Martin Currie Asia Unconstrained Trust

LN: MCP

£145.9m market cap

415p last close

Martin Currie Pacific Trust aims to achieve returns commensurate with Asia ex Japan nominal GDP growth, unconstrained by an equity benchmark, over a long-term time horizon from a concentrated portfolio of 20-30 stocks.

Investment summary

Martin Currie Asia Unconstrained Trust (MCP) aims to deliver growth in line with nominal Asia ex-Japan GDP on a rolling three-year basis. It follows a detailed, bottom-up approach to investing in a concentrated portfolio of 20–30 of Asia’s highest-quality and most sustainable businesses, unconstrained by a benchmark. Although market conditions have become more challenging for Asian equities, MCP’s manager Andrew Graham believes the portfolio’s high-quality companies are poised to do well in this environment. He also notes the trust’s performance is less volatile than the MSCI AC Asia ex-Japan index. A dividend policy change in 2017 allowing payment from capital reserves, in addition to revenue income, has materially increased MCP’s yield. Unlike one-off special dividends, it is the board’s intention for this higher overall payout to endure. At 4.9%, MCP’s dividend yield is one of the highest among peers.

Share price graph
Price performance
%
1m
3m
12m
Actual (0.1) (0.7) 12.3
Relative* (2.3) (1.0) 12.5
52-week high/low 446.0p/328.0p
*% relative to local index
Key management
Jamie Skinner Director, co-head of marketing
Kelly Bartlett Director

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