Revenue Generation

Turning to income generated during the year, dividend increases generally matched conservative estimates, with over 70% of portfolio holdings increasing their dividends. Stocks including Taiwan Semiconductor, Singtel and Atlas Copco delivered dividend growth of over 20%. Cuts were expected in the more cyclical areas of the portfolio, where yields and payouts had been high, but where easing commodity prices would have impacted available free cash flow. The 11% cut at Vale, 14% cut at BHP and 42% cut at Woodside Energy were in line with forecasts, and these stocks remain high-yielding opportunities. Unilever's inexplicable dividend cut and Walmart de Mexico's election not to pay a special dividend again this year were unexpected but were not material for the portfolio. More meaningful disappointments came from the scale of the cuts at SQM and Telefonica Brasil, which exceeded expectations.

A major swing factor for the portfolio's revenue generation is currency fluctuations. The Company has over ninety percent of its assets invested in overseas assets, which are denominated in, and pay dividend income in, various currencies other than Sterling. Emerging market currency and commodity currency weakness relative to Sterling during the year resulted in a headwind to the income generated from companies domiciled in these markets. 

Although the dividend for 2024 will not therefore be covered, this must be seen in the context of the significant long-term positive dividend trend and the Company's significant revenue reserves, both of which are referred to in the Chair's Statement.

Portfolio Activity

Portfolio turnover of 13% of gross assets over the period was an increase from the prior year. However, it remained broadly consistent with the strategy of keeping turnover reasonably low unless the market environment presents opportunities. In a year when extended price distortions seldom prevailed, the general lack of volatility in global markets limited new investments to a handful of opportunities. A significant driver of portfolio activity was the strength of portfolio positions in Taiwan Semiconductor and Broadcom. These businesses enjoyed exceptionally strong share price performance and kept pushing up against the Company's 5% maximum investment guideline for any one position. Choosing to repay the £30m fixed rate loan that matured on 16 May 2024 also accounted for some portfolio turnover and reduced the overall level of outstanding loans to £110m.

In the first half of the year, the Swedish industrial Epiroc AB, which manufactures construction and mining machinery, was sold. The stock performed well since Atlas Copco, another Swedish industrial in the portfolio, spun off the business in 2018. Roche AG, the Swiss-listed developer and manufacturer of pharmaceuticals and diagnostic products, was also divested. Roche AG remains a solid business; there was simply higher conviction in the other healthcare names in the portfolio. Chinese property developer China Vanke proved to be a disappointment, with the investment thesis not playing out as intended; therefore, it was another low-conviction holding and an easy candidate to exit in order to reduce gearing. The portfolio exposure to North American midstream companies was consolidated into one position. TC Energy was sold, and the capital was recycled into Enbridge. The belief is that Enbridge carries less balance sheet and execution risk than its Canadian peer.

The only new addition to the portfolio in the first half of the year was the German luxury car brand Mercedes Benz Group. The company is looking to structurally improve its profitability by increasing the proportion of higher priced vehicles it sells, thereby improving margins and shareholder returns via dividends and share buybacks.

In the second half of the year, a reasonable portion of portfolio activity was reflected in the marginal reduction of existing positions in both Broadcom and Taiwan Semiconductor due to share price strength. Profits were also taken in Mexican airport operator Grupo Asur and Hon Hai Precision Industries in Taiwan. The capital raised from these trades was spread across existing portfolio positions, including Walmart de Mexico, Diageo, and Hong Kong Exchange & Clearing, which had been relatively weaker regarding share price performance but where the longer-term thesis is still perceived to be valid.

In September a position was initiated in Taylor Wimpey, one of the largest residential developers in the UK. The structural undersupply of UK housing should support the business's long-term growth in what is expected to be a more encouraging planning environment. The company is in a strong position given its healthy land bank and robust balance sheet, while its well supported and attractive dividend yield is amongst the highest in the sector.

Capital was rebalanced around the portfolio's consumer staples exposure in the fourth quarter. The catalyst for this was Unilever's strong share price performance in the UK, and the same was true of France's Danone. Both companies still offer an attractive opportunity; however, the question was about sizing. The decision was made to reduce both at the margin and to increase the exposure to French wine and spirits giant Pernod Ricard and to initiate a new holding in Coca-Cola, both of which had been relatively weak. Coca-Cola enjoys an exceptional brand and distribution network and a strong and diverse product portfolio with a strategic focus on healthier beverage options. This should position it well for continued long-term growth.

As the year drew to a close, continued strength in Broadcom meant that this position temporarily exceeded the 5% maximum investment guideline for any one position. When this position was reduced, the capital was put towards a new position in Medtronic, a US-based developer of therapeutic and diagnostic medical products. An ageing global population and increasing prevalence of chronic diseases, along with the company's innovative product pipeline in diabetes management and cardiac care, should support its growth potential.

From an overall investment perspective, the emphasis continues to favour diversified asset exposures in companies deemed beneficiaries of the evolving backdrop, maintaining a "barbell" strategy of owning growth, value and cyclical stocks. Selective growth companies, where yields tend to be lower, should continue to benefit from accelerating trends in artificial intelligence and industrial automation. With the stated objective of covering the dividend from the underlying dividends of the portfolio holdings, this exposure must be balanced alongside opportunities that offer higher yields.

Summary of Investment Changes During the Year

	Valuation		Appreciation/		Valuation
	31 December 2023		(depreciation)	Transactions	31 December 2024
	£'000	%	£'000	£'000	£'000	%
Equities
UK	56,605	3.2	3,827	34,019	94,451	5.3
Europe ex UK	496,419	27.8	(21,443)	(35,845)	439,131	24.9
North America	470,606	26.3	107,006	(11,685)	565,927	32.1
Asia Pacific ex Japan	426,426	23.8	38,363	(52,011)	412,778	23.4
Latin America	224,091	12.5	(62,602)	(19,006)	142,483	8.1
	1,674,147	93.6	65,151	(84,528)	1,654,770	93.8
Preference shares
UK	6,417	0.4	490	-	6,907	0.4
	6,417	0.4	490	-	6,907	0.4
Bonds
Europe ex UK	3,292	0.2	174	(1,763)	1,703	0.1
Asia Pacific ex Japan	44,799	2.5	(1,780)	218	43,237	2.4
Latin America	44,839	2.5	(1,515)	18	43,342	2.5
Africa & Middle East	14,369	0.8	533	133	15,035	0.8
	107,299	6.0	(2,588)	(1,394)	103,317	5.8
Total Investments	1,787,863	100.0	63,053	(85,922)	1,764,994	100.0

Outlook

As we enter 2025, the global economic landscape remains fraught with potential challenges and uncertainties. While some economies are showing real signs of resilience, structural vulnerabilities and geopolitical tensions suggest that, as always, alongside measured optimism, caution should also be warranted.

Geopolitical tensions, including ongoing conflicts and trade disputes, remain headwinds. The conflict in Ukraine continues to impact energy markets, while political instability in the Middle East and a potential escalation of tensions in the Indo-Pacific region further complicates the trade outlook. Colossal debt levels, exacerbated by pandemic-related spending and years of abnormally low interest rates, should remain a critical concern, as should the fact that nobody seems willing to acknowledge, debate, let alone attempt to address the issue.

While the long-awaited outcome of the US presidential election is now known, the full implications are still unclear. Capital markets have thus far focused on the reflationary aspects of President Trump's agenda; whether these moves are sustainable will depend on the new administration's economic priorities. The unified Republican government will almost certainly extend the expiring and expired provisions from the Tax Cuts and Jobs Act and pursue further tax cuts. However, the scale and composition of these measures are uncertain. The Federal Reserve is likely to cut rates more slowly than it otherwise would have done, which, combined with higher debt issuance and inflation, risks putting further upward pressure on US and global bond yields.

President Trump has clearly stated that he considers tariffs an effective means of rectifying perceived trade imbalances and unfair trading practices. However, there remains uncertainty over how tariffs play into President Trump's broader trade strategy. His first term saw tariffs threatened and used to seek concessions from trade partners. If he pursues this approach in his second term, tariff threats would likely be used more frequently than their actual application.

On balance, President Trump's policy agenda is likely to result in higher nominal GDP growth, with the bulk of the increase coming through higher inflation due to potentially looser fiscal policy, higher tariffs and lower immigration. This policy means interest rates are likely to fall more slowly than they otherwise would have done. Over the medium term, the Fed could face rhetorical pressure from President Trump if rates and the US Dollar do not evolve as the administration would like. At the same time, the new President is likely to change some of the personnel at the Fed when he gets the chance in 2026. There is a risk that heavy-handed interference in the Fed prompts disquiet in markets around the central bank's independence.

The UK economy has slowed sharply, with activity surveys consistent with only modest expansion at best. The package of measures contained in the budget should support near-term growth. However, increasing evidence shows that firms are responding to the upcoming cost shock from a higher minimum wage and the increase in national insurance by slashing hiring plans. The combination of higher gilt yields and lower growth means that the headroom against the government's fiscal rules has been wiped out, and the Office for Budget Responsibility is likely to confirm this in March. Tighter spending plans and tax increases are indeed likely, therefore. In Europe, weak activity data, including a disappointing retail sales outturn over November, confirmed that the Eurozone recovery is fragile. Uncertainty arising from President Trump's trade measures will pose a further headwind to growth. With the restrictiveness of European Central Bank policy being reduced, the Eurozone's economy is likely to avoid a recession, though risks remain. The portfolio's broad exposure to a balance of global and more domestically focused businesses in the UK and Europe remains as dividend yields and relative valuations remain attractive.

In China, economic indicators in December added to the picture of a strong end to 2024. While there may have been a moderation within manufacturing, services finished the year on a high note. Amid the "lowflationary" gloom there are at least a couple of tentative signs that the policy pivot in September may be gaining traction on the inflation side. We may have to wait until the "Two Sessions" in March to get details on the anticipated fiscal support package for households and businesses.

Elsewhere in Asia, growth in India is expected to continue at a robust pace. There was a downside surprise to growth in the third quarter, which raised questions over the economy's trajectory, but recent data points to resilience in key areas. Inflation is likely to continue to ease, driven by food inflation, bringing the level closer to the Reserve Bank of India's midpoint target. This would give the central bank the room to cut rates. The portfolio remains reasonably exposed to companies and economies across Asia. Growth levels still seem more attractive, debt levels are less concerning, and fundamentally sound businesses across various sectors remain attractive investment opportunities.

Emerging markets in Latin America could continue to face headwinds. Brazil's economy slowed in the second half of 2024 due to a contraction in exports, while domestic demand remained strong with support from fiscal policy. Concerns regarding fiscal sustainability and the economy overheating have weighed on Brazilian assets. In Mexico, economic growth accelerated in the second half of last year. However, there are question marks over the sustainability of this going forward. Muted momentum for domestic demand alongside policy uncertainty on both sides of the US and Mexico border had contributed to worsening private sector growth expectations in the short term. The portfolio maintains a significant exposure to companies listed in this part of the world, albeit it is concentrated in just six holdings. While it is an exposure that has delivered attractive returns over the long term for shareholders, it does, as always, require considerable and constant monitoring to ensure allocations are justified.

Given the many uncertainties and challenges ahead, our outlook remains cautious. As always, our focus is on the longer term and on finding individual stocks, which together, should deliver the specific investment mandate of the Company. We aim to make full use of the flexible remit, ensuring the portfolio is well diversified across regions and sectors and resilient enough to generate income and capital growth whilst endeavouring to preserve capital during periods of market weakness.

Martin Connaghan, Senior Investment Director Joined aberdeen in 1998 and has been involved in the management of global equity portfolios for over 20 years and directly involved with managing the Company since 2017

Samantha Fitzpatrick, Senior Investment Director Joined aberdeen in 1998 and has been involved in the management of global equity portfolios for over 20 years and directly involved with managing the Company since 2019

abrdn Investments Limited
5 March 2025

The Manager's Investment Process

Core Investment Beliefs

As an active equity investor, the Investment Manager's approach to equity investing is underpinned by three core investment beliefs:

-       Fundamental research is the key to delivering insights that can be used to exploit situations where the Investment Manager believes the market is not correctly valuing a company and so identify the best investment opportunities. Such market inefficiencies can arise from mispricing, information asymmetry or behavioural biases amongst investors who often have very different investment time horizons.

-       By including constructive engagement and environmental, social and governance (ESG) considerations at the heart of its company research, the Investment Manager believes that risks can be mitigated, and returns for clients enhanced, as companies with robust ESG practices tend to enjoy long-term financial benefits.

-       That disciplined, active investment with the aim of using stock specific insights to build high conviction portfolios and provide access to the Investment Manager's best investment ideas can deliver superior outcomes for clients.

Idea Generation

The Company's portfolio managers are Martin Connaghan and Samantha Fitzpatrick, who form part of aberdeen's equity division. When searching for investments for the Company's portfolio, the portfolio managers benefit from insights and ideas from the Investment Manager's c.110-strong active equity division, which is spread over 12 cities across the globe. Cross-asset class and macro economic insights are also gained from conversations held between the portfolio managers and other teams such as Credit, Real Estate and the aberdeen Research Institute. Analyst recommendations on every stock under coverage are quantitively measured, recognising that company insights are a critical component of alpha generation in portfolios over time.

The Investment Manager's reputation as a responsible long-term investor means the investment management team has first-rate access to the companies under research. Through structured meetings and regular conversations, the Investment Manager gathers insights from both executive management teams and non-executive directors.

Research

The Investment Manager has developed a proprietary research platform used by all its equity, credit and ESG teams, giving instant access to research globally. The research is focused on four key areas:

Foundations - the Investment Manager analyses how a company makes money, the attractiveness and characteristics of its industry, and the strength and sustainability of the economic competitive advantage or 'moat'. This includes a thorough evaluation of the company's ESG risks and opportunities. Face-to-face meetings help confirm the Investment Manager's understanding and challenge the key elements of a company's fundamentals including:

-       The evolution and growth of the business.

-       The sustainable competitive advantage.

-       Management's track record of execution and managing risk.

-       The balance sheet and financials.

-       ESG risks and opportunities.

Dynamics - shorter and longer-term business dynamics are one of the critical determinants of a company's corporate value over time. In addition, the Investment Manager looks for changes in the factors driving the market price of a stock, identifying the drivers that the broader market may not be pricing in. Understanding the dynamics behind these drivers allows the Investment Manager to focus on the factors that will drive shareholder returns from a particular stock.

Financials and Valuation - the Investment Manager examines the strengths and weaknesses of a company's financials, including a detailed analysis of the balance sheet, cash flow and accounting practices, the market's perception of the company's future prospects and value, and its own forecasts of future financials and how the stock should be priced. This includes significant focus on the dividend paying capability of each business and the potential for dividend growth.

Investment Insight and Risk - the Investment Manager articulates its investment thesis, explaining how it views a stock differently from the market consensus and how it expects to crystallise value from the holding over time, while also flagging any key risks.

Peer Review

Having a common investment language internally facilitates effective communication and comparison of investment ideas through peer review which is a critical part of the investment process. All investment ideas are subject to rigorous peer review, both at regular meetings and on an ad-hoc basis.

