Share Name Share Symbol Market Type Share ISIN Share Description
Murray International Trust LSE:MYI London Ordinary Share GB0006111909 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +2.00p +0.17% 1,192.00p 1,190.00p 1,192.00p 1,194.00p 1,184.00p 1,190.00p 65,427 10:49:52
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 79.5 73.8 51.8 23.0 1,521.15

Murray International Share Discussion Threads

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Annual Financial Report (9/3) - HTTPS:// ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2017 Net asset value total return 2017: +14.7% (2016: +40.3%) Benchmark total return 2017: +12.8% (2016: +25.8%) Dividends per share {A} 2017: 50.0p (2016: 47.5p) Revenue return per share 2017: 51.8p (2016: 51.2p) Share price total return 2017: +11.0% (2016: +50.5%) Premium to net asset value 2017: +1.3% (2016: +4.6%) Net gearing {B} 2017: 10.7% (2016: 12.5%) Ongoing charges ratio {B} 2017: 0.64% (2016: 0.68%) {A} Dividends declared for the year in which they were earned. {B} Net gearing/(cash) is calculated by dividing total assets less cash or cash equivalents by shareholders' funds expressed as a percentage. Dividends and Dividend Policy Three interim dividends of 11.0p per share (2016: three interims of 10.5p) have been declared during the year. Your Board is now recommending a final dividend of 17.0p (2016: 16.0p) which, subject to the approval of shareholders at the Annual General Meeting, will be paid on 18 May 2018 to shareholders on the register on 6 April 2018. If approved, the total Ordinary dividends for the year will amount to 50.0p, an increase of 5.3% from last year (2016: 47.5p). After accounting for the payment of the final dividend, the surplus revenue of approximately £2.3 million will be transferred to the Company's brought forward revenue reserves. As I have alluded to in previous years, the Company's revenue is substantially derived from overseas companies, which pay dividends in local currencies that are then translated into Sterling upon receipt. The Company's revenue streams are, therefore, highly susceptible to the strength or weakness of Sterling. The Board and the Manager have previously investigated the merits of hedging expected annual revenues arising from the portfolio and found that introducing hedging strategies would add complexity and, for certain currencies, be very expensive to implement. Therefore, we have concluded that hedging would be unattractive to deploy. The inevitable consequence of this is that the annual revenue from the portfolio, when translated into Sterling, will experience volatility caused by Sterling's movements against the currencies of the underlying assets of the Company. The Board intends to maintain a progressive dividend policy given the Company's investment objective. This means that, in some years, revenue will be added to reserves, while in others revenue may be taken from reserves to supplement earned revenue for that year, to pay the annual dividend. Shareholders should not be surprised or concerned by either outcome as, over time, the Company will aim to pay out what the underlying portfolio earns. Management of Premium and Discount At the Annual General Meeting held in April 2017, shareholders renewed the annual authorities to issue up to 10% of the Company's issued share capital for cash at a premium and to buy back up to 14.99% of the issued share capital at a discount. During the year, no Ordinary shares were purchased for Treasury or cancellation; however, we sold 301,642 shares from Treasury at a premium to NAV. The Board will be seeking approval from shareholders to renew both authorities in 2018. As in previous years, both new shares and shares from Treasury will only be issued at a premium to NAV and shares will only be bought back at a discount to NAV. Resolutions to this effect will be proposed at the Annual General Meeting and the Directors strongly encourage shareholders to support these proposals. During the year, the Ordinary shares have traded at an average premium to the NAV (excluding income) of 3.4%. The Board continues to believe that it is appropriate to seek to address temporary imbalances of supply and demand for the Company's shares which might otherwise result in a recurring material discount or premium. Subject to existing shareholder permissions (given at the last AGM) and prevailing market conditions over time, the Board intends to continue to buy back shares and issue new shares (or sell shares from Treasury) if shares trade at a persistent significant discount to NAV (excluding income) or premium to NAV (including income). The Board believes that this process is in all shareholders' interests as it seeks to reduce volatility in the premium or discount to underlying NAV whilst also making a small positive contribution to the NAV. At the practicable date, the NAV (including income) per share was 1178.4p and the share price was 1226.0p equating to a premium of 4.0% per Ordinary share. Gearing At the year end, total borrowings amounted to £185 million, representing net gearing (calculated by dividing the total assets less cash by shareholders' funds) of 10.7% (2016: 12.5%) all of which is drawn in Sterling. On 31 May 2017, the Company agreed a new £60 million loan facility with The Royal Bank of Scotland plc ("RBS") which was drawn in full and fixed for five years at an all-in rate of 1.714%. The new facility has been used to repay a maturing £60 million loan with RBS. The Company also has a loan totalling £60 million that is due to mature in May 2018. The Directors are in the process of reviewing options for the replacement of this facility.
