Half-yearly Report
Manchester and London Investment Trust plc ("MLIT" or the "Company")
ANNOUNCEMENT OF THE UNAUDITED INTERIM GROUP RESULTS
For the six months ended 31 January 2013
The Directors announce the unaudited interim Company results for the six
months ended 31 January 2013. The key highlights for the period were:
- The Net Asset Value per share has increased by 18.4 per cent to 398.1p, an
over performance of 6.1 per cent on the performance of our benchmark index;
- The Directors have declared an interim dividend of 5.5p per share to be paid
on 29 April 2013, to all shareholders on the Register at the close of business
on 12 April 2013.
Chairman's Statement
Performance
The market saw an above average increase during the period with a
rise in the FTSE Allâ€Share of 12.3 per cent. The Company's net assets per
share increased by 18.4 per cent over the half year period, an outperformance
relative to our benchmark of 6.1 per cent. Whilst this seems a reasonable
performance, we would remind you that our FY 2012 performance was very
disappointing so we still have a long road back to recover our FY 2012
relative losses.
Dividend
The Board has declared an interim dividend of 5.5p per share
payable on 29 April 2013, which is an increase on the interim dividend for the
year ended 31 July 2012 of 5.8 per cent. We are aware of how important
dividends are to our shareholders.
Outlook and Strategy
Most commentators would agree that the market has been artificially inflated
by global quantitative easing ("QE") so the questions one has to ask oneself
now are:
1. Does the Federal Reserve ignore potential M3 growth of ~7 per
cent and continue with QE, which must surely lead to inflation?
2. If the Federal Reserve does continue with QE, where is the
tipping point when the demand from the Federal Reserve is outweighed by the
extra supply from bond investors fearful of financial repression?
3. What are the implications of a sell down out of debt and are we
all so sure that is definitely good for equities?
4. If QE has artificially lifted asset prices are we all so certain
that when it stops asset prices will not drop back, even if the global economy
is recovering by then?
In response, the market bulls promote the following:
1. The European situation is now largely solved. Sadly, we very
much doubt that this is the case. The base case economic forecasts for Europe
are woeful, the economies of even some of the core countries require material
supply side restructuring and the electorate are now tired of "austerity". It
appears that Europe (exc. Northern Europe) does not want to face reality so we
are concerned that matters will have to get worse before they get better. In
reality, unless Germany sanctions a transfer union then the single currency
system of a collective of divergent European economies is unlikely to work.
2. The Chinese, Koreans and all Middle Eastern governments will
continue to act rationally. I suggest a re-read of the beautiful fable of the
Frog and the Scorpion by Aesop to provide our views on this premise.
3. The liquidity, provided by the global central bank's monetary printing will
outweigh the ongoing deleveraging cycle, will be continued in the face of
inflation and, even if it were to be stabilised, would have little detrimental
effect on asset markets.
Naturally, when within unchartered waters we are uncertain as to
the future outlook but we do believe that the quantum of such risks warrants
some caution. In conclusion, in the short term, we believe that markets may
have got ahead of themselves so we are treading somewhat more cautiously for
the time being. In the more medium term, we do believe that globally we are
moving further towards the end of the crisis and hence investment in liquid
global companies with attractive cash generation and growth prospects that can
benefit from such an environment should be rewarded.
P H A Stanley, Chairman.
March 2013.
Manager's Report
Manager's Review
Performance over period
We have outperformed but we still have a long way to claw back from
whence we fell, especially relatively.
The following positions went well for us:
1. I can assure you that our concentrated exposure to PZ Cussons
plc ("PZC") is an issue of constant debate with shareholders and the board. We
believe that the next few years will see a geographical land grab by the
majors as further inaccessible or previously unattractive markets open up.
Sadly, we are concerned that without increased executive appointments PZC may
well miss this opportunity that is surely theirs for the taking. However, post
this stage, we would expect a round of consolidation which will see a number
of the smaller and more medium sized operators gobbled up by a dozen or so
global gorillas. We actually sold a small part of our holding in PZC when the
stock entered a "zone of fair & full valuation." Let me assure you, should PZC
enter the "zone of overvaluation" the stock will be disposed of completely.
2. Our overweight positioning in the Mining sector was kinder to us
for this period with each of Vedanta Resources plc, Xstrata plc, Glencore plc
and Rio Tinto plc generating returns of over 20 per cent. Xstrata plc was the
best performing share in the portfolio over the period with a return of 39.5
per cent. We are hopeful that the deal with Glencore plc will proceed and we
will then be very happy to be a material (to us) holder of Glenore plc.
3. Jardine Matheson Holdings Ltd returned 23.5 per cent in the
period and remains our favoured method of exposure to the growth of the Asian
consumer.
Sadly, there are always investment decisions that go less well and
the most material of which during the period are as follows:
1. As markets rose, we decided to start to relay a number of market
shorts via short position predominantly on the S&P 500 future. We do believe
that the S&P is one of the more expensively valued global indices and hence,
coupled with its liquidity and tight spreads, it is attractive as a tool for
shorting. We also maintain that laying on shorts when the market is relatively
high to its 52 week averages is sensible and we have often used it to maintain
our net aggregate long to net asset levels within a band of 80 per cent to 120
per cent. Sadly, with hindsight, it appears that we may have been too early
with our concerns that the market had travelled too far as we started laying
on shorts at the 1280 level and the market is now some 21.1 per cent above
this. We do now fear that central bankers have decided to throw caution to the
wind and print until their problems disappear in a tsunami of debt repression.
Optically, our loss from these positions placed on in this period would have
added an extra 3.4 per cent to our performance had we not placed these
positions. However, that is too simplistic a way to review these positions as
some were equal weight counters against other long positions that have, across
the portfolio, performed well. It is important to note that our position of
net longs to net assets only dropped below 100 per cent in December 2012 when
the S&P was only 10 per cent below what it is now.
2. The two stocks that performed notably poorly for us in the
period were BG Group plc ("BG") which was down 11.3 per cent and HMS Hydraulic
Machines & Systems Group plc ("HMS") which was down 4.6 per cent. We believe
that BG is materially undervalued in respect of its net asset value and if
this remains the case we could see a major making a move for the stock. HMS
has been a disappointment again as concerns regarding its order log grow daily
and the company has this time elected not to buy back its own shares as they
weaken.
Current positioning
The portfolio has remained largely unchanged over the period and
since the period end, and we would expect it to remain so over the next
halfâ€year period. We are not enamoured with the churning of portfolios when
there is no medium term requirement to do so. Our preference is to adjust our
gearing to the market by utilising index based contracts for difference which
do not incur stamp duty.
During the period we disposed of Schroders plc, Blackrock Greater
Europe Investment Trust plc and Aberdeen Asset Management plc. Post the period
end we also disposed of Sportingbet plc which received a takeover offer and we
anticipate selling down our remaining holding in Valiant Petroleum Plc which
has also received an approach.
Investors will know that we tend to invest using four strategies
and, at the period end, the portfolio had the following weightings to each
strategy:
Affordable Growth:
85.5 per cent;
Value:
0.9 per cent (represented by Lloyds Banking Group plc);
Event Driven:
8.1 per cent (represented by Xstrata plc, Valiant Petroleum plc and Sportingbet plc); and
Special Situations:
5.5 per cent (represented by BP plc and Northern Petroleum plc).
Gearing
By the interim period end, the portfolio's net long over net asset
position had been reduced to a level of 80.0 per cent.
Post the period end, we have been hedging our market exposure
further on the basis that we are concerned that the market may be somewhat
over buoyant on a short term basis due to the reasons detailed at the
commencement of this section.
In conclusion, we remain focused on investing in equities which are
liquid and are participating in global growth via investment in cash
generative enterprises. We prefer companies with short working capital cycles,
strong market positions with an understandable business model, open
information flow, long development cycles and attractive returns on capital.
For enquiries:
Manchester and London Investment Trust plc
Peter Thomas
Company Secretary
Tel: 0161 228 2389
Midas Investment Management Limited
Mark Sheppard
Tel: 0161 228 1709
Trust Performance
At At
31 January 31 July Percentage
2013 2012 Change
Net assets attributable to Equity
Shareholders
(£'000) 89,411 75,515 18.4
Net asset value per Ordinary Share (p) 398.1 336.3 18.4
FTSE All-Share Index 3,287.4 2,927.3 12.3
Interim Dividend declared per ordinary
share 5.5p 5.2p 5.8
Ex-dividend date 10 April 2013
Record date 12 April 2013
Payment date 29 April 2013
The price and net asset value is published in the Investment Companies Sector of the Financial Times.
