Interim Management Statement

RNS Number : 0438R

Monks Investment Trust PLC

13 August 2010

 



THE MONKS INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 31 July 2010

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) decreased by 6.4% compared to a fall in the FTSE World Index of 7.4%, while the share price decreased by 7.0%. All figures are total return (capital and income).
·	At the Annual General Meeting held on 3 August 2010 all resolutions were passed, including the approval of a final dividend of 0.5p per share which was paid to shareholders on 6 August 2010.
·	During the period the Company's holding in the Baillie Gifford Pacific Fund (the top holding at 30 April 2010) was sold and the proceeds were reinvested in a selection of direct holdings, mainly in Chinese equities. In addition, a further investment of £10.6m was made in Eldorado Gold. Other changes to the Top 10 equity holdings were due to market movements.

Geographical Analysis of Total Assets				Top Ten Equity Holdings
Region	% of total assets at 31/07/10	% of total assets at 30/04/10		Name	% of total assets at 31/07/10	% of total assets at 30/04/10
North America	21.0	22.1		OGX	4.7	4.3
Asia Pacific	17.3	16.7		Aggreko	2.7	2.0
Continental Europe	14.7	15.1		Eldorado Gold	2.3	1.2
United Kingdom	14.5	13.1		McDonalds	1.8	1.8
Japan	2.7	2.8		Seadrill	1.6	1.7
Other Emerging Markets	20.7	20.8		Petrofac	1.4	1.2
Bonds	7.2	7.2		Novozymes	1.3	1.2
Net liquid assets	1.9	2.2		TKI Garanti BSKI	1.3	1.2
				Healthspring	1.3	1.1
				Solera Holdings	1.2	1.2
Total	100.0	100.0		Total	19.6	16.9

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	-7.0	18.1	-5.3	40.3
NAV (Par)	-6.4	24.2	-0.1	38.8
Comparative Index	-7.4	17.7	3.8	26.6

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

Past performance is not a guide to future performance

General Information
	31/07/10	30/04/10
Share Price	290.6p	313.0p
Total assets (before deduction of  borrowings)*	£1,018.2m	£1,077.9m
Total borrowings (at fair value)	£128.2m	£127.6m
Net asset value per share (after deducting borrowings at fair value)*	341.0p	364.1p
Discount (borrowings at fair value)	14.8%	14.0%
Potential Gearing (borrowings at fair value)	14.4%	13.4%
Gearing less cash (borrowings at fair value)	12.5%	11.9%
Gearing less cash and bonds (borrowings at fair value)	4.2%	3.7%
Total borrowings (at par)	£120.0m	£120.0m
Net asset value per share (after deducting borrowings at par)*	344.1p	367.0p
Discount (borrowings at par)	15.6%	14.7%
Potential Gearing (borrowings at par)	13.4%	12.5%
Gearing less cash (borrowings at par)	11.4%	11.0%
Gearing less cash and bonds (borrowings at par)	3.2%	2.9%

*These figures have been calculated using the AIC cum income basis (includes current financial year retained income).

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

Baillie Gifford & Co

Company Secretaries

13 August 2010

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

 

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