Murray International has grown its dividends, paid quarterly, for the past 16 years. Its five-year record is uninspiring, but we remain fans of the trust due to the manager’s experience, its attractive income qualities (both its consistent record of dividend payments and market-beating yield of 5.7%) and its focus on Asia Pacific and emerging market companies (which account for around 40% of the portfolio). The majority of other global income funds and trusts tend to mainly stick to shares listed in developed markets – US, UK and Europe.

Bruce Stout has been managing the trust since 2004, but his involvement dates back to the 1980s. He focuses on defensive businesses where he has a high degree of confidence that the companies can continue to deliver earnings and dividends, and not paying too high a price for them. Stout believes being able to invest globally gives him scope for great diversification, which helps to reduce volatility.

October 2020