IC Top 100 fund Murray International Trust (MYI) has fallen to a discount for the first time in five years after releasing disappointing interim results. The continued strength of sterling has taken chunks out of the once stellar trust's share price and its failure to maximise Japanese gains proved damaging.
In the six months to 30 June 2015, the global equity income investment trust's net asset value and share price both fell against the benchmark. Net asset value (NAV) declined by 2.6 per cent and share price total returns fell by 4.1 per cent in the six months to 30 June 2015, while the trust's benchmark (40 per cent World UK and 60 per cent FTSE World ex UK) returned 2 per cent.
Murray's share price crashed following the update on 17 August, reaching a 52-week low of 835p, down from 861p the previous morning. Shares have plummeted from a 10-year high during 2013, a banner year for equities, when the price reached 1,238p in May. In July 2013 shares were trading at a 10.5 per cent premium to NAV, but have now slipped to a 2.3 per cent discount. The last time the trust's shares traded at a discount was December 2009.