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Murray International Trust posted a positive annual performance that nevertheless missed its benchmark.
The investment company's net asset value total return for the year through December was 12.4%.
The company's benchmark, which comprises 40% FTSE World UK Index and 60% FTSE World ex UK Index, rose 21.1% over the same timer period.
Murray International Trust declared annual dividends of 53.5p per share, up from 51.5p on-year.