Interim Management Statement

RNS Number : 0678X

Monks Investment Trust PLC

07 August 2009

 



THE MONKS INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 31 July 2009

Monks' objective is to invest internationally to achieve capital growth, which takes priority over income and dividends.  Monks' policy is to invest principally in a portfolio of international quoted equities. The Company is prepared to move freely between different markets as opportunities arise. Asset classes other than equities may be purchased from time to time including fixed interest holdings, unquoted securities and derivatives. The equity portfolio may be relatively concentrated for a global fund.

Review of the Period

	Over the period, the Company's net asset value (NAV) increased by 12.1% compared to a rise in the FTSE World Index of 6.2%, while the share price increased by 7.4%. All figures are total return (capital and income).
	The final dividend of 5.0p per share was approved at the Annual General Meeting on 4 August 2009 and paid on 7 August 2009.
	The holdings in Baillie Gifford Pacific Fund and OGX were reduced, as were Nestlé, Schlumberger and Cameron International which are no longer in the list of Top Ten Equity Holdings. Mediatek was a new purchase.
	During the period, equity purchases were made and were funded mainly from cash. Net liquid assets accounted for £22.5m at 31 July 2009 (£95.7m at 30 April 2009).
	Gearing less cash (with borrowings at fair value) increased from minus 1.6% to 7.3%.

Geographical Analysis of Total Assets				Top Ten Equity Holdings
Region	% of total assets at 31/07/09	% of total assets at 30/04/09		Name	% of total assets at 31/07/09	% of total assets at 30/04/09
North America	22.2	21.2		Baillie Gifford Pacific Fund	8.1	7.2
Asia Pacific	16.1	11.4		OGX	4.1	4.0
Continental Europe	11.9	10.8		Petrobras	3.0	2.9
United Kingdom	7.6	7.8		Goldman Sachs	1.9	1.8
Japan	4.7	3.6		Diamond Offshore Drilling	1.5	1.5
Other Emerging Markets	16.6	12.0		Transocean	1.4	1.4
Bonds	18.5	20.6		Seadrill	1.4	1.1
Net liquid assets	2.4	12.6		Mediatek	1.3	-
				Aggreko	1.2	1.4
				Dragon Oil	1.1	0.9
Total	100.0	100.0		Total	25.0	22.2

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	7.4	-24.8	0.6	62.3
NAV (Par)	12.1	-22.0	-3.0	46.2
Comparative Index	6.2	-4.6	-0.8	33.3

Source: Thomson Financial Datastream; Comparative Index is FTSE World Index (sterling terms).

Past performance is not a guide to future performance

General Information
	31/07/09	30/04/09
Share Price	248.5p	236.5p
Total assets (before deduction of borrowings)	£813.4m	£760.3m
Total borrowings (at fair value)	£88.7m	£87.9m
Net asset value per share (after deducting borrowings at fair value)*	274.9p	255.0p
Discount (borrowings at fair value)	9.6%	7.3%
Potential Gearing (borrowings at fair value)	12.2%	13.1%
Gearing less cash (borrowings at fair value)	7.3%	-1.6%
Gearing less cash and bonds (borrowings at fair value)	-13.4%	-25.1%
Total borrowings (at par)	£80.0m	£80.0m
Net asset value per share (after deducting borrowings at par)*	278.2p	258.0p
Discount (borrowings at par)	10.7%	8.3%
Potential Gearing (borrowings at par)	10.9%	11.8%
Gearing less cash (borrowings at par)	6.1%	-2.8%
Gearing less cash and bonds (borrowings at par)	-14.5%	-26.0%

*Net asset value per share at 31 July 2009 excludes current year income and is stated after deduction of the final dividend of 5.0p, paid 7 August 2009 (ex-dividend 8 July 2009), in accordance with AIC guidance.

This interim management statement and up to date NAV and share price information are available on the Managers' website www.monksinvestmenttrust.co.uk

For further information contact:-  Robert O'Riordan on 0131 275 3181

 

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