- Murray International has swung to a pretax return on ordinary activities ot £321.9m, from a loss of £29.7m.

Total assets stood at £1.6bn, up 21.2% from 1.3bn.

"Previously both the Manager and I have highlighted the extreme distortions in the financial landscape that monetary policy choices have produced over the past eight years," said chairman Kevin Carter.

"It is now estimated that some thirteen trillion US dollars equivalent of sovereign and corporate bonds trade at negative yields. This is unprecedented and scarcely explicable.

"It remains to be seen how this will play out in financial markets and the global economy, but policy makers seem certain to find it a struggle to navigate successfully the environment we are now in.

"Corporate earnings globally, but particularly in the developed markets, are under some pressure, and prospects are more than usually opaque as consumers are wary of the prevailing economic and interest rate environments they are facing.

"The Company's portfolio emphasises holdings in nations that have favourable demographics, with reasonable growth and prosperity potential. This fact, in combination with maintained stock selection disciplines, underpins the investment positioning of the portfolio."

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