Murray International Trust has seen its net asset value per share increase by 3.4% in the six months to 30 June, totalling 287.9 pence in this period.

The FTSE 250-listed, Edinburgh-based trust recorded a 6% increase in its NAV total return, which outperformed its reference index.

The group has declared two dividend distributions for the period of 2.6 pence per share each, stating that it remains committed to a “progressive dividend policy”.

Murray said its performance was supported by contributors including the owner of Marlboro, Philip Morris International, Central American airport operator, Grupo ASUR, Hong Kong Exchanges and Clearing, Singapore Telecommunications and European-based utility, Enel.

However, the trust stated that the most significant detractors in this period were Merck & Co., Bristol Myers Squibb, Diageo, Pernod Ricard and GlobalWafers.

During this period, Murray initiated new positions in Rio Tinto, Infosys and Italian financial services provider, Intesa Sanpaolo.

The group also achieved AIC Dividend Hero status, after delivering an increased dividend for the twentieth consecutive year last year.

Chair at Murray Trust International, Virginia Holmes, said: "We are pleased to report six months of robust returns for our shareholders in a particularly turbulent period for global investors, with a NAV total return of 6% significantly outperforming the company's reference index and stronger share price performance of 11.6% as the discount to net assets at which the Company's shares traded narrowed significantly.

"During this period, from Wall Street to Asia's tech-driven markets, investors eventually looked through turbulence experienced earlier in the year and risk appetite recovered sharply by mid-year leading many markets to reach new all-time highs. However, the path ahead is likely to remain uneven and challenging.

"In this environment, investors will benefit from a patient, globally diversified, and risk-aware approach, which is central to our manager's strategy in pursuing Murray International's aim of achieving an above average dividend yield, with long-term growth in dividends and capital ahead of inflation."

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