Interim Management Statement

RNS Number : 8700M

Monks Investment Trust PLC

05 February 2009

 



THE MONKS INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 31 January 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 2.1% compared to a fall in the FTSE World Index of 0.9%, while the share price increased by 6.2%. All figures are total return (capital and income).
	The interim dividend of 1.00p per share was paid on 30 January 2009 to shareholders on the register at the close of business on 9 January 2009.
	Partial sales of several of last quarter's top ten equity holdings together with the cash takeover of Imperial Energy resulted in 5 holdings dropping out of the top ten and a further 3 holdings (Petrobras, Schlumberger and EOG Resources) having a lower weighting than at the end of October. Apart from Berkshire Hathaway, which we added to in the period, the other new holdings in the top ten were as a result of market movements.
	Net gearing (after deduction of cash and bonds) has fallen in the period due to switch of funds from equities into cash and bonds.

Geographical Analysis of Total Assets				Top Ten Equity Holdings
Region	% of total assets at 31/01/09	% of total assets at 31/10/08		Name	% of total assets at 31/01/09	% of total assets at 31/10/08
North America	18.4	21.8		Baillie Gifford Pacific Fund	6.4	5.7
Asia Pacific	11.4	12.1		Petrobras	2.5	3.1
Continental Europe	15.0	14.4		OGX	2.5	1.2
United Kingdom	6.9	10.9		Schlumberger	2.2	2.9
Japan	5.2	5.5		EOG Resources	1.8	3.6
Other Emerging Markets	8.2	11.1		Nestlé	1.5	1.5
Bonds	23.6	14.8		Swisscom	1.4	1.2
Net liquid assets	11.3	9.4		Berkshire Hathaway	1.3	1.2
				Cameron International	1.2	1.3
				Goldman Sachs	1.2	1.2
Total	100.0	100.0		Total	22.0	22.9

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	6.2	-28.3	-20.2	37.8
NAV (Par)	2.1	-30.4	-21.6	24.8
Comparative Index	-0.9	-19.4	-14.3	16.7

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

Past performance is not a guide to future performance

General Information
	31/01/09	31/10/08
Share Price	222.0p	210.0p
Total assets (before deduction of borrowings)	£719.4m	£715.5m
Total borrowings (at fair value)	£92.2m	£92.2m
Net asset value per share (after deducting borrowings at fair value)	237.9p	236.3p
Discount (borrowings at fair value)	6.7%	11.1%
Potential Gearing (borrowings at fair value)	14.7%	14.8%
Gearing less cash (borrowings at fair value)	0.0%	5.8%
Gearing less cash and bonds (borrowings at fair value)	-27.1%	-11.2%
Total borrowings (at par)	£80.0m	£80.0m
Net asset value per share (after deducting borrowings at par)	242.5p	241.0p
Discount (borrowings at par)	8.5%	12.9%
Potential Gearing ( borrowings at par)	12.5%	12.6%
Gearing less cash (borrowings at par)	-1.9%	3.8%
Gearing less cash and bonds (borrowings at par)	-28.5%	-12.9%

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

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

 

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