Interim Management Statement

RNS Number : 2340I

Martin Currie Portfolio Inv Tst PLC

10 June 2011

 



Martin Currie Portfolio Investment Trust Plc

Interim Management Statement

1 February 2011 - 30 April 2011

Manager's commentary

The FTSE All-Share gained 4.7% over the three months. After a decent February, the index took a breather in March as unrest in the Middle East escalated and investors considered the economic implications of the Japanese earthquake. In April, the market resumed its rise. Worries about the slowdown in the UK high street had clearly been overstated in share prices, as retailers were among the month's strongest performers.

The Trust's NAV outperformed the index, gaining 4.9%. Key contributors included German engineer Tognum, which was bid for by Rolls Royce and Daimler, and F&C Private Equity, which rallied after announcing strong results.

Since the end of the review period, the Trust's shareholders have voted overwhelmingly to adopt a more global approach in the portfolio. Accordingly, we have made a number of changes to its composition. Notably, our weighting in UK-quoted equities is now considerably less and our positions outside the UK larger.

Tom Walker

Profile as at 30 April 2011

Objective To achieve long-term capital growth by investing in a diversified portfolio of UK and international stocks.

Benchmark FTSE All-Share index

Sector Global growth

Launch 1999

Portfolio

Asset class          31 Jan    30 Apr

Equities                98.9%     96.2%

Cash                        0.7%       3.3%

Other                      0.4%        0.6%

Equity allocation                              31 Jan    30 Apr

United Kingdom                               56.9%    59.4%

North America                                  16.7%    17.1%

Developed Europe ex UK                 8.3%    11.2%

Pacific ex Japan                                   6.0%      5.8%

Private Equity                                    10.0%      4.5%

Japan                                                      2.1%      1.9%

Top 10 equity holdings (38.9% of total portfolio)

HSBC 6.4%

British American Tobacco 4.4%

GlaxoSmithKline 4.0%

Royal Dutch Shell 3.8%

Rio Tinto 3.8%

BP 3.8%

BG Group 3.3%

BHP Billiton 3.2%

Xstrata 3.1%

F&C Private Equity 3.1%

Number of countries 16

Number of holdings 60

Key facts

Net assets £153.7m

Share price (p) 128.8

Net asset value per share (p) 143.3

Discount (premium) 10.1%

Estimated net yield 2.7%

Following a review by the AIC, the NAV stated in our reporting is inclusive of current year revenue.

Performance

Discrete performance over 12 months to 30 April

	2011	2010	2009         2008		2007
Share Price	7.6%	34.6%	(25.0)%	7.5%	11.5%
NAV	11.5%	38.5%	(31.0)%	7.4%	11.2%
Benchmark	13.7%	36.6%	(26.9)%	(4.3)%	12.7%

Cumulative performance over periods to 30 April 2011

	One  month	Three months	Six months	One year	Three years
Share Price	4.7%	3.0%	8.0%	7.6%	8.6%	30.2%
NAV	1.6%	4.9%	8.7%	11.5%	6.6%	27.3%
Benchmark	3.1%	4.7%	9.1%	13.7%	13.6%	22.4%

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.

Capital structure

Ordinary shares 107,284,323*

*Source: Martin Currie as at 30 April 2011.

Board of directors

Peter Berry (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 2011† 0.5%

Total expense ratio 31 January 2011* 0.9%

Epic code MNP

Reuters code MNP.L

†Percentage of net assets.

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

Material events and transactions

During the period the company bought back 1,705,088 shares.

The final dividend of 2.5p per share was declared and paid on 21 June 2011.

Following shareholder approval at the AGM on 23 May 2011, the portfolio will reflect its new global mandate going forward.  The benchmark will also be changed from FTSE All-Share to FTSE World from 1 June 2011.

All resolutions at the AGM were passed.

Website

The trust has its own website at www.martincurrieportfolio.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

*Plus special dividend of 1.61p.

Past performance is not a guide to future returns.

 

END

 

 

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