Edison issues review on Martin Currie Global

London, UK, 14 January 2022

Edison issues review on Martin Currie Global Portfolio Trust (MNP)

Martin Currie Global Portfolio Trust (MNP) is managed by Zehrid Osmani, who aims to generate above-market returns over a rolling five-year period. He says that there are exciting new growth opportunities available, but he cautions the need to stay disciplined given stock markets 'have travelled far and valuations are generally high'. The manager is positive on the global economic outlook, which is supported by robust levels of infrastructure spending. He believes that while rising US interest rates could lead to higher levels of stock market volatility, it is part of a 'normalisation' rather than a tightening of US monetary policy, so he remains positive on the equity outlook. Osmani is continuing to focus on companies with the potential to generate consistent earnings growth and pricing power to protect their margins in an environment of rising costs.

MNP has a zero-discount policy aiming to ensure that, in normal market conditions, its shares trade close to NAV. Its current 1.8% premium to cum-income NAV compares with a range of an average 0.8% premium to a 1.2% discount over the last one, three, five and 10 years. The trust historically did not employ gearing but in late-November 2020 drew down a new £30m debt facility; at end-November 2021, MNP's net gearing was 6.9%.

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