wish I had bought MYI 2 days ago and not TEM ! Not sure why this trust has done so well and a NOR situation
Also holding. Guessing it is the safe haven reputation of Stout, anywhere but FTSE 100/250 following the election, sterling, yield. What's not to like...apart from the premium again.
Whats driving this today? (holder)
These have moved back to a small premium. Great performance in 2016.
Really pleased I did not sell my MYI instead picked up a few more where can you get this sort of return today, it has been an excellent investment for me and I am sure will be for many years to come.
Thanks Linhur.
Bluetooth Proposals to convert B shares to ordinary shares announced today. B share scheme closed in July. Linhur
Anybody know the difference between these and the "B" shares (NYIB)? I'm thinking of buying in and the "B" shares have a bigger discount. Thanks
Top up time approaching... ? Don't know, have lost a bit of faith in Bruce. Perhaps he was just riding on the rising tide. The going gets tough and he is well and truly exposed. Hope not I want to have faith and the yield is so appealing
Started a new thread (August 2015) to get charts (ouch) and news (RNS).
Bruce has called the last 5 years wrong. Yes, he has a contrarian reputation but he has gambled and he has lost. The portfolio is effectively unbalanced ... big time. Yes a point of great value is approaching but only for new investors. Tough luck for LT holders and more so for recent purchasers who must be nursing big losses and severely disillusioned. Those who thought MYI was a means of preserving capital and enjoying yield/growth have now learned a lesson (myself included) about free lunches. Still there is always the yield ... unless the dividend isn't cut that is.
If 900p is the 50% Fib then we are probably going to head sub 800p poss 750p. Which would equate to a yield of over 6%. Then again, one of the benefits of active management is that the manager can take "action" to stop the slide. We shall see if Bruce can push the correct buttons. The price you pay for active manager with a contrarian style. Seriously massive punts on EM stocks esp Latin America which have gone south and still have much further to go. Fine if you have the cash to buy in at that level.
Lowest share price in 5 years and trading at a discount hardly enhances Mr Stout's reputation!
Big fall here. What`s going on?
free stock charts from
Much of the share price under-performance is due to the evaporating premium. Perhaps we will even go to a discount before Stout strategies prove their worth in the longer term.
It's certainly underperformed recently, unfortunetly.
Re the above, I ought to add that I am a long term holder and fan of the both shares and Bruce Stout. I bought a further 500 today at 10.36.
The performance is reverting to the mean, the share price being back where it was a year ago. The premium has shrunk to about 4%, and you can buy the shares for 10.32 today. Bruce Stout is a classical economist critical of UK and US economies, and of the behaviour of their central banks. Nevertheless many US and UK shares have done well this year, markets eschewed by Mr Stout. No doubt sticking to this policy will once again pay off in due course, but perhaps relaxing the economic rigour and spreading the equity net wider would get the NAV recovering faster. One plus remains, nevertheless, and that is the continuing outstanding record of dividend growth.
I don't buy the great rotation story. If the central banks already own the bonds, they will not rotate into anything else. They will just sit tight on the bonds they have until redemption. I'll have to look at RCP. The discount to NAV looks interesting, whereas the MYI premium is beginning to concern, given the risk of a correction soon.
Yes, question is where will the money go? Rcp results today worth reading, imv.
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