Last checked at 21 Apr 2021 14:06
Martin Currie Global Portfolio (MNP)
21/04/2021
Results analysis from Kepler Trust Intelligence
· Today Martin Currie Global Portfolio (MNP) released its annual results for the period ending January 2021. Over the year, the trust delivered NAV total returns of 20.2%, with a share price total return of 20.5%. Outperforming the benchmark MSCI All World Country Index, which returned just 12.3%. (Source: Martin Currie)
· The trust has paid three interim dividends of 0.9 pence per share and intends to pay a fourth interim dividend of 1.5 pence per share. Total dividends are thus in line with the previous year, an impressive feat given the economic conditions.
· The board have continued to make progressive developments in its goal of growing the trust, including a new gearing facility and an improved fee structure.
Kepler View
While the pandemic has been a challenging environment for many global managers, MNP has been able the thrive over this period. By utilising a scenario forecasting and stress testing they have been able to avoid some of the companies worst effected by COVID-19.
This can be seen in MNP's performance, where it outperformed the MSCI ACWI Index by 7.9% over the 12 month period, despite its diversified yet highly concentrated portfolio not holding many of the mega cap tech names which were often the headline outperformers during the pandemic. Looking forward we see MNP's proposition being increasingly attractive thanks to the changes being made to the trusts gearing and cost structure.
We believe that MNP continues to simultaneously offer the enviable combination diversification benefits and strong performance, avoiding many of the companies which dominate global indices. Given the further potential for strong performance, thanks to the manager's use of sectoral analysis, the slight 1.2% premium MNP trades on is a small price to pay for a differentiated yet successful global equity stagey.
Overall 2020 has clearly demonstrated the effectiveness of MNP's process and with its current manager, Zehrid Osmani, continuing to successfully develop his tenure with the strategy, as well the board intended to grow the trust, MNP looks to remain an attractive option for a global equity allocation.
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