Murray International Trust (MYI)

MYI is a high-conviction portfolio that invests principally across global equity markets with the option to introduce fixed income instruments. Its aim is to deliver an above average dividend yield alongside dividend and capital growth ahead of inflation. The near 120-year-old trust is run by a trio of managers, Bruce Stout, Martin Connaghan and Samantha Fitzpatrick, with Mr Stout set to retire this summer.  In this interview we talk to co-manager Samantha Fitzpatrick about the impact of inflation on the trust’s ability to deliver on its income growth objective; the advantages of the company’s free ranging global remit, and why it’s currently overweight in emerging markets; the importance of capital preservation in the strategy and why the managers are happy to accept the ‘defensive’ label; using ESG analysis as a risk management tool; and why a potentially new interest rate paradigm is unlikely to bring a change to the managers’ approach.