martin currie global portfolio

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Martin Currie Global Portfolio Trust

Consistent approach to global equity investing

Review | Investment Companies | 14 Dec 2017

Martin Currie Global Portfolio Trust (MNP) has been managed by Tom Walker since January 2000, aiming to generate long-term capital growth. He adopts a consistent, bottom-up investment process to construct a relatively concentrated portfolio of c 50 high-quality, primarily large-cap global equities, diversified by sector and geography. The manager stresses that MNP has lower volatility of returns compared to the average of its peers in the AIC Global sector. The trust adopted a zero discount policy in 2013 and has a progressive dividend policy; its current dividend yield is 1.7%, comparing favourably to its peer group average.

Securities Trust of Scotland

New manager driving improved performance

Review | Investment Companies | 29 Aug 2017

Securities Trust of Scotland (STS) aims to generate rising income and long-term capital growth from a relatively concentrated portfolio of 35 to 55 global equities. Since May 2016, the trust has been managed by Mark Whitehead, who heads up Martin Currie’s income team. A new unconstrained, high-conviction investment approach was adopted on 1 June 2016, with performance measured against a peer group comprising both closed- and open-ended funds. STS has outperformed the peer group since the change in investment strategy. The trust actively uses gearing and has a progressive dividend strategy; its current dividend yield is 3.5%.

Martin Currie Global Portfolio Trust

Global equity exposure with low volatility

Review | Investment Companies | 26 Jun 2017

Martin Currie Global Portfolio Trust (MNP) aims to generate long-term capital growth from a portfolio of high-quality, primarily large-cap global equities. There has been continuity of leadership and process; Tom Walker, assisted by Martin Currie’s large team of experienced investment professionals, has managed MNP since January 2000. The trust has performed broadly in line with its blended benchmark over the last 10 years. However, its volatility of investment returns is lower than the average of its peer group, the AIC Global sector, which currently comprises 24 closed-end funds with a variety of mandates. Following the adoption of a zero discount policy in 2013, MNP’s shares trade close to NAV. The trust has a progressive dividend policy; its current yield of 1.8% compares favourably with the average of its peers.

Martin Currie Global Portfolio Trust

Diversified global exposure with dividend growth

Review | Investment Companies | 06 Sep 2016

Martin Currie Global Portfolio Trust (MNP) aims to outperform the total return of the benchmark FTSE World Index by investing in a portfolio of global, primarily large-cap equities with above-average growth potential and attractive valuations. A zero discount policy was adopted in 2013 to enhance liquidity and ensure that the share price trades close to net asset value. MNP has a progressive dividend policy; annual dividends have been increased or maintained since the trust's inception. The current dividend yield of 2.0% is above the peer group average.

Securities Trust of Scotland

Global investment in income and growth

Review | Investment Companies | 09 Mar 2016

Securities Trust of Scotland (STS) aims to achieve a combination of rising income and long-term capital growth from a concentrated portfolio of global large- and mid-cap stocks. The board's revised dividend policy, announced in May 2015, enables the company to deliver more of its returns to shareholders in dividends, while maintaining the investment approach and avoiding a potentially risky move towards higher-yielding stocks; STS now offers a 4.4% yield. Manager Martin Currie has a commitment to income investing, one of its principal strategy types.

Martin Currie Global Portfolio Trust

Growth focus allied with yield

Update | Investment Companies | 10 Feb 2016

Martin Currie Global Portfolio Trust (MNP) invests in large-cap global equities, selected for their above-average growth potential and attractive valuation. Tom Walker has managed the fund since January 2000; long-term performance versus the benchmark has been positive. The dividend yield is above the peer-group average and since fund inception in 1999, compound dividend growth has been 7.4% a year. In 2013, a zero discount policy was adopted, supporting improved liquidity, and the shares have traded close to net asset value since then.

Martin Currie Global Portfolio Trust

Selecting for quality and growth

Review | Investment Companies | 30 Jun 2015

Martin Currie Global Portfolio Trust (MNP) invests in larger-cap companies selected for their quality, solid growth potential and attractive valuation. Long-term relative performance during manager Tom Walker's 15-year tenure has been strong and risk-adjusted returns over one, three and five years have been ahead of the global sector average. The yield remains above the peer group average, with the dividend maintained or increased each year since inception. The adoption of a zero discount policy in 2013 has enhanced liquidity and led to the shares trading close to NAV.

Martin Currie Global Portfolio Trust

Still finding opportunities

Review | Investment Companies | 10 Dec 2014

Martin Currie Global Portfolio Trust (MNP) invests in a portfolio of larger-cap blue chip companies selected for their above-average growth potential. Recent performance has been similar to the FTSE World index benchmark in a period of market volatility and risk-adjusted returns are ahead of global trust sector averages over one and three years. Since adopting a zero discount policy in 2013, the shares have traded close to NAV. Dividends are paid quarterly and have held steady or increased each year since launch with MNP's 2.3% yield ranking in the top quartile of global trust peers.

Martin Currie Global Portfolio Trust

Global growth with zero discount policy

Update | Investment Companies | 08 May 2014

Martin Currie Global Portfolio Trust (MNP) invests in a portfolio of larger-cap global equities with market-leading positions, chosen for superior growth potential owing to earnings, assets or valuation anomalies. Its aim is to achieve capital growth in excess of the return on the FTSE World Index. Following the adoption in July 2013 of a zero-discount policy, the trust has traded on an average cum-fair discount of 0.5%, and stood at a marginal premium at the end of April. Dividends are paid quarterly and have held steady or risen each year since launch.

Martin Currie Global Portfolio Trust

Quarterly dividends, stronger discount control

Review | Investment Companies | 09 Oct 2013

Martin Currie Global Portfolio Trust (MNP) is a global equities investment trust. It has recently announced a zero discount policy (see below and page 6), which followed an announcement in May of a move to quarterly dividend payments (see page 7). During the year to 31 August 2013, MNP has provided total returns of 17.1% and 23.0% for NAV and share price respectively, compared to the FTSE World, which returned 20.1%.

Martin Currie Global Portfolio Trust

Global equities investment trust

Review | Investment Companies | 13 Feb 2013

Martin Currie Global Portfolio Trust (MNP) is a global equities investment trust. During the past year MNP has provided absolute returns of 12.6% and 16.8% for NAV and price total return respectively, compared to its benchmark, which returned 14.4%. The portfolio's defensive positioning has hindered performance a little during this period, although the manager has become more bullish on the outlook for global equities given the continuing global monetary expansion, which the manager believes will support growth and increase the attractiveness of equities as an inflation hedge. The discount has narrowed during the last half year from c 6% to its current 2.0%.

Martin Currie Global Portfolio Trust

Benefitting from going global

Review | Investment Companies | 16 Aug 2012

Martin Currie Global Portfolio Trust (MNP) is a global equities investment trust. Under its new global mandate MNP has, over the last 12 months, provided absolute returns of 17.8% and 19.3% respectively for NAV and price total return, outperforming its benchmark, which returned 14.9%. When compared to its 28 peers in the global growth sector, MNP ranks first over one year, ninth over three years and eighth over five years in terms of share price total return. The AGM approved share repurchases into treasury although, reflecting a stable discount (below its sector average), the authority has barely been used. Predominantly held by retail investors, MNP's yield is above the global growth sector average. MNP grew its dividend by 5.5% this year.