Interim Management Statement

RNS Number : 8775S

Martin Currie Global Portfolio Tst

28 November 2011

 



Martin Currie Global Portfolio Trust Plc

Interim Management Statement

1 August 2011 - 31 October 2011

Manager's commentary

This was an extremely volatile period for global equity markets. As the eurozone crisis deepened and nervousness spread to the entire European banking sector and beyond, the FTSE World index fell 5.2%. This was despite a rally of almost 7% in October, such was the severity of the sell-off in August and September.

With a decline of 3.5%, the portfolio outperformed its benchmark. Pleasingly, this outperformance came in both the plunging markets of August and the substantial rebound of October, with the fund in line with the index in September.

During the October rebound, our performance was helped by a recovery in its more economically sensitive stocks. The two best performers were recent purchase El Paso, the North American gas-pipeline and oil company, which was bid for at a 37% premium, and ENI, the Italian integrated energy stock, which has assets in Libya. It seems that the civil war there is over, and oil production should soon restart.

Economic data has been mixed. In the US, data has generally surprised positively, with the third-quarter GDP rise of 2% indicative of this. Europe stands in contrast to this, and many commentators are now forecasting that the continent will soon return to recession. We retain our cautious outlook on the global economy but believe that recession is not imminent, despite Europe's problems. Given this, the portfolio is positioned relatively cautiously but almost fully invested; cash stood at just 1% at the end of October.

Tom Walker

Profile as at 31 October 2011

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                98.0%     98.9%

Cash                        2.0%       1.1%

Equity allocation                              31 Jul     31 Oct

North America                                 42.8%       45.7%

Europe                                                 33.2%      31.5%

Asia Pacific ex Japan                       11.7%      11.1%

Emerging Markets                              7.7%         7.5%

Japan                                                      4.4%         4.2%

Top 10 equity holdings (28.7% of total portfolio)

Apple 4.4%

Royal Dutch Shell 3.3%

Philip Morris International 3.2%

McDonalds 3.1%

Astra International 2.9%

ENI 2.6%

United Technologies 2.5%

Microsoft 2.4%

Sempra Energy 2.2%

ConocoPhillips 2.1%

Number of countries 18

Number of holdings 61

Key facts

Net assets £140.0m

Share price (p) 120.5

Net asset value per share (p) 132.7

Discount (premium) 9.2%

Estimated net yield 2.9%

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

Performance

Discrete performance over 12 months to 31 October

	2011	2010	2009         2008		2007
Share Price	4.0%	14.8%	19.7%	(30.4)%	21.3%
NAV	4.1%	15.8%	21.3%	(33.6)%	22.8%
Benchmark	(0.4)%	17.5%	23.5%	(34.4)%	13.6%

Cumulative performance over periods to 31 October 2011

One month	Three months	Six months	One year	Three years	Five years
Share Price	8.3%	(3.5)%	(3.7)%	4.0%	42.9%	20.6%
NAV	8.0%	(4.0)%	(4.2)%	4.1%	46.1%	19.2%
Benchmark	6.8%	(5.2)%	(8.7)%	(0.4)%	44.4%	7.7%

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 105,558,868*

*Source: Martin Currie as at 31 October 2011.

Board of directors

Peter Berry (chairman)

Gillian Nott

David Kidd

Ben Thomson

Mike Balfour

Neil Gaskell (appointed 24 November 2011)

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, where relevant.

Material events and transactions

During the period we bought back 523,545 shares.

The company paid an interim dividend of 1.0p on 28 October 2011 to shareholders on the register as at 7 October 2011.

The company changed its name from Martin Currie Portfolio Investment Trust Plc to Martin Currie Global Portfolio Trust Plc to reflect its new global mandate. The name change took effect on 1 September 2011.

On 24 November, the trust announced that Neil Gaskell would become a non-executive director with immediate effect.

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

*Plus special dividend of 1.61p.

Past performance is not a guide to future returns.

 

END

 

 

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