Martin Currie Asia Uncnst Trust PLC Edison issues review on Martin Currie Asia

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Martin Currie Asia Uncnst Trust PLC

21 June 2018

London, UK, 21 June 2018

Edison issues review on Martin Currie Asia Unconstrained Trust (MCP)

Martin Currie Asia Unconstrained Trust (MCP) aims to deliver returns in line with nominal Asia ex-Japan GDP growth on a rolling three-year basis. It aims to achieve this through a rigorous 'forensic' analysis, to build a relatively concentrated portfolio of c 30 high-conviction stocks. This strategy was adopted in August 2014 and has since delivered annualised total returns of 11.6% to end-May 2018, with lower volatility relative to the MSCI AC Asia ex-Japan index. Following a change in dividend policy in April 2017, MCP's 4.1% yield is one of the highest among peers, although its discount to cum-income NAV is one of the widest, suggesting scope to narrow over time.

MCP currently trades on a 12.9% discount to its cum-income NAV, which is towards the lower end of its three-year range of 7.6% to 13.8%. Last year's change in dividend policy to pay an additional distribution from capital reserves, has doubled the trust's yield, currently 4.2%, without changing the investment focus on capital growth. This yield compares favourably among peers, including the income-focused funds, which trade at premiums or narrower discounts.

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June 21, 2018 04:43 ET (08:43 GMT)