CT GLOBAL MANAGED PORTFOLIO TRUST PLC CT Global Managed Portfolio Trust PLC Income
Fund manager
Peter Hewitt
Manager Commentary
The past month has witnessed a marked improvement in tone for financial markets. At the start of the month, central banks in the US, Europe and the UK all continued their "pause" in interest rates. However, in the following week, inflation data across the board came in better than expected. In the UK, the Consumer Price Index fell from 6.7% to 4.6%, with the number for "core" inflation (which excludes food and energy) also coming in lower than expected at 5.7%. Although wages and salaries in the UK grew at 7.9%, which is still
a high number, this is showing signs of moderating. Taken together, the narrative for investors has moved towards asking when the first reductions in interest rates in the US, Europe and UK will take place. Monetary authorities are guiding towards this happening later next year, while markets are looking at the summer of 2024. Bond markets responded positively, with yields moving lower in line with economies expected to slow further and inflation continuing to moderate. Equity markets also moved ahead in the hope of a "soft landing" and interest rates declining earlier.
What was important for investors was the nature of the move in equity markets, with medium-sized and smaller companies, typically more reliant on domestic economic prospects, leading the way. This has not happened for well over two years. It also bodes well for the outlook for the investment company sector.
The FTSE All-Share Index gained 3.0% while the FTSE Closed End Investment Company Index gained by 7.2% (both in total returns). Encouragingly, the average sector discount for investment companies, which has widened steadily from 2% at the start of last year to 19% at the end of October, narrowed to 16%. This is helpful for the share-price performance for many investment companies.
During November the net asset value of the Income Portfolio rose by 5.7% (also in total returns).
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
December 2023
Key facts as at 30.11.23
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: £62.9 million
Total assets - company: £147.3 million
Share price: | 110.50p | |
NAV: | 109.06p | |
Discount/premium(-/+): | 1.32% | |
Dividend payment dates: | Jan, Apr, | |
Jul, Oct | ||
Net dividend yield† : | 6.5% | |
Net gearing/Net cash*: | -10.2%/0.0% | |
Management fee rate**: | 0.65% | |
Ongoing charges**: | 1.17% | |
Year end: | 31 May | |
Sector: | Flexible Investment | |
Currency: | Sterling |
Website: ctglobalmanagedportfolio.co.uk
**Ongoing charges is calculated excluding charges of the Company's underlying investments. Please refer to the latest annual report.
Page 1 of 3
CT Global Managed Portfolio Trust PLC Income | December 2023 |
Fund performance as at 30.11.23
30 | ||||||
20 | ||||||
% | 10 | |||||
0 | ||||||
-10 | ||||||
1 Month | YTD | 1 Year | 3 Years | 5 Years | ||
NAV | Share price | Benchmark |
Cumulative performance as at 30.11.23 (%)
1 Month | Year to date | 1 Year | 3 Years | 5 Years | |
NAV | 5.72 | -4.74 | -5.11 | 1.01 | 11.01 |
Share price | 8.87 | -4.95 | -4.44 | 1.82 | 10.09 |
Benchmark | 2.99 | 3.25 | 1.79 | 27.32 | 26.80 |
Discrete annual performance as at 30.11.23 (%)
2023/22 | 2022/21 | 2021/20 | 2020/19 | 2019/18 | |
NAV | -5.11 | -8.36 | 16.15 | -1.50 | 11.57 |
Share price | -4.44 | -10.16 | 18.61 | -2.68 | 11.10 |
Benchmark | 1.79 | 6.54 | 17.40 | -10.29 | 11.01 |
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 | 5.2 | UK Equity Income |
NB Private Equity Partners | 5.2 | Private Equity |
Murray International Trust | 4.3 | Global Equity Income |
JPMorgan Global Growth & Income | 4.3 | Global Equity Income |
3i Infrastructure | 3.9 | Infrastructure |
Greencoat UK Wind | 3.9 | Renewable Energy |
Infrastructure | ||
Mercantile Investment Trust | 3.8 | UK All Companies |
Scottish American Investment Company | 3.8 | Global Equity Income |
The Merchants Trust | 3.8 | UK Equity Income |
Henderson International Income Trust | 3.6 | Global Equity Income |
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 | December 2023 |
Geographical breakdown (%)
UK | 39.0 |
North America | 19.0 |
Europe | 16.0 |
Far East & Pacific | 11.0 |
Japan | 4.0 |
Cash | 4.0 |
Fixed Interest | 3.0 |
Other | 3.0 |
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 | 2.19 |
July - special dividend | 0.80 | |||||
October | 1.35 | 1.40 | 1.40 | 1.55 | 1.67 | 1.80 |
Total | 6.55 | 6.00 | 6.10 | 6.35 | 6.77 | 7.33 |
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 30.11.2023 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 is structured along with an explanation of the calculation. Please note, 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. †For the financial year to 31 May 2024, 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 will be at least 7.20 pence per Income share (2023: 7.20 pence per Income share). The dividend yield is therefore based on a rate of 7.2 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. (12/23)
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 19 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 December 2023 10:03:33 UTC.
