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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

  30 Apr31 May
North America42.8%46.1%
Europe37.7%35.3%
Emerging Markets9.3%8.8%
Asia Pacific ex Japan7.9%6.8%
Israel2.2%2.3%
Cash0.1%0.7%

Key facts

Total assets£256.3m
Share price (p)298
Net asset value per share (p)309.25
Discount (premium)3.6%
Historic net yield‡1.4%

Top 10 holdings

(42.4% of total portfolio) % of holding
Masimo5.8%
Microsoft4.7%
Coloplast4.4%
Visa4.4%
ResMed4.2%
Straumann3.9%
Linde3.8%
Mettler-Toledo International3.8%
CSL3.8%
ANSYS3.6%
Number of holdings30
Number of countries15
Active share†91.7%

As at 31 May 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 May 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 May 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 Q1 2020 To end Q1 2019 To end Q1 2018 To end Q1 2017 To end Q1 2016
Share price3.8%17.8% -0.7%31.5%-1.9%
NAV 3.5%17.5% 0.5%31.4%-0.9%
Benchmark -5.7%11.1% 2.6%32.9%0.0%

Cumulative performance

 One month Three months Six months One year Three years Five years
Share price4.0%4.2%1.5%9.3%33.1%70.8%
NAV6.4%6.2%4.1%15.3%38.0%77.9%
Benchmark6.5%3.2%-1.5%8.3%23.7%65.5%

Ast at 31 May 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

At a stock level, Masimo, the remote monitoring medical device company, was the strongest performer again in May. The COVID-19 crisis is increasing awareness of the company's lifesaving products in the healthcare system and may have a material long-term benefit to the adoption of Masimo products. Atlas Copco also outperformed in May as the market continued to digest better-than-expected first-quarter results and began to anticipate which businesses are best placed to exploit any cyclical recovery as the world gradually emerges from lockdown. Elsewhere, US financial services firm Visa was another notable positive.

On the other side, pan-Asian insurer AIA was the biggest negative contributor to portfolio returns. In line with other stocks with a significant domestic presence in Hong Kong, AIA's performance in May was negatively impacted by the news flow relating to China's proposed security law for the region and the US's initial reaction to this move. CSL, the Australian blood-plasma company, was weak in the month as suppliers and peers reported results highlighting the negative impact of COVID-19 on plasma collections. UK insurer Beazley was also among the worst performers. 19 on the insurance industry and the material uncertainty in the next 18–24 months. Elsewhere, a number of regulatory and macro events have been a drag on the growth of laboratory instrument and software company Waters, and while we believe growth will return, we have formed higher-conviction ideas elsewhere and the stock was sold. We exited the position in orthodontics firm Align because we have question marks around increased competition and the company's ability to withstand it. Finally, Spirax-Sarco was also sold in the month.

As at 31 May 2020

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Latest news and views

  • Securities Trust of Scotland

    Edison report - June 2020

    The latest analyst report by Edison Research is now available.

    Date published
    30 Jun 2020
    Tag
    Global
  • Ask The Manager

    Ask the manager

    In what has been a truly exceptional period for markets and wider society, we have been inviting investors to get in touch with their questions. Over the next two months, portfolio manager of the Global Portfolio Trust, Zehrid Osmani, provides his in-depth responses to these issues.

    Date published
    26 Jun 2020
    Tag
    Global
  • AIC Awards 2020

    Double victory for Martin Currie

    Martin Currie was a double winner at the Association of Investment Companies (AIC’s) Shareholder Communication awards, receiving accolades for Best Marketing Campaign and Best Social Media.

    Date published
    23 Jun 2020
    Tag
    Global