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Portfolio & performance

Aiming to achieve long-term returns in excess of the total return from the MSCI All Country World index

About the portfolio

Martin Currie Global Portfolio Trust aims to achieve long-term returns in excess of the total return from the MSCI All Country World index.

Region allocation

  31 Aug30 Sep
North America44.4%43.9%
Emerging Markets10.8%11.0%
Asia Pacific ex Japan7.1%7.0%

Key facts

Total assets£277.8m
Share price (p)336.5
Net asset value per share (p)339.88
Discount (premium)1.0%
Historic net yield‡1.2%

Top 10 holdings

(40.7% of total portfolio) % of holding
Taiwan Semiconductor4.0%
Atlas Copco3.8%
Number of holdings30
Number of countries15
Active share†91.1%

As at 30 September 2020

†Source: Martin Currie and FIS APT. Active share is a measure of the percentage difference between the portfolio holdings and the index constituents.
‡Source for historic yield: Martin Currie as at 30 September 2020. The historic yield reflects dividends declared for the previous financial year as a percentage of the mid-market share price, as at the date shown. Investors may be subject to tax on their dividends.
The NAV stated in our reporting is inclusive of current year revenue. All sources (unless indicated): Martin Currie as at 30 September 2020.

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Martin Currie Global Portfolio Trust aims to achieve long-term returns in excess of the total return from the MSCI All Country World index.


12-month performance

 To end Q3 2020 To end Q3 2019 To end Q3 2018 To end Q3 2017 To end Q3 2016
Share price18.1%12.1% 13.2%13.5%30.8%
NAV 18.5%11.4% 13.5%15.0%29.2%
Benchmark 5.5%7.9%14.2%15.4%31.2%

Cumulative performance

 One month Three months Six months One year Three years Five years
Share price-0.4%5.8%25.2%18.1%49.8%122.4%

Ast at 30 September 2020
Past performance is not a guide to future returns.

Source: Martin Currie. The NAV basis used is cum-income in £. Please note prior to July 2017 the NAV basis used was ex-income NAV in £. Ex-income NAVs exclude current-year income, while cum-income NAVs include current-year income. These figures do not include the cost of buying and selling shares in an investment trust. If these were included, performance figures would be reduced.
Prior to 1 February 2020 the Trust's  benchmark was the FTSE World index and the MSCI All Country World Index (ACWI) thereafter.

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Net asset value and dividend history

As at 31 January Share price NAV per share Discount/ (premium) Dividend per share

Dividend history

Past performance is not a guide to future returns.

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Managers' commentary

At the stock level, US medical devices maker Masimo was the top performer during the month. COVID-19 has highlighted the need for greater adoption by global healthcare systems of the its pulse oximetry products (a non-invasive method of measuring oxygen saturation in the body). We remain enthused by Masimo's innovation, which shows its potential to attack new markets. French luxury group Kering was also a strong performer. Along with others in the wider luxury space, Kering's most recent outlook was more upbeat, inventories have been dealt with and new collections are arriving in stores. Despite continued lack of tourism, repatriation has helped significantly and its online offering continues to be very strong, particularly in China. It appears that the US appetite for luxury has also been sustained, despite channel disruption due to the pandemic. Sportswear manufacturer Adidas also fared well over the period.

On the other side, Illumina, which provides comprehensive next-generation sequencing solutions to the research, clinical, and applied markets, was again the largest drag on performance. It announced during the period that it was acquiring Grail, the pre-revenue pan-cancer screening diagnostic business in which it had a minority 14.3% stake. The acquisition provides Illumina with direct exposure (as opposed to upstream) to what is expected to be the largest clinical application enabled by next-generation genome sequencing – liquid biopsy oncology diagnostics. Danish medical devices firm Coloplast also fared poorly. Its third-quarter revenue result was slightly underwhelming due to the UK's health service delaying diagnostics and surgical procedures and a faster-than-expected second-quarter stocking reversal. US tech firm Microsoft was another weaker performer over the period.

In terms of portfolio activity during the month, there were no new buys or outright sales.

As at 30 September 2020

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