Interim Management Statement

RNS Number : 1146E

Martin Currie Global Portfolio Tst

25 May 2012

 



Martin Currie Global Portfolio Trust plc

Interim Management Statement

1 February 2012 - 30 April 2012

Manager's commentary

The FTSE World Index rose 1.8% over the three months.  January's strong rally continued into February, buoyed by positive economic data in the US and the cheap lending afforded to European banks by the ECB.  Markets eked out only a small gain in March and then fell back in April as investors focused on slightly weaker data from the US, slower growth in China, and further uncertainty over eurozone debt.

The Trust's NAV gained 0.6% over the period, with its slightly defensive positioning holding it back somewhat in the February rally.  The overweight holding in Apple was our top contributor; the shares gained almost 25% over the three months as the company reported stellar earnings.  Other good performers included fellow US stocks Philip Morris (tobacco) and Sempra Energy.  At the other end of the scale, some materials stocks weakened along with their underlying commodity prices, notably Newmont Mining (gold) and Ultra Petroleum (natural gas).  Astra International, the Indonesian car manufacturer, and NII Holdings, the Latin American mobile-telecoms operator, also featured among the Trust's poorer performers.

If, as we believe, the US can continue its modest growth and emerging countries can stimulate their domestic economies as inflation declines, the global economy should be able to carry on moving - albeit slowly - in the right direction.  Despite the ongoing macroeconomic uncertainty, company guidance for the year ahead has been cautiously optimistic, and we remain upbeat on the prospects for the kind of good-quality, cash-generative equities in which the Trust is invested.

Tom Walker

Profile as at 30 April 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 Jan    30 Apr

Equities                97.4%     96.7%

Cash                        2.6%       3.3%

Equity allocation                              31 Jan    30 Apr

North America                                 48.0%     49.9%

Europe                                                 27.1%     30.7%

Asia Pacific ex Japan                       12.8%      9.8%

Emerging Markets                               7.8%      7.1%

Japan                                                        4.3%       2.5%

Top 10 equity holdings (29.7% of total portfolio)

Apple 5.1%

Philip Morris International 3.3%

Royal Dutch Shell 3.2%

JP Morgan Chase 2.7%

Prudential 2.7%

McDonalds 2.7%

Seadrill 2.6%

Sempra Energy 2.5%

United Technologies 2.5%

Astra International 2.4%

Number of holdings        61

Number of countries       17

Key facts

Net assets £147.80m

Share price (p) 128.8

Net asset value per share (p) 141.4

Discount (premium) 8.9%

Estimated net yield 2.7%

The NAV stated in our reporting is inclusive of current year revenue.

Performance

Discrete performance over 12 months to 30 April

	2012	2011	2010	2009	2008
Share Price	2.9%	7.6%	34.6%	(25.0)%	7.5%
NAV	1.1%	11.5%	38.5%	(31.0)%	7.4%
Benchmark	(2.5)%	13.7%	36.6%	(26.9)%	(4.3%)

Cumulative performance over periods to 31 October 2011

One month	Three months	Six months	One year	Three years	Five years
Share Price	(3.6%)	(0.2)%	6.8%	2.9%	49.1%	20.1%
NAV	(2.6%)	0.6%	5.5%	1.1%	56.0%	15.7%
Benchmark	(2.7%)	1.8%	6.8%	(2.5)%	51.4%	5.9%

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 104,553,171*

*Source: Martin Currie as at 30 April 2012.

Board of Directors*

Neil Gaskell (Chairman)

Gillian Nott

David Kidd

Ben Thomson

Mike Balfour

*As at 22 May 2012

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

On 22 May 2012, Peter Berry retired as chairman of the trust.  Neil Gaskell was elected as a director of the trust at the AGM on 22 May 2012, and became chairman with immediate effect.

At the AGM on 22 May 2012, the members approved the directors' recommendation to declare a final dividend of 2.70p per share in respect of the year ended 31 January 2012, which will be paid on 21 June 2012 to those shareholders on the register of members at the close of business on 1 June 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 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
2012	129.0p	139.2p	7.3%	3.70p

*Plus special dividend of 1.61p.

Past performance is not a guide to future returns.

 

END

 

 

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