Interim Management Statement

RNS Number : 7177P

Monks Investment Trust PLC

21 August 2014

 



 The Monks Investment Trust PLC

Interim Management Statement - 3 Months to 31 July 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 0.7%, and the share price total return was 2.5% while the FTSE World Index in sterling terms returned 2.6%. ¾  At the Annual General Meeting held on 5 August 2014 all resolutions were passed, including the approval of a final dividend of 3.45p per share which was paid to shareholders on 8 August 2014. ¾  During the period, 1,950,000 shares were repurchased at a cost of £7.4 million. ¾  IG Group and Samsung Electronics dropped out of the Top Ten Equity Holdings following partial sales. The other changes to the Top Ten constituents were due to market movements.
Geographical Analysis				% of total assets				Effective exposure %*
				At 31/07/14	At 30/04/14			At 31/07/14				At 30/04/14
		North America		32.4	32.4			32.5				32.7
		United Kingdom		21.1	21.6			21.2				21.8
		Continental Europe		20.2	18.5			20.2				18.6
		Emerging Markets		11.0	10.5			10.8				9.9
		Japan		5.5	5.2			5.5				5.1
		Developed Asia		3.6	3.8			3.6				3.9
		Bonds		3.4	4.1			3.4				4.1
		Net Liquid Assets		2.8	3.9			2.8				3.9
		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 July 2014 comprise purchases of index put options.
Total Return Performance (capital and income)			%
			3 Months			1 Year			3 Years		5 Years
		Share Price	2.5			3.6			14.2		59.4
		NAV (at fair)	0.7			0.2			12.6		61.3
		Comparative Index*	2.6			4.6			34.9		80.2
		*  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)									31/07/14 %		30/04/14 %
		IP Group							3.8		3.6
		Sky Deutschland							2.4		2.2
		Seek							1.9		1.9
		Harley-Davidson							1.9		2.2
		Taiwan Semiconductor Manufacturing Co (TSMC)							1.9		1.8
		Enquest							1.8		1.9
		TripAdvisor							1.8		1.6
		Go-Ahead Group							1.7		1.5
		Kone							1.6		1.6
		Seadrill							1.6		1.5
		Total							20.4		19.8
General Information							31/07/14			30/04/14
		Total assets (before deduction of  borrowings)					£1,005.3m			£1,012.6m
		Total borrowings (at fair value)					£43.8m			£43.6m
		Total borrowings (at par)					£40.0m			£40.0m
		Net asset value per share (after deducting borrowings at fair value)†					425.6p			425.2p
		Net asset value per share (after deducting borrowings at par)†					427.3p			426.8p
		Share price					375.9p			370.0p
		Discount (borrowings at fair value)					11.7%			13.0%
		Discount (borrowings at par)					12.0%			13.3%
		Effective gearing (taking account of exposure to derivative holdings and borrowings at fair value)					-			-
		Effective gearing (taking account of exposure to derivative holdings and borrowings at par value)					-			-1%
		†      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: Anzelm Cydzik on 0131 275 3276

 

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