Investment Portfolio
As at 31 January 2013
Company Sector Value £'000 % of Assets
PZ Cussons plc Personal Goods 17,536 19.6
Weir Group plc Industrial Engineering 8,702 9.7
Smith and Nephew plc Medical Technology 8,471 9.5
Xstrata plc Mining 8,312 9.3
Standard Chartered plc Banks 7,059 7.9
Rio Tinto plc Mining 6,649 7.4
Syngenta International AG Agrisciences 6,484 7.3
Diageo plc Beverages 6,320 7.1
BG Group plc Oil & Gas Producers 6,049 6.8
BP plc Oil & Gas Producers 5,706 6.4
Unilever plc Food Producers & Processors 5,212 5.8
Jardine Matheson Holdings Ltd General Industrials 4,926 5.5
Burberry Group plc Personal Goods 4,501 5.0
Smiths Group plc General Industrials 3,080 3.4
Echo Entertainment Group Ltd Travel & Leisure 2,845 3.2
Afren plc Oil & Gas Producers 2,696 3.0
Vedanta Resources plc Mining 2,412 2.7
HMS Group plc Industrial Engineering 2,106 2.4
Trinity Exploration and Oil & Gas Producers 1,540 1.7
Production plc
Millennium & Copthorne Hotels Travel & Leisure 1,526 1.7
plc
Valiant Petroleum plc Oil & Gas Producers 1,262 1.4
Lloyds Banking Group plc Banks 1,111 1.2
Glencore International plc Mining 846 1.0
Northern Petroleum plc Oil & Gas Producers 812 0.9
Walter Energy Inc Mining 642 0.7
Sportingbet plc Travel & Leisure 450 0.5
Heritage Oil plc Oil & Gas Producers 333 0.4
Sundance Resources Ltd Mining 135 0.2
Joy Global Inc Mining 79 0.1
SVM Global Fund plc Equity Investment Instruments 12 0.0
New Britain Palm Oil Ltd Food Producers & Processors 6 0.0
Listed Investments 117,820 131.8
Other Investments 126 0.1
Cash and Net Current Assets (28,535) (31.9)
Net Assets 89,411 100.0
Investment Objective
The investment objective of the Company is to achieve capital appreciation
together with a reasonable level of income.
Investment Policy
Asset allocation and risk diversification
The Company's investment objective is sought to be achieved through
a policy of actively investing in a diversified portfolio, comprising UK and
overseas equities and fixed interest securities. The Company seeks to invest
in companies whose shares are admitted to trading on a regulated market.
However, it may invest in a small number of equities and fixed interest
securities of companies whose capital is not admitted to trading on a
regulated market. Investment in overseas equities is utilised by the Company
to increase the risk diversification of the Company's portfolio and to reduce
dependence on the UK economy in addressing the growth and income elements of
the Company's investment objective. There are no maximum exposure limits to
any one particular classification of equity or fixed interest security. The
Company's investments are not limited to any one industry sector and its
current investment portfolio is spread across a range of sectors. The Company
has no specific criteria regarding market capitalisation or credit ratings in
respect of investee companies.
The Company intends to maintain a relatively focused portfolio,
seeking capital growth by investing in approximately 20 to 40 securities. The
Company will not invest more than 15 per cent of the gross assets of the
Company at the time of investment in any one security. However, the Company
may invest up to 50 per cent of the gross assets of the Company at the time of
investment in an investment company subject always to other restrictions set
out in this investment policy and the Listing Rules.
Exposure to investments may also be achieved through the use of
specialist collective investment schemes and products, such as other
investment trusts or exchange traded funds, where specialised management
skills are necessary or where it would be uneconomic for the Company to invest
directly. However, the Company will not invest more than 10 per cent, in
aggregate, of the value of its gross assets at the time of investment in other
listed investment trusts or listed investment companies, provided that this
restriction does not apply to investment in investment trusts or investment
companies which themselves have stated investment policies to invest no more
than 15 per cent of their gross assets in other listed investment trusts or
listed investment companies.
