Aberdeen’s £2.2 billion Murray International Trust delivered a net asset value (NAV) total return of 10.5% and a share price total return of 9.9% in the six months to June 30, 2026, compared to a 12.4% increase in its benchmark index.

The company’s shares ended the period trading at a 2.4% premium to NAV, compared with a 3.0% premium at December 31, 2025.

The fund declared two interim dividends of 2.8p per share during the period and remains committed to a progressive dividend policy.

“Strong performance during the period was driven by the quality of the portfolio’s holdings … Notable contributors included Samsung Electronics, BE Semiconductor, Taiwan Semiconductor Manufacturing Company and Cisco Systems,” said the fund.

“The principal detractors from performance during the period were CME Group, Infosys, Ping An Insurance and Taylor Wimpey.

“During the period, new positions were initiated in Blackstone, the world’s largest alternative asset management firm, Pfizer, the international biopharmaceutical research and development company, Union Pacific, a leading US infrastructure firm, Fastenal, a global wholesale distributor of industrial and construction supplies, and ONEOK, a North American energy infrastructure company.”

Murray International Trust chair Virginia Holmes said: “Against a macro backdrop of significant uncertainty and volatility, the Company has delivered robust performance, delivering both NAV growth and real capital growth ahead of the UK Retail Price Index, thereby meeting one of the Company’s key investment objectives and performance benchmarks.

“In this environment, the Company’s approach of maintaining a highly selective and disciplined investment style is more important than ever.

“A number of the portfolio’s technology picks delivered significant share price performances, benefitting from the AI-related demand in areas where they hold market-leading positions.

“The portfolio’s commodities holdings also benefitted, with BHP Group a standout performer as it successfully repositioned itself as a premier copper play.

“During the period under review, the Manager introduced a handful of new companies, including Blackstone, Union Pacific and Pfizer, all selected for their compelling long-term growth characteristics.

“The outlook for global equity markets remains broadly positive, supported by resilient economic growth, albeit periods of volatility are to be expected.

“Given the Company’s robust, disciplined portfolio approach, the Board is very confident of the Company’s ability to continue to deliver shareholder value, with long-term growth in dividends and capital ahead of inflation.”