Murray International Trust: Twenty years of dividend investing

In 2024, and after twenty years at the helm, Bruce Stout will hand over management of Murray International to Samantha Fitzpatrick and Martin Connaghan. Here, the team consider how dividend investing has changed over that time, and its prospects from here.

Night view city Edinburgh
(Image credit: abrdn)

Twenty years is a long time in financial markets. It has seen the technology bubble collapse of the early 2000’s, the 2007/08 global financial crisis and, more recently, the global Covid pandemic. Murray International has steered a path through these various crises by focusing intently on its investment objective – to build and grow its payouts to shareholders. However, the tools available to achieve that objective have changed considerably. 

In 2003, the Murray International portfolio looked very different to how it is positioned today. It had a significant weighting in the UK, at over 40% of the fund, plus a weighting of around 20% in bonds. It was only lightly invested in faster growing areas, such as technology, or emerging markets. While the mandate was flexible, choice was limited because many regions and sectors did not pay a dividend. 

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