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Martin Currie Asia (MCP)

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Friday 09 November, 2018

Martin Currie Asia

Edison reviews Martin Currie Asia Uncnst Trst.

RNS Number : 9417G
Martin Currie Asia Uncnst Trust PLC
09 November 2018


London, UK, 9 November 2018

Edison issues review on Martin Currie Asia Unconstrained Trust (MCP)

Martin Currie Asia Unconstrained Trust (MCP) aims to deliver growth in line with nominal Asia ex-Japan GDP on a rolling three-year basis. It follows a detailed, bottom-up approach to investing in a concentrated portfolio of 20-30 of Asia's highest-quality and most sustainable businesses, unconstrained by a benchmark. Although market conditions have become more challenging for Asian equities, MCP's manager Andrew Graham believes the portfolio's high-quality companies are poised to do well in this environment. He also notes the trust's performance is less volatile than the MSCI AC Asia ex-Japan index. A dividend policy change in 2017 allowing payment from capital reserves, in addition to revenue income, has materially increased MCP's yield. Unlike one-off special dividends, it is the board's intention for this higher overall payout to endure. At 4.9%, MCP's dividend yield is one of the highest among peers.


MCP is trading on a discount of 12.7% to its cum-income NAV, which is narrower than the three-year average of 13.9%. The weakness in Asian equities has affected all funds in the sector and discounts have widened across the board. The trust's 4.9% dividend yield is comparable to income-focused funds.

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