The Company intends to be fully invested whenever possible.
However, during periods in which changes in economic conditions or other
factors so warrant, the Investment Manager may reduce the Company's exposure
to one or more asset classes and increase the Company's position in cash
and/or money market instruments.
The Company may invest in derivatives, money market instruments and currency
instruments including contracts for differences, futures, forwards and
options. These investments may be used for hedging positions against movements
in, for example, equity markets, currencies and interest rates. In addition,
these instruments will only be used for efficient portfolio management
purposes. For the avoidance of doubt, the use of such instruments to engage in
trading transactions is strictly against the Company's investment policy. The
Company would not maintain derivative positions should the total underlying
exposure of these positions exceed one times the adjusted total capital and
reserves.
Gearing
The Company may borrow to gear the Company's returns when the Investment
Manager believes it is in Shareholders' interests to do so. The Company's
investment policy and the Articles permit the Company to incur borrowing up to
a sum equal to two times the adjusted total of capital and reserves. Any
change to the Company's borrowing policy will only be made with the approval
of Shareholders by special resolution.
Benchmark Index
Performance is measured against the FTSE All-Share Index. The
Company sources index and price data from FactSet Europe Limited.
Consolidated Statement of Comprehensive Income
For the six months ended 31 January 2013
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31 January 2013 31 January 2012 31 July 2012
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses)
on
investments
at fair value - 14,354 14,354 - (13,331) (13,331) - (22,488) (22,488)
Trading income 572 - 572 - - - 934 - 934
Investment
income 1,254 - 1,254 1,085 - 1,085 2,690 - 2,690
Gross return 1,826 14,354 16,180 1,085 (13,331) (12,246) 3,624 (22,488) (18,864)
Expenses
Management fee (75) (140) (215) (76) (141) (217) (145) (268) (413)
Transaction
costs (9) (36) (45) - (31) (31) (8) (43) (51)
Other expenses (107) (4) (111) (124) - (124) (250) - (250)
Total expenses (191) (180) (371) (200) (172) (372) (403) (311) (714)
Finance costs - (161) (161) (1) (184) (185) - (367) (367)
Profit/(loss)
before
tax 1,635 14,013 15,648 884 (13,687) (12,803) 3,221 (23,166) (19,945)
Taxation - - - - - - - - -
Profit/(loss)
attributable
to equity
shareholders 1,635 14,013 15,648 884 (13,687) (12,803) 3,221 (23,166) (19,945)
Earnings/(loss)
per
share (p) 7.28 62.40 69.68 3.94 (60.95) (57.01) 14.34 (103.15) (88.81)
The total column of this statement represents the Group's Statement of
Comprehensive Income, prepared in accordance with IFRS. The supplementary
revenue and capital return columns are both prepared under guidance published
by the Association of Investment Companies.
All items in the above statement are derived from continuing operations.
