THE MONKS INVESTMENT TRUST PLC 
By RNS Announcement: Preliminary Results |
The Monks Investment Trust PLC |
Results for the year to 30 April 2013 |
Monks continues to pursue its objective of long term capital appreciation. However, the performance of the portfolio and the change in share price have lagged behind a rise in broad stockmarket indices that has been largely driven by the search for yield rather than long term growth potential. Nevertheless, the net asset value per share did close at an all time year end high.
¾ In the year to 30 April 2013 the net asset value total return, with borrowings at fair value, was 7.8% and the share price total return was 6.2%. Stock selection was the main reason the return was less than that of the 21.4% total return for the FTSE World Index.
¾ A final dividend of 3.45p makes for an unchanged total dividend for the year of 3.95p.
¾ During the course of the year Tom Walsh was appointed as deputy manager to work with Gerald Smith.
¾ The managers believe that selecting companies for their potential to deliver superior operational performance and not overpaying for perceived safety remains the best policy for delivering the company's objective of capital appreciation in the long run.
¾ Mr Karl Sternberg has agreed to join the Board with effect from 1 July 2013. He has extensive and relevant investment experience and will make a valuable contribution to the Company.
5 June 2013
The Monks Investment Trust PLCinvests internationally in order to achieve capital growth, which takes priority over income and dividends. Monks is managed by Baillie Gifford & Co, the independent Edinburgh based fund management group with around £95 billion under management and advice as at 3 June 2013.
Past performance is not a guide to future performance. Monks is listed on the stock market. As a result, the value of the shares, and any income from them, can fall as well as rise and investors may not get back the amount invested. Investment Trusts are UK public listed companies and are not authorised or regulated by the Financial Conduct Authority. You can find up to date performance information about Monks 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 please contact:
James Budden, Baillie Gifford & Co
Tel: 0131 275 2816 or 07507 201208
Roland Cross, Director, Broadgate Mainland
Tel: 0207 726 6111
Monks continues to pursue its objective of long term capital appreciation. However, the performance of the portfolio and the change in share price have lagged behind a rise in broad stockmarket indices that has been largely driven by the search for yield rather than long term growth potential. Nevertheless, the net asset value per share did close at an all time year end high.
The Board has undertaken with the Managers a thorough review of the causes of the recent poor performance and action has been taken to address them. Tom Walsh has been appointed deputy manager to work alongside Gerald Smith and there have been changes to the stock selection process. There are encouraging signs that these are starting to bear fruit.
In the year to 30 April 2013 the net asset value total return, with borrowings at fair value, was 7.8% and the share price total return was 6.2%. While this is a positive return it compares unfavourably with the total return of 21.4% on the FTSE World Index. The second half of the Company's year was better than the first. In the first half the net asset total return was minus 5.9% and the share price total return was minus 8.0% while in the second half the figures were 14.6% and 15.4% respectively. The total return on the comparative index was 2.7% in the first half and 18.3% in the second.
The Managers' Portfolio Review contains more detail on the individual investments that made the greatest positive and negative contributions to performance. The Company was less than fully invested during much of the year and the costs of insuring against falling markets during a period when markets rose adversely affected performance relative to the comparative index, but this was not the main cause of underperformance. Stock selection was the most important factor and there were some thematic exposures, notably to Emerging Markets (and Brazil in particular), gold mining and small oil and gas exploration companies that had a particularly negative effect on performance, especially in the first half. On the positive side we had some notable successes with a number of our holdings in relatively young companies with considerable growth potential such as the Manchester-based high technology company Nanoco. This has become one of the largest positions by virtue of having more than doubled in price and there are a number of companies with similar potential that have been added to the portfolio over the year.
Earnings per share were 4.68p compared with 5.35p, a decrease of 12.5%. Dividend income was lower than for the previous year, largely as result of sales of higher yielding holdings on valuation grounds, and this more than offset a decline in expenses, notably interest expense which fell following the repayment of loans and the maturity of the 11% debenture in June 2012. Monks invests with the aim of achieving capital growth rather than income and all costs are charged to the Revenue Account.
