Interactive Investor

ii Super 60 investments:Murray International IT

The classification of this Super 60 investment has changed. Find out more

Asset GroupAsset Sub-GroupInvestment Category
EquitiesGlobal equity incomeAdventurous

The trust is managed by Bruce Stout, Martin Connaghan and Samantha Fitzpatrick, who have worked together for over two decades, dating back to when the product was run by Murray Johnstone before being brought into the abrdn franchise. Stout, who have over 35 years of investment experience, leads the team and plays a key role in the construction of the portfolio. The managers leverage the stock ideas from abrdn’s global analyst team.

The trust is managed as a global multi-cap strategy and although it technically has a mandate of growth and income, income is the real focus. While the trust’s focus on yield leads to a value bias, there are clear elements of quality in the portfolio and key factors considered in stock selection include; durability of the business model and moat, the attractiveness of the industry, the strength of the financials and management’s capability.

While the trust’s mandate allows for gearing of up to 30%, the managers currently only have a facility in place, which allows for gearing of up to 12.5%.

In performance terms the fund has consistently delivered on its income objective with a yield that is comfortably in excess of 4%, however capital returns have been lumpy, hampered in part by the fund’s value style bias.

Opinion
Stout’s sole focus is this trust and, given his experience, this is an attractive product for investors looking for income.

Over time we would expect the trust’s income objective to remain a key focus, but the benchmark agnostic, unconstrained nature of the portfolio is likely to lead to lumpy returns with respect to capital performance.

December 2022

Classification change

The decision to reclassify Murray International from Global Equity Income/ Income to Global Equity Income/ Adventurous is in-line with our stated methodology. We have conducted a careful review of the risks associated with the trust, including the style of the manager and portfolio positioning as well as assessment of the sector.

In conclusion, we maintain our conviction in the manager and his process. The risk re-categorisation was needed due to the current, post sell-off market environment and the possibility of longer recovery periods for value investing.

(20 July 2020)

Risk warnings

Past performance of the underlying constituents is not a guarantee of future performance. The value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. 

Annual performance can be found on the factsheet of each fund, trust or ETF. Simply click on the asset’s name and then the performance tab. 

The information we provide in the ii Super 60 investments list is an opinion provided by ii or one of its partners on whether to buy a specific investment. Please note that none of the opinions we provide are a “personal recommendation”, which means that we have not assessed your investing knowledge and experience, your financial situation or your investment objectives. Therefore you should ensure that any investment decisions you make are suitable for your personal circumstances.

If you are unsure about the suitability of a particular investment or think that you need a personal recommendation, you should speak to a suitably qualified financial advisor. 

Any changes to the ii Super 60 investments list and the rationale behind those decisions will be communicated through the Quarterly Investment Review.

Details of all recommendations issued by ii during the previous 12 month period can be found here.

ii adheres to a strict code of conduct. Members of ii staff may hold shares in companies mentioned in the ii Super 60 investments list, which could create a conflict of interest. Any member of staff intending to complete some research about any financial instrument in which they have an interest are required to disclose such interest to ii. We will at all times consider whether such interest impairs the objectivity of the recommendation.

In addition, staff involved in the production of this ii Super 60 list are subject to a personal account dealing restriction. This prevents them from placing a transaction in the specified instrument(s) for five working days before and after an investment is included or amended and made public within the list. This is to avoid personal interests conflicting with the interests of the recipients of this ii Super 60 investments list.