In this publication, we take a look at Edinburgh-based fund manager, Martin Currie and provide a snapshot of its three investment trusts – Securities Trust of Scotland (STS), Martin Currie Global Portfolio (MNP) and Martin Currie Asia Unconstrained (MCP).
Securities Trust of Scotland
Mark Whitehead became the manager of Securities Trust of Scotland’s portfolio in May 2016. Mark, who joined Martin Currie from Sarasin in November 2015, heads up a new, better resourced, income team. This includes STS’s previous manager, Alan Porter, and this has helped to ensure a smooth transition for the trust. QuotedData takes a look at STS’s progress to date and how the trust is performing under the new strategy.
Martin Currie Global Portfolio
Martin Currie Global Portfolio has been managed by Tom Walker since January 2000. The trust aims to be a core low risk holding, particularly for the smaller investor, and its ongoing charges are relatively low within its peer group at 0.71%. Liquidity is aided by its zero-discount policy. MNP has a large allocation to North America (an area where its manager has a very high level of experience) and has benefitted recently as this market has rallied and sterling has weakened. QuotedData takes a look at MNP’s strategy, the manager’s views on the US and MNP’s recent performance.
Martin Currie Asia Unconstrained
Martin Currie Asia Unconstrained has been managed by Andrew Graham since May 2011. MCP shifted to its unconstrained approach in July 2014. This is a long-term, low turnover strategy that is designed to capture the benefits of investing in Asia, while mitigating the downside. Since its inception in 2008 the strategy has delivered returns in line with GDP growth, but with less volatility than the MSCI AC Asia ex Japan index. The process uses in depth forensic accounting to enhance the quality and conviction in research ideas.
Absolute returns since the strategy change have been strong and there has also been a marked improvement in performance relative to the main equity market indices. QuotedData takes a look at the strategy’s recent performance and the manager’s views on why Asian markets have lagged rates of Asian economic growth.