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Monks Investment Trust - Annual Financial Report

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The Monks Investment Trust PLC

Regulated Information Classification: Additional regulated information required to be disclosed under applicable laws

Legal Entity Identifier: 213800MRI1JTUKG5AF64

Results for the year to 30 April 2021


Over the year to 30 April 2021, the Company's net asset value (NAV) total return* was 55.5% compared to a total return of 33.9% for the FTSE World Index (in sterling terms). The share price total return for the same period was 53.1%.

  • The last 12 months have been exceptional for stock markets, with May 2020 coinciding with the early stages of a very strong recovery from the bottom of the pandemic sell-off. 
  • Portfolio turnover for the 12 months was 16% and the Company's invested gearing stood at 0.8% at the financial year end.
  • A single final dividend of 2.0p is being recommended, compared to 2.5p last year. This is the minimum required to maintain the Company's investment trust status, reflecting its priority which is capital growth.
  • Over the period, 12,900,000 shares were issued at a premium to NAV, being 5.8% of the Company's share capital, raising over £168 million. The share price ended the year at a 2.8% premium to NAV*.
  • Ongoing charges for the year to 30 April 2021 were 0.43%, down from 0.48% in the prior year.
  • The managers remain committed to being supportive long-term holders of portfolio investments. This encourages ambition and growth while at the same time recognising that management teams need to be aware of a wide range of stakeholders. The key levers of this approach are company engagement and proxy voting.
  • Since the change in approach in March 2015 the NAV total return at fair value has been 184.1% and the share price total return 229.9% against the comparative index at 107.6% # .  

* With borrowings at fair value

# Total returns from 31 March 2015 to 30 April 2021.

Past performance is not a guide to future performance. Total return information is sourced from Baillie Gifford/ Refinitiv. See disclaimer at the end of this announcement. For a definition of terms see Glossary of Terms and Alternative Performance Measures at the end of this announcement

The Monks Investment Trust PLC aims to deliver above average long-term returns for shareholders by keeping fees and costs low and harnessing the long-term growth potential of companies. Monks invests globally in order to achieve capital growth. This takes priority over income and dividends. Monks is managed by Baillie Gifford, an independent fund management group, which has around £ 330 billion under management and advice.