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Murray International (divi)

Closed-end funds and OEICs
monabri
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Murray International (divi)

#406592

Postby monabri » April 24th, 2021, 12:02 am

https://www.investegate.co.uk/murray-in ... 25154864W/

23 April 2021

The Board has today declared a first interim dividend in respect of the year ending 31 December 2021 of 12.0p net (2020: 12.0p) which will be payable on 16 August 2021 to Ordinary shareholders on the register on 2 July 2021, ex dividend date 1 July 2021.

Dod101
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Re: Murray International (divi)

#406599

Postby Dod101 » April 24th, 2021, 6:47 am

Thanks monabri. For me more to the point than August, beginning next week with HSBC on 29 April, I have a lot of dividends coming up which will be very much welcomed by me. The beginning of the year always seems pretty thin on the dividend front.

Dod

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Re: Murray International (divi)

#406605

Postby Arborbridge » April 24th, 2021, 8:40 am

Dod101 wrote:Thanks monabri. For me more to the point than August, beginning next week with HSBC on 29 April, I have a lot of dividends coming up which will be very much welcomed by me. The beginning of the year always seems pretty thin on the dividend front.

Dod


Yes, April is one of the cruellest months, though I notice my actual income this April will be higher than 2019 - some progress. (HYP+ITs)

Arb.

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Re: Murray International (divi)

#406745

Postby JuanDB » April 25th, 2021, 9:19 am

If they follow the recent pattern of holding the first to third interims static at 12p and a ~1p increase on the fourth interim then we’ll have another year of sub-inflationary increase. I do notice the dividend cover has improved from 0.86 to 0.95 which is encouraging.

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Re: Murray International (divi)

#406755

Postby forrado » April 25th, 2021, 10:34 am

JuanDB wrote:If they follow the recent pattern of holding the first to third interims static at 12p and a ~1p increase on the fourth interim then we’ll have another year of sub-inflationary increase. I do notice the dividend cover has improved from 0.86 to 0.95 which is encouraging.

Speaking generally, a state of affairs income IT investors will have to get used to while the gradual process of rebuilding depleted revenue reserves takes place. Above inflationary increases are going to be hard to come by.

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Re: Murray International (divi)

#406828

Postby mike » April 25th, 2021, 2:49 pm

JuanDB wrote:[...] then we’ll have another year of sub-inflationary increase..

I feel you may be a little unfair on MYI here. I can only find one recent year where MYI's dividend increase didn't outstrip RPI, and none where it didn't beat CPI. Indeed, in the period 2012 to 2015 it increased at significantly more than double RPI.

From my records

Year   Dividend     Increase     CPI     RPI
ending

2012 40.5p 9.5% 2.7% 3.1%
2013 43.0p 6.2% 2.0% 2.7%
2014 45.0p 4.7% 0.5% 1.6%
2015 46.5p 3.3% 0.2% 1.2%
2016 47.5p 2.2% 1.6% 2.5%
2017 50.0p 5.3% 3.0% 4.1%
2018 51.5p 3.0% 2.1% 2.7%
2019 53.5p 3.9% 1.3% 2.2%
2020 54.5p 1.9% 0.6% 1.2%
2021 55.5p 1.8% [projection]

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Re: Murray International (divi)

#406837

Postby ADrunkenMarcus » April 25th, 2021, 3:52 pm

forrado wrote:Speaking generally, a state of affairs income IT investors will have to get used to while the gradual process of rebuilding depleted revenue reserves takes place. Above inflationary increases are going to be hard to come by.


And I really don't mind that at all. I would far rather they did this, as opposed to increase dividends when they were not covered by earnings. We also need to consider that there will likely be another blow up of some sort in the next ten years and therefore trusts taking the option of rebuilding reserves will be acting wisely IMHO.

mike wrote:I can only find one recent year where MYI's dividend increase didn't outstrip RPI, and none where it didn't beat CPI. Indeed, in the period 2012 to 2015 it increased at significantly more than double RPI.