The Board is recommending a final dividend of 3.45p, which together with the interim (0.50p) already paid, would make the total dividend for the year 3.95p, unchanged from the previous year.
Over the course of the year there was a net disinvestment of £145.2m comprising £115.5m in net sales of equities and £29.7m in net sales of bonds. There were net purchases of equities in North America and net sales in all other regions. The proceeds of these sales were mainly used to repay debt and repurchase shares for cancellation. A total of £80.0m of debt was repaid during the year, comprising a £40m short term loan and the £40m 11% debenture on maturity.
The level of gearing is managed in various ways, including through the sale of futures and the purchase of options as well as adjustments to the level of borrowings and cash. At the start of the year the effective gearing, taking into account futures and options positions, was minus 7% of shareholders' funds. Effective gearing was moved to a neutral position in October in light of the diminished risk of a fall in markets in the near term following the commitment of the European Central Bank to use its balance sheet to support troubled eurozone countries. At the year end effective gearing was 1%.
During the year to 30 April 2013 £52.3m was spent on the repurchase of 15.8m shares, representing 6.2% of the shares in issue at the start of the year. Since the power to buy back shares was first granted in 1999, 147.6m shares have been bought back and cancelled, representing 38% of the share capital at the start of that period. The Board will continue to buy back shares if suitable opportunities appear.
The discount (at fair value) widened to 13.0% from 11.6% over the course of the year. The Board monitors the level of discount and has authorised the repurchase of shares when this will be of benefit to continuing shareholders as well as being in the interest of those shareholders who may need to sell some or all of their shares.
For as long as they have been around, central banks have always had some influence on asset prices, even when they have chosen to ignore them and focus on other things, notably the rate of inflation or the level of unemployment. Since the global financial crisis began there has been a change in the means by which the major central banks seek to achieve their objectives that has greatly increased their direct intervention in financial markets. This intervention has seriously distorted asset prices and two of the most important questions are how long this will last and how it will end.
There is much talk of 'printing money' but what 'quantitative easing' comes down to is the purchase of various financial assets, notably, but not exclusively, government bonds, by central banks such as the United States Federal Reserve and the Bank of England. This intervention pushes up the price of the assets purchased. Holders of bonds have seen yields fall to historically low levels and cash in the bank yields nothing. The nineteenth century editor of the Economist Walter Bagehot quoted the saying 'John Bull can stand many things, but he cannot stand two per cent' and the same is true of today's investors. Money that in normal circumstances would be invested in government bonds or held in savings deposits has found its way into equity markets in the search for higher yielding alternatives, as well as into more exotic securities such as Rwandan government bonds.
This reallocation of funds has inflated the values of those equities with the greatest similarities to bonds. Relative to other shares many of these now look expensive and our managers believe that there is much better value to be found in companies with greater potential for long term growth in earnings. A return to more normal conditions would most likely be associated with a rise in interest rates and a reallocation of funds back into bonds and the shares of more economically sensitive or higher growth companies. The current situation may persist for some time, however, in which case we may suffer further underperformance relative to the comparative index, but our managers believe that selecting companies for their potential to deliver superior operational performance and not overpaying for perceived safety remains the best policy for delivering our objective in the long run.
We are also aware that a return to normal is only one of a number of possibilities and that, given the many economic and political hurdles that will have to be overcome for this to happen, some of the others could be much worse. We have therefore maintained some insurance against a setback in markets and exposure to markets is approximately the same as the level of shareholders' funds.
I am very pleased that Mr Karl Sternberg has agreed to join our Board with effect from 1 July 2013. He has extensive and relevant investment experience and will, I am sure, make a valuable contribution to the Company. Mr Sternberg will be submitted for election at the AGM.
