CT Global Managed Portfolio Trust PLC Income

Fund manager

Peter Hewitt

Manager Commentary

Many equity markets came under pressure during the month as yields in government bonds in the US, Europe and the UK rose unexpectedly due to data showing that economies were stronger than had been anticipated. Employment levels remained buoyant and, although reported inflation appears to be peaking, underlying or core levels of inflation have moved higher. Markets have taken the view that, in order to combat inflation, it will mean interest rates, particularly in the US, are likely to be higher for longer. This also raises the spectre of overshoot and increases the likelihood of recession, which may be deeper and more prolonged than investors had estimated. This uncertainty seeped into equity markets and has resulted in markets in the US and Asia giving up ground. Equity markets in Europe and the UK managed small gains, in part due to the much larger weightings in oils and financials, which are perceived as beneficiaries of a pick-up in growth as China reopens (oils) and interest rates increase (banks).

Against this background, the FTSE All-Share Index rose by 1.5% while the FTSE Closed-End Investment Company Index fell by 1.2% (both in total returns). The net asset value of the Income Portfolio declined by 0.3% (also in total returns). Leading contributors were Civitas Social Housing, which, after a prolonged period of poor performance, gained 10%, and long-term holding NB Private Equity Partners, which rose 5%.

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

March 2023

Key facts as at 28.02.23

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: £68.8 million

Total assets - company: £160.5 million

Share price:

124.00p

NAV:

123.74p

Discount/premium(-/+):

0.21%

Dividend payment dates:

Jan, Apr,

Jul, Oct

Net dividend yield :

5.4%

Net gearing/Net cash*:

-6.5%/0.0%

Management fee rate**:

0.65%

Ongoing charges**:

1.04%

Year end:

31 May

Sector:

Flexible Investment

Currency:

Sterling

Website: ctglobalmanagedportfolio.co.uk

**Ongoing charges is calculated excluding any performance fee and excluding charges of the Company's underlying investments. Please refer to the latest annual report. (Effective 29 September 2022, the cessation of the performance fee was agreed with immediate effect).

Page 1 of 3

CT Global Managed Portfolio Trust PLC Income

March 2023

Fund performance as at 28.02.23

30

25

20

%

15

10

5

0

-5

1 Month

YTD

1 Year

3 Years

5 Years

NAV

Share price

Benchmark

Cumulative performance as at 28.02.23 (%)

1 Month

Year to date

1 Year

3 Years

5 Years

NAV

-0.27

2.83

-2.48

15.16

18.83

Share price

-0.40

1.64

-2.39

14.06

15.19

Benchmark

1.52

6.09

7.30

28.86

29.18

Discrete annual performance as at 28.02.23 (%)

2023/22

2022/21

2021/20

2020/19

2019/18

NAV

-2.48

6.60

10.78

1.99

1.17

Share price

-2.39

6.18

10.04

2.12

-1.10

Benchmark

7.30

16.03

3.50

-1.43

1.70

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

5.1

UK Equity Income

NB Private Equity Partners

4.7

Private Equity

Murray International Trust

4.3

Global Equity Income

JPMorgan Global Growth & Income

3.7

Global Equity Income

Henderson International Income Trust

3.6

Global Equity Income

City of London Investment Trust

3.5

UK Equity Income

Mercantile Investment Trust

3.4

UK All Companies

Bellevue Healthcare Trust

3.4

Biotechnology & Healthcare

3i Infrastructure

3.4

Infrastructure

The Merchants Trust

3.4

UK 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

March 2023

Geographical breakdown (%)

UK

41.0

North America

18.0

Europe

11.0

Far East & Pacific

10.0

Fixed Interest

6.0

Cash

5.0

Japan

3.0

Other

3.0

China

2.0

South America

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

July

1.80

1.90

1.90

2.00

2.00

July - special dividend

0.80

October

1.35

1.40

1.40

1.55

1.67

Total

6.55

6.00

6.10

6.35

6.77

1.67

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 28.02.2023 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 and performance fee is structured along with an explanation of the calculation. Please note, effective 29 September 2022, the cessation of the performace fee was agreed with immediate effect and 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. †In the absence of unforeseen circumstances, the Company intends that the aggregate dividends for the financial year to 31 May 2023 will be at least 6.68 pence per Income share and the yield is therefore based on this rate.

© 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. (03/23)

invest@columbiathreadneedle.com | 0800 136420 | ctglobalmanagedportfolio.co.uk

Page 3 of 3

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

CT Global Managed Portfolio Trust plc published this content on 25 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2023 10:08:11 UTC.