Edison Investment Research Limited
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. Click here to view the full report. All reports published by Edison are available to download free of charge from its website www.edisongroup.com About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first company in-market 17 years ago, Edison has more than 100 employees and covers every economic sector. Headquartered in London, Edison also has offices in New York, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Mel Jenner +44 (0)20 3077 5700investmenttrusts@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn www.linkedin.com/company/edison-group-/ Twitterwww.twitter.com/Edison_Inv_Res YouTube www.youtube.com/edisonitv Dissemination of a CORPORATE NEWS, transmitted by EQS Group. |
1826339 30-Jan-2024