I hope shareholders will come to the Annual General Meeting, which will be held on 2 August 2013 at 11.00am at the Institute of Directors. Our manager will give a short presentation and there will be an opportunity to ask questions.
James Ferguson
Chairman
4 June 2013
Past performance is not a guide to future performance.
Managers' Portfolio Review |
As the composition of our portfolio is quite unlike that of the comparative index it has the potential to perform very differently but clearly we got some things wrong. The net asset value per share total return with borrowings at fair value in the year to 30 April 2013 of only 7.8% was disappointing during a period in which the FTSE World Index in sterling terms generated a total return of 21.4%. Falling behind the comparative index during a very strong period for the index, combined with the losses sustained in the year to 30 April 2009, mean that the five year numbers are also now poor. The net asset value total return over the five years to 30 April 2013 was only 11.2% while the total return for the comparative index was 42.6%†. This is not the first time that Monks has underperformed the FTSE World Index over a rolling five year period.
One error was being too cautious during what has turned out to be a very strong period for stockmarkets, even though it has been a pretty dismal time for the economies of the developed world, and the financial crisis that came to a head in 2008 has morphed from a problem largely in the private sector into a government debt crisis rather than gone away. Another has been to maintain a large position in Brazil, a market that has fallen by 11.3%† in sterling terms over the last five years and to have too little exposure to the US market, which has generated a total return of 64.0%† over the same period. We also held on too long to our gold mining shares and gave up too soon on our positive call on the Japanese market by allowing our options to expire rather than renewing them one more time. The most important factor, however, was stock selection.
To some extent, our performance can be explained by the fact that some of the best performing shares in the recent past have been those of large relatively stable companies that we do not believe have the potential to grow their earnings at an attractive rate and so do not wish to own. We have, in fact, been net sellers of our higher yielding holdings as we have seen them re-rated in the general search for yield and we are concerned that some such shares have been pushed up so far that they offer greater scope for long run capital depreciation than appreciation.
We have appointed Tom Walsh as deputy manager and have taken steps to improve our investment process . These changes are showing encouraging results. Our enhancements have focused on improving the quality of the analysis carried out before investments are purchased as well as revisiting the investment case for existing holdings. Following this review, a number of investments have been sold and the overall number of holdings in the portfolio has been reduced.
As in previous years, we have included here comments on the investments that made the largest positive and negative contributions to performance in the year to 30 April 2013. In aggregate the top ten positive contributors made a greater absolute contribution than the ten biggest detractors and we have had some very exciting results from a number of companies that suggest that they have considerable potential for further appreciation. On the negative side the main common themes have been the contributions from gold mining stocks and small oil and gas exploration companies, the latter an area where we have had some notable successes in the past.
There are also some exciting new holdings in the portfolio which have the potential to figure in the list of top positive contributors in future years. These range from Burger King (fast food) and Frontline 2012 (shipping), where we are backing proven management teams to turn around underperforming assets, to leading players in rapidly growing new industries such as Stratasys (3D printing). One of the largest new holdings is Sky Deutschland which seems set to do in Germany what BSkyB has done in the UK yet has a significantly smaller market capitalisation despite operating in a country with many more potential subscribers.
Largest positive contributors to performance |
Nanocois a manufacturer of tiny semi-conductor crystals, known as 'quantum dots', which have the potential for widespread application in television displays, LED lighting and solar panels as well as many other areas. The company's greatest distinction comes from its patented method for manufacturing these crystals in volume but without the use of the toxic metal cadmium. During the year the company signed a licensing agreement with Dow Electronic Materials under which Dow will build a manufacturing facility in South Korea to produce quantum dots using Nanoco's patented process. Dow has exclusive rights to market and sell these with Nanoco receiving royalty payments in return. Not only is this agreement a huge vote of confidence in Nanoco's technology, it takes a fledgling British university spin-out from small scale laboratory production to the sort of magnitude that could see its product move into the mainstream.
