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In this episode, our director of content, investment trusts Milosz Papst provides an update on Franklin Global Trust, which was formerly the Martin Currie Global Portfolio Trust and featured in one of our October 2024 podcasts. Martin Currie’s parent Legg Mason was acquired by Franklin Templeton Investments in July 2020, but the brand was only retired earlier this year. The trust’s manager Zehrid Osmani and his team combined with the much larger US-based Franklin Equity Group and Jonathan Curtis was appointed as co-manager. Milosz then discusses Franklin Global Trust’s objective and investment process before explaining what it offers investors. He highlights that the trust is a straightforward equity portfolio with no unlisted businesses or derivatives, and is relatively concentrated, with around 30 holdings. Following on, he discusses the trust’s geographic and sector positioning and some of its larger holdings. He then focuses on performance, which has been disappointing in recent years due to the trust’s focus on growth stocks, which derated in a rising interest rate environment, and also there was insufficient exposure to the ‘Magnificent Seven’ large-cap technology stocks. However, over the longer term, the growth strategy has proved successful and during the dip in performance the managers have made improvements to the investment process. Finally, he discusses the trust’s dividend and its significant distributable reserves, and the zero-discount policy, which means that there are share buybacks on most trading days.

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About Uncovering Trusts: Uncovering Trusts is a podcast run by Edison analysts, which is released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

IP Group hosted a capital markets day on 26 June 2025, which included presentations on the group’s investment strategy, pipeline, major themes and portfolio companies.