The vehicle, which has been managed by Bruce Stout since 2004, has returned 199.69 per cent in the last decade, outperforming its sector average and benchmark by 90 per cent and 159 per cent respectively.
It has returned at least twice as much as its benchmark over one-, three-, five- and 10-year periods.
Performance of trust vs sector and benchmark over 5-yrs
| Name | 1-yr returns (%) |
3-yr returns (%) | 5-yr returns (%) | 10-yr returns (%) |
| Murray International |
15.57 |
49.69 |
103.06 |
199.69 |
| IT Global Growth & Income |
14.54 |
21.14 |
29.58 |
107.86 |
| Murray International benchmark |
8.77 |
22.85 |
37.99 |
40.77 |
Source: Financial Express Analytics
The FTSE All World ex UK index makes up 60 per cent of this benchmark, while the FTSE All World makes up the remaining 40 per cent.
Although Murray International is marginally more volatile than its sector average in the long-term, according to Financial Express data it is substantially less volatile than its benchmark in the short- and medium-term.
Over a three-year period, the closed-ended fund has a volatility of 17.82 per cent, compared with 21.53 per cent from its benchmark.
Stout also lost substantially less money during the financial crisis; in 2008, the vehicle lost 8.1 per cent, outperforming its benchmark by just under 10 per cent.
This was largely down to the manager’s actions in 2006, when he cut all exposure to Western banks and property securities, and decreased his exposure to equities in favour of fixed interest and cash.
Performance of trust vs sector and benchmark over 10-yrs
Source: Financial Express Analytics
It is since the crisis that the vehicle has pulled away from its benchmark. In the aftermath of Lehman Brothers, Stout increased his exposure to equities and bonds in solid companies, particularly those with exposure to emerging markets such as China and India.
However, the manager is once again defensive. "Unless some respite from relentlessly rising commodity prices is forthcoming, and soon, then corporate profit margins are likely to remain under pressure for the foreseeable future," he said.
"The portfolio continues to be defensively focused into quality companies where expectations are deemed to be modest."
It is for this reason that Murray International has recently decreased its exposure to cyclical stocks in the industrials and commodities sectors, in favour of more solid firms that will cope better in down markets.
The manager’s view contradicts that of Trustnet Alpha Manager John McClure, who thinks the industrial sector is still attractively valued.
Stout’s biggest holding is British American Tobacco, which makes up 5 per cent of the portfolio.
Murray International has a total expense ratio (TER) of 1.2 per cent, and is currently yielding 3.52 per cent.