Martin Currie Global Portfolio Trust

Zehrid Osmani has been the lead portfolio manager since 2018. He operates with a concentrated, high-conviction approach, making all final investment decisions on the trust's 25–35 stock portfolio. Starting July 2025, he will be joined by co-portfolio manager Jonathan Curtis, who is moving from Franklin Equity Group.

As a closed-end investment trust, the fund has a fixed number of shares in issue. This means the manager does not face redemption pressures during market downturns and does not need to hold cash to meet outflows. It allows the trust to remain fully invested in conviction positions through volatility, a structural advantage over open-ended mutual funds.

Osmani runs a quality-growth strategy focused on companies with durable competitive advantages, high and sustainable returns on invested capital, and exposure to long-term secular growth trends. The portfolio is benchmark-agnostic, meaning he does not manage against a reference index and is willing to deviate significantly from regional or sector weightings to pursue his best ideas.

The portfolio is concentrated, typically holding between 25 and 35 global stocks. This reflects a high-conviction approach where each position is intended to be a meaningful contributor to returns, rather than a highly diversified portfolio that dilutes the impact of the manager's best ideas.

Martin Currie Investment Management, the trust's manager, has been a signatory to the UN Principles for Responsible Investment since 2009. It joined the Net Zero Asset Managers Initiative in 2021. The trust's ESG integration is handled at the manager level and applies across its investment process.

The trust is a separate legal entity with its own independent board of directors, chaired by Christopher Metcalfe. Martin Currie Investment Management serves as the delegated investment manager, responsible for portfolio construction and stock selection under the board's oversight. The board monitors performance, expenses, and compliance with the trust's investment mandate.

Yes, the trust can employ gearing — borrowing against the portfolio to invest additional capital — within limits approved by the board. This is a feature of the investment trust structure and can amplify returns in rising markets, though it also increases downside risk.