As such, according to its annual results to 31 December, the trust has clawed back £5.3m of previously earned by unpaid performance fees, in accordance with its management agreement.
The US and Japan both had a strong period of outperformance, driving the benchmark higher, both underexposed within the fund, while overexposure to Latin America and Asia held back returns.
Murray International reported a NAV total return of 4.6% over the year against the benchmark’s 21.2%, compared with the respective three-year numbers of 19.1% against 28.9%.
Over five and 10 years, Murray International was a strong outperformer, beating its benchmark by 9.5% and 99.7%.
It has however grown its dividend for shareholders by 6.2%, paying out a total distribution to ordinary shareholders of £52.2m.
Gearing was increased by 5% over the 12 months, to 15.1% with total net borrowings at £190.8m, comprised of £70.7m in yen and the remainder in sterling.
'Protecting margins is key'
Stout said: “If the challenge 12 months ago was how to preserve capital in an environment of rising bond yields, the focus is now compounded by how to protect capital when earnings expectations remain too high. Protecting margins becomes of prime importance, so the portfolio will remain focused on those companies deemed well positioned to achieve this.
"Unfashionable as it may be, most value is still to be found in developing markets where earnings and dividend growth rates remain realistic. The focus on widespread global diversification to achieve capital and income objectives remains core to portfolio positioning."
