High-quality equity offering in an uncertain world

London, UK, 30 January 2024

Edison issues review on Martin Currie Global Portfolio Trust (MNP): High-quality equity offering in an uncertain world

Martin Currie Global Portfolio Trust’s (MNP’s) manager Zehrid Osmani was correct in his assumption that investors were too conservative in 2023; global equities delivered an above-average total return led by large-cap US technology stocks. However, he believes that the consensus outlook for 2024 is too bullish given economic uncertainty and increasing geopolitical risks. The manager’s view is that with inflation remaining elevated, western central banks will not reduce interest rates until the second half of 2024, which is likely to cause disappointment and stock market volatility. With such an investment backdrop, he stresses the importance of focusing on high-quality companies with structural growth opportunities and strong balance sheets that can weather the prevailing headwinds.

While the trust’s relative performance has struggled in recent years in a rising interest rate environment, its annual NAV and share price total returns over the last decade are a very respectable c 10%. MNP is a straightforward equity fund with no unlisted businesses or derivatives. The trust’s board employs a zero-discount policy aiming to ensure that, in normal market conditions, MNP’s shares trade close to NAV. The trust has a high level of distributable reserves, which enables steady dividend payments.

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