Interim Management Statement

RNS Number : 9367L

Monks Investment Trust PLC

16 August 2013

 



 The Monks Investment Trust PLC

Interim Management Statement - 3 Months to 31 July 2013

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 5.9%, and the share price total return was 4.2% while the FTSE World Index in sterling terms returned 4.8%. ¾  At the Annual General Meeting held on 2 August 2013 all resolutions were passed, including the approval of a final dividend of 3.45p per share which was paid to shareholders on 9 August 2013. ¾  During the period, 11,034,000 shares were repurchased at a cost of £38.7 million. ¾  Harley-Davidson entered the Top Ten Equity Holdings following an addition and Alnyam Pharmaceuticals entered the Top Ten despite a partial sale. Seattle Genetics and Digital Garage dropped out of the Top Ten following partial sales. The other changes to the Top Ten constituents were due to market movements.
Geographical Analysis				% of total assets				Effective exposure %*
				At 31/07/13	At 30/04/13			At 31/07/13				At 30/04/13
		North America		33.1	28.2			35.1				29.3
		United Kingdom		23.4	23.4			22.8				22.8
		Emerging Markets		15.4	18.9			14.3				18.4
		Continental Europe		14.9	14.6			13.8				13.9
		Japan		5.4	5.7			5.7				5.9
		Bonds		4.6	4.5			4.8				4.7
		Developed Asia		2.8	1.9			3.0				2.0
		Net Liquid Assets		0.4	2.8			0.5				3.0
		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 2013 comprise index put options.
Total Return Performance (capital and income)			%
			3 Months			1 Year			3 Years		5 Years
		Share Price	4.2			17.7			30.2		15.7
		NAV (at fair)	5.9			21.9			28.0		24.6
		Comparative Index*	4.8			26.3			46.3		64.2
		*  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)									31/07/13 %		30/04/13 %
		IP Group							3.6		3.8
		Sky Deutschland							2.8		2.0
		Seadrill							2.4		2.1
		Nanoco Group							2.2		2.2
		Harley-Davidson							1.8		1.4
		Kone							1.6		1.9
		Samsung Electronics							1.6		1.9
		TripAdvisor							1.6		1.1
		Alnylam Pharmaceuticals							1.6		0.9
		First Republic Bank							1.6		1.3
		Total							20.8		18.6
		Harley-Davidson, TripAdvisor, Alnylam Pharmaceuticals and First Republic Bank entered the Top Ten Equity Holdings and Seek, Fuchs Petrolub, Seattle Genetics and Digital Garage dropped out.
General Information							31/07/13			30/04/13
		Total assets (before deduction of  borrowings)					£1,065.4m			£1,065.9m
		Total borrowings (at fair value)					£82.8m			£85.2m
		Total borrowings (at par)					£80.0m			£80.0m
		Net asset value per share (after deducting borrowings at fair value)†					428.5p			408.1p
		Net asset value per share (after deducting borrowings at par)†					429.7p			410.2p
		Share price					366.5p			355.0p
		Discount (borrowings at fair value)					14.5%			13.0%
		Discount (borrowings at par)					14.7%			13.5%
		Effective gearing (taking account of exposure to derivative holdings and borrowings at fair value)					1%			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: Robert O'Riordan  0131 275 3181 [e-mail]

 

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