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Company Monks Investment Trust PLC
TIDM MNKS
Headline

Interim Management Statement

Released 14:22 19-Feb-2013
Number 2219Y14

RNS Number : 2219Y
Monks Investment Trust PLC
19 February 2013
 



The Monks Investment Trust PLC

 

Interim Management Statement - 3 Months to 31 January 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 8.5%, and the share price total return was 7.5% while the FTSE World Index in sterling terms returned 10.2%.

¾  The interim dividend of 0.50p per share was paid on 30 January 2013 to shareholders on the register on 4 January 2013.

¾  During the period, 4,935,000 shares were repurchased at a cost of £15.3 million.

¾  Sky Deutschland entered the Top Ten Equity Holdings following an addition and Aggreko and The Biotech Growth Trust 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 31/01/13

At 31/10/12

At 31/01/13

At 31/10/12

North America

27.9

26.3

30.0

28.3

United Kingdom

23.6

25.8

21.6

23.4

Emerging Markets

20.3

20.4

21.0

21.3

Continental Europe

14.8

12.3

13.0

9.4

Japan

5.4

6.3

5.8

8.0

Bonds

5.4

5.5

5.8

5.9

Developed Asia

1.5

1.8

1.6

2.0

Net Liquid Assets

1.1

1.6

1.2

1.7

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 derivatives holdings include sales of index futures and purchases of index call options.

 

Total Return Performance

(capital and income)

 


%


3 Months

1 Year

3 Years

5 Years

Share Price

7.5

4.7

24.1

12.8

NAV (at fair)

8.5

6.4

22.6

16.9

Comparative Index*

10.2

15.2

36.3

39.3


 

 

Comparative Index: FTSE World Index (in sterling terms).

Source: Morningstar/Thomson Reuters Datastream.

 

Past performance is not a guide to future performance



 

Top Ten Equity Holdings

(as a % of total assets)

 


31/01/13

%

31/10/12

%

IP Group

3.1

3.2

Seadrill

2.4

2.6

Nanoco Group

2.2

1.0

Sky Deutschland

2.1

0.6

Samsung Electronics

1.9

1.7

Kone

1.8

1.6

Kunlun Energy

1.6

1.4

Fuchs Petrolub

1.5

1.5

Odontoprev

1.5

1.6

Petrofac

1.5

1.5

Total

19.6

16.7



‡      Nanoco Group, Sky Deutschland and Kunlun Energy entered the Top Ten Equity Holdings and Aggreko, Genus and The Biotech Growth Trust dropped out.

General Information

 

 


31/01/13

31/10/12

Total assets (before deduction of borrowings)

£1,047.5m

£992.6m

Total borrowings (at fair value)

£87.6m

£88.9m

Total borrowings (at par)

£80.0m

£80.0m

 



Net asset value per share (after deducting borrowings at fair value)

386.3p

356.6p

Net asset value per share (after deducting borrowings at par)

389.4p

360.1p

Share price

330.6p

308.0p




Discount (borrowings at fair value)

14.4%

13.6%

Discount (borrowings at par)

15.1%

14.5%




Effective gearing (taking into account sales of equity index futures and purchase of equity index call options, borrowings at fair value)

 

nil%

 

nil%


 

 

†      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 robert.oriordan@bailliegifford.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Interim Management Statement - RNS