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Manchester & London Investment Trust - Half-year Report

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Manchester & London Investment Trust 

Half-Year Report

SUMMARY OF RESULTS

CHAIRMAN'S STATEMENT

Results for the half year ended 31 January 2020 

During the half year under review, the total NAV per Share return was3.4 per
cent, compared to a decrease in the benchmarkof0.8 per cent.  The Manager’s
Report sets out the reasons for this outperformance against the benchmark, but
the portfolio has remained focused on stocks with business models that are
aligned with key forward-looking trends.  The outperformance against the
benchmark was achieved despite an 8.6 per cent increase in the value of the
British Pound compared to the US Dollar, which was a material FX translation
headwind for the portfolio’s NAV per Share return.  

Dividends 

With these results, we have announced an interim dividend of 7 pence per
Ordinary Share. This is an increase of over 16 per cent (31 January 2019: 6.0
pence per Ordinary Share).

Other 

After entering the FTSE Small Cap Index in June 2019, we have moved up the
index table to being ranked as the 212^th largest company in that index as at
the end of February. 

The fund was shortlisted for, but did not win, the 2019 Citywire Investment
Trust awards in the Global Equities section.

Outlook 

Key variables for our second half performance are likely to be the extent of
economic disruption from Covid-19, the upcoming US election, the trajectory of
Central Bank balance sheets, movements in the US Sovereign Yield curve and the
regulation of Technology companies globally.  As the Manager says: “the
longer-term Journey will continue through the Era of Software.”  Do not forget
to consider the fund for this year’s ISA allowance.