It has been 15 months since Paul Green and Adam Norris took over the management of CT Global Managed Portfolio Trust. In that period, they have put their stamp on the trust, while remaining faithful to the long-term principles and philosophy that have governed the investment company portfolio since its launch in 2008.
The fundamental strategy has remained the same, a carefully managed investment trust portfolio investing in a broad spread of companies, covering a variety of geographies, sectors and investment managers. Investment companies continue to offer a wealth of choice, with access to new and exciting ideas, experienced management teams and alternative asset classes.
Investment selection
The same disciplined oversight continues to characterise investment selection in the trust. The investment process blends qualitative and quantitative analysis. Adam and Paul prioritise meeting fund managers, with over 100 meetings since taking the helm. They want to understand the team, the process and the culture driving performance for each holding. The guiding principle is whether performance is repeatable. They also want to see that the managers have ‘skin in the game’, ensuring they are properly incentivised to deliver good performance.
They will also look at the strength of the investment company board. Boards will ensure the proper governance of the company and hold the investment manager to account. They also determine fee structures and can use various mechanisms if the gap between the share price and the net asset value of the trust becomes too wide. The board’s independence and experience are therefore important.
However, it is not simply a case of buying a series of successful investment companies and throwing them together. For a managed investment portfolio, it is important to look at how they interact. Adam and Paul put real emphasis on portfolio construction, ensuring that there is diversification by style and region and that overlapping exposures are kept to a minimum. CT Global Managed Portfolio Trust aims to provide a balanced portfolio, rather than being excessively exposed to a single region or sector. Careful portfolio construction is key to achieving that balance.
Trust changes
While the strongest message for shareholders in CT Global Managed Portfolio Trust is one of continuity, there have been a number of changes. The investment managers and board have been careful to communicate these shifts to shareholders through the year, through shareholder updates, articles in the media, and regular webinars.
The first is a greater emphasis on the ‘global’ remit of the Company. The company had run with a higher weight in UK-focused investment companies. While some UK focus is appropriate for the trust’s predominantly UK shareholder base, it risked crowding out more exciting opportunities elsewhere.
The capital raised from the sale of some UK trusts has been redeployed towards areas of structural growth in the global economy. In the Growth portfolio, that includes a higher weighting in Asia and Emerging Markets. Some of the world’s most innovative companies are to be found in these markets, including some of the leaders in AI, electrification and robotics. Chinese technology companies, much like their US counterparts, are spending vast sums to develop their AI capacity.
Emerging markets have outpaced developed markets over the past 18 months.2 This strength has been driven by revenue and earnings growth for emerging market companies, rather than by a change in sentiment towards emerging markets. As a result, valuations remain attractive.
The trust has also increased the weighting in Asia and Emerging Markets in the income portfolio. In these markets, investors often don’t have to make a decision between income and growth. Many high growth companies also pay an income, notably in areas such as technology. This gives income trusts a different flavour in this part of the world and helps diversify the income stream for the trust’s shareholders.
Alternatives
One of the real advantages of investment trusts is that they provide access to alternative investments, which can be a source of growth, diversification and income. In particular, Adam and Paul have found opportunities in private equity and infrastructure.
On private equity, it is notable that many companies are staying private for far longer. The contrast between Nvidia, which had its IPO in 1999 when its market cap was $300m3, and SpaceX, which came to market at a value of over $1 trillion4 is noteworthy and represents a shift in market dynamics. Far more of SpaceX’s growth was delivered for private equity investors than in public markets. The trust has topped up its holding in private equity trusts, with Adam and Paul believing that this phenomenon is here to stay.
Infrastructure is always a useful tool in an income portfolio, delivering consistent, inflation-adjusted cash flows. Infrastructure trusts have been given new impetus from the growth of data centres. These are vast – the Hyperion data centre in Louisiana is the size of Manhattan – and vital to support the growth of AI. A number of infrastructure trusts own these valuable assets and the trust has exposure in the income and growth portfolios.
The trust is well-positioned for the year ahead. Investment companies allow us to bring differentiated investment exposure to our shareholders, incorporating a range of growth themes, but above all, to create a balanced and diversified portfolio, built for the long-term.
1 Columbia Threadneedle Investments – CT Global Managed Portfolio Trust – 27 August 2026
2 MSCI – MSCI Emerging Markets Index (USD) – July 2026
3 Nvidia – Investor FAQs – 27 August 2026
4 XTP – SpaceX Share Price (SPCX): What to Expect After the IPO – June 2026
Meet the Fund Managers
Paul Green is a portfolio manager in the Multi-Asset Solutions, EMEA team, responsible for the management of the Multi-Manager Universal funds and the CT Global Managed Portfolio Trust. He joined Columbia Threadneedle through the acquisition of BMO GAM (EMEA) in 2021, having been with BMO, via Thames River Capital, since 2007. Prior to focusing on investment management, Paul gained experience in portfolio implementation, portfolio pricing and client administration at Credit Suisse Asset Management and before that, at Rothschild Asset Management. He holds the Investment Administration Qualification (IAQ), the Investment Management Certificate (IMC), the CISI Level 6 Certificate in Private Client Investment Advice & Management and the CISI Diploma.
Adam Norris is a portfolio manager in the Multi-Asset Solutions, EMEA team responsible for the management of the Multi-Manager Universal funds and the CT Global Managed Portfolio Trust. He joined Columbia Threadneedle through the acquisition of BMO GAM (EMEA) in 2021, having previously been with BMO since 2013. Initially, he worked in product management within the firm, before moving into fund and investment company selection in 2016. He is a CFA charterholder and holds the Investment Management Certificate.
Important information: information is correct as of date of publication. Information from external sources is considered reliable but there is no guarantee as to its accuracy or completeness.
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.
Issued by Columbia Threadneedle Management Limited and approved for distribution 11/09/2026.
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