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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 £334.9m
Share price (p) 370.0p
Net asset value per share (p) 365.8p
Discount (premium) (1.2%)
Historic net yield‡ 1.1%

Top 10 holdings

As at 31 December 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 31 October 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 31 October 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.

Performance

12-month performance

 To end Q4 2020 To end Q4 2019 To end Q4 2018 To end Q4 2017 To end Q4 2016
Share price24.0%31.9% (3.5%)11.2%28.7%
NAV 22.8%30.8% (2.8%)12.0%27.1%
Benchmark 12.9%22.8% (3.1%)13.3%29.6%

Cumulative performance

 One month Three months Six months One year Three years Five years
Share price3.5%10.3%16.6%24.0%57.7%125.8%
NAV3.5%7.9%13.5%22.8%56.0%122.1%
Benchmark2.2%8.5%12.1%12.9%34.3%97.3%

As at 31 December 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
2010113.5p122.2p7.1%3.50p
2011125.0p135.5p7.7%3.50p
2012129.0p139.2p7.3%3.70p
2013147.4p152.6p3.4%3.90p
2014156.5p157.4p0.6%4.00p
2015179.5p178.6p(0.5%)4.10p
2016173.0p176.3p1.9%4.15p
2017223.8p224.0p0.1%4.20p
2018247.0p246.2p(0.3%)4.20p
2019242.0p245.9p1.6%4.20p
2020311.0p301.9p(3.0%)4.20p

Dividend history

Past performance is not a guide to future returns.

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Managers' commentary

Shares in security software provider CyberArk performed well over the month. The recent SolarWinds hack (which targeted US federal government data), brought cybersecurity into the spotlight, including areas in which CyberArk operates in. Additionally, we think it is reasonable now to expect an increase in the US government cybersecurity budget or at least, stronger acceptance of new products. Italian luxury fashion house Moncler also saw strong performance following the announcement of a €1.15 billion deal to buy men’s apparel brand Stone Island, which was received well by the market. Chinese pharmaceutical firm Wuxi Biologics, a recent purchase, was another notable positive over the month – its share price rising on the back of positive news flow for the company during the month.

On the other side, Kingspan, a global leader in insulation and building envelope solutions, was the worst performer in absolute terms. This stock is a recent purchase for the portfolio as we believe it is poised to benefit from tighter energy-efficiency regulations. Share price weakness continued after the purchase, due to what appears to be negative sentiment related to the ongoing Grenfell Inquiry in the UK. We are doing additional research work on the stock to assess the extent of the risk to the investment case as a result of this share price move. Chinese e-commerce giant Alibaba was also a notable detractor over the period. Regulators halting the IPO of Ant Group (where Alibaba holds a stake) in the previous month and China’s move to regulate aspects of monopolistic behaviour of the country’s internet giants have continued to weigh on sentiment. Cloud computing business Veeva was another negative for returns. In terms of portfolio transactions, we sold dental equipment manufacturer Straumann and Canadian National Railway. There were no new purchases.

As at 31 December 2021

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