24th Sep 2015 10:13
LONDON (Alliance News) - Martin Currie Global Portfolio Trust PLC Thursday reported a rise in its net asset value total return in the first half of its financial year, beating its benchmark, which it said was down to good stock selection.
The trust said its net asset value total return per share was 2.2% in the six months ended July 31, higher than the 1.9% reported by the FTSE World global equity benchmark.
It wasn't as strong, however, as the 7.0% rise it posted the year before.
Martin Currie said that it outperformed the market thanks to Manager Tom Walker's careful stock selection and is positioned to continue to perform well.
"The outlook is for moderate growth globally with inflation and interest rates continuing to be low. Against this background Tom's focus on the most resilient stocks globally and careful control of costs will be key to the company's continued successful investment performance," Chairman Neil Gaskell said in a statement.
Walker noted that performance benefited from being underweight in emerging markets and that stock selection in North America was "largely positive" with strong performances from JP Morgan, AIG and eBay.
"While interest rates remain low, equities remain attractive to investors and I believe global equity markets can continue to move higher. Accordingly, I am approaching portfolio construction expecting slow and probably rather laboured upward progress in markets. Appropriately valued companies with strong cash flow and an ability to weather general economic weakness, through cost discipline or niche revenue opportunities, will represent the core of the portfolio," Walker said.
Shares in Martin Currie were trading flat at 166.96 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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