Martin Connaghan and Samantha Fitzpatrick form part of a dedicated equity income group consisting of senior team members with clear accountability for various income strategies. This group debates stock holdings, portfolio structure and risk profiles.

Portfolio Construction/Risk Controls

The Company's portfolio is built from the bottom up by Martin Connaghan and Samantha Fitzpatrick, who prioritise high conviction stock ideas, once they have been debated, in a risk aware framework. The portfolio risk tolerance is derived from the Company's investment objective and required outcomes.

As an active equity investor, the Investment Manager has adopted a disciplined portfolio construction process which takes appropriate and intentional risk to drive returns. Risk systems monitor and analyse risk exposures across multiple perspectives breaking down the risk within the portfolio by industry and country factors, by currency and macro factors, and by other fundamental factors (quality, momentum, etc). Consideration of risk starts at the stock level with rigorous company research helping the management team to avoid stock specific errors. Martin Connaghan and Samantha Fitzpatrick ensure that any sector or country risk is appropriately sized and managed relative to the overall objectives of Company. Portfolios built by the Investment Manager's management teams are formally reviewed on a regular basis with the Investment Manager's Global Head of Equities and its Investment Governance and Risk teams. This oversight monitors portfolio risk and oversees operational risk to ensure client objectives are met.

Integrated ESG and Climate Change Analysis 

Whilst ESG factors are not the over-riding criteria in relation to the investment decisions taken by the management team for the Company, significant attention is given to ESG and climate related factors throughout the investment process. By embedding ESG analysis into the active equity investment process, the Investment Manager aims to enhance potential value for shareholders, reducing risk and investing in companies that can contribute positively to the world. In the Investment Manager's view, companies that successfully manage climate change risks will perform better in the long term. It is important that the Investment Manager assesses the financial implications of material climate change risks across all asset classes, including real assets, to make portfolios more resilient to climate risk. Further details of the Manager's embedded ESG process are contained on page 21 of the published Annual Report and Financial Statements for the year ended 31 December 2024.

abrdn Investments Limited

5 March 2025

Key Performance Indicators (KPIs)

The Board uses a number of financial and operating performance measures to assess the Company's success in achieving its investment objective and to determine the progress of the Company in pursuing its investment policy. The Board has identified the Company's main KPIs (refer to Glossary on pages 127 to 129 of the published Annual Report and Financial Statements for the year ended 31 December 2024) which it considers at each Board meeting.  These KPIs are as follows:

KPI	Description
Dividend	Absolute Growth: The Board's aim is to seek to increase the Company's revenues over time in order to maintain an above average dividend yield. The Board measures average yield against the rate of RPI and against other investment options including the average of the Peer Group (the AIC Global Equity Income sector excluding market capitalisations below £100m). Dividends paid over the past 10 years are set out on page 32 of the published Annual Report and Financial Statements for the year ended 31 December 2024 together with a chart showing the Peer Group and Reference Index long-term yields. There is also a graph showing dividend growth compared to inflation on page 31 of the published Annual Report and Financial Statements for the year ended 31 December 2024. Relative Yield: The Board also monitors the yield level against the Reference Index, the rate of RPI and other investment trusts' yields within the Company's Peer Group over a range of time periods, taking into consideration the differing investment policies and objectives employed by those companies.
NAV Performance	Absolute Performance: The Board considers the Company's NAV total return figures to be the best indicators of performance over time and these are the main indicators of performance used by the Board. Relative Performance: The Board also measures NAV total return performance against the Reference Index. A graph showing the NAV and Reference Index total returns is shown on page 31 of the published Annual Report and Financial Statements for the year ended 31 December 2024.
Share Price Performance	Absolute Performance: The Board monitors the share price absolute return over time. Relative Performance: The Board also monitors the price at which the Company's shares trade relative to the Reference Index on a total return basis over time and a graph showing absolute and relative share price performance is shown on page 31 of the published Annual Report and Financial Statements for the year ended 31 December 2024. In addition, there is further commentary on the performance in the Chair's Statement and Investment Manager's Review.
Share Price Discount/Premium to NAV	The discount/premium relative to the NAV per share represented by the share price is closely monitored by the Board. The objective is to avoid large fluctuations in the discount/premium by the use of share buybacks and the issuance of new shares or the sale of Treasury shares, subject to market conditions.  A graph showing the share price premium/(discount) relative to the NAV and investment trust sector (excluding VCTs) is shown on page 31 of the published Annual Report and Financial Statements for the year ended 31 December 2024.
Gearing	The Board's aim is to ensure that gearing as a percentage of NAV is kept within the Board's guidelines issued to the Manager as disclosed on page 33 of the published Annual Report and Financial Statements for the year ended 31 December 2024.
Ongoing Charges Ratio	Absolute Performance: The Board monitors the level and longer-term trend of the Company's OCR in absolute terms. Relative Performance: The Board also monitors the level and relative trend of the OCR versus the Company's Peer Group, taking into consideration the differing investment policies and objectives employed by those companies. A key element of the OCR is the management fee which is reviewed regularly to ensure that it remains competitive against the peer group. Details of the annual OCR trend are disclosed on page 30 and there is a chart showing published OCR data for the Peer Group on page 32 of the published Annual Report and Financial Statements for the year ended 31 December 2024.

 

Performance Track Record

Total Return

% Return	1 year	3 year	5 year	10 year
Share priceAB	+4.5	+27.5	+29.5	+99.1
Net asset value per Ordinary shareA	+8.1	+27.7	+47.0	+126.7
UK RPI	+3.5	+23.4	+34.3	+52.3
Reference IndexC	+19.8	+28.5	+65.0	+175.5
A Considered to be an Alternative Performance Measure.
B Mid to mid.
C Reference Index comprising 60% FTSE World ex UK Index/40% FTSE World UK Index up to April 2020 and 100% FTSE All World TR Index from May 2020.
Source: aberdeen Group, Morningstar & Lipper

Ten Year Financial Record

Year end A	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total revenue (£'000)	67,020	77,333	79,471	77,105	82,417	68,918	78,737	88,745	88,833	84,216
Per Ordinary share (p):
Net asset value	169.8	227.1	250.3	221.6	238.0	227.6	248.1	258.7	268.8	278.4
Share price	165.9	237.6	253.6	226.4	252.0	226.0	231.2	266.8	258.0	257.5
Net revenue returnB	9.1	10.2	10.4	9.9	10.8	9.3	10.3	12.0	12.1	11.6
DividendsC	9.3	9.5	10.0	10.3	10.7	10.9	11.0	11.2	11.5	11.8
Dividend cover	0.99x	1.08x	1.04x	0.96x	1.01x	0.86x	0.94x	1.07x	1.05x	0.98x
Revenue reserves (£'000)	64,767	70,963	75,252	73,563	75,747	66,764	62,967	69,239	75,132	74,182
Shareholders' funds (£'bn)	1.091	1.448	1.599	1.420	1.539	1.462	1.561	1.617	1.669	1.679
Ongoing charges ratio(%)D	0.75	0.68	0.64	0.69	0.65	0.68	0.59	0.52	0.53	0.52
A Figures for 2015-2022 have been restated to reflect the 5:1 sub-division on 24 April 2023.
B Net revenue return per Ordinary share has been based on the average Ordinary share capital during each year (see note 9).
C The figure for dividends per share reflects the years to which their declaration relates and not the years they were paid.
D Considered to be an Alternative Performance Measure.

Investment Objective and Investment Policy

Investment trusts, such as the Company, are long-term investment vehicles.  Typically, investment trusts are externally managed, have no employees, and are overseen by an independent non-executive board of directors.  Your Company's Board of Directors sets the investment mandate, monitors the performance of all service providers (including the Manager) and is responsible for reviewing strategy on a regular basis. All of this is done with the aim of preserving and enhancing shareholder value over the longer term.

Reference Index

The Company does not have a Benchmark.  However, performance is considered against a number of measures including a Reference Index, the FTSE All World TR Index, which was adopted in April 2020.  Given the composition of the portfolio and the Manager's investment process, it is likely that the Company's investment performance may diverge, possibly significantly, from this Reference Index. Longer term performance is measured against a blend of the old composite Benchmark (40% of the FTSE World UK Index and 60% of the FTSE World ex-UK Index) up to 27 April 2020 and the FTSE All World TR Index thereafter.

Investment Objective

The aim of the Company is to achieve an above average dividend yield, with long-term growth in dividends and capital ahead of inflation, by investing principally in global equities.

Investment Policy

There are a number of elements set out in the investment policy delegated to the Manager which are set out below:

Asset Allocation

The Company's assets are currently invested in a diversified portfolio of international equities and fixed income securities spread across a range of industries and economies. The Company's investment policy is flexible and it may, from time to time, hold other securities including (but not limited to) index-linked securities, convertible securities, preference shares, unlisted securities, depositary receipts and other equity-related securities. The Company may invest in derivatives for the purposes of efficient portfolio management in the furtherance of its investment objective.

The Company's investment policy does not impose any geographical, sectoral or industrial constraints upon the Manager. The Board has set guidelines which the Manager is required to work within. It is the investment policy of the Company to invest no more than 15% of its gross assets in other listed investment companies (including listed investment trusts), at the time of purchase. The Company currently does not have any investments in other investment companies.  The Manager is authorised to enter into stocklending contracts and the Company undertakes limited stocklending activity.

Risk Diversification

The Manager actively monitors the Company's portfolio and attempts to mitigate risk primarily through diversification. The Company is permitted to invest up to 15% of its investments by value in any single holding (at the time of purchase) although, typically, individual investments do not exceed 5% of the total portfolio.

Gearing

The Board considers that returns to shareholders can be enhanced by the judicious use of borrowing. The Board is responsible for the level of gearing in the Company and reviews the position on a regular basis. Any borrowing, except for short-term liquidity purposes, is used for investment purposes or to fund the purchase of the Company's own shares.

Total gearing will not in normal circumstances exceed 30% of net assets with cash deposits netted against the level of borrowings. At the year end, there was net gearing of 6.1% (calculated in accordance with Association of Investment Companies guidance).  Particular care is taken to ensure that any bank covenants permit maximum flexibility in investment policy.

Changes to Investment Policy

Any material change to the investment policy will require the approval of the shareholders by way of an ordinary resolution at a general meeting.

Ten Largest Investments

As at 31 December 2024

Taiwan Semiconductor Manufacturing		Broadcom Corporation
Holding: 4.1%		Holding: 4.0%
Taiwan Semiconductor Manufacturing is one of the largest integrated circuit manufacturers in the world. The company is involved in component design, manufacturing, assembly, testing and mass production of integrated circuits.		Broadcom designs, develops and markets digital and analogue semiconductors worldwide. The company offers wireless components, storage adaptors, networking processors, switches, fibre optic modules and optical sensors.
Philip Morris International		Oversea-Chinese Bank
Holding: 3.8%		Holding: 3.3%
Philip Morris International is one of the world's leading global tobacco companies. It manufactures and sells leading recognisable brands such as Marlboro, Parliament and Virginia Slims. Smoke-free products now account for c40% of sales and include heat-not-burn, vapour and oral nicotine products.		Oversea-Chinese Banking Corporation offers a comprehensive range of financial services spread across four main business segments. These include Global Consumer/Private Banking; Global Wholesale Banking; Global Treasury & Markets; plus Insurance.
CME Group		Aeroporto del Sureste
Holding: 3.1%		Holding: 3.0%
Based in Chicago, USA CME Group operates a derivatives exchange that trades futures contracts and options, interest rates, stock indexes, foreign exchange and commodities.		Grupo Aeroporto del Sureste operates airports in Mexico. The company holds long-term concessions to manage airports in leading tourist resorts and major cities.
AbbVie		Enbridge
Holding: 2.9%		Holding: 2.8%
AbbVie Inc is a global pharmaceutical company, producing a broad range of drugs for use in speciality therapeutic areas such as immunology, chronic kidney disease, oncology and neuroscience.		Enbridge is an energy infrastructure company that owns and operates extensive pipeline networks throughout Canada and the US, transporting crude oil, natural gas, and natural gas liquids. The company is also involved in renewable energy projects, including wind and solar power.
BE Semiconductor		Zurich Insurance
Holding: 2.7%		Holding: 2.7%
BE Semiconductor Industries N.V produces integrated semiconductor assembly equipment.  The business designs, develops, builds, markets and services machines that manufacture semiconductor packages.  BE also produces automated moulding and plating machines and manufactures leadframes.		Zurich Insurance Group offers a wide range of insurance products and services, including general insurance, life insurance, and asset management services. It serves individuals, as well as large and small businesses, in over 200 countries worldwide.

List of Investments

		Valuation	Total	Valuation
		2024	assetsA	2023B
Company	Country	£'000	%	£'000
Taiwan Semiconductor Manufacturing	Taiwan	73,309	4.1	68,091
Broadcom Corporation	USA	72,177	4.0	87,573
Philip Morris International	USA	67,244	3.8	51,665
Oversea-Chinese Bank	Singapore	58,576	3.3	46,314
CME Group	USA	55,628	3.1	49,563
Aeroporto del Sureste	Mexico	53,274	3.0	83,062
AbbVie	USA	51,389	2.9	54,711
Enbridge	Canada	50,758	2.8	21,283
BE Semiconductor	Netherlands	49,223	2.7	73,070
Zurich Insurance	Switzerland	47,454	2.7	40,962
Top ten investments		579,032	32.4
Cisco Systems	USA	44,647	2.5	31,704
TotalEnergies	France	44,109	2.4	53,377
Telus	Canada	41,076	2.3	28,008
Verizon Communications	USA	40,902	2.3	29,565
Siemens	Germany	39,020	2.2	40,703
UnileverC	UK & Netherlands	36,302	2.0	43,698
Singapore Telecommunications	Singapore	36,054	2.0	26,333
Merck	USA	35,748	2.0	38,484
Hong Kong Exchanges	Hong Kong	34,242	1.9	24,194
Johnson & Johnson	USA	33,836	1.9	30,369
Top twenty investments		964,968	53.9
Shell	Netherlands	33,674	1.9	34,945
Enel	Italy	33,187	1.9	33,978
Tryg	Denmark	32,776	1.8	33,264
Hon Hai Precision Industry	Taiwan	32,714	1.8	31,898
British American Tobacco	UK	31,669	1.8	25,240
Samsung Electronics	Korea	29,696	1.7	44,818
Bristol-Myers Squibb	USA	29,370	1.7	26,152
Pernod-Ricard	France	28,799	1.6	16,606
BHP Group	Australia	27,328	1.5	37,653
Sanofi	France	27,016	1.5	27,207
Top thirty investments		1,271,197	71.1
Danone	France	26,763	1.5	33,743
Mercedes-Benz	Germany	26,585	1.5	-
Walmart de Mexico	Mexico	26,132	1.5	36,376
Coca-Cola	USA	25,610	1.4	-
Diageo	UK	25,370	1.4	8,568
SCB X	Thailand	24,660	1.4	21,822
Ping An Insurance	China	23,667	1.3	12,766
GlobalWafers	Taiwan	23,198	1.3	37,509
Vale do Rio Doce	Brazil	18,857	1.0	33,103
Taylor Wimpey	UK	18,315	1.0	-
Top forty investments		1,510,354	84.4
Medtronic	USA	17,542	1.0	-
Sociedad Quimica Y Minera de Chile	Chile	17,410	1.0	28,334
Telenor	Norway	17,174	1.0	13,504
Woodside Energy	Australia	17,012	1.0	23,268
China Resources Land	China	16,189	0.9	19,655
Atlas Copco	Sweden	16,146	0.9	26,675
Telkom Indonesia	Indonesia	16,133	0.9	24,149
Republic of South Africa 7% 28/02/31D	South Africa	15,035	0.8	14,369
United Mexican States 5.75% 05/03/26D	Mexico	14,653	0.8	17,084
Republic of Indonesia 6.125% 15/05/28D	Indonesia	14,485	0.8	15,078
Top fifty investments		1,672,133	93.5
Telefonica Brasil	Brazil	13,685	0.8	19,463
Banco Bradesco	Brazil	13,125	0.7	23,753
Republic of Dominica 6.85% 27/01/45D	Dominican Republic	11,755	0.7	11,702
Petroleos Mexicanos 6.75% 21/09/47D	Mexico	10,979	0.6	10,264
Republic of Indonesia 8.375% 15/03/34D	Indonesia	10,770	0.6	11,374
HDFC Bank 7.95% 21/09/26D	India	6,983	0.4	7,053
Power Finance Corp 7.63% 14/08/26D	India	6,973	0.4	7,020
Petroleos Mexicanos 5.5% 27/06/44D	Mexico	5,955	0.3	5,789
Republic of Indonesia 10% 15/02/28D	Indonesia	4,026	0.2	4,274
Santander 10.375% Non Cum PrefD	UK	3,547	0.2	3,197
Top sixty investments		1,759,931	98.4
General Accident 7.875% Cum Irred PrefD	UK	3,360	0.2	3,220
Republic of Turkey 8% 12/03/25D	Turkey	1,703	0.1	1,577
Total investments		1,764,994	98.7
Net current assetsA		23,771	1.3
Total assets		1,788,765	100.0
A Excluding bank loan.
B The 2023 column denotes the Company's holding at 31 December 2023.
C The 2024 holding comprises UK and Netherlands securities, split £19,097,000 (2023 - £22,797,000) and £17,205,000 (2023 - £20,901,000) respectively.
D Quoted preference share or bond.

