CT Global Managed Portfolio (CMPG)

The managers of CT Global Managed Portfolio (CMPI/CMPG), Adam Norris and Paul Green, have significantly increased the concentration and global diversification across both Portfolios of investment companies since taking over in June 2025, seeking to create leaner portfolios with punchier performance potential. By the end of last year, the number of holdings in both the growth and income share classes decreased to 30 from 39 and 38.

In recent months, the managers have increased exposure to equities. Although mindful of potential headwinds such as higher oil prices due to ongoing tensions in the Middle East, Adam and Paul are constructive on the outlook for corporate earnings. They highlight supportive policy measures across several regions, including the ‘One Big Beautiful Bill’ in the US, the stimulus package in Germany, and likely steps in China to bolster economic growth.

Asia and emerging market equities are one area where Adam and Paul have notably been adding, given tailwinds such as attractive valuations, strong earnings growth potential, and a weakening US dollar. This includes, for example, the introduction of Invesco Asia Dragon (IAD) into both the CMPI and CMPG portfolios. They have also initiated a new position in Invesco Global Equity Income (IGET) in both portfolios, further contributing to global diversification.

Conversely, they have reduced exposure to UK equities. While these trade at a discount to peers in other developed markets, they believe this reflects their lower growth potential. The allocation to private equity has also been reduced, notably in CMPG’s portfolio. This was, however, driven by idiosyncratic reasons, as Adam and Paul have trimmed their position in HgCapital Trust (HGT), a private equity strategy focussing on software and tech-enabled services companies, amid concerns that these types of businesses may be disrupted by artificial intelligence.