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Murray International..divi "modification "

Closed-end funds and OEICs
monabri
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Murray International..divi "modification "

#294829

Postby monabri » March 27th, 2020, 2:55 pm

https://www.londonstockexchange.com/exc ... 81540.html

In light of the postponement of the Company's Annual General Meeting due to the COVID-19 crisis, announced today, the Board has resolved to pay an additional interim dividend, in lieu of the usual final dividend, in respect of the year ended 31 December 2019. Announcing this fourth dividend as an interim, instead of a final dividend, means that the payment of the dividend will not be delayed.

monabri
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Re: Murray International..divi "modification "

#294834

Postby monabri » March 27th, 2020, 3:14 pm

".......the Board has today announced an interim dividend in respect of the year ended 31 December 2019 of 17.5p (in lieu of the previously recommended final dividend of 17.5p) which will be payable on 15 May 2020 to Shareholders on the register on 3 April 2020, ex dividend date 2 April 2020"

mike
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Re: Murray International..divi "modification "

#294857

Postby mike » March 27th, 2020, 4:35 pm

This is just a technical legal matter.

- A final dividend must be approved by an AGM.

- An interim dividend can be approved by the directors.

So as the AGM has been postponed, re-assigning it as an interim allows the dividend to be paid.

ADrunkenMarcus
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Re: Murray International..divi "modification "

#294978

Postby ADrunkenMarcus » March 27th, 2020, 10:12 pm

MYI will pay me the same cash dividend, whatever it's called - the benefit of investment trusts and their revenue reserves!

Best wishes

Mark.

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Re: Murray International..divi "modification "

#294979

Postby monabri » March 27th, 2020, 10:16 pm

ADrunkenMarcus wrote:MYI will pay me the same cash dividend, whatever it's called - the benefit of investment trusts and their revenue reserves!

Best wishes

Mark.


You can call it "Betty" ..like you, as long as it ends up it my bank,, I don't care! ;)

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Re: Murray International..divi "modification "

#294986

Postby richfool » March 27th, 2020, 10:38 pm

Yes MYI's dividend is good, but it's capital performance has been quite poor over recent years. It languishes at the bottom of the global G&I table over all periods up to 5 years. SAIN, JGGI, STS, HINT & IVPG all above it.

Despite Bruce Stout's cautious stance, the trusts performance still failed to hold up/fell markedly during the latest major crisis/falls, (one of the reasons why I have been holding it). I ask myself why do I accept a continuing period of under-performance in the belief that the manager will protect the downside, only for him to fail to do so.

Though I still hold MYI, over the last year or so, I have moved my emphasis to JGGI & HINT within that sector.

https://citywire.co.uk/funds_insider/in ... ePeriod=12

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Re: Murray International..divi "modification "

#295070

Postby ADrunkenMarcus » March 28th, 2020, 11:40 am

richfool wrote:Yes MYI's dividend is good, but it's capital performance has been quite poor over recent years.


That's the rub.

MYI's longer term record going back to 2004 is better, but given recent performance I am not sure it is still ahead of its benchmark. They have recently changed their benchmark to the FTSE All World, which is promising, as it should represent a more challenging target compared to the previous one which was 40% UK.

FWIW, I sold out of MYI in my SIPP and went into SSON. I'd held from 2011 to 2019.

In my dividend growth portfolio, MYI accounts for about 16% of it and was intended as a core, global income holding. As you point out, it's not proven very defensive! What I have been doing is banking the dividend and new cash into the portfolio goes into growthier companies, including directly held foreign equities. So my capital growth comes from elsewhere and I hope that MYI will return to form at some point!

That holding was purchased at £10 a share in July 2012 and the capital loss is now 12.8% over almost eight years. The returns have all come from dividends, which have grown at 4.1% per share since purchase and total dividends received to date represent 36% of the book cost. Allowing for the capital loss, the total return has been reduced to just over 23% which is not good. Assuming they can maintain the dividend, the current yield is 6.3%.

On a total return basis, the cumulative performance of MYI compared to most of the trusts you cited, and with Fundsmith and the FTSE All Share thrown in for good measure, is stark:



The only consolation is it's beaten the FTSE All Share.

