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The information and material contained in this website are designed to provide information on Martin Currie and is only directed at Institutional Investors and Consultants.

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The information contained within this website does not constitute an offer of or an invitation to apply for securities:

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Martin Currie Investment Management Limited is authorised and regulated in the UK by the Financial Conduct Authority.

The distribution of this information in written format is restricted to the UK. The information contained in this site has been compiled with considerable care to ensure its accuracy at the date of publication. But no representation or warranty, express or implied, is made to its accuracy or completeness. Any research or analysis contained in this website has been procured by Martin Currie for its own use. It is provided to you only incidentally, and any opinions expressed are subject to change without notice.
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The information and material contained in this website are designed to provide information on Martin Currie and is only directed at Institutional Investors and Consultants.

By accepting where indicated, you hereby acknowledge, agree and represent to Martin Currie that you are eligible by confirming that you are based in the UK, you are an authorised to conduct regulated activities in the UK and that you have read and understood the "Legal & Regulatory Information", which applies to any investment in our products referred to in this website.

The information contained within this website does not constitute an offer of or an invitation to apply for securities:

In any jurisdiction where such offer or invitation is unlawful or
In which the person making such offer is not qualified to do so or
To whom it is unlawful to make such offer or solicitation.

Martin Currie Investment Management Limited is authorised and regulated in the UK by the Financial Conduct Authority.

The distribution of this information in written format is restricted to the UK. The information contained in this site has been compiled with considerable care to ensure its accuracy at the date of publication. But no representation or warranty, express or implied, is made to its accuracy or completeness. Any research or analysis contained in this website has been procured by Martin Currie for its own use. It is provided to you only incidentally, and any opinions expressed are subject to change without notice.
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Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Fund Management Limited, registered in Scotland (no SC104896) is authorised and regulated by the UK Financial Conduct Authority as a full-scope UK AIFM.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Fund Management Limited, registered in Scotland (no SC104896) is authorised and regulated by the UK Financial Conduct Authority as a full-scope UK AIFM.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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All residents of Hong Kong: Neither Martin Currie Investment Management Limited nor Martin Currie Inc. carries on a business in a regulated activity in Hong Kong or is licensed by the Securities and Futures Commission. The content of this section of the website is intended for Professional Investors only.

All residents of Singapore: The information in this section of the website is intended for institutional investors (as defined in the Securities and Futures Act, Chapter 289 of Singapore, as amended) and consultants in Singapore only.

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All residents of South Korea: The information in this section of the website is intended only for qualified professional investors and consultants based in South Korea.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Martin Currie Australia is a division of Legg Mason Asset Management Australia Limited (ABN 76 004 835 849). Legg Mason Asset Management Australia Limited holds an Australian Financial Services Licence (AFSL No. AFSL 240827) issued pursuant to the Corporations Act 2001.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority.

The FCA's regulatory regime differs from the Australian regulatory regime.
This material is provided on the basis that you are a wholesale client within the definition of ASIC Class Order 03/1099. Martin Currie is registered as a foreign company under the Corporations Act 2001 (ARBN 131 134 613). It is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 in respect of financial services provided to Australian wholesale clients by virtue of the application of ASIC Class Order 03/1099.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Important Information:

Martin Currie Australia is a division of Legg Mason Asset Management Australia Limited (ABN 76 004 835 849). Legg Mason Asset Management Australia Limited holds an Australian Financial Services Licence (AFSL No. AFSL 240827) issued pursuant to the Corporations Act 2001.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority.

