Murray International net assets rise but performance lags benchmark

Murray International Trust PLC on Friday hailed a robust first-half performance, delivering double-digit returns despite heightened geopolitical uncertainty, although it lagged its benchmark as an AI-led technology rally dominated global equity markets.

The investment trust, with stakes in firms including Coca-Cola Co, Philip Morris International Inc and Johnson & Johnson, reported a net asset value per share of 351.9 pence at June 30, up 8.1% from 325.4p at the end of last year. Net asset value total return was 10.5% in the first half, behind the benchmark's 12.4% return.

Shares in the trust were up 0.5% at 371.16 pence on Friday afternoon in London.

Murray International said equity markets continued to advance despite bouts of uncertainty stemming from the conflict in the Middle East, driven largely by the "extraordinary strength" of technology stocks.

"A relatively narrow cohort of mega-cap companies, once again, accounted for a disproportionate share of index gains, with investor enthusiasm centred on artificial intelligence, digital infrastructure, and next-generation computing," the trust said.

It added that while investors periodically rotated into cyclical and value stocks, those moves proved short-lived, with capital repeatedly flowing back into growth and technology shares. Murray International said this explained its relative underperformance, as it was positioned for a broader market recovery.

Samsung Electronics Co was the portfolio's strongest contributor after its share price more than doubled in the first half of 2026, driven by an AI-driven memory "supercycle".

Infosys Ltd was the biggest detractor. Its shares fell 40% during the period as investors reacted to slowing demand and regulatory challenges facing the Indian technology company.

Despite falling short of their benchmark, Murray International said it delivered real capital growth ahead of the UK retail price index, which rose 3.6%.

The investment trust increased both its first and second interim dividends by 7.7% to 2.8p per share from 2.6p a year ago.

The UK and the Americas were the main regional detractors from performance. Even so, Murray International said the outlook for global equity markets remains "broadly positive", although it expects continued volatility.

Chair Virginia Holmes said: "Against a macro backdrop of significant uncertainty and volatility, the company has delivered robust performance, delivering both NAV growth and real capital growth ahead of the UK retail price index, thereby meeting one of the company's key investment objectives and performance benchmarks.

"In this environment, the company's approach of maintaining a highly selective and disciplined investment style is more important than ever. A number of the portfolio's technology picks delivered significant share price performances, benefitting from the AI-related demand in areas where they hold market-leading positions. The portfolio's commodities holdings also benefitted, with BHP Group a standout performer as it successfully repositioned itself as a premier copper play. During the period under review, the manager introduced a handful of new companies, including Blackstone, Union Pacific and Pfizer, all selected for their compelling long-term growth characteristics.

"The outlook for global equity markets remains broadly positive, supported by resilient economic growth, albeit periods of volatility are to be expected. Given the company's robust, disciplined portfolio approach, the board is very confident of the company's ability to continue to deliver shareholder value, with long-term growth in dividends and capital ahead of inflation."

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