Martin Currie Global Portfolio Trust - Patiently waiting for the storm to pass

Martin Currie Global Portfolio Trust (MNP) has experienced a tough six-month period of relative performance at a time when value rather than growth stocks have been favoured by investors. The trust’s manager, Zehrid Osmani, has stayed true to his strategy of investing in high-quality companies with long-term growth potential, aiming to generate above-market returns over a rolling five-year period. He says that this approach has compounded investors’ wealth over the long term, and that ‘all it takes is a few quarters of positive earnings growth during a period of negative earnings revisions, and MNP should once again outperform’. He states that ‘valuation discipline is critical, but even more so now in an environment of rising interest rates’. The trust’s portfolio turnover remains low as the manager is not panicking or trying to chase performance.