BMO Managed Portfolio Trust PLC

Peter Hewitt

Director, Portfolio Manager, Multi Asset Solutions

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The Managed Portfolio Trust is a ‘multi-manager’ portfolio, investing in trusts managed by different investment providers.

  • Diversified – The multi-manager approach ensures a broad mix of holdings, including ‘alternative’ assets
  • Choice – Investors can choose from income shares or growth shares, each with its own portfolio
  • Unique capital structure – Net income in the Growth Portfolio is transferred to the Income Portfolio in exchange for the same amount of capital. The transfer benefits the income prospects of the income shares and capital growth prospects of the growth shares.
  • Experience and continuity – Fund manager Peter Hewitt has been a professional investor for 30 years and has been at the helm of the Trust since launch
  • Flexibility – to help you meet your changing investment needs, there is an annual option to convert shares between the two portfolios.
  • Cost effective – You can save monthly or via lump sums to suit your budget
  • Regular Income – Dividends are payable quarterly on the Income Shares

Objectives

The Company’s investments are managed in two separate portfolios; the Income Portfolio and the Growth Portfolio, to which the Income shares and the Growth shares are respectively entitled.
 
The investment objective for each portfolio is:
 

Income Portfolio

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.
 

Growth Portfolio

To provide Growth shareholders with capital growth from a diversified portfolio of investment companies.
 
The benchmark index for both the Income Portfolio and the Growth Portfolio is the FTSE All-Share Index.
 
The Income Portfolio will invest in a diversified portfolio of at least 25 investment companies:

  • that have underlying investment exposures across a range of geographic regions and sectors.
  • that focus on offering an income yield above the yield of the FTSE All-Share Index.

 
The Growth Portfolio will invest in a diversified portfolio of at least 25 investment companies:

  • that have underlying investment exposures across a range of geographic regions and sectors.
  • the focus of which will be to maximise total returns, principally through capital growth.

The Company invests principally in closed ended investment companies, wherever incorporated, which are listed on the Official List of the UK Listing Authority. The majority of the Company’s holdings comprise equity investments although it is permitted to invest in other securities issued by investment companies.
 
The Company is permitted to invest in other closed ended investment companies, wherever incorporated, whose shares are traded on AiM or a Regulated Exchange (other than the Official List of the UKLA) up to a maximum of 25 per cent of the total assets of the relevant Portfolio.
 
In accordance with the Listing Rules of the UK Listing Authority, the Company will not invest more than 10 per cent of its total assets in other UK listed investment companies that themselves may invest more than 15 per cent of their total assets in other UK listed investment companies.
 
There are no maximum levels set for underlying exposures to geographic regions or sectors.
No investment in either Portfolio may exceed 15 per cent of the relevant Portfolio’s total assets at the time of the latest purchase.
 
The Manager may invest the assets of the Company in other investment companies managed by the Manager or another member of the BMO Group, provided that such investments in the Income or Growth Portfolios shall not exceed 20 per cent of the total assets of the relevant Portfolio at the time of investment.
 
There are no defined limits on securities and accordingly the Company may invest up to 100 per cent of total assets in any particular type of security.
 
The Company may use derivatives, principally, for the purpose of efficient portfolio management, including protecting the Portfolios against market falls.
 
The Company may use borrowings in either Portfolio. Borrowings are not normally expected to exceed 20 per cent of the total assets of the relevant Portfolio. Under the Company’s Articles of Association the maximum borrowing limit is 50 per cent of the total assets of the relevant Portfolio.

Investment Risks

The value of your investments and any income from them can go down as well as up and you may not get back the original amount invested. Gearing is used for investment purposes to obtain, increase or reduce exposure to an asset, index or investment. The use of gearing can enhance returns to investors in a rising market, but if the market falls the losses may be greater.

Fund Facts and Key Dates

Fund Facts
Investment manager BMO Investment Business Limited
Benchmark FTSE All-Share Index
AIC sector* Flexible Investment
Launch date 01.04.2008
Total assets £130.2 million (as at 31.10.18)
Currency Sterling
ISIN GB00B2PP3J36 (Income shares) GB00B2PP2527 (Growth shares)
SEDOL B2PP3J3 (Income shares)
Ticker symbol BMPI (Income shares) BMPG (Growth shares)

* The AIC is the trade body for closed-ended investment companies, including investment trusts.

Key Dates
Annual general meeting September
Year end 31.05.2018
Dividends paid January, April, July, October

The Board

Richard Martin
Chairman
He is an adviser to several family groups and a director of Montanaro European Smaller Companies Trust plc and Aurora Investment Trust plc. He was previously Head of Investments at Scottish Amicable Life Association. He was Chairman of the Investment Committee of the National Trust for Scotland between 2007 and 2009.
Colin McGill
Chairman of the Audit Committee
He is a qualified lawyer and accountant. He was Chief Executive Officer of Sportech PLC, a company listed on the London Stock Exchange, between 2000 and 2003. Between 1975 and 2000 he was with the Bank of Scotland and from 1998 to 2000 was Chief Executive of the Corporate Division of the Bank of Scotland, responsible for all of the UK and global corporate banking.
David Harris
Senior Independent Director
He is Chief Executive of InvaTrust Consultancy Ltd, a specialist investment and marketing consultancy group that undertakes a variety of projects within the investment fund management industry. He is currently a non-executive director of The Character Group plc, Chelverton UK Dividend Trust plc, Manchester and London Investment Trust plc and SDF Productions Ltd.
Alistair Stewart
Chairman of the Remuneration Committee
He qualified as a chartered accountant before joining Murray Johnstone Ltd (investment managers) in 1973 where he served as a director between 1983 and 1999. Between 2000 and 2007 he was head of research at Speirs & Jeffrey Ltd, private client stockbrokers.
Sue Inglis
Sue was a senior corporate financier in Cantor Fitzgerald's Investment Companies team until June 2018, having previously been a Managing Director - Corporate Finance in the Investment Companies team at Canaccord Genuity until 2012. Sue is a qualified lawyer and was a partner and head of the funds and financial services group at Shepherd & Wedderburn, a leading Scottish law firm. In 1999 she was a founding partner of Intelli Corporate Finance, an advisory boutique firm focusing on the asset management and investment company sectors, which was acquired by Canaccord Genuity in 2009. Sue is currently the senior independent director of The Bankers Investment Trust PLC and a non-executive director of Baillie Gifford US Growth Trust plc.

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