Summary of Net Assets

	Valuation		Valuation
	31 December 2024		31 December 2023
	£'000	%	£'000	%
Equities	1,654,770	98.6	1,674,147	100.3
Preference shares	6,907	0.4	6,417	0.4
Bonds	103,317	6.1	107,299	6.4
Total investments	1,764,994	105.1	1,787,863	107.1
Net current assetsA	23,771	1.4	20,900	1.3
Total assetsB	1,788,765	106.5	1,808,763	108.4
BorrowingsC	(109,916)	(6.5)	(139,901)	(8.4)
Net assets	1,678,849	100.0	1,668,862	100.0
A Excluding bank loan.
B See definition on page 129 of the published Annual Report and financial statements for the year ended 31 December 2024.
C See note 13.

Sector/Geographical Analysis

				Asia		Africa
	United	North	Europe	Pacific	Latin	& Middle	2024	2023
	Kingdom	America	ex UK	ex Japan	America	East	Total	Total
Sector/Geographical Analysis	%	%	%	%	%	%	%	%
Energy	-	2.8	4.4	0.9	-	-	8.1	8.5
Oil, Gas and Coal	-	2.8	4.4	0.9	-	-	8.1	8.5
Basic Materials	-	-	-	1.5	2.0	-	3.5	5.5
Chemicals	-	-	-	-	1.0	-	1.0	1.6
Industrial Metals and Mining	-	-	-	1.5	1.0	-	2.5	3.9
Industrials	-	-	3.1	-	3.0	-	6.1	9.8
General Industrials	-	-	2.2	-	-	-	2.2	2.3
Industrial Engineering	-	-	0.9	-	-	-	0.9	2.9
Industrial Transportation	-	-	-	-	3.0	-	3.0	4.6
Consumer Staples	4.3	5.2	4.0	-	-	-	13.5	10.0
Beverages	1.4	1.4	1.6	-	-	-	4.4	1.4
Food Producers	-	-	1.5	-	-	-	1.5	1.9
Personal Care, Drug and Grocery Stores	1.1	-	0.9	-	-	-	2.0	2.4
Tobacco	1.8	3.8	-	-	-	-	5.6	4.3
Consumer Discretionary	1.0	-	1.5	-	1.5	-	4.0	2.0
Automobiles and Parts	-	-	1.5	-	-	-	1.5	-
Household Goods and Home Construction	1.0	-	-	-	-	-	1.0	-
Retailers	-	-	-	-	1.5	-	1.5	2.0
Health Care	-	9.4	1.5	-	-	-	10.9	11.0
Health Care Equipment & Services	-	1.0	-	-	-	-	1.0	-
Pharmaceuticals & Biotechnology	-	8.4	1.5	-	-	-	9.9	11.0
Telecommunications	-	7.1	1.0	4.6	0.8	-	13.5	11.9
Telecommunications Service Providers	-	4.6	1.0	2.9	0.8	-	9.3	7.7
Telecommunications Equipment	-	2.5	-	1.7	-	-	4.2	4.2
Utilities	-	-	1.9	-	-	-	1.9	1.9
Electricity	-	-	1.9	-	-	-	1.9	1.9
Financials	-	3.1	4.5	7.9	0.7	-	16.2	13.9
Banks	-	-	-	4.7	0.7	-	5.4	5.1
Investment Banking and Brokerage Services	-	3.1	-	1.9	-	-	5.0	4.0
Life Insurance	-	-	-	1.3	-	-	1.3	0.7
Nonlife Insurance	-	-	4.5	-	-	-	4.5	4.1
Real Estate	-	-	-	0.9	-	-	0.9	1.6
Real Estate Investment and Services	-	-	-	0.9	-	-	0.9	1.6
Technology	-	4.0	2.7	7.2	-	-	13.9	16.5
Technology Hardware & Equipment	-	4.0	2.7	7.2	-	-	13.9	16.5
Total equities	5.3	31.6	24.6	23.0	8.0	-	92.5	92.6
Preference shares and bonds	0.4	-	0.1	2.4	2.4	0.9	6.2	6.2
Total investments	5.7	31.6	24.7	25.4	10.4	0.9	98.7	98.8
Net current assets							1.3	1.2
Total assetsA							100.0	100.0
A See definition on page 129 of the published Annual Report and financial statements for the year ended 31 December 2024.

Directors' Report

The Directors present their report and the audited financial statements for the year ended 31 December 2024.

Results and Dividends

Details of the Company's proposed dividend and results are shown on pages 4 and 5 of the published Annual Report and Financial Statements for the year ended 31 December 2024.

Investment Trust Status

The Company is registered as a public limited company (registered in Scotland No. SC006705) and has been accepted by HM Revenue & Customs as an investment trust subject to the Company continuing to meet the relevant eligibility conditions of Section 1158 of the Corporation Tax Act 2010 and the ongoing requirements of Part 2 Chapter 3 Statutory Instrument 2011/2999 for all financial years commencing on or after 1 January 2012.  The Directors are of the opinion that the Company has conducted its affairs for the year ended 31 December 2024 so as to enable it to comply with the ongoing requirements for investment trust status.

Individual Savings Accounts

The Company has conducted its affairs so as to satisfy the requirements as a qualifying security for Individual Savings Accounts. The Directors intend that the Company will continue to conduct its affairs in this manner.

Share Capital

The Company's capital structure is summarised in note 14 to the financial statements. 

At 31 December 2024, there were 603,129,219 fully paid Ordinary shares of 5p each (2023 - 620,866,332 Ordinary shares) in issue.  At the year end there were 43,930,796 (2023 - 26,193,683) Ordinary shares held in Treasury.

During the year 17,737,113 Ordinary shares were bought back for Treasury representing 2.8% of the Company's total issued share capital (2023 - 5,248,133 Ordinary shares). Further details on buybacks are provided in note 14 to the financial statements.  No Ordinary shares were sold from Treasury (2023 - 1,050,000) or issued during the year.

Share Rights

Ordinary shareholders are entitled to vote on all resolutions which are proposed at general meetings of the Company. The Ordinary shares carry a right to receive dividends and, on a winding up, after meeting the liabilities of the Company, the surplus assets will be paid to Ordinary shareholders in proportion to their shareholdings.

Management and Secretarial Arrangements

The Company has appointed abrdn Fund Managers Limited ("aFML"), a wholly owned subsidiary of aberdeen Group plc, as its alternative investment fund manager under the terms of an investment management agreement dated 14 July 2014 (as amended). Under the terms of the agreement, the Company's portfolio is managed by abrdn Investments Limited ("aIL") by way of a group delegation agreement in place between aFML and aIL. Investment management services are provided to the Company by aFML. Company secretarial, accounting and administrative services have been delegated by aFML to abrdn Holdings Limited.

The management fee is charged at the rate of 0.5% per annum of Net Assets up to £500m and 0.4% per annum of Net Assets above £500m.  In addition, a fee of 1.5% per annum remains chargeable on the value of any unlisted investments. The investment management fee is chargeable 30% against revenue and 70% against realised capital reserves in line with the Board's long-term expectation of returns from revenue and capital. No fees are charged in the case of investments managed or advised by the aberdeen Group.

The management agreement may be terminated by either party on the expiry of six months' written notice. On termination, the Manager would be entitled to receive fees which would otherwise have been due up to that date.

The Board considers the continued appointment of the Manager on the terms agreed to be in the interests of the shareholders as a whole because the aberdeen Group has the investment management, secretarial, promotional and administrative skills and expertise required for the effective operation of the Company.

The Board

The Board currently consists of six non-executive Directors.

The names and biographies of the current Directors are disclosed on pages 56 to 58 of the published Annual Report and Financial Statements for the year ended 31 December 2024 indicating their range of experience as well as length of service.

All Directors will retire at the AGM in April 2025 and, with the exception of Mrs Mackesy who has served nine years, each Director will stand for re-election. 

The Board considers that there is a balance of skills and experience within the Board relevant to the leadership and direction of the Company and that all the Directors contribute effectively.  The reasons for the re-election of the individual Directors are set out on pages 56 to 58 of the published Annual Report and Financial Statements for the year ended 31 December 2024.

Board Diversity

As indicated in the Strategic Report, the Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge represented on the Board in order to allow it to fulfil its obligations. The Board also recognises the benefits and is supportive of, and will give due regard to, the principle of diversity in its recruitment of new Board members. The Board will not display any bias for age, gender, race, sexual orientation, socio-economic background, religion, ethnic or national origins or disability in considering the appointment of Directors. The Board will continue to ensure that all appointments are made on the basis of merit against the specification prepared for each appointment. The Board takes account of the targets set out in the FCA's Listing Rules, which are set out below.

As an externally managed investment company, the Board employs no executive staff, and therefore does not have a chief executive officer (CEO) or a chief financial officer (CFO)- both of which are deemed senior board positions by the FCA.  Senior board positions recognised by the FCA are chair of the board and senior independent director (SID).  However, the Board considers the Chair of the Audit and Risk Committee also to be a senior board position and the following disclosure is made on this basis.  In addition, the Board has resolved that the Company's year end date be the most appropriate date for disclosure purposes.

The following information has been voluntarily disclosed by each Director and is correct as at 31 December 2024.  The Board confirms that the Company is in compliance with the recommendations of the Parker Review on diversity in the UK boardroom.

Board as at 31 December 2024
	Number of Board Members	Percentage of the Board	Number of Senior Positions on the Board (Note 3)
Men	2	33%	0
Women (Note 1)	4	67%	3
White British or other White (including minority-white groups)	5	83%	3
Minority Ethnic (Note 2)	1	17%	0

1. Meets target that at least 40% of Directors are women as set out in LR 6.6.6R (9)(a)(i).
2. Meets target that at least one Director is from a minority ethnic background as set out in LR 6.6.6R (9)(a)(iii).
3. This column is deemed not to be applicable as the Company is externally managed and does not have executive staff or a CEO/CFO.  The Company considers that the roles of Chair, Senior Independent Director and Chair of the Audit & Risk Committee are senior Board positions and accordingly the Company meets the target that at least one senior role is held by a woman set out in LR6.6.6(9)(a)(i).

 

The Role of the Chair and Senior Independent Director

The Chair of the Company is responsible for providing effective leadership to the Board, by setting the tone of the Company, demonstrating objective judgement and promoting a culture of openness and debate. The Chair facilitates the effective contribution, and encourages active engagement, by each Director. In conjunction with the Company Secretary, the Chair ensures that Directors receive accurate, timely and clear information to assist them with effective decision-making. The Chair leads the evaluation of the Board and individual Directors, and acts upon the results of the evaluation process by recognising strengths and addressing any weaknesses. The Chair also engages with major shareholders and ensures that all Directors understand shareholder views.

The Senior Independent Director acts as a sounding board for the Chair and acts as an intermediary for other Directors, when necessary. Working closely with the Nomination Committee, the Senior Independent Director takes responsibility for an orderly succession process for the Chair, and leads the annual appraisal of the Chair's performance. The Senior Independent Director is also available to shareholders to discuss any concerns they may have.  Mrs Mackesy, the current Senior Independent Director, will be retiring from the Board in April 2025 and with effect from the close of business of the AGM on 24 April 2025, Ms Colquhoun will become Senior Independent Director.

Management of Conflicts of Interest

No Director has a service contract with the Company although Directors are issued with letters of appointment. The Directors' interests in contractual arrangements with the Company are as shown in note 21 to the financial statements and the Directors' Remuneration Report. No Directors had any other interest in contracts with the Company during the period or subsequently. 

The Board has a procedure in place to deal with a situation where a Director has a conflict of interest, as required by the Companies Act 2006. As part of this process, the Directors are required to disclose other positions held and all other conflict situations that may need to be authorised either in relation to the Director concerned or his or her connected persons. The Board considers each Director's situation and decides whether to approve any conflict, taking into consideration what is in the best interests of the Company and whether the Director's ability to act in accordance with their wider duties is affected. Each Director is required to notify the Company Secretary of any potential or actual conflict situations that will need authorising by the Board. Authorisations given by the Board are reviewed at each Board meeting. All proposed significant external appointments are also required to be approved, in advance, by the Chair and then communicated to other Directors for information.

The Company has a policy of conducting its business in an honest and ethical manner. The Company takes a zero tolerance approach to bribery and corruption and has procedures in place that are proportionate to the Company's circumstances to prevent them. The Manager also adopts a group-wide zero tolerance approach and has its own detailed policy and procedures in place to prevent bribery and corruption. Copies of the Manager's anti-bribery and corruption policies are available on its website.

In relation to the corporate offence of failing to prevent tax evasion, it is the Company's policy to conduct all business in an honest and ethical manner. The Company takes a zero-tolerance approach to facilitation of tax evasion whether under UK law or under the law of any foreign country and is committed to acting professionally, fairly and with integrity in all its business dealings and relationships. 

Corporate Governance

The Corporate Governance Statement forms part of the Directors' Report.  The Company is committed to high standards of corporate governance. The Board is accountable to the Company's shareholders for good governance and this statement describes how the Company has applied the principles identified in the UK Corporate Governance Code as published in July 2018 (the "UK Code"), which is available on the Financial Reporting Council's (the "FRC") website: frc.org.uk.

