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Interim Results

Monks Investment Trust posts H1 results

07 December 2016 07:54

The Monks Investment Trust said its H1 net asset value (NAV) total return* was 25.3%, compared to a total return of 23.6% for the FTSE World Index (in sterling terms).

The share price total return for the same period was 27.5%, with the discount to NAV narrowing to 8.0%.


- The biggest positive contributors to performance were technology stocks: US and Chinese on-line retailers Amazon and Alibaba, South African group Naspers, Taiwanese semiconductor manufacturer TSMC, US online search engine group Alphabet and German enterprise software company SAP.

- Portfolio turnover for the six months was 17.3% on an annualised basis.

- While most of the portfolio is not directly affected by Brexit, the Managers made reductions to CRH and Ryanair. Market weakness after the vote provided an opportunity to add to Prudential. No adjustment has been made to the portfolio as a result of Donald Trump's election success in the United States.

- Earnings per share were 1.68p compared to 0.89p in the corresponding period. As flagged in the 2016 annual report, no interim dividend is to be paid.

- The Managers believe that the portfolio consists of companies which are sufficiently flexible and resilient to cope with changing circumstances within their markets and remain excited by the possibilities and prospects afforded to long term investors.

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