The FCA's regulatory regime differs from the Australian regulatory regime.
This material is provided on the basis that you are a wholesale client within the definition of ASIC Class Order 03/1099. Martin Currie is registered as a foreign company under the Corporations Act 2001 (ARBN 131 134 613). It is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 in respect of financial services provided to Australian wholesale clients by virtue of the application of ASIC Class Order 03/1099.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Investment Management Limited has a MiFID II passport to provide investment services to Professional Clients in the European Union.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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All residents of Luxembourg, Republic of Ireland, Netherlands, Germany, Sweden, Finland, Norway, Denmark, Italy, Belgium and France: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are categorised as a per se or elective Professional Client for the purposes of Directive 2014/65/EU (“MiFID II”). The information on this section of the website is not intended for use by any other person, including members of the public.

All residents of Switzerland: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that that you are resident in or incorporated in Switzerland and that you are a Qualified Investor for the purposes of Article 10 of the Collective Investment Schemes Act. The information on this section of the website is not intended for use by any other person, including members of the public.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Investment Management Limited has a MiFID II passport to provide investment services to Professional Clients in the European Union.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Martin Currie Inc, incorporated in New York with its registered office at 620 Eighth Avenue, 49th Floor New York, NY 10018 and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com, is registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940 and is also authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc. operates under the International Adviser Exemption with the Ontario Securities Commission (‘OSC’) and is therefore currently not required to be registered as a portfolio manager for the purposes of MI 31-103.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940, National Instruments or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Investors resident in the United States of America: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are either incorporated in, or a resident of, the United States of America and that you meet the definition of an Accredited Investor as defined in Rule 501 of the United States Securities Act of 1933, as amended (‘The 1933 Act’). The information on this section of the website is not intended for use by any other person in any other jurisdiction, including members of the public.

Martin Currie Inc, incorporated in New York with its registered office at 620 Eighth Avenue, 49th Floor New York, NY 10018 and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com, is registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940 and is also authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc. operates under the International Adviser Exemption with the Ontario Securities Commission (‘OSC’) and is therefore currently not required to be registered as a portfolio manager for the purposes of MI 31-103.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940, National Instruments or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that: (i) you are an institutional investor, an intermediary investor a consultant or other professional investor; and (ii) you are entering this website on your own initiative and without being influenced or induced by any third party to do so. The information on this section of the website is not intended for use by any other person, including members of the public.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation. The information on this website has not been reviewed by any competent regulatory authority in any jurisdiction.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation. The information on this website has not been reviewed by any competent regulatory authority in any jurisdiction.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

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Podcast: Anatomy of the market recovery

In his latest podcast, Zehrid Osmani, dissects the equity market rebound, asks if it is sustainable or a bear market rally, and what the shape of the longer-term recovery will be.

Zehrid Osmani Head of Global Long-Term Unconstrained

Zehrid Osmani provides his view on current markets, potential opportunities in a post-pandemic world, and a summary of the in-depth research process.

  • Five key aspects that will dictate the shape of the equity market recover
  • The path from recession - V-shaped or gradual recovery?
  • Risk – avoiding unintended exposures in portfolios

Sign-up for the next, exclusive podcast that will feature:

We could therefore get to a point of ‘bottoming’ in earnings downgrades much more rapidly than in previous recessions

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Our funds focus on quality growth companies with sustainable business models

Script

Hello, it’s Zehrid Osmani, head of GLTU at Martin Currie and Portfolio Manager of martin Currie Global portfolio Trust - with a third update in our podcast series.

Before we start, we would like to again congratulate all the frontline workers throughout the world, for the courageous work that they are carrying to help everyone - putting their duties and care for others ahead of their own safety. Our admiration for your commitment is immense. Thank you.

Last weekend, I watched some of the ‘One World Together At Home’ concert and was touched at the show of global unity in what had become a growing world trend towards deglobalisation. I hope that this show of unity and solidarity, and this acknowledgment that everyone throughout the world is in this together will show us the way to a more co-ordinated approach towards a sustainable manner of generating growth and creating wealth in the world going forward.

We have structured this podcast into 3 parts as always: the first one being to give some thoughts on the market; the second part is to highlight our work on the portfolios and how we manage the potential opportunities in a post pandemic world, and; the third part is to continue to zoom in on our investment process. As a reminder, we manage high conviction best ideas funds on a long-term time frame, offering Global, International, European and US versions of the funds to our investors, depending on geographic preference.

