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Martin Currie Global Portfolio (MNP) - opinions

Closed-end funds and OEICs
Newroad
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Martin Currie Global Portfolio (MNP) - opinions

#354123

Postby Newroad » November 6th, 2020, 1:56 pm

Hi All.

This is in the frame for me as a replacement Global Equity IT. Does anyone have any detailed knowledge and/or opinions of it?

There is a related second question, which I asked elsewhere deep in another topic, so I'll ask it again here. Should I be concerned that Martin Currie is losing the mandate for STS to Troy Asset Management - of does this reflect something else?

Regards, Newroad

monabri
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Re: Martin Currie Global Portfolio (MNP) - opinions

#354145

Postby monabri » November 6th, 2020, 2:40 pm

In terms of total return I was surprised to see a global IT keeping pace with VUSA ( Vanguard's S& P 500 ETF). I initially compared with VWRL ( Vanguard's World tracker ) and I would say it has ' delivered' (in compensation for the charge).

Timing might be an issue.....current shareprice is near the top of it's range. I like what's in the box...just wish it could be bought a little cheaper.

https://www.hl.co.uk/shares/shares-sear ... ust-ord-5p

Newroad
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Re: Martin Currie Global Portfolio (MNP) - opinions

#354153

Postby Newroad » November 6th, 2020, 3:09 pm

Thanks, Monabri.

I know what you mean (re entry point).

It's going to be a couple of fairly sizable trades if and when executed - WTAN out and MNP in - no averaging in. So be it.

Regards, Newroad

Dod101
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Re: Martin Currie Global Portfolio (MNP) - opinions

#354158

Postby Dod101 » November 6th, 2020, 3:35 pm

Newroad wrote:Hi All.

This is in the frame for me as a replacement Global Equity IT. Does anyone have any detailed knowledge and/or opinions of it?

There is a related second question, which I asked elsewhere deep in another topic, so I'll ask it again here. Should I be concerned that Martin Currie is losing the mandate for STS to Troy Asset Management - of does this reflect something else?

Regards, Newroad


STS seems to refer to Securities Trust of Scotland and if so has this not been discussed elsewhere? I always like to know why such changes take place and in this case it is said to be because the particular manager who manages STS from Martin Currie has resigned. It seems a bit of an odd one because Martin Currie is the manager not Mr Whitehead. However I guess we need to take what the Board says a face value. Troy Asset Management have got a good name and I see no reason why they should not do at least as well. I see that they are introducing a discount control mechanism to try to maintain the share price as near as possible to NAV. This seems to be something that Troy has picked up from Personal Assets where they are also the investment manager and I would imagine that they are behind the proposal. I have no idea how Troy compares to Martin Currie because I had no experience of Martin Currie.

Dod

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Re: Martin Currie Global Portfolio (MNP) - opinions

#354159

Postby Newroad » November 6th, 2020, 3:39 pm

Thanks, Dod.

Believe it or not, I did search for STS before, but didn't find it on the site in a relevant discussion. However, I have again now and did find it - thank you for alerting me.

Regards, Newroad

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Re: Martin Currie Global Portfolio (MNP) - opinions

#354161

Postby Dod101 » November 6th, 2020, 3:54 pm

Just taken a look at the STS thread. Glad what I said on it does not contradict what I said here!

Dod

monabri
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Re: Martin Currie Global Portfolio (MNP) - opinions

#354177

Postby monabri » November 6th, 2020, 5:14 pm

Try using Google to search. Enter " the lemonfool:STS " (no quotes) into the Google search box.

(It might be useful to repeat use MNP as the search focus)

There are quite a few hits if one uses Google to search.

Here's 2...there are PLENTY more.

viewtopic.php?p=341123#p341123

viewtopic.php?p=139806#p139806

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Re: Martin Currie Global Portfolio (MNP) - opinions

#354311

Postby richfool » November 7th, 2020, 11:26 am

This Citywire article (17th September) is primarily about STS move from Martin Currie to Troy Asset Mgt and the 14% reduction in its dividend, but does also touch on MNP:
Securities Trust of Scotland (STS) shares jumped nearly 5% today after its board appointed Troy Asset Management to replace Martin Currie and indicated it was looking to grow the £191m global equity income trust, although the move came with less welcome news of a dividend cut.

The shares rose 9p to 193p, reducing much of the 8% discount to which they had fallen since June when fund manager Mark Whitehead and his team announced they were leaving Martin Currie to join Sanlam, having revived the trust’s performance in the past two years, prompting STS to serve notice on the Edinburgh-based group. The Legg Mason subsidiary is now left with just one trust, Martin Currie Global Portfolio (MNP) following the wind-up of its Asia trust last year.

However, there was a sting in the tail as investors were told to expect a 14% cut in this year’s dividend as the trust resets payouts to a level Harries believes is more sustainable.

Unlike Whitehead, Harries does not use option writing to boost income, aiming instead to deliver high quality sustainable earnings per share from steadily rising growth in income received from the companies in which he invests.

Investors can now expect to receive at least 5.5p per share in the current financial year to 31 March 2021, down from previous guidance of 6.41p, from which it is expected to grow.

Christopher Brown, investment companies analyst at JPMorgan Cazenove, said he was a little disappointed with the dividend cut given that in the final results in July the company said it was prepared to use its capital reserves to at least maintain last year’s dividend.

‘However, in our view, this is more than outweighed by the zero DCM and arguably better long-term dividend growth potential from a lower base,’ he said.

The Legg Mason subsidiary is now left with just one trust, Martin Currie Global Portfolio (MNP) following the wind-up of its Asia trust last year.

https://citywire.co.uk/wealth-manager/n ... e/a1402094


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