From my records

Year   Dividend     Increase     CPI     RPI
ending

2012 40.5p 9.5% 2.7% 3.1%
2013 43.0p 6.2% 2.0% 2.7%
2014 45.0p 4.7% 0.5% 1.6%
2015 46.5p 3.3% 0.2% 1.2%
2016 47.5p 2.2% 1.6% 2.5%
2017 50.0p 5.3% 3.0% 4.1%
2018 51.5p 3.0% 2.1% 2.7%
2019 53.5p 3.9% 1.3% 2.2%
2020 54.5p 1.9% 0.6% 1.2%
2021 55.5p 1.8% [projection]


Thanks for sharing, this is useful data and gives a 37% increase for the period 2012-21, whereas I make even RPI a total of 23% for 2012-20. Therefore MYI has cumulatively increased the dividend significantly above even RPI inflation, which tends to be higher than CPI (and was in this period).

I hold MYI as a core for my dividend growth portfolio, largely for the high current dividend yield. I supplement it with lower yielding investments which are growing their dividends at a higher rate.

Best wishes


Mark.

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Re: Murray International (divi)

#407117

Postby JuanDB » April 26th, 2021, 2:31 pm

mike wrote:
JuanDB wrote:[...] then we’ll have another year of sub-inflationary increase..

I feel you may be a little unfair on MYI here. I can only find one recent year where MYI's dividend increase didn't outstrip RPI, and none where it didn't beat CPI. Indeed, in the period 2012 to 2015 it increased at significantly more than double RPI.

From my records

Year   Dividend     Increase     CPI     RPI
ending

2012 40.5p 9.5% 2.7% 3.1%
2013 43.0p 6.2% 2.0% 2.7%
2014 45.0p 4.7% 0.5% 1.6%
2015 46.5p 3.3% 0.2% 1.2%
2016 47.5p 2.2% 1.6% 2.5%
2017 50.0p 5.3% 3.0% 4.1%
2018 51.5p 3.0% 2.1% 2.7%
2019 53.5p 3.9% 1.3% 2.2%
2020 54.5p 1.9% 0.6% 1.2%
2021 55.5p 1.8% [projection]



Mike,

Thanks for that. Your detailed analysis trumps my lazy eyeballing of inflation must be around 2% and we’re under that. I also neglected to mention that I topped up a number of times last year and have a 20% capital gain to go along with the increasing yield. Really not too much to complain about! :D

I am also in the camp that would prefer slightly lower increases if it allows the trust to do the job of creating a consistent and rising income - which is ultimately what I am paying them to do.

Cheers,

Juan.

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Re: Murray International (divi)

#432633

Postby richfool » August 5th, 2021, 9:34 am

Murray International Trust PLC

Announcement of Second Interim Dividend
4 August 2021

The Board has today declared a second interim dividend in respect of the year ending 31 December 2021 of 12.0p net (2020: 12.0p) which will be payable on 19 November 2021 to Ordinary shareholders on the register on 8 October 2021, ex dividend date 7 October 2021.

https://www.investegate.co.uk/murray-in ... 00026246H/

No change there then.

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Re: Murray International (divi)

#432635

Postby ADrunkenMarcus » August 5th, 2021, 9:43 am

Yes, MYI’s practice is for interims to be all the same in a given year.

I’m hoping we may see a moderate increase for the final, perhaps taking us to 56p for the year.

Best wishes

Mark

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Re: Murray International (divi)

#432788

Postby AWOL » August 5th, 2021, 10:08 pm

What is the point of MYI? I've been pondering it's raison d'etre since the financial crisis and I just don't see what's attractive about a high yield but low total return.

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Re: Murray International (divi)

#432789

Postby richfool » August 5th, 2021, 10:23 pm

AWOL wrote:What is the point of MYI? I've been pondering it's raison d'etre since the financial crisis and I just don't see what's attractive about a high yield but low total return.

Yes, I agree. I gave up on MYI a couple of years back. It seemed to me that I was receiving a healthy dividend, in lieu of capital appreciation.

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Re: Murray International (divi)

#432809

Postby CryptoPlankton » August 6th, 2021, 1:54 am

AWOL wrote:What is the point of MYI? I've been pondering it's raison d'etre since the financial crisis and I just don't see what's attractive about a high yield but low total return.

Well, for me, the point IS the high yield in addition to the inflation-beating compound annual growth rate of the dividend (10 yr = 4.71%, 15 yr = 7.75%). It forms a useful part of my "income" portfolio, which chugs away in the background providing a welcome contribution to my current account every month with minimal monitoring/maintenance. The 15% increase in capital value since purchase certainly isn't spectacular, but I don't intend to sell so it is of little consequence.

