CT GLOBAL MANAGED PORTFOLIO TRUST PLC CT Global Managed Portfolio Trust PLC Income
Fund manager
Peter Hewitt
Manager Commentary
Global equity markets recorded a very mixed bag of returns for the sterling-based investor over the month of May. Asian and Japanese markets moved gently ahead, as did the US, where the S&P Composite Index returned 1.9%. Most of this was due to currency weakness as, in dollar terms, the index only gained 0.4%. However, this masked strong gains in the technology sector, which is best reflected in a 7.4% rise in the Nasdaq Composite Index. More specifically, the NYSE Fangs Index (which comprises 10 of the largest and best-known technology companies in the US) gained an incredible 19% over the month. A very strong earnings report from NVIDIA, a large semiconductor company, due to exceptional demand for chips that go into artificial intelligence applications, moved some of the mega technology names higher. Meanwhile, poor inflation data in the UK and further interest rate rises in the UK and Europe saw equity markets across the region lose ground.
Against this background, the FTSE All-Share Index fell by 4.6% while the FTSE Closed End Investment Company Index was only 0.9% lower (both in total returns). As discounts steadily widened over the past year, the investment company sector has lagged mainstream UK equities. However, there are signs that average discounts have stabilised and indeed modestly narrowed during May.
The net asset value of the Income Portfolio declined by 2.0% (also in total return terms). The leading contributor was Civitas Social Housing, whose shares rose 49% on receipt of a bid for the trust. JPMorgan European Growth & Income was added to the portfolio.
Key risks
Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance.
invest@columbiathreadneedle.com | 0800 136420 | ctglobalmanagedportfolio.co.uk
June 2023
Key facts as at 31.05.23
Trust aims: The objective for the Income Portfolio is to provide income shareholders with an attractive level of income, with the potential for income and capital growth from a diversified portfolio of investment companies. The Income Portfolio invests in a diversified portfolio of at least
25 investment companies that have underlying investment exposures across a range of geographic regions and sectors and that focus on offering an income yield above that of the FTSE All - Share Index.
Benchmark: | FTSE All-Share Index |
Fund type: | Investment Trust |
Launch date: | April 2008 |
Total assets - portfolio: £65.7 million
Total assets - company: £153.2 million
Share price: | 121.00p | |
NAV: | 116.41p | |
Discount/premium(-/+): | 3.94% | |
Dividend payment dates: | Jan, Apr, | |
Jul, Oct | ||
Net dividend yield† : | 6.0% | |
Net gearing/Net cash*: | -6.8%/0.0% | |
Management fee rate**: | 0.65% | |
Ongoing charges**: | 1.04% | |
Year end: | 31 May | |
Sector: | Flexible Investment | |
Currency: | Sterling |
Website: ctglobalmanagedportfolio.co.uk
**Ongoing charges is calculated excluding any performance fee and excluding charges of the Company's underlying investments. Please refer to the latest annual report. (Effective 29 September 2022, the cessation of the performance fee was agreed with immediate effect).
Page 1 of 3
CT Global Managed Portfolio Trust PLC Income | June 2023 |
Fund performance as at 31.05.23
40 | ||||||
30 | ||||||
% | 20 | |||||
10 | ||||||
0 | ||||||
-10 | ||||||
1 Month | YTD | 1 Year | 3 Years | 5 Years | ||
NAV | Share price | Benchmark |
Cumulative performance as at 31.05.23 (%)
1 Month | Year to date | 1 Year | 3 Years | 5 Years | |
NAV | -2.04 | -1.80 | -7.48 | 17.64 | 11.80 |
Share price | 1.26 | 0.58 | -2.33 | 19.75 | 12.51 |
Benchmark | -4.63 | 1.60 | 0.44 | 33.90 | 15.18 |
Discrete annual performance as at 31.05.23 (%)
2023/22 | 2022/21 | 2021/20 | 2020/19 | 2019/18 | |
NAV | -7.48 | -1.41 | 28.97 | -7.33 | 2.55 |
Share price | -2.33 | -4.38 | 28.22 | -8.27 | 2.43 |
Benchmark | 0.44 | 8.27 | 23.13 | -11.16 | -3.17 |
Past performance is not a guide to future performance. Source: Lipper and Columbia Threadneedle Investments. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. The discrete performance table refers to 12 month periods, ending at the date shown.