Our funds focus on quality growth companies with sustainable business models, high pricing power and therefore high returns potential, attractive growth prospects and solid balance sheets, all of which typically makes our funds able to perform well through most market conditions, and notably have shown to be defensive in periods of market sell offs.

Let’s start with an update on our market thoughts, and it is important here to highlight again that we are long term investors, and therefore these market updates have to be taken in the context of that time horizon.

We wanted to channel our market focus today on reflections about the anatomy of the bottoming of equity markets. We are conscious that the bull-bear debate ongoing in the market is about whether the recent market rally is sustainable, or whether it is simply a bear market rally.

The market bounced sharply from the lows of 23rd March. We’ve had the best week since 1974 in equity markets a couple of weeks ago, as the market continued to cheer the growing magnitude of policy responses. In the space of a month and half, we’ve technically experienced a bear market at record speed, and a bull market at record speed. The speed and volatility of the moves is most likely related to the exogenous nature of the shock the global economy is experiencing. The magnitude of the recession will likely be unprecedented in our lifetime, because of the globally synchronised abrupt slow-down in both supply and demand as a result of the lockdown policies across economies.

As we flagged in our second podcast, the bears are still focusing on the short-term recession risks, the many profit warnings still to come and the magnitude of the downgrades to earnings that we still need to see in the market.

The bulls are focusing on the policy actions which are unprecedented in scale and simultaneous across most regions, and the hope that this will lead to a rapid recovery, as well as the hope of rapid medical breakthrough to fight the virus.

There will definitely be a recovery over the next few months and quarters, as economies gradually exit the lockdowns. We are already seeing some signs of stabilisation in the Chinese economy, and tentative signs of a pick-up in activity, which are encouraging, even if early days.

But what will be the shape of such recovery? The answer is highly uncertain, due to the lack of clarity on five aspects:

  • Firstly, the length of lockdowns
  • Secondly, What a post lockdown world will look like?It is unlikely that it will be a return to the ‘old normal’ both in terms of shape of demand and of supply given that social distancing will still be in place for some time.
  • Thirdly, the speed of channelling policy stimuli into the economy will determine magnitude and pace of a recover.
  • Fourthly, the potential downside impact of any negative feedback loop of weakening labour market on the demand outlook.
  • And finally, pandemic relapse risk once lockdowns end which could also dictate how rapid a recovery could be.

What is the anatomy of a typical bottoming in equity market:

  • It took the US Equity market on average 18 months to reach the lows in past recessions since WW2 - although the range is pretty wide, and each recession should be assessed on a case by case basis.
  • Average earnings downgrades of >20% from peak to trough in previous recessions.
  • Markets have tended to bottom as earnings downgrades momentum has been bottoming, and downgrades have been easing.

The final important component for a bottoming in equity markets is valuations.

Without knowing the shape of a recession, it is difficult to know the anatomy of a market bottoming. Will we have a gradual bottoming in economic activity as seen in the GFC Or a V-shaped recovery such as ones seen post some natural disasters? Or will it be something in between?

This recession is like no other, so the earnings downgrades is likely to be much more severe and much more rapid. We could therefore get to a point of bottoming in earnings downgrades much more rapidly than in previous recessions.

There is, of course, a risk of negative feedback loop from the sharp increase in unemployment and furlough so we will need to continue to assess the situation.

The final important component for a bottoming in equity markets is valuations.  Currently equity market valuations are some way away from the lows seen in previous recessions. This is something we will spend more time focusing on in the next few podcasts

For us as long-term investors of course, focusing on the long-term picture makes it easier to navigate than trying to assess when are markets troughs being reached.

Onto our second part: work on portfolios, and thoughts on opportunities post this pandemic crisis.