I do invest in "racier" equities, but they have a different "point" to me - and would not be suitable as part of the portfolio that is specifically designed for generating a regular income. I understand other people don't see the "point" in not just looking at investments in terms of TR (and do love to go on about how money is "fungible"!), but I'm quite sure I'm not alone in finding comfort in drawing on the "natural yield" of a significant chunk of my investments. I don't believe there is any right or wrong, just what suits you (and your circumstances) the best.

Anyway, I hope that answers the question!

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Re: Murray International (divi)

#432845

Postby ADrunkenMarcus » August 6th, 2021, 9:56 am

AWOL wrote:What is the point of MYI? I've been pondering it's raison d'etre since the financial crisis and I just don't see what's attractive about a high yield but low total return.


I hold MYI as a core for my dividend growth portfolio, largely for the high current dividend yield. I supplement it with lower yielding investments which are growing their dividends at a higher rate. All new monies are going into 'growthier' investments and MYI will decline as a proportion of my portfolio over time.

I bought in 2012, topping up in 2015, 2016, 2020 and 2021, so there's a significant variation in capital gain depending on which tranche I look at. Someone who'd bought in 2016 would think MYI had done well on the capital front as well as providing a good dividend.

I tend to think investment trusts or styles have their time in the sun, then a subdued period. MYI did well in the early 2000s whereas it has struggled in the 2010s. I cannot help but wonder if it will return to form in the 2020s.

Best wishes


Mark.

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Re: Murray International (divi)

#432849

Postby PeanutsMolloy » August 6th, 2021, 10:13 am

CryptoPlankton wrote:
AWOL wrote:What is the point of MYI? I've been pondering it's raison d'etre since the financial crisis and I just don't see what's attractive about a high yield but low total return.

Well, for me, the point IS the high yield in addition to the inflation-beating compound annual growth rate of the dividend (10 yr = 4.71%, 15 yr = 7.75%). It forms a useful part of my "income" portfolio, which chugs away in the background providing a welcome contribution to my current account every month with minimal monitoring/maintenance. The 15% increase in capital value since purchase certainly isn't spectacular, but I don't intend to sell so it is of little consequence.

I do invest in "racier" equities, but they have a different "point" to me - and would not be suitable as part of the portfolio that is specifically designed for generating a regular income. I understand other people don't see the "point" in not just looking at investments in terms of TR (and do love to go on about how money is "fungible"!), but I'm quite sure I'm not alone in finding comfort in drawing on the "natural yield" of a significant chunk of my investments. I don't believe there is any right or wrong, just what suits you (and your circumstances) the best.

Anyway, I hope that answers the question!


I have exactly the same approach @CryptoPlankton.
I've tried the pure TR approach before but the Covid Crash presented a fantastic opportunity not only for growth stocks but also to snap up income-generating assets at amazing bargains.
Now a key part of my portfolio is a sub-portfolio providing recurring income - diverse sources, as robust as I can design it and with prospective growth. MYI is one of a number of holdings (uniquely contributing Asian-biased income) in that sub-portfolio, of which real asset investment trusts also figure prominently. While always pleasing of course, unless it offers up an opportunity to switch to a "better" source of income, I won't look to trim on the back of a capital gain since the recurring income's the priority.
That relatively robust income stream enables me to sleep at night while also running a separate long term growth-oriented portfolio (e.g. Fundsmith et al and some private equity investment trusts, also picked up at a bargain last year). Indeed, when the inevitable next bear market occurs, it will also (hopefully) give me the courage to apply dry powder from my cash reserve to top up the growth holdings at lower levels.
Time will tell but to each their own.

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Re: Murray International (divi)

#432859

Postby monabri » August 6th, 2021, 10:28 am

PeanutsMolloy wrote:I have exactly the same approach @CryptoPlankton.
I've tried the pure TR approach before but the Covid Crash presented a fantastic opportunity not only for growth stocks but also to snap up income-generating assets at amazing bargains.
Now a key part of my portfolio is a sub-portfolio providing recurring income - diverse sources, as robust as I can design it and with prospective growth. MYI is one of a number of holdings (uniquely contributing Asian-biased income) in that sub-portfolio, of which real asset investment trusts also figure prominently. While always pleasing of course, unless it offers up an opportunity to switch to a "better" source of income, I won't look to trim on the back of a capital gain since the recurring income's the priority.
That relatively robust income stream enables me to sleep at night while also running a separate long term growth-oriented portfolio (e.g. Fundsmith et al and some private equity investment trusts, also picked up at a bargain last year). Indeed, when the inevitable next bear market occurs, it will also (hopefully) give me the courage to apply dry powder from my cash reserve to top up the growth holdings at lower levels.
Time will tell but to each their own.


Seems sensible...why not have a diverse strategy? But then I would say that as it is the path I'm following! I share your sentiment re opportunity regarding the Covid crash ( the time to buy) and having some "dry powder" but would add that a cherry picking watchful eye might see one of two opportunities appear when a market overreacts to news. At the moment though, I'm looking at the market and not seeing too much of interest.

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Re: Murray International (divi)

#433022

Postby AWOL » August 6th, 2021, 9:28 pm

Thank you for sharing your perspectives. It's interesting to hear alternative approaches to investing. I must say that MYI came to my attention during the Financial Crisis and it had a great long term track record. For a long time I liked Bruce Stouts outlook and the investment story and even tried holding MYI but it never really worked for me and in 2009 I was already having doubts that his investment style coincided with the dominant market trends. I look at it with interest every so often, as I still think that he is probably right about many things just too early. That damning indictment of "being ahead of his time" meets the reality of markets staying irrational longer than I can stay solvent.

I wish you all luck with MYI and hope that it's time does indeed come. I will stick with my total return approach to things and keep my fingers crossed!

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Re: Murray International (divi)

#434548

Postby richfool » August 13th, 2021, 12:16 pm

HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2021
Performance and Dividends

The net asset value (NAV) total return, with net income reinvested, for the six months to 30 June 2021 was 8.7%. The Company does not have a benchmark but this compared with the 11.4% return of the Company's Reference Index (the FTSE All World TR Index). Over the six month period, the share price total return was 7.3%, reflecting a small widening of the discount at which the shares traded over the NAV. The Manager's Review contains more information about the drivers of performance in the period and the portfolio changes effected.

Two interim dividends of 12.0p (2020: 12.0p) have been declared in respect of the period to 30 June 2021. The first interim dividend is payable on 16 August 2021 to shareholders on the register on 2 July 2021 and the second interim dividend will be paid on 19 November 2021 to shareholders on the register on 8 October 2021. As stated previously, 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. The Board currently intends in 2021 at least to match the dividend payout of 54.5p per share in 2020. It is expected that this will again entail some use of the significant revenue reserves built up over prior years for occasions such as the current pandemic. At the end of June 2021 the Balance Sheet revenue reserves amounted to £58.2m.

https://www.investegate.co.uk/murray-in ... 00065200I/

The report includes a listing of the top 70 investments.

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Re: Murray International (divi)

#434775

Postby ADrunkenMarcus » August 14th, 2021, 4:01 pm

The reduced costs are at least welcome.

Best wishes

Mark.

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Re: Murray International (divi)

#434800

Postby Dod101 » August 14th, 2021, 6:56 pm

richfool wrote:HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2021
Performance and Dividends

The net asset value (NAV) total return, with net income reinvested, for the six months to 30 June 2021 was 8.7%. The Company does not have a benchmark but this compared with the 11.4% return of the Company's Reference Index (the FTSE All World TR Index). Over the six month period, the share price total return was 7.3%, reflecting a small widening of the discount at which the shares traded over the NAV. The Manager's Review contains more information about the drivers of performance in the period and the portfolio changes effected.

Two interim dividends of 12.0p (2020: 12.0p) have been declared in respect of the period to 30 June 2021. The first interim dividend is payable on 16 August 2021 to shareholders on the register on 2 July 2021 and the second interim dividend will be paid on 19 November 2021 to shareholders on the register on 8 October 2021. As stated previously, 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. The Board currently intends in 2021 at least to match the dividend payout of 54.5p per share in 2020. It is expected that this will again entail some use of the significant revenue reserves built up over prior years for occasions such as the current pandemic. At the end of June 2021 the Balance Sheet revenue reserves amounted to £58.2m.

https://www.investegate.co.uk/murray-in ... 00065200I/

The report includes a listing of the top 70 investments.


It does but, not only that, it also contains a listing of 100% of the investments. I rather like Bruce Stout and he has a good selection of shares I think. I am perfectly happy to hold Murray International indefinitely.

Dod


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