**Summary of Murray International Trust PLCs Annual Financial Report for the Year Ended 31 December 2025**
**Performance Highlights**
**NAV Total Return** +21.9%, outperforming the Benchmark (+12.6%) and UK Retail Price Index (+4.2%).
**Share Price Total Return** +36.0%, significantly ahead of the Benchmark and RPI.
**Portfolio Resilience** Demonstrated strong performance during market volatility, driven by a globally diversified portfolio.
**Key Financial Metrics**
**Net Asset Value (NAV) per Share** Increased by 16.9% to 325.4p (2024: 278.4p).
**Share Price** Rose by 30.1% to 335.0p (2024: 257.5p).
**Premium to NAV** 3.0% (2024: 7.5% discount).
**Net Gearing** 4.4% (2024: 6.1%).
**Ongoing Charges Ratio (OCR)** 0.50% (2024: 0.52%).
**Dividends**
**Total Dividend for the Year** 12.4p per share (2024: 11.8p), an increase of over 5%.
**Final Dividend Recommendation** 4.6p per share (2024: 4.3p).
**Dividend Cover** 1.12x (2024: 0.98x).
**Revenue Return per Share** 13.9p (2024: 11.6p).
**Portfolio Performance**
**Global Diversification** Strong contributions from companies outside the US, particularly in Latin America and Asia.
**Top Performers** Taiwan Semiconductor Manufacturing Company, Singapore Telecommunications, Broadcom, Philip Morris International, and British American Tobacco.
**Weak Performers** Healthcare (Merck, Bristol Myers Squibb) and alcohol producers (Diageo, Pernod Ricard).
**Strategic Initiatives**
**Benchmark Change** Adopted the MSCI ACWI High Dividend Yield Index as the new Benchmark from 1 July 2025.
**Share Buybacks** Purchased 12.9m shares at a weighted average discount of 7.9%, increasing NAV per share by 0.16%.
**Treasury Shares** Sold over 1.5m shares from Treasury at a premium to NAV.
**Corporate Governance**
**Board Changes** Appointed Jeroen Huysinga as an independent Non-Executive Director in May 2025.
**Shareholder Engagement** Hosted an online investor presentation and AGM, with 280 investors participating in 2025.
**Outlook**
**Global Investment Landscape** Anticipated continued volatility due to economic uncertainty, geopolitical tensions, and shifting monetary policies.
**AI and Technology** AI remains a defining theme, with selectivity crucial in navigating speculative excess.
**Dividend Policy** Commitment to maintaining a progressive dividend policy, supported by strong revenue reserves.
**Conclusion**
Murray International Trust PLC delivered robust performance in 2025, outperforming its Benchmark and RPI. The Companys globally diversified portfolio, strategic share buybacks, and focus on income generation position it well for continued growth in a challenging global environment. The Board remains committed to enhancing shareholder value through disciplined management and a progressive dividend policy.