Frankly, if they can't keep the dividend up then that probably removes the only attraction of holding it compared to SAIN or STS!

Best wishes

Mark.

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Re: Murray International..divi "modification "

#295174

Postby richfool » March 28th, 2020, 6:05 pm

There aren't too many alternatives to MYI in that sector. I have looked at SAIN (Scottish American) a few times, but am currently put off by its holiday camp holding.

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Re: Murray International..divi "modification "

#295213

Postby Dod101 » March 28th, 2020, 8:50 pm

richfool wrote:There aren't too many alternatives to MYI in that sector. I have looked at SAIN (Scottish American) a few times, but am currently put off by its holiday camp holding.


Frankly as an income IT I am perfectly happy with Murray International and will not try to second guess the manager. In fact at the rate that individual holdings are losing their dividends I am delighted to be holding any investment trust, especially one with a bias towards income. They of course will be affected; they could hardly not be, but with their usually quite wide diversification, I am reasonably confident that they will nearly always yield some dividend.

Dod

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Re: Murray International..divi "modification "

#295222

Postby JuanDB » March 28th, 2020, 9:18 pm

richfool wrote:Though I still hold MYI, over the last year or so, I have moved my emphasis to JGGI & HINT within that sector.


HINT I understand, and intend to purchase come the new tax year.

JGGI I do not understand. The dividend is uncovered which presumably means they are paying from capital? A similar yield although lower dividend growth than HINT. If I recall correctly the capital growth performance is worse than HINT however that seems to have been obscured by the recent name change.

It seemed to me that Vanguard’s VHYL would be a good alternative to JGGI, with lower charges. .29% vs .57%.

I also hold MYI, having brought a small tranche this time last year at around £11.66 in my wife’s GIA. I intend to top up over the coming months. With 1.06 years reserves I don’t see to much risk to the dividend.

Cheers,

Juan.

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Re: Murray International..divi "modification "

#295234

Postby richfool » March 28th, 2020, 10:15 pm

JuanDB wrote:
richfool wrote:Though I still hold MYI, over the last year or so, I have moved my emphasis to JGGI & HINT within that sector.


HINT I understand, and intend to purchase come the new tax year.

JGGI I do not understand. The dividend is uncovered which presumably means they are paying from capital? A similar yield although lower dividend growth than HINT. If I recall correctly the capital growth performance is worse than HINT however that seems to have been obscured by the recent name change.

It seemed to me that Vanguard’s VHYL would be a good alternative to JGGI, with lower charges. .29% vs .57%.

I also hold MYI, having brought a small tranche this time last year at around £11.66 in my wife’s GIA. I intend to top up over the coming months. With 1.06 years reserves I don’t see to much risk to the dividend.

Cheers,

Juan.

Juan, Re your comment that I have bolded, JGGI's capital performance is much better than HINT's (see link below to table). I like JGGI because it gives me some exposure to technology and growth stocks (in the one trust), whilst still giving me income, so I don't mind that it subsidises the income from capital. I believe it (normally) targets its dividend yield at 4% (set annually).

I hold HINT and MYI because I don't want all my eggs in one basket in that sector. They give me diversity of management and investment strategies.

https://citywire.co.uk/funds_insider/in ... ePeriod=12

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Re: Murray International..divi "modification "

#295451

Postby MusingMarket » March 29th, 2020, 4:01 pm

ADrunkenMarcus' analysis is very good though Murray International (MYI) is more emerging & Asia focused than all the others in the comparison table (and The AIC Global Equity Income sector). Murray International's regional mix, including a lack of US exposure, has been rough recently. I would never consider MYI a safety play given all the high-risk em debt and general gearing even though many of its equity holdings could be considered protective in a downturn.

Murray International's good years were thanks to buying regional market blue-chips at 6x P/E and them going to 35x P/E. The themes haven't changed between good times and bad (two of its five worst performers in 2019 were Unilever Indonesia and BAT Malaysia). You could say the manager should be more dynamic but the steadfastness (stubbornness?) of Bruce Stout means when the cycle changes it could outperform again, it's certainly no index hugger (for good or bad).

mm

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Re: Murray International..divi "modification "

#303500

Postby ADrunkenMarcus » April 27th, 2020, 7:53 am

MYI has declared its first interim dividend for 2020 -Maintained at 12p.