Seattle Geneticsspecialises in 'antibody drug conjugates'. The company's technology enables chemotherapy to specifically target cancer cells, meaning sufferers can be treated far more effectively and with less damage to the rest of their body. Since initial purchase Seattle Genetics has brought one drug to market, Adcetris. Although this drug treats a relatively rare form of cancer, over the last year the company has made good progress in demonstrating that its patented technology can be used in a much wider range of cancers.
Marine Harvestis the world's largest salmon farmer. Salmon farming has historically been a very cyclical industry with limited discipline on capacity growth resulting in substantial swings in profitability. By consolidating the industry, Marine Harvest is helping to improve discipline on capacity whilst also taking a greater share of the profit pool by acquiring expertise in processing the fish it produces. We believe the long term outlook for salmon consumption is good, as emerging market consumers catch up with developed world levels of protein consumption and the health attractions of salmon versus other meats are increasingly appreciated. The size of the holding was reduced during the year following a period of strong performance but it remains a significant position.
Seekoperates an online job board covering both temporary and permanent roles, predominantly in the white collar sector. It dominates its core markets of Australia and New Zealand but also has leading positions in China, Brazil and a number of other south east Asian countries. Whilst its core markets may now be relatively mature, the strength of Seek's position here should support attractive returns for some time to come, providing funding to further strengthen its position in markets where the long term growth potential looks enormous.
Koneis one of the world's leading lift and elevator manufacturers, operating in a global market that has grown strongly over the last decade but remains dominated by just a few companies. The lift industry has proved remarkably resilient over the years, benefiting from relatively high barriers to entry for new competitors, rational behaviour from existing market participants and the high proportion of profits derived from maintenance contracts rather than initial installations. This resilience has been reflected in Kone's results, even as global economic growth has faltered recently. With the company now well established in key emerging markets, we see potential for many more years of growth, with profitability aided by the shift in its revenue base towards maintenance contracts as recent installations mature.
The Biotech Growth Trustis an investment trust that invests in emerging biotechnology companies, most of which are listed in the United States. The resurgence in performance by the biotechnology sector that was observed in last year's annual report has continued in the latest financial year as further progress has been made in delivering the potential promised for so long by this area of medicine. Such success is demonstrated by estimates that 6 of the 10 best-selling drugs worldwide in 2012 were originally developed by biotech companies and the further progress of a number of drugs through clinical trials. In addition to this investment trust, we continue to hold a number of direct holdings in the biotechnology area. Following a period of very strong performance we reduced the size of the holding, but it remains one of our larger positions.
Fuchs Petrolubis the world's largest independent lubricant supplier with a particular focus on specialist lubricants, where it is the market leader. Although specialist lubricants is a far smaller market than commodity lubricants, where large integrated oil companies tend to dominate, it has proved to be a more attractive market over the last decade, enjoying steady growth in volumes and pricing. As Fuchs has grown it has strengthened its advantage over smaller independent competitors whilst tightening its relationships with major customers. Whilst growth is never likely to be explosive, we think the combination of this strong competitive position and steady underlying growth in demand for specialist lubricants places the company in a strong position for long term profit growth.
Alnylam Pharmaceuticalsis developing a new class of innovative medicines based on a breakthrough discovery in biology known as RNA interference, or RNAi. This approach attempts to treat genetically defined diseases by addressing the behaviour of the defective genes that cause the disorder. Although development of the technology remains in its relatively early stages, the last year has seen a number of positive clinical developments moving potential drugs into late stage development and closer to final approval.
TUI Travelis Europe's largest package holiday company, operating under brands such as Thomson and First Choice. Part of the investment case for TUI Travel rested on the proposition that its majority shareholder, TUI AG, might make a bid for the remaining portion that it does not own. During the year, TUI AG did indeed make an approach for the company. Although the approach was not on terms that we found attractive, it did have a positive effect on TUI Travel's share price, taking it to a level which we felt increasingly reflected the attractions of its operations. Consequently we decided to sell the holding.
