Fund Profile

Martin Currie Global Portfolio 13 September 2023


This is a non-independent marketing communication commissioned by Franklin Templeton. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

MNP’s Zehrid Osmani believes stocks exposed to AI have room to run…

Martin Currie Global Portfolio (MNP) offers investors exposure to a range of the world’s most exciting secular growth trends, including the future of technology, resource scarcity and demographic changes. MNP has been managed by Zehrid Osmani since 2018, who has developed an unapologetically quality growth-focussed strategy with the aim of delivering long-term capital growth for shareholders.

As discussed in Portfolio, Zehrid employs an active, bottom-up approach, utilising a sophisticated research process which fully integrates a highly rated systematic proprietary ESG model. The team of nine portfolio managers and investment analysts focus on identifying companies that have demonstrable competitive advantages in their industry, exceptional accounting practices and a clear path to generating sustainable cash flows. This naturally leads to a greater allocation to large caps based in developed markets, although revenue sources are more diverse, with the significant overweight allocation to Europe bringing exposure to markets such as China, through luxury goods companies. This leads to a high-conviction, benchmark-agnostic, 30-stock portfolio, as demonstrated by the 96.5% active share relative to the MSCI ACWI Index, as at 31/07/2023.

The growth-centric approach can make it more challenging to generate Performance in value-driven markets. However, Zehrid’s long-term conviction, coupled with the structural use of Gearing, can lead to periods of significant outperformance in the right environment, as it did in 2020 and has done in 2023, year to date.

MNP is one of a handful of trusts to operate a zero-discount policy, with buybacks aiming to keep the share price close to NAV. The Discount is currently wider that the long-term average at 2%.

Analyst's View

We believe MNP’s significant periods of strong Performance have highlighted the alpha-generating potential that Zehrid’s high-conviction, quality growth-focussed strategy can provide. We believe the strategy is likely to suit longer-term investors looking to gain exposure to a selection of core secular growth themes that seem likely to drive global equities for many years to come. That said, a strong stomach may be required for periods of volatility and underperformance during value-driven market environments.

The team has a meticulous approach to fundamental equity research and the systematic integration of ESG. In our view, the established, market-leading businesses within the Portfolio, combined with their exposure to key thematic growth drivers, should be better positioned in a lower-growth, tighter macroeconomic environment. As we move closer to the end of the interest rate-hiking cycle, we think this could start to provide support to quality-growth stocks. At the time of writing, the Discount of 2% seems attractive to us, too, as the zero-discount policy has tended to keep the shares trading closer to NAV. While substantial buybacks have not been enough to keep the shares trading at par this year, we think this is likely a temporary phenomenon thanks to the extremely high levels of risk aversion in markets.


  • High-conviction, benchmark-agnostic exposure to long-term secular growth themes
  • Easing of interest rate hikes could be supportive of quality-growth strategy
  • Strong commitment to ESG embedded within the investment process with proprietary systems


  • Can underperform in value or cyclically driven markets
  • High-conviction strategy can enhance stock-specific risks
  • Gearing can enhance volatility. Cost of debt likely to be higher at the rollover date in November 2023
Continue to Portfolio

