Monks Investment Trust Plc - Final Results

The Monks Investment Trust PLC

 

Unaudited Preliminary Results for the year to 30 April 2019

 

Over the year to 30 April 2019, the Company's net asset value (NAV) total return* was 12.0% compared to a total return of 11.7% for the FTSE World Index (in sterling terms). The share price total return for the same period was 12.7%.

 

¾  Examples of strong performers included several well-known online technology companies. On average Facebook, Amazon, Netflix, Alphabet (Google), Baidu, Alibaba and Tencent (which we own through the South African media company, Naspers) grew revenues by 34%. 

¾  Portfolio turnover for the 12 months was 16% and the Company's invested gearing stood at 6.4% at the financial year end.

¾  A single final dividend of 1.85p is being recommended, compared to 1.40p last year. This is the minimum required to maintain the Company's investment trust status, reflecting its priority which is capital growth.

¾  Over the period, 1,450,000 shares were issued at a premium to NAV, being 0.7% of the Company's share capital, raising £12m. The share price ended the year at a 4.0% premium to NAV*.

¾  Ongoing charges for the year to 30 April 2019 were 0.50%, down from 0.52% in the prior year.

¾  The managers continue to see a broad spread of new ideas coming forward, from a range of different industries and geographies, and remain optimistic for future portfolio returns.

¾  Since the change in approach in March 2015 the NAV total return at fair value has been 76.8% and the share price total return 107.8% against the comparative index at 56.7%#.

 

* With borrowings deducted at fair value

# Total returns from 31 March 2015 to 30 April 2019.

 

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 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 £200 billion under management and advice as at 10 June 2019.