Angie's Listis a US-based on-line home services review network. Members pay a subscription fee to gain access to a website that contains reviews of plumbers, electricians and other such service providers in their local area. Reviews can only be made by subscribing members and service providers are only allowed to advertise themselves on the site if they have sufficiently high average ratings. In this way, customers feel they are better able to rely on the reviews that they read and know that the promotions they are offered through the site come from reputable tradesmen. The business has been loss-making whilst it expands across the United States but Angie's List looks to be nearing the tipping point at which its revenues can materially outstrip costs, moving the company into profitability.
Largest negative contributors to performance |
Falkland Oil & Gasis an oil and gas exploration company searching to the south and east of the Falkland Islands. The area the company is exploring has many of the ingredients necessary for the formation of large hydrocarbon deposits but it is large and almost completely unexplored. During the year the company drilled two exploration wells which, while confirming the presence of hydrocarbons in the area, sadly did not strike commercial oil. These well results and the decision of a leading US exploration and production company to co-invest in the licence area add weight to the theory that large commercial reserves might exist there. The company's limited financial resources, however, mean that the failure to discover oil early on had a substantial negative effect on the share price. We reduced the size of the holding prior to the announcement of the results of the second exploration well but it remains a holding.
Aggrekois the leading global provider of rented power generation and temperature control equipment. For many years Aggreko has successfully grown its operations, positioning itself as the leading provider of temporary power solutions for a wide range of customers including major sports events and utility companies and benefiting from the growing gap between power demand and supply in fast-growing emerging markets. In the last year, the combination of the general slowdown in global economic growth and a number of very profitable contracts coming to an end has provided a headwind for the company that it has struggled to overcome. After so many years of exceeding expectations, the unexpected slowdown in profit growth was not well received and resulted in a sharp decline in the company's share price. During the year we reduced the size of holding.
MMX11is a hybrid instrument that confers on holders the right to receive a fixed income per ton of iron ore shipped from Port Sudeste in Brazil, part of the empire of energy and mining magnate Eike Batista. The fortunes of this instrument are intrinsically linked to those of Mr Batista's empire, which has fallen on harder times as the wider Brazilian economy has faltered. The MMX11 royalty securities have, therefore, failed to deliver the returns we expected on purchase, with the potential for matters to deteriorate further should one of his other companies fail. As a result of these concerns we decided to sell the holding and were in the process of selling at the year end.
Chariot Oil & Gasis an oil exploration company with licences to explore offshore Namibia. Although the region remains unproven we took comfort from recent investment in it by Petrobras, BP and one of the world's leading seismic survey companies. Furthermore, the scale of the oil reserves being targeted, meant that a single discovery could have a very dramatic impact on the value of the company. Unfortunately neither of the wells drilled during the last year was successful. With the company's small scale and its most recent drilling results limiting its ability to fund further exploration in the area we decided to sell the holding.
Eldorado Goldis a Canadian gold mining company with operations in a number of countries, including China, Turkey and Greece. The company has performed poorly during the last year. Some of this has been due to factors outwith management control, such as the declining price of gold and civil disturbances around its Greek mines, however other elements suggest poor management execution. In light of Eldorado's operational failings and a more benign outlook for the global economy that appears to make gold a less attractive asset class in the medium term we decided to sell the holding during the year.
Peugeotmanufactures and sells cars and light commercial vehicles under the Peugeot and Citroen brands. For many years this has been a challenged company in a challenged industry, however a new CEO was appointed in 2009 who appeared to be doing sensible things to cut costs, increase labour productivity and improve pricing discipline. We have had some success in investing in out of favour companies in the past and felt that such self-help, when combined with wider industry capacity reductions across Europe, might present a substantial turnaround opportunity. Unfortunately things at the company deteriorated rather than improved during the year, with greater involvement by the French government raising questions over management's ability to take the tough decisions necessary for Peugeot's turnaround. As a result we sold the holding.
