Interim Management Statement

RNS Number : 7898T

Martin Currie Global Portfolio Tst

25 November 2013

 



Martin Currie Global Portfolio Trust plc

Interim Management Statement

1 August 2013 - 31 October 2013

Manager's commentary

The FTSE World index rose 1.1% over the three months to the end of October. This modest return masks 
some significant monthly swings, however, mostly driven by developments in America. In August, fear that 
the US Federal Reserve (the Fed) would start to 'taper' the pace of its quantitative easing (QE) programme 
sooner than expected saw markets around the world weaken. Emerging markets were hit particularly hard. 
But sentiment improved in mid-September when theFed decided to leave QE unchanged for the time 
being, and it strengthened further in October when a consensusemerged that taperingwould not begin until 2014.

Against this background, the Trust's NAV rose by 0.7%. The top contributing stocks were UK-listed 
insurer Prudential, rising in anticipation of strong results from its Asian business, and US IT company 
Cognizant, as an immigration bill perceived as negative for its outsourcing business model was 
delayed. The main detractor from performance was US financial-services firm JP Morgan, as more 
regulatory fines were disclosed. We believe it is well provisionedfor these charges and that the shares 
should recover as this news dissipates. US pipeline operator Kinder Morgan was also weak after an old 
accounting issue resurfaced; having discussed the matter with management, we retain our conviction 
in the stock.

In September, we sold Emerson Electric,which has performed well, and bought US pump and filter 
manufacturer Pentair, where we have greater confidence that earnings growth can be achieved despite the 
fragile world economy. In October, we reissued our 1.47 million shares held in treasury at a small 
premium. Beyond the cashflow trades resulting from that, we sold our positionin the US air-conditioning 
and heating company Watsco and bought a new holding in entertainment giant Twenty-First Century 
Fox, which is enjoying strong international growth.

Tom Walker

Profile as at 31 October 2013

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

Benchmark: FTSE World index

Sector: Global growth

Launch: 1999

Portfolio

Asset class          31 Jul     31 Oct

Equities                98.4%      98.7%

Cash                        1.6 %       1.3%

Equity allocation                              31 Jul     31 Oct

North America                                  50.7%      49.5%

Europe                                                 28.4%      29.3%

Asia Pacific ex Japan                       10.6%     10.7%

Japan                                                       7.1%       7.3%

Emerging markets                               3.2%       3.2%

Top 10 equity holdings (25.8% of total portfolio)

Philip Morris International                    2.9%

Apple                                                            2.8%

United Technologies                                2.8%

Royal Dutch Shell                                     2.8%

Pfizer                                                             2.7%

Prudential                                                    2.6%

LyondellBasell                                           2.6%

Mitsubishi UFJ Financial                        2.2%

BG Group                                                     2.2%

PNC financial                                             2.2%

Number of holdings                                      59

Number of countries                                     16

Key facts

Total net assets                                   £174.0m

Share price (p)                                        167.8

Net asset value per share (p)             166.5

Discount (premium)                             (0.8%)

Historic net yield                                     2.3%

The NAV stated in our reporting is inclusive of current year revenue.

Performance

Discrete performance over 12 months to 31 October

	2013	2012	2011	2010	2009
Share Price	22.8%	20.2%	4.0%	14.8%	19.7%
NAV	20.5%	11.3%	4.1%	15.8%	21.2%
Benchmark	25.3%	9.7%	(0.4%)	17.5%	23.5%

Cumulative performance over periods to 31 October 2013

	One month	Three months	Six months	One year	Three years	Five years
Share Price	6.4%	2.3%	11.5%	22.8%	53.4%	110.9%
NAV	5.1%	0.7%	7.2%	20.5%	39.6%	95.9%
Benchmark	4.8%	1.1%	6.0%	25.3%	36.9%	98.6%

Source: Martin Currie and Morningstar. Bid to bid basis with net income reinvested over the periods shown in sterling terms. These figures do not include the costs of buying and selling shares in an investment trust. If these were included, performance figures would be reduced.

Prior to 31 May 2011 the Trust's benchmark was the FTSE All-Share index and the FTSE World index thereafter.  Past performance is not a guide to future returns.

Capital structure

Ordinary shares 104,493,171*

*Source: Martin Currie as at 31 October 2013.

Board of Directors

Neil Gaskell (Chairman)

Gillian Nott

David Kidd

Gillian Watson

Mike Balfour

Key information

Year end  - 31 January

Annual general meeting  - May

Final dividend paid  - July

Interim dividends paid  - October, January, April

Annual management fee as at 31 January 2013†  - 0.5%

Total ongoing charges 31 January 2013*  - 0.8%

Epic code  - MNP

Reuters code  - MNP.L

†Percentage of net assets.

*Percentage of shareholders' funds. Includes annual management and performance fees, where relevant.

Material events and transactions

During the period, 353,000 shares were bought back to be held in treasury. Subsequently, the full balance of shares held in treasury (1,466,623) was re-issued.

The company paid a second interim dividend of 0.9p on 25 October 2013 to shareholders on the register as at 4 October 2013.

Website

The Trust has its own website at www.martincurrieglobal.com. There you will find further details about the Trust, information on Martin Currie, daily share prices (and associated risks), and you can access regular webcasts by the manager.

Net asset value and dividend history

As at 31 January	Share price	NAV per share	Discount/ (premium)	Dividend per share
2000	89.5p	110.0p	18.6%	1.42p
2001	101.0p	115.7p	12.7%	1.47p
2002	80.5p	89.9p	10.5%	1.50p
2003	57.8p	65.1p	11.2%	1.55p
2004	79.0p	83.0p	4.8%	1.87p
2005	85.0p	91.5p	7.1%	1.99p*
2006	109.0p	116.9p	6.8%	2.20p
2007	117.3p	127.5p	8.0%	2.40p
2008	124.3p	134.8p	7.8%	2.60p
2009	89.8p	93.1p	3.5%	3.50p
2010	113.5p	122.2p	7.1%	3.50p
2011	125.0p	135.5p	7.7%	3.50p
2012	129.0p	139.2p	7.3%	3.70p
2013	147.4p	152.6p	3.4%	3.90p

*Plus special dividend of 1.61p.

Past performance is not a guide to future returns.

 

END

 

 

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