Murray International Trust reports 10.5% NAV return in half-year results

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Murray Trust H1 2026 results

Highlights

Murray International Trust reports a 10.5% NAV total return and 9.9% share price total return for H1 2026, underperforming the benchmark's 12.4% rise.
The trust issues two interim dividends of 2.8p per share, sells 4.96 million treasury shares raising £17.6 million, and ends period at a 2.4% premium to NAV.
Key performance drivers include Samsung Electronics and TSMC, while AI demand and commodity holdings boost returns amid macro volatility and a temporary Middle East conflict resolution.

Half-year performance and portfolio drivers

As reported by London Stock Exchange, citing the Regulatory News Service, Murray International Trust PLC says its net asset value total return is 10.5% for the six months ended 30 June 2026, while its share price total return is 9.9%. That compares with a 12.4% rise in its benchmark, the MSCI ACWI High Dividend Yield Index in GBP, although the company says both NAV and share price total returns remain ahead of the benchmark over one and five years.

The trust declares two interim dividends of 2.8 pence per share during the period and says it remains committed to a progressive dividend policy. Its shares end the period at a 2.4% premium to NAV, compared with a 3.0% premium at 31 December 2025, while the company sells 4.96 million shares from treasury and raises 17.6 million pounds at an average premium of 1.5% to meet ongoing demand.

Performance is driven by holdings including Samsung Electronics, BE Semiconductor, Taiwan Semiconductor Manufacturing Company and Cisco Systems, the company says. The main detractors are CME Group, Infosys, Ping An Insurance and Taylor Wimpey, while new positions are initiated in Blackstone, Pfizer, Union Pacific, Fastenal and ONEOK.

Market backdrop and shareholder outlook

Chair Virginia Holmes says the company delivers both NAV growth and real capital growth ahead of the UK Retail Price Index despite what she describes as a macro backdrop of significant uncertainty and volatility. She says the trust's selective and disciplined investment approach is especially important in current conditions, with technology holdings benefiting from AI-related demand and commodities exposure also contributing, including BHP Group.

The company says markets come under pressure in late February after conflict in the Middle East leads to a blockade of the Strait of Hormuz and disrupts global energy supplies. It says sentiment improves in the second quarter as tensions ease and the Islamabad Memorandum helps bring the conflict to a temporary end, prompting investors to rotate back towards growth assets led by AI and semiconductor-related companies.

Holmes says the outlook for global equity markets remains broadly positive, supported by resilient economic growth, although periods of volatility are still expected. She adds that the board remains confident in the trust's ability to continue delivering shareholder value through long-term dividend and capital growth ahead of inflation.

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