Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Martin Currie Pacific Trust plans switch to unconstrained

Martin Currie Pacific Trust plans switch to unconstrained

Martin Currie is proposing to drop the benchmark on its Pacific Trust and adopt an unconstrained approach, comparing its performance to Asia ex Japan nominal GDP growth measured over three year rolling periods.

The trust is also looking to exclude Japan and Australasia from its investment universe, and create a concentrated portfolio of 20-30 stocks, from its current remit of 50-70.

The company, run by Willie Watt (pictured) said it has consulted with several of the trust's major shareholders, and that all were 'supportive of the proposed changes'.

The board also intends to propose a tender offer for up to 10% of the issued share capital 'at a price close to net asset value'.

Managed by Andrew Graham, the Martin Currie Asia Pacific Trust has underperformed its benchmark, the MSCI AC Asia Pacific index (with 25% fixed Japan weighting) over one, three and five years. In three years, the fund has risen by 3.1% compared with 5.9% for the benchmark. 

Martin Currie point out that Graham and Paul Danes run the Asia Long-Term Unconstrained (ALTU) strategy for institutional clients,which has delivered a cumulative return of 131% since inception on 31 October 2008 to 30 April 2014, and that these changes would align the Pacific Trust more closely with that strategy.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play HSBC's Stephen King warns of 'enormous' Brexit deficit danger

HSBC's Stephen King warns of 'enormous' Brexit deficit danger

Brexit will weaken the economy, fail to boost exports and lessen the country's ability to fund its 'enormous' deficit, according to HSBC's senior economic adviser Stephen King.

Play Premier's Smith: electricity and water can be a good mix

Premier's Smith: electricity and water can be a good mix

Exposing your person to electricity and water simultaneously is ill-advised, but what about your portfolio?

Play Citywire 10k: video highlights

Citywire 10k: video highlights

Citywire held its sixth annual charity run last week, which hosted over 200 people and raised £14,000. Here are the video highlights.

Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter