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
Martin Currie GblPrt MNP Interim Management Statement
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