectivity, and data driven services
to improve reliability, reduce downtime, and lower the
environmental footprint of buildings.
Valuation and Investment Insight
The company’s valuation is underpinned by a combination
of improving business mix, disciplined financial
management, and clearly articulated margin ambitions,
offset by residual geographic risk. The management
team, led by CEO Philippe Delorme, inspires confidence—
he joined the business in early 2024 and quickly pivoted
the strategy to focus more on services rather than new
installations, particularly in response to China’s
construction slowdown. This transition enhances earnings
visibility and resilience, reinforcing the company’s
defensive characteristics and supporting a higher quality
earnings profile over time. His international experience
and decisive leadership are encouraging.
From a balance sheet perspective, the company’s strong
net cash position provides strategic flexibility. This financial
strength creates optionality for further M&A led
consolidation, which could act as a medium-term upside
catalyst if executed effectively. Finally, management’s
margin targets are a critical component of the investment
case. The stated ambition to achieve a 13–14% adjusted
EBIT margin by 2027 (versus 11.7% currently) is supported
by ongoing digitalisation initiatives and structural cost
reduction programmes. Successful delivery against these
targets would represent a meaningful uplift in profitability
and valuation credibility. While the valuation rarely looks
cheap on a P/E basis, we believe the market has yet to
fully appreciate the shift towards higher recurring revenue
and improved operational predictability.
The dividend profile is attractive for a high-quality
industrial. KONE offers a 3% yield. Dividend growth has
been steady, occasionally supplemented by special
dividends, and sustainability is underpinned by strong free
cash flow and a net cash balance sheet. While foreign
exchange movements can introduce earnings variability,
KONE mitigates this through geographic diversification
and currency alignment between costs and revenues.
Environmental, Social and Governance (ESG)
As mentioned, KONE integrates sustainability as a central
pillar of its “Rise” strategy, with the ambition to lead the
elevator and escalator industry on ESG performance.
Progress is measured through its Sustainability Index,
which tracks clearly defined environmental, social, and
governance targets. Environmentally, KONE is focused on
deep decarbonisation, targeting a 50% absolute reduction
in Scope 1 and 2 emissions and a 40% reduction in Scope 3
emissions by 2030 from a 2018 baseline. By 2024, the
company had already reduced Scope 1 and 2 emissions
by 29%, exceeded interim targets, and reached 99%
renewable electricity usage. Product efficiency is a major
lever, with regenerative drives included in over 60% of
deliveries and extensive use of third party verified
Environmental Product Declarations to improve
transparency. Socially, KONE emphasises safety, inclusion,
and employee engagement, supported by active DEI
programmes, strong engagement scores, and external
recognition from global media firms Corporate Knights
and Forbes. Governance is characterised by high ethical
standards, board independence, and accountability, with
executive remuneration explicitly linked to ESG
performance. Robust supply chain standards, human
rights screening, and strong cybersecurity practices
further reinforce governance quality. Finally, KONE is
another example where concentrated family ownership
has worked well: the Herlin family has guided the
company for three generations, and today Antti Herlin—
Chairman of the Board and controlling shareholder—has
maintained alignment with long term shareholders
through a stable, disciplined, and sustained stewardship
approach.
34 Murray International Trust PLC
The Board uses a number of financial and operating performance measures to assess the Company’s success in
achieving its investment objective and to determine the progress of the Company in pursuing its investment policy. The
Board has identified the Company’s main KPIs (refer to Glossary on pages 127 to 129 for definitions) which it considers at
each Board meeting. These KPIs are as follows:
KPI
Description
Dividend
Absolute Growth: The Board’s aim is to seek to increase the Company’s revenues over time in order to
maintain an above average dividend yield. The Board measures average yield against the rate of RPI and
against other investment options including the average of the Peer Group (the AIC Global Equity Income
sector excluding market capitalisations below £100m). Dividends paid over the past 10 years are set out
on page 37 together with a chart showing the Peer Group and Benchmark long-term yields. There is also a
graph showing dividend growth compared to inflation on page 36.
Relative Yield: The Board also monitors the yield level against the Benchmark Index, the rate of RPI and
other investment trusts’ yields within the Company’s Peer Group over a range of time periods, taking into
consideration the differing investment policies and objectives employed by those companies.
NAV Performance
Absolute Performance: The Board considers the Company’s NAV total return figures to be the best
indicators of performance over time, and these are the main indicators of performance used by the
Board.
Relative Performance: The Board also measures NAV total return performance against the Benchmark.
A graph showing the NAV and Benchmark total returns is shown on page 36.
Share Price
Performance
Absolute Performance: The Board monitors the share price absolute return over time.
Relative Performance: The Board also monitors the price at which the Company’s shares trade relative to
the Benchmark on a total return basis over time and a graph showing absolute and relative share price
performance is shown on page 36. In addition, there is further commentary on the performance in the
Chair’s Statement and Investment Manager’s Review.
Share Price
Discount/Premium
to NAV
The discount/premium relative to the NAV per share represented by the share price is closely monitored
by the Board. The objective is to avoid large fluctuations in the discount/premium by the use of share
buybacks and the issuance of new shares or the sale of Treasury shares, subject to market conditions. A
graph showing the share price premium/(discount) relative to the NAV and investment trust sector
(excluding VCTs) is shown on page 36.
Gearing The Board’s aim is to ensure that gearing as a percentage of NAV (shareholders’ funds) is kept within the
Board’s guidelines issued to the Manager as disclosed on page 38.
Ongoing Charges
Ratio (OCR)
Absolute Performance: The Board monitors the level and longer-term trend of the Company’s OCR in
absolute terms.
Relative Performance: The Board also monitors the level and relative trend of the OCR versus the
Company’s Peer Group, taking into consideration the differing investment policies and objectives
employed by those companies.
A key element of the OCR is the management fee which is reviewed regularly to ensure that it remains
competitive against the Peer Group. Details of the annual OCR trend are disclosed on page 35 and there is
a chart showing published OCR data for the Peer Group on page 37.
Key Performance Indicators
(
KPIs
)
Murray International Trust PLC 35
General Corporate Information Financial Statements
Strategic Report
Governance Overview Portfolio
Total Return
% Return
1 year 3 year 5 year 10 year
Share price
AB
+36.0 +43.7 +85.8 +219.3
Net asset value per Ordinary share
A
+21.9 +43.1 +77.7 +199.7
UK RPI
+4.2 +13.3 +38.3 +56.8
Benchmark
C
+12.6 +56.1 +73.7 +241.7
A
Considered to be an Alternative Performance Measure (see page 119 for more details).
B
Mid to mid.
C
From 1 July 2025 the MSCI ACWI High Dividend Yield Index was adopted as the Company’s Benchmark Index. Longer term performance is measured against a blend of the
Benchmark Index combined with the former composite benchmark (40% of the FTSE World UK Index and 60% of the FTSE World ex-UK Index) for periods up to 27 April 2020 and
the former reference index (FTSE All World TR Index) between 28 April 2020 and 30 June 2025.
Source: Aberdeen Group plc, Morningstar & Lipper
Ten Year Financial Record
Year end
A
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Total revenue (£’000)
77,333 79,471 77,105 82,417 68,918 78,737 88,745 88,833 84,216 95,942
Per Ordinary share (p):
Net asset value
227.1 250.3 221.6 238.0 227.6 248.1 258.7 268.8 278.4 325.4
Share price
237.6 253.6 226.4 252.0 226.0 231.2 266.8 258.0 257.5 335.0
Net revenue return
B
10.2 10.4 9.9 10.8 9.3 10.3 12.0 12.1 11.6 13.9
Dividends
C
9.5 10.0 10.3 10.7 10.9 11.0 11.2 11.5 11.8 12.4
Dividend cover
1.08x 1.04x 0.96x 1.01x 0.86x 0.94x 1.07x 1.05x 0.98x 1.12x
Revenue reserves (£’000)
70,963 75,252 73,563 75,747 66,764 62,967 69,239 75,132 74,182 85,398
Shareholders’ funds (£’bn)
1.448 1.599 1.42 1.539 1.462 1.561 1.617 1.669 1.679 1.921
Ongoing charges ratio(%)
D
0.68 0.64 0.69 0.65 0.68 0.59 0.52 0.53 0.52 0.50
A
Figures for 2016-2022 have been restated to reflect the 5:1 sub-division on 24 April 2023.
B
Net revenue return per Ordinary share has been based on the average Ordinary share capital during each year (see note 9 on page 99).
C
The figure for dividends per share reflects the years to which their declaration relates and not the years they were paid.
D
Considered to be an Alternative Performance Measure as defined on page 118.
Performance Track Record
36 Murray International Trust PLC
Share Price (Discount)/Premium to NAV (%)**
Ten years to 31 December 2025
-16
-14
-12
-10
-8
-6
-4
-2
0
2
4
6
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
MINT (Discount)/Premium Inv Trust ex VCTs Sector Average (Discount)/Premium
Comparison of NAV Total Return and Share Price Total Return to Benchmark and RPI**
Ten years to 31 December 2025
-20
0
20
40
60
80
100
120
140
160
180
200
220
240
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
MINT NAV
MINT Share
price
Benchmark
Index
UK RPI
Source: LSEG Datastream. Rebased to 0 at 31 December 2015.
Comparison of NAV Total Return and Dividend Growth to RPI rebased to 100**
Ten years to 31 December 2025
100
150
200
250
300
350
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
MINT NAV total
return (CAGR 11.6%)
MINT dividend
growth (CAGR 3.0%)
UK RPI (CAGR 4.6%)
Benchmark total
return* (CAGR
11.7%)
*From 1 July 2025 the MSCI ACWI High Dividend Yield Index was adopted as the Company’s Benchmark Index. Longer term performance is measured against a blend of the
Benchmark Index combined with the former composite benchmark (40% of the FTSE World UK Index and 60% of the FTSE World ex-UK Index) for periods up to 27 April 2020 and the
former reference index (FTSE All World TR Index) between 28 April 2020 and 30 June 2025.
CAGR is defined on page 127.
** Source Aberdeen, Morningstar and/or Factset
Performance Track Record
Continued
Murray International Trust PLC 37
General Corporate Information Financial Statements
Strategic Report
Governance Overview Portfolio
Ten Year Dividend Yield Comparison as at 31 December*
0
1
2
3
4
5
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Dividend yield (%)
MINT Dividend Yield Peer Group (ex MINT) Average Yield MSCI ACWI HDY*
*Yield data for periods prior to 2025 comprises the yield on the current Benchmark Index, the MSCI ACWI HDY
Dividend per Share*
0
2
4
6
8
10
12
14
1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025
Dividend per share (restated for
share split in April 2023)
Dividend funded from revenue earnings Dividend partially funded from reserves
Peer Group Ongoing Charges Ratios (OCR)*
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
0.90%
1.00%
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
Reported Ongoing Charges Ratio
Market Capitalisation (£m)
MINT
Source: Annual Reports January 2026
* Source Aberdeen
Long Term
D
ividend Growth
3.0% p.a.
Long Term
NAV Return
+11.6%
p.a.
Long Term
U
K RPI
+4.6% p.a.
38 Murray International Trust PLC
Investment trusts, such as the Company, are long-term
investment vehicles. Typically, investment trusts are
externally managed, have no employees, and are
overseen by an independent non-executive board of
directors. Your Company’s Board of Directors sets the
investment mandate, monitors the performance of all
service providers (including the Manager) and is
responsible for reviewing strategy on a regular basis. All of
this is done with the aim of preserving and enhancing
shareholder value over the longer term.
New Benchmark Index
As reported at the Half 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 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
Longer term performance is measured against a blend of
the Benchmark Index combined with the former
composite benchmark (40% of the FTSE World UK Index
and 60% of the FTSE World ex-UK Index) for periods up to
27 April 2020 and the former reference index (FTSE All
World TR Index) between 28 April 2020 and 30 June 2025.
Investment Objective
The aim of the Company is to achieve an above average
dividend yield, with long-term growth in dividends and
capital ahead of inflation, by investing principally in global
equities.
Investment Policy
There are a number of elements set out in the investment
policy delegated to the Manager which are set out below:
Asset Allocation
The Company’s assets are currently invested in a
diversified portfolio of international equities and fixed
income securities spread across a range of industries and
economies. The Company’s investment policy is flexible
and it may, from time to time, hold other securities
including (but not limited to) index-linked securities,
convertible securities, preference shares, unlisted
securities, depositary receipts and other equity-related
securities. The Company may invest in derivatives for the
purposes of efficient portfolio management in the
furtherance of its investment objective.
The Company’s investment policy does not impose any
geographical, sectoral or industrial constraints upon the
Manager. The Board has set guidelines which the
Manager is required to work within. It is the investment
policy of the Company to invest no more than 15% of its
gross assets in other listed investment companies
(including listed investment trusts), at the time of
purchase. The Company currently does not have any
investments in other investment companies. The
Manager is authorised to enter into stocklending contracts
and the Company undertakes limited stocklending
activity.
Risk Diversification
The Manager actively monitors the Company’s portfolio
and attempts to mitigate risk primarily through
diversification. The Company is permitted to invest up to
15% of its investments by value in any single holding (at the
time of purchase) although, typically, individual
investments do not exceed 5% of the total portfolio.
Gearing
The Board considers that returns to shareholders can be
enhanced by the judicious use of borrowing. The Board is
responsible for the level of gearing in the Company and
reviews the position on a regular basis. Any borrowing,
except for short-term liquidity purposes, is used for
investment purposes or to fund the purchase of the
Company’s own shares.
Total gearing will not in normal circumstances exceed
30% of net assets with cash deposits netted against the
level of borrowings. At the year end, there was net gearing
of 4.4% (calculated in accordance with Association of
Investment Companies guidance). Particular care is
taken to ensure that any bank covenants permit
maximum flexibility in investment policy.
Changes to Investment Policy
Any material change to the investment policy will require
the approval of the shareholders by way of an ordinary
resolution at a general meeting.
Investment Objective and Investment Policy
Murray International Trust PLC 39
General Corporate Information Financial Statements
Strategic Report
Governance Overview Portfolio
Introduction
The purpose of the Company, which is in its 120
th
year, is to
act as a vehicle to provide, over time, financial returns
(both income and capital) to its shareholders. The
Company’s investment objective is disclosed on page 38.
The activities of the Company are overseen by the Board
of Directors of the Company.
The Board is required to describe to the Company’s
shareholders how the Directors have discharged their
duties and responsibilities over the course of the financial
year under section 172 (1) of the Companies Act 2006
(the “s172 Statement”). This s172 Statement, from
‘Introduction’ on page 39 up to and including ‘The Work of
the Board and its Principal Decisions for the Year’ on
page 44, provides an explanation of how the Directors
have promoted the success of the Company for the
benefit of its members as a whole, taking into account the
likely long-term consequences of decisions, the need to
foster relationships with all stakeholders and the impact of
the Company’s operations on the environment.
Our Culture
The Board seeks to ensure that the Company operates
with a transparent culture whereby all parties are treated
with respect and are provided with the opportunity to
offer practical challenge and participate in constructive
debate which is focused on achieving the expectations of
shareholders and other stakeholders. The Board reviews
the culture and manner in which the Manager operates at
its regular meetings and receives regular reporting and
feedback from the other key service providers.
Our Business Model
The mechanics of how the Company operates are set out below. These mechanics, which have evolved over time, are
designed to protect stakeholders’ interests:
Promotin
g
Your Company’s Success
40 Murray International Trust PLC
Company Policies
Environmental, Community, Social and Human Rights Issues
The Company has no employees as the Board has
delegated day-to-day management and administrative
functions to abrdn Fund Managers Limited. There are,
therefore, no disclosures to be made in respect of
employees. The Company’s socially responsible
investment policy is outlined below.
Due to the nature of the Company’s business, being a
Company that does not offer goods and services to
customers, the Board considers that it is not within the
scope of the Modern Slavery Act 2015 because it has no
turnover. The Board considers the Company’s supply
chains, dealing predominantly with professional advisers
and service providers in the financial services industry, to
be low risk in relation to this matter. The Company,
therefore, is not required to make a slavery and human
trafficking statement.
Marketing and Promotional Policy
The Board recognises the importance of communicating
the long-term attractions of your Company to current and
prospective investors both for improving liquidity and for
enhancing the value and rating of the Company’s shares.
The Board believes an effective way to achieve this is
through subscription to and participation in the
promotional programme run by the Manager on behalf of
a number of investment companies under its
management. The Company also supports the Manager’s
investor relations programme which involves regional
roadshows, promotional and public relations campaigns.
The Company’s financial contribution to these
programmes is matched by the Manager. The Manager
reports at least quarterly to the Board providing an
analysis of the promotional activities as well as updates on
the shareholder register and any changes in the make-up
of that register.
Global Greenhouse Gas Emissions and Streamlined Energy
and Carbon Reporting (“SECR”)
All of the Company’s principal activities are outsourced to
third parties. The Company therefore has no greenhouse
gas emissions to report from the operations of its business,
nor does it have responsibility for any other emissions
producing sources under the Companies Act 2006
(Strategic Report and Directors’ Reports) Regulations
2013. For the same reason as set out above, the
Company considers itself to be a low energy user under
the SECR regulations (<40MWH/year) and exempt from
Streamlined Energy and Carbon Reporting obligations.
Stewardship and Engagement Policy
The Company supports the UK Stewardship Code 2020
and seeks to play its role in supporting good stewardship
of the companies in which it invests. Responsibility for
actively monitoring the activities of portfolio companies
has been delegated by the Board to the Manager which
has sub-delegated that authority to the Investment
Manager. While delivery of stewardship activities has been
delegated to the Manager, the Board acknowledges its
role in setting the tone for the effective delivery of
stewardship on the Company’s behalf.
The Board has also given discretionary powers to the
Manager to exercise voting rights on resolutions proposed
by the investee companies within the Company’s portfolio.
The Manager reports to the Board at each meeting on
stewardship (including voting) issues.
Board Diversity Policy
The Board recognises the importance of having a range
of skilled, experienced individuals with the right knowledge
represented on the Board in order to allow the Board to
fulfil its obligations. The Board also recognises the benefits
and is supportive of, the principle of diversity, inclusion and
equal opportunity in its recruitment of new Board
members. The Board will not display any bias for age,
gender, race, sexual orientation, religion, ethnic or national
origins, or disability in considering the appointment of its
Directors. However, the Board will continue to ensure that
all appointments are made on the basis of merit against
the specification prepared for each appointment and,
therefore, the Company does not consider it appropriate
to set diversity targets. At 31 December 2025, there were
three female Directors and three male Directors on the
Board. Further information on Board diversity may be
found in the Directors’ Report on page 62.
Promotin
g
Your Company’s Success
Continued
Murray International Trust PLC 41
General Corporate Information Financial Statements
Strategic Report
Governance Overview Portfolio
Our Engagement with Stakeholders
The diagram below illustrates the relationship with the Company and its key stakeholders.
Shareholders
Shareholders are key stakeholders in the Company – they look to the Manager to achieve the investment objective over
time and to deliver a regular growing income together with capital growth. Therefore, the Directors place a great deal of
importance on communication with shareholders and the table overleaf provides further details on the various methods
of interaction. The Board’s policy is to communicate directly with shareholders and their representative bodies without
the involvement of the Aberdeen Group (either the Company Secretary or the Manager) in situations where direct
communication is required and the Directors are available to meet major shareholders on an annual basis.
42 Murray International Trust PLC
The following table describes some of the ways we engage with our shareholders:
AGM The AGM provides an opportunity for the Directors to engage with shareholders,
answer their questions and meet them informally. The next AGM is scheduled for
12:30 p.m. on 23 April 2026 in London – refer to Pages 131 to 136 for the full Notice of
AGM. The Board looks forward to seeing shareholders in-person at the AGM which
will be followed by refreshments and an opportunity for shareholders to meet the
Directors and the investment management team.
Online Shareholder Presentation Following the success of previous online shareholder presentations, the Board has
decided to hold another Online Shareholder Presentation at 11.00 a.m. on Thursday 9
April 2026 and shareholders are encouraged to register and attend, whether they
are planning to attend the AGM or not. Further details are provided in the Chair’s
Statement on page 13.
Annual and Half Yearly Reports We publish a full Annual Report in March/April each year that contains a strategic
report, governance section, financial statements and additional information; we also
publish a Half Yearly Report each August/September. The reports are available on
the Company’s website and in paper format and are widely distributed to parties
who have an interest in the Company’s performance.
Company Announcements We release a full set of financial results at the half year and full year stage. We also
issue announcements for all substantive news relating to the Company and weekly
gearing updates. Shareholders can find these announcements on the Company’s
website. Latest net asset value figures are announced on a daily basis.
Monthly Factsheets The Manager publishes monthly factsheets on the Company’s website including
commentary on portfolio and market performance.
Website Our website contains a range of information on the Company and includes up to
date performance information as well as a full monthly portfolio listing of our
investments. Details of financial results and the investment process together with
Company announcements and contact details can be found here:
murray-intl.co.uk.
Social Media Shareholders can access up to date news on the Company and management team
by following the dedicated Murray International page on LinkedIn.
Other Shareholder Engagement We seek regular engagement with the Company’s major shareholders and also
prospective investors through annual and interim roadshow meetings undertaken in
conjunction with the Manager and Broker. Such regular meetings may take the form
of joint presentations with the Investment Manager or meetings directly with a
Director where any matters of concern may be raised directly in order to
understand their views on governance and performance. In addition, the
management team presents at brokers’ conferences and regularly conducts
webcasts and webinars, some of which are available on the Company’s website.
Shareholders who wish to be kept updated on the Company can also register for
email updates on the website. The Board supports the Manager’s proactive
marketing which also seeks to keep existing shareholders up to date and also to
attract new shareholders over time.
Correspondence The Board welcomes queries from shareholders and responds to letters and emails
from shareholders on a range of issues. Refer to page 123 for contact details.
Promotin
g
Your Company’s Success
Continued
Murray International Trust PLC 43
General Corporate Information Financial Statements
Strategic Report
Governance Overview Portfolio
The Manager
The key service provider for the Company is the Manager.
The performance of the Manager is reviewed in detail at
each Board meeting. The Manager’s investment process
is outlined on pages 24 to 26; further information on the
Board’s oversight of, and engagement with, the Manager
is provided below and on page 64.
Other Service Providers
The other key stakeholder group is that of the Company’s
other third party service providers. The Board is
responsible for selecting the most appropriate outsourced
service providers and monitoring the relationships with
these suppliers regularly in order to review their
performance and ensure a constructive working
relationship. Our service providers look to the Company to
provide them with a clear understanding of the
Company’s needs in order that those requirements can
be delivered efficiently and fairly. The Board, in
conjunction with the Management Engagement
Committee, ensures that the arrangements with service
providers are reviewed at least annually in detail including
consideration of any complaints. The aim is to ensure that
contractual arrangements provide good value for money,
remain in line with best practice, services being offered
meet the requirements and needs of the Company and
performance is in line with the expectations of the Board,
Manager and other relevant stakeholders. Reviews
include those of the Company’s depositary and custodian,
share registrar and broker. The Audit and Risk Committee
reviews the terms of engagement of the auditor.
The Work of the Board and its Principal Decisions for the Year
Pursuant to the Board’s aim of promoting the long-term success of the Company, the Directors have undertaken the
following work and taken the following principal decisions during the year:
Background to Decision Action
Continuing Appointment of the Manager - It is the
Board’s duty to shareholders to ensure that the
Manager delivers on the investment objective
The Board, through the Management Engagement
Committee (MEC), annually carries out a formal review of,
amongst other things, the Manager’s investment
performance and process, and the appropriateness of the
management fee. The continuing appointment of the
Manager was confirmed by the MEC as described further on
page 64.
Premium and Discount Management - The Board
has continued to review the trading in the
Company’s shares with the aim of reducing share
price volatility in normal market conditions so that
the discount or premium to NAV does not
become excessive
During the year, 12.9m shares were purchased into Treasury
at a weighted average discount of 7.9%, during periods when
the Company’s shares traded at a discount to NAV. Further
details are provided in the Chair’s Statement on page 11.
Subsequent to the year-end, over 1.5m Ordinary shares
have been sold from Treasury to satisfy market demand.
44 Murray International Trust PLC
Increased and Fully Covered Dividends - The Board
is conscious of the importance to shareholders of
the dividend and of the need to marry this with a
prudent approach to the management of the
Company’s distributable reserves
The Company’s aim is to continue to pay a progressive and
rising dividend, supported in so far as possible by sufficient
income being received each year from portfolio companies.
The Board is recommending a final dividend of 4.6p per
share (2024: 4.3p). If this is approved, the total dividend for
the year, including the three increased interim dividends of
2.6p per share, would therefore be 12.4p, an increase of 5.1%
over the prior year. This year’s dividend is fully covered from
earnings and approximately 1.9p per share has been moved
to revenue reserves for use in the future. The chart on page
37 shows that over the long term the trend is for the dividend
to be covered. Further information is included on page 11 of
the Chair’s Statement.
Performance Measurement – Shareholders’
interests are best served by having an appropriate
index against which to measure the performance
of the Manager.
During the year the Board reviewed the appropriateness of
continuing to use 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.
Board Composition and Responsibilities -
Shareholders’ interests are best served by
ensuring a smooth and orderly refreshment of the
Board over time and the Board has a long-term
succession programme in place
Mrs Mackesy retired from the Board at the AGM in April 2025,
having completed nine years as a Director and Ms
Colquhoun was appointed Senior Independent Director.
During the year, the Board conducted a comprehensive
search using the services of an independent recruitment
consultant. This exercise culminated in the appointment of
Mr Huysinga as an independent non-executive director with
effect from 1 May 2025.
Gearing - The use of gearing is a distinguishing
feature of investment trusts and allows the
Company to use borrowings to enhance
shareholder returns over the longer term
The Board monitors the effectiveness of gearing in
conjunction with advice from the Manager. The Board
continues to review the borrowing rates available, and the
Board will only consider increasing gearing when it is
considered commercially attractive to do so.
Promotin
g
Your Company’s Success
Continued
Murray International Trust PLC 45
General Corporate Information Financial Statements
Strategic Report
Governance Overview Portfolio
The Board is responsible for setting and monitoring
policies designed to manage risk and to ensure the
long-term viability of the Company.
Risk Management
There are a number of risks which, if realised, could have a
material adverse effect on the Company and its financial
condition, performance and prospects. A summary of the
principal and emerging risks is set out below, together with
a description of the mitigating actions taken by the Board.
The principal risks associated with an investment in the
Company’s shares are published monthly on the
Company’s fact sheet and can also be found in the pre-
investment disclosure document (“PIDD”) published by the
Manager, both of which are available on the Company’s
website.
The Board regularly undertakes a robust review of the
principal and emerging risks and material uncertainties
facing the Company, including those that would threaten
its business model, future performance, solvency or
liquidity. The Board has prepared its own risk register
which identifies potential risks relating to (i) Investment
Strategy and Objectives; (ii) Investment Portfolio
Performance risk; (iii) Operational and Governance risks;
(iv) Financial risks; and (v) Macro and Geo-Political risks.