Consolidated Statement of Changes in Equity
For the six months ended 31 January 2013
Unaudited
Six months ended 31 January 2013
Capital Capital
Share Share Other Reserve Reserve Retained
Capital Premium Reserves Unrealised Realised Earnings Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 August 2012 5,614 35,132 (79) 8,146 22,916 3,786 75,515
Profit for the period - - - - - 15,648 15,648
Transfer of capital profits - - - 13,444 569 (14,013) -
Ordinary dividend paid - - - - - (1,752) (1,752)
5,614 35,132 (79) 21,590 23,485 3,669 89,411
Unaudited
Six months ended 31 January 2012
Capital Capital
Share Share Other Reserve Reserve Retained
Capital Premium Reserves Unrealised Realised Earnings Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 August 2011 5,614 35,132 (79) 27,171 27,057 3,372 98,267
Loss for the period - - - - - (12,803) (12,803)
Transfer of capital losses - - - (9,984) (3,703) 13,687 -
Ordinary dividend paid - - - - - (1,639) (1,639)
5,614 35,132 (79) 17,187 23,354 2,617 83,825
Audited
Year ended 31 July 2012
Capital Capital
Share Share Other Reserve Reserve Retained
Capital Premium Reserves Unrealised Realised Earnings Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 August
2011 5,614 35,132 (79) 27,171 27,057 3,372 98,267
Loss for the period - - - - - (19,945) (19,945)
Transfer of capital
losses - - - (19,025) (4,141) 23,166 -
Ordinary dividend paid - - - - - (2,807) (2,807)
5,614 35,132 (79) 8,146 22,916 3,786 75,515
Consolidated Statement of Financial Position
As at 31 January 2013
(Unaudited) (Unaudited) (Audited)
31 January 31 January 31 July
2013 2012 2012
£'000 £'000 £'000
Non-current Assets
Investments held at fair value through
profit and loss 91,059 86,511 79,966
Derivative financial instruments - longs 26,887 21,407 23,443
Total
117,946 107,918 103,409
Current Assets
Trade and other receivables 29 18 81
Derivative financial instruments - 46,257 28,618 34,637
shorts
Cash and cash equivalents 11,305 8,365 11,432
57,591 37,001 46,150
Gross Assets 175,537 144,919 149,559
Current Liabilities
Borrowings (6,631) (8,920) (9,899)
Trade and other payables (1,712) (161) (176)
Provisions for other liabilities and (1,770) - (1,876)
charges
Derivative financial instruments (76,013) (52,013) (62,093)
(86,126) (61,094) (74,044)
Net Assets 89,411 83,825 75,515
Equity attributable to equity holders
Ordinary share capital 5,614 5,614 5,614
Share premium 35,132 35,132 35,132
Capital reserve - realised 23,485 23,354 22,916
Capital reserve - unrealised 21,590 17,187 8,146
Goodwill reserve (79) (79) (79)
Retained earnings 3,669 2,617 3,786
Total equity shareholders' funds 89,411 83,825 75,515
Net asset value per share (p) 398.1 373.3 336.3
Consolidated Statement of Cash Flows
For the six months ended 31 January 2013
(Unaudited) (Unaudited) (Audited)
31 January 31 January 31 July
2013 2012 2012
£'000 £'000 £'000
Cash flow from operating activities
Profit/(Loss) after tax 15,648 (12,803) (19,945)
(Gains)/Losses on investments (13,787) 12,472 17,288
Decrease in receivables 52 185 122
Increase/(Decrease) in payables 1,430 (62) 1,829
(Increase)/Decrease in derivative
financial instruments (1,144) 1,346 3,371
Net cash generated from operating 2,199 1,138 2,665
activities
Cash flow from investing activities
Purchase of investments (6,679) (6,005) (6,759)
Sale of investments 9,373 9,220 11,703
Net cash generated from investing activities 2,694 3,215 4,944
Cash flow from financing activities
Equity dividends paid (1,752) (1,639) (2,807)
Repaid to loan facility (3,268) (1,948) (969)
Net cash used in financing activities (5,020) (3,587) (3,776)
Net (decrease)/increase in cash and cash
equivalents (127) 766 3,833
Cash and cash equivalents at the
beginning of the period 11,432 7,599 7,599
Cash and cash equivalents at the end of
the period 11,305 8,365 11,432
Notes to the Group Results
1. Accounting policies
The interim report has been prepared in accordance with
International Financial Reporting Standards (IFRS). The accounting policies
are consistent with the preceding annual accounts.
The results are based on unaudited Group consolidated accounts
prepared under the historical cost basis except where IFRS require an
alternative treatment.
2. Comparative information
The financial information contained in this interim report does not
constitute statutory accounts and, in addition, those relating to the six
month periods to 31 January 2012 and 31 January 2013 have not been audited.
The financial information for the year ended 31 July 2012 has been
extracted from the latest published audited accounts which have been filed
with the Registrar of Companies and prepared under IFRS. The report of the
auditors on those accounts contained no qualification or statement under the
provisions of the Companies Act 2006.
3. Significant accounting policies
Investments held at fair value through profit or loss are initially
recognised at fair value. As the entity's business is investing in financial
assets with a view to profiting from their total return in the form of
interest, dividends, or increases in fair value, listed equities and fixed
income securities are designated as at fair value through profit or loss on
initial recognition. The entity manages and evaluates the performance of these
investments on a fair value basis in accordance with its investment strategy,
and information about the group is provided internally on this basis to the
entity's key management personnel.