The Board has also considered the principles and provisions of the AIC Code of Corporate Governance as published in February 2019 (the "AIC Code").  The AIC Code addresses the principles and provisions set out in the UK Code, as well as setting out additional provisions on issues that are of specific relevance to the Company. The AIC Code is available on the AIC's website: theaic.co.uk.

The Board considers that reporting against the principles and provisions of the AIC Code, which has been endorsed by the FRC, provides more relevant information to shareholders.

The Board confirms that, during the year, the Company complied with the principles and provisions of the AIC Code and the relevant provisions of the UK Code, except as set out overleaf.

The UK Code includes provisions relating to:

-       interaction with the workforce (provisions 2, 5 and 6);

-       the role and responsibility of the chief executive (provisions 9 and 14);

-       previous experience of the chair of a remuneration committee (provision 32); and

-       executive directors' remuneration (provisions 33 and 36 to 40).

The Board considers that these provisions are not relevant to the position of the Company, being an externally managed investment company. In particular, all of the Company's day-to-day management and administrative functions are outsourced to third parties. As a result, the Company has no executive directors, employees or internal operations. The Company has therefore not reported further in respect of these provisions. 

The full text of the Company's Corporate Governance Statement can be found on the Company's website, murray-intl.co.uk.  The Board is cognisant of the FRC's revised Corporate Governance Code 2024, effective for financial years commencing on or after 1 January 2025 and expects to be in compliance with this 2024 Code for the year ending 31 December 2025.

The table below details Directors' attendance at scheduled Board and Committee meetings held during the year ended 31 December 2024 (with eligibility to attend the relevant meeting in brackets). In addition there were a number of other ad hoc Board meetings held during the year.

	Scheduled Board	Audit & Risk Com	Nom. Com	MEC	Rem. Com
V. Holmes A	6 (6)	3 (3)	4 (4)	1 (1)	1 (1)
C. Binyon	6 (6)	3 (3)	4 (4)	1 (1)	1 (1)
W. Colquhoun	6 (6)	3 (3)	4 (4)	1 (1)	1 (1)
G. Eckersley	6 (6)	3 (3)	4 (4)	1 (1)	1 (1)
A. Mackesy	6 (6)	3 (3)	4 (4)	1 (1)	1 (1)
N. Melhuish	6 (6)	3 (3)	4 (4)	1 (1)	1 (1)
A  Ms Holmes was appointed Chair on 31 December 2023 and attends Audit & Risk Committee meetings by invitation

Board Committees

Terms of Reference

The terms of reference of all the Board Committees may be found on the Company's website murray-intl.co.uk and copies are available from the Company Secretary upon request. The terms of reference are reviewed and re-assessed by the Board for their adequacy on an
annual basis.

Audit and Risk Committee

The Report of the Audit and Risk Committee is on pages 71 to 73 of the published Annual Report and Financial Statements for the year ended 31 December 2024.

Management Engagement Committee ("MEC")

The MEC comprises all of the Directors and was chaired by Ms Holmes up to 31 December 2024 and by Ms Colquhoun from 1 January 2025. The Committee reviews the performance of the Manager and its compliance with the terms of the management and secretarial agreement. The terms and conditions of the Manager's appointment, including an evaluation of fees, are reviewed by the Committee on an annual basis. The Committee believes that the continuing appointment of the Manager on the terms that have been agreed is in the interests of shareholders as a whole. The Committee is also responsible for the oversight and annual review of all other key service provider relationships.

Nomination Committee

All appointments to the Board of Directors are considered by the Nomination Committee which comprises the entire Board and is chaired by Ms Holmes. The Board's overriding priority in appointing new Directors to the Board is to identify the candidate with the best range of skills and experience to complement existing Directors. The Board also recognises the benefits of diversity and its policy on diversity is referred to in the Strategic Report on page 35 of the published Annual Report and Financial Statements for the year ended 31 December 2024.  When Board positions become available as a result of retirement or resignation, the Company ensures that a diverse group of candidates is considered.

The Board's policy on tenure is that continuity and experience are considered to add significantly to the strength of the Board. The Board also takes the view that independence is not necessarily compromised by length of tenure on the Board.  However, in compliance with the provisions of the AIC Code, it is expected that Directors will serve in accordance with the time limits laid down by the AIC Code.  It is the policy of the Board that the Chair of the Company should retire once he or she has served as a Director for nine years in line with current best practice of the Financial Reporting Council. However there could be circumstances where it might be appropriate to ask a Chair or another Director to stay on for a limited period and in this case the reasons for the extension would be fully explained to shareholders and a timetable for the departure of the relevant individual clearly set out.

As part of the succession planning in advance of Mrs Mackesy's scheduled retirement as a Director in April 2025, during the year the Board initiated a search for a new independent non-executive Director using the services of Odgers Berndtson, an independent external recruitment consultant that has no other connections or conflicts with the Company. 

The Committee has put in place the necessary procedures to conduct, on an annual basis, an appraisal of the Chair of the Board, Directors' individual self-evaluation and a performance evaluation of the Board as a whole. External evaluations are undertaken on a triennial basis and the last one was completed in 2023 using the services of Lintstock.  In 2024 the Board undertook an internal, questionnaire-based evaluation of the Board, the Directors, the Chair, the Audit & Risk Committee and the Audit & Risk Chair. The detailed findings were then considered by the Board and the Chair discussed the responses individually with each Director and the Senior Independent Director provided appraisal feedback to the Chair. 

In accordance with Principle 23 of the AIC's Code of Corporate Governance which recommends that all directors of investment companies should be subject to annual re-election by shareholders, all the members of the Board will retire at the forthcoming Annual General Meeting and, with the exception of Mrs Mackesy, will offer themselves for re-election.  The Committee has reviewed each of the proposed reappointments and concluded that each of the Directors has the requisite high level and range of business and financial experience and recommends their re-election at the forthcoming AGM.  Details of the contributions provided by each Director during the year are disclosed on pages 56 to 58 of the published Annual Report and Financial Statements for the year ended 31 December 2024.

Remuneration Committee

The level of fees payable to Directors is considered by the Remuneration Committee which comprises the entire Board excluding the Chair who attends by invitation and which is chaired by Mr Melhuish.

The Company's remuneration policy is to set remuneration at a level to attract individuals of a calibre appropriate to the Company's future development. Further information on remuneration is disclosed in the Directors' Remuneration Report on pages 67 to 70 of the published Annual Report and Financial Statements for the year ended 31 December 2024.

Going Concern

The Directors have undertaken a robust review of the Company's viability including scenario and sensitivity analysis (refer to statement on page 43 of the published Annual Report and Financial Statements for the year ended 31 December 2024) and ability to continue as a going concern and consider that there are no material uncertainties. The Company's assets consist of a diverse portfolio of listed equity shares and bonds. The equities and a majority of the bond portfolio are, in most circumstances, realisable within a very short timescale and the Company itself has a strong balance sheet with considerable levels of distributable reserves.

The Directors are mindful of the principal risks and uncertainties disclosed on pages 40 to 42 of the published Annual Report and Financial Statements for the year ended 31 December 2024 and have reviewed forecasts detailing revenue and liabilities.  Notwithstanding the continuing uncertain economic environment, the Directors believe that the Company has adequate financial resources to continue its operational existence for 12 months from the date of this Annual Report. Accordingly, the Directors continue to adopt the going concern basis in preparing these financial statements.

Accountability and Audit

Each Director confirms that, so far as he or she is aware, there is no relevant audit information of which the Company's auditor is unaware, and he or she has taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Independent Auditor

BDO LLP was appointed independent auditor to the Company with effect from the AGM on 27 April 2020. BDO LLP has expressed its willingness to continue to be the Company's independent auditor and a Resolution to re-appoint BDO LLP as the Company's auditor will be put to the forthcoming AGM, along with a separate Resolution to authorise the Directors to fix the auditor's remuneration.

Internal Controls and Risk Management

Details of the financial risk management policies and objectives relative to the use of financial instruments by the Company including information on exposure to price risk, credit risk, liquidity risk and cash flow risk are set out in note 18 to the financial statements. The Board of Directors is ultimately responsible for the Company's system of internal control and for reviewing its effectiveness. Following the Financial Reporting Council's publication of "Guidance on Risk Management, Internal Controls and Related Financial and Business Reporting" (the "FRC Guidance"), the Directors confirm that there is an ongoing process for identifying, evaluating and managing the significant risks faced by the Company. This process has been in place for the full year under review and up to the date of approval of the financial statements, and this process is regularly reviewed by the Board and accords with the relevant sections of the FRC Guidance.

The Board has reviewed the effectiveness of the system of internal control and, in particular, it has reviewed the process for identifying and evaluating the significant risks faced by the Company and the policies and procedures by which these risks are managed.

The Directors have delegated the investment management of the Company's assets to aFML within overall guidelines and this embraces implementation of the system of internal control, including financial, operational and compliance controls and risk management. Internal control systems are monitored and supported by aFML's internal audit function which undertakes periodic examination of business processes, including compliance with the terms of the management agreement, and ensures that recommendations to improve controls are implemented.

Risks are identified and documented through a risk management framework by each function within the Manager's activities. Risk is considered in the context of the FRC Guidance and includes financial, regulatory, market, operational and reputational risk. This helps the Manager's internal audit risk assessment model to identify those functions for review. Any relevant weaknesses identified through internal audit's review are reported to the Board and timetables are agreed for implementing improvements to systems, processes and controls. The implementation of any remedial action required is monitored and feedback provided to the Board.

The key components designed to provide effective internal control for the year under review and up to the date of this Report are outlined below:

-       the Manager prepares forecasts and management accounts which allow the Board to assess the Company's activities and review its investment performance;

-       the Board and Manager have agreed clearly defined investment criteria;

-       there are specified levels of authority and exposure limits. Reports on these issues, including performance statistics and investment valuations, are regularly submitted to the Board. The Manager's investment process and financial analysis of the companies concerned include detailed appraisal and due diligence;

-       as a matter of course the internal audit and compliance departments of aFML continually review the Manager's operations;

-       written agreements are in place which specifically define the roles and responsibilities of the Manager and other third party service providers and monitoring reports are received from these providers when required;

-       the Board has considered the need for an internal audit function but, because of the compliance and internal control systems in place at the Manager, has decided to place reliance on the Manager's systems and internal audit procedures; and

-       twice a year, at its Board meetings, the Board carries out an assessment of the effectiveness of internal controls and risk management by considering documentation from the Manager, including its internal audit and compliance functions and taking account of events since the relevant period end.

In addition the Manager operates a 'three lines of defence' model over its activities with the aberdeen business units responsible for adhering to applicable rules and regulations; the compliance team is then responsible for checking that the rules are being followed and then internal audit is responsible for independently reviewing these arrangements.

The Manager ensures that clearly documented contractual arrangements exist in respect of any activities that have been delegated to external professional organisations.  The Board meets annually with representatives from BNY Mellon and reviews a control report covering the activities of the depositary and custodian. 

Representatives from the Internal Audit Department of the Manager report six monthly to the Audit and Risk Committee of the Company and have direct access to the Directors at any time.

The Board has reviewed the effectiveness of the Manager's system of internal control including its annual internal controls report prepared in accordance with the International Auditing and Assurance Standards Board's International Standard on Assurances Engagements ("ISAE") 3402, "Assurance Reports on Controls at a Service Organisation" for the period to 30 September 2024 together with bridging letter support to 31 December 2024. The Board has also reviewed the Manager's process for identifying and evaluating the significant risks faced by the Company and the policies and procedures by which these risks are managed.  The internal control systems are designed to meet the Company's particular needs and the risks to which it is exposed. Accordingly, the internal control systems are designed to manage rather than eliminate the risk of failure to achieve business objectives and, by their nature, can provide reasonable but not absolute assurance against material misstatement or loss.

The Board is cognisant of the new provisions on assessing the effectiveness of internal controls under the FRC's 2024 Corporate Governance code which will be applicable for financial periods commencing on or after 1 January 2026 and expects to be able to be in compliance from the outset.

Future Developments

A detailed outlook for the Company including any likely future developments is provided in the Chair's Statement.

There have been no post balance sheet events to report.

Substantial Interests

The Board is aware of the following shareholders that owned 3% or more of the issued Ordinary share capital of the Company at 31 December 2024:

Shareholder	No. of Ordinary shares held	% held
Interactive Investor A	97,748,737	16.2
Hargreaves Lansdown A	74,716,462	12.4
Rathbones	51,355,500	8.5
Charles Stanley	33,723,205	5.6
Evelyn Partners	32,836,008	5.4
AJ Bell	25,178,145	4.2
A Non-beneficial interests

There have been no significant changes notified in respect of the above holdings between 31 December 2024 and 5 March 2025.

The UK Stewardship Code and Proxy Voting

Responsibility for actively monitoring the activities of portfolio companies has been delegated by the Board to the AIFM which has sub-delegated that authority to the Manager.

The Manager is a tier 1 signatory of the UK Stewardship Code which aims to enhance the quality of engagement by investors with investee companies in order to improve their socially responsible performance and the long-term investment return to shareholders.

Business of the Annual General Meeting

Issue of Shares

In terms of the Companies Act 2006 (the "Act"), the Directors may not allot shares unless so authorised by the shareholders. Resolution 11 in the Notice of Annual General Meeting which will be proposed as an Ordinary Resolution will, if passed, give the Directors the necessary authority to allot shares up to an aggregate nominal amount of £2,975,607 (equivalent to 59,512,147 Ordinary shares of 5p or 10% of the Company's existing issued share capital at 5 March 2025, the latest practicable date prior to the publication of this Annual Report). Such authority will expire on the date of the 2026 Annual General Meeting or on 30 June 2026, whichever is earlier. This means that the authority will have to be renewed at the next Annual General Meeting.

When shares are to be allotted for cash, Section 561 of the Act provides that existing shareholders have pre-emption rights and that the new shares must be offered first to such shareholders in proportion to their existing holding of shares. However, shareholders can, by special resolution, authorise the Directors to allot shares otherwise than by a pro rata issue to existing shareholders. Special Resolution 12 will, if passed, also give the Directors power to allot for cash equity securities up to an aggregate nominal amount of £2,975,607 (equivalent to 59,512,147 Ordinary shares of 5p or 10% of the Company's existing issued share capital at 5 March 2025, the latest practicable date prior to the publication of this Annual Report), as if Section 561 of the Act does not apply. This is the same nominal amount of share capital which the Directors are seeking the authority to allot pursuant to Resolution 11. This authority will also expire on the date of the 2026 Annual General Meeting or on 30 June 2026, whichever is earlier. This authority will not be used in connection with a rights issue by the Company.

The Directors intend to use the authority given by Resolutions 11 and 12 to allot shares and disapply pre-emption rights only in circumstances where this will be clearly beneficial to shareholders as a whole. Accordingly, issues will only be made where shares can be issued at a premium of 0.5% or more to NAV and there will never be any dilution for existing shareholders.  The issue proceeds will be available for investment in line with the Company's investment policy. No issue of shares will be made which would effectively alter the control of the Company without the prior approval of shareholders in general meeting. Resolution 12 will also disapply pre-emption rights on the sale of Treasury shares as envisaged above. Once again, the pre-emption rights would only be disapplied where the Treasury shares are sold at a premium to NAV of not less than 0.5%.

