Martin Currie Global Portfolio Trust - Continuing to do ‘what it says on the tin’

Martin Currie Global Portfolio Trust (MNP) has been managed by Zehrid Osmani since 1 October 2018. Despite a tough period of absolute and relative underperformance in 2022 as growth stocks have been out of favour with investors, the manager continues to adhere to his long-term strategy of focusing on high-quality companies with sustainable growth potential. He believes that valuation discipline is a very important element of the investment process, even more so in periods of rising interest rates. Osmani only invests when he has high conviction in a company’s positive long-term prospects; this is evidenced by no new holdings (or complete disposals) in the five months from May to September 2022, although portfolio activity has subsequently picked up.