The Board considers the potential cause and possible
impact of these risks as well as reviewing the controls in
place to mitigate these potential risks. A risk is rated by
having a likelihood and an impact rating and the residual
risk is plotted on a “heat map” and is reviewed at least
twice a year.
The Board discusses with the Manager areas where there
may be risks emerging and maintains a register of these.
In the event that an emerging risk has gained significant
weight or importance, that risk is categorised and added
to the Company’s risk register and is monitored
accordingly. The Board has identified a new emerging risk
of as yet unknown technological changes which it will
keep under review.
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,
as further described in the Investment Manager’s Review
on pages 14 to 23 and on pages 24 to 26.
The design, implementation and maintenance of controls
and procedures to safeguard the assets of the Company
and to manage its affairs properly extends to operational
and compliance controls and risk management. Further
information about the Company’s internal controls is
included in the Directors’ Report on pages 66 and 67.
Significant matters relating to the work of the Audit and
Risk Committee are discussed in the Report of the Audit
and Risk Committee on page 74 and further detail on
financial risks and risk management is disclosed in note 18
to the financial statements. In all other respects, the
Company’s principal and emerging risks and uncertainties
have not changed materially since 31 December 2025.
Risk Mana
g
ement and Viability
46 Murray International Trust PLC
Principal Risks Trend Mitigating Action
Investment strategy and objectives – if the
Company’s investment objective becomes
unattractive and the Company fails to
adapt to changes in investor demand
(including in relation to ESG and climate
change) the Company may become
unattractive to investors, leading to
decreased demand for its shares and a
widening discount.
The Board keeps the level of discount and/or premium at
which the Company’s shares trade as well as the investment
objective and policy under review. The Board holds an annual
strategy meeting where it reviews updates from the Manager
and investor relations reports, and the Broker reports on the
market. In addition, the Board is updated at each Board
meeting on the makeup of and any movements in the
shareholder register. The Directors attend meetings with, and
respond to correspondence from, shareholders to keep
abreast of investor opinion. In addition, the Board has
carefully reviewed the Company’s promotional and
marketing plans.
Investment Portfolio Performance Risk – if
the longer-term performance of the
investment portfolio does not deliver
income and/or capital returns in line with
the investment objective and/or
consistently underperforms market
expectations, the Company may become
unattractive to investors leading to
decreased demand for its shares and a
widening discount.
The Board reviews the investment portfolio performance at
each Board meeting and, amongst other things, seeks
explanations from the Manager where performance deviates
from expectations on either an absolute or relative basis. In
addition, the Directors attend meetings with, and respond to
correspondence from, shareholders to keep abreast of
investor opinion. The Board considers the Manager’s
appointment annually at the Management Engagement
Committee meeting where performance is comprehensively
reviewed alongside other metrics relevant to reappointment.
Operational and Governance Risks – the
Company is dependent on third parties
(and the Aberdeen Group in particular) for
the provision of all services and systems.
Any fraud, control failures, cyber threats,
business continuity issues at, or poor service
from, these third parties could result in
financial loss or reputational damage to the
Company.
The Board receives reports from the Manager on internal
controls and risk management at each Board meeting. It
receives assurances from all its significant service providers,
including the depositary, as well as back-to-back assurance
from the Manager at least annually. Further details of the
internal controls which are in place are set out on page 66.
Risk Mana
g
ement and Viability
Continued
Murray International Trust PLC 47
General Corporate Information Financial Statements
Strategic Report
Governance Overview Portfolio
Principal Risks Trend Mitigating Action
Financial Risks – the level of the Company’s
gearing, if inappropriate, and the financial
risks associated with the portfolio, including
the impact of movements in foreign
currency exchange rates, could result in
capital losses and/or reduced income for
the Company.
The Board sets a gearing limit and receives regular updates
on the actual gearing levels the Company has reached from
the Manager together with the assets and liabilities of the
Company and reviews these at each Board meeting. In
addition, aFML, as Alternative Investment Fund Manager, in
conjunction with the Board, has set an overall leverage limit of
2.0x on a commitment basis (2.5x on a gross notional basis)
and provides regular updates to the Board (see page 126).
The financial risks associated with the Company include
market risk, liquidity risk and credit risk, all of which are
mitigated in conjunction with the Manager. Further details of
the steps taken to mitigate the financial risks associated with
the portfolio are set out in note 18 to the financial statements.
The Board is cognisant of the risks associated with the impact
of currency on revenue streams and, given the cost and
imperfect nature of attempting to hedge foreign dividend
income, has resolved not to implement any hedging.
Macro and Geopolitical Risks – the macro
and geopolitical environment including the
risk of regional conflicts, supply chain
interruptions, deglobalisation and future
pandemics, within which the Company
operates is inherently uncertain and
therefore could affect the Company’s
performance or operations in unforeseen
ways.
The Board discusses macroeconomic and geopolitical issues
with the Manager at each Board meeting and the steps being
taken to limit their impact on the Company, its operations and
portfolio.
The global geopolitical environment is increasingly
destabilised by conflicts, tensions and other uncertainties. The
global macroeconomic outlook remains cautious and is
further influenced by the evolution and adoption of AI
amongst other things.
48 Murray International Trust PLC
Viability Statement
The Company does not have a fixed period strategic plan
but the Board formally considers risks and strategy at
least annually. The Board considers the Company, with no
fixed life, to be a long-term investment vehicle but, for the
purposes of this viability statement, has decided that a
period of five years is an appropriate period over which to
report. The Board considers that this period reflects a
balance between looking out over a long-term horizon
and the inherent uncertainties of looking out further than
five years.
In assessing the viability of the Company over the review
period, the Directors have considered the operational
resilience of the Company including the regular updates
and reporting received from the Manager and have
focused upon the following factors:
· The principal and emerging risks detailed in the
Strategic Report on pages 45 to 48;
· The ongoing relevance of the Company’s investment
objective in the current environment;
· The demand for the Company’s shares evidenced by
the historical level of premium and/or discount;
· The level of income generated by the Company and
level of revenue reserves;
· The need to ensure that the Manager and the
Company’s other third party service providers have
suitable processes and controls in place to enable them
to continue to provide their services to the Company;
· The quantum and liquidity of the Company’s portfolio -
over 97.5% of the investments are categorised as level 1,
held within active markets and realisable within seven
days; and
· The profile of the Company’s £110m gearing provided
by the Loan Notes which do not mature until May 2031
and May 2037.
Accordingly, taking into account the Company’s current
position, the liquidity of the Company’s investments and
the potential impact of its principal risks and uncertainties,
the Directors have a reasonable expectation that the
Company will be able to continue in operation and to
meet its liabilities as they fall due for a period of five years
from the date of this Report. In making this assessment,
the Board has considered scenario modelling prepared by
the Manager which analysed the impact equivalent to the
repetition of a range of historic Stock Market events on
matters such as significant economic and stock market
volatility which could result in a substantial reduction in the
liquidity of the portfolio, changes in investor sentiment or a
significant reduction in earnings which could all have an
impact on the assessment of the Company’s prospects
and viability in the future.
Virginia Holmes
Chair
3 March 2026
Risk Mana
g
ement and Viability
Continued
Murray International Trust PLC 49
Portfolio
The Company maintains a diversified
portfolio of investments. At the year end,
the Company’s portfolio consisted of 51
equity and 5 bond holdings. The Manager is
authorised by the Board to hold between 45
and 150 investments in the portfolio.
50 Murray International Trust PLC
As at 31 December 2025
Philip Morris International Grupo Asur
Holding: 3.3% Holding: 3.1%
Philip Morris International is one of the world’s
leading global tobacco companies. It
manufactures and sells leading recognisable
brands such as Marlboro, Parliament and
Virginia Slims. Smoke-free products now
account for c.40% of sales and include heat-
not-burn, vapour and oral nicotine products.
Grupo ASUR, operates airports in Mexico, and
other Central and Latin American countries.
The company holds long-term concessions to
manage airports in leading tourist resorts and
major cities.
AbbVie CME Group
Holding: 3.0% Holding: 3.0%
AbbVie is a global pharmaceutical company,
producing a broad range of drugs for use in
speciality therapeutic areas such as
immunology, chronic kidney disease,
oncology and neuroscience.
CME Group is the world’s leading derivatives
marketplace, operating major exchanges
including the Chicago Mercantile Exchange,
Chicago Board of Trade and the New York
Mercantile Exchange. It offers futures and
options across interest rates, equity indices,
foreign exchange and commodities.
DBS Merck & Co
Holding: 2.9% Holding: 2.7%
DBS Group is a Singapore-based financial
services group and one of Asia’s largest
banks. It operates across a wide global
network with a strong focus on Asia and
major international finance centres.
Merck & Co is a global pharmaceutical
company. The company develops prescription
medicines, vaccines, biologic therapies and
animal health products. Key therapeutic
strengths include oncology, vaccines,
infectious diseases and immunology.
Cisco Systems Johnson & Johnson
Holding: 2.7% Holding: 2.6%
Cisco Systems is a technology company
specialising in networking equipment,
cybersecurity solutions, collaboration tools,
and cloud infrastructure. Its portfolio includes
switching and routing hardware, security
platforms, wireless networking, and the
Webex collaboration suite. Cisco serves
enterprises, governments, and service
providers worldwide.
Johnson & Johnson is a global healthcare
company operating across Innovative
Medicine and MedTech. Its pharmaceutical
division focuses on oncology, immunology,
neuroscience, cardiopulmonary and other
high need therapeutic areas. Its MedTech
division provides medical devices for surgery,
orthopaedics, cardiovascular care and vision.
Zurich Insurance Singapore Telecommunications
Holding: 2.6% Holding: 2.6%
Zurich Insurance Group offers a wide range
of insurance products and services, including
general insurance, life insurance, and asset
management services. It serves individuals, as
well as large and small businesses, in over 200
countries worldwide.
Singtel is Asia’s leading communications
technology group. It provides mobile,
broadband, fixed line, digital TV and ICT
(information and communication technology)
services across Singapore, Australia and other
regional markets. It also delivers enterprise ICT,
cybersecurity and digital services across 20+
countries.
Ten Lar
g
est Investments
Murray International Trust PLC 51
Strategic Report
Governance Overview General
Portfolio
Corporate Information
Financial Statements
Valuation Total Valuation
2025 assets
A
2024
B
Company Country
£’000 % £’000
Philip Morris International US
66,794 3.3 67,244
Grupo Asur Mexico
62,025 3.1 53,274
AbbVie US
61,497 3.0 51,389
CME Group US
60,908 3.0 55,628
DBS Singapore
58,649 2.9 –
Merck & Co US
54,785 2.7 35,748
Cisco Systems US
54,126 2.7 44,647
Johnson & Johnson US
53,851 2.6 33,836
Zurich Insurance Switzerland
53,652 2.6 47,454
Singapore Telecommunications Singapore
52,609 2.6 36,054
Top ten investments
578,896 28.5
Taiwan Semiconductor Manufacturing Taiwan
51,181 2.5 73,309
TotalEnergies France
48,531 2.4 44,109
Coca-Cola US
46,785 2.3 25,610
Enbridge Canada
46,574 2.3 50,758
British American Tobacco UK
46,310 2.3 31,669
Samsung Electronics Korea
45,454 2.2 29,696
Enel Italy
45,153 2.2 33,187
Hong Kong Exchanges Hong Kong
43,973 2.2 34,242
Mercedes-Benz Germany
42,108 2.1 26,585
Hon Hai Precision Industry Taiwan
39,728 1.9 32,714
Top twenty investments
1,034,693 50.9
Verizon Communications US
38,779 1.9 40,902
Unilever
C
UK & Netherlands
38,021 1.9 36,302
Tryg Denmark
38,002 1.9 32,776
Medtronic US
37,863 1.9 17,542
Bristol-Myers Squibb US
36,099 1.8 29,370
Broadcom Corporation US
36,013 1.8 72,177
Sanofi France
34,670 1.7 27,016
Intesa Sanpaolo Italy
33,605 1.7 –
Danone France
33,521 1.6 26,763
Shell UK
33,422 1.6 33,674
Top thirty investments
1,394,688 68.7
List of Investments
52 Murray International Trust PLC
Valuation Total Valuation
2025 assets
A
2024
B
Company Country
£’000 % £’000
BHP Group Australia
31,626 1.6 27,328
Infosys India
31,392 1.5 –
Ping An Insurance China
31,115 1.5 23,667
Telenor Norway
30,276 1.5 17,174
SCB X Thailand
29,522 1.5 24,660
Siemens Germany
29,216 1.4 39,020
Diageo UK
28,863 1.4 25,370
Walmart de Mexico Mexico
28,724 1.4 26,132
Pernod-Ricard France
28,715 1.4 28,799
Lowe’s Companies US
28,693 1.4 –
Top forty investments
1,692,830 83.3
KONE Finland
26,492 1.3 –
Industria de Diseno Textil Spain
26,073 1.3 –
Vale do Rio Doce Brazil
25,773 1.3 18,857
Taylor Wimpey UK
25,585 1.3 18,315
Rio Tinto UK
25,470 1.2 –
Telkom Indonesia Indonesia
24,825 1.2 16,133
Telefonica Brasil Brazil
20,033 1.0 13,685
Woodside Energy Australia
19,732 1.0 17,012
Veolia Environnement France
19,450 1.0 –
Grupo Financiero Banorte Mexico
19,151 0.9 –
Top fifty investments
1,925,414 94.8
Republic of South Africa 7% 28/02/31
D
South Africa
17,519 0.9 15,035
BE Semiconductor Netherlands
17,498 0.8 49,223
United Mexican States 5.75% 05/03/26
D
Mexico
16,482 0.8 14,653
HDFC Bank 7.95% 21/09/26
D
India
6,234 0.3 6,983
Power Finance Corp 7.63% 14/08/26
D
India
6,215 0.3 6,973
Santander 10.375% Non Cum Pref
D
UK
3,850 0.2 3,547
Total investments
1,993,212 98.1
Net current assets
A
37,688 1.9
Total assets
E
2,030,900 100.0
A
Excluding bank loan.
B
The 2024 column denotes the Company’s holding at 31 December 2024.
C
The 2025 holding comprises UK and Netherlands securities, split £21,596,000 (2024 – £19,097,000) and £16,425,000 (2024 – £17,205,000) respectively.
D
Quoted preference share or bond.
E
See definition on page 129.
List of Investments
Continued
Murray International Trust PLC 53
Strategic Report
Governance Overview General
Portfolio
Corporate Information
Financial Statements
Asia Africa
United North Europe Pacific Latin & Middle 2025 2024
Kingdom America ex UK ex Japan America East Total Total
Sector/Geographical Analysis
% % % % % % % %
Energy
1.6 2.3 2.4 1.0 – – 7.3 8.1
Oil, Gas and Coal
1.6 2.3 2.4 1.0 – – 7.3 8.1
Basic Materials
1.2 – – 1.6 1.3 – 4.1 3.5
Chemicals
– – – – – – – 1.0
Industrial Metals and Mining
1.2 – – 1.6 1.3 – 4.1 2.5
Industrials
– – 2.7 – 3.1 – 5.8 6.1
General Industrials
– – 1.4 – – – 1.4 2.2
Industrial Engineering
– – 1.3 – – – 1.3 0.9
Industrial Transportation
– – – – 3.1 – 3.1 3.0
Consumer Staples
4.8 5.6 3.8 – – – 14.2 13.5
Beverages
1.4 2.3 1.4 – – – 5.1 4.4
Food Producers
– – 1.6 – – – 1.6 1.5
Personal Care, Drug and Grocery Stores
1.1 – 0.8 – – – 1.9 2.0
Tobacco
2.3 3.3 – – – – 5.6 5.6
Consumer Discretionary
1.3 1.4 3.4 – 1.4 – 7.5 4.0
Automobiles and Parts
– – 2.1 – – – 2.1 1.5
Household Goods and Home Construction
1.3 – – – – – 1.3 1.0
Retailers
– 1.4 1.3 – 1.4 – 4.1 1.5
Health Care
– 12.0 1.7 – – – 13.7 10.9
Health Care Equipment & Services
– 1.9 – – – – 1.9 1.0
Pharmaceuticals & Biotechnology
– 10.1 1.7 – – – 11.8 9.9
Telecommunications
– 4.6 1.5 6.0 1.0 – 13.1 13.5
Telecommunications Service Providers
– 1.9 1.5 3.8 1.0 – 8.2 9.3
Telecommunications Equipment
– 2.7 – 2.2 – – 4.9 4.2
Utilities
– – 3.2 – – – 3.2 1.9
Electricity
– – 2.2 – – – 2.2 1.9
Gas, Water and Multi-utilities
– – 1.0 – – – 1.0 –
Distribution of Investments
54 Murray International Trust PLC
Asia Africa
United North Europe Pacific Latin & Middle 2025 2024
Kingdom America ex UK ex Japan America East Total Total
Sector/Geographical Analysis
% % % % % % % %
Financials
– 3.0 6.2 8.1 0.9 – 18.2 16.2
Banks
– – 1.7 4.4 0.9 – 7.0 5.4
Investment Banking and Brokerage
Services
– 3.0 – 2.2 – – 5.2 5.0
Life Insurance
– – – 1.5 – – 1.5 1.3
Nonlife Insurance
– – 4.5 – – – 4.5 4.5
Real Estate
– – – – – – – 0.9
Real Estate Investment and Services
– – – – – – – 0.9
Technology
– 1.8 0.8 5.9 – – 8.5 13.9
Software and Computer Services
– – – 1.5 – – 1.5 –
Technology Hardware & Equipment
– 1.8 0.8 4.4 – – 7.0 13.9
Total equities
8.9 30.7 25.7 22.6 7.7 – 95.6 92.5
Preference shares and bonds
0.2 – – 0.6 0.8 0.9 2.5 6.2
Total investments
9.1 30.7 25.7 23.2 8.5 0.9 98.1 98.7
Net current assets
1.9 1.3
Total assets
A
100.0 100.0
A
See definition on page 129.
Summary of Net Assets
Valuation Valuation
31 December 2025 31 December 2024
£’000 % £’000 %
Equities
1,942,912 101.1 1,654,770 98.6
Preference shares
3,850 0.2 6,907 0.4
Bonds
46,450 2.4 103,317 6.1
Total investments
1,993,212 103.7 1,764,994 105.1
Net current assets
A
37,688 2.0 23,771 1.4
Total assets
B
2,030,900 105.7 1,788,765 106.5
Borrowings
C
(109,926) (5.7) (109,916) (6.5)
Net assets
1,920,974 100.0 1,678,849 100.0
A
Excluding bank loan.
B
See definition on page 129.
C
See note 13 on page 102.
Distribution of Investments
Continued
Murray International Trust PLC 55
Strategic Report
Governance Overview
Portfolio
General Corporate Information
Financial Statements
Total Equities Distribution by Sector
0% 5% 10% 15% 20% 25% 30% 35%
Real Estate
Utilities
Basic Materials
Industrials
Energy
Consumer Discretionary
Technology
Telecommunications
Health Care
Consumer Staples
Financials
2025
2024
Total Equities Distribution by Geographic Region
0% 5% 10% 15% 20% 25% 30% 35%
Latin America
UK
Asia Pacific ex Japan
Europe ex UK
North America
2025
2024
Equities by Country
0% 5% 10% 15% 20% 25% 30% 35%
Sweden
Chile
Indonesia
Netherlands
Denmark
Korea
Hong Kong
Brazil
Canada
Australia
Switzerland
Germany
Italy
Other Europe ex UK
Taiwan
Other Asia Pacific ex Japan
Mexico
Singapore
France
UK
US
2025
2024
Sector/Geo
g
raphical Analysis
Portfolio
Turnover
18.7%
(2024: 13%)
Equities
Represent
95.6% of Net
Assets
51 Equity
Holdings
56 Murray International Trust PLC
Governance
The Company is committed to high
standards of corporate governance
and applies the principles identified in
the UK Corporate Governance Code
and the AIC Code of Corporate
Governance
Murray International Trust PLC 57
58 Murray International Trust PLC
Virginia Holmes
Chair and Independent Non-Executive Director
Experience:
Virginia is the former CEO of AXA Investment Managers
Limited and brings significant senior asset management
expertise and experience to the Board. She is currently a
non-executive director of and Chair of the Remuneration
Committee at Intermediate Capital Group plc. She is a
current and past Chair and Trustee of a number of
pension funds and was previously a founder director of
the Investment Forum.
Length of Service:
Appointed a Director on 22 June 2022 and Chair from
31 December 2023
Last re-elected to the Board:
24 April 2025
Contribution:
The Nomination Committee has reviewed the contribution
of Ms Holmes in light of her forthcoming re-election at the
AGM to be held in April 2026 and has concluded that she is
continuing to bring significant expertise and wider
investment insight and challenge to the Board whilst
expertly chairing meetings in an efficient and focused
manner.
Committee membership:
Management Engagement Committee and Nomination
Committee (Chair)
Connections with Trust, Manager or other Directors:
None
Shareholding in Company:
10,000 Ordinary shares at 3 March 2026
Claire Binyon
Independent Non-Executive Director
Experience:
Claire is a chartered accountant who, following an early
career in the City, held senior corporate development and
strategic planning roles with global multinational
businesses including inBev, Cadbury, DS Smith and Fenner
(a Michelin group company). She is a non-executive
director of JPMorgan American Investment Trust PLC.
Length of service:
Appointed a Director on 26 April 2018
Last re-elected to the board:
24 April 2025
Contribution:
The Nomination Committee has reviewed the contribution
of Ms Binyon in light of her forthcoming re-election at the
AGM to be held in April 2026 and has concluded that Ms
Binyon continues to provide significant financial insight to
the Board as well as expertly chairing the Audit and Risk
Committee with due focus on the important areas of
accounting financial risk.
Committee membership:
Audit and Risk Committee (Chair), Management
Engagement Committee, Nomination Committee and
Remuneration Committee
Connections with Trust, Manager or other Directors:
None
Shareholding in Company:
6,713 Ordinary shares at 3 March 2026
Board of Directors
Murray International Trust PLC 59
Strategic Report
Governance
Overview General Portfolio Corporate Information Financial Statements
Wendy Colquhoun
Senior Independent Non-Executive Director
Experience:
Wendy is a qualified solicitor and was, until May 2020, a
partner at international law firm CMS Cameron McKenna
Nabarro Olswang LLP. She has advised investment trust
boards for over 25 years on advisory and transactional
matters and has a thorough understanding of investment
trusts and the regulatory and other challenges they face.
She is a non-executive director and senior independent
director of Capital Gearing Trust p.l.c and Schroder UK Mid
Cap Fund plc and a non-executive director of Temple Bar
Investment Trust Plc.
Length of Service:
Appointed a Director on 1 September 2023
Last re-elected to the Board:
24 April 2025
Contribution:
The Nomination Committee has reviewed the contribution
of Ms Colquhoun in light of her forthcoming re-election at
the AGM to be held in April 2026 and has concluded that
she has continued to bring significant legal and investment
trust expertise and insight to the Board.
Committee membership:
Audit and Risk Committee, Management Engagement
Committee (Chair), Nomination Committee and
Remuneration Committee
Connections with Trust, Manager or other Directors:
None
Shareholding in Company:
6,039 Ordinary shares at 3 March 2026
Gregory Eckersley
Independent Non-Executive Director
Experience:
Gregory is an experienced equity investor with a
professional executive career in a mix of leadership and
asset management roles. Having begun his investment
career at Cigna International Investment Limited, he
gained international experience at Draycott Partners,
Alliance Capital and Alliance Bernstein, managing and
overseeing teams investing in emerging market and
global portfolios and, until 2019, was the global head of
internal equities at the Abu Dhabi Investment Authority. He
is a non-executive director of Edinburgh Worldwide
Investment Trust plc.
Length of Service:
Appointed a Director on 1 May 2023
Last re-elected to the Board:
24 April 2025
Contribution:
The Nomination Committee has reviewed the contribution
of Mr Eckersley in light of his forthcoming re-election at the
AGM to be held in April 2026 and has concluded that he
has continued to bring excellent global investment
expertise and challenge to Board discussions.
Committee membership:
Audit and Risk Committee, Management Engagement
Committee, Nomination Committee and Remuneration
Committee
Connections with Trust, Manager or other Directors:
None
Shareholding in Company:
15,000 Ordinary shares at 3 March 2026
60 Murray International Trust PLC
Jeroen Huysinga
Independent Non-Executive Director
Experience:
Jeroen is an 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 retirement in 2020. Jeroen is a director
of European Opportunities Trust, is a trustee of a number
of charities including The Invesco Cares Foundation, Brain
and Spine Foundation and John Hodges Trust and is senior
development manager at the social investment platform
Ethex.
Length of Service:
Appointed a Director on 1 May 2025
Last re-elected to the Board:
N/A
Contribution:
The Nomination Committee has reviewed Mr Huysinga’s
contribution to the Board since his appointment to the
board during the year in light of his forthcoming election at
the AGM to be held in April 2026 and has concluded that
he has already provided significant investment trust
insight and input into Board discussions around portfolio
management.
Committee membership:
Audit and Risk Committee, Management Engagement
Committee, Nomination Committee and Remuneration
Committee
Connections with Trust, Manager or other Directors:
None
Shareholding in Company:
16,000 Ordinary shares at 3 March 2026
Nicholas Melhuish
Independent Non-Executive Director
Experience:
Nicholas is a former Fellow and Bursar of Corpus Christi
College, Oxford having retired from this role in December
2024 and following a portfolio management career
culminating as Head of Global Equities at Amundi SA. He is
a non-executive director of JPMorgan Claverhouse
Investment Trust PLC, a trustee of the Trusthouse
Charitable Foundation and a member of the Corpus
Christi College investment committee. He also lectures at
the Saïd Business School at Oxford University on Asset
Management.
Length of Service:
Appointed a Director on 1 May 2021
Last re-elected to the Board:
24 April 2025
Contribution:
The Nomination Committee has reviewed the contribution
of Mr Melhuish in light of his forthcoming re-election at the
AGM to be held in April 2026 and has concluded that he
has delivered important global investment insight and
challenge and provided strong leadership as Chair of the
Remuneration Committee.
Committee membership:
Audit and Risk Committee, Management Engagement
Committee, Nomination Committee and Remuneration
Committee (Chair)
Connections with Trust, Manager or other Directors:
None
Shareholding in Company:
18,735 Ordinary shares at 3 March 2026
Board of Directors
Continued
Murray International Trust PLC 61
Strategic Report
Governance
Overview General Portfolio Corporate Information Financial Statements
The Directors present their report and the audited
financial statements for the year ended
31 December 2025.
Results and Dividends
Details of the Company’s results and proposed dividend
are shown on pages 6 and 7 of this Report.
Investment Trust Status
The Company is registered as a public limited company
(registered in Scotland No. SC006705) and has been
accepted by HM Revenue & Customs as an investment
trust subject to the Company continuing to meet the
relevant eligibility conditions of Section 1158 of the
Corporation Tax Act 2010 and the ongoing requirements
of Part 2 Chapter 3 Statutory Instrument 2011/2999 for all
financial years commencing on or after 1 January 2012.