Share Buybacks

At the Annual General Meeting held on 19 April 2024, shareholders approved the renewal of the authority permitting the Company to repurchase its Ordinary shares.

The Directors wish to renew the authority given by shareholders at the last Annual General Meeting. The principal aim of a share buyback facility is to enhance shareholder value by acquiring shares at a discount to NAV, as and when the Directors consider this to be appropriate. The purchase of shares, when they are trading at a discount to NAV per share, should result in an increase in the NAV per share for the remaining shareholders. This authority, if conferred, will only be exercised if to do so would result in an increase in the NAV per share for the remaining shareholders and if it is in the best interests of shareholders generally. Any purchase of shares will be made within guidelines established from time to time by the Board. It is proposed to seek shareholder authority to renew this facility for another year at the Annual General Meeting.

Under the Listing Rules, the maximum price that may be paid on the exercise of this authority must not be more than the higher of (i) an amount equal to 105% of the average of the middle market quotations for a share taken from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the share is purchased; and (ii) the higher of the last independent trade and the current highest independent bid on the trading venue where the purchase is carried out. The minimum price which may be paid is the nominal value of the share. It is currently proposed that any purchase of shares by the Company will be made from the capital reserve of the Company. The purchase price will normally be paid out of the cash balances held by the Company from time to time.

Special Resolution 13 will permit the Company to buy back shares and any shares bought back by the Company may be cancelled or held as Treasury shares. The benefit of the ability to hold Treasury shares is that such shares may be resold. This should give the Company greater flexibility in managing its share capital and improve liquidity in its shares. The Company would only sell on Treasury shares at a premium to NAV. When shares are held in Treasury, all voting rights are suspended and no distribution (either by way of dividend or by way of a winding up) is permitted in respect of Treasury shares. If the Directors believe that there is no likelihood of re-selling shares bought back, such shares would be cancelled. During the year to
31 December 2024 the Directors have successfully used the share buyback authority to acquire 17,737,113 shares for Treasury.

Special Resolution 13 in the Notice of Annual General Meeting will renew the authority to purchase in the market a maximum of 14.99% of shares in issue at the date of the Annual General Meeting (amounting to 89,208,708 Ordinary shares of 5p as at 5 March 2025). Such authority will expire on the date of the 2026 Annual General Meeting or on 30 June 2026, whichever is earlier. This means in effect that the authority will have to be renewed at the next Annual General Meeting or earlier if the authority has been exhausted.

Recommendation

The Directors consider that the authorities requested above are in the best interests of the shareholders taken as a whole and recommend that all shareholders vote in favour of the resolutions, as the Directors intend to in respect of their own beneficial holdings of Ordinary shares amounting in aggregate to 71,837 shares, representing approximately 0.01% of the Company's issued share capital as at 5 March 2025.

By order of the Board of Murray International Trust PLC

abrdn Holdings Limited
Secretary
1 George Street, Edinburgh EH2 2LL
5 March 2025

Statement of Directors' Responsibilities

Directors' Responsibilities

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice, the requirements of the Companies Act 2006 and applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year.  Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss for the Company for that period.

In preparing these financial statements, the Directors are required to:

-       select suitable accounting policies and then apply them consistently;

-       make judgements and accounting estimates that are reasonable and prudent;

-       state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-       prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business; and

-       prepare a director's report, a strategic report and director's remuneration report which comply with the requirements of the Companies Act 2006.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006.  

They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.  In accordance with their responsibilities, the Directors confirm that, to the best of their knowledge, the Annual Report and financial statements, taken as a whole, is fair, balanced, and understandable and provides the information necessary for shareholders to assess the position, performance, business model and strategy.

Website Publication

The Directors are responsible for ensuring the Annual Report and the financial statements are made available on a website.  Financial statements are published on murray-intl.co.uk, the Company's website, in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions.  The maintenance and integrity of the Company's website is the responsibility of the Directors.  The Directors' responsibility also extends to the ongoing integrity of the financial statements contained therein.

Directors' Responsibilities Pursuant to DTR4

The Directors confirm to the best of their knowledge:

-       The financial statements have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and profit of the Company; and

-       The Annual Report includes a fair review of the development and performance of the business and the financial position of the company, together with a description of the principal risks and uncertainties that they face.

For Murray International Trust PLC

Virginia Holmes
Chair
5 March 2025

Statement of Comprehensive Income

		Year ended 31 December 2024			Year ended 31 December 2023
		Revenue	Capital	Total	Revenue	Capital	Total
	Notes	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments	10	-	63,053	63,053	-	62,838	62,838
Income	3	84,216	301	84,517	88,833	145	88,978
Investment management fees	4	(2,137)	(4,985)	(7,122)	(2,079)	(4,850)	(6,929)
Currency losses		-	(1,273)	(1,273)	-	(336)	(336)
Administrative expenses	5	(1,738)	(59)	(1,797)	(1,790)	-	(1,790)
Net return before finance costs and taxation		80,341	57,037	137,378	84,964	57,797	142,761
Finance costs	6	(928)	(2,165)	(3,093)	(1,240)	(2,892)	(4,132)
Return before taxation		79,413	54,872	134,285	83,724	54,905	138,629
Taxation	7	(8,438)	860	(7,578)	(7,829)	1,047	(6,782)
Return attributable to equity shareholders		70,975	55,732	126,707	75,895	55,952	131,847
Return per Ordinary share (pence)	9	11.6	9.1	20.7	12.1	9.0	21.1
The "Total" column of this statement represents the profit and loss account of the Company. There is no other comprehensive income and therefore the return after taxation is also the total comprehensive income for the year. The 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
The accompanying notes are an integral part of these financial statements.

Statement of Financial Position

		As at	As at
		31 December 2024	31 December 2023
	Notes	£'000	£'000
Fixed assets
Investments at fair value through profit or loss	10	1,764,994	1,787,863
Current assets
Prepayments and accrued income	11	7,591	8,069
Other debtors	11	10,577	10,151
Cash at bank and in hand		8,732	5,878
		26,900	24,098
Creditors: amounts falling due within one year
Bank loans	12,13	-	(29,996)
Other creditors	12	(3,129)	(3,198)
		(3,129)	(33,194)
Net current assets/(liabilities)		23,771	(9,096)
Total assets less current liabilities		1,788,765	1,778,767
Creditors: amounts falling due after more than one year
Loan Notes	12,13	(109,916)	(109,905)
Net assets		1,678,849	1,668,862
Capital and reserves
Called-up share capital	14	32,353	32,353
Share premium account		363,461	363,461
Capital redemption reserve		8,230	8,230
Capital reserve	15	1,200,623	1,189,686
Revenue reserve		74,182	75,132
Equity shareholders' funds		1,678,849	1,668,862
Net asset value per Ordinary share (pence)	16	278.4p	268.8p
The financial statements were approved and authorised for issue by the Board of Directors on 5 March 2025 and were signed on its behalf by:
Virginia Holmes
Director
Company Number: SC006705
The accompanying notes are an integral part of these financial statements.

 

Statement of Changes in Equity

For the year ended 31 December 2024
			Share	Capital
		Share	premium	redemption	Capital	Revenue
		capital	account	reserve	reserve	reserve	Total
	Notes	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 December 2023		32,353	363,461	8,230	1,189,686	75,132	1,668,862
Return after taxation		-	-	-	55,732	70,975	126,707
Dividends paid	8	-	-	-	-	(71,925)	(71,925)
Buy back of shares to Treasury	14	-	-	-	(44,795)	-	(44,795)
Balance at 31 December 2024		32,353	363,461	8,230	1,200,623	74,182	1,678,849
For the year ended 31 December 2023
			Share	Capital
		Share	premium	redemption	Capital	Revenue
		capital	account	reserve	reserve	reserve	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 December 2022		32,353	362,967	8,230	1,143,961	69,239	1,616,750
Return after taxation		-	-	-	55,952	75,895	131,847
Dividends paid	8	-	-	-	-	(70,002)	(70,002)
Issue of shares from Treasury	14	-	494	-	2,295	-	2,789
Buy back of shares to Treasury	14	-	-	-	(12,522)	-	(12,522)
Balance at 31 December 2023		32,353	363,461	8,230	1,189,686	75,132	1,668,862
The capital reserve at 31 December 2024 is split between realised gains of £841,238,000 and unrealised gains of £359,385,000 (31 December 2023 - realised gains of £733,148,000 and unrealised gains of £456,538,000).
The Company's reserves available to be distributed by way of dividends or buybacks which includes the revenue reserve and the realised element of the capital reserve amount to £915,420,000 (31 December 2023 - £808,280,000).
The accompanying notes are an integral part of these financial statements.

Statement of Cash Flows

		Year ended	Year ended
		31 December 2024	31 December 2023
	Notes	£'000	£'000
Net return before finance costs and taxation		137,378	142,761
(Decrease)/increase in accrued expenses		(459)	307
Overseas withholding tax		(7,881)	(7,652)
Decrease/(increase) in accrued income		150	(1,516)
Interest paid		(3,161)	(4,216)
Gains on investments		(63,053)	(62,838)
Overseas dividends - capital		(301)	(145)
Currency losses on foreign currency cash		6	336
(Increase)/decrease in other debtors		(40)	55
Corporation tax received		-	136
Return of capital included in investment income		301	145
Net cash inflow from operating activities		62,940	67,373
Investing activities
Purchases of investments		(227,021)	(95,353)
Sales of investments		313,188	155,624
Net cash from investing activities		86,167	60,271
Financing activities
Equity dividends paid	8	(71,925)	(70,002)
Ordinary shares issued from Treasury	14	-	2,789
Ordinary shares bought back to Treasury	14	(44,322)	(12,348)
Loan repayment		(30,000)	(60,000)
Net cash used in financing activities		(146,247)	(139,561)
Increase/(decrease) in cash and cash equivalents		2,860	(11,917)
Analysis of changes in cash and cash equivalents during the year
Opening balance		5,878	18,131
Effect of exchange rate rates on foreign currency cash		(6)	(336)
Increase/(decrease) in cash as above		2,860	(11,917)
Closing cash and cash equivalents		8,732	5,878
Represented by:
Cash at bank and in hand		8,732	5,878
The accompanying notes are an integral part of these financial statements.

Notes to the Financial Statements

For the year ended 31 December 2024

1.	Principal activity
	The Company is a closed-end investment company, registered in Scotland No SC006705, with its Ordinary shares being listed in the premium segment market of the London Stock Exchange.

 

2.	Accounting policies
	(a)	Basis of preparation. The financial statements have been prepared in accordance with Financial Reporting Standard 102 and with the AIC's Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ("AIC SORP") issued in July 2022. The financial statements are prepared in sterling which is the functional currency of the Company and rounded to the nearest £'000. They have also been prepared on the assumption that approval as an investment trust will continue to be granted.
		The Directors have undertaken a robust review of the Company's viability including scenario and sensitivity analysis (refer to statement on page 43 of the published Annual Report and Financial Statements for the year ended 31 December 2024) and ability to continue as a going concern and consider that there are no material uncertainties. The Company's assets consist of a diverse portfolio of listed equity shares and bonds. The equities and a majority of the bond portfolio are, in most circumstances, realisable within a very short timescale and the Company itself has a strong balance sheet with considerable levels of distributable reserves.
		The Directors are mindful of the principal risks and uncertainties disclosed on pages 41 and 42 of the published Annual Report and Financial Statements for the year ended 31 December 2024 and have reviewed forecasts detailing revenue and liabilities. Notwithstanding the continuing uncertain economic environment, the Directors believe that the Company has adequate financial resources to continue its operational existence for the foreseeable future and 12 months from the date of this Annual Report. Accordingly, the Directors continue to adopt the going concern basis in preparing these financial statements.
		Significant accounting judgements, estimates and assumptions. The preparation of financial statements requires the use of certain significant accounting judgements, estimates and assumptions which requires management to exercise its judgement in the process of applying the accounting policies and are continually evaluated. The areas requiring most significant judgement and assumption in the financial statements are: the determination of the fair value hierarchy classification of quoted preference shares and bonds valued at £110,224,000 (2023 - £113,716,000) which have been assessed as being Level 2 as they are not considered to trade in active markets ; and also the determination of whether special dividends received are considered to be revenue or capital in nature on a case by case basis. The Directors do not consider there to be any significant estimates within the financial statements.
	(b)	Income. Dividends receivable on equity shares are treated as revenue for the year on an ex-dividend basis. Where no ex-dividend date is available dividends are recognised on their due date. Provision is made for any dividends not expected to be received. Special dividends are credited to capital or revenue, according to their circumstances.
		In some jurisdictions, investment income and capital gains are subject to withholding tax deducted at the source of the income. The Company presents the withholding tax separately from the gross investment income in the Statement of Comprehensive Income under taxation.
		The fixed returns on debt securities are recognised on a time apportionment basis so as to reflect the effective yield on the debt securities.
		Interest receivable from cash and short-term deposits is accrued to the end of the year.
	(c)	Expenses. All expenses are accounted for on an accruals basis and are charged to the Statement of Comprehensive Income. Expenses are charged against revenue except as follows:
		- transaction costs on the acquisition or disposal of investments are charged against capital in the Statement of Comprehensive Income; and
		- expenses are treated as a capital item in the Statement of Comprehensive Income and ultimately recognised in the capital reserve where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. In this respect the investment management fee has been allocated 30% to revenue and 70% to the capital reserve to reflect the Company's investment policy and prospective income and capital growth.

 

	(d)	Taxation. The tax expense represents the sum of tax currently payable and deferred tax. Any tax payable is based on the taxable profit for the year. Taxable profit differs from net return as reported in the Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that were applicable at the Statement of Financial Position date.
		Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date, where transactions or events that result in an obligation to pay more tax in the future or right to pay less tax in the future have occurred at the Statement of Financial Position date. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company's taxable profits and its results as stated in the financial statements which are capable of reversal in one or more subsequent periods. Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the Statement of Financial Position date.
		Due to the Company's status as an investment trust company and the intention to continue meeting the conditions required to obtain approval in the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments.
		The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue within the Statement of Comprehensive Income on the same basis as the particular item to which it relates using the Company's effective rate of tax for the year, based on the marginal basis.
	(e)	Investments. As permitted under FRS 102, the Company has chosen to apply the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and Measurement and investments have been designated upon initial recognition at fair value through profit or loss. This is done because all investments are considered to form part of a group of financial assets which is evaluated on a fair value basis, in accordance with the Company's documented investment strategy, and information about the grouping is provided internally on that basis.
		Investments are recognised and de-recognised at trade date where a purchase or sale is under a contract whose terms require delivery within the timeframe established by the market concerned, and are measured at fair value. For listed investments, the valuation of investments at the year end is deemed to be bid market prices or closing prices on recognised stock exchanges.
		Gains and losses arising from changes in fair value are treated in net profit or loss for the period as a capital item in the Statement of Comprehensive Income and are ultimately recognised in the capital reserve.
	(f)	Cash and cash equivalents. Cash comprises cash in hand and may include demand deposits. Cash equivalents may include short-term, highly liquid investments, that are readily convertible to known amounts of cash and that are subject to an insignificant risk of change in value.
	(g)	Short-term debtors and creditors. Both short-term debtors and creditors are measured at amortised cost and not subject to interest charges.
	(h)	Borrowings. Borrowings, which comprise interest bearing bank loans and unsecured loan notes are recognised initially at the fair value of the consideration received, net of any issue expenses, and subsequently at amortised cost using the effective interest method. The finance costs of such borrowings are accounted for on an accruals basis using the effective interest rate method and are charged 30% to revenue and 70% to capital in the Statement of Comprehensive Income to reflect the Company's investment policy and prospective income and capital growth.

