Murray International sees long-term recessionary cycle

Murray International trust has reported a rise in interim profit and returns but chairman Kevin Carter said securing positive financial returns may prove "difficult" in the near term.

The £1.1bn trust, managed by Bruce Stout (pictured), reported an NAV total return of 6.1% for the six months to 30 June, compared with a 4.2% rise in its benchmark (40% FTSE World UK and 60% FTSE World ex UK). Trading on a 7.7% premium as of 31 July, the trust's share price rose by 9.6% over first half of the year. Stout's large underweight to North America and overweight to Latin America hurt returns over the period, but this was offset by positive stock selection in both the latter region and Canada. Stout's largest geographical weighting is to Asia Pacific, a region which accoun...