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World is Murray’s high-yield oyster

Murray international investment trust’s strategy of increasingly looking worldwide for dividend growth has helped it outperform its benchmark.

The trust had a net asset value total return of 9.4 per cent over the half year to June 30, beating the 7.6 per cent returned by its composite benchmark of 40 per cent FTSE World UK and 60 per cent FTSE World ex UK index.

Manager Bruce Stout bel- ieves the underweight position in dollar-denominated assets has had a positive impact on performance. He feels that there are opportunities to obtain income and, more important, income growth from global equities.

He says the UK no longer has a monopoly on higher-yield- ing equities and selected stocks in Europe, Asia and Latin America offer higher yields and str- onger dividend growth.

The board intends to recommend a final dividend of not less than 5.95p in respect of the year ending December 31, 2005.

Stout says: ” We believe the US market is still too expensive relative to underlying profit growth. Therefore, we will continue to emphasise markets elsewhere in the world.

“Asia remains very attractive on valuation grounds and still has some of the strongest profit and dividend growth in the world. Latin America offers selective high-growth opportunities at very attractive valuations.”


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