 

	(i)	Nature and purpose of reserves
		Called-up share capital. The Ordinary share capital on the Statement of Financial Position relates to the number of shares in issue. This reserve is not distributable.
		Share premium account. The balance classified as share premium includes the premium above nominal value from the proceeds on issue of any equity share capital comprising Ordinary shares of 5p and the proceeds of sales of shares held in Treasury in excess of the weighted average purchase price paid by the Company to repurchase the shares. This reserve is not distributable.
		Capital redemption reserve. The capital redemption reserve arose when Ordinary shares were cancelled, at which point an amount equal to the par value of the Ordinary share capital was transferred from the share capital account to the capital redemption reserve. This reserve is not distributable.
		Capital reserve. This reserve reflects any gains or losses on investments realised in the period along with any movement in the fair value of investments held that have been recognised in the Statement of Comprehensive Income. These include gains and losses from foreign currency exchange differences. Additionally, expenses, including finance costs, are charged to this reserve in accordance with (c) and (h) above. This reserve is distributable for the purpose of funding share buybacks and paying dividends to the extent that gains are deemed realised.
		When the Company purchases its Ordinary shares to be held in Treasury, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from the capital reserve.
		Revenue reserve. This reserve reflects all income and costs which are recognised in the revenue column of the Statement of Comprehensive Income. The revenue reserve represents the amount of the Company's reserves distributable by way of dividend.

 

	(j)	Foreign currency. Assets and liabilities in foreign currencies are translated at the rates of exchange ruling on the Statement of Financial Position date. Transactions involving foreign currencies are converted at the rate ruling on the date of the transaction. Gains and losses on dividends receivable are recognised in the Statement of Comprehensive Income and are reflected in the revenue reserve. Gains and losses on the realisation of foreign currencies are recognised in the Statement of Comprehensive Income and are then transferred to the capital reserve.
	(k)	Segmental reporting. The Directors are of the opinion that the Company is engaged in a single segment of business activity, being investment business. Consequently, no business segmental analysis is provided.
	(l)	Dividends payable. Dividends payable to equity shareholders are recognised in the financial statements when they have been approved by shareholders and become a liability of the Company. Interim dividends are recognised in the financial statements in the period in which they are paid.

 

3.	Income
		2024	2023
		£'000	£'000
	Income from investments (all listed)
	UK dividend income	8,111	9,082
	Overseas dividends	66,625	70,457
	Overseas dividends - capital	301	145
	Overseas interest	8,260	8,856
		83,297	88,540
	Other income
	Deposit interest	92	203
	Stock lending income	638	227
	Interest on tax reclaim	1	8
	Other incomeA	489	-
	Total income	84,517	88,978
	A Comprises a compensation payment received from abrdn of  £489,000 (2023 - £nil) in respect of Swiss withholding tax reclaims, which fell outside the time period allowed for submission.

 

4.	Investment management fees
			2024			2023
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
	Investment management fees	2,137	4,985	7,122	2,079	4,850	6,929
	The Company has an agreement with abrdn Fund Managers Limited ("aFML") for the provision of investment management, secretarial, accounting and administration and promotional activity services.
	The management fee is charged on net assets (i.e. excluding borrowings for investment purposes) averaged over the six previous quarters at a rate of 0.5% per annum up to £500 million and 0.4% per annum thereafter. A fee of 1.5% per annum is chargeable on the value of any unlisted investments. The investment management fee is chargeable 30% against revenue and 70% against realised capital reserves. During the year £7,122,000 (2023 - £6,929,000) of investment management fees was payable to the Manager, with a balance of £1,796,000 (2023 - £1,740,000) being due at the year end.
	No fees are charged in the case of investments managed or advised by the aberdeen Group. The management agreement may be terminated by either party on the expiry of six months' written notice. On termination the Manager is entitled to receive fees which would otherwise have been due up to that date.

 

5.	Administrative expenses
		2024	2023
		£'000	£'000
	Promotional activitiesA	400	400
	Registrars' fees	50	202
	Directors' remuneration	220	208
	Bank charges and custody fees	523	451
	Depositary fees	156	155
	Stock exchange fees	143	123
	Printing and postage	4	61
	Auditor's fees for:
	- Statutory Audit	49	48
	- Other assurance services	-	4
	Other expenses - capital	59	-
	Other expenses	193	138
		1,797	1,790
	A In 2024 £400,000 (2023 - £400,000) was payable to aFML to cover promotional activities during the year. At the year end £100,000 (2023 - £200,000) was due to aFML.

 

6.	Finance costs
		2024			2023
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
	Bank loans and overdraft interest	79	185	264	391	912	1,303
	Loan Notes	849	1,980	2,829	849	1,980	2,829
		928	2,165	3,093	1,240	2,892	4,132

 

7.	Taxation
				2024			2023
			Revenue	Capital	Total	Revenue	Capital	Total
			£'000	£'000	£'000	£'000	£'000	£'000
	(a)	Total tax charge
		Analysis for the year
		Marginal tax relief	922	(922)	-	956	(956)	-
		Overseas tax suffered	9,584	62	9,646	9,959	(91)	9,868
		Overseas tax reclaimable	(2,068)	-	(2,068)	(3,086)	-	(3,086)
		Total tax charge for the year	8,438	(860)	7,578	7,829	(1,047)	6,782
	(b)	Factors affecting the tax charge for the year. The UK corporation tax rate is 25% (2023 - effective rate of 23.5%). The tax assessed for the year is lower than the corporation tax rate. The differences are explained below:
				2024			2023
			Revenue	Capital	Total	Revenue	Capital	Total
			£'000	£'000	£'000	£'000	£'000	£'000
		Return before taxation	79,413	54,872	134,285	83,724	54,905	138,629
		Return multiplied by the standard rate of corporation tax of 25% (2023 - effective rate of 23.5%)	19,853	13,718	33,571	19,675	12,903	32,578
		Effects of:
		Non taxable UK dividend income	(2,028)	(75)	(2,103)	(2,134)	(34)	(2,168)
		Gains on investments not taxable	-	(15,763)	(15,763)	-	(14,767)	(14,767)
		Currency losses not taxable	-	318	318	-	79	79
		Non taxable overseas dividends	(16,090)	-	(16,090)	(15,542)	-	(15,542)
		Overseas tax suffered	9,584	62	9,646	9,959	(91)	9,868
		Overseas tax reclaimable	(2,068)	-	(2,068)	(3,086)	-	(3,086)
		Tax effect of expensed double taxation relief	(204)	-	(204)	(245)	-	(245)
		Marginal tax relief	922	(922)	-	956	(956)	-
		Expenses not deductible for tax purposes	(1,531)	1,802	271	(1,754)	1,819	65
		Total tax charge for the year	8,438	(860)	7,578	7,829	(1,047)	6,782
		The Company has not provided for deferred tax on chargeable gains or losses arising on the revaluation or disposal of investments as it is exempt from corporation tax on these items because of its status as an investment trust company.
		The Company has not recognised a deferred tax asset (2023 - same). At the year end, the Company has, for taxation purposes only, accumulated unrelieved management expenses and loan relationship deficits of £1,014,000 (2023 - £280,000). A deferred tax asset at the standard rate of corporation of 25% (2023 - 25%) of £254,000 (2023 - £70,000) has not been recognised and these expenses will only be utilised if the Company has profits chargeable to corporation tax in the future. It is considered highly unlikely that the Company will generate such profits and therefore no deferred tax asset has been recognised.

 

8.	Ordinary dividends on equity shares
		2024	2023
		£'000	£'000
	Amounts recognised as distributions paid during the year:
	Third interim for 2023 of 2.4p (2022 - 2.4p)	14,898	15,001
	Final dividend for 2023 of 4.3p (2022 - 4.0p)	26,400	25,003
	First interim for 2024 of 2.5p (2023 - 2.4p)	15,337	15,027
	Second interim for 2024 of 2.5p (2023 - 2.4p)	15,288	14,971
	Underpayment of dividends in prior year	2	-
		71,925	70,002
	A third interim dividend was declared on 29 November 2024 with an ex date of 2 January 2025. This dividend of 2.5p was paid on 17 February 2025 and has not been included as a liability in these financial statements. The proposed final dividend for 2024 is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.
	Set out below are the total dividends paid and proposed in respect of the financial year, which is the basis on which the requirements of Sections 1158-1159 of the Corporation Tax Act 2010 are considered. The revenue available for distribution by way of dividend for the year is £70,975,000 (2023 - £75,895,000).
		2024	2023
		£'000	£'000
	Three interim dividends for 2024 of 2.5p (2023 - 2.4p)	45,706	44,896
	Proposed final dividend for 2024 of 4.3p (2023 - 4.3p)	25,590	26,400
		71,296	71,296
	The amount reflected above for the cost of the proposed final dividend for 2024 is based on 595,121,470 Ordinary shares, being the number of Ordinary shares in issue excluding those held in Treasury at the date of this Report.

 

9.	Return per Ordinary share
		2024		2023
		£'000	p	£'000	p
	Returns are based on the following figures:
	Revenue return	70,975	11.6	75,895	12.1
	Capital return	55,732	9.1	55,952	9.0
	Total return	126,707	20.7	131,847	21.1
	Weighted average number of Ordinary shares		613,268,463		624,513,971

 

10.	Investments at fair value through profit or loss
		2024	2023
		£'000	£'000
	Opening book cost	1,331,325	1,363,483
	Opening investment holdings gains	456,538	421,337
	Opening fair value	1,787,863	1,784,820
	Analysis of transactions made during the year
	Purchases at cost	227,021	95,353
	Sales proceeds received	(313,188)	(155,451)
	Gains on investments	63,053	62,838
	Accretion of fixed income book costA	245	303
	Closing fair value	1,764,994	1,787,863
	A In accordance with the AIC SORP guidance
	Closing book cost	1,405,609	1,331,325
	Closing investment gains	359,385	456,538
	Closing fair value	1,764,994	1,787,863
	The Company received £313,188,000 (2023 - £155,451,000) from investments sold in the period. The book cost of these investments when they were purchased was £152,982,000 (2023 - £127,814,000). These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments.
		2024	2023
	The portfolio valuation	£'000	£'000
	Listed on stock exchanges:
	United Kingdom:
	- equities	94,451	56,605
	- preference shares	6,907	6,417
	Overseas:
	- equities	1,560,319	1,617,542
	- fixed income	103,317	107,299
	Total	1,764,994	1,787,863
	Transaction costs. During the year expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. These have been expensed through capital and are included within gains on investments in the Statement of Comprehensive Income. The total costs were as follows:
		2024	2023
		£'000	£'000
	Purchases	408	190
	Sales	346	195
		754	385
	The above transaction costs are calculated in line with the AIC SORP. The transaction costs in the Company's Key Information Document are calculated on a different basis and in line with the PRIIPs regulations.
		2024	2023
	Stock Lending	£'000	£'000
	Aggregate value of securities on loan at the year end	46,790	40,676
	Maximum aggregate value of securities on loan during the year	98,370	105,339
	Fee income from stock lending	638	227
	Stock lending is the temporary transfer of securities by a lender to a borrower, with an agreement by the borrower to return equivalent securities to the lender at an agreed date. Fee income is received for making the investments available to the borrower. The principal risks and rewards of holding the investments, namely the market movements in share prices and dividend income, are retained by the Company. In all cases the securities lent continue to be recognised on the Statement of Financial Position.
	All stocks lent under these arrangements are fully secured by collateral. The value of the collateral held at 31 December 2024 was £49,245,000 (2023 - £42,840,000).

 

11.	Debtors: amounts falling due within one year
		2024	2023
		£'000	£'000
	Overseas withholding tax	10,523	10,131
	Prepayments	47	41
	Other debtors	54	20
	Accrued income	7,544	8,028
		18,168	18,220
	None of the above amounts is overdue or impaired.

 

12.	Creditors
		2024	2023
		£'000	£'000
	Amounts falling due within one year:
	Bank loans (note 13)	-	29,996
	Amounts due to brokers	647	174
	Investment management fees	1,796	1,740
	Administrative expenses	395	910
	Interest on bank loans and loan notes	291	374
		3,129	33,194
		2024	2023
		£'000	£'000
	Amounts falling due after more than one year:
	Loan notes (note 13)	109,916	109,905
		109,916	109,905
	All financial liabilities are measured at amortised cost.

 

13.	Borrowings
			2024	2023
			£'000	£'000
	Unsecured bank loan repayable within one year:
	Fixed rate term loan facilities
	-	£30,000,000 at 2.25% - 16 May 2024	-	29,996
	Unsecured loan notes repayable in more than five years:
	-	£50,000,000 at 2.24% - 13 May 2031	49,936	49,927
	-	£60,000,000 at 2.83% - 31 May 2037	59,980	59,978
			109,916	139,901
	The terms of these loan notes permit early repayment at the borrower's option which may give rise to additional amounts being either payable or repayable in respect of fluctuations in interest rates since drawdown. Since the Directors currently have no intention of repaying the loan notes early, then no such charges are included in the cash flows used to determine their effective interest rate.
	In May 2024, the Company repaid its maturing £30 million 5 year fixed rate loan with The Royal Bank of Scotland International Limited, London Branch.
	At 31 December 2024, the Company had utilised £110 million of its £200 million Shelf Facility.  Under the terms of the Loan Note Agreement, dated May 2021, up to an additional £90 million will also be available for drawdown by the Company for a five year period. Financial covenants contained within the loan note agreement provide, inter alia, that borrowings shall at no time exceed 35% of net assets, that the Company must hold 40 investments or more and that the net assets must exceed £650 million. At 31 December 2024 the Company held 63 investments, net assets were £1,678,849,000 and borrowings were 6.6% thereof. The Company has complied with all financial covenants throughout the year.

