- Murray International Trust's net asset value (NAV) total return increased by 9.4% during the six months to 30 June.

This compares with a total return of 5.6% for the company's benchmark (40% FTSE World UK and 60% FTSE World ex UK).

The share price total return increased by 6.4% reflecting a slight reduction in the premium to NAV on which the shares traded.

The largest contributing factor to absolute overall returns was the trust's material exposure to emerging markets.

Latin America was the standout performer, delivering close to 20% total return in Sterling terms.

Large overweight exposures throughout Asia ex Japan also enhanced returns with high-conviction positions in Taiwan Semiconductor, Unilever Indonesia and MTR Corp all delivering strong capital and income growth.

Whilst Sterling's marginal strength against most portfolio currencies proved slightly negative for overall capital performance, this was more than offset within the emerging market bond portfolio which continued to record positive gains.

On a regional basis, within developed market equity exposure, contributions were mixed and varied, but essentially cancelled each other out to the point of overall neutrality.

Underweight exposures plus strong stock selection in North America and the UK were positive over the period, but underweight exposures and indifferent stock selection in Europe and Japan negated those gains.

"Overall, diversification proved effective, resilient and ultimately profitable, and this strategy will be maintained going forward," the company said.

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