Martin Currie GblPrt (MNP) - Interim Management Statement
RNS Number : 1244R
Martin Currie Global Portfolio Tst
14 November 2012
Martin Currie Global Portfolio Trust plc
Interim Management Statement
1 August 2012 - 31 October 2012
The FTSE World was up 1.9% over the quarter. The most remarkable feature was
the recovery in continental Europe, best illustrated by the decline in bond
yields in countries like Spain and Italy, but also by the sharp bounce in
European equity markets. Other markets rose more modestly, and, in sterling
terms, Japan fell. The best-performing global sector in this period was
financials, with European financials especially strong. Another outlying
sector was technology, which underperformed despite the general 'risk-on'
nature of the period. Many of the large-cap US tech stocks, while meeting
earnings forecasts in the third quarter, did so with slightly disappointing
revenue results, and their share prices were punished accordingly.
The Trust's NAV rose 2.2% over the period. Being underweight in Japan and
overweight in Europe was beneficial, and while our underweight in the strongly
performing financial sector counted against us, we enjoyed positive stock
selection in a number of sectors. In industrials and materials, there were
notably good performances from Tecnicas Reunidas and Safran (which are both
cyclical and European), Hong Kong conglomerate Jardine Matheson, US-listed
chemical company LyondellBasell, and North American gold miner Newmont Mining.
Apple's weakness is worthy of comment: it is not so much that its earnings
growth is slowing (inevitably, it is), it is simply the fact the company is so
widely owned and people have done so well from it that explains its fall from
US$700 to US$540 in the last six weeks.
The Trust's activity during the quarter was focused on sales. We sold
investment-management firm Man Group after it rallied from a low level - its
key fund, AHL, simply cannot achieve any momentum in these markets. We also
sold BT, where we feel the upside is limited following its strong performance,
and trimmed Monsanto and Tecnicas Reunidas on the same view.
Profile as at 31 October 2012
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
Asset class 31 Jul 31 Oct
Equities 98.8% 97.0%
Cash 1.2% 3.0%
Equity allocation 31 Jul 31 Oct
North America 49.6% 50.3%
Europe 31.3% 30.0%
Asia Pacific ex Japan 10.2% 10.5%
Emerging Markets 6.5% 7.0%
Japan 2.4% 2.2%
Top 10 equity holdings (30.0% of total portfolio)
Philip Morris International 3.3%
Royal Dutch Shell 3.1%
Sempra Energy 2.7%
Astra International 2.7%
United Technologies 2.4%
Number of holdings 62
Number of countries 17
Net assets £149.6m
Share price (p) 140.5
Net asset value per share (p) 143.2
Discount (premium) 1.9%
Estimated net yield 2.8%
The NAV stated in our reporting is inclusive of current year revenue.
Discrete performance over 12 months to 31 October
2012 2011 2010 2009 2008
Share Price 20.2% 4.0% 14.8% 19.7% (30.4%)
NAV 11.3% 4.1% 15.8% 21.2% (33.6%)
Benchmark 9.7% (0.4%) 17.5% 23.5% (34.4%)
Cumulative performance over periods to 31 October 2012
One Three months Six One Three Five
month months year years years
Share Price 3.5% 10.1% 12.5% 20.2% 43.5% 19.5%
NAV 0.4% 2.2% 5.5% 11.3% 34.1% 8.0%
Benchmark (0.4%) 1.9% 2.7% 9.7% 28.3% 4.0%
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
Ordinary shares 104,478,171*
*Source: Martin Currie as at 31 October 2012.
Board of Directors
Neil Gaskell (Chairman)
Year end - 31 January
Annual general meeting - May
Final dividend paid - June
Interim dividend paid - October
Annual management fee as at - 31 January 2012† - 0.5%
Total expense ratio 31 January 2012* - 0.9%
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, we bought back 15,000 shares to be held in treasury.
The company paid an interim dividend of 1.2p on 25 October 2012 to
shareholders on the register as at 5 October 2012.
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
Net asset value and dividend history
As at Share NAV Discount/ Dividend
31 January price per share (premium) 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
*Plus special dividend of 1.61p.
Past performance is not a guide to future returns.
This information is provided by RNS
The company news service from the London Stock Exchange
IMSGGGPGGUPPGWC -0- Nov/14/2012 13:13 GMT
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