Borders & Southern Petroleumis an oil exploration company exploring for oil in the waters to the south east of the Falkland Islands. As discussed above there remains a substantial prospect of large discoveries being made in this region, however during the past year the company's second well failed to achieve its objective and had to be abandoned. This left Borders & Southern without the funds to continue exploration and with little to show for its efforts. We therefore decided to sell the holding.
Credit Suisse 0% Swap Rate Linked Note 2017is a bond issued by Credit Suisse, the redemption amount of which is linked to long term interest rates prevailing when it matures in 2017. Its value prior to maturity is determined by a number of factors notably the credit quality of Credit Suisse, the market expectation for long term interest rates in 2017, the level of short term interest rates and the volatility of long term interest rates. During the year the combined effect of changes in these various factors resulted in a significant fall in its market value. It remains a holding and provides a hedge against a rise in UK interest rates.
Semafois a West African focused gold miner, with its largest asset in Burkina Faso. The company has suffered a series of disappointments over the last year, including a substantial downgrade to estimates of the reserve quality in its largest mine, rapid cost inflation and a reduction to medium term production guidance. The holding was sold during the year.
Gulf Keystone Petroleumis an oil and gas exploration and production company focused on exploration in the Kurdistan region of Iraq. The company has already proven the existence of substantial oil deposits in its licence area but for a number of years has been subject to litigation from a third party who claims ownership rights over these assets. Whilst the claim has been strenuously denied by the company the continuation of this litigation has been unhelpful for sentiment, as was the recent decision by the Executive Chairman to transfer effectively all of his shareholding in the company (c.£17m) to an unnamed third party. We decided to sell the holding and were in the process of selling at the year end.
Gerald Smith
Baillie Gifford & Co
4 June 2013
Past performance is not a guide to future performance.
Distribution of Assets (unaudited) at 30 April 2013 |
At 30 April 2013 | At 30 April 2012 | ||||
Total Assets % | Effective Exposure* % | Total Assets % | Effective Exposure* % | ||
Equities: | North America | 28.2 | 29.3 | 21.2 | 25.4 |
United Kingdom | 23.4 | 22.8 | 24.6 | 21.6 | |
Emerging Markets | 18.9 | 18.4 | 23.1 | 19.2 | |
Continental Europe | 14.6 | 13.9 | 13.4 | 8.8 | |
Japan | 5.7 | 5.9 | 6.4 | 11.4 | |
Developed Asia | 1.9 | 2.0 | 1.5 | 1.8 | |
92.7 | 92.3 | 90.2 | 88.2 | ||
Bonds | 4.5 | 4.7 | 6.3 | 7.6 | |
Net liquid assets | 2.8 | 3.0 | 3.5 | 4.2 | |
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 derivative holdings include sales of index futures and purchases of index call options.