Fund History

16 Feb 2024 Are we exclusive now?
Whisper, don’t shout, but the European luxury goods sector is one of the top-performers over the last five years…
19 Jan 2024 Finding your Eurovision
As one of the top-performing sectors, why does Europe remain strangely out of favour with UK investors?
17 Nov 2023 Don’t Panic!
Our analysts look for value against a backdrop of bombed out investment trust discounts…
08 Nov 2023 Once more into the breach?
With yawning discounts across the board, some sectors have been hit harder than others - our analysts think there could be value there for those with the sangfroid to fight for it...
13 Nov 2023 Martin Currie Global Portfolio and Henderson European Focus Trust
Zehrid Osmani and Tom O'Hara
Rewatch this webinar which is part of our November online event 'Discounted opportunities in a tough market'...
Watch Recording
06 Oct 2023 Are you ready for your closeup?
We explain how the professionals go about building a peer group…
04 Oct 2023 To gear, or not to gear...
We examine the impact that rising rates have had on fund managers' appetite for gearing as a means to spice up returns...
13 Sep 2023 Fund Analysis
MNP’s Zehrid Osmani believes stocks exposed to AI have room to run…
11 May 2023 Tipping point
Battered growth strategies have staged a comeback recently, but what happens now?
19 Apr 2023 Are we nearly there yet?
We look at which trusts have done best year to date, and ask where there may be value…
27 Mar 2023 Fund Analysis
MNP’s quality growth focus may benefit long-term investors as fundamentals take centre stage…
07 Nov 2022 Slides and Audio: Martin Currie Global Portfolio
Download the presentation and listen to the audio from our webinar from 4 November...
31 Aug 2022 Growth at an unreasonable price
Growth has taken a beating as inflation fears have soared, but the tide may be turning and we have six speakers at our next event ready to tell us why…
17 Aug 2022 The world for sale
While investment trusts are lagging their open-ended cousins in the global sector, their discounts may provide an attractive entry point...
18 May 2022 Riding out the storm
We look at trusts with tightly governed discounts which may appeal to investors in volatile markets…
13 Apr 2022 Fund Analysis
MNP’s exposure to strong secular growth may make it an attractive long-term opportunity…
19 Jan 2022 Apples and pears
We examine the relationship between the demand for open- and closed-ended funds, and ask whether investor behaviour can be predicted...
08 Dec 2021 We are the (ESG) champions
Investment trusts tend to be amongst the best-performing ESG strategies in the combined open- and closed-ended universe…
24 Nov 2021 Holding back the tears
While the final text of COP26 fell short of what many had hoped for, the writing is on the wall for fossil fuels and, from an investment perspective, the age of sustainability has only just begun…
10 Nov 2021 Fantastic growth funds (and where to find them)
We found them in India, Japan, frontier markets, healthcare and the global sector – and here they are…
10 Nov 2021 Slides and Audio: Martin Currie Global Portfolio
Download the presentation and listen to the audio from our 'Fantastic growth funds (and where to find them)' conference on 4 November...
03 Nov 2021 Don't fear the reaper
With market direction hard to call, we consider the case for taking a long-term view in the investment trust sector…
20 Oct 2021 Board games
Investment trust boards talk a good game about championing shareholders interests - but do they really deliver?
10 Sep 2021 Fund Analysis
MNP has shown great resilience during the pandemic, thanks to its focus on ‘quality growth’ and diversification…
19 Aug 2021 Pandemic immunity
We ask which global equity trusts have outperformed through the different stages of the pandemic…
26 May 2021 Stand and deliver
Is a high OCF daylight robbery or should investors keep calm and carry on? Our analysts debate the perennial question…
21 Apr 2021 Results analysis: Martin Currie Global Portfolio
We dissect MNP’s annual results, with the trust continuing to outperform global equities, while retaining the same diversified, risk conscious portfolio…
10 Mar 2021 Spring Conference '21
Audio and presentations from 21 of the UK’s leading investment trust managers…
04 Mar 2021 Slides and Audio: Martin Currie Global Portfolio
Download the presentation and listen to the audio from our 'Ideas for your ISA' Spring Conference on 02 March...
17 Feb 2021 Fund Analysis
Utilising a complex investment process and concentrated portfolio, MNP has a track record of outperforming global equities…
04 Feb 2021 Eurovision 2021
We highlight potential opportunities within the European investment trust space…
16 Dec 2020 My haven’t you grown!
How sustainability has gone from zero to hero in 2020…
06 Aug 2020 Recipe for disaster?
In this article, we assess whether the recent shift to concentrated portfolios has been beneficial or detrimental during corrections…
08 Jul 2020 Fund Analysis
One of the most exciting trusts in the Global sector, MNP offers a concentrated portfolio of growth opportunities…
05 Feb 2020 The best form of defence
We look at the continued rise of passive funds, and find out how investment trust managers are countering it...
23 Oct 2019 Sail away: the best trusts to escape the UK
We look under the hoods of Global sector trusts to see which offer the best diversification prospects for UK investors...
19 Sep 2019 Rebels no more...
Climate change and sustainability is now mainstream - so we are adding ESG analysis into all of our fund research…
04 Sep 2019 Fund Analysis
Since taking over the portfolio last year, Zehrid Osmani has achieved exceptional returns through a highly concentrated portfolio of growth companies…
14 Aug 2019 Dangerous ground: the perils of market timing
Our research shows that attempting to time the market is, more often than not, a mug's game...
03 Apr 2019 Nice guys finish first
We review the rise of ESG, its impact on investment trusts, and the various ways ESG has evolved in the trust world...
03 Apr 2019 ESG: Integration
Here we explain what ESG integration is and how managers apply this type of strategy to their trusts...
11 Mar 2019 Fund Analysis
Martin Currie Global Portfolio Trust (MNP) aims to achieve long-term capital growth, in excess of the FTSE World index, whilst offering solid income for investors...
26 Apr 2018 Fund Analysis
A globally focused portfolio aiming to deliver long-term capital growth while offering a solid yield...
26 Apr 2018 The $23.9 trillion dollar question*
Are US equities, which have hit record highs on 71 occasions in the last 12 months, overpriced or are they actually trading at a price worth paying?
05 Oct 2016 Fund Analysis
A globally diversified trust seeking to deliver income and capital growth, with a discount management policy in place which virtually eliminates discount volatility...
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