The Directors are of the opinion that the Company has
conducted its affairs for the year ended 31 December
2025 so as to enable it to comply with the ongoing
requirements for investment trust status.
Individual Savings Accounts
The Company has conducted its affairs so as to satisfy the
requirements as a qualifying security for Individual Savings
Accounts. The Directors intend that the Company will
continue to conduct its affairs in this manner.
Share Capital
The Company’s capital structure is summarised in note 14
to the financial statements.
At 31 December 2025, there were 590,252,33 fully paid
Ordinary shares of 5p each (2024 – 603,129,219 Ordinary
shares) in issue. At the year-end there were 56,807,682
Ordinary shares (2024 – 43,930,796 Ordinary shares) held
in Treasury.
During the year 12,876,886 Ordinary shares (2024 –
17,737,113 Ordinary shares) were bought back for
Treasury representing 2.14% (2024 - 2.8%) of the
Company’s total issued share capital. Further details on
buybacks are provided in note 14 to the financial
statements. No Ordinary shares were sold from Treasury
or issued during the year (2024 – nil).
Share Rights
Ordinary shareholders are entitled to vote on all
resolutions which are proposed at general meetings of the
Company. The Ordinary shares carry a right to receive
dividends and, on a winding up, after meeting the liabilities
of the Company, the surplus assets will be paid to Ordinary
shareholders in proportion to their shareholdings.
Management and Secretarial Arrangements
The Company has appointed abrdn Fund Managers
Limited (“aFML”), a wholly owned subsidiary of Aberdeen
Group plc, as its alternative investment fund manager
under the terms of an investment management
agreement dated 14 July 2014. Under the terms of the
agreement, the Company’s portfolio is managed by abrdn
Investments Limited (“aIL”) by way of a group delegation
agreement in place between aFML and aIL. Investment
management services are provided to the Company by
aFML. Company secretarial, accounting and
administrative services have been delegated by aFML to
abrdn Holdings Limited.
The management fee is charged at the rate of 0.5% per
annum of Net Assets up to £500m and 0.4% per annum of
Net Assets above £500m. In addition, a fee of 1.5% per
annum remains chargeable on the value of any unlisted
investments. The investment management fee is
chargeable 30% against revenue and 70% against
realised capital reserves in line with the Board’s long-term
expectation of returns from revenue and capital. 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 would be entitled to receive fees
which would otherwise have been due up to that date.
The Board considers the continued appointment of the
Manager on the terms agreed to be in the interests of the
shareholders as a whole because the Aberdeen Group
has the investment management, secretarial, promotional
and administrative skills and expertise required for the
effective operation of the Company.
The Board
The Board currently consists of six non-executive
Directors.
The names and biographies of the current Directors are
disclosed on pages 58 to 60 indicating their range of
experience as well as length of service.
All Directors will retire at the AGM in April 2026 and, with
the exception of Mr Huysinga who will stand for election
having been appointed during the year, each Director will
stand for re-election.
Directors’ Report
62 Murray International Trust PLC
The Board considers that there is a balance of skills and
experience within the Board relevant to the leadership
and direction of the Company and that all the Directors
contribute effectively. The reasons for the election or re-
election of the individual Directors are set out on pages 58
to 60.
Board Diversity
As indicated in the Strategic Report, the Board recognises
the importance of having a range of skilled, experienced
individuals with the right knowledge represented on the
Board in order to allow it to fulfil its obligations. The Board
also recognises the benefits and is supportive of, and will
give due regard to, the principle of diversity in its
recruitment of new Board members. The Board will not
display any bias for age, gender, race, sexual orientation,
socio-economic background, religion, ethnic or national
origins or disability in considering the appointment of
Directors. The Board will continue to ensure that all
appointments are made on the basis of merit against the
specification prepared for each appointment. The Board
takes account of the targets set out in the FCA’s Listing
Rules, which are set out below.
As an externally managed investment company, the
Board employs no executive staff and therefore does not
have a chief executive officer (CEO) or a chief financial
officer (CFO)- both of which are deemed senior board
positions by the FCA. Senior board positions recognised
by the FCA are chair of the board and senior independent
director (SID). However, the Board considers the Chair of
the Audit and Risk Committee also to be a senior board
position, and the following disclosure is made on this basis.
In addition, the Board has resolved that the Company’s
year-end date be the most appropriate date for
disclosure purposes.
The following information has been voluntarily disclosed
by each Director and is correct as at 31 December 2025.
The Board confirms that the Company is in compliance
with the recommendations of the Parker Review on
diversity in the UK boardroom.
1. Meets target that at least 40% of Directors are women as set out in LR 6.6.6R (9)(a)(i).
2. Meets target that at least one Director is from a minority ethnic background as set out in LR 6.6.6R (9)(a)(iii).
3. This column is deemed not to be applicable as the Company is externally managed and does not have executive staff or a CEO/CFO.
The Company considers that the roles of Chair, Senior Independent Director and Chair of the Audit & Risk Committee are senior Board
positions and accordingly the Company meets the target that at least one senior role is held by a woman set out in LR6.6.6(9)(a)(i).
Directors’ Report
Continued
Board as at 31 December 2025
Number of Board
Members
Percentage of
the Board
Number of Senior Positions
on the Board
(
Note 3
)
Men
3 50% 0
Women (
Not
e
1
)
3 50% 3
White British or other White (including minority-white
groups)
5 83% 3
Minority Ethnic (
Note
2
)
1 17% 0
Murray International Trust PLC 63
Strategic Report
Governance
Overview
General
Portfolio Corporate Information Financial Statements
The Role of the Chair and Senior Independent Director
The Chair of the Company is responsible for providing
effective leadership to the Board, by setting the tone of the
Company, demonstrating objective judgement and
promoting an embedded culture of openness and debate.
The Chair facilitates the effective contribution, and
encourages active engagement, by each Director. In
conjunction with the Company Secretary, the Chair
ensures that Directors receive accurate, timely and clear
information to assist them with effective decision-making.
The Chair leads the review of the performance of the
Board and individual Directors and acts upon the results of
the review process by recognising strengths and
addressing any weaknesses. The Chair also engages with
major shareholders and ensures that all Directors
understand shareholder views.
The Senior Independent Director acts as a sounding board
for the Chair and acts as an intermediary for other Directors,
when necessary. Working closely with the Nomination
Committee, the Senior Independent Director takes
responsibility for an orderly succession process for the Chair
and leads the annual appraisal of the Chair’s performance.
The Senior Independent Director is also available to
shareholders to discuss any concerns they may have.
Following the retirement of Mrs Mackesy on 24 April 2025, Ms
Colquhoun was appointed Senior Independent Director.
Management of Conflicts of Interest
No Director has a service contract with the Company
although Directors are issued with letters of appointment.
The Directors’ interests in contractual arrangements with the
Company are as shown in note 21 to the financial
statements and the Directors’ Remuneration Report. No
Directors had any other interest in contracts with the
Company during the period or subsequently.
The Board has a procedure in place to deal with a
situation where a Director has a conflict of interest, as
required by the Companies Act 2006. As part of this
process, the Directors are required to disclose other
positions held and all other conflict situations that may
need to be authorised either in relation to the Director
concerned or his or her connected persons. The Board
considers each Director’s situation and decides whether
to approve any conflict, taking into consideration what is in
the best interests of the Company and whether the
Director’s ability to act in accordance with their wider
duties is affected. Each Director is required to notify the
Company Secretary of any potential or actual conflict
situations that will need authorising by the Board.
Authorisations given by the Board are reviewed at each
Board meeting. All proposed significant external
appointments are also required to be approved, in
advance, by the Chair and then communicated to other
Directors for information.
The Company has a policy of conducting its business in an
honest and ethical manner. The Company takes a zero-
tolerance approach to bribery and corruption and has
procedures in place that are proportionate to the
Company’s circumstances to prevent them. The Manager
also adopts a group-wide zero tolerance approach and
has its own detailed policy and procedures in place to
prevent bribery and corruption. Copies of the Manager’s
anti-bribery and corruption policies are available on
its website.
In relation to the corporate offence of failing to prevent
tax evasion, it is the Company’s policy to conduct all
business in an honest and ethical manner. The Company
takes a zero-tolerance approach to facilitation of tax
evasion whether under UK law or under the law of any
foreign country and is committed to acting professionally,
fairly and with integrity in all its business dealings
and relationships.
Corporate Governance
The Corporate Governance Statement forms part of the
Directors’ Report. The Company is committed to high
standards of corporate governance. The Board is
accountable to the Company’s shareholders for good
governance, and this statement describes how the
Company has applied the principles identified in the UK
Corporate Governance Code as published in January
2024 (the “UK Code”), which is available on the Financial
Reporting Council’s (the “FRC”) website: frc.org.uk.
The Board has also considered the principles and
provisions of the AIC Code of Corporate Governance as
published in August 2024 (the “AIC Code”). It includes an
explanation of how the AIC Code adapts the Principles
and Provisions set out in the UK Corporate Governance
Code (the UK Code) to make them relevant for
investment companies. The AIC Code is available on the
AIC’s website: theaic.co.uk.
The Board considers that reporting against the principles
and provisions of the AIC Code, which has been endorsed
by the Financial Reporting Council, provides more relevant
information to shareholders.
The Board confirms that, during the year, the Company
complied with the principles and provisions of the AIC
Code and the relevant provisions of the UK Code, except
as set out overleaf.
64 Murray International Trust PLC
The UK Code includes provisions relating to:
· interaction with the workforce (provisions 2, 5 and 6);
· the role and responsibility of the chief executive
(provisions 9 and 14);
· previous experience of the chair of a remuneration
committee (provision 32); and
· executive directors’ remuneration (provisions 33
and 36 to 40).
The Board considers that these provisions are not relevant
to the position of the Company, being an externally
managed investment company. In particular, all of the
Company’s day-to-day management and administrative
functions are outsourced to third parties. As a result, the
Company has no executive directors, employees or
internal operations. The Company has therefore not
reported further in respect of these provisions.
The full text of the Company’s Corporate Governance
Statement can be found on the Company’s website,
murray-intl.co.uk. The Board is cognisant of the updated
provisions in the UK Code (provision 29) and the AIC Code
(provision 34), which are effective for accounting periods
beginning on or after 1 January 2026. These provisions
relate to the reporting on the Board’s monitoring and
review of the Company’s internal control framework and
a declaration by the Board of the effectiveness of the
material controls at the balance sheet date. It is the
Board’s intention that the Company will comply with these
updated provisions and include the required disclosures in
the Annual Report for the year ending 31 December 2026.
The table below details Directors’ attendance at
scheduled Board and Committee meetings held during
the year ended 31 December 2025 (with eligibility to
attend the relevant meeting in brackets). In addition, there
were a number of other ad hoc Board meetings held
during the year.
Scheduled
Board
Audit
& Risk
Com
Nom.
Com
MEC Rem.
Com
V. Holmes
A
6 (6) 3 (3) 1 (1) 1 (1) 1 (1)
C. Binyon
6 (6) 3 (3) 1 (1) 1 (1) 1 (1)
W. Colquhoun
6 (6) 3 (3) 0 (1) 1 (1) 1 (1)
G. Eckersley
6 (6) 3 (3) 1 (1) 1 (1) 1 (1)
J. Huysinga
B
4 (4) 2 (2) 0 (0) 0 (0) 1 (1)
A. Mackesy
C
2 (2) 1 (1) 1 (1) 1 (1) 0 (0)
N. Melhuish
6 (6) 3 (3) 1 (1) 1 (1) 1 (1)
A
Ms Holmes attended Audit and Risk Committee meetings during the year by
invitation
B
Mr Huysinga was appointed to the Board on 1 May 2025
C
Mrs Mackesy retired from the Board on 24 April 2025
Board Committees
Terms of Reference
The terms of reference of all the Board Committees may
be found on the Company’s website murray-intl.co.uk and
copies are available from the Company Secretary upon
request. The terms of reference are reviewed and re-
assessed by the Board for their adequacy on an
annual basis.
Audit and Risk Committee
The Report of the Audit and Risk Committee is on pages 73
and 74 of this Annual Report.
Management Engagement Committee (“MEC”)
The MEC comprises all of the Directors and is chaired by
Ms Colquhoun. The Committee reviews the performance
of the Manager and its compliance with the terms of the
management and secretarial agreement. The terms and
conditions of the Manager’s appointment, including an
evaluation of fees, are reviewed by the Committee on an
annual basis. The Committee believes that the continuing
appointment of the Manager on the terms that have been
agreed is in the interests of shareholders as a whole. The
Committee is also responsible for the oversight and
annual review of all other key service provider
relationships.
Nomination Committee
All appointments to the Board of Directors are considered
by the Nomination Committee which comprises the entire
Board and is chaired by Ms Holmes. The Board’s overriding
priority in appointing new Directors to the Board is to
identify the candidate with the best range of skills and
Continued
Directors’ Report
Murray International Trust PLC 65
Strategic Report
Governance
Overview
General
Portfolio Corporate Information Financial Statements
experience to complement existing Directors. Given the
global investment remit of the Company, the Board also
recognises the benefits of diversity and its policy on
diversity is referred to in the Strategic Report on page 40.
When Board positions become available as a result of
retirement or resignation, the Company ensures that a
diverse group of candidates is considered.
The Board’s policy on tenure is that continuity and
experience are considered to add significantly to the
strength of the Board. The Board also takes the view that
independence is not necessarily compromised by length
of tenure on the Board. However, in compliance with the
provisions of the AIC Code, it is expected that Directors will
serve in accordance with the time limits laid down by the
AIC Code. It is the policy of the Board that the Chair of the
Company should retire once he or she has served as a
Director for nine years in line with current best practice of
the Financial Reporting Council. However, there could be
circumstances where it might be appropriate to ask a
Chair or another Director to stay on for a limited period
and in this case the reasons for the extension would be
fully explained to shareholders and a timetable for the
departure of the relevant individual clearly set out.
As part of the succession planning in advance of Mrs
Mackesy’s scheduled retirement as a Director in April
2025, the Board conducted a search for a new
independent non-executive Director using the services of
an independent external recruitment consultant that has
no other connections or conflicts with the Company. This
process culminated in the appointment of Mr Huysinga as
a Director of the Company with effect from 1 May 2025.
The Committee has put in place the necessary
procedures to conduct, on an annual basis, an appraisal of
the Chair of the Board, Directors’ individual self-evaluation
and a performance evaluation of the Board as a whole. An
external evaluation has been undertaken in respect of the
year ended 31 December 2025 using the services of an
independent evaluation consultant. The detailed findings
were then considered by the Board and the Chair
discussed the responses individually with each Director
and the Senior Independent Director provided appraisal
feedback to the Chair.
In accordance with Provision 23 of the AIC’s Code of
Corporate Governance which recommends that all
directors of investment companies should be subject to
annual re-election by shareholders, all the members of
the Board will retire at the forthcoming Annual General
Meeting and, with the exception of Mr Huysinga who offers
himself for election, having been appointed to the Board
during the year, each Director will offer themselves for re-
election. The Committee has reviewed each of the
proposed reappointments and concluded that each of
the Directors has the requisite high level and range of
business and financial experience and recommends their
re-election at the forthcoming AGM. Details of the
contributions provided by each Director during the year
are disclosed on pages 58 to 60.
Remuneration Committee
The level of fees payable to Directors is considered by the
Remuneration Committee which comprises the entire
Board excluding the Chair who attends by invitation, and
which is chaired by Mr Melhuish.
The Company’s remuneration policy is to set
remuneration at a level to attract individuals of a calibre
appropriate to the Company’s future development.
Further information on remuneration is disclosed in the
Directors’ Remuneration Report on pages 69 to 72.
Going Concern
The Directors have undertaken a robust review of the
Company’s viability including scenario and sensitivity
analysis (refer to statement on page 48) and ability to
continue as a going concern and consider that there are
no material uncertainties. The Company’s assets consist
of a diverse portfolio of listed equity shares and bonds. The
equities and a majority of the bond portfolio are, in most
circumstances, realisable within a very short timescale
and the Company itself has a strong balance sheet with
considerable levels of distributable reserves.
The Directors are mindful of the principal and emerging
risks and uncertainties disclosed on pages 45 to 47 and
have reviewed forecasts detailing revenue and liabilities.
The Directors believe that the Company has adequate
financial resources to continue its operational existence
for 12 months from the date of this Annual Report.
Accordingly, the Directors continue to adopt
the going concern basis in preparing these
financial statements.
Accountability and Audit
Each Director confirms that, so far as he or she is aware,
there is no relevant audit information of which the
Company’s auditor is unaware, and he or she has taken all
the steps that they ought to have taken as a Director in
order to make themselves aware of any relevant audit
information and to establish that the Company’s auditor is
aware of that information.
66 Murray International Trust PLC
Independent Auditor
BDO LLP was appointed independent auditor to the
Company with effect from the AGM on 27 April 2020. BDO
LLP has expressed its willingness to continue to be the
Company’s independent auditor and a Resolution to re-
appoint BDO LLP as the Company’s auditor will be put to
the forthcoming AGM, along with a separate Resolution to
authorise the Directors to fix the auditor’s remuneration.
Internal Controls and Risk Management
Details of the financial risk management policies and
objectives relative to the use of financial instruments by
the Company including information on exposure to price
risk, credit risk, liquidity risk and cash flow risk are set out in
note 18 to the financial statements. The Board of Directors
is ultimately responsible for the Company’s system of
internal control and for reviewing its effectiveness.
Following the Financial Reporting Council’s publication of
“Guidance on Risk Management, Internal Controls and
Related Financial and Business Reporting” (the “FRC
Guidance”), the Directors confirm that there is an ongoing
process for identifying, evaluating and managing the
significant risks faced by the Company. This process has
been in place for the full year under review and up to the
date of approval of the financial statements, and this
process is regularly reviewed by the Board and accords
with the relevant sections of the FRC Guidance.
The Board has reviewed the effectiveness of the system of
internal control and, in particular, it has reviewed the
process for identifying and evaluating the significant risks
faced by the Company and the policies and procedures
by which these risks are managed.
The Directors have delegated the investment
management of the Company’s assets to aFML within
overall guidelines and this embraces implementation of
the system of internal control, including financial,
operational and compliance controls and risk
management. Internal control systems are monitored and
supported by aFML’s internal audit function which
undertakes periodic examination of business processes,
including compliance with the terms of the management
agreement, and ensures that recommendations to
improve controls are implemented.
Risks are identified and documented through a risk
management framework by each function within the
Manager’s activities. Risk is considered in the context of the
FRC Guidance and includes financial, regulatory, market,
operational and reputational risk. This helps the Manager’s
internal audit risk assessment model to identify those
functions for review. Any relevant weaknesses identified
through internal audit’s review are reported to the Board
and timetables are agreed for implementing
improvements to systems, processes and controls. The
implementation of any remedial action required is
monitored and feedback provided to the Board.
The key components designed to provide effective
internal control for the year under review and up to the
date of this Report are outlined below:
· the Manager prepares forecasts and management
accounts which allow the Board to assess the Company’s
activities and review its investment performance;
· the Board and Manager have agreed clearly defined
investment criteria;
· there are specified levels of authority and exposure
limits. Reports on these issues, including performance
statistics and investment valuations, are regularly
submitted to the Board. The Manager’s investment
process and financial analysis of the companies
concerned include detailed appraisal and due diligence;
· as a matter of course, the internal audit and compliance
departments of aFML continually review the Manager’s
operations;
· written agreements are in place which specifically define
the roles and responsibilities of the Manager and other
third-party service providers and monitoring reports are
received from these providers when required;
· the Board has considered the need for an internal audit
function but, because of the compliance and internal
control systems in place at the Manager, has decided to
place reliance on the Manager’s systems and internal
audit procedures; and
· twice a year, at its Board meetings, the Board carries out
an assessment of the effectiveness of internal controls
and risk management by considering documentation
from the Manager, including its internal audit and
compliance functions and taking account of events
since the relevant period end.
In addition, the Manager operates a ‘three lines of
defence’ model over its activities with the Aberdeen
business units responsible for adhering to applicable rules
and regulations; the compliance team is then responsible
for checking that the rules are being followed and then
internal audit is responsible for independently reviewing
these arrangements.
The Manager ensures that clearly documented contractual
arrangements exist in respect of any activities that have
been delegated to external professional organisations. The
Board meets annually with representatives from BNY Mellon
Directors’ Report
Continued
Murray International Trust PLC 67
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Governance
Overview
General
Portfolio Corporate Information Financial Statements
and reviews a control report covering the activities of the
depositary and custodian.
Representatives from the Internal Audit Department of the
Manager report six monthly to the Audit and Risk
Committee of the Company and have direct access to
the Directors at any time.
The Board has reviewed the effectiveness of the
Manager’s system of internal control including its annual
internal controls report prepared in accordance with the
International Auditing and Assurance Standards Board’s
International Standard on Assurances Engagements
(“ISAE”) 3402, “Assurance Reports on Controls at a Service
Organisation” for the period to 30 September 2025
together with bridging letter support to 31 December
2025. The Board has also reviewed the Manager’s process
for identifying and evaluating the significant risks faced by
the Company and the policies and procedures by which
these risks are managed. The internal control systems are
designed to meet the Company’s particular needs and
the risks to which it is exposed. Accordingly, the internal
control systems are designed to manage rather than
eliminate the risk of failure to achieve business objectives
and, by their nature, can provide reasonable but not
absolute assurance against material misstatement or loss.
Future Developments
A detailed outlook for the Company including any likely
future developments is provided in the Chair’s Statement
on page 13.
There have been no post balance sheet events to report.
Substantial Interests
The Board is aware of the following shareholders that
owned 3% or more of the issued Ordinary share capital of
the Company at 31 December 2025:
Shareholder
No. of Ordinary
shares held % held
Interactive Investor
A
100,442,015 17.0
Hargreaves Lansdown
A
77,703,376 13.2
Rathbones
59,780,228 10.1
Charles Stanley
32,958,837 5.6
Evelyn Partners
31,009,944 5.3
AJ Bell
28,184,863 4.8
HSDL
A
18,192,320 3.0
A
Non-beneficial interest
There have been no significant changes notified in respect
of the Substantial Interests between 31 December 2025
and 3 March 2026.
The UK Stewardship Code and Proxy Voting
Responsibility for actively monitoring the activities of
portfolio companies has been delegated by the Board to
the AIFM which has sub-delegated that authority to
the Manager.
The Manager is a tier 1 signatory of the UK Stewardship
Code which aims to enhance the quality of engagement
by investors with investee companies in order to improve
their socially responsible performance and the long-term
investment return to shareholders.
Business of the Annual General Meeting
Issue of Shares
Pursuant to the Companies Act 2006 (the “Act”), the
Directors may not allot shares unless so authorised by the
shareholders. Resolution 13 in the Notice of Annual
General Meeting which will be proposed as an Ordinary
Resolution will, if passed, give the Directors the necessary
authority to allot Ordinary shares up to an aggregate
nominal amount of £2,958,919 (equivalent to 59,178,387
Ordinary shares of 5p or 10% of the Company’s existing
issued share capital at 3 March 2026, the latest
practicable date prior to the publication of this Annual
Report). Such authority will expire on the date of the 2027
Annual General Meeting or on 30 June 2027, whichever is
earlier. The Directors currently intend to seek renewal of
this authority at the next Annual General Meeting and at
each subsequent Annual General Meeting.
When shares are to be allotted for cash, Section 561 of the
Act provides that existing shareholders have pre-emption
rights and that the new shares must be offered first to
such shareholders in proportion to their existing holding of
Ordinary shares. However, shareholders can, by special
resolution, disapply these pre-emption rights and
authorise the Directors to allot shares otherwise than by a
pro rata issue to existing shareholders. Accordingly,
Special Resolution 14 will, if passed, give the Directors
power to allot equity securities for cash up to an
aggregate nominal amount of £2,958,919 (equivalent to
59,178,387 Ordinary shares of 5p or 10% of the
Company’s existing issued share capital at 3 March 2026,
the latest practicable date prior to the publication of this
Annual Report), as if Section 561 of the Act does not apply.
This is the same nominal amount of share capital which
the Directors are seeking authority to allot pursuant to
Resolution 13. This authority will also expire on the date of
68 Murray International Trust PLC
the 2027 Annual General Meeting or on 30 June 2027,
whichever is earlier. This authority will not be used in
connection with a rights issue by the Company.
The Directors intend to use the authority given by
Resolutions 13 and 14 to allot shares on a non-pre-
emptive basis only in circumstances where this will be
clearly beneficial to shareholders as a whole. Accordingly,
issues will only be made where shares can be issued at a
premium of 0.5% or more to NAV, meaning that there
should never be any NAV dilution for existing shareholders.
The issue proceeds will be available for investment in line
with the Company’s investment policy. No issue of shares
will be made which would effectively alter the control of
the Company without the prior approval of shareholders
in general meeting. Resolution 14 will also disapply pre-
emption rights on the sale of Ordinary shares from
Treasury. Once again, pre-emption rights would only be
disapplied where the Treasury shares are sold at a
premium to NAV of not less than 0.5%.
Share Buybacks
At the Annual General Meeting held on 24 April 2025,
shareholders approved the renewal of the authority
permitting the Company to make market purchases of its
Ordinary shares. This renewed authority will expire at the
conclusion of the upcoming Annual General Meeting.
Accordingly, the Directors propose to seek shareholder
approval at the Annual General Meeting to renew this
authority for another year.
The principal aim of a share buyback facility is to enhance
shareholder value by acquiring shares at a discount to
NAV, as and when the Directors consider this to be
appropriate. The purchase of shares, when they are
trading at a discount to NAV per share, should result in an
increase in the NAV per share for the remaining
shareholders. This authority, if conferred, will only be
exercised if to do so would result in an increase in the NAV
per share for the remaining shareholders and if it is in the
best interests of shareholders generally. Any purchase of
shares will be made within guidelines established from
time to time by the Board.
Under the FCA’s Listing Rules, the maximum price that
may be paid on the exercise of this authority must not be
more than the higher of (i) an amount equal to 105% of
the average of the middle market quotations for a share
taken from the London Stock Exchange Daily Official List
for the five business days immediately preceding the day
on which the share is purchased; and (ii) the higher of the
last independent trade and the current highest
independent bid on the trading venue where the purchase
is carried out. The minimum price which may be paid is the
nominal value of the share. It is currently proposed that
any purchase of shares by the Company will be made
from the capital reserve of the Company. The purchase
price will normally be paid out of the cash balances held
by the Company from time to time.
Special Resolution 15 will permit the Company to buy back
shares and any shares bought back by the Company may
be cancelled or held as Treasury shares. The benefit of
holding Treasury shares is that such shares may be resold.
This should give the Company greater flexibility in
managing its share capital and improve liquidity in its
shares. The Company would only sell Treasury shares at a
premium to NAV. When shares are held in Treasury, all
voting rights are suspended and no distribution (either by
way of dividend or by way of a winding up) is permitted in
respect of such Treasury shares. If the Directors believe
that there is no likelihood of re-selling shares that are
bought back, such shares would instead be cancelled.
