Martin Currie Asia Unconstrained Trust - Deep discount and attractive yield
Martin Currie Asia Unconstrained Trust (MCP) aims to deliver growth in line with nominal Asia ex-Japan GDP on a rolling three-year basis. It follows a detailed, bottom-up approach to investing in a concentrated portfolio of 20–30 of Asia’s highest-quality and most sustainable businesses, unconstrained by a benchmark. Although market conditions have become more challenging for Asian equities, MCP’s manager Andrew Graham believes the portfolio’s high-quality companies are poised to do well in this environment. He also notes the trust’s performance is less volatile than the MSCI AC Asia ex-Japan index. A dividend policy change in 2017 allowing payment from capital reserves, in addition to revenue income, has materially increased MCP’s yield. Unlike one-off special dividends, it is the board’s intention for this higher overall payout to endure. At 4.9%, MCP’s dividend yield is one of the highest among peers.Martin Currie Asia Unconstrained Trust, as an investment trust, is a U.K. closed end public limited company which invests in a portfolio of assets.
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