Interim Management Statement

RNS Number : 8460A

Monks Investment Trust PLC

07 August 2008

 



THE MONKS INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 31 July 2008

Monks' objective is to invest internationally to achieve capital growth, which takes priority over income and dividends. 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) fell by 4.8% compared to a fall in the FTSE World Index of 9.0%, while the share price fell by 1.6%. All figures are total return (capital and income).
	During the period 0.5 million shares were repurchased at a cost of £2.0m, enhancing the NAV per share by 0.02%.
	The final dividend of 3.20p per share was approved at the Annual General Meeting on 5 August 2008 and will be paid on 8 August 2008.
	Vale (CVRD) and Blackrock World Mining dropped from the Top Ten Equity Holdings due to part sales. Imperial Energy entered the Top Ten following an additional investment.

Geographical Analysis of Total Assets				Top Ten Equity Holdings
Region	% of total assets at 31/07/08	% of total assets at 30/04/08		Name	% of total assets at 31/07/08	% of total assets at 30/04/08
North America	19.9	19.2		Baillie Gifford Pacific Fund	6.5	7.2
Asia Pacific	13.8	15.5		Petrobras	3.6	5.1
Continental Europe	16.6	17.5		Schlumberger	3.2	3.0
United Kingdom	11.2	10.3		National Oilwell Varco	2.8	2.3
Japan	5.9	6.3		EOG Resources	2.5	3.0
Other Emerging Markets	12.4	12.7		Imperial Energy	2.0	1.0
Net liquid assets and bonds	20.2	18.5		BHP Billiton	1.7	1.7
				Seadrill	1.7	1.7
				US Steel	1.7	1.9
				Diamond Offshore Drilling	1.6	1.6
Total	100.0	100.0		Total	27.3	28.4

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	-1.6	6.6	57.9	123.3
NAV (Par)	-4.8	3.2	43.4	105.4
Comparative Index	-9.0	-7.5	12.8	46.0

Source: Fundamental Data Ltd.;  Comparative Index is FTSE World Index (sterling terms).

Past performance is not a guide to future performance

General Information
	31/07/08	30/04/08
Share Price	339.25p	348.0p
Total assets (before deduction of borrowings)	£1,042.7m	£1,110.4m
Total borrowings (at fair value)	£87.7m	£89.3m
Net asset value per share (after deducting borrowings at fair value)	362.2p	386.5p
Discount (borrowings at fair value)	6.3%	10.0%
Potential Gearing (borrowings at fair value)	9.2%	8.7%
Gearing less cash (borrowings at fair value)	-2.6%	0.1%
Gearing less cash and bonds (borrowings at fair value)	-14.3%	-10.3%
Total borrowings (at par)	£80.0m	£80.0m
Net asset value per share (after deducting borrowings at par)	365.2p	390.0p
Discount (borrowings at par)	7.1%	10.8%
Potential Gearing ( borrowings at par)	8.3%	7.8%
Gearing less cash (borrowings at par)	-3.4%	-0.8%
Gearing less cash and bonds (borrowings at par)	-15.0%	-11.1%

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

 

END

 

 

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