Murray International Trust (MIT) beat its benchmark at the end of 2011 with its net asset value flat on the previous year.
The net asset value total return was 0.1% down on the previous year, while the benchmark index, to which Murray International compares its results, fell 4.6%.
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In today's statement MIT's Chairman, Kevin Carter, outlines the 2011 strategy very clearly: "the main investment management priority that evolved during the year was simply to preserve capital."
It's not difficult to see why, 2011 saw immense volatility in equity and debt prices, causing serious discomfort to managers like Murray International.
That volatility, however, didn't prevent the company from issuing £72m in new shares at a premium to the stock price, giving today's gloomy update a slight air of "protesting too much".
The outlook statement says: "these are disturbing times for international financial markets". Well, not that disturbing for Murray. Its shares are flat this morning, up 8% since last February and ahead by 54% since 2007.
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