During the year to 31 December 2025 the Directors
successfully used the share buyback authority to acquire
12,876,886 shares for Treasury.
Special Resolution 15 in the Notice of Annual General
Meeting will renew the authority to purchase in the market
a maximum of 14.99% of shares in issue at the date of the
Annual General Meeting (amounting to 88,708,403
Ordinary shares of 5p as at 3 March 2026). Such authority
will expire on the date of the 2027 Annual General Meeting
or on 30 June 2027, whichever is earlier. This means in
effect that the authority will have to be renewed at the
next Annual General Meeting to allow the Directors to
continue to buy back shares, or earlier if the authority has
been exhausted.
Recommendation
The Directors consider that all the resolutions to be
proposed at the Annual General Meeting are in the best
interests of the shareholders taken as a whole and
recommend that all shareholders vote in favour of the
resolutions, as the Directors intend to in respect of their
own beneficial holdings of Ordinary shares amounting in
aggregate to 72,487 shares, representing approximately
0.01% of the Company’s issued share capital as at 3 March
2026.
By order of the Board of Murray International Trust PLC
abrdn Holdings Limited
Secretary
1 George Street, Edinburgh EH2 2LL
3 March 2026
Directors’ Report
Continued
Murray International Trust PLC 69
Strategic Report
Governance
Overview
General
Portfolio Corporate Information Financial Statements
The Board has prepared this report in accordance with
the regulations governing the disclosure and approval of
Directors’ remuneration.
Remuneration Committee
As recommended by the AIC Code, a Remuneration
Committee has been established with written terms of
reference, copies of which are available upon request
from the Company Secretary and on the Company’s
website. The Remuneration Committee comprises the
whole Board, excluding Ms Holmes, and I, Nicholas
Melhuish, am the Chair.
This Remuneration Report comprises three parts:
· Remuneration Policy, which is subject to a binding
shareholder vote every three years (or sooner if varied
during this interval) – most recently approved at the 21
April 2023 AGM and next due for approval at the AGM in
2026;
· Implementation Report, which provides information on
how the Remuneration Policy has been applied during
the year and which is subject to an advisory vote on the
level of remuneration paid during the year; and
· Annual Statement confirming compliance with
regulations.
The law requires the Company’s auditor to audit certain of
the disclosures provided. Where disclosures have been
audited, they are indicated as such. The auditor’s opinion is
included in the report on page 76.
Remuneration Policy
This part of the Remuneration Report provides details of
the Company’s Remuneration Policy for Directors of the
Company. This policy takes into consideration the
principles of UK Corporate Governance and the AIC’s
recommendations regarding the application of those
principles to investment companies. The Company
currently has six independent non-executive Directors.
There have been no changes to the policy during the
period of this Report nor are there any proposals for
change in the foreseeable future. No shareholder views
were sought in setting the remuneration policy although
any comments received from shareholders are
considered.
The Directors are non-executive and their fees are set
within the limits of the Company’s Articles of Association.
The Board’s policy on Directors’ fees is that the
remuneration of non-executive Directors should reflect
the nature of their duties, responsibilities and the value of
their time spent and be fair and comparable to that of
other investment trusts that are similar in size, have a
similar capital structure and have a similar investment
objective. Fees are reviewed annually and, if considered
appropriate, increased accordingly.
Articles Limit on Directors’ Fees
The Company’s Articles of Association limit the aggregate
fees payable to the Board of Directors per annum to
£300,000. The level of cap may be increased by
shareholder resolution from time to time and was last
increased in 2021.
Terms of Appointment
· The Company intends only to appoint non-executive
Directors;
· All the Directors are non-executive and appointed under
the terms of Letters of Appointment;
· Directors must retire and be subject to election at the
first AGM after their appointment and annual re-
election thereafter in line with the Articles of Association;
· It is the policy of the Board that the Chair of the
Company will normally retire once he or she has served
as a Director for nine years (further details on page 63);
· New appointments to the Board will be placed on the
fee applicable to all Directors at the time of appointment
(£34,300 for the year ending 31 December 2026);
· No incentive or introductory fees will be paid to
encourage a Directorship;
· The Directors are not eligible for bonuses, pension
benefits, share options, long-term incentive schemes or
other benefits; and
· Directors are entitled to re-imbursement of out-of-
pocket expenses incurred in connection with the
performance of their duties, including travel expenses.
Performance, Service Contracts, Compensation and
Loss of Office
· The Directors’ remuneration is not subject to any
performance-related fee;
· No Director has a service contract;
· No Director was interested in contracts with the
Company during the period or subsequently;
· The terms of appointment provide that a Director may
be removed without notice;
· Compensation will not be due upon leaving office; and
· No Director is entitled to any other monetary payment
or any assets of the Company.
Directors’ Remuneration Report
70 Murray International Trust PLC
Directors’ & Officers’ liability insurance cover is maintained
by the Company on behalf of the Directors. The
Company’s Articles of Association provide an indemnity to
the Directors out of the assets of the Company against
any liability incurred in defending proceedings or in
connection with any application to the Court in which
relief is granted.
The Remuneration Policy is reviewed by the Remuneration
Committee on an annual basis and the Remuneration
Policy applies for the three-year period ending 31
December 2025. A resolution to approve the Directors’
Remuneration Policy for the three-year period ending 31
December 2028 will be proposed at the AGM on 23 April
2026.
Implementation Report
Directors’ Fees
The Directors’ fee rates applicable for the year ended 31
December 2025 were as follows:
Shareholder
31 December
2025
£
31 December
2024
£
Chair
56,000 53,500
Chair of Audit and Risk Committee
41,500 38,500
Senior Independent Director
35,000 33,500
Director
33,000 31,500
The Remuneration Committee carried out a review of the
level of Directors’ fees during the year encompassing a
review of fees payable to directors of peer group
companies, the wider sector and ONSA Wage Growth
Data trends for 2025. The Committee concluded that, in
light of the size of the Company, the impact of inflation
and the continuing demands placed upon directors of
listed companies and investment trusts, it would be
appropriate to increase the level of fees payable in 2026.
In 2023 the Committee introduced a basic fee level for
Directors coupled with a multiplier whereby, in the
absence of unforeseen circumstances, the Chair is paid
1.7x the basic Director fee and the Audit and Risk Chair will
be paid 1.3x the basic Director fee. The Committee
therefore focuses on setting the Directors’ basic
remuneration taking account of available comparative
data for Investment Trust Companies of a similar size and
complexity and then applies the appropriate multipliers.
With effect from 1 January 2026, the annual fees payable
will be: Chair £58,200, Audit and Risk Committee Chair
£43,200, Directors £34,300 with an extra £2,000 payable to
the Senior Independent Director. Whilst the Audit and Risk
Committee Chair’s fee remains below the multiplier level
agreed, the expectation is to move into line with that
multiplier progressively over time. There are no further
fees to disclose as the Company has no employees, Chief
Executive or Executive Directors and, other than for the
Audit and Risk Committee, no extra fees are payable to
Committee Chairs. The Directors’ fees were last
increased in December 2024, with effect from 1 January
2025.
Company Performance
During the year, the Board also carried out a review of
investment performance. The following graph compares
the share price total return (assuming all dividends are
reinvested) to Ordinary shareholders, assuming a notional
investment of £100 into the Company on 31 December
2015, compared with the total shareholder total return on
the Company’s Benchmark. Please note that past
performance is not a guide to future performance.
£100
£150
£200
£250
£300
£350
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Share Price Be nch ma rk
Statement of Voting at Annual General Meeting
At the Company’s last AGM held on 24 April 2025,
shareholders approved the Directors’ Remuneration
Report (other than the Directors’ Remuneration Policy) in
respect of the year ended 31 December 2024. On 21 April
2023 the Directors’ Remuneration policy covering the
three years ending 31 December 2025 was approved. The
following proxy votes (2023 voting restated to reflect the
share subdivision) were received on the resolutions:
Directors’ Remuneration Report
Continued
Murray International Trust PLC 71
Strategic Report
Governance
Overview
General
Portfolio Corporate Information Financial Statements
Resolution
For*
%
Against
%
Withheld
%
(2) Receive and Adopt
Directors’ Remuneration
Report (24 April 2025)
203.0m
(99.4%)
1.2m
(0.6%)
0.7m
(3) Approve Directors’
Remuneration Policy
(21 April 2023)
233.0m
(99.4%)
1.4m
(0.6%)
0.9m
* Including discretionary votes
Spend on Pay
As the Company has no employees, the Directors do not
consider that it is relevant to present a table comparing
remuneration paid to employees with distributions to
shareholders. However, for ease of reference, the total
fees paid to Directors is shown in the table below, the
dividends paid to shareholders are set out in note 8 and
the shares bought back for Treasury are disclosed in
note 14.
Fees Payable (Audited)
The Directors who served in the year received the
following fees which exclude employers’ National
Insurance:
Director
2025
£
2024
£
V. Holmes
56,000 53,500
C. Binyon
41,500 38,500
W. Colquhoun
34,367 31,500
G. Eckersley
33,000 31,500
J Huysinga
A
22,000 n/a
N. Melhuish
33,000 31,500
A. Mackesy
B
11,083 33,500
Total
230,950 220,000
A
Mr Huysinga joined the Board on 1 May 2025
B
Mrs Mackesy retired from the Board on 24 April 2025
Annual Percentage Change in Directors’ Remuneration
The table below sets out the annual percentage change in
Directors’ fees over the last five years ending 31
December.
Director
2025
%
2024
%
2023
%
2022
%
2021
%
V. Holmes
A
4.7 78.3 104.1 n/a n/a
C. Binyon
B
7.8 6.9 5.9 5.9 14.7
W. Colquhoun
C
9.1 215.0 n/a n/a n/a
G. Eckersley
D
4.8 57.5 n/a n/a n/a
J. Huysinga
E
n/a n/a n/a n/a n/a
N. Melhuish
F
4.8 5.0 7.1 50.0 n/a
A. Mackesy
G
n/a 4.7 0 8.2 5.6
A
Ms Holmes joined the Board on 22 June 2022 and was appointed Chair on 31
December 2023
B
Ms Binyon was appointed Audit and Risk Committee Chair in April 2021
C
Ms Colquhoun joined the Board on 1 September 2023 and was appointed Senior
Independent Director on 24 April 2025
D
Mr Eckersley joined the Board on 1 May 2023
E
Mr Huysinga joined the Board on 1 May 2025
F
Mr Melhuish joined the Board on 1 May 2021
G
Mrs Mackesy retired from the Board on 24 April 2025
Fees are pro-rated where a change takes place during a
financial year. There were no payments to third parties
from the fees referred to in the table above.
Directors’ Interests in the Company (Audited)
The Directors are not required to have a shareholding in
the Company. The Directors (including connected
persons) at 31 December 2025 and 31 December 2024
had no interest in the share capital of the Company other
than those interests, all of which are beneficial interests,
shown in the following table.
72 Murray International Trust PLC
31 December
2025*
Ordinary 5p
31 December
2024
Ordinary 5p
V Holmes
10,000 10,000
C Binyon
6,713 6,713
W Colquhoun
6,039 6,039
G Eckersley
15,000 15,000
J Huysinga
A
16,000 n/a
N Melhuish
18,735 17,510
A Mackesy
B
16,575 16,575
*or at date of retirement
A
Mr Huysinga joined the Board on 1 May 2025
B
Mrs Mackesy retired from the Board on 24 April 2025
Annual Statement
On behalf of the Board and in accordance with Part 2 of
Schedule 8 of the Large and Medium-sized Companies
and Groups (Accounts and Reports) (Amendment)
Regulations 2013, I, Nicholas Melhuish, Chair of the
Remuneration Committee, confirm that the report on
Remuneration Policy and the Remuneration
Implementation Report summarises, as applicable, for the
year to 31 December 2025:
· the major decisions on Directors’ remuneration;
· any substantial changes relating to Directors’
remuneration made during the year; and
· the context in which the changes occurred and
decisions have been taken.
The Directors’ Remuneration Report was approved by the
Board of Directors on 3 March 2026 and signed on its
behalf by:
Nicholas Melhuish
Remuneration Committee Chair
3 March 2026
Directors’ Remuneration Report
Continued
Murray International Trust PLC 73
Strategic Report
Governance
Overview
General
Portfolio Corporate Information Financial Statements
The Audit and Risk Committee has prepared this report in
compliance with the September 2014 Competition and
Markets Authority Order.
Audit and Risk Committee
As recommended by the AIC Code, an Audit and Risk
Committee has been established with written terms of
reference, copies of which are available upon request
from the Company Secretary and on the Company’s
website. The Audit and Risk Committee comprises the
whole Board (excluding Ms Holmes) and I, Claire Binyon,
am the Chair. Ms Holmes is not a member of the
Committee, but, as Chair of the Company, she has a
standing invitation to attend meetings and typically
attends each Audit and Risk Committee as an observer.
The members of the Audit and Risk Committee are each
independent and free from any relationship that would
interfere with our impartial judgement in carrying out our
responsibilities. We have satisfied ourselves that at least
one of the Committee’s members has recent and relevant
financial experience. We met three times during the year.
The terms of reference of the Audit and Risk Committee
are reviewed and re-assessed for their adequacy on an
annual basis. In accordance with those terms of
reference:
· we review and monitor the risk management and
internal control framework, including the review of non
financial risks and the Manager’s policy on information
security (cyber risk) on which the Company is reliant.
The Directors’ statement on the Company’s internal
controls and risk management is set out in the Directors’
Report;
· we consider whether there is a need for the Company
to have its own internal audit function (refer to Directors’
Report);
· we monitor the integrity of the half yearly and annual
financial statements of the Company by reviewing, and
challenging where necessary, the actions and
judgements of the Manager;
· we review, and report to the Board on, the significant
financial reporting issues and judgements made in
connection with the preparation of the Company’s
financial statements, interim reports, announcements
and related formal statements;
· we review the content of the Annual Report and
financial statements and make recommendations to
the Board on whether, taken as a whole, it is fair,
balanced and understandable and provides the
information necessary for shareholders to assess the
Company’s position and performance, business model
and strategy;
· we meet with the auditor to review the proposed audit
programme of work and the findings of the auditor. The
Directors also use this as an opportunity to assess the
effectiveness of the audit process;
· we also have the opportunity to meet in private with the
auditor, without any representatives of the Manager
being present, and the opportunity to meet in private
with a representative from the Manager’s internal audit
department;
· we develop and implement the policy on the
engagement of the auditor to supply non-audit services.
There were no non-audit services provided and
therefore no non-audit fees (2024: £nil) paid to the
auditor during the year under review;
· we review a statement from the Manager detailing the
arrangements in place within the Aberdeen Group
whereby staff may, in confidence, escalate concerns
about possible improprieties in matters of financial
reporting or other matters;
· we make recommendations in relation to the
appointment of the auditor and to approve the
remuneration and terms of engagement of the auditor;
· we monitor and review the auditor’s independence,
objectivity, effectiveness, resources and qualification;
and
· We report to the Board on how the Committee has
discharged its responsibilities.
Details of attendance at the Audit and Risk Committee
meetings are shown in the Directors’ Report.
The Board has received a report from BDO, its auditor,
which notes that BDO has policies and procedures in
place that instil professional values as part of its firm’s
culture and ensure that the highest standards of
objectivity and independence and integrity are
maintained.
The Company’s policy on non-audit services is to ensure
that best value for the Company is achieved whilst
ensuring compliance with regulations that are in place to
maintain the independence of the auditor.
Report of Audit and Risk Committee
74 Murray International Trust PLC
The extent of non-audit services that can be provided by
BDO is very limited and as noted above, no non-audit
services were performed by the auditor in 2025. The Audit
and Risk Committee confirms its belief that BDO is
independent in accordance with applicable ethical
standards. Since its appointment, BDO has not provided
any significant non-audit services to the Company. PwC
and Deloitte provide ongoing local tax compliance
services to the Company.
Significant Matters
During our review of the Company’s financial statements
for the year ended 31 December 2025, we considered the
following significant matters:
Valuation and Ownership of Investments
Mitigation – The Board reviews monthly management
accounts that include a full breakdown of the portfolio
valuation. The valuation of investments is undertaken in
accordance with the accounting policies, disclosed in
notes 2(e) and 10 to the financial statements on pages 93
and 99. All investments are quoted and can be verified
against daily market prices. 97.5% (2024: 93.8%) of
investments are considered to be liquid and are therefore
categorised as Level 1 in accordance with the FRS 102 fair
value hierarchy. 2.5% (2024: 6.2%) of investments are
considered to be subject to some risk of illiquidity and are
therefore categorised as Level 2 within the FRS 102 fair
value hierarchy. The portfolio is reviewed and verified by
the Manager on a regular basis and management
accounts including a full portfolio listing are prepared
each month and circulated to the Board. BNY Mellon has
been appointed as custodian and depositary to safeguard
the assets of the Company. The depositary checks the
consistency and accuracy of its records on a monthly
basis and reports its findings to aFML. Separately, the
investment portfolio is reconciled regularly by
the Manager.
Revenue Recognition
Mitigation - The recognition of investment income is
undertaken in accordance with accounting policy 2(b)
and note 3 to the financial statements on pages 92 and 95.
Special dividends are credited to capital or revenue,
according to their circumstances including the payee's
source of funding and their intention for investing. The
Manager provides monthly internal control reports to the
Board which are reviewed together with monthly revenue
forecasts and dividend schedules.
Review of Auditor
We have reviewed the work undertaken by BDO, which is
in its sixth year following original appointment at the AGM
on 27 April 2020, and are satisfied with the effectiveness of
the auditor. The areas of focus included:
· independence - the auditor discusses with the Audit and
Risk Committee, at least annually, the steps it takes to
ensure its independence and objectivity and makes the
Committee aware of any potential issues, explaining all
relevant safeguards;
· quality of audit work including the ability to resolve issues
in a timely manner - identified issues are satisfactorily
and promptly resolved; its communications and
presentation of outputs - the explanation of the audit
plan, any deviations from it and the subsequent audit
findings are comprehensive and comprehensible; and
working relationship with management - the auditor has
a constructive working relationship with the Board, the
Committee and the Manager; and
· quality of people and service including continuity and
succession plans - the audit team is made up of
sufficient, suitably experienced staff with provision
made for knowledge of the investment company sector
and retention or rotation of the partner.
In addition, the Committee considered and discussed with
BDO the results of the FRC Audit Quality Review ("AQR")
team's annual inspection of BDO's audit work. The
Committee shares BDO’s disappointment at its AQR
results. BDO has presented to the Committee on its plans
for improvement and executive management changes in
2025. The Committee will remain focused on the impacts
of BDO’s ongoing plans for improvement and will continue
to monitor the work of the auditor closely.
BDO LLP was appointed auditor to the Company in 2020
and concluded its first audit in respect of the year ended
31 December 2020. In accordance with present
professional guidelines, the Senior Statutory Auditor should
rotate after every five years. Gary Fensom, has been
appointed the Senior Statutory Auditor for the year ended
31 December 2025 which is the first year for which he will
serve in this capacity. The Committee considers BDO, the
Company’s auditor, to be independent of the Company.
For and on behalf of the Audit and Risk Committee
Claire Binyon
Audit and Risk Committee Chair
3 March 2026
Report of Audit and Risk Committee
Continued
Murray International Trust PLC 75
Strategic Report
Governance
Overview
General
Portfolio Corporate Information Financial Statements
Directors’ Responsibilities
The Directors are responsible for preparing the Annual
Report and the financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice,
the requirements of the Companies Act 2006 and
applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the
Directors have elected to prepare the financial
statements in accordance with United Kingdom Generally
Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law) including FRS
102 ‘The Financial Reporting Standard applicable in the UK
and Republic of Ireland’. Under company law the Directors
must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the Company and of the profit or loss for the
Company for that period.
In preparing these financial statements, the Directors are
required to:
· select suitable accounting policies and then apply
them consistently;
· make judgements and accounting estimates that are
reasonable and prudent;
· state whether applicable UK Accounting Standards
have been followed, subject to any material departures
disclosed and explained in the financial statements;
· prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
company will continue in business; and
· prepare a director’s report, a strategic report and
director’s remuneration report which comply with the
requirements of the Companies Act 2006.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the Company’s transactions and disclose with reasonable
accuracy at any time the financial position of the
Company and enable them to ensure that the financial
statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of
the Company and hence for taking reasonable steps for
the prevention and detection of fraud and other
irregularities. In accordance with their responsibilities, the
Directors confirm that, to the best of their knowledge, the
Annual Report and financial statements, taken as a whole,
is fair, balanced, and understandable and provides the
information necessary for shareholders to assess the
position, performance, business model and strategy.
Website Publication
The Directors are responsible for ensuring the Annual
Report and the financial statements are made available
on a website. Financial statements are published on
murray-intl.co.uk, the Company’s website, in accordance
with legislation in the United Kingdom governing the
preparation and dissemination of financial statements,
which may vary from legislation in other jurisdictions. The
maintenance and integrity of the Company's website is
the responsibility of the Directors. The Directors'
responsibility also extends to the ongoing integrity of the
financial statements contained therein.
Directors’ Responsibilities Pursuant to DTR4
The Directors confirm to the best of their knowledge:
· The financial statements have been prepared in
accordance with the applicable accounting standards
and give a true and fair view of the assets, liabilities,
financial position and profit of the Company; and
· The Annual Report includes a fair review of the
development and performance of the business and the
financial position of the company, together with a
description of the principal risks and uncertainties that
they face.
For Murray International Trust PLC
Virginia Holmes
Chair
3 March 2026
Statement of Directors’ Responsibilities
76 Murray International Trust PLC
Report on the audit of the financial statements
Opinion
In our opinion the financial statements:
· give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its profit and cash flows
for the year then ended;
· have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
· have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Murray International Trust PLC (the ‘Company’) for the year ended 31
December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the
Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a
summary of significant accounting policies. The financial reporting framework that has been applied in their preparation
is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial
Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting
Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the
financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We remain independent of the Company in accordance with the ethical requirements that are relevant to our audit of
the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we
have fulfilled our other ethical responsibilities in accordance with these requirements. The non-audit services prohibited
by the FRC’s Ethical Standard were not provided to the Company and we remain independent of the Company in
conducting our audit.
Independent Auditor’s Report to the Members of
Murray International Trust PLC
Murray International Trust PLC 77
Strategic Report
Governance
Overview General Portfolio Corporate Information Financial Statements
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting
in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the
Company’s ability to continue to adopt the going concern basis of accounting included:
· Evaluating the appropriateness of the Directors’ method of assessing going concern in light of economic and market
conditions by reviewing the information used by the Directors in completing their assessment;
· Evaluating the sensitivity analysis applied by the Directors in their going concern assessment including the impact of a
significant reduction in the fair value of investments;
· Assessing the appropriateness of the Directors’ assumptions and judgements made in their base case and stress
tested forecasts including consideration of the available cash and liquid assets relative to forecast expenditure and
other commitments;
· Challenging the Directors’ assumptions and judgements made in their forecasts by performing an independent
analysis of the liquidity of the portfolio; and
· Reviewing the disclosures in the financial statements relating to going concern to assess whether they are consistent
with the Company’s circumstances.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a
period of at least twelve months from when the financial statements are authorised for issue. However, because not all
future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as
a going concern.
In relation to the Company’s reporting on how it has applied the UK Corporate Governance Code, we have nothing
material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the
Directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial
statements.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant
sections of this report.
Overview
Key audit matters
2025 2024
Income recognition – Dividend income from investments
Valuation and ownership of investments
Materiality
Company financial statements as a whole:
£19.2m (2024: £16.7m) based on 1% (2024: 1%) of net assets
78 Murray International Trust PLC
Independent Auditor’s Report to the Members of
Murray International Trust PLC
Continued
An overview of the scope of our audit
Our audit was scoped by obtaining an understanding of the Company and its environment, the applicable financial
reporting framework and the system of internal control. We identified and assessed the risks of material misstatement of
the financial statements. We then applied professional judgement to focus our audit procedures on the areas that posed
the greatest risk of material misstatement to the financial statements. We continually assessed risks throughout our
audit, revising the risks where necessary, with the aim of reducing the risk of material misstatement to an acceptable
level, to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the current period and include the most significant assessed risks of material misstatement
(whether or not due to fraud) that we identified, including those which had the greatest effect on: the overall audit
strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Key audit matter
How the scope of our audit addressed
the key audit matter
Income recognition
– Dividend income
from investments
(Note 2(b) and 3 to
the financial
statements)
Income is a key indicator of performance
of the Company. A significant portion of
the Company’s income relates to
dividend income from investments.
Judgement may be required by
management in determining the
allocation of dividend income to revenue
or capital for certain corporate actions or
special dividends.
Taking the above into account, there may
be an incentive to recognise dividend
income as revenue where it is more
appropriately of a capital nature.
For this reason, we considered income
recognition – dividend income from
investments to be a Key Audit Matter.
We responded to this matter by considering
corporate actions and special dividends identified
and challenged whether these had been
appropriately accounted for as revenue or capital
by discussing with management and reviewing the
underlying supporting documentation for the issue
of the dividend and whether it could be driven by a
capital event.
We analysed the population of dividend receipts to
identify any unusual items that could indicate a
capital distribution, for example where a dividend
represents a particularly high yield. In these
instances, we performed a combination of enquiry
of management and our own independent
research, including inspection of financial
statements and dividend announcements of
investee companies, to ascertain whether the
underlying event may be of a capital nature.
Key observations:
Based on our procedures performed we found the
judgements made by management in
determining the allocation of dividend income to
revenue or capital to be appropriate.
Murray International Trust PLC 79
Strategic Report
Governance
Overview General Portfolio Corporate Information Financial Statements
Valuation and
ownership of
investments
(Note 2(e) and 10
to the financial
statements)
The investment portfolio at the year-end
comprised quoted equity and fixed
income investments held at fair value
through profit or loss.
We considered the valuation and
ownership of investments to be a
significant audit area as investments
represent the most significant balance in
the financial statements and underpins
the principal activity of the Company.
While we do not consider the valuation of
quoted investments to involve a
significant degree of estimation or
judgement, there is a risk that the prices
used for the quoted investments held by
the Company may not reflect their fair
value at the year end.
Additionally, in relation to ownership and
recording, there is a risk of error in the
recording of quoted investment holdings
which could result in the incorrect
recognition of investments by the
Company.
For these reasons, and due to the
materiality of the balance in the context
of the financial statements as a whole, we
consider this to be a Key Audit Matter.
