Martin Currie Global Portfolio Tst (LON:MNP) aims to outperform the total return of the benchmark FTSE World Index by investing in a portfolio of global, primarily large-cap equities with above-average growth potential and attractive valuations.
A zero discount policy was adopted in 2013 to enhance liquidity and ensure that the share price trades close to net asset value. MNP has a progressive dividend policy; annual dividends have been increased or maintained since the trust’s inception. The current dividend yield of 2.0% is above the peer group average.
Investment strategy: Concentrated stock picking
MNP is managed on a bottom-up basis, with a consideration of the macro environment. Tom Walker has managed the fund since January 2000 and is able to draw on the well-resourced Martin Currie investment team; fundamental analysis of potential portfolio holdings is rigorous and includes a detailed five-year forecast and valuation target.
The resulting portfolio typically holds c 60 stocks (currently 53), diversified by geography and sector. At the end of July 2016, the top 10 holdings accounted for 32% of the portfolio. Gearing of up to 20% is permitted, but has not been utilised since 2008.
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