We mentioned in the past the work we did on checking our holdings for balance sheet strength and supply chain dependency risk, and deploying our supply chain database to its full potential - we have written a report on this, available on our website, for those of our listeners who are interested in the detail around that work.

Last week, we also flagged that we think tax rates could be at risk of rising post this pandemic crisis as a way to fund the stimuli. We calculate that, to fund the stimuli, corporate tax rates might have to increase by 0.5-2.0 percentage points, which would pay for the stimuli over a 5-10 year period, depending on the country.

As a result of that reflection, we have taken the view to increase corporate tax rates assumptions by 2 percentage points across all the companies we hold in our portfolios, which has led to a small decline in our fair value estimates, and therefore price targets. Overall, this change in assumption is not changing our view on any of the stocks we hold. We have therefore made no change to our list of holdings from this point of view.

The other work we have spent the past four weeks on as been to update our forecasts, to capture the recessionary environment. We will use the next podcast to fully flesh out the details of our framework, which we have applied on our forecasts.

Onto the third part of our podcast, zooming-in on our investment process.

We zoomed-in on step one of our 3 steps investment process in the first podcast, namely how we screen for quality growth ideas. The second podcast focused on step 2, our in-depth structured fundamental research work we go through for any company we are looking to invest in.

Step 3 of our process is portfolio construction.  It is just as important a step as steps one and two. In fact, many stock pickers seem to only seeing the job a stock picker as being about steps one and two, i.e. screening for ideas, researching them and then adding them to the funds.

This carries a high risk of exposing funds to unintended risks. We see step 3 as an important step because it permits us to build portfolios that are high conviction but diversified at the same time, with no unintended risk exposures.

We consider risk analysis as an important part of what we do as portfolio managers and can indeed talk about risk alone for a long time - something that some of our investors have praised us for.

We use many different tools to assess our risk exposures in funds. We use the traditional risk tools that many investors use - whether it is style analytics, factor exposures, macro-stress tests, or any other traditional volatility measures. But we also augment that traditional risk analysis with some innovative risk analytics tools, driven by our fundamental risk assessments that we carry during the in-depth fundamental research work.

We assess every stock we intend to buy across four risk assessments: industry risks, company risks, governance and sustainability risks, and portfolio risks that the stock would bring, if we purchase it. This already gives us a detailed and structured list of risk assessments that are fundamental in nature.

Furthermore, we assess our funds in terms of geographic exposures of revenues and profits from the stocks we hold, end-user market exposures, thematic exposures, industry life-cycle exposures, and in terms of classifications of companies across five different types of companies that we invest in.

This detailed risk analysis helps us ensure that we are fully aware of the risk profile of the portfolios, including the fundamental risk profiles, so that we can construct diversified portfolios despite running best ideas concentrated funds. This permits us to ensure that we do not have any unintended risk exposures in our portfolios.

In future podcasts, we will go in more detail on some of the risk analytics.

In our next podcast, we will spend more time assessing the earnings downside risks in the market and in our portfolios. We will also further soon in on our team processes and structure.

Thank you for listening. It’s Zehrid Osmani, head of GLTU and portfolio manager of Global Portfolio Trust at Martin Currie, Wishing you a good day and a good week ahead.


Regulatory information and risk warnings

Past performance is not a guide to future returns

This information is issued and approved by Martin Currie Investment Management Limited (‘MCIM’). It does not constitute investment advice. Market and currency movements may cause the capital value of shares, and the income from them, to fall as well as rise and you may get back less than you invested.

The analysis of Environmental, Social and Governance (ESG) factors form an important part of the investment process and helps inform investment decisions. The strategy does not necessarily target particular sustainability outcomes.

The opinions contained in this recording are those of the named manager. They may not necessarily represent the views of other Martin Currie managers, strategies or funds. These opinions are not intended to be a forecast of future events, research, a guarantee of future results or investment advice.

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