We responded to this matter by testing the
valuation and ownership of 100% of the quoted
investments by performing the following
procedures:
· Checked that the year-end bid price has been
used by agreeing to externally quoted prices;
· Recalculated the valuation by multiplying the
number of shares held (as per the statement
independently obtained from the custodian), by
the price per share;
· Recalculated the valuation of the fixed interest
instruments by multiplying the units held (as per
the statement independently obtained from the
custodian), by the price per unit;
· Assessed whether there were any contra
indicators, such as liquidity considerations, that
could suggest the bid price was not the most
appropriate measure of fair value by
considering the realisation period for individual
holdings; and
· Obtained direct confirmation of the number of
equity shares and fixed interest units held from
the custodian
Key observations:
Based on our procedures performed, we did not
identify any matters to suggest that the valuation
or ownership of the quoted equity and fixed
income investments were not appropriate.
Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of
misstatements. We consider materiality to be the magnitude by which misstatements, including omissions, could
influence the economic decisions of reasonable users that are taken on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a
lower materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements
below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified
misstatements, and the particular circumstances of their occurrence, when evaluating their effect on the financial
statements as a whole.
80 Murray International Trust PLC
Independent Auditor’s Report to the Members of
Murray International Trust PLC
Continued
Based on our professional judgement, we determined materiality for the financial statements as a whole and
performance materiality as follows:
Company financial statements
2025
£m
2024
£m
Materiality 19.2 16.7
Basis for determining materiality 1% of Net Assets
Rationale for the benchmark applied As an investment trust, the net asset value is the key measure of
performance for users of the financial statements.
Performance materiality 14.4 12.6
Basis for determining performance
materiality
75% of materiality
Rationale for the percentage applied for
performance materiality
The level of performance materiality applied was set after having
considered a number of factors including the expected total value of known
and likely misstatements and the level of transactions in the year.
Specific materiality
We also determined that for Revenue return before taxation, a misstatement of less than materiality for the financial
statements as a whole, specific materiality, could influence the economic decisions of users as it is a measure of the
Company’s performance of income generated from its investments after expenses. As a result, we determined
materiality for these items to be £4.5m (2024: £4.0m), based on 5% of ‘Revenue return before taxation’ (2024: 5% of
‘Revenue return before taxation’). We further applied a performance materiality level of 75% (2024: 75%) of specific
materiality to ensure that the risk of errors exceeding specific materiality was appropriately mitigated.
Reporting threshold
We agreed with the Audit and Risk Committee that we would report to them individual audit differences in excess of
£960,000 (2024: £200,000). In addition, for items impacting ‘Revenue return before taxation’, we agreed that we would
report individual audit differences in excess of £230,000 (2024: £200,000). We also agreed to report differences below
this threshold that, in our view, warranted reporting on qualitative grounds.
Other information
The Directors are responsible for the other information. The other information comprises the information included in the
Annual Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial
statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we
do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there
is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Murray International Trust PLC 81
Strategic Report
Governance
Overview General Portfolio Corporate Information Financial Statements
Corporate governance statement
The UK Listing Rules sourcebook requires us to review the Directors’ statement in relation to going concern, longer-term
viability and that part of the Corporate Governance Statement relating to the Company’s compliance with the
provisions of the UK Corporate Governance Code specified for our review.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained
during the audit.
Going concern and
longer-term viability
· The Directors' statement with regards to the appropriateness of adopting the going
concern basis of accounting and any material uncertainties identified set out on page
65;
· The Directors’ explanation as to their assessment of the Company’s prospects, the
period this assessment covers and why the period is appropriate set out on page 48; and
· The Directors’ statement on whether they have a reasonable expectation that the
Company will be able to continue in operation and meet its liabilities set out on page 48.
Other Code provisions · Directors' statement on fair, balanced and understandable set out on page 75;
· Board’s confirmation that it has carried out a robust assessment of the emerging and
principal risks set out on page 45;
· The section of the annual report that describes the review of effectiveness of risk
management and internal control systems set out on page 66 and 67; and
· The section describing the work of the Audit and Risk Committee set out on page 73.
82 Murray International Trust PLC
Independent Auditor’s Report to the Members of
Murray International Trust PLC
Continued
Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the audit, we are required by
the Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below.
Strategic report and
Directors’ report
In our opinion, based on the work undertaken in the course of the audit:
· the information given in the Strategic report and the Directors’ report for the financial
year for which the financial statements are prepared is consistent with the financial
statements; and
· the Strategic report and the Directors’ report have been prepared in accordance with
applicable legal requirements.
· In the light of the knowledge and understanding of the Company and its environment
obtained in the course of the audit, we have not identified material misstatements in the
strategic report or the Directors’ report.
Directors’ remuneration In our opinion, the part of the Directors’ remuneration report to be audited has been
properly prepared in accordance with the Companies Act 2006.
Matters on which we are
required to report by
exception
We have nothing to report in respect of the following matters in relation to which the
Companies Act 2006 requires us to report to you if, in our opinion:
· adequate accounting records have not been kept, or returns adequate for our audit
have not been received from branches not visited by us; or
· the financial statements and the part of the Directors’ remuneration report to be audited
are not in agreement with the accounting records and returns; or
· certain disclosures of Directors’ remuneration specified by law are not made; or
· we have not received all the information and explanations we require for our audit.
Murray International Trust PLC 83
Strategic Report
Governance
Overview General Portfolio Corporate Information Financial Statements
Responsibilities of Directors
As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of
the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
However, the primary responsibility for the prevention and detection of fraud rests with both Those Charged with
Governance of the Company and management.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The
extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
· Our understanding of the Company and the industry in which it operates;
· Discussion with the Investment Manager and Those Charged with Governance; and
· Obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and
regulations.
We considered the significant laws and regulations to be the Companies Act 2006, the FCA’s UK Listing and Disclosure
Guidance and Transparency Rules, the principles of the AIC Code of Corporate Governance, industry practice
represented by the AIC SORP, the applicable accounting framework, and qualification as an Investment Trust under UK
tax legislation as any non-compliance of this would lead to the Company losing various deductions and exemptions
from corporation tax.
Our procedures in respect of the above included:
· Agreement of the financial statement disclosures to underlying supporting documentation;
· Enquiries of the Investment Manager, Administrator and Those Charged with Governance relating to the existence of
any non-compliance with laws and regulations;
· Reviewing minutes of meetings of Those Charged with Governance throughout the period for instances of non-
compliance with laws and regulations; and
· Reviewing the calculation in relation to Investment Trust compliance to check that the Company was meeting its
requirements to retain their Investment Trust status.
84 Murray International Trust PLC
Independent Auditor’s Report to the Members of
Murray International Trust PLC
Continued
Fraud
We assessed the susceptibility of the financial statements to material misstatement including fraud.
Our risk assessment procedures included:
· Enquiry with the Investment Manager, Administrator and Those Charged with Governance regarding any known or
suspected instances of fraud;
· Obtaining an understanding of the Company’s policies and procedures relating to:
· Detecting and responding to the risks of fraud; and
· Internal controls established to mitigate risks related to fraud.
· Review of minutes of meetings of Those Charged with Governance for any known or suspected instances of fraud;
and
· Discussion amongst the engagement team as to how and where fraud might occur in the financial statements.
Based on our risk assessment, we considered the areas most susceptible to fraud to be income recognition – dividend
income from investments and management override of controls.
Our procedures in respect of the above included:
· In addressing the risk of income recognition – dividend income from investments, the procedures set out in the Key
Audit Matters section in our report were performed;
· In addressing the risk of management override of controls, we:
· Performed a review of estimates and judgements applied by the Directors in the financial statements to assess
their appropriateness and the existence of any systematic bias;
· Considered the opportunity and incentive to manipulate accounting entries and assessed the appropriateness of
any post-closing adjustments made in the period end financial reporting process;
· Reviewed for significant transactions outside the normal course of business; and
· Performed a review of unadjusted audit differences, if any, for indications of bias or deliberate misstatement.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members who were all deemed to have appropriate competence and capabilities and remained alert to any
indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or
through collusion. There are inherent limitations in the audit procedures performed and the further removed non-
compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less
likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Murray International Trust PLC 85
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Governance
Overview General Portfolio Corporate Information Financial Statements
Other matters which we are required to address
We were appointed by the Board of Directors on 27 April 2020 to audit the financial statements for the year ended 31
December 2020.Our total uninterrupted period of engagement is six years, covering the years ended 31 December
2020 to 31 December 2025.
Our audit opinion is consistent with the additional report to the Audit and Risk Committee.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those
matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as
a body, for our audit work, for this report, or for the opinions we have formed.
In due course, as required by the Financial Conduct Authority Disclosure Guidance and Transparency Rule 4.1.15R -
4.1.18R, these financial statements will form part of the Electronic Format Annual Financial Report filed on the National
Storage Mechanism of the FCA in accordance with DTR 4.1.15R – DTR 4.1.18R. This auditor’s report provides no
assurance
over whether the Electronic Format Annual Financial Report has been prepared in compliance with DTR 4.1.15R – DTR
4.1.18R.
Gary Fensom (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London, UK
3 March 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
86 Murray International Trust PLC
Financial
Statements
Murray International Trust PLC 87
For the year to 31 December 2025
the Company’s Revenue Return per
Ordinary share was 13.9p (2024:
11.6p) and the Company proposes to
pay a total dividend amounting to
12.4p (2024: 11.8p)
88 Murray International Trust PLC
Year ended 31 December 2025 Year ended 31 December 2024
Revenue Capital Total Revenue Capital Total
Notes £’000 £’000 £’000 £’000 £’000 £’000
Gains on investments
10 – 272,801 272,801 – 63,053 63,053
Income
3 95,942 399 96,341 84,216 301 84,517
Investment management fees
4 (2,203) (5,139) (7,342) (2,137) (4,985) (7,122)
Currency losses
– (164) (164) – (1,273) (1,273)
Administrative expenses
5 (1,658) (34) (1,692) (1,738) (59) (1,797)
Net return before finance costs and taxation
92,081 267,863 359,944 80,341 57,037 137,378
Finance costs
6 (849) (1,980) (2,829) (928) (2,165) (3,093)
Return before taxation
91,232 265,883 357,115 79,413 54,872 134,285
Taxation
7 (8,640) 100 (8,540) (8,438) 860 (7,578)
Return attributable to equity shareholders
82,592 265,983 348,575 70,975 55,732 126,707
Return per Ordinary share (pence)
9 13.9 44.8 58.7 11.6 9.1 20.7
The “Total” column of this statement represents the profit and loss account of the Company. There is no other comprehensive income
and therefore the return after taxation is also the total comprehensive income for the year. The ‘Revenue’ and ‘Capital’ columns
represent supplementary information prepared under guidance issued by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
The accompanying notes are an integral part of these financial statements.
Statement of Comprehensive Income
Murray International Trust PLC 89
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Corporate Information
Financial Statements
As at As at
31 December 2025 31 December 2024
Notes £’000 £’000
Fixed assets
Investments at fair value through profit or loss
10 1,993,212 1,764,994
Current assets
Prepayments and accrued income
11 6,415 7,591
Other debtors
11 10,663 10,577
Cash at bank and in hand
24,966 8,732
42,044 26,900
Creditors: amounts falling due within one year
Other creditors
12 (4,356) (3,129)
(4,356) (3,129)
Net current assets
37,688 23,771
Total assets less current liabilities
2,030,900 1,788,765
Creditors: amounts falling due after more than one year
Loan Notes
12,13 (109,926) (109,916)
Net assets
1,920,974 1,678,849
Capital and reserves
Called-up share capital
14 32,353 32,353
Share premium account
363,461 363,461
Capital redemption reserve
8,230 8,230
Capital reserve
15 1,431,532 1,200,623
Revenue reserve
85,398 74,182
Equity shareholders’ funds
1,920,974 1,678,849
Net asset value per Ordinary share (pence)
16 325.4p 278.4p
The financial statements were approved and authorised for issue by the Board of Directors on 3 March 2026 and were signed on its
behalf by:
Virginia Holmes
Director
Company Number: SC006705
The accompanying notes are an integral part of these financial statements.
Statement of Financial Position
90 Murray International Trust PLC
For the year ended 31 December 2025
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
Notes £’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
– – – 265,983 82,592 348,575
Dividends paid
8 – – – – (71,376) (71,376)
Buy back of shares to Treasury
14 – – – (35,074) – (35,074)
Balance at 31 December 2025
32,353 363,461 8,230 1,431,532 85,398 1,920,974
For the year ended 31 December 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
– – – 55,732 70,975 126,707
Dividends paid
8 – – – – (71,925) (71,925)
Buy back of shares to Treasury
14 – – – (44,795) – (44,795)
Balance at 31 December 2024
32,353 363,461 8,230 1,200,623 74,182 1,678,849
The capital reserve at 31 December 2025 is split between realised gains of £945,567,000 and unrealised gains of £485,965,000 (31
December 2024 – realised gains of £841,238,000 and unrealised gains of £359,385,000).
The Company’s reserves available to be distributed by way of dividends or buybacks which includes the revenue reserve and the
realised element of the capital reserve amount to £1,030,965,000 (31 December 2024 – £915,420,000).
The accompanying notes are an integral part of these financial statements.
Statement of Chan
g
es in Equity
Murray International Trust PLC 91
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Corporate Information
Financial Statements
Year ended Year ended
31 December 2025 31 December 2024
Notes £’000 £’000
Net return before finance costs and taxation
359,944 137,378
Increase/(decrease) in accrued expenses
1,873 (459)
Overseas withholding tax
(8,866) (7,881)
Decrease in accrued income
3,116 150
Interest paid
(2,818) (3,161)
Gains on investments
(272,801) (63,053)
Overseas dividends – capital
(399) (301)
Currency losses on foreign currency cash
13 6
Decrease/(increase) in other debtors
14 (40)
Return of capital included in investment income
399 301
Net cash inflow from operating activities
80,475 62,940
Investing activities
Purchases of investments
(388,710) (227,021)
Sales of investments
431,579 313,188
Net cash from investing activities
42,869 86,167
Financing activities
Equity dividends paid 8
(71,376) (71,925)
Ordinary shares bought back to Treasury 14
(35,721) (44,322)
Loan repayment
– (30,000)
Net cash used in financing activities
(107,097) (146,247)
Increase in cash and cash equivalents
16,247 2,860
Analysis of changes in cash and cash equivalents during the year
Opening balance
8,732 5,878
Effect of foreign exchange rate movements on cash held
(13) (6)
Increase in cash as above
16,247 2,860
Closing cash and cash equivalents
24,966 8,732
Represented by:
Cash at bank and in hand
24,966 8,732
The accompanying notes are an integral part of these financial statements.
Statement of Cash Flows
92 Murray International Trust PLC
1. Principal activity
The Company is a closed-end investment company, registered in Scotland No SC006705, with its Ordinary shares being listed
in the premium segment market of the London Stock Exchange.
2. Accounting policies
(a) Basis of preparation. The financial statements have been prepared in accordance with Financial Reporting Standard 102
and with the AIC’s Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and
Venture Capital Trusts’ (“AIC SORP”) issued in July 2022. The financial statements are prepared in sterling which is the
functional currency of the Company and rounded to the nearest £’000. They have also been prepared on the
assumption that approval as an investment trust will continue to be granted.
The Directors have undertaken a robust review of the Company’s viability including scenario and sensitivity analysis
(refer to statement on page 48) and ability to continue as a going concern and consider that there are no material
uncertainties. The Company’s assets consist of a diverse portfolio of listed equity shares and bonds. The equities and a
majority of the bond portfolio are, in most circumstances, realisable within a very short timescale and the Company itself
has a strong balance sheet with considerable levels of distributable reserves.
The Directors are mindful of the principal risks and uncertainties disclosed on pages 46 and 47 and have reviewed
forecasts detailing revenue and liabilities. The Directors believe that the Company has adequate financial resources to
continue its operational existence for the foreseeable future and meet its liabilities as they fall due for a period of at least
twelve months from the date of this Annual Report. Accordingly, the Directors continue to adopt the going concern basis
in preparing these financial statements.
Significant accounting judgements, estimates and assumptions. The preparation of financial statements requires the use
of certain significant accounting judgements, estimates and assumptions which requires management to exercise its
judgement in the process of applying the accounting policies and are continually evaluated. The areas requiring most
significant judgement and assumption in the financial statements are: the determination of the fair value hierarchy
classification of quoted preference shares and bonds valued at £50,300,000 (2024 – £110,224,000) which have been
assessed as being Level 2 as they are not considered to trade in active markets; and also the determination of whether
special dividends received are considered to be revenue or capital in nature on a case by case basis. The Directors do
not consider there to be any significant accounting estimates applied that have a significant risk of resulting in a material
adjustment to the carrying amount of assets and liabilities within the next financial year.
(b) Income. Dividends receivable on equity shares are treated as revenue for the year on an ex-dividend basis. Where no
ex-dividend date is available dividends are recognised on their due date. Provision is made for any dividends not
expected to be received. Special dividends are credited to capital or revenue, according to their circumstances
including the payee’s source of funding and their intention for investing.
In some jurisdictions, investment income and capital gains are subject to withholding tax deducted at the source of the
income. The Company presents the withholding tax separately from the gross investment income in the Statement of
Comprehensive Income under taxation.
The fixed returns on debt securities are recognised on a time apportionment basis so as to reflect the effective yield on
the debt securities.
Interest receivable from cash at bank and in hand is accrued to the end of the year.
Notes to the Financial Statements
For the year ended 31 December 2025
Murray International Trust PLC 93
Strategic Report Governance Overview
General
Portfolio
Corporate Information
Financial Statements
(c) Expenses. All expenses are accounted for on an accruals basis and are charged to the Statement of Comprehensive
Income. Expenses are charged against revenue except as follows:
– transaction costs on the acquisition or disposal of investments are charged against capital in the Statement of
Comprehensive Income; and
– expenses are treated as a capital item in the Statement of Comprehensive Income and ultimately recognised in the
capital reserve where a connection with the maintenance or enhancement of the value of the investments can be
demonstrated. In this respect the investment management fee has been allocated 30% to revenue and 70% to the
capital reserve to reflect the Board’s expected long-term split of returns in the form of revenue and capital gains
respectively.
(d) Taxation. 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 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. The Company’s liability for current tax is calculated using tax rates
that were applicable at the Statement of Financial Position date.
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the
Statement of Financial Position date, where transactions or events that result in an obligation to pay more tax in the
future or right to pay less tax in the future have occurred at the Statement of Financial Position date. This is subject to
deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from
which the future reversal of the underlying timing differences can be deducted. Timing differences are differences
arising between the Company’s taxable profits and its results as stated in the financial statements which are capable of
reversal in one or more subsequent periods. Deferred tax is measured on a non-discounted basis at the tax rates that
are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws
enacted or substantively enacted at the Statement of Financial Position date.
Due to the Company’s status as an investment trust company and the intention to continue meeting the conditions
required to obtain approval in the foreseeable future, the Company has not provided deferred tax on any capital gains
and losses arising on the revaluation or disposal of investments.
The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue within
the Statement of Comprehensive Income on the same basis as the particular item to which it relates using the
Company’s effective rate of tax for the year, based on the marginal basis.
(e) Investments. As permitted under FRS 102, the Company has chosen to apply the recognition and measurement
provisions of IAS 39 Financial Instruments: Recognition and Measurement and investments have been designated upon
initial recognition at fair value through profit or loss. This is done because all investments are considered to form part of a
group of financial assets which is evaluated on a fair value basis, in accordance with the Company’s documented
investment strategy, and information about the grouping is provided internally on that basis.
Investments are recognised and de-recognised at trade date where a purchase or sale is under a contract whose
terms require delivery within the timeframe established by the market concerned, and are measured at fair value. For
listed investments, the valuation of investments at the year end is deemed to be bid market prices or closing prices on
recognised stock exchanges.
Gains and losses arising from changes in fair value are treated in net profit or loss for the period as a capital item in the
Statement of Comprehensive Income and are ultimately recognised in the capital reserve.
94 Murray International Trust PLC
(f) Cash and cash equivalents. Cash comprises cash at bank and in hand and may include demand deposits. Cash
equivalents may include short-term, highly liquid investments, that are readily convertible to known amounts of cash and
that are subject to an insignificant risk of change in value.
(g) Short-term debtors and creditors. Both short-term debtors and creditors are measured at amortised cost and not
subject to interest charges.
(h) Borrowings. Borrowings, which comprise interest bearing bank loans and unsecured loan notes are recognised initially at
the fair value of the consideration received, net of any issue expenses, and subsequently at amortised cost using the
effective interest method. The finance costs of such borrowings are accounted for on an accruals basis using the
effective interest rate method and are charged 30% to revenue and 70% to capital in the Statement of Comprehensive
Income reflecting the Board’s expected long-term split of returns in the form of revenue and capital gains respectively.
(i) Nature and purpose of reserves
Called-up share capital. The Ordinary share capital on the Statement of Financial Position relates to the number of
shares in issue. This reserve is not distributable.
Share premium account. The balance classified as share premium includes the premium above nominal value from the
proceeds on issue of any equity share capital comprising Ordinary shares of 5p and the proceeds of sales of shares held
in Treasury in excess of the weighted average purchase price paid by the Company to repurchase the shares. This
reserve is not distributable.
Capital redemption reserve. The capital redemption reserve arose when Ordinary shares were cancelled, at which point
an amount equal to the par value of the Ordinary share capital was transferred from the share capital account to the
capital redemption reserve. This reserve is not distributable.
Capital reserve. This reserve reflects any gains or losses on investments realised in the period along with any movement
in the fair value of investments held that have been recognised in the Statement of Comprehensive Income. These
include gains and losses from foreign currency exchange differences. Additionally, expenses, including finance costs,
are charged to this reserve in accordance with (c) and (h) above. This reserve is distributable for the purpose of funding
share buybacks and paying dividends to the extent that gains are deemed realised.
When the Company purchases its Ordinary shares to be held in Treasury, the amount of the consideration paid, which
includes directly attributable costs, is recognised as a deduction from the capital reserve.
Revenue reserve. This reserve reflects all income and costs which are recognised in the revenue column of the
Statement of Comprehensive Income. The revenue reserve represents the amount of the Company’s reserves
distributable by way of dividend.
(j) Foreign currency. Assets and liabilities in foreign currencies are translated at the rates of exchange ruling on the
Statement of Financial Position date. Transactions involving foreign currencies are converted at the rate ruling on the
date of the transaction. The financial statements are presented in sterling, which is the Company’s functional and
presentation currency. The Company’s performance is evaluated and its liquidity is managed in sterling. Therefore
sterling is considered as the currency that most fairly represents the economic effects of the underlying transactions,
events and conditions. Gains and losses on dividends receivable are recognised in the Statement of Comprehensive
Income and are reflected in the revenue reserve. Gains and losses on the realisation of foreign currencies are
recognised in the Statement of Comprehensive Income and are then transferred to the capital reserve.
(k) Segmental reporting. The Directors are of the opinion that the Company is engaged in a single segment of business
activity, being investment business. Consequently, no business segmental analysis is provided.
Notes to the Financial Statements
Continued
Murray International Trust PLC 95
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Financial Statements
(l) Dividends payable. Dividends payable to equity shareholders are recognised in the financial statements when they have
been approved by shareholders and become a liability of the Company. Interim dividends are recognised in the financial
statements in the period in which they are paid.
3. Income
2025 2024
£’000 £’000
Income from investments (all listed)
UK dividend income
12,699 8,111
Overseas dividends
76,955 66,625
Overseas dividends – capital
399 301
Overseas interest
5,884 8,260
95,937 83,297
Other income
Deposit interest
20 92
Stock lending income
312 638
Interest on tax reclaim
16 1
Other income
A
56 489
Total income
96,341 84,517
A
Comprises a voting fee received in relation to the cancellation of General Accident 7.875% Cum Irr Pref of £56,000 (2024 – a compensation payment from Aberdeen
of £489,000 in respect of Swiss withholding tax reclaims, which fell outside the time period allowed for submission).
4. Investment management fees
2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Investment management fees
2,203 5,139 7,342 2,137 4,985 7,122
The Company has an agreement with abrdn Fund Managers Limited (“aFML”) for the provision of investment management,
secretarial, accounting and administration and promotional activity services.
The management fee is charged on net assets 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.
The investment management fee is chargeable 30% against revenue and 70% against realised capital reserves. During the
year £7,342,000 (2024 – £7,122,000) of investment management fees was payable to the Manager, with a balance of
£3,713,000 (2024 – £1,796,000) being due at the year 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.
96 Murray International Trust PLC
5. Administrative expenses
2025 2024
£’000 £’000
Promotional activities
A
325 400
Registrars’ fees
50 50
Directors’ remuneration
231 220
Bank charges and custody fees
427 523
Depositary fees
161 156
Stock exchange fees
157 143
Printing and postage
36 4
Auditor’s fees for:
– Statutory Audit
53 49
Other expenses – capital
34 59
Other expenses
218 193
1,692 1,797
A
In 2025 £277,000 (2024 – £400,000) was payable to aFML to cover promotional activities during the year. At the year end £69,000 (2024 – £100,000) was due to aFML.
6. Finance costs
2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Bank loans and overdraft interest
– – – 79 185 264
Interest on Loan Notes
846 1,973 2,819 844 1,970 2,814
Amortisation of Loan Notes issue expenses
3 7 10 5 10 15
849 1,980 2,829 928 2,165 3,093
Notes to the Financial Statements
Continued
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Financial Statements
7. Taxation
2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
(a) Total tax charge
Analysis for the year
Marginal tax relief
607 (607) – 922 (922) –
Overseas tax suffered
10,638 507 11,145 9,584 62 9,646
Overseas tax reclaimable
(2,605) – (2,605) (2,068) – (2,068)
Total tax charge for the year
8,640 (100) 8,540 8,438 (860) 7,578
(b) Factors affecting the tax charge for the year. The UK corporation tax rate is 25% (2024 – 25%). The tax assessed for the
year is lower than the corporation tax rate. The differences are explained below:
2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Return before taxation
91,232 265,883 357,115 79,413 54,872 134,285
Return multiplied by the standard rate of
corporation tax of 25% (2024 – 25%)
22,808 66,471 89,279 19,853 13,718 33,571
Effects of:
Non taxable UK dividend income
(2,738) (100) (2,838) (2,028) (75) (2,103)
Gains on investments not taxable
– (68,200) (68,200) – (15,763) (15,763)
Currency losses not taxable
– 41 41 – 318 318
Non taxable overseas dividends
(19,046) – (19,046) (16,090) – (16,090)
Overseas tax suffered
10,638 507 11,145 9,584 62 9,646
Overseas tax reclaimable
(2,605) – (2,605) (2,068) – (2,068)
Tax effect of expensed double taxation relief
(104) – (104) (204) – (204)
Marginal tax relief
607 (607) – 922 (922) –
Expenses not deductible for tax purposes
(920) 1,788 868 (1,531) 1,802 271
Total tax charge for the year
8,640 (100) 8,540 8,438 (860) 7,578
The Company has not provided for deferred tax on chargeable gains or losses arising on the revaluation or disposal of
investments as it is exempt from corporation tax on these items because of its status as an investment trust company.