Trust codes
Stock exchange code | Sedol |
CMPI | B2PP3J3 |
Top 10 holdings (%)
% of net assets | Sector | |
Law Debenture Corporation | 5.0 | UK Equity Income |
NB Private Equity Partners | 4.6 | Private Equity |
Murray International Trust | 4.4 | Global Equity Income |
JPMorgan Global Growth & Income | 3.9 | Global Equity Income |
Scottish American Investment Company | 3.7 | Global Equity Income |
The Merchants Trust | 3.7 | UK Equity Income |
Henderson International Income Trust | 3.7 | Global Equity Income |
3i Infrastructure | 3.6 | Infrastructure |
City of London Investment Trust | 3.4 | UK Equity Income |
Mercantile Investment Trust | 3.4 | UK All Companies |
All figures are subject to rounding.
invest@columbiathreadneedle.com | 0800 136420 | ctglobalmanagedportfolio.co.uk | Page 2 of 3 |
CT Global Managed Portfolio Trust PLC Income | June 2023 |
Geographical breakdown (%)
UK | 40.0 |
North America | 20.0 |
Europe | 15.0 |
Far East & Pacific | 12.0 |
Japan | 4.0 |
Fixed Interest | 3.0 |
Other | 3.0 |
Cash | 2.0 |
China | 1.0 |
The geographical breakdown of the Portfolio's investments is on a 'look-through' basis. Source: Columbia Threadneedle Investments and AIC.
Net dividend distributions pence per share
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
January | 1.30 | 1.35 | 1.40 | 1.40 | 1.55 | 1.67 |
April | 1.30 | 1.35 | 1.40 | 1.40 | 1.55 | 1.67 |
July | 1.80 | 1.90 | 1.90 | 2.00 | 2.00 | |
July - special dividend | 0.80 | |||||
October | 1.35 | 1.40 | 1.40 | 1.55 | 1.67 | |
Total | 6.55 | 6.00 | 6.10 | 6.35 | 6.77 | 3.34 |
Glossary
Bid price | Investment trust shares are sold via the stock exchange at the bid |
price. This price is determined by supply and demand. | |
Dividend | Income paid to shareholders by the company they invest in. |
Net asset value A key measure of the value of a company or trust - the total value of assets less liabilities, divided by the number of shares.
To find out more visit columbiathreadneedle.com
All data as at 31.05.2023 unless otherwise stated.
All information is sourced from Columbia Threadneedle Investments, unless otherwise stated. Except where noted, all percentages are based on gross assets.
*Net gearing is total assets less cash and cash equivalents divided by shareholders' funds and expressed as a percentage. Net cash is net exposure to cash and
cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. **Please refer to the latest annual report as to how the management fee and performance fee is structured along with an explanation of the calculation. Please note, effective 29 September 2022, the cessation of the performace fee was agreed with immediate effect and ongoing charges of the Company's underlying investments have not been included. The share price may either be below (at a discount) or above (at a premium) the NAV. Discounts and premiums vary continuously. Performance information excludes any product charges which can be found in the Key Investor Document ("KID") for the relevant product. †The aggregate dividends for the financial year to 31 May 2023 will be 7.2 pence per Income share. The dividend yield is therefore based on a rate of 7.2 pence per Income share. In the absence of unforeseen circumstances, it is the Board's current intention to pay four quarterly interim dividends each of at least 1.8 pence per Income share and that the aggregate dividends for the financial year to 31 May 2024 will be at least 7.20 pence per Income share (2023: 7.20 pence per Income share).
© 2023 Columbia Threadneedle Investments. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. This financial promotion is issued for marketing and information purposes only by Columbia Threadneedle Investments in the UK.
CT Global Managed Portfolio Trust PLC is an investment trust and its Income Shares are traded on the main market of the London Stock Exchange.
English language copies of the key information document (KID) can be obtained from Columbia Threadneedle Investments, Exchange House, Primrose Street, London EC2A 2NY, telephone: Client Services on 0044 (0)20 7011 4444, email: sales.support@columbiathreadneedle.com or electronically at www.columbiathreadneedle.com. Please read before taking any investment decision.
The information provided in the marketing material does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell or otherwise transact in the fund. The manager has the right to terminate the arrangements made for marketing.
FTSE International Limited ("FTSE") © FTSE 2023. "FTSE®" is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent.
Financial promotions are issued for marketing and information purposes; in the United Kingdom by Columbia Threadneedle Management Limited, which is authorised and regulated by the Financial Conduct Authority; in the EEA by Columbia Threadneedle Netherlands B.V., which is regulated by the Dutch Authority for the Financial Markets (AFM); and in Switzerland by Columbia Threadneedle Management (Swiss) GmbH, acting as representative office of Columbia Threadneedle Management Limited. In the Middle East: This document is distributed by Columbia Threadneedle Investments (ME) Limited, which is regulated by the Dubai Financial Services Authority (DFSA). For Distributors: This document is intended to provide distributors with information about Group products and services and is not for further distribution. For Institutional Clients: The information in this document is not intended as financial advice and is only intended for persons with appropriate investment knowledge and who meet the regulatory criteria to be classified as a Professional Client or Market Counterparties and no other Person should act upon it. (06/23)
invest@columbiathreadneedle.com | 0800 136420 | ctglobalmanagedportfolio.co.uk | Page 3 of 3 |
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CT Global Managed Portfolio Trust plc published this content on 23 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2023 05:52:10 UTC.
