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Simple new fee structure announced

Performance fee removed and simple two-tiered structure introduced.

The Board of the Martin Currie Global Portfolio Trust announced the removal of the performance fee and the introduction of a new, highly competitive fee structure effective from 1 February 2021.

The new structure consists solely of a simple, two-tiered management fee. The first tier applies a fee of 0.5% per annum to the first £300m of the Company’s net asset value (excluding income); the second applies a reduced fee of 0.35% per annum to assets exceeding £300m.

The Board are confident that the new structure will maintain a competitive ongoing charge and contribute to increasing shareholder value.

The estimated performance fee due to Martin Currie for the current financial year ending 31 January 2021 is estimated to be 1.06%*

The decision reflects the ambition of the Board and the investment manager, Martin Currie, to grow the Trust.  It follows a period of strong performance under the tenure of Zehrid Osmani, who was appointed Portfolio Manager in 2018. Osmani’s high-conviction investment approach has propelled the Trust up the rankings of its sector.

Moreover, the Trust has emerged as an industry leader with world-class ESG credentials. Morningstar has awarded it not only a five-star rating for its performance, but the maximum ‘Five Globes’ for sustainability, the only trust in the AIC sector to have achieved this accolade**.

In November 2020, the Trust announced the introduction of gearing to allow management to take advantage of the structural benefits available to investment trusts.

Neil Gaskell, Chairman, Martin Currie Global Portfolio Trust commented:
“The removal of the performance fee results in a simpler and more transparent cost structure and contributes to a stable ongoing charge which will progressively reduce as the net asset value grows.

“The Trust offers a truly differentiated approach to investing in global equities and the new pricing structure will stimulate further demand across the retail and intermediary marketplace.”

* Source: Martin Currie Global Portfolio Trust half-yearly report 2020
** Source: Morningstar. © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results

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This information is issued and approved by Martin Currie Investment Management Limited, authorised and regulated by the Financial Conduct Authority. 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.

Past performance is not a guide to future returns.

The information contained has been compiled with considerable care to ensure its accuracy. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Martin Currie has procured any research or analysis contained in this document 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 opinions contained in this recording are those of the named manager. They may not necessarily represent the views of other Martin Currie managers, individuals, 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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Shares in investment trusts are traded on a stock market and the share price will fluctuate in accordance with supply and demand and may not reflect the value of underlying net asset value of the shares. The majority of charges will be deducted from the capital of the company. This will constrain capital growth of the company in order to maintain the income streams.