After initial recognition, investments which are classified as fair
value through profit and loss are measured at fair value. Gains or losses on
investments designated as fair value through profit or loss are included in
net profit or loss as a capital item, and material transaction costs on
acquisition and disposal of investments are expensed and included in the
capital column of the income statement. For investments that are actively
traded in organised financial markets, fair value is determined by reference
to the Stock Exchange quoted market bid prices or last traded prices,
depending upon the convention of the exchange on which the investment is
quoted, at the close of business at the end of the reporting period.
In respect of unquoted investments, or where the market for a
financial investment is not active, fair value is established by using an
appropriate valuation technique. Where a reliable fair value cannot be
estimated for such unquoted equity instruments, they are carried at cost,
subject to any provision for impairment.
All purchases and sales of investments are recognised on the trade
date i.e. the date that the group commits to purchase or sell an asset.
Dividend income from investments is recognised as income when the
shareholders' rights to receive payment has been established, normally the
ex-dividend date. When special dividends are received, the underlying
circumstances are reviewed on a case by case basis in determining whether the
amount is capital, or income, or a mixture of both, in nature. Amounts
recognised as income will form part of the company's distribution.
4. Principal Risks and Uncertainties
The principal risks and uncertainties associated with the Company's business
fall into the following categories: financial risk; strategic risk; and
accounting, legal and regulatory risk. A detailed explanation of the risks and
uncertainties in each of these categories can be found in the Company's
published Annual Report and Accounts for the year ended 31 July 2012.
5. Directors' Responsibilities
The Directors (P H A Stanley, B S Sheppard and D Harris) are of the opinion
that it is appropriate to continue to adopt the going concern basis in
accordance with the FRCs "Going Concern and Liquidity Risk: Guidance for
Directors of UK Companies 2009" in the preparation of the accounts as the
assets of the Company consist predominantly of securities that are readily
realisable and, accordingly, the Company has adequate financial resources to
continue in operational existence for the foreseeable future.
The Directors confirm that, to the best of their knowledge, this set of
condensed financial statements has been prepared in accordance with IAS 34
"Interim Financial Reporting".
Where presentational guidance, set out in the Statement of
Recommended Practice ("SORP") for investment trusts revised by the Association
of Investment Companies ("AIC"), is consistent with the requirements of IFRS,
the Directors have sought to prepare the financial statements on a basis
compliant with the recommendations of the SORP.
The Interim Management Report, in the form of the Chairman's Statement and
Investment Manager's Review, includes a fair review of the information
required by DTR 4.2.7 and 4.2.8 of the FSA's Disclosure and Transparency
Rules.
6. Related Party
Midas Investment Management Limited (`Midas'), a company controlled by Mr. M.
Sheppard, acts as Investment Manager to the Company. Details of the fee
arrangements are given in note 7. Mr. M. Sheppard is also a director of the
parent company of Manchester and London Investment Trust plc.
7. Related Party Transactions
The management fee charged by Midas is payable quarterly in arrears
and is equal to 0.5 per cent of the Net Asset Value of the Group on an
annualised basis.
Investment management fees are allocated 35 per cent to revenue and
65 per cent to capital.
Additional fees charged by Midas include a monthly financial
advisory fee and commissions on the purchase and sale of investments.
There are no other related party transactions.
This Half Yearly Report was approved by the Board on 15 March 2013.
In accordance with DTR 4.2.9(2) of the UK Disclosure and Transparency Rules
(DTRs), it is confirmed that this publication has not been audited by auditors
pursuant to the Auditing Practices Board (APB) guidance on Review of Interim
Financial Information, but has been reviewed by the auditors pursuant to the
APB's guidance on Review of Interim Financial Information.
Copies of the Half-Yearly Financial Report for the six months ended 31 January
2013 will be available from the Company's registered office at 2nd Floor,
Arthur House, Chorlton Street, Manchester, M1 3FH, as well as on the Company's
website at www.manchesterandlondon.co.uk.
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