Martin Currie Global Portfolio Trust (LSE:MNP)
A global approach to find the world’s best companies
Extensive research to identify the best investment ideas
Global Portfolio Trust gives you a well-diversified portfolio with exposure to a range of exciting international markets that may be difficult to replicate any other way. That’s why many financial planners use global investments as a ‘core’ holding within an investment portfolio.
The world is now one global market place – so to find the best investment ideas it makes sense to look globally. Going global means investors have access to the greatest possible opportunity set. It means the ability to find truly world-class companies.
Zehrid joined Martin Currie from BlackRock where, during his ten years, he played a key part in building their successful European equity franchise. He held a number of senior roles at the company, including Head of European Research, with responsibility for a 23- strong team of analysts. In this role, he developed and implemented a fundamental research platform, demonstrating his strong understanding of equity research. Zehrid also managed a number of equity funds at BlackRock, with a specific focus on managing the team's unconstrained, high conviction, long term portfolios, driven by fundamental research.
Finding the best ideas
We’ve created a portfolio consisting of businesses we believe are leaders and innovators at the forefront of some multi-decade investment themes such as the rise of electric vehicles, growth of the emerging market middle class and the onset of artificial intelligence.
To find these top-quality investment opportunities, we draw on the experience and expertise of Martin Currie’s equity analysts.
We look for companies which are in control of their own destinies – those which have strong market positions, are financially sound and generate high levels of profitability.
Central to this approach is extensive company engagement and a focus on responsible investing – ESG – because we believe sustainable, well-managed companies make more successful long-term investments.
In it for the long term
In more than 20 years of investing, my belief has always been that to be a ‘proper investor’ is to be a long-term investor
Our goal is to give our shareholders consistent outperformance over the long term.
We believe that we can offer a smoother investment journey – better returns with less volatility than our global equity benchmark.
Also, Global Portfolio Trust has several shareholder-friendly policies, including a quarterly dividend. Because there is more to performance than a good risk/return profile.
So, this is what you can expect from Martin Currie Global Portfolio Trust: It offers a well-diversified portfolio full of our best investment ideas, backed by the research and skills of our equity investment experts, with the aim of generating long-term growth for our shareholders.
At a stock level, Align was the strongest performer in the portfolio after the company reported its third-quarter 2019 numbers during the month, with an underlying beat of its revenue guidance of 2% and 4% at the EPS level – broadly the result of investments in sales now maturing and improved Chinese consumer confidence. This reassured the market after a weaker start to the year. Atlas Copco was also strong after it reported very strong third-quarter results, especially impressive given the softening macroeconomic backdrop.
Results exceeded market expectations across all four of the company's reported segments, but the standout positive was in Vacuum Technique which mostly serves the semiconductor market. After four quarters of declines, orders turned dramatically positive. Elsewhere, global biotechnology manufacturer CSL was another notable positive performer. On the other side the specialty measurement company Waters was the portfolio's biggest detractor after a disappointing quarter with revenues missing due to a range of reasons (macro, trade tensions, customer budget changes and regulation); we view these issues as transitory and we still see a long-term secular growth story in quality control of regulated products such as pharmaceuticals. China's e-commerce giant Tencent was another notable underperformer, down on unconfirmed rumours regarding new gaming regulations. Elsewhere, Starbucks and US medical technology company Masimo also struggled.
In terms of trading activity, we bought MettlerToledo, the precision instruments and services supplier, following the stock pulling back by 17% relative in the last two months. Mettler is a high-conviction name for us. It is a market leader in all its business units and a global number-one player in approximately 75% of them. On average, it is over two-times larger than its nearest competitor, and customers are very fragmented, resulting in an ability to drive price.
This information is issued and approved by Martin Currie Investment Management Limited. 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. Please note that, as the shares in investment trusts are traded on a stockmarket, 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.
Depending on market conditions and market sentiment, the spread between purchase and sale price can be wide. As with all stock exchange investments the value of investment trust share purchases will immediately fall by the difference between the buying and selling prices, the bid-offer spread. The value of investments and the income from them may go down as well as up and is not guaranteed. An investor may not get back the amount originally invested.
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.