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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.

Key facts

Total assets £266.5m
Share price (p) 312.0
Net asset value per share (p) 314.7
Discount (premium) 0.9%
Historic net yield‡ 1.3%

Top 10 holdings

As at 31 May 2022

†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 31 May 2022. 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 31 May 2022.
*The risk outlined at the end of this document relating to gearing is particularly relevant to this company but should be read in conjunction with all warnings and comments given.

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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.

Performance

12-month performance

  To end Q1 2022 To end Q1 2021 To end Q1 2020 To end Q1 2019 To end Q1 2018
Share price 0.8%32.4% 3.8% 17.8%(0.7%)
NAV (0.9%)32.0% 3.5% 17.5%0.5%
Benchmark 12.4% 38.9% (5.7%)11.1%2.6%

Cumulative performance

  One month Three months Six months One year Three years Five years
Share price (4.0%)(7.3%)(24.1%)(16.3%)17.2% 42.7%
NAV (2.8%)(8.0%)(23.8%)(15.4%)20.0% 43.7%
Benchmark (0.3%)0.2%4.8%5.2% 40.5% 60.5%

As at 31 May 2022

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

Year Share priceNAV per shareDiscount/ (premium)Dividend per share
2012 129.0p139.2p 7.3% 3.70p
2013 147.4p152.6p 3.4% 3.90p
2014 156.5p157.4p 0.6% 4.00p
2015 179.5p178.6p (0.5%) 4.10p
2016 173.0p176.3p 1.9% 4.15p
2017 223.8p224.0p 0.1% 4.20p
2018 247.0p246.2p (0.3%) 4.20p
2019 242.0p245.9p 1.6% 4.20p
2020 311.0p301.9p (3.0%) 4.20p
2021 370.0p358.0p (3.4%) 4.20p
2022356.5p364.6p 2.2%4.20p

Dividend history

Past performance is not a guide to future returns.

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Commentary

Manager commentary

Global markets were flat in May. Uncertainty related to the conflict in the Ukraine and rising inflation have continued to dominate. Market leadership continues to favour ‘value’ over ‘quality growth’ companies which has been a notable headwind for the Company year to date. The rise in energy and commodity prices is likely to further stoke inflationary pressure. This could lead to further interest rate rises keeping volatility in the markets high. In this unpredictable environment, we continue to focus on companies with strong fundamentals: strong pricing power, solid balance sheets, with exposure to long-term structural growth themes

At the portfolio level, Masimo, the US medical devices firm, was the top performer. The company announced first quarter results ahead of market expectations and management has raised full year guidance as a result. This follows a period of underperformance after the acquisition of Sound United, a consumer audio firm. Autodesk also performed well, benefitting from strong Q1 results and a continued positive outlook for the business. Linde, the industrial gases firm was another strong performer. The company has recently outlined several factors that will potentially increase demand for industrial gases. These included hydrogen’s role as an enabler of decarbonization, the semiconductor market and space propulsion.

On the other side, Italian luxury apparel manufacturer Moncler’s shares were weak due to Eastern European supply chains being impacted by the war in the Ukraine, and the Covid lockdown in Shanghai impacting retail traffic. Despite this Moncler’s recent Q1 sales results have been strong. Despite announcing strong Q1 results, Illumina the US genetic sequencing firm shares were weak. A jury ruled against the firm in a patent dispute with Chinese company BGI, awarding them US$334 million of damages. Finally, Kingspan, the Irish building materials firm, also underperformed due to concerns about low economic growth.

There were no new buys or outright sales.

As at 31 May 2022

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