Murray International trust posts 'disappointing' returns in 2015

NAV down 7.8% over the year

Aberdeen Asset Management's Murray International investment trust saw its net asset value decrease by 7.8% over 2015, as the poor performance of resource-related holdings and developing regions weighed on returns.

The trust, managed by Aberdeen's senior fund manager Bruce Stout (pictured), underperformed its 40% FTSE World UK and 60% FTSE World ex UK benchmark, which returned an average of 2.6% over the year. Its share price total return for the year was -15.2%, despite the trust trading on a premium at the beginning of the year. However, shareholders benefitted from an overall reduction in fees over the period, as the trust discontinued its performance fee, and began charging its annual management fee on the net assets, excluding borrowing for investment purposes, on a tiered basis. It also...