98 Murray International Trust PLC
The Company has not recognised a deferred tax asset (2024 – same). At the year end, the Company has, for taxation
purposes only, accumulated unrelieved management expenses and loan relationship deficits of £4,487,000 (2024 –
£1,014,000). A deferred tax asset at the standard rate of corporation of 25% (2024 – 25%) of £1,122,000 (2024 –
£254,000) has not been recognised and these expenses will only be utilised if the Company has profits chargeable to
corporation tax in the future. It is considered highly unlikely that the Company will generate such profits and therefore
no deferred tax asset has been recognised.
8. Ordinary dividends on equity shares
2025 2024
£’000 £’000
Amounts recognised as distributions paid during the year:
Third interim for 2024 of 2.5p (2023 – 2.4p)
15,078 14,898
Final dividend for 2024 of 4.3p (2023 – 4.3p)
25,505 26,400
First interim for 2025 of 2.6p (2024 – 2.5p)
15,407 15,337
Second interim for 2025 of 2.6p (2024 – 2.5p)
15,382 15,288
Underpayment of dividends in prior year
4 2
71,376 71,925
A third interim dividend was declared on 4 December 2025 with an ex date of 2 January 2026. This dividend of 2.6p was paid
on 17 February 2026 and has not been included as a liability in these financial statements. The proposed final dividend for 2025
is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial
statements.
Set out below are the total dividends paid and proposed in respect of the financial year, which is the basis on which the
requirements of Sections 1158–1159 of the Corporation Tax Act 2010 are considered. The revenue available for distribution by
way of dividend for the year is £82,592,000 (2024 – £70,975,000).
2025 2024
£’000 £’000
Three interim dividends for 2025 of 2.6p (2024 – 2.5p)
46,136 45,706
Proposed final dividend for 2025 of 4.6p (2024 – 4.3p)
27,222 25,590
73,358 71,296
The amount reflected above for the cost of the proposed final dividend for 2025 is based on 591,783,877 Ordinary shares,
being the number of Ordinary shares in issue excluding those held in Treasury at the date of this Report.
Notes to the Financial Statements
Continued
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Financial Statements
9. Return per Ordinary share
2025 2024
£’000 p £’000 p
Returns are based on the following figures:
Revenue return
82,592 13.9 70,975 11.6
Capital return
265,983 44.8 55,732 9.1
Total return
348,575 58.7 126,707 20.7
Weighted average number of Ordinary shares
593,153,296 613,268,463
10. Investments at fair value through profit or loss
2025 2024
£’000 £’000
Opening book cost
1,405,609 1,331,325
Opening investment holdings gains
359,385 456,538
Opening fair value
1,764,994 1,787,863
Analysis of transactions made during the year
Purchases at cost
388,710 227,021
Sales proceeds received
(431,579) (313,188)
Gains on investments
272,801 63,053
Accretion of fixed income book cost
A
(1,714) 245
Closing fair value
1,993,212 1,764,994
A
In accordance with the AIC SORP guidance
Closing book cost
1,507,247 1,405,609
Closing investment gains
485,965 359,385
Closing fair value
1,993,212 1,764,994
The Company received £431,579,000 (2024 – £313,188,000) from investments sold in the period. The book cost of these
investments when they were purchased was £285,358,000 (2024 – £152,982,000). These investments have been revalued
over time and until they were sold any unrealised gains/losses were included in the fair value of the investments.
100 Murray International Trust PLC
2025 2024
The portfolio valuation
£’000 £’000
Listed on stock exchanges:
United Kingdom:
– equities
181,246 94,451
– preference shares
3,850 6,907
Overseas:
– equities
1,761,666 1,560,319
– fixed income
46,450 103,317
Total
1,993,212 1,764,994
Transaction costs. During the year 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
Statement of Comprehensive Income. The total costs were as follows:
2025 2024
£’000 £’000
Purchases
747 408
Sales
384 346
1,131 754
The above transaction costs are calculated in line with the AIC SORP. The transaction costs in the Company’s Key Information
Document are calculated on a different basis and in line with the PRIIPs regulations.
2025 2024
Stock Lending
£’000 £’000
Aggregate value of securities on loan at the year end
31,862 46,790
Maximum aggregate value of securities on loan during the year
98,202 98,370
Fee income from stock lending
312 638
Stock lending is the temporary transfer of securities by a lender to a borrower, with an agreement by the borrower to return
equivalent securities to the lender at an agreed date. Fee income is received for making the investments available to the
borrower. The principal risks and rewards of holding the investments, namely the market movements in share prices and
dividend income, are retained by the Company. In all cases the securities lent continue to be recognised on the Statement of
Financial Position.
All stocks lent under these arrangements are fully secured by collateral. The value of the collateral held at 31 December 2025
was £33,495,000 (2024 – £49,245,000).
Notes to the Financial Statements
Continued
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Financial Statements
11. Debtors: amounts falling due within one year
2025 2024
£’000 £’000
Overseas withholding tax
10,630 10,523
Prepayments
54 47
Other debtors
33 54
Accrued income
6,361 7,544
17,078 18,168
None of the above amounts is overdue or impaired.
12. Creditors
2025 2024
£’000 £’000
Amounts falling due within one year:
Amounts due to brokers
– 647
Investment management fees
3,713 1,796
Administrative expenses
351 395
Interest on bank loans and loan notes
292 291
4,356 3,129
2025 2024
£’000 £’000
Amounts falling due after more than one year:
Loan notes (note 13)
109,926 109,916
109,926 109,916
All financial liabilities are measured at amortised cost.
102 Murray International Trust PLC
13. Borrowings
2025 2024
£’000 £’000
Unsecured loan notes repayable in more than five years:
– £50,000,000 at 2.24% – 13 May 2031
49,945 49,936
– £60,000,000 at 2.83% – 31 May 2037
59,981 59,980
109,926 109,916
The terms of these loan notes permit early repayment at the borrower’s option which may give rise to additional amounts
being either payable or repayable in respect of fluctuations in interest rates since drawdown. Since the Directors currently have
no intention of repaying the loan notes early, then no such charges are included in the cash flows used to determine their
effective interest rate.
At 31 December 2025, the Company had utilised £110 million of its £200 million Shelf Facility. Under the terms of the Loan Note
Agreement Shelf Facility, dated May 2021, up to an additional £90 million has also been made available for drawdown by the
Company for a five year period, expiring in May 2026. Financial covenants contained within the loan note agreement provide,
inter alia, that borrowings shall at no time exceed 35% of net assets, that the Company must hold 40 investments or more and
that the net assets must exceed £650 million. At 31 December 2025 the Company held 57 investments, net assets were
£1,920,974,000 and borrowings were 5.7% thereof. The Company has complied with all financial covenants throughout
the year.
14. Share capital
2025 2024
Number £’000 Number £’000
Allotted, called up and fully paid Ordinary shares of 5p
Balance brought forward
603,129,219 30,156 620,866,332 31,043
Ordinary shares bought back to Treasury in the year
(12,876,886) (644) (17,737,113) (887)
Balance carried forward
590,252,333 29,512 603,129,219 30,156
Treasury shares:
Balance brought forward
43,930,796 2,197 26,193,683 1,310
Ordinary shares bought back to Treasury in the year
12,876,886 644 17,737,113 887
Balance carried forward
56,807,682 2,841 43,930,796 2,197
At 31 December 2025, shares held in Treasury represented 8.8% (2024 – 6.8%) of the Company’s total issued share capital.
During the year 12,876,886 Ordinary shares were bought back to Treasury at an average price of 272.88p representing 2.0% of
the Company’s total issued share capital (2024 – 17,737,113 at an average price of 250.15p representing 2.7% of the
Company’s total issued share capital) at a total cost of £35,074,000 (2024 – £44,795,000) net of expenses. Subsequent to the
year 1,531,544 Ordinary shares have been sold from Treasury for proceeds of £5,526,000.
Notes to the Financial Statements
Continued
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Financial Statements
On a winding up of the Company, any surplus assets available after payment of all debts and satisfaction of all liabilities of the
Company shall be applied in repaying the Ordinary shareholders the amounts paid up on such shares. Any surplus shall be
divided among the holders of Ordinary shares according to the amount paid up on such shares respectively.
Voting rights. In accordance with the Articles of Association of the Company, on a show of hands, every member (or duly
appointed proxy) present at a general meeting of the Company has one vote; and, on a poll, every member present in person
or by proxy shall have one vote for every 5p nominal amount of Ordinary shares held.
15. Capital reserve
2025 2024
£’000 £’000
At 1 January
1,200,623 1,189,686
Movement in fair value gains
272,801 63,053
Overseas dividends capital
399 301
Capital expenses (including taxation)
(7,053) (6,349)
Buy back of shares to Treasury
(35,074) (44,795)
Currency losses
(164) (1,273)
At 31 December
1,431,532 1,200,623
Included in the total above are investment holdings gains at the year end of £485,965,000 (2024 – £359,385,000), which is not
considered distributable.
16. Net asset value per share
The net asset value per share and the net asset value attributable to the Ordinary shares at the year end, calculated in
accordance with the Articles of Association and FRS 102, were as follows:
As at As at
31 December 2025 31 December 2024
Attributable net assets (£’000)
1,920,974 1,678,849
Number of Ordinary shares in issue (excluding Treasury)
590,252,333 603,129,219
Net asset value per share (pence)
325.4 278.4
104 Murray International Trust PLC
17. Analysis of changes in net debt
At Effects of At
31 December Currency Cash Non-cash 31 December
2024 differences flows movements
A
2025
£’000 £’000 £’000 £’000 £’000
Cash at bank and in hand
8,732 (13) 16,247 – 24,966
Debt due after more than one year
(109,916) – – (10) (109,926)
(101,184) (13) 16,247 (10) (84,960)
At Effects of At
31 December Currency Cash Non-cash 31 December
2023 differences flows movements
A
2024
£’000 £’000 £’000 £’000 £’000
Cash at bank and in hand
5,878 (6) 2,860 – 8,732
Debt due within one year
(29,996) – 30,000 (4) –
Debt due after more than one year
(109,905) – – (11) (109,916)
(134,023) (6) 32,860 (15) (101,184)
A
Figures reflect a movement in maturity dates and amortisation of finance costs.
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.
Notes to the Financial Statements
Continued
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Financial Statements
18. Financial instruments and risk management
The Company’s investment activities expose it to various types of financial risk associated with the financial instruments and
markets in which it invests. The Company’s financial instruments comprise listed equities and debt securities, cash balances,
loans and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting
settlement, and debtors for accrued income. The Company may enter into derivative transactions for the purpose of
managing market risks arising from the Company’s activities in the form of swap contracts, forward foreign currency
contracts, futures and options.
The Board has delegated the risk management function to abrdn Fund Managers Limited (“aFML”) under the terms of its
management agreement with aFML (further details of which are included in the Directors’ Report). The Board regularly
reviews and agrees policies for managing each of the key financial risks identified with the Manager. The types of risk and the
Manager’s approach to the management of each type of risk, are summarised below. Such approach has been applied
throughout the year and has not changed since the previous accounting period. The numerical disclosures exclude short-term
debtors and creditors.
Risk management framework. The directors of aFML collectively assume responsibility for aFML’s obligations under the AIFMD
including reviewing investment performance and monitoring the Company’s risk profile during the year.
aFML is a fully integrated member of the Aberdeen Group plc (“the Group”), which provides a variety of services and support to
aFML in the conduct of its business activities, including in the oversight of the risk management framework for the Company.
The AIFM has delegated the day to day administration of the investment policy to abrdn Investments Limited, which is
responsible for ensuring that the Company is managed within the terms of its investment guidelines and the limits set out in its
pre-investment disclosures to investors (details of which can be found on the Company’s website). The AIFM has retained
responsibility for monitoring and oversight of investment performance, product risk and regulatory and operational risk for the
Company.
The Manager conducts its risk oversight function through the operation of the Group’s risk management processes and
systems which are embedded within the Group’s operations. The Group’s Risk Division supports management in the
identification and mitigation of risks and provides independent monitoring of the business. The Division includes Compliance,
Business Risk, Market Risk, Risk Management and Legal. The team is headed up by the Group’s Chief Risk Officer, who reports to
the Chief Executive Officer of the Group. The Risk Division achieves its objective through embedding the Risk Management
Framework throughout the organisation using the Group’s operational risk management system (“SHIELD”).
The Group’s Internal Audit Department is independent of the Risk Division and reports directly to the Group’s Chief Executive
Officer and to the Audit Committee of the Group’s Board of Directors. The Internal Audit Department is responsible for
providing an independent assessment of the Group’s control environment.
The Group’s corporate governance structure is supported by several committees to assist the board of directors of Aberdeen
plc, its subsidiaries and the Company to fulfil their roles and responsibilities. The Group’s Risk Division is represented on a
ll
committees, with the exception of those committees that deal with investment recommendations. The specific goals and
guidelines on the functioning of those committees are described on the committees’ terms of reference.
Risk management. The main risks the Company faces from its financial instruments are (i) market risk (comprising interest rate
risk, foreign currency risk and price risk), (ii) liquidity risk and (iii) credit risk.
(i) Market risk. The fair value and future cash flows of a financial instrument held by the Company may fluctuate because
of changes in market prices. This market risk comprises three elements – interest rate risk, foreign currency risk and
price risk.
106 Murray International Trust PLC
(i)(a) Interest rate risk. Interest rate risk is the risk that interest rate movements will affect:
– the fair value of the investments in fixed interest rate securities; and
– the level of income receivable on cash deposits.
Management of the risk. The possible effects on fair value and cash flows that could arise as a result of changes in
interest rates are taken into account when making investment and borrowing decisions.
The Board reviews the values of the fixed interest rate securities on a regular basis.
The Board imposes borrowing limits to ensure gearing levels are appropriate to market conditions and reviews these
on a regular basis. Borrowings comprise fixed rate facilities, which are used to finance opportunities at low rates.
Current bank covenant guidelines are detailed in note 13 on page 102.
Interest rate risk profile. The interest rate risk profile of the portfolio of financial assets and liabilities at the Statement of
Financial Position date was as follows:
Weighted
average
period for Weighted Non–
which average Fixed Floating interest
rate is fixed interest rate rate rate bearing
At 31 December 2025
Years % £’000 £’000 £’000
Assets
Sterling
– – 3,850 24,708 212,872
US Dollar
– – – 5 667,453
Indian Rupee
0.67 7.79 12,449 – 31,392
Indonesian Rupiah
– – – – 24,825
Mexican Peso
0.18 5.75 16,482 – 109,900
South African Rand
5.16 7.00 17,519 – –
Other
– – – 253 896,470
Total assets
50,300 24,966 1,942,912
Liabilities
Loan Notes
8.67 2.56 (109,926) – –
Total liabilities
(109,926) – –
Notes to the Financial Statements
Continued
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Financial Statements
Weighted
average
period for Weighted Non–
which average Fixed Floating interest
rate is fixed interest rate rate rate bearing
At 31 December 2024
Years % £’000 £’000 £’000
Assets
Sterling
– – 6,907 8,321 155,453
US Dollar
20.98 6.53 28,689 371 566,866
Indian Rupee
1.67 7.79 13,956 40 –
Indonesian Rupiah
5.49 7.49 29,281 – 16,133
Mexican Peso
1.18 5.75 14,653 – 79,406
South African Rand
6.16 7.00 15,035 – –
Turkish Lira
0.19 8.00 1,703 – –
Other
– – – – 836,912
Total assets
110,224 8,732 1,654,770
Liabilities
Loan Notes
9.67 2.56 (109,916) – –
Total liabilities
(109,916) – –
The weighted average interest rate is based on the current yield of each asset, weighted by its market value. The
weighted average interest rate on bank loans and loan notes are based on the interest rate payable, weighted by the
total value of the bank loans and loan notes. The maturity dates of the Company’s loan notes are shown in note 13 to
the financial statements.
The fixed rate assets represents quoted preference shares and bonds.
The floating rate assets consist of cash deposits on call earning interest at prevailing market rates.
108 Murray International Trust PLC
The non-interest bearing assets represent the equity element of the portfolio.
Short-term debtors and creditors have been excluded from the above tables as they are not considered to be
exposed to interest rate risk.
Interest rate sensitivity. The sensitivity analyses below have been determined based on the exposure to interest rates
for non-derivative instruments at the Statement of Financial Position date and the stipulated change taking place at
the beginning of the financial year and held constant throughout the reporting period in the case of instruments that
have floating rates.
If interest rates had been 100 basis points higher or lower (based on the current parameter used by the Manager’s
Investment Risk Department on risk assessment) and all other variables were held constant, the Company’s revenue
return for the year ended 31 December 2025 would increase/decrease by £250,000 (2024 – increase/decrease by
£87,000). This is mainly attributable to the Company’s exposure to interest rates on its floating rate cash balances.
These figures have been calculated based on cash positions at each year end.
The capital return would decrease/increase by £1,408,000 (2024 – increase/decrease by £3,825,000) using VaR
(“Value at Risk”) analysis based on 100 observations of weekly VaR computations of fixed interest portfolio positions at
each year end.
(i)(b) Foreign currency risk. A significant proportion of the Company’s investment portfolio is invested overseas whose values
are subject to fluctuation due to changes in foreign exchange rates. In addition, the impact of changes in foreign
exchange rates upon the profits of investment holdings can result, indirectly, in changes in their valuations.
Consequently the Statement of Financial Position can be affected by movements in exchange rates.
Management of the risk. It is not the Company’s policy to hedge this risk on a continuing basis but the Company may,
from time to time, match specific overseas investment with foreign currency borrowings. The Manager seeks, when
deemed appropriate, to manage exposure to currency movements on borrowings by using forward foreign currency
contracts as a hedge against potential foreign currency movements. At 31 December 2025 the Company did not have
any forward foreign currency contracts (2024 – none).
The revenue account is subject to currency fluctuation arising on overseas income. The Company does not hedge this
currency risk.
Notes to the Financial Statements
Continued
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Financial Statements
Currency risk exposure. Currency risk exposure (excluding fixed interest securities) by currency of denomination:
31 December 2025 31 December 2024
UK and UK and
overseas Net Total overseas Net Total
equity monetary currency equity monetary currency
investments assets
A
exposure investments assets
A
exposure
£’000 £’000 £’000 £’000 £’000 £’000
US Dollar
667,453 5 667,458 566,866 371 567,237
Euro
401,457 – 401,457 291,907 – 291,907
Singapore Dollar
111,258 – 111,258 94,630 – 94,630
Mexican Peso
109,900 – 109,900 79,406 – 79,406
Taiwan Dollar
90,909 – 90,909 129,221 – 129,221
Hong Kong Dollar
75,088 – 75,088 74,098 – 74,098
Swiss Franc
53,652 – 53,652 47,454 – 47,454
Canadian Dollar
46,574 (7) 46,567 91,834 – 91,834
Danish Krone
38,002 260 38,262 32,776 – 32,776
Indian Rupee
31,392 – 31,392 – 40 40
Norwegian Krone
30,276 – 30,276 17,174 – 17,174
Thailand Baht
29,522 – 29,522 24,660 – 24,660
Indonesian Rupiah
24,825 – 24,825 16,133 – 16,133
Australian Dollar
19,732 – 19,732 17,012 – 17,012
Swedish Krone
– – – 16,146 – 16,146
1,730,040 258 1,730,298 1,499,317 411 1,499,728
Sterling
212,872 (85,218) 127,654 155,453 (101,595) 53,858
Total
1,942,912 (84,960) 1,857,952 1,654,770 (101,184) 1,553,586
A
Reflects cash, short-term deposits and bank borrowings.
The asset allocation between specific markets can vary from time to time based on the Manager’s opinion of the
attractiveness of the individual markets.
110 Murray International Trust PLC
Foreign currency sensitivity. The following table details the Company’s sensitivity to a 10% decrease (in the context of a
10% increase the figures below should all be read as negative) in sterling against the major foreign currencies in which
the Company has exposure (based on exposure >5% of total exposure). The sensitivity analysis includes foreign
currency denominated monetary items and adjusts their translation at the year end for a 10% change in foreign
currency rates, being a reasonable range of fluctuations for the period.
2025 2024
Capital
A
Capital
A
£’000 £’000
US Dollar
66,746 56,724
Euro
40,146 29,191
Singapore Dollar
11,126 9,463
Mexican Peso
10,990 7,941
Taiwan Dollar
– 12,922
Canadian Dollar
– 9,183
Total
129,008 125,424
A
Represents equity exposures to the relevant currencies.
(i)(c) Price risk. Other price risks (ie changes in market prices other than those arising from interest rate or currency risk) may
affect the value of the quoted investments. The Company’s stated objective is to achieve an above average dividend
yield, with long-term growth in dividends and capital ahead of inflation by investing principally in global equities.
Management of the risk. It is the Board’s policy to hold an appropriate spread of investments in the portfolio in order to
reduce the risk arising from factors specific to a particular country or sector. The allocation of assets to international
markets and the stock selection process, as detailed on pages 24 to 26, both act to reduce market risk. The Manager
actively monitors market prices throughout the year and reports to the Board, which meets regularly in order to review
investment strategy. The investments held by the Company are listed on various stock exchanges worldwide.
Price risk sensitivity. If market prices at the Statement of Financial Position date had been 10% higher or lower, which is a
reasonable range of annual price fluctuations, while all other variables remained constant, the return attributable to
Ordinary shareholders for the year ended 31 December 2025 would have increased/decreased by £194,291,000
(2024 – increase/decrease of £165,477,000) and equity would have increased/decreased by the same amount.
Notes to the Financial Statements
Continued
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Financial Statements
(ii) Liquidity risk. This is the risk that the Company will encounter difficulty in meeting obligations associated with financial
liabilities as they fall due in line with the maturity profile analysed below.
Within Within Within Within Within More than
1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total
At 31 December 2025
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Loan Notes
– – – – – 110,000 110,000
Interest cash flows on Loan Notes
2,818 2,818 2,818 2,818 2,818 11,597 25,687
Cash flows on other creditors
4,064 – – – – – 4,064
6,882 2,818 2,818 2,818 2,818 121,597 139,751
Within Within Within Within Within More than
1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total
At 31 December 2024
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Loan Notes
– – – – – 110,000 110,000
Interest cash flows on Loan Notes
2,818 2,818 2,818 2,818 2,818 14,415 28,505
Cash flows on other creditors
2,838 – – – – – 2,838
5,656 2,818 2,818 2,818 2,818 124,415 141,343
Management of the risk. Liquidity risk is not considered to be significant as the Company’s assets comprise mainly
readily realisable securities, which can be sold to meet funding commitments if necessary. Short-term flexibility is
achieved through the use of loan and overdraft facilities (note 13).
(iii) Credit risk. This is failure of the counterparty to a transaction to discharge its obligations under that transaction that
could result in the Company suffering a loss.
Management of the risk
– where the Manager makes an investment in a bond, corporate or otherwise, the credit ratings of the issuer are taken
into account so as to manage the risk to the Company of default;
– investments in quoted bonds are made across a variety of industry sectors and geographic markets so as to avoid
concentrations of credit risk;
– transactions involving derivatives are entered into only with investment banks, the credit rating of which is taken into
account so as to minimise the risk to the Company of default;
– investment transactions are carried out with a number of brokers, whose credit-standing is reviewed periodically by
the Manager, and limits are set on the amount that may be due from any one broker;
– the risk of counterparty exposure due to failed trades causing a loss to the Company is mitigated by the daily review
of failed trade reports. In addition, both stock and cash reconciliations to the custodian’s records are performed daily to
ensure discrepancies are investigated in a timely manner. The Manager’s Compliance department carries out periodic
reviews of the custodian’s operations and reports its finding to the Manager’s Risk Management Committee;
– cash is held only with reputable banks with acceptable credit quality. It is the Manager’s policy to trade only with A-
and above (Long-term rated) and A-1/P-1 (Short-term rated) counterparties.
112 Murray International Trust PLC
Credit risk exposure. In summary, compared to the amounts in the Statement of Financial Position, the maximum
exposure to credit risk at 31 December 2025 and 31 December 2024 was as follows:
2025 2024
Balance Maximum Balance Maximum
Sheet exposure Sheet exposure
£’000 £’000 £’000 £’000
Non-current assets
Quoted preference shares and bonds at fair value through profit
or loss
50,300 50,300 110,224 110,224
Current assets
Other debtors
33 33 54 54
Accrued income
6,361 6,361 7,544 7,544
Cash and short-term deposits
24,966 24,966 8,732 8,732
81,660 81,660 126,554 126,554
None of the Company’s financial assets is secured by collateral or other credit enhancements.
Credit ratings. The table below provides a credit rating profile using Moodys credit ratings for the quoted preference
shares and bonds at 31 December 2025 and 31 December 2024:
2025 2024
£’000 £’000
Ba1
3,850 3,547
Ba2
17,519 15,035
Baa2
16,482 43,934
Ba3
– 11,755
B3
– 16,934
Non-rated
12,449 19,019
50,300 110,224
Whilst a substantial proportion of the fixed interest portfolio does not have a rating provided by Moodys, the Manager
undertakes an ongoing review of their suitability for inclusion within the portfolio as set out in “Investment Process” on
pages 24 to 26. At 31 December 2025 Moodys credit ratings agency did not provide a rating for Indian bonds (2024 –
Indian bonds, Turkish bonds and Irredeemable preference shares) held by the Company and were accordingly
categorised as non–rated in the table above. (2024 – Fitch credit ratings agency did provide a BB- rating for Turkish
bonds with a value of £1,703,000).
Notes to the Financial Statements
Continued
Murray International Trust PLC 113
Strategic Report Governance Overview
General
Portfolio
Corporate Information
Financial Statements
Fair values of financial assets and financial liabilities. The fair value of borrowings has been calculated at £88,581,000 as
at 31 December 2025 (2024 – £85,097,000) compared to a carrying amount in the financial statements of £109,926,000
(2024 – £109,916,000) (note 13). The fair value of each loan is determined by aggregating the expected future cash
flows for that loan discounted at a rate comprising the borrower’s margin plus an average of market rates applicable to
loans of a similar period of time and currency. The carrying value of all other assets and liabilities is an approximation of
fair value.
19. 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 shall have 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 in 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 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 31 December 2025
Note £’000 £’000 £’000 £’000
Financial assets at fair value through profit or loss
Quoted equities
a) 1,942,912 – – 1,942,912
Quoted preference shares
b) – 3,850 – 3,850
Quoted bonds
b) – 46,450 – 46,450
Total
1,942,912 50,300 – 1,993,212
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.
114 Murray International Trust PLC
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.
20. Capital management policies and procedures
The investment objective of the Company is to achieve an above average dividend yield, with long-term growth in dividends and
capital ahead of inflation by investing principally in global equities.
The capital of the Company consists of bank borrowings and equity, comprising issued capital, reserves and retained earnings.
The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to
shareholders through the optimisation of the debt and equity balance.
The Board monitors and reviews the broad structure of the Company’s capital on an ongoing basis. This review includes:
– the planned level of gearing which takes into account the Investment Manager’s views on the market;
– the level of equity shares in issue; and
– the extent to which revenue in excess of that which is required to be distributed should be retained.
The Company’s objectives, policies and processes for managing capital are unchanged from the preceding accounting period.
