Interim Management Statement

RNS Number : 6476A

Monks Investment Trust PLC

21 February 2014

 



 The Monks Investment Trust PLC

Interim Management Statement - 3 Months to 31 January 2014

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		¾  Over the period, the Company's net asset value total return, with borrowings deducted at fair value, was minus 2.2% and the share price total return was minus 0.2%, while the FTSE World Index in sterling terms returned minus 2.8%. ¾  The interim dividend of 0.50p per share was paid on 31 January 2014 to shareholders on the register on 10 January 2014. ¾  Go-Ahead Group, IG Group and Taiwan Semiconductor Manufacturing entered the Top Ten Equity Holdings following additions and Seadrill and TripAdvisor dropped out of the Top Ten following partial sales. There were also partial sales of Sky Deutschland and Alnylam Pharmaceuticals. The other changes to the Top Ten constituents were due to market movements.
Geographical Analysis				% of total assets				Effective exposure %*
				At 31/01/14	At 31/10/13			At 31/01/14				At 31/10/13
		North America		33.5	33.4			35.5				34.6
		United Kingdom		23.7	22.6			23.3				21.8
		Continental Europe		17.7	15.1			16.5				14.8
		Emerging Markets		9.8	10.9			8.4				10.2
		Japan		4.9	5.4			5.2				5.6
		Bonds		4.2	4.3			4.5				4.4
		Developed Asia		3.4	3.1			3.6				3.2
		Net Liquid Assets		2.8	5.2			3.0				5.4
		Total		100.0	100.0			100.0				100.0
		*  The effective exposure takes into account the exposure of derivative holdings which may differ substantially from their market value. The Company's derivative holdings at 31 January 2014 comprise purchases of index put options.
Total Return Performance (capital and income)			%
			3 Months			1 Year			3 Years		5 Years
		Share Price	-0.2			17.9			13.9		85.4
		NAV (at fair)	-2.2			13.1			13.5		89.7
		Comparative Index*	-2.8			10.5			25.3		90.9
		*  Comparative Index: FTSE World Index (in sterling terms). Source: Morningstar. Past performance is not a guide to future performance
Top Ten Equity Holdings (as a % of total assets)									31/01/14 %		31/10/13 %
		IP Group							4.0		3.3
		Sky Deutschland							2.3		3.0
		Alnylam Pharmaceuticals							2.0		1.7
		Go-Ahead Group							1.9		1.0
		Harley-Davidson							1.8		1.9
		IG Group							1.6		1.2
		Taiwan Semiconductor Manufacturing							1.6		1.2
		Fuchs Petrolub							1.6		1.4
		Enquest							1.5		1.6
		Kone							1.5		1.7
		Total							19.8		18.0
General Information							31/01/14			31/10/13
		Total assets (before deduction of  borrowings)					£1,071.3m			£1,094.7m
		Total borrowings (at fair value)					£83.9m			£84.0m
		Total borrowings (at par)					£80.0m			£80.0m
		Net asset value per share (after deducting borrowings at fair value)†					432.8p			443.0p
		Net asset value per share (after deducting borrowings at par)†					434.5p			444.8p
		Share price					385.6p			386.9p
		Discount (borrowings at fair value)					10.9%			12.7%
		Discount (borrowings at par)					11.3%			13.0%
		Effective gearing (taking account of exposure to derivative holdings and borrowings at fair value)					-1%			-1%
		Effective gearing (taking account of exposure to derivative holdings and borrowings at par value)					-2%			-2%
		†      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 at www.monksinvestmenttrust.co.uk‡ ‡      Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement. For further information, contact: Robert O'Riordan  0131 275 3181 [e-mail]

 

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