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Re: Murray International.

#312037

Postby richfool » May 25th, 2020, 12:54 pm

Picking up on the discussion taking place about MYI on the High Yield Shares and Strategies thread:
viewtopic.php?f=31&t=22053&p=312009#p312009

... and not wishing to pull that thread off topic, I thought I would post some thoughts about MYI here on the Investment Trust board.

Noted that MYI's capital performance has been disappointing over recent years, though the dividend yield has been good, perhaps helped by the lack of capital performance.

Noting that Bruce Stout prefers Asian markets and EM's, and less so western developed markets. I was wondering if the issues with China and Hong Kong might adversely affect his holdings, but I could only trace Overseas-Chinese Banking in his top 20 holdings. I note he has an airport (Grupo Aeroportuario del Sureste) and a couple of tobacco stocks (which I would prefer to avoid). In a recent video, Bruce was talking off reducing some of his fixed interest holdings and buying equities with the proceeds, so there is some work in progress there. He also mentioned that he had over a year's dividend income reserves.

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Re: Murray International.

#312242

Postby TahiPanasDua » May 26th, 2020, 9:02 am

richfool wrote:Picking up on the discussion taking place about MYI on the High Yield Shares and Strategies thread:
viewtopic.php?f=31&t=22053&p=312009#p312009

... and not wishing to pull that thread off topic, I thought I would post some thoughts about MYI here on the Investment Trust board.

Noted that MYI's capital performance has been disappointing over recent years, though the dividend yield has been good, perhaps helped by the lack of capital performance.

Noting that Bruce Stout prefers Asian markets and EM's, and less so western developed markets. I was wondering if the issues with China and Hong Kong might adversely affect his holdings, but I could only trace Overseas-Chinese Banking in his top 20 holdings. I note he has an airport (Grupo Aeroportuario del Sureste) and a couple of tobacco stocks (which I would prefer to avoid). In a recent video, Bruce was talking off reducing some of his fixed interest holdings and buying equities with the proceeds, so there is some work in progress there. He also mentioned that he had over a year's dividend income reserves.


Richfool,

I think you can relax about the China/Hong Kong effect on MYI's top 20 holdings. I haven't checked but I am pretty sure that Overseas-Chinese Banking is actually OCB Bank in safe and steady Singapore.

TP2.

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Re: Murray International.

#312260

Postby richfool » May 26th, 2020, 10:05 am

TahiPanasDua wrote:
richfool wrote:Picking up on the discussion taking place about MYI on the High Yield Shares and Strategies thread:
viewtopic.php?f=31&t=22053&p=312009#p312009

... and not wishing to pull that thread off topic, I thought I would post some thoughts about MYI here on the Investment Trust board.

Noted that MYI's capital performance has been disappointing over recent years, though the dividend yield has been good, perhaps helped by the lack of capital performance.

Noting that Bruce Stout prefers Asian markets and EM's, and less so western developed markets. I was wondering if the issues with China and Hong Kong might adversely affect his holdings, but I could only trace Overseas-Chinese Banking in his top 20 holdings. I note he has an airport (Grupo Aeroportuario del Sureste) and a couple of tobacco stocks (which I would prefer to avoid). In a recent video, Bruce was talking off reducing some of his fixed interest holdings and buying equities with the proceeds, so there is some work in progress there. He also mentioned that he had over a year's dividend income reserves.


Richfool,

I think you can relax about the China/Hong Kong effect on MYI's top 20 holdings. I haven't checked but I am pretty sure that Overseas-Chinese Banking is actually OCB Bank in safe and steady Singapore.

TP2.

OK, thanks TPD.

Turning my attention to the Asia Pacific trusts now, like HFEL, AAIF, SOI and JAGI.

JAGI and HFEL have the highest exposure to China, and SOI has highest exposure to Hong Kong and Taiwan.


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