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Equities investor Murray International Trust posted a 'marginally positive' total return on net assets for the year that missed its benchmark return, and by the end of the year was trading at a discount to net asset value (NAV), having started the year at a premium.
The company's NAV total return for the year ended 31 December 2020 was 0.9%.
This compared to a total return for its 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, of 7%.
The share price posted a total return of negative 5.3%, which the company said reflected a move from trading at a premium to NAV of 5.9% at the start of the year to a discount of 0.7% at the year end.
Income per share generated from the company's portfolio amounted to 46.6p for the year.
The company maintained quarterly dividend payments during the year and has recommended a final dividend of 18.5p per share, subject to shareholder approval.
Chairman Kevin Carter said: 'In an environment of evaporating demand and disrupted supply, numerous companies had no choice but to suspend or cut dividends in order to preserve cash and remain solvent. Over the year, the company's total return on net assets ended marginally positive with quarterly dividend payments maintained despite the market disruption.
'During the darkest days of 2020, even such a relatively subdued outcome appeared overly optimistic.'
Carter added that during the year, regional equity markets highly weighted with companies exposed to technology and beneficiaries of social isolation, such as the NASDAQ in the US, performed 'very well', while those with more of an income focus, such as the UK, 'tended to struggle'.
'Whilst the company's geographically diversified portfolio held up well relative to previous dividend recessions, negotiating the toughest income environment for close to 20 years proved very difficult,' Carter said.