Fund Research

Martin Currie Global Portfolio Trust

Last update 04 September 2019

Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Martin Currie Global Portfolio Trust. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

Investment objective

To achieve long-term capital growth in excess of the capital return of the FTSE World index

As at:

30/08/2019

Group/Investment

Martin Currie Global Portfolio

Ticker

MNP

Management Company

Martin Currie Investment Management Ltd

Manager Name

Zehrid Osmani

Association of Investment Companies (AIC) Sector

Global

12 Mo Yield

1.4%

Dividend Distribution Frequency

Quarterly

Latest Market Capitalisation

£242,853,056

Latest Net Gearing (Cum Fair)

0%

Latest Ongoing Charge Ex Perf Fee

0.60%

Turnover Ratio

67.4%

Shares Outstanding

83,742,261

(Discount)/ Premium (Cum Fair)

0.4%

Daily Closing Price

290p

Source: Morningstar

Martin Currie Global Portfolio Trust (MNP) aims to achieve long-term outperformance of the FTSE World Index from a portfolio of 25-40 high-growth companies from around the world.

Zehrid Osmani is at the helm of the portfolio, having joined the team in June 2018 and taking sole management of the portfolio in October 2018, and is constantly striving to identify undervalued, high-quality companies that can offer investors consistent returns. The process is built around a proprietary ‘toolkit’, where financial models, qualitative and thematic research are utilised to narrow the universe of around 3000 companies down to 500. After this, more detailed analysis is conducted, with Zehrid and his team identifying companies that generate high returns on their capital, have attractive growth profiles and have the potential to sustain or further improve it.

Since his appointment, Zehrid has been given greater flexibility in his investment decisions, increasing his allocation to high-growth companies and the portfolio’s concentration. It now consists of 33 holdings, in comparison to the average trust in the AIC Global sector has 127 holdings.

In performance terms, MNP has long been one of the stand out performers in the Global sector. Tom Walker was at the helm of the portfolio since the launch of the trust in 1999 and during his tenure delivered NAV total returns of 9.52% p.a., outperforming the FTSE World Index, which returned 8.9% p.a. over the same period. Zehrid has been able to do even better during his short time in charge of the portfolio: he has delivered 17.2% returns since July 2018, considerably more than the benchmark FTSE World (11%) and almost triple the AIC peer group which delivered 5.5% on average. Over this period, only Nick Train of Lindsell Train, has generated greater levels of alpha relative to their Morningstar best fit benchmarks, however MNP has done so at lower levels of volatility.

In July 2013 a zero-discount policy was introduced and since then the trust has predominantly traded at or around par. Throughout 2018 the average discount for the trust was 0.9%, however, 2019 has seen the trust move further towards trading at a premium and as of the 26 August 2019, the trust is trading at a premium of 0.4%. The weighted average discount within the AIC Global sector currently sits at 1.2%.

Disclaimer

This report has been issued by Kepler Partners LLP.  The analyst who has prepared this report is aware that Kepler Partners LLP has a relationship with the company covered in this report and/or a conflict of interest which may impair the objectivity of the research.

Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. It is strongly recommended that if you are a private investor independent financial advice should be taken before making any investment or financial decision.

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Fund History: Martin Currie Global Portfolio Trust

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