 

14.	Share capital
		2024		2023
		Number	£'000	Number	£'000
	Allotted, called up and fully paid Ordinary shares of 5p
	Balance brought forward	620,866,332	31,043	625,064,465	31,254
	Ordinary shares issued from Treasury in the year	-	-	1,050,000	52
	Ordinary shares bought back to Treasury in the year	(17,737,113)	(887)	(5,248,133)	(263)
	Balance carried forward	603,129,219	30,156	620,866,332	31,043
	Treasury shares:
	Balance brought forward	26,193,683	1,310	21,995,550	1,099
	Ordinary shares issued from Treasury in the year	-	-	(1,050,000)	(52)
	Ordinary shares bought back to Treasury in the year	17,737,113	887	5,248,133	263
	Balance carried forward	43,930,796	2,197	26,193,683	1,310
	At 31 December 2024, shares held in Treasury represented 6.8% (2023 - 4.0%) of the Company's total issued share capital.
	During the year 17,737,113 Ordinary shares were bought back to Treasury representing 2.7% of the Company's total issued share capital (2023 - 5,248,133 representing 0.8% of the Company's total issued share capital) at a total cost of £44,795,000 (2023 - £12,522,000) net of expenses. Subsequent to the year a further 8,007,749 Ordinary shares have been bought back to Treasury at a cost of £21,378,000. During 2023 1,050,000 Ordinary shares were issued from Treasury representing 0.2% of the Company's total issued share capital.  All these shares were issued at a premium to net asset value, enhancing net assets per share for existing shareholders. The issue prices ranged from 265p to 267p.
	On a winding up of the Company, any surplus assets available after payment of all debts and satisfaction of all liabilities of the Company shall be applied in repaying the Ordinary shareholders the amounts paid up on such shares. Any surplus shall be divided among the holders of Ordinary shares according to the amount paid up on such shares respectively.
	Voting rights. In accordance with the Articles of Association of the Company, on a show of hands, every member (or duly appointed proxy) present at a general meeting of the Company has one vote; and, on a poll, every member present in person or by proxy shall have one vote for every 5p nominal amount of Ordinary shares held.

 

15.	Capital reserve
		2024	2023
		£'000	£'000
	At 31 December 2023	1,189,686	1,143,961
	Movement in fair value gains	63,053	62,838
	Overseas dividends capital	301	145
	Capital expenses (including taxation)	(6,349)	(6,695)
	Buy back of shares to Treasury	(44,795)	(12,522)
	Issue of shares from Treasury	-	2,295
	Currency losses	(1,273)	(336)
	At 31 December 2024	1,200,623	1,189,686
	Included in the total above are investment holdings gains at the year end of £359,385,000 (2023 - £456,538,000), which is not considered distributable.

 

16.	Net asset value per share
	The net asset value per share and the net asset value attributable to the Ordinary shares at the year end, calculated in accordance with the Articles of Association and FRS 102, were as follows:
		As at	As at
		31 December 2024	31 December 2023
	Attributable net assets (£'000)	1,678,849	1,668,862
	Number of Ordinary shares in issue (excluding Treasury)	603,129,219	620,866,332
	Net asset value per share (pence)	278.4	268.8

 

17.	Analysis of changes in net debt
		At				At
		31 December	Currency	Cash	Non-cash	31 December
		2023	differences	flows	movementsA	2024
		£'000	£'000	£'000	£'000	£'000
	Cash at bank and in hand	5,878	(6)	2,860	-	8,732
	Debt due within one year	(29,996)	-	30,000	(4)	-
	Debt due after more than one year	(109,905)	-	-	(11)	(109,916)
		(134,023)	(6)	32,860	(15)	(101,184)
		At				At
		31 December	Currency	Cash	Non-cash	31 December
		2022	differences	flows	movementsA	2023
		£'000	£'000	£'000	£'000	£'000
	Cash at bank and in hand	18,131	(336)	(11,917)	-	5,878
	Debt due within one year	(59,989)	-	60,000	(30,007)	(29,996)
	Debt due after more than one year	(139,877)	-	-	29,972	(109,905)
		(181,735)	(336)	48,083	(35)	(134,023)
	A Figures reflect a movement in maturity dates and amortisation of finance costs.
	A statement reconciling the movement in net funds to the net cash flow has not been presented as there are no differences from the above analysis.

 

18.	Financial instruments and risk management
	The Company's investment activities expose it to various types of financial risk associated with the financial instruments and markets in which it invests. The Company's financial instruments comprise listed equities and debt securities, cash balances, loans and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting settlement, and debtors for accrued income. The Company may enter into derivative transactions for the purpose of managing market risks arising from the Company's activities in the form of swap contracts, forward foreign currency contracts, futures and options.
	The Board has delegated the risk management function to abrdn Fund Managers Limited ("aFML") under the terms of its management agreement with aFML (further details of which are included in the Directors' Report). The Board regularly reviews and agrees policies for managing each of the key financial risks identified with the Manager. The types of risk and the Manager's approach to the management of each type of risk, are summarised below. Such approach has been applied throughout the year and has not changed since the previous accounting period. The numerical disclosures exclude short-term debtors and creditors.
	Risk management framework. The directors of aFML collectively assume responsibility for aFML's obligations under the AIFMD including reviewing investment performance and monitoring the Company's risk profile during the year.
	aFML is a fully integrated member of the aberdeen Group ("the Group"), which provides a variety of services and support to aFML in the conduct of its business activities, including in the oversight of the risk management framework for the Company. The AIFM has delegated the day to day administration of the investment policy to abrdn Investments Limited, which is responsible for ensuring that the Company is managed within the terms of its investment guidelines and the limits set out in its pre-investment disclosures to investors (details of which can be found on the Company's website). The AIFM has retained responsibility for monitoring and oversight of investment performance, product risk and regulatory and operational risk for the Company.
	The Manager conducts its risk oversight function through the operation of the Group's risk management processes and systems which are embedded within the Group's operations. The Group's Risk Division supports management in the identification and mitigation of risks and provides independent monitoring of the business. The Division includes Compliance, Business Risk, Market Risk, Risk Management and Legal. The team is headed up by the Group's Chief Risk Officer, who reports to the Chief Executive Officer of the Group. The Risk Division achieves its objective through embedding the Risk Management Framework throughout the organisation using the Group's operational risk management system ("SHIELD").
	The Group's Internal Audit Department is independent of the Risk Division and reports directly to the Group's Chief Executive Officer and to the Audit Committee of the Group's Board of Directors. The Internal Audit Department is responsible for providing an independent assessment of the Group's control environment.
	The Group's corporate governance structure is supported by several committees to assist the board of directors of aberdeen plc, its subsidiaries and the Company to fulfil their roles and responsibilities. The Group's Risk Division is represented on all committees, with the exception of those committees that deal with investment recommendations. The specific goals and guidelines on the functioning of those committees are described on the committees' terms of reference.
	Risk management. The main risks the Company faces from its financial instruments are (i) market risk (comprising interest rate risk, foreign currency risk and price risk), (ii) liquidity risk and (iii) credit risk.
	(i)	Market risk. The fair value and future cash flows of a financial instrument held by the Company may fluctuate because of changes in market prices. This market risk comprises three elements - interest rate risk, foreign currency risk and price risk.
	(i)(a)	Interest rate risk. Interest rate risk is the risk that interest rate movements will affect:
		- the fair value of the investments in fixed interest rate securities; and
		- the level of income receivable on cash deposits.
		Management of the risk. The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions.
		The Board reviews the values of the fixed interest rate securities on a regular basis.
		The Board imposes borrowing limits to ensure gearing levels are appropriate to market conditions and reviews these on a regular basis. Borrowings comprise fixed rate facilities, which are used to finance opportunities at low rates. Current bank covenant guidelines are detailed in note 13.
		Interest rate risk profile. The interest rate risk profile of the portfolio of financial assets and liabilities at the Statement of Financial Position date was as follows:
			Weighted
			average
			period for	Weighted			Non-
			which	average	Fixed	Floating	interest
			rate is fixed	interest rate	rate	rate	bearing
		At 31 December 2024	Years	%	£'000	£'000	£'000
		Assets
		Sterling	-	-	6,907	8,321	155,453
		US Dollar	20.98	6.53	28,689	371	566,866
		Indian Rupee	1.67	7.79	13,956	40	-
		Indonesian Rupiah	5.49	7.49	29,281	-	16,133
		Mexican Peso	1.18	5.75	14,653	-	79,406
		South African Rand	6.16	7.00	15,035	-	-
		Turkish Lira	0.19	8.00	1,703	-	-
		Other	-	-	-	-	836,912
		Total assets			110,224	8,732	1,654,770
		Liabilities
		Loan Notes	9.67	2.56	(109,916)	-	-
		Total liabilities			(109,916)	-	-
			Weighted
			average
			period for	Weighted			Non-
			which	average	Fixed	Floating	interest
			rate is fixed	interest rate	rate	rate	bearing
		At 31 December 2023	Years	%	£'000	£'000	£'000
		Assets
		Sterling	-	-	6,417	5,032	129,203
		US Dollar	21.95	6.53	27,755	291	549,257
		Indian Rupee	2.67	7.79	14,073	91	-
		Indonesian Rupiah	6.50	7.50	30,726	-	24,149
		Mexican Peso	2.18	5.75	17,084	-	119,438
		South African Rand	7.17	7.00	14,369	-	-
		Turkish Lira	0.87	8.52	3,292	-	-
		Other	-	-	-	464	852,100
		Total assets			113,716	5,878	1,674,147
		Liabilities
		Bank loans	0.38	2.25	(29,996)	-	-
		Loan Notes	10.67	2.56	(109,905)	-	-
		Total liabilities			(139,901)	-	-
		The weighted average interest rate is based on the current yield of each asset, weighted by its market value. The weighted average interest rate on bank loans and loan notes are based on the interest rate payable, weighted by the total value of the bank loans and loan notes. The maturity dates of the Company's loan notes are shown in note 13 to the financial statements.
		The fixed rate assets represents quoted preference shares and bonds.
		The floating rate assets consist of cash deposits on call earning interest at prevailing market rates.
		The non-interest bearing assets represent the equity element of the portfolio.
		Short-term debtors and creditors have been excluded from the above tables as they are not considered to be exposed to interest rate risk.

 

		Interest rate sensitivity. The sensitivity analyses below have been determined based on the exposure to interest rates for non-derivative instruments at the Statement of Financial Position date and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in the case of instruments that have floating rates.
		If interest rates had been 100 basis points higher or lower (based on the current parameter used by the Manager's Investment Risk Department on risk assessment) and all other variables were held constant, the Company's  revenue return for the year ended 31 December 2024 would increase/decrease by £87,000 (2023 - increase/decrease by £59,000). This is mainly attributable to the Company's exposure to interest rates on its floating rate cash balances. These figures have been calculated based on cash positions at each year end.
		The capital return would decrease/increase by £3,825,000 (2023 - increase/decrease by £4,014,000) using VaR ("Value at Risk") analysis based on 100 observations of weekly VaR computations of fixed interest portfolio positions at each year end.
	(i)(b)	Foreign currency risk. A significant proportion of the Company's investment portfolio is invested overseas whose values are subject to fluctuation due to changes in foreign exchange rates. In addition, the impact of changes in foreign exchange rates upon the profits of investment holdings can result, indirectly, in changes in their valuations. Consequently the Statement of Financial Position can be affected by movements in exchange rates.
		Management of the risk. It is not the Company's policy to hedge this risk on a continuing basis but the Company may, from time to time, match specific overseas investment with foreign currency borrowings. The Manager seeks, when deemed appropriate, to manage exposure to currency movements on borrowings by using forward foreign currency contracts as a hedge against potential foreign currency movements. At 31 December 2024 the Company did not have any forward foreign currency contracts (2023 - none).
		The revenue account is subject to currency fluctuation arising on overseas income. The Company does not hedge this currency risk.

 

		Currency risk exposure. Currency risk exposure (excluding fixed interest securities) by currency of denomination:
			31 December 2024					31 December 2023
			UK and					UK and
			overseas	Net	Total			overseas	Net		Total
			equity	monetary	currency			equity	monetary		currency
			investments	assetsA	exposure			investments	assetsA		exposure
			£'000	£'000	£'000			£'000	£'000		£'000
		US Dollar	566,866	371	567,237			549,257	291		549,548
		Euro	291,907	-	291,907			299,585	-		299,585
		Taiwan Dollar	129,221	-	129,221			137,498	-		137,498
		Singapore Dollar	94,630	-	94,630			72,647	-		72,647
		Canadian Dollar	91,834	-	91,834			70,820	-		70,820
		Mexican Peso	79,406	-	79,406			119,438	-		119,438
		Hong Kong Dollar	74,098	-	74,098			64,571	-		64,571
		Swiss Franc	47,454	-	47,454			63,745	-		63,745
		Danish Krone	32,776	-	32,776			33,264	-		33,264
		Thailand Baht	24,660	-	24,660			21,822	-		21,822
		Norwegian Krone	17,174	-	17,174			13,504	-		13,504
		Australian Dollar	17,012	-	17,012			23,268	-		23,268
		Swedish Krone	16,146	-	16,146			51,376	464		51,840
		Indonesian Rupiah	16,133	-	16,133			24,149	-		24,149
		Indian Rupee	-	40	40			-	91		91
			1,499,317	411	1,499,728			1,544,944	846		1,545,790
		Sterling	155,453	(101,595)	53,858			129,203	(134,869)		(5,666)
		Total	1,654,770	(101,184)	1,553,586			1,674,147	(134,023)		1,540,124
		A Reflects cash, short-term deposits and bank borrowings.
		The asset allocation between specific markets can vary from time to time based on the Manager's opinion of the attractiveness of the individual markets.
		Foreign currency sensitivity. The following table details the Company's sensitivity to a 10% decrease (in the context of a 10% increase the figures below should all be read as negative) in sterling against the major foreign currencies in which the Company has exposure (based on exposure >5% of total exposure). The sensitivity analysis includes foreign currency denominated monetary items and adjusts their translation at the year end for a 10% change in foreign currency rates, being a reasonable range of fluctuations for the period.
							2024			2023
							CapitalA			CapitalA
							£'000			£'000
		US Dollar					56,724			54,955
		Euro					29,191			29,959
		Taiwan Dollar					12,922			13,750
		Singapore Dollar					9,463			-
		Canadian Dollar					9,183			-
		Mexican Peso					7,941			11,944
		Total					125,424			110,608
		A Represents equity exposures to the relevant currencies.

 

	(i)(c)	Price risk. Other price risks (ie changes in market prices other than those arising from interest rate or currency risk) may affect the value of the quoted investments. The Company's stated objective is to achieve an above average dividend yield, with long-term growth in dividends and capital ahead of inflation by investing principally in global equities.
		Management of the risk. It is the Board's policy to hold an appropriate spread of investments in the portfolio in order to reduce the risk arising from factors specific to a particular country or sector. The allocation of assets to international markets and the stock selection process, as detailed on pages 19 to 21 of the published Annual Report and Financial Statements for the year ended 31 December 2024, both act to reduce market risk. The Manager actively monitors market prices throughout the year and reports to the Board, which meets regularly in order to review investment strategy. The investments held by the Company are listed on various stock exchanges worldwide.
		Price risk sensitivity. If market prices at the Statement of Financial Position date had been 10% higher or lower, which is a reasonable range of annual price fluctuations, while all other variables remained constant, the return attributable to Ordinary shareholders for the year ended 31 December 2024 would have increased/decreased by £165,477,000 (2023 - increase/decrease of £167,415,000) and equity would have increased/decreased by the same amount.

