The £1.75 billion Murray International Trust has warned of “extremely erratic” economic growth across different regions in the coming months as the global economy rebounds from the coronavirus pandemic, writes Kristy Dorsey.
There is “no doubt” that recovery is underway in practically every country around the world, interim chairman David Hardie said, but the path to normality is “unlikely to be straightforward” for individual sectors, industries and companies. The risk of persistent inflation remains a danger, he added.
His comments came as the trust reported a net asset value total return of 8.7 per cent for the six months to the end of June. The company does not have a benchmark but noted that this compared to the 11.4% return by its reference index, the FTSE All World TR.
The trust has declared two interim dividends of 12p each that will be paid in August and November to qualifying shareholders. For 2021, the board intends “at least to match” last year’s dividend payout of 54.5p.
Mr Hardie took over as interim chairman earlier this week following the death on Monday of Simon Fraser after what was described as a short illness. Mr Fraser had served as chairman since April 2021.
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