364. Building a high-yield global portfolio

In this episode, we delve into the strategy behind the Murray International Trust, which has achieved 20 consecutive years of dividend growth. Co-manager Sam Fitzpatrick explains the fund’s evolving geographic allocation, reduced UK exposure, and increasing opportunities in US and emerging markets. We discuss standout performers in technology, challenges in Latin America, and how currency movements impact returns. With a bottom-up, company-first approach, the portfolio balances higher-yielding defensive names with lower-yielding growth opportunities. Sam also touches on fixed income trends, geopolitical uncertainty, and how strategic flexibility is key to navigating today’s volatile economic environment while preserving income growth.

What’s covered in this episode: 

• The evolution of allocation to the UK
• Balancing growth with yield
• The trust’s biggest contribution to the portfolio
• The largest detractor from the portfolio 
• …And why the managers are still backing it
• The role of currency on the portfolio
• The appeal of Latin America and emerging markets
• The surprisingly best long-term contributor to the portfolio
• Developed market vs emerging market companies
• Why the fixed income element is decreasing
• How tariffs have impacted the portfolio

More about the fund: This is a genuinely international portfolio. Aberdeen is well known for its global equity research capabilities and the managers make full use of the resources available to them. Overall, their style has meant that returns have been very strong in some years and weaker in others, but the trust has delivered in the long run. As a result, Murray International may suit investors who have a long-term investment horizon and are looking for income and growth from global markets.

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.