Martin Currie GblPrt MNP Interim Management Statement

  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

 

Manager's commentary

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.

 

Tom Walker

 

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

 

Launch: 1999

 

Portfolio

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)

Apple 5.2%

Philip Morris International 3.3%

Royal Dutch Shell 3.1%

Prudential 3.0%

Sempra Energy 2.7%

Seadrill 2.7%

Astra International 2.7%

Pfizer 2.5%

United Technologies 2.4%

McDonalds 2.4%

 

Number of holdings        62

Number of countries       17

 

Key facts

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.

 

Performance

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 
returns.

 

 

 

 

 

 

 

Capital structure

Ordinary shares 104,478,171*

*Source: Martin Currie as at 31 October 2012.

 

Board of Directors

Neil Gaskell (Chairman)

Gillian Nott

David Kidd

Ben Thomson

Mike Balfour

 

 

Key information

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.

 

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       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
 
END
 
 
IMSGGGPGGUPPGWC -0- Nov/14/2012 13:13 GMT