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Martin Currie Global Portfolio Trust
Zehrid Osmani manages Martin Currie Global Portfolio Trust, a London-listed investment trust running a concentrated quality-growth global equity strategy.
Martin Currie Global Portfolio Trust
Martin Currie Global Portfolio Trust is a UK-domiciled investment trust listed on the London Stock Exchange, managed by Edinburgh-based Martin Currie Investment Management. Zehrid Osmani took over as lead portfolio manager in 2018, replacing long-time manager Tom Walker. The trust traces its lineage to Martin Currie's broader global equity franchise, which has been a fixture of Scottish institutional asset management for decades. Martin Currie itself has been a signatory to the UN Principles for Responsible Investment since 2009 and joined the Net Zero Asset Managers Initiative in 2021. The trust pursues a concentrated, benchmark-agnostic quality-growth strategy. Osmani typically holds between 25 and 35 global stocks, selected for durable competitive advantages, high returns on invested capital, and structural growth tailwinds. The portfolio spans multiple sectors, with confirmed historical exposure to information technology, consumer discretionary — particularly European luxury goods — and healthcare. Geographic coverage is genuinely global, with positions across North America, developed Europe, and select emerging markets. The trust can use gearing — borrowing to amplify exposure — within limits set by the board. As a UK investment trust, the vehicle has an independent board chaired by Christopher Metcalfe. In April 2025, Krishna Shanmuganathan was appointed as a non-executive director. In a significant succession move, Jonathan Curtis will join from Franklin Equity Group in July 2025 as co-portfolio manager alongside Osmani. The trust belongs to the Association of Investment Companies and reports a total expense ratio through its annual filings. The trust's structural differentiator is its closed-end fund format. Unlike open-ended funds that must meet redemptions by selling assets, the trust's fixed share count allows Osmani to hold illiquid conviction positions through market drawdowns without forced selling. The discount-to-NAV mechanism — where the share price can trade below the underlying asset value — creates a layer of price discovery and potential alpha capture that open-ended structures lack.
General information
Firm type
Investment Trust
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
Edinburgh
Corporate office
Edinburgh, United Kingdom
Principals
Zehrid Osmani
Lead Portfolio Manager
Christopher Metcalfe
Chairman of the Board
Krishna Shanmuganathan
Non-Executive Director
Jonathan Curtis
Co-Portfolio Manager (joining July 2025)
Frequently asked questions
Who runs investment decisions at 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.
How does the trust's closed-end structure affect its investment approach?
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.
What investment philosophy does Zehrid Osmani apply to the portfolio?
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.
How many positions does the trust typically hold?
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.
Is the trust committed to any ESG or responsible investment frameworks?
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.
What is the relationship between the trust and Martin Currie Investment Management?
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.
Can the trust use borrowing to enhance returns?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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