Details of the Company’s gearing facilities and financial covenants are detailed in note 13 of the financial statements. The
Company does not have any other externally imposed capital requirements.
21. Related party transactions
Directors’ fees and interests. Fees payable during the year to the Directors and their interests in shares of the Company are
disclosed within the Directors’ Remuneration Report on pages 71 and 72.
In the opinion of the Directors on the basis of shareholdings advised to them, the Company has no immediate or ultimate
controlling party.
22. Transactions with the Manager
The Company has agreements with aFML for the provision of management, accounting and administration services and
promotional activities. Details of transactions during the year and balances outstanding at the year end are disclosed in notes
4 and 5.
Notes to the Financial Statements
Continued
Murray International Trust PLC 115
Strategic Report Governance Overview
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Portfolio
Corporate Information
Financial Statements
The Company engages in Securities Financing Transactions (SFTs) (as defined in Article 3 of Regulation (EU) 2015/2365, SFTs include
repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or
sell-buy back transactions and margin lending transactions). In accordance with Article 13 of the Regulation, the Fund’s involvement
in and exposures related to securities lending for the accounting period are detailed below:
% of % of
Absolute value of assets engaged in SFTs £’000 lendable assets net assets
31 December 2025
Securities lending 31,862 1.60 1.66
31 December 2024
Securities lending 46,790 2.65 2.79
Top ten collateral issuers and collateral received
Based on market value of collateral received. For all issuers, only equity securities with a main market listing were lent and the
custodian was BNY Mellon.
2025 £’000 2024 £’000
UK Treasury 33,495 US Treasury 48,615
Government of Australia 630
33,495 49,245
2025 2024
Proportion held Proportion held
Market value in segregated Market value in segregated
of collateral held accounts of collateral held accounts
Collateral held per custodian £’000 % £’000 %
BNY Mellon 33,495 100 49,245 100
One custodian is used to hold the collateral, which is in a segregated account.
Market value
of collateral
received
2025 2024
Collateral analysed by currency £’000 £’000
Sterling 33,495 –
US Dollar – 48,615
Australian Dollar – 630
Total collateral received 33,495 49,245
Securities Financin
g
Transactions Disclosure
(
unaudited
)
116 Murray International Trust PLC
Market value Countries of
Securities lending of securities lending counterparty Settlement
Top Ten Counterparties per type of SFT
A
£’000 establishment and clearing
31 December 2025
BNP Paribas 31,862 France Tri-party
Total market value of securities lending 31,862
31 December 2024
Goldman Sachs 46,263 US Tri-party
UBS 527 Switzerland Tri-party
Total market value of securities lending 46,790
A
All counterparties are shown
Maturity Tenor of SFTs (remaining period to maturity)
31 December 2025
Securities lending
The lending and collateral transactions are on an open basis and can be recalled on demand. As at 31 December 2025 there was one
security on loan (31 December 2024 – three).
The Company does not engage in any re-use of collateral.
2025 2024
Return and cost per type of SFT £’000 % £’000 %
Securities lending
Gross return 367 115 751 115
Direct operational costs (securities lending agent costs)
B
(55) (15) (113) (15)
Total costs (55) (15) (113) (15)
Net return 312 100 638 100
B
The unrounded direct operational costs and fees incurred for securities lending for the 12 months to 31 December 2025 is £55,115 (2024 – £112,471).
Securities Financin
g
Transactions Disclosure
(
unaudited
)
Continued
Murray International Trust PLC 117
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Portfolio
Corporate Information
Financial Statements
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.
Premium/(discount) to net asset value per Ordinary share
The discount is the amount by which the share price is higher or lower than the net asset value per share at the year end, expressed as
a percentage of the net asset value.
2025 2024
NAV per Ordinary share (p)
a 325.4 278.4
Share price (p)
b 335.0 257.5
Premium/(discount)
(b-a)/a 3.0% –7.5%
Dividend cover
Dividend cover measures the revenue return per share divided by total dividends per share, expressed as a ratio.
2025 2024
Revenue return per share (p)
a 13.9 11.6
Dividends per share (p)
b 12.4 11.8
Dividend cover
a/b 1.12x 0.98x
Dividend yield
The annual dividend per Ordinary share divided by the share price at the year end, expressed as a percentage.
2025 2024
Dividends per share (p)
a 12.4 11.8
Share price (p)
b 335.0 257.5
Dividend yield
a/b 3.7% 4.6%
Alternative Performance Measures
(
unaudited
)
118 Murray International Trust PLC
Net gearing
Net gearing measures the total borrowings less cash and cash equivalents divided by NAV, expressed as a percentage. Under AIC
reporting guidance cash and cash equivalents includes amounts due to and from brokers at the year end as well as cash and cash
equivalents.
2025 2024
Borrowings (£’000)
a 109,926 109,916
Cash (£’000)
b 24,966 8,732
Amounts due to brokers (£’000)
c – 647
Shareholders’ funds (£’000)
d 1,920,974 1,678,849
Net gearing
(a-b+c)/d 4.4% 6.1%
Ongoing charges ratio (OCR)
The ongoing charges ratio has been calculated in accordance with guidance issued by the AIC as the total of investment
management fees and recurring administrative expenses, expressed as a percentage of the average daily net asset values with debt
at fair value published throughout the year.
2025 2024
Investment management fees (£’000)
7,342 7,122
Administrative expenses (£’000)
1,692 1,798
Less: non-recurring charges
A
(£’000)
(74) (106)
Ongoing charges (£’000)
8,960 8,814
Average net assets (£’000)
1,782,658 1,694,445
Ongoing charges ratio
0.50% 0.52%
A
Professional services comprising new Director recruitment costs, legal and advisory fees and costs deducted from return of capital proceeds considered unlikely to recur.
The ongoing charges ratio above differs from that provided in the Company’s Key Information Document.
Alternative Performance Measures
(
unaudited
)
Continued
Murray International Trust PLC 119
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Portfolio
Corporate Information
Financial Statements
Total return
NAV and share price total returns show how the NAV and share price have performed over a period of time in percentage terms,
taking into account both capital returns and dividends paid to shareholders. Share price and NAV returns are monitored against the
Benchmark.
Share
Year ended 31 December 2025
NAV Price
Opening at 1 January 2025
a 278.4p 257.5p
Closing at 31 December 2025
b 325.4p 335.0p
Price movements
c=(b/a)-1 16.9% 30.1%
Dividend reinvestment
A
d 5.0% 5.9%
Total return
c+d +21.9% +36.0%
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.
120 Murray International Trust PLC
Corporate
Information
(Unaudited)
The Company’s Manager is
abrdn Investments Limited, a
subsidiary of Aberdeen Group plc,
whose group companies as at 31
December 2025 had approximately
£556 bn of assets under
management and administration
Murray International Trust PLC 121
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Portfolio
Corporate Information
Financial Statements
General
Introduction
Although the Company does not have sustainability
characteristics as part of its investment objective or policy,
ESG analysis is integrated into each part of the Manager’s
investment process outlined on pages 24 to 26 and is
integral to each investment decision.
At the investment stage, ESG factors and analysis can help
to frame where best to invest by considering material risks
and opportunities alongside other financial metrics. Due
diligence can ascertain whether such risks are being
adequately managed, and whether the market has
understood and priced them accordingly.
ESG Assessment
Aberdeen has a well-established central sustainability
team which supports investment teams across different
asset classes with its thematic work on areas such as
shareholder engagement, remuneration issues, and
climate change, as well as taking responsibility for voting
policies. Aberdeen believes in active engagement with its
investments and potential investments: from providing
initial guidance on suitable metrics through to holding the
investee company to account for delivering on its
promises. In practice, it is through applying this
sustainability filter that the Manager would be
comfortable investing in, for example, sectors such as
mining and oil and gas, subject to the belief, based on such
engagement and investee companies delivering on their
commitments, that a company is taking the necessary
action to address the energy transition.
The investment process also leverages a wealth of
knowledge, insight and expertise across asset classes and
regions within Aberdeen. This allows the Manager to
exploit the skills of equity colleagues across all markets
who are meeting companies and conducting research
and sharing their insights using one common global
research platform.
The Manager’s bottom-up research process includes both
its investment insights and the assessment of the ESG
factors a company faces. The assessment of ESG factors
takes place within the overall structure of the investment
research carried out on each company. In assessing the
business fundamentals of a company, the Manager
analyses how the company makes money (including the
evolution and growth of the company, its track record of
execution and managing risk and the balance sheet
fundamentals), the attractiveness and characteristics of
its industry and the strength and sustainability of its
competitive advantage. It also conducts a thorough
evaluation of the ESG risks and opportunities of the
company.
As well as assigning a proprietary rating (1 indicates best
in class and 5 indicates laggards) to articulate the Quality
attributes of each company the Manager also assigns an
ESG Quality rating.
The Manager believes that understanding ESG factors
can complement broader understanding of the
competitive positioning of a business and help to build an
investment case. Integrating ESG analysis gives the
Manager an informational, analytical and behavioural
edge.
Finally, ESG information provides additional context to an
investment case and offers an alternative lens that the
market may not appreciate. This additional information
also helps the Manager better understand the quality of
companies and with ESG being a component of quality,
the Manager can act on a more informed and more
rational basis during periods of volatility, giving a
behavioural edge.
As part of this analysis, the Manager also evaluates the
ownership structures, governance and management
quality of the investee companies and assesses potential
environmental and social risks and opportunities that the
companies may face. These insights are captured in the
company research notes.
ESG and Climate Related Factors
122 Murray International Trust PLC
Climate Change
The Manager has a duty to consider all factors that may
have a financially material impact on returns. Climate
change is such a key factor.
The related physical and transition risks are vast and are
becoming increasingly financially material for many of our
investments. This is not only true in the obvious high-
emitting sectors such as energy, utilities and
transportation but also along the supply chain, providers
of finance and in those reliant on agricultural outputs
and water.
In the Manager’s view, companies that successfully
manage climate change risks will perform better in the
long term. It is important that the Manager assesses the
financial implications of material climate change risks
across all asset classes, including real assets, to make
portfolios more resilient to climate risk.
Adaptation measures are essential to help limit damages
from the physical impacts of climate change.
It is generally accepted that companies are responsible
for the effects of their operations and products on the
environment. The steps they take to assess and reduce
those impacts can lead to cost savings and reduce
potential reputational damage. Companies are
responsible for their impact on the climate and they face
increased regulation from world governments on activities
that contribute to climate change.
The Manager expects that companies will:
· identify, manage and reduce their environmental
impacts;
· understand the impact of climate change along the
company value chain;
· develop group-level climate policies and, where
relevant, set targets to manage the impact, report on
policies, practices and actions taken to reduce carbon
and other environmental risks within their operations;
· comply with all environmental laws and regulations, or
recognised international best practice as a minimum.
Where there are serious concerns regarding a board’s
actions or inaction in relation to the environment, the
Manager will consider taking voting action on an
appropriate resolution.
Aberdeen’s position statement on the Environment may
be found at: www.aberdeenplc.com/en-gb/corporate-
sustainability.
Regular engagement with high-emitting investee
companies allows the Manager to better understand its
exposure and management of climate change risks and
opportunities. In actively managed investments,
ownership provides a strong ability to challenge
companies where appropriate. The Manager can also
influence corporate behaviour positively in relation to
climate-risk management.
Through active engagement, it is possible to steer investee
companies towards ambitious targets and more
sustainable low-carbon solutions. The Manager strongly
encourages companies to consider the social dimension
of the energy transition to ensure it is inclusive and ‘just’.
This means worker and community needs are considered
on the path to a low-carbon economy, so they are not left
stranded. Other social aspects, such as affordability and
reliability of energy supply are also important.
The Manager also pledges to reduce its own operational
carbon footprint. It committed to reducing emissions from
energy use by 50% by 2025, procuring 100% renewable
electricity for its buildings, and offsetting those emissions
that have not yet been eliminated.
Working with Companies: Staying Engaged,
Driving Change
The Manager sees a programme of regular engagement
as a necessary fulfilment of its duty as a responsible
steward of clients’ assets. It is also an opportunity to share
examples of best practice seen in other companies and to
use the Manager’s influence to effect positive change. The
Manager’s engagement is not limited to the company’s
management team. It can include many other
stakeholders such as non-government agencies, industry
and regulatory bodies, as well as activists and the
company’s clients. What gets measured gets managed,
so the Manager strongly encourages companies to set
clear targets or key performance indicators on all material
factors, including ESG.
ESG and Climate Related Factors
Continued
Murray International Trust PLC 123
Strategic Report Governance Overview
General
Portfolio
Corporate Information
Financial Statements
General
Keeping You Informed
For internet users, detailed data on the Company
(including price, performance information and a monthly
fact sheet) is available from the Company’s website
(murray-intl.co.uk) and the TrustNet website
(trustnet.com).
You can register for regular email updates by visiting
murray-intl.co.uk or by activating the QR Code below using
the camera on your smart phone:
Aberdeen Social Media Accounts
Aberdeen Investment Trusts
@AberdeenInvestmentTrusts
Investor Warning
The Board has been made aware by Aberdeen that some
investors have received telephone calls from people
purporting to work for the Manager, or third parties, who
have offered to buy their investment trust shares. These
may be scams which attempt to gain personal
information with which to commit identity fraud or could
be ‘boiler room’ scams where a payment from an investor
is required to release the supposed payment for their
shares. These callers do not work for Aberdeen and any
third party making such offers has no link with Aberdeen.
Aberdeen never makes these types of offers and does not
‘cold-call’ investors in this way. If investors have any doubt
over the veracity of a caller, they should not offer any
personal information, end the call and contact Aberdeen’s
investor services centre using the details provided below.
Shareholder Enquiries
In the event of queries regarding their holdings of shares,
lost certificates dividend payments, registered details, etc
shareholders holding their shares in the Company directly
should contact the registrars, MUFG Corporate Markets at
Central Square, 29 Wellington Street, Leeds LS1 4DL Tel:
+44 (0) 371 664 0300 (lines are open 9.00am-5.30pm
Mon-Fri excluding public holidays in England and Wales).
Calls to 0371 numbers are charged at the standard
geographic rate and will vary by provider. Calls outside
the United Kingdom are charged at the applicable
international rate. Calls may be recorded and monitored
randomly for security and training purposes.
Alternatively, you can contact:
E-mail: shareholderenquiries@cm.mpms.mufg.com
Investor Centre:
https://uk.investorcentre.mpms.mufg.com/
Any general enquiries about the Company should be
directed to the Company Secretary, Murray International
Trust PLC, 1 George Street, Edinburgh EH2 2LL or by email
to CEF.CoSec@aberdeenplc.com.
Suitable for Retail/NMPI Status
The Company currently conducts its affairs so that its
securities can be recommended by a financial adviser to
ordinary retail investors in accordance with the Financial
Conduct Authority’s (FCA) rules in relation to non-
mainstream pooled investments (NMPIs) and intends to
continue to do so for the foreseeable future. The
Company’s shares are excluded from the FCA’s
restrictions which apply to non-mainstream investment
products because they are shares in an investment trust.
Key Information Document (“KID”)
The KID relating to the Company and published by the
Manager can be found in the ‘Literature Library’ section of
the Company’s website: murray-intl.co.uk.
How to invest in Murray International and
other Aberdeen managed investment trusts
A range of leading investment platforms and share
dealing services let you buy and sell Aberdeen-managed
investment trusts including Murray International Trust PLC.
Many of these platforms operate on an ‘execution-only’
basis. This means they can carry out your instruction to
buy or sell a particular investment trust. But they may not
be able to advise on suitable investments for you. If you
require advice, please speak to a qualified financial
adviser (see overleaf).
Investor Information
124 Murray International Trust PLC
A note about the Aberdeen Investment Trust Savings Plans
(the ‘Plans’)
The Aberdeen Investment Trusts ISA, Share Plan and
Investment Plan for Children (the “Plans”) closed in
December 2023. All investors with a holding or cash
balance in the Plans at that date transferred to interactive
investor (“ii”), an Aberdeen Group company. ii
communicated with Plan holders in late November 2023
to set up account security to ensure that investors would
continue to access their holdings via ii following the closure
of the Plans.
Former Aberdeen Plan holders should contact ii for any
ongoing support with their ii accounts on 0345 646 1366, or
+44 113 346 2309 if calling from outside the UK. Lines are
open 8.00am to 5.00pm Monday to Friday. Alternatively,
Plan holders can access the website at ii.co.uk/aberdeen-
welcome.
Platform Providers
Platforms featuring Aberdeen Group managed
investment trusts include:
www.ii.co.uk/investment-trusts
(
an Aberdeen-owned business
)
www.ajbell.co.uk/markets/
investment-trusts
www.barclays.co.uk/smart-invest
www.bestinvest.co.uk
www.charles-stanley-direct.co.uk
www.fidelity.co.uk
www.halifax.co.uk/investing
www.hl.co.uk/shares/investment-
trusts
www.wealthtime.com/advisers/
www.transact-online.co.uk
www.aberdeenadviser.com/en-
gb/wrap
(
an Aberdeen-owned business
)
The list of platform providers is shown for illustrative
purposes only. Other platform providers are available. The
links provided direct you to external websites operated by
each platform provider. Aberdeen is not responsible for
the content and information on these third-party sites.
Flexibility
Many investment platform providers will allow you to buy
and hold Aberdeen Investment Trust shares within an
Individual Savings Account (ISA), Junior ISA or Self Invested
Personal Pension (SIPP), all of which have potential tax
advantages. Most will also allow you to invest on both a
lump sum and regular savings basis.
Costs and service
It is important to choose the right platform for your needs,
so take time to research what each platform offers before
you make your decision, as well as considering charges.
When it comes to charges, some platforms have flat fee
structures while others levy percentage-based charges.
Typically, you will also pay a fee every time you buy and
sell shares, so you need to bear in mind these transaction
costs if you are trading frequently. There may also be
additional charges for ISA and SIPP investments.
Can I exercise my voting rights if I hold my shares through an
investment platform?
Yes, you should be able to exercise your right to vote by
contacting your platform provider. Procedures differ, but
some platforms will automatically alert you when new
statutory documents are available and then allow you to
vote online. Others will require you to contact them to
vote. Your chosen platform provider will provide further
guidance. The Association of Investment Companies has
provided information on how to vote investment company
shares held on some of the major platforms. This
information can be found at:
www.theaic.co.uk/how-to-vote-your-shares.
Investor Information
Continued
Murray International Trust PLC 125
Strategic Report Governance Overview
General
Portfolio
Corporate Information
Financial Statements
General
Discretionary Private Client Stockbrokers
If you have a large sum to invest, you may wish to contact
a discretionary private client stockbroker. They can
manage your entire portfolio of shares and will advise you
on your investments. To find a private client stockbroker
visit The Personal Investment Management and Financial
Advice Association at pimfa.co.uk.
Independent Financial Advisers
To find an adviser who recommends on investment trusts,
visit unbiased.co.uk.
Regulation of Stockbrokers
Before approaching a stockbroker, always check that
they are regulated by the Financial Conduct Authority:
Tel: 0800 111 6768 or at https://register.fca.org.uk/ or
email: register@fca.org.uk
Getting advice
Aberdeen recommends that you seek financial advice
prior to making an investment decision. If you do not
currently have a financial adviser, details of authorised
financial advisers in your area can be found at
www.pimfa.co.uk or www.unbiased.co.uk. You will pay a
fee for advisory services.
Investor Warning
Please remember that past performance is not a guide to
the future. Stock market and currency movements may
cause the value of shares and the income from them to
fall as well as rise and investors may not get back the
amount they originally invested. As with all equity
investments, the value of investment trusts purchased will
immediately be reduced by the difference between the
buying and selling prices of the shares, the market maker’s
spread. Investors should further bear in mind that the
value of any tax relief will depend on the individual
circumstances of the investor and that tax rates and
reliefs, as well as the tax treatment of ISAs may be
changed by future legislation.
The Company’s Manager, abrdn Investments Limited, is the recipient of a number of recent awards, including:
126 Murray International Trust PLC
Aberdeen Group and the Company are required to make
certain disclosures available to investors in accordance
with the Alternative Investment Fund Managers Directive
('AIFMD'). Those disclosures that are required to be made
pre-investment are included within a pre-investment
disclosure document ('PIDD') which can be found on the
Company’s website asia-focus.co.uk. There have been no
material changes to the disclosures contained within the
PIDD since March 2025.
The periodic disclosures as required under the AIFMD to
investors are made below:
· Information on the investment strategy, geographic and
sector investment focus and principal stock exposures
are included in the Strategic Report.
· None of the Company’s assets is subject to special
arrangements arising from their illiquid nature.
· The Strategic Report, note 18 to the Financial
Statements and the PIDD together set out the risk profile
and risk management systems in place. There have
been no changes to the risk management systems in
place in the period under review and no breaches of any
of the risk limits set, with no breach expected.
· There are no new arrangements for managing the
liquidity of the Company or any material changes to the
liquidity management systems and procedures
employed by aFML.
All authorised Alternative Investment Fund Managers are
required to comply with the AIFMD Remuneration Code. In
accordance with the Remuneration Code, the Company’s
AIFM remuneration policy is available from the Company
Secretaries, abrdn Holdings Limited on request (see
contact details on page 123) and the numerical
remuneration in the disclosures in respect of the AIFM’s
reporting period for the year ended 31 December 2024
are available on the Company’s website.
Leverage
The table below sets out the current maximum permitted
limit and actual level of leverage for the Company:
Gross
Method
Commitment
Method
Maximum level of leverage 2.50:1 2.00:1
Actual level at 31 December 2025 1.09:1 1.11:1
There have been no breaches of the maximum level
during the period and no changes to the maximum level of
leverage employed by the Company. There is no right of
re-use of collateral or any guarantees granted under the
gearing agreements. Changes to the information
contained either within this Annual Report or the PIDD in
relation to any special arrangements in place, the
maximum level of leverage which aFML may employ on
behalf of the Company; the right of use of collateral or any
guarantee granted under any leveraging arrangement; or
any change to the position in relation to any discharge of
liability by the Depositary will be notified via a regulatory
news service without undue delay in accordance with
the AIFMD.
The information on pages 123 to 126 has been Issued by abrdn
Investments Limited, which is authorised and regulated by the
Financial Conduct Authority in the United Kingdom. abrdn
Investments Limited is entered on the Financial Services Register
under registration number 121891
Alternative Investment Fund Managers Directive
Disclosures
(
AIFMD
)
Murray International Trust PLC 127
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Corporate Information
Financial Statements
General
aFML
On 4 March 2025 the Manager announced a change in its
trading name to ‘Aberdeen’ from ‘abrdn’. abrdn Fund
Managers Limited is a wholly owned subsidiary of
Aberdeen Group PLC (formerly abrdn plc) and acts as the
Alternative Investment Fund Manager for the Company.
aFML is authorised and regulated by the Financial
Conduct Authority.
The Aberdeen Group is headquartered in Edinburgh
investing globally and operating from offices around
the world.
AIC
The Association of Investment Companies – the AIC is the
trade body for closed-ended investment companies
(theaic.co.uk).
AIFMD
The Alternative Investment Fund Managers Directive – The
AIFMD is European legislation which created a European-
wide framework for regulating managers of ‘alternative
investment funds’ (AIFs). It is designed to regulate any fund
which is not a UCITS (Undertakings for Collective
Investments in Transferable Securities) fund and which is
managed/marketed in the EU. The Company has been
designated as an AIF.
Alternative Performance Measure or APM
An alternative performance measure is a financial
measure of historical or future financial performance,
financial position, or cash flows, other than a financial
measure defined or specified in the applicable financial
reporting framework.
Benchmark
With effect from 1 July 2025, the MSCI ACWI High Dividend
Yield Index has been adopted as the Company’s
Benchmark Index. Longer term performance is measured
against a blend of the Benchmark Index combined with
the former composite benchmark (40% of the FTSE World
UK Index and 60% of the FTSE World ex-UK Index) for
periods up to 27 April 2020 and the former reference index
(FTSE All World TR Index) between 28 April 2020 and 30
June 2025.
Benchmark Index
MSCI ACWI High Dividend Yield Index
Compound Annual Growth Rate or CAGR
CAGR is an estimate of the average rate of return per
year. The CAGR is the effective rate of growth that, if
compounded annually, is equivalent to the actual rate
achieved over a period of time.
Discount
The amount by which the market price per share of an
investment trust is lower than the NAV per share. The
discount is normally expressed as a percentage of the
NAV per share (see also ‘Premium’).
Disclosure Guidance and Transparency
Rules or DTRs
The DTRs are issued by the Financial Conduct Authority
(FCA) and contain requirements for publishing and
distributing annual financial reports, half-yearly financial
reports and other regulatory statements, and are
applicable to investment companies which are listed on
the main market of the London Stock Exchange.
Dividend Cover
Revenue return per share divided by dividends per share
expressed as a ratio.
Dividend Entitlements
The Ordinary shares carry the right to receive the revenue
profits (including accumulated revenue reserves) of the
Company available for distribution as dividend and
determined to be distributed by way of interim and/or
final dividend and at such times as the Directors may
determine.
Electronic Communications
Any registered shareholders wishing to receive future
communications from the Company electronically should
contact the registrars, MUFG Corporate Markets at
Central Square, 29 Wellington Street, Leeds LS1 4DL Tel:
+44 (0) 371 664 0300 (lines are open 9.00am-5.30pm
Mon-Fri excluding public holidays in England and Wales).
Calls to 0371 numbers are charged at the standard
geographic rate and will vary by provider. Calls outside
the UK are charged at the applicable international rate.
Calls may be recorded and monitored randomly for
security and training purposes.
Alternatively, you can contact:
E-mail: shareholderenquiries@cm.mpms.mufg.com
Investor Centre:
https://uk.investorcentre.mpms.mufg.com/
Glossary of Terms
128 Murray International Trust PLC
Environmental, Social and Governance
or ESG
ESG refers to the three key factors that can be used to
measure the sustainability and impact on society of an
investee company.
Gearing
Investment Trusts can ‘gear’ or borrow money to invest
but unit trusts are limited in this respect. Gearing can
magnify a fund’s return or loss, however, a geared
investment is riskier because of the borrowed money.
Investment Manager or Manager
The Company’s Alternative Investment Fund Manager is
abrdn Fund Managers Limited (“aFML”) which is
authorised and regulated by the Financial Conduct
Authority. Day-to-day management of the portfolio is
delegated to abrdn Investments Limited (“aIL”). aIL and
aFML are collectively referred to as the “Investment
Manager” or the “Manager”.
Key Information Document or KID
The Packaged Retail and Insurance-based Investment
Products (PRIIPS) Regulation requires the Manager, as the
Company’s PRIIP “manufacturer,” to prepare a key
information document (“KID”) in respect of the Company.
This KID must be made available by the Manager to retail
investors prior to them making any investment decision
and is available via the Company’s website. The Company
is not responsible for the information contained in the KID
and investors should note that the procedures for
calculating the risks, costs and potential returns are
prescribed by law. The figures in the KID may not reflect
the expected returns for the Company and anticipated
performance returns cannot be guaranteed.
Key Performance Indicator or KPI
In accordance with the Companies Act 2006, the
Strategic Report section of the Annual Report is required
to contain Key Performance Indicators. These are factors
by reference to which the development, performance
or position of the business of the Company can
be measured.
Listing Rules
The Financial Conduct Authority’s (FCA) Listing Rules are a
set of regulations that are applicable to all companies that
are listed on the London Stock Exchange.
MiFID
The Markets in Financial Instruments Directive 2004/39/EC
(MiFID)is a European Union law that provides harmonised
regulation for investment services across the 31 member
states of the European Economic Area.
Net Asset Value or NAV
The value of total assets less liabilities. Liabilities for this
purpose includes current and long-term liabilities. The
NAV divided by the number of shares in issue produces the
NAV per share.
Net Gearing/(Cash)
Net gearing/(cash) is calculated by dividing total assets
(as defined below) less cash or cash equivalents by NAV
expressed as a percentage.
Ongoing Charges Ratio (OCR)
Ratio of expenses as percentage of average daily
shareholders’ funds calculated as per the AIC’s industry
standard method.
Peer Group
The Company is a member of the AIC’s Global Equity
Income sector and uses this grouping (excluding
companies with market capitalisations below £100m) as
its peer group for the purpose of a number of KPIs.
PIDD or Pre-Investment
Disclosure Document
The Manager and the Company are required to make
certain disclosures available to investors in accordance
with the AIFMD. Those disclosures that are required to be
made pre-investment are included within a pre-
investment disclosure document (‘PIDD’), a copy of which
can be found on the Company’s website.
Glossary of Terms
Continued
Murray International Trust PLC 129
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Corporate Information
Financial Statements
General
Premium
The amount by which the market price per share of an
investment trust exceeds the NAV per share. The
premium is normally expressed as a percentage of the
NAV per share.
Total Assets
The total assets less current liabilities as shown on the
Balance Sheet with the addition of prior charges
(comprising bank loans and loan notes).
Total Return
Total Return involves reinvesting the net dividend in the
month that the share price goes ex dividend. The NAV
Total Return involves investing the same net dividend in the
NAV of the Company on the date to which that dividend
was earned, eg quarter end, half year or year-end date.
Voting Rights
In accordance with the Articles of Association of the
Company, on a show of hands, every member (or duly
appointed proxy) present at a general meeting of the
Company has one vote; and, on a poll, every member
present in person or by proxy shall have one vote for every
5p nominal amount of Ordinary shares held.
Winding-Up Entitlements
On a winding up of the Company, any surplus assets
available after payment of all debts and satisfaction of all
liabilities of the Company shall be applied in repaying the
Ordinary shareholders the amounts paid up on such
shares. Any surplus shall be divided among the holders of
Ordinary shares pari passu according to the amount paid
up on such shares respectively.
130 Murray International Trust PLC
General
The Annual General Meeting of the Company
will be held at 12:30 p.m. on 23 April 2026 at Wallacespace
Spitalfields, 15 Artillery Lane, London E1 7HA
Murray International Trust PLC 131
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Strategic Report Governance Financial Statements
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General
Portfolio
NOTICE IS HEREBY GIVEN that the one hundred and eighteenth Annual General Meeting of Murray International Trust
PLC (registered in Scotland under company number SC006705) will be held at 12:30 p.m. on 23 April 2026 at
Wallacespace Spitalfields, 15 Artillery Lane, London E1 7HA for the purposes of considering and, if thought fit, passing the
following resolutions, of which resolutions 1 to 13 (inclusive) will be proposed as Ordinary Resolutions and resolutions 14
and 15 will be proposed as Special Resolutions:
Ordinary Resolutions
1. To receive and adopt the Directors’ Report, the Auditor’s Report and audited financial statements for the year ended
31 December 2025.
2. To receive and approve the Directors’ Remuneration Report for the year ended 31 December 2025 (other than the
Directors’ Remuneration Policy).
3. To receive and approve the Directors’ Remuneration Policy.
4. To re-elect Ms C Binyon* as a Director of the Company.
5. To re-elect Mr N Melhuish* as a Director of the Company.
6. To re-elect Ms V Holmes* as a Director of the Company.
7. To re-elect Mr G Eckersley* as a Director of the Company.
8. To re-elect Ms W Colquhoun* as a Director of the Company.
9. To elect Mr J Huysinga* as a Director of the Company.
10. To re-appoint BDO LLP as independent auditor of the Company to hold office from the conclusion of the Annual
General Meeting of the Company until the conclusion of the next general meeting at which financial statements are
laid before the Company.
11. To authorise the Directors to fix the remuneration of the independent auditor of the Company.
12. To declare a final dividend of 4.6p per Ordinary share in respect of the year ended 31 December 2025 to be paid on
18 May 2026 to holders of the Ordinary shares of the Company on the register at close of business on 10 April 2026.
13. THAT, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the
date hereof, the Directors of the Company be and they are hereby generally and unconditionally authorised in
accordance with Section 551 of the Companies Act 2006 (the “Act”) to exercise all the powers of the Company to
allot Ordinary shares in the Company (“Ordinary Shares”) and to grant rights to subscribe for, or to convert any
security into, Ordinary Shares (“Rights”) in the Company up to an aggregate nominal amount of £2,958,919 (being
equal to approximately 10% of the Company’s issued Ordinary Share capital (excluding Treasury shares) as at 3
March 2026) such authority to expire on the earlier of the conclusion of the next annual general meeting of the
Company after the passing of this resolution and 30 June 2027 (unless previously renewed, varied or revoked by the
Company in general meeting), but so that this authority shall allow the Company to make, before the expiry of this
authority, offers or agreements which would or might require Ordinary Shares to be allotted or Rights to be granted
after such expiry and the Directors shall be entitled to allot shares and grant Rights in pursuance of such an offer or
agreement as if such authority had not expired.
Notice of Annual General Meetin
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132 Murray International Trust PLC
Special Resolutions
14. THAT, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the
date hereof, the Directors of the Company be and they are hereby empowered, pursuant to sections 570 and 573 of
the Act, to allot equity securities (as defined in Section 560 of the Act) for cash pursuant to the authority given in
accordance with section 551 of the Act by Resolution 13 as if section 561 of the Act did not apply to any such
allotment, provided that this power shall:
i. expire on the earlier of the conclusion of the next Annual General Meeting of the Company after the passing of
this resolution and 30 June 2027 (unless previously renewed, varied or revoked by the Company in general
meeting), but so that this power shall enable the Company to make, before the expiry of this authority, offers or
agreements which would or might require equity securities to be allotted after the expiry of this power and the
Directors shall be entitled to allot equity securities in pursuance of such an offer or agreement as if such power
had not expired;
ii. be limited to the allotment of equity securities up to an aggregate nominal amount of £2,958,919 (being equal to
approximately 10% of the Company’s issued Ordinary Share capital (excluding Treasury shares) as at 3 March
2026); and
iii. be limited to the allotment of equity securities at a price not less than 0.5% above the net asset value per
Ordinary share from time to time (as determined by the Directors and excluding Treasury shares).
This power applies to a sale of Treasury shares which is an allotment of equity securities by virtue of section 560(3)
of the Act as if in the first paragraph of this Resolution 14 the words ‘pursuant to the authority given in accordance
with Section 551 of the Act by Resolution 13’ were omitted.
15. THAT, in substitution for any existing authority, but without prejudice to the exercise of any such authority prior to the
date hereof, the Company be generally and, subject as hereinafter appears, unconditionally authorised in
accordance with section 701 of the Act to make market purchases (within the meaning of Section 693(4) of the Act)
of fully paid Ordinary Shares on such terms and in such manner as the Directors from time to time determine,
PROVIDED ALWAYS THAT:
i. the maximum aggregate nominal value of Ordinary Shares hereby authorised to be purchased is £4,435,420
(or, if less, the amount of nominal value representing 14.99% of the issued Ordinary Share capital of the
Company (excluding shares held in Treasury) as at the date of the passing of this Resolution 15);
ii. the minimum price (exclusive of expenses) which may be paid for each Ordinary Share shall be the nominal
value of that share;
iii. the maximum price (exclusive of expenses) which may be paid for each Ordinary Share shall not exceed the
higher of (i) an amount equal to 105% of the average of the middle market quotations for an Ordinary Share as
taken from, and calculated by reference to, the Daily Official List of the London Stock Exchange for the five
business days immediately preceding the day on which the Ordinary Share is purchased; and (ii) the higher of
the price of the last independent trade and the highest current independent bid for an Ordinary Share on the
London Stock Exchange at the time the purchase is carried out;
iv. any purchase of Ordinary Shares will be made in the market for cash at prices below the prevailing net asset
value per Ordinary Share (as determined by the Directors);
v. the authority hereby conferred shall expire at the conclusion of the next annual general meeting of the
Company after the passing of this resolution or on 30 June 2027, whichever is earlier, unless such authority is
previously revoked, varied or renewed by the Company in general meeting prior to such time; and
Notice of Annual General Meetin
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Murray International Trust PLC 133
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vi. the Company may, at any time prior to the expiry of the authority hereby conferred, enter into a contract or
contracts to purchase shares under such authority which would or might be completed or executed wholly or
partly after the expiration of such authority and may make a purchase of shares pursuant to any such contract
or contracts as if the authority conferred hereby had not expired.
* The biographies of the Directors and reasons for re-election are on pages 58 to 60 of this Annual Report.
By order of the Board
abrdn Holdings Limited
Secretary, 3 March 2026
Registered Office
1 George Street
Edinburgh, EH2 2LL
Notes
i. Only those shareholders registered in the register of members of the Company at close of business on 21 April 2026 shall be
entitled to attend and/or vote at the Annual General Meeting in respect of the number of shares registered in their name at that
time (“the specified time”). If the Meeting is adjourned to a time not more than 48 hours after the specified time applicable to the
original Meeting, that time will also apply for the purpose of determining the entitlement of shareholders to attend and/or vote at
the adjourned meeting. If the Meeting is adjourned for a longer period, the time by which a person must be entered on the register
of members of the Company in order to have the right to attend and/or vote at the adjourned meeting is the close of business
two days (excluding non working days) prior to the time of the adjourned meeting. Changes to entries on the register of
members after the relevant deadline shall be disregarded in determining the rights of any person to attend and/or vote at the
Annual General Meeting.
ii. As at 3 March 2026 (being the last practicable date prior to the publication of this Notice), the Company’s issued share capital
consisted of 591,783,877 Ordinary shares carrying one vote each on a poll and 55,276,138 Treasury shares. Therefore, the total
voting rights in the Company as at 3 March 2026 are 591,783,877 and the Treasury shares represent 8.5% of the total issued
Ordinary share capital (inclusive of treasury shares).
iii. A shareholder entitled to attend and vote at the Annual General Meeting is entitled to appoint one or more proxies to attend,
speak and vote instead of him or her, provided that if two or more proxies are appointed, each proxy must be appointed to
exercise the rights attaching to different shares. A Form of Proxy is enclosed with this Notice. A proxy need not be a shareholder of
the Company. Completion and return of the Form of Proxy will not preclude shareholders from attending or voting at the Annual
General Meeting, if they so wish. Details of how to appoint the Chair of the Meeting as your proxy using the Form of Proxy are set
out in the note to the Form of Proxy. In the event that a Form of Proxy is returned without an indication as to how the proxy shall
vote on the resolutions, the proxy will exercise his or her discretion as to whether, and if so how, he or she votes.
Shareholders can vote electronically via the Investor Centre, a free app for smartphone and tablet provided by MUFG Corporate
Markets (the company's registrar). It allows you to securely manage and monitor your shareholdings in real time, take part in
online voting, keep your details up to date, access a range of information including payment history and much more. The app is
available to download on both the Apple App Store and Google Play, or by scanning the relevant QR code below. Alternatively,
you may access the Investor Centre via a web browser at: https://uk.investorcentre.mpms.mufg.com/. The same voting deadline
of 48 hours (excluding non-working days) before the time of the meeting applies.
You will need to log into your Investor Centre account or register if you have not previously done so. Once you have setup your
account you will need to add your shareholding by clicking ‘Add Holding’ in the ‘Portfolio’ section and following the on-screen
instructions. You will require your Investor Code (IVC) to add your shareholding. You can find your IVC on your share certificate or
by contacting the Registrar, MUFG Corporate Markets.
134 Murray International Trust PLC
iv. To be valid, the Form of Proxy, together with the power of attorney or other authority, if any, under which it is executed (or a
notarially certified copy of such power or authority) must be deposited with the Company’s Registrar, for this purpose being PXS 1,
MUFG Corporate Markets, Central Square, 29 Wellington Street, Leeds, LS1 4DL, as soon as possible, but in any event not later than
12.30 p.m. on 21 April 2026. If you have any queries relating to the completion of the Form of Proxy, please contact MUFG
Corporate Markets via email at shareholderenquiries@cm.mpms.mufg.com or on 0371 664 0300 (lines are open 9.00am to 5.30pm
Mon-Fri). MUFG Corporate Markets cannot provide advice on the merits of the business to be considered nor give any financial,
legal or tax advice. Alternatively, if the shareholder holds his or her shares in uncertificated form (i.e. in CREST) they may vote using
the CREST System (see note (x) below). If you are an institutional investor you may also be able to appoint a proxy electronically
via the Proxymity platform (see note (x) below). Unless otherwise indicated on the Form of Proxy, CREST, Proxymity or any other
electronic voting instruction, the proxy will vote as they think fit or, at their discretion, withhold from voting.
v. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity
of the principal or revocation of the proxy or of the authority under which the proxy was executed, or the transfer of the share in
respect of which the proxy is given, provided that no intimation in writing of such death, insanity, revocation or transfer as
aforesaid shall have been received by the Company at its registered office or the address specified in note (iv) above before the
commencement of the meeting or adjourned meeting at which the proxy is used.
vi. Where there are joint holders of any share, any one of such persons may vote at any meeting, and if more than one of such
persons is present at any meeting personally or by proxy, the vote of the senior holder who tenders the vote shall be accepted to
the exclusion of the votes of other joint holders and, for this purpose, seniority will be determined by the order in which the names
stand in the register of members of the Company.
vii. Any person to whom this notice is sent who is a person nominated under Section 146 of the Companies Act 2006 to enjoy
information rights (a “Nominated Person”) may, under an agreement between him/her and the shareholder by whom he/she
was nominated, have a right to be appointed (or to have someone else appointed) as a proxy for the Annual General Meeting. If a
Nominated Person has no such proxy appointment right or does not wish to exercise it, he/she may, under any such agreement,
have a right to give instructions to the shareholder as to the exercise of voting rights. Nominated Persons should also remember
that their main point of contact in terms of their investment in the Company remains the shareholder who nominated the
Nominated Person to enjoy information rights (or, perhaps the custodian or broker who administers the investment on their
behalf). Nominated Persons should continue to contact that shareholder, custodian or broker (and not the Company) regarding
any changes or queries relating to the Nominated Person’s personal details and interests in the Company (including any
administrative matter). The statement of the rights of shareholders in relation to the appointment of proxies in notes (iii) to (v)
does not apply to Nominated Persons. The rights described in these notes can only be exercised by shareholders of the
Company.
viii. Any corporation which is a shareholder may authorise such person as it thinks fit to act as its representative at this meeting. Any
person so authorised shall be entitled to exercise on behalf of the corporation which he/she represents the same powers (other
than to appoint a proxy) as that corporation could exercise if it were an individual shareholder (provided, in the case of multiple
corporate representatives of the same corporate shareholder, they are appointed in respect of different shares owned by the
corporate shareholder or, if they are appointed in respect of the same shares, they vote the shares in the same way). To be able
to attend and vote at the Annual General Meeting, corporate representatives will be required to produce prior to their entry to the
Meeting evidence satisfactory to the Company of their appointment.
ix. Under section 338 and section 338A of the Companies Act 2006, members meeting the threshold requirements in those sections
have the right to require the Company (a) to give to members of the Company entitled to receive notice of the Meeting, notice of
any resolution which may properly be moved and is intended to be moved at the Meeting and/or (b) to include in the business to
be dealt with at the Meeting any matter (other than a proposed resolution) which may be properly included in the business.
A resolution may properly be moved or a matter may properly be included in the business unless (a) (in the case of resolution
only) it would, if passed, be ineffective (whether by reason of inconsistency with any enactment or the Company’s constitution or
otherwise), (b) it is defamatory of any person, or (c) it is frivolous or vexatious. Such a request may be in hard copy form or in
electronic form, must identify the resolution of which notice is to be given or the matter to be included in the business, must be
authenticated by the person or persons making it, must be received by the Company not later than the date that is six clear
Notice of Annual General Meetin
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weeks before the Meeting, and (in the case of a matter to be included in the business only) must be accompanied by a statement
setting out the grounds for the request.
x. Notes on CREST Voting:
1. CREST Members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do
so by utilising the procedures described in the CREST Manual, which is available to download from the Euroclear UK &
International (“Euroclear”) website (www.euroclear.com). CREST personal members or other CREST sponsored members, and
those CREST members who have appointed voting service provider(s) should contact their CREST sponsor or voting service
provider(s) who will be able to take the appropriate action on their behalf.
2. In order for a proxy appointment or instruction made using the CREST system to be valid, the appropriate CREST message (a
“CREST proxy instruction”) must be properly authenticated in accordance with Euroclear’s specifications and must contain the
information required for such instructions, as described in the CREST Manual. To appoint a proxy or to give or amend an
instruction to a previously appointed proxy via the CREST system, the CREST message must be received by the issuer’s agent
RA10 by 12:30 p.m. on 21 April 2026
or, in the event of an adjournment of the Meeting, 48 hours (excluding non-working days)
before the adjourned meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the
timestamp applied to the message by the CREST applications Host) from which the issuer’s agent is able to retrieve the
message. CREST members and, where applicable, their CREST sponsors or voting service providers should note that
Euroclear does not make available special procedures in CREST for any particular messages. Normal system timings and
limitations will therefore apply in relation to the input of CREST proxy instructions. It is the responsibility of the CREST member
concerned to take (or, if the CREST member is a CREST personal member or CREST sponsored member or has appointed a
voting service provider(s), to procure that his CREST sponsor or voting service provider(s) takes(s)) such action as shall be
necessary to ensure that a message is transmitted by means of the CREST system by a particular time. For further information
on CREST procedures, limitations and system timings please refer to the CREST Manual. The Company may treat as invalid a
proxy appointment sent by CREST in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities
Regulations 2001. In any case, a proxy form must be received by the Company’s registrars no later than 12:30 p.m. on
21 April 2026 or, in the event of an adjournment of the Meeting, 48 hours (excluding non-working days) before the adjourned
meeting.
Proxymity Voting – If you are an institutional investor, you may be able to appoint a proxy electronically via the Proxymity platform,
a process which has been agreed by the Company and approved by the Registrar. For further information regarding Proxymity,
please go to www.proxymity.io. Your proxy must be lodged by 12:30 p.m. on 21 April 2026 in order to be considered valid or, if the
Annual General Meeting is adjourned, by the time which is 48 hours before the time of the adjourned meeting. Before you can
appoint a proxy via this process you will need to have agreed to Proxymity’s associated terms and conditions. It is important that
you read these carefully as you will be bound by them, and they will govern the electronic appointment of your proxy. An
electronic proxy appointment via the Proxymity platform may be revoked completely by sending an authenticated message via
the platform instructing the removal of your proxy vote.
xi. Shareholders are advised that unless otherwise provided, the telephone numbers and website addresses which are set out in this
Notice or the Form of Proxy are not to be used for the purpose of serving information or documents on the Company including the
service of information or documents relating to proceedings at the Annual General Meeting.
xii. If the Chair, as a result of any proxy appointments, is given discretion as to how the votes the subject of those proxies are cast and
the voting rights in respect of those discretionary proxies, when added to the interests in the Company’s shares already held by
the Chair, result in the Chair holding such number of voting rights that he or she has a notifiable obligation under the Disclosure
Guidance and Transparency Rules, the Chair will make the necessary notifications to the Company and the Financial Conduct
Authority. As a result any person holding 3% or more of the voting rights in the Company who grants the Chair a discretionary
proxy in respect of some or all of those voting rights and so would otherwise have a notification obligation under the Disclosure
Guidance and Transparency Rules, need not make a separate notification to the Company and the Financial Conduct Authority.
xiii. In accordance with Section 311A of the Companies Act 2006, the contents of this notice of Meeting, details of the total number of
shares in respect of which members are entitled to exercise voting rights at the Annual General Meeting and, if applicable, any
members’ statements, members’ resolutions or members’ matters of business received by the Company after the date of this
notice will be available on the Company’s website murray-intl.co.uk.
136 Murray International Trust PLC
xiv. Pursuant to Section 319A of the Companies Act 2006, the Company must cause to be answered at the Annual General Meeting
any question relating to the business being dealt with at the Annual General Meeting which is put by a shareholder attending the
Meeting, except in certain circumstances, including if it is undesirable in the interests of the Company or the good order of the
Meeting that the question be answered or if to do so would involve the disclosure of confidential information.
xv. Shareholders should note that it is possible that, pursuant to requests made by shareholders of the Company under section 527 of
the Companies Act 2006, the Company may be required to publish on a website a statement setting out any matter relating to: (i)
the audit of the Company’s accounts (including the auditor’s report and the conduct of the audit) that are to be laid out before
the Annual General Meeting; or (ii) any circumstance connected with an auditor of the Company ceasing to hold office since the
previous meeting at which annual accounts and reports were laid in accordance with section 437 of the Companies Act 2006,
that the shareholders propose to raise at the Annual General Meeting. The Company may not require the shareholders
requesting any such website publication to pay its expenses in complying with sections 527 or 528 of the Companies Act 2006.
Where the Company is required to place a statement on a website under section 527 of the Companies Act 2006, it must forward
the statement to the Company’s auditor not later that the time when it makes the statement available on the website. The
business which may be dealt with at the Meeting includes any statement that the Company has been required under section 527
of the Companies Act 2006 to publish on the website.
Notice of Annual General Meetin
g
Continued
Murray International Trust PLC 137
Overview
Strategic Report Governance Financial Statements
Corporate Information
General
Portfolio
Stock Exchange Codes SEDOL ISIN
Ordinary shares of 5p each BQZCCB7 GB00BQZCCB79
Annual General Meeting
The Annual General Meeting will be held on 23 April 2026 at 12:30 p.m. at Wallacespace Spitalfields, 15 Artillery Lane,
London E1 7HA.
Online Investor Presentation
The Directors will be holding an Online Investor Presentation on Thursday 9 April 2026 at 11:00 a.m. Further details and
how to register are included in the Chair’s Statement.
Recent Ordinary Share Capital History
Shares Issued Share Buybacks Shares in Issue
Year ended 31 December
Ordinary* Ordinary* Ordinary*
2018
1,788,325 n/a 640,717,725
2019
5,942,290 n/a 646,660,015
2020
400,000 4,866,705 128,438,662
2021
- 12,884,030 629,309,280
2022
- 4,244,815 625,064,465
2023
1,050,000 5,248,133 620,866,332
2024
- 17,737,113 603,129,219
2025
- 12,876,886 590,252,333
* 2018 to 2022 restated to reflect the 5:1 share subdivision on 24 April 2023
History
Murray International Trust PLC started its life in 1907 as The Scottish Western Investment Company Limited. The Scottish
Western of the early days was very highly geared, but it was mainly invested in bonds, though the international spread
resembled that of today, with countries such as Argentina, China, Japan, Canada and many others appearing in the
portfolio. Although the range of currencies was much smaller, multi-currency or even gold-backed bonds were
commonplace, as many of the era’s bond certificates show. The big move into equities came after the 1930s slump,
when bond defaults forced the purchase of higher yielding equities to fund the costs of the Company’s gearing. The
Managers were not slow to spot an opportunity, but it started as Hobson’s choice and was only later hailed as
brilliant foresight.
In 1929 just under 20% of the assets were in equities, in 1940 38%, in 1948 51% of the assets, which were still only £2.65
million. After deducting the preference shares (which were repaid in 1999) and debentures, the Company was
effectively over 100% geared into equities by the start of the great post war boom. After a number of amalgamations,
the Company emerged as a generalist investment trust. However, there was an excess of trusts with a similar broad
remit, so towards the end of the 1970s the Board defined the investment brief more narrowly as the achievement of
growth in income and capital through a well-diversified portfolio. Symbolised by the name change from Murray
Western to Murray International Trust PLC in 1984, the focus has since been on a relatively high yielding portfolio of
equities in a well-diversified mix of world markets.
In 2008 the Board circulated to all shareholders a short booklet to commemorate the centenary of the incorporation of
the Company on 18 December 1907. In 2018 the Centenary Booklet was updated. Copies are available on the website,
murray-intl.co.uk or from the Company Secretary.
Shareholder Information
138 Murray International Trust PLC
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Murray International Trust PLC 139
Overview
Strategic Report Governance Financial Statements
Corporate Information
General
Portfolio
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140 Murray International Trust PLC
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Glasgow’s Finnieston Crane, a symbol
of the city’s industrial heritage.
The Company’s roots can be traced
back to Glasgow’s thriving industrial
and shipbuilding-based economy.
Murray International Trust PLC 141
Directors
V. Holmes (Chair)
C. Binyon
W. Colquhoun (Senior Independent Director)
G. Eckersley
J. Huysinga
N. Melhuish
Secretaries and Registered Office
abrdn Holdings Limited
1 George Street
Edinburgh EH2 2LL
E-mail: CEF.CoSec@aberdeenplc.com
Registered in Scotland as an Investment
Company
Company Number SC006705
Website
murray-intl.co.uk
Points of Contact
The Chair, the Senior Independent Director and the
Company Secretary at the registered office of the
Company
Email: VirginiaHolmes.Chair@aberdeenplc.com
Manager
abrdn Investments Managers Limited
AIFM
abrdn Fund Managers Limited
Broker
JPMorgan Cazenove
Registrars
MUFG Corporate Markets (
formerly Link Group
)
Central Square
29 Wellington Street
Leeds LS1 4DL
Tel: +44 (0) 371 664 0300
(lines are open 9.00am-5.30pm Mon-Fri excluding public
holidays in England & Wales)
Calls to 0371 are charged at the standard geographic
rate and will vary by provider. Calls outside the United
Kingdom are charged at the applicable international rate.
E-mail: shareholderenquiries@cm.mpms.mufg.com
Investor Centre:
https://uk.investorcentre.mpms.mufg.com/
Depositary
The Bank of New York Mellon (International) Limited
Independent Auditor
BDO LLP
United States Internal Revenue Service
FATCA Registration Number (GIIN)
8Y8Z2N.99999.SL.826
Legal Entity Identifier (LEI)
549300BP77JO5Y8LM553
Contact Addresses
murray-intl.co.uk
Murray International Trust PLC
A globally diversified portfolio designed to deliver
attractive, growing income and long-term capital growth
Annual Report
31 December 2025
For more information visit murray-intl.co.uk
aberdeeninvestments.com
Overview