 

	(ii)	Liquidity risk. This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities as they fall due in line with the maturity profile analysed below.
			Within	Within	Within	Within	Within	More than
			1 year	1-2 years	2-3 years	3-4 years	4-5 years	5 years	Total
		At 31 December 2024	£'000	£'000	£'000	£'000	£'000	£'000	£'000
		Loan Notes	-	-	-	-	-	110,000	110,000
		Interest cash flows on Loan Notes	2,818	2,818	2,818	2,818	2,818	14,415	28,505
		Cash flows on other creditors	2,838	-	-	-	-	-	2,838
			5,656	2,818	2,818	2,818	2,818	124,415	141,343
			Within	Within	Within	Within	Within	More than
			1 year	1-2 years	2-3 years	3-4 years	4-5 years	5 years	Total
		At 31 December 2023	£'000	£'000	£'000	£'000	£'000	£'000	£'000
		Bank loans	30,000	-	-	-	-	-	30,000
		Loan Notes	-	-	-	-	-	110,000	110,000
		Interest cash flows on bank loans	337	-	-	-	-	-	337
		Interest cash flows on Loan Notes	2,818	2,818	2,818	2,818	2,818	17,233	31,323
		Cash flows on other creditors	2,824	-	-	-	-	-	2,824
			35,979	2,818	2,818	2,818	2,818	127,233	174,484
		Management of the risk. Liquidity risk is not considered to be significant as the Company's assets comprise mainly readily realisable securities, which can be sold to meet funding commitments if necessary. Short-term flexibility is achieved through the use of loan and overdraft facilities (note 13).
	(iii)	Credit risk. This is failure of the counterparty to a transaction to discharge its obligations under that transaction that could result in the Company suffering a loss.
		Management of the risk
		- where the Manager makes an investment in a bond, corporate or otherwise, the credit ratings of the issuer are taken into account so as to manage the risk to the Company of default;
		- investments in quoted bonds are made across a variety of industry sectors and geographic markets so as to avoid concentrations of credit risk;
		- transactions involving derivatives are entered into only with investment banks, the credit rating of which is taken into account so as to minimise the risk to the Company of default;
		- investment transactions are carried out with a number of brokers, whose credit-standing is reviewed periodically by the Manager, and limits are set on the amount that may be due from any one broker;
		- the risk of counterparty exposure due to failed trades causing a loss to the Company is mitigated by the daily review of failed trade reports. In addition, both stock and cash reconciliations to the custodian's records are performed daily to ensure discrepancies are investigated in a timely manner. The Manager's Compliance department carries out periodic reviews of the custodian's operations and reports its finding to the Manager's Risk Management Committee;
		- cash is held only with reputable banks with acceptable credit quality. It is the Manager's policy to trade only with A- and above (Long-term rated) and A-1/P-1 (Short-term rated) counterparties.

 

		Credit risk exposure. In summary, compared to the amounts in the Statement of Financial Position, the maximum exposure to credit risk at 31 December 2024 was as follows:
							2024			2023
							Balance		Maximum	Balance		Maximum
							Sheet		exposure	Sheet		exposure
							£'000		£'000	£'000		£'000
		Non-current assets
		Quoted preference shares and bonds at fair value through profit or loss					110,224		110,224	113,716		113,716
		Current assets
		Other debtors					54		54	20		20
		Accrued income					7,544		7,544	8,028		8,028
		Cash and short-term deposits					8,732		8,732	5,878		5,878
							126,554		126,554	127,642		127,642
		None of the Company's financial assets is secured by collateral or other credit enhancements.
		Credit ratings. The table below provides a credit rating profile using Moodys credit ratings for the quoted preference shares and bonds at 31 December 2024 and 31 December 2023:
								2024			2023
								£'000			£'000
		Ba1						3,547			3,197
		Ba2						15,035			14,369
		Baa2						43,934			47,810
		Ba3						11,755			11,702
		B1						-			16,053
		B3						16,934			-
		Non-rated						19,019			20,585
								110,224			113,716
		Whilst a substantial proportion of the fixed interest portfolio does not have a rating provided by Moodys, the Manager undertakes an ongoing review of their suitability for inclusion within the portfolio as set out in "Investment Process" on pages 19 to 21 of the published Annual Report and Financial Statements for the year ended 31 December 2024. At 31 December 2024 Moodys credit ratings agency did not provide a rating for Indian bonds, Turkish bonds and Irredeemable preference shares (2023 - Indian bonds, Turkish bonds and Irredeemable preference shares) held by the Company and were accordingly categorised as non-rated in the table above. It was noted however that Fitch credit ratings agency does provide a BB- rating for Turkish bonds with a value of £1,703,000 (2023 - £3,292,000 with a B rating).
		Fair values of financial assets and financial liabilities. The fair value of borrowings has been calculated at £85,097,000 as at 31 December 2024 (2023 - £119,497,000) compared to a carrying amount in the financial statements of £109,916,000 (2023 - £139,901,000) (note 13). The fair value of each loan is determined by aggregating the expected future cash flows for that loan discounted at a rate comprising the borrower's margin plus an average of market rates applicable to loans of a similar period of time and currency. The carrying value of all other assets and liabilities is an approximation of fair value.

 

19.	Fair value hierarchy
	FRS 102 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following classifications:
	Level 1: unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date.
	Level 2: inputs other than quoted prices included in Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly.
	Level 3: inputs are unobservable (ie for which market data is unavailable) for the asset or liability.
	The financial assets and liabilities measured at fair value in the Statement of Financial Position are grouped into the fair value hierarchy at the reporting date as follows:
					Level 1	Level 2	Level 3	Total
	As at 31 December 2024			Note	£'000	£'000	£'000	£'000
	Financial assets at fair value through profit or loss
	Quoted equities			a)	1,654,770	-	-	1,654,770
	Quoted preference shares			b)	-	6,907	-	6,907
	Quoted bonds			b)	-	103,317	-	103,317
	Total				1,654,770	110,224	-	1,764,994
					Level 1	Level 2	Level 3	Total
	As at 31 December 2023			Note	£'000	£'000	£'000	£'000
	Financial assets at fair value through profit or loss
	Quoted equities			a)	1,674,147	-	-	1,674,147
	Quoted preference shares			b)	-	6,417	-	6,417
	Quoted bonds			b)	-	107,299	-	107,299
	Total				1,674,147	113,716	-	1,787,863
	a)	Quoted equities. The fair value of the Company's investments in quoted equities has been determined by reference to their quoted bid prices at the reporting date. Quoted equities included in Fair Value Level 1 are actively traded on recognised stock exchanges.
	b)	Quoted preference shares and bonds. The fair value of the Company's investments in quoted preference shares and bonds has been determined by reference to their quoted bid prices at the reporting date. Investments categorised as Level 2 are not considered to trade in active markets.

 

20.	Capital management policies and procedures
	The investment objective of the Company is to achieve an above average dividend yield, with long-term growth in dividends and capital ahead of inflation by investing principally in global equities.
	The capital of the Company consists of bank borrowings and equity, comprising issued capital, reserves and retained earnings. The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance.
	The Board monitors and reviews the broad structure of the Company's capital on an ongoing basis. This review includes:
	- the planned level of gearing which takes into account the Investment Manager's views on the market;
	- the level of equity shares in issue; and
	- the extent to which revenue in excess of that which is required to be distributed should be retained.
	The Company's objectives, policies and processes for managing capital are unchanged from the preceding accounting period.
	Details of the Company's gearing facilities and financial covenants are detailed in note 13 of the financial statements. The Company does not have any other externally imposed capital requirements.

 

21.	Related party transactions and transactions with the Manager
	Directors' fees and interests. Fees payable during the year to the Directors and their interests in shares of the Company are disclosed within the Directors' Remuneration Report on pages 69 and 70 of the published Annual Report and Financial Statements for the year ended 31 December 2024.
	Transactions with the Manager. The Company has agreements with aFML for the provision of management, accounting and administration services and promotional activities. Details of transactions during the year and balances outstanding at the year end are disclosed in notes 4 and 5.
	In the opinion of the Directors on the basis of shareholdings advised to them, the Company has no immediate or ultimate controlling party.

 

The Annual Financial Report Announcement is not the Company's statutory accounts. The above results for the year ended 31 December 2024 are an abridged version of the Company's full Annual Report and financial statements, which have been approved and audited with an unqualified report. The 2023 and 2024 statutory accounts received unqualified reports from the Company's auditors and did not include any reference to matters to which the auditor drew attention by way of emphasis without qualifying the reports, and did not contain a statement under s.498 of the Companies Act 2006. The financial information for 2023 is derived from the statutory accounts for 2024 which have been delivered to the Registrar of Companies. The 2024 financial statements will be filed with the Registrar of Companies in due course.

The Annual Report will be posted to shareholders in March 2025 and additional copies will be available from the registered office of the Company and on the Company's website, murray-intl.co.uk*

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements.  Investors may not get back the amount they originally invested.

*Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

 

For Murray International Trust PLC
abrdn Holdings Limited, Company Secretary
5 March 2025

Securities Financing Transactions Disclosure

The Company engages in Securities Financing Transactions (SFTs) (as defined in Article 3 of Regulation (EU) 2015/2365, SFTs include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions and margin lending transactions). In accordance with Article 13 of the Regulation, the Fund's involvement in and exposures related to securities lending for the accounting period are detailed below:
										% of			% of
Absolute value of assets engaged in SFTs				£'000						lendable assets			net assets
31 December 2024
Securities lending				46,790						2.65			2.79
31 December 2023
Securities lending				40,676						2.28			2.44
Top ten collateral issuers and collateral received
Based on market value of collateral received.
For all issuers, only equity securities with a main market listing were lent and the custodian was BNY Mellon.
2024		£'000					2023						£'000
US Treasury		48,615					US Treasury						41,895
Government of Australia		630					Government of Australia						945
		49,245											42,840
	2024									2023
								Proportion held						Proportion held
			Market value					in segregated			Market value			in segregated
			of collateral held					accounts			of collateral held			accounts
Collateral held per custodian			£'000					%			£'000			%
BNY Mellon			49,245					100			42,840			100
One custodian is used to hold the collateral, which is in a segregated account.
													Market value
													of collateral received
										2024			2023
Collateral analysed by currency										£'000			£'000
US Dollar										48,615			41,895
Australian Dollar										630			945
Total collateral received										49,245			42,840
				Market value						Countries of
Securities lending				of securities lending						counterparty			Settlement
Top Ten Counterparties per type of SFTA				£'000						establishment			and clearing
31 December 2024
Goldman Sachs				46,263						USA			Tri-party
UBS				527						Switzerland			Tri-party
Total market value of securities lending				46,790
31 December 2023
Goldman Sachs				39,798						USA			Tri-party
UBS				878						Switzerland			Tri-party
Total market value of securities lending				40,676
A All counterparties are shown
Maturity Tenor of SFTs (remaining period to maturity)
31 December 2024
Securities lending
The lending and collateral transactions are on an open basis and can be recalled on demand. As at 31 December 2024 there were three securities on loan (31 December 2023 - none).
The Company does not engage in any re-use of collateral.
					2024							2023
Return and cost per type of SFT					£'000				%			£'000			%
Securities lending
Gross return					751				115			267			115
Direct operational costs (securities lending agent costs)B					(113)				(15)			(40)			(15)
Total costs					(113)				(15)			(40)			(15)
Net return					638				100			227			100
B The unrounded direct operational costs and fees incurred for securities lending for the 12 months to 31 December 2024 is £112,471 (2023 - £40,038).

Alternative Performance Measures

Alternative performance measures are numerical measures of the Company's current, historical or future performance, financial position or cash flows, other than financial measures defined or specified in the applicable financial framework. The Company's applicable financial framework includes FRS 102 and the AIC SORP. The Directors assess the Company's performance against a range of criteria which are viewed as particularly relevant for closed-end investment companies.
Discount to net asset value per Ordinary share
The discount is the amount by which the share price is higher or lower than the net asset value per share at the year end, expressed as a percentage of the net asset value.
		2024	2023
NAV per Ordinary share (p)	a	278.4	268.8
Share price (p)	b	257.5	258.0
Discount	(b-a)/a	-7.5%	-4.0%
Dividend cover
Dividend cover measures the revenue return per share divided by total dividends per share, expressed as a ratio.
		2024	2023
Revenue return per share (p)	a	11.6	12.1
Dividends per share (p)	b	11.8	11.5
Dividend cover	a/b	0.98x	1.05x
Dividend yield
The annual dividend per Ordinary share divided by the share price at the year end, expressed as a percentage.
		2024	2023
Dividends per share (p)	a	11.8	11.5
Share price (p)	b	257.5	258.0
Dividend yield	a/b	4.6%	4.5%
Net gearing
Net gearing measures the total borrowings less cash and cash equivalents divided by shareholders' funds, expressed as a percentage. Under AIC reporting guidance cash and cash equivalents includes amounts due to and from brokers at the year end as well as cash and cash equivalents.
		2024	2023
Borrowings (£'000)	a	109,916	139,901
Cash (£'000)	b	8,732	5,878
Amounts due to brokers (£'000)	c	647	174
Shareholders' funds (£'000)	d	1,678,849	1,668,862
Net gearing	(a-b+c)/d	6.1%	8.0%
Ongoing charges ratio (OCR)
The ongoing charges ratio has been calculated in accordance with guidance issued by the AIC as the total of investment management fees and recurring administrative expenses, expressed as a percentage of the average daily net asset values with debt at fair value published throughout the year.
		2024	2023
Investment management fees (£'000)		7,122	6,929
Administrative expenses (£'000)		1,798	1,790
Less: non-recurring chargesA (£'000)		(106)	(64)
Ongoing charges (£'000)		8,814	8,655
Average net assets (£'000)		1,694,445	1,638,136
Ongoing charges ratio (excluding look-through costs)		0.52%	0.53%
Look-through costsB		-	-
Ongoing charges ratio (including look-through costs)		0.52%	0.53%
A Professional services comprising new Director recruitment costs and legal and advisory fees considered unlikely to recur. The prior year also includes costs relating to the sub-division of shares.
B Calculated in accordance with AIC guidance issued in October 2020 to include the Company's share of costs of holdings in investment companies on a look-through basis.
The ongoing charges ratio above differs from that provided in the Company's Key Information Document.
Total return
NAV and share price total returns show how the NAV and share price have performed over a period of time in percentage terms, taking into account both capital returns and dividends paid to shareholders. Share price and NAV returns are monitored against the Reference Index.
			Share
Year ended 31 December 2024		NAV	Price
Opening at 1 January 2024	a	268.8p	258.0p
Closing at 31 December 2024	b	278.4p	257.5p
Price movements	c=(b/a)-1	3.6%	-0.2%
Dividend reinvestmentA	d	4.5%	4.7%
Total return	c+d	+8.1%	+4.5%
			Share
Year ended 31 December 2023		NAV	Price
Opening at 1 January 2023	a	258.7p	266.8p
Closing at 31 December 2023	b	268.8p	258.0p
Price movements	c=(b/a)-1	3.9%	-3.3%
Dividend reinvestmentA	d	4.7%	4.4%
Total return	c+d	+8.6%	+1.1%
A NAV total return involves investing the net dividend in the NAV of the Company with debt at par value on the date on which that dividend goes ex-dividend. Share price total return involves reinvesting the net dividend in the share price of the Company on the date on which that dividend goes ex-dividend.

 

abrdn Holdings Limited

Company Secretary
5 March 2025