Martin Currie Global Portfolio Trust
Edison | Jun 27, 2018 01:26AM ET
Martin Currie Global Portfolio Trust plc (LON:MNP) aims to generate long-term capital growth and real dividend growth from a diversified portfolio of high-quality global equities. With a view to succession planning, effective from 30 June 2018, the trust will be co-managed by Zehrid Osmani, working alongside the incumbent manager, Tom Walker. Osmani previously worked at BlackRock and is now head of Martin Currie’s global long-term unconstrained team. He has 21 years’ investment experience. Data from Morningstar show that MNP’s historical investment returns have been achieved with lower volatility compared with the average of its peers in the AIC Global sector. The trust operates a zero discount policy and has a progressive dividend strategy. Its current yield is 1.7%. Changes to MNP’s fee structure will see the annual management charge reduced from 0.5% to 0.4% of NAV with effect from FY19.
Investment strategy: Seeking high ROIC
Walker believes that companies generating high and sustainable returns on invested capital (ROIC) will outperform the broader market over the long term. He and his team undertake thorough fundamental research on potential investee companies, which includes a five-year price target and environmental, social and governance (ESG) analysis. While gearing of up to 20% of NAV is permitted, the trust runs a net cash balance; at end-May 2015, it was 1.3%.
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