Thirty largest equity holdings (unaudited) |
Name | Region | Business | 2013 Value £'000 | 2013% of total assets | 2012 Value £'000 | |
IP Group | United Kingdom | Venture fund | 40,774 | 3.8 | 34,741 | |
Nanoco Group | United Kingdom | Semiconductor technology | 22,963 | 2.2 | 9,586 | |
Seadrill | Continental Europe | Contract drilling services | 22,091 | 2.1 | 29,597 | |
Sky Deutschland | Continental Europe | German pay television subscription services company | 21,202 | 2.0 | - | |
Seek | Developed Asia | Online recruitment | 20,699 | 1.9 | 12,678 | |
Samsung Electronics | Emerging Markets | Electronic goods | 20,494 | 1.9 | 17,492 | |
Kone | Continental Europe | Lifts | 20,213 | 1.9 | 13,561 | |
Fuchs Petrolub | Continental Europe | Lubricant manufacturer | 17,982 | 1.7 | 8,600 | |
Seattle Genetics | North America | Biotechnology | 17,423 | 1.6 | 8,928 | |
Digital Garage | Japan | Web solution provider and business incubator | 17,307 | 1.6 | 12,256 | |
Odontoprev | Emerging Markets | Health care providers and services | 15,840 | 1.5 | 18,935 | |
Kunlun Energy Company | Emerging Markets | Oil and gas exploration and production | 15,647 | 1.5 | 13,461 | |
Harley-Davidson | North America | Motorcycle manufacturer | 14,789 | 1.4 | 13,578 | |
Doric Nimrod Air Two | United Kingdom | Aircraft leasing | 14,640 | 1.4 | 12,480 | |
Taiwan Semicon Manufacturing | Emerging Markets | Semiconductor manufacturer | 14,561 | 1.4 | 11,216 | |
Novozymes | Continental Europe | Enzyme producer | 14,360 | 1.4 | 10,441 | |
Rolls Royce Group | United Kingdom | Engine manufacturer | 14,306 | 1.3 | 10,435 | |
First Republic Bank | North America | Banking | 14,302 | 1.3 | 11,921 | |
TJX | North America | Clothing store | 14,161 | 1.3 | 15,360 | |
IMAX | North America | Designs and manufactures digital imaging and sound technologies | 13,593 | 1.3 | - | |
Solera Holdings | North America | Transactional software | 13,541 | 1.3 | 10,131 | |
The Biotech Growth Trust | United Kingdom | Biotechnology investment trust | 13,489 | 1.3 | 16,181 | |
Genus | United Kingdom | Agricultural services | 13,343 | 1.3 | 13,897 | |
MercadoLibre | Emerging Markets | Online trading | 13,197 | 1.2 | 15,463 | |
IHS | North America | Information services | 12,895 | 1.2 | 12,812 | |
IG Group | United Kingdom | Spread betting | 12,885 | 1.2 | 11,033 | |
Petrofac | United Kingdom | Oilfield services company | 12,851 | 1.2 | 16,528 | |
McDonald's | North America | Fast food restaurants | 12,607 | 1.2 | 15,117 | |
Sun Art Retail Group | Emerging Markets | Retail hypermarkets | 12,420 | 1.2 | 11,357 | |
Dragon Oil | Emerging Markets | Oil and gas exploration and production | 12,240 | 1.1 | 13,905 | |
496,815 | 46.7 | 401,690 | ||||
Income statement (unaudited) |
The following is the unaudited preliminary statement for the year to 30 April 2013 which was approved by the Board on 4June 2013. The Directors of The Monks Investment Trust PLC are recommending to the Annual General Meeting of the Company to be held on 2 August 2013 the payment of a final dividend of 3.45p (3.45p last year) per ordinary share, making a total of 3.95p (3.95p last year) per ordinary share for the year ended 30 April 2013.
For the year ended 30 April 2013 | For the year ended 30 April 2012 | ||||||||||||||||||||||||||||||||||||
Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | ||||||||||||||||||||||||||||||||
Gains/(losses) on investments | - | 50,194 | 50,194 | - | (61,063) | (61,063) | |||||||||||||||||||||||||||||||
Currency losses | - | (3,117) | (3,117) | - | (890) | (890) | |||||||||||||||||||||||||||||||
Income (note 2) | 22,983 | - | 22,983 | 31,424 | - | 31,424 | |||||||||||||||||||||||||||||||
Investment management fee | (4,648) | - | (4,648) | (5,087) | - | (5,087) | |||||||||||||||||||||||||||||||
Other administrative expenses | (907) | - | (907) | (1,013) | - | (1,013) | |||||||||||||||||||||||||||||||
Net return before finance costs and taxation | 17,428 | 47,077 | 64,505 | 25,324 | (61,953) | (36,629) | |||||||||||||||||||||||||||||||
Finance costs of borrowings | (4,929) | - | (4,929) | (10,434) | - