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MYI 07:58

Murray International Trust

Replacement - Annual Financial Report

AI Expand: Explanation + Tables

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**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.

Here is the HTML table code comparing the financials and debt year on year for Murray International Trust PLC: td>+5.1%

Metric	2024	2025	Change
Total Assets (£'000)	1,788,800	2,030,900	+13.5%
Net Assets (£'000)	1,678,849	1,920,974	+14.4%
Market Capitalisation (£'000)	1,553,100	1,977,300	+27.3%
Net Asset Value per Ordinary Share (pence)	278.4	325.4	+16.9%
Share Price per Ordinary Share (pence)	257.5	335.0	+30.1%
Premium/(Discount) to Net Asset Value (%)	-7.5%	3.0%	N/A
Net Gearing (%)	6.1%	4.4%	N/A
Revenue Return per Share (pence)	11.6	13.9	+19.8%
Dividends per Share (pence)	11.8	12.4
Dividend Cover (times)	0.98	1.12	N/A
Dividend Yield (%)	4.6%	3.7%	N/A
Ongoing Charges Ratio (%)	0.52%	0.50%	N/A
Borrowings (£'000)	109,916	109,926	0.0%

**Notes:** * The "Change" column shows the percentage change from 2024 to 2025. * N/A indicates that the metric is not directly comparable or does not have a meaningful percentage change. * The table only includes key financial metrics and debt-related information. * All values are in thousands of pounds (£'000) except for per share metrics and percentages.

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MYI 06:01

Murray International Trust

Annual Financial Report

AI Expand: Explanation + Tables

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**Summary of Murray International Trust PLCs Annual Financial Report for the Year Ended 31 December 2025**

**Performance Highlights**

**NAV Total Return** +21.9%

**Share Price Total Return** +36.0%

**Benchmark Return** +12.6%

**Retail Price Index (RPI) Rise** +4.2%

**Key Financial Metrics**

**Net Asset Value (NAV) per Ordinary Share:** 325.4p (2024: 278.4p)

**Share Price per Ordinary Share** 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%)

**Portfolio Performance**

The portfolios global and diverse composition drove strong returns, demonstrating resilience during market volatility and capitalizing on the market rally in the second half of the year.

Significant contributions from companies outside the US, particularly in Latin America and Asia.

Top contributors included Taiwan Semiconductor Manufacturing Company, Singapore Telecommunications, Broadcom, Philip Morris International, and British American Tobacco.

**Dividends**

**Final Dividend Recommended** 4.6 pence per Ordinary share (2024: 4.3 pence)

**Total Dividend for the Year** 12.8 pence per share (2024: 11.8 pence), an increase of over 5%

**Dividend Cover** 1.12x (2024: 0.98x)

Recognized as an AIC Dividend Hero with 21 consecutive years of dividend increases.

**Strategic Developments**

**Benchmark Change** Adopted the MSCI ACWI High Dividend Yield Index as the new Benchmark from 1 July 2025, better reflecting the Companys investment style.

**Share Buybacks** Bought back 12.9 million Ordinary shares at a weighted average discount of 7.9%, increasing NAV per share by 0.16%.

**Treasury Shares** Sold over 1.5 million shares from Treasury at a premium to NAV post-year-end.

**Governance and Operations**

**Board Changes** Appointed Jeroen Huysinga as an independent Non-Executive Director in May 2025.

**Shareholder Engagement** Hosted an online investor presentation and the Annual General Meeting (AGM) in April 2026.

**Internal Controls** Maintained robust internal controls and risk management processes, with regular reviews by the Board and the Manager.

**Outlook**

Expect continued global growth, though uneven, with tighter financial conditions and geopolitical uncertainties.

Anticipate cautious monetary policy in developed markets, with potential opportunities in emerging markets.

Remain focused on a disciplined, diversified, and income-focused strategy to support long-term wealth creation.

**Conclusion**

Murray International Trust PLC delivered strong absolute and relative performance in 2025, outperforming its Benchmark and the RPI. The Companys globally diversified portfolio, strategic share buybacks, and commitment to dividend growth underscore its resilience and alignment with shareholder interests. The Board remains optimistic about the Companys prospects, emphasizing selectivity, quality, and risk management in navigating the evolving global investment landscape.

Here is the HTML table code comparing the financials and debt year on year for Murray International Trust PLC: 00

Metric	2024	2025	Change
Total Assets (£'000)	1,788,800	2,030,900	+13.5%
Net Assets (£'000)	1,678,849	1,920,974	+14.4%
Market Capitalisation (£'000)	1,553,100	1,977,300	+27.3%
Net Asset Value per Ordinary Share (pence)	278.4	325.4	+16.9%
Share Price per Ordinary Share (pence)	257.5	335.0	+30.1%
Premium/(Discount) to Net Asset Value (%)	-7.5%	3.0%	N/A
Net Gearing (%)	6.1%	4.4%	N/A
Revenue Return per Share (pence)	11.6	13.9	+19.8%
Dividends per Share (pence)	11.8	12.4	+5.1%
Dividend Cover (times)	0.98	1.12	N/A
Dividend Yield (%)	4.6%	3.7%	N/A
Revenue Reserves (£'000)	74,182	85,398	+15.1%
Ongoing Charges Ratio (%)	0.52%	0.50%	N/A
Borrowings (£'000)	109,916	109,926	0.0%

Note: The "Change" column shows the percentage change from 2024 to 2025, except for metrics where a percentage change is not meaningful (e.g., Premium/(Discount) to Net Asset Value, Net Gearing, Dividend Cover, Dividend Yield, and Ongoing Charges Ratio). This table provides a clear comparison of the financials and debt between 2024 and 2025 for Murray International Trust PLC.

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MYI 07:58

Murray International Trust

Replacement - Annual Financial Report

AI Expand: Explanation + Tables

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Return to today’s catalyst cards, chart beacons and AI charts.

**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.

Here is the HTML table code comparing the financials and debt year on year for Murray International Trust PLC: td>+5.1%

Metric	2024	2025	Change
Total Assets (£'000)	1,788,800	2,030,900	+13.5%
Net Assets (£'000)	1,678,849	1,920,974	+14.4%
Market Capitalisation (£'000)	1,553,100	1,977,300	+27.3%
Net Asset Value per Ordinary Share (pence)	278.4	325.4	+16.9%
Share Price per Ordinary Share (pence)	257.5	335.0	+30.1%
Premium/(Discount) to Net Asset Value (%)	-7.5%	3.0%	N/A
Net Gearing (%)	6.1%	4.4%	N/A
Revenue Return per Share (pence)	11.6	13.9	+19.8%
Dividends per Share (pence)	11.8	12.4
Dividend Cover (times)	0.98	1.12	N/A
Dividend Yield (%)	4.6%	3.7%	N/A
Ongoing Charges Ratio (%)	0.52%	0.50%	N/A
Borrowings (£'000)	109,916	109,926	0.0%

**Notes:** * The "Change" column shows the percentage change from 2024 to 2025. * N/A indicates that the metric is not directly comparable or does not have a meaningful percentage change. * The table only includes key financial metrics and debt-related information. * All values are in thousands of pounds (£'000) except for per share metrics and percentages.

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MYI 06:01

Murray International Trust

Annual Financial Report

AI Expand: Explanation + Tables

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Return to today’s catalyst cards, chart beacons and AI charts.

**Summary of Murray International Trust PLCs Annual Financial Report for the Year Ended 31 December 2025**

**Performance Highlights**

**NAV Total Return** +21.9%

**Share Price Total Return** +36.0%

**Benchmark Return** +12.6%

**Retail Price Index (RPI) Rise** +4.2%

**Key Financial Metrics**

**Net Asset Value (NAV) per Ordinary Share:** 325.4p (2024: 278.4p)

**Share Price per Ordinary Share** 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%)

**Portfolio Performance**

The portfolios global and diverse composition drove strong returns, demonstrating resilience during market volatility and capitalizing on the market rally in the second half of the year.

Significant contributions from companies outside the US, particularly in Latin America and Asia.

Top contributors included Taiwan Semiconductor Manufacturing Company, Singapore Telecommunications, Broadcom, Philip Morris International, and British American Tobacco.

**Dividends**

**Final Dividend Recommended** 4.6 pence per Ordinary share (2024: 4.3 pence)

**Total Dividend for the Year** 12.8 pence per share (2024: 11.8 pence), an increase of over 5%

**Dividend Cover** 1.12x (2024: 0.98x)

Recognized as an AIC Dividend Hero with 21 consecutive years of dividend increases.

**Strategic Developments**

**Benchmark Change** Adopted the MSCI ACWI High Dividend Yield Index as the new Benchmark from 1 July 2025, better reflecting the Companys investment style.

**Share Buybacks** Bought back 12.9 million Ordinary shares at a weighted average discount of 7.9%, increasing NAV per share by 0.16%.

**Treasury Shares** Sold over 1.5 million shares from Treasury at a premium to NAV post-year-end.

**Governance and Operations**

**Board Changes** Appointed Jeroen Huysinga as an independent Non-Executive Director in May 2025.

**Shareholder Engagement** Hosted an online investor presentation and the Annual General Meeting (AGM) in April 2026.

**Internal Controls** Maintained robust internal controls and risk management processes, with regular reviews by the Board and the Manager.

**Outlook**

Expect continued global growth, though uneven, with tighter financial conditions and geopolitical uncertainties.

Anticipate cautious monetary policy in developed markets, with potential opportunities in emerging markets.

Remain focused on a disciplined, diversified, and income-focused strategy to support long-term wealth creation.

**Conclusion**

Murray International Trust PLC delivered strong absolute and relative performance in 2025, outperforming its Benchmark and the RPI. The Companys globally diversified portfolio, strategic share buybacks, and commitment to dividend growth underscore its resilience and alignment with shareholder interests. The Board remains optimistic about the Companys prospects, emphasizing selectivity, quality, and risk management in navigating the evolving global investment landscape.

Here is the HTML table code comparing the financials and debt year on year for Murray International Trust PLC: 00

Metric	2024	2025	Change
Total Assets (£'000)	1,788,800	2,030,900	+13.5%
Net Assets (£'000)	1,678,849	1,920,974	+14.4%
Market Capitalisation (£'000)	1,553,100	1,977,300	+27.3%
Net Asset Value per Ordinary Share (pence)	278.4	325.4	+16.9%
Share Price per Ordinary Share (pence)	257.5	335.0	+30.1%
Premium/(Discount) to Net Asset Value (%)	-7.5%	3.0%	N/A
Net Gearing (%)	6.1%	4.4%	N/A
Revenue Return per Share (pence)	11.6	13.9	+19.8%
Dividends per Share (pence)	11.8	12.4	+5.1%
Dividend Cover (times)	0.98	1.12	N/A
Dividend Yield (%)	4.6%	3.7%	N/A
Revenue Reserves (£'000)	74,182	85,398	+15.1%
Ongoing Charges Ratio (%)	0.52%	0.50%	N/A
Borrowings (£'000)	109,916	109,926	0.0%

Note: The "Change" column shows the percentage change from 2024 to 2025, except for metrics where a percentage change is not meaningful (e.g., Premium/(Discount) to Net Asset Value, Net Gearing, Dividend Cover, Dividend Yield, and Ongoing Charges Ratio). This table provides a clear comparison of the financials and debt between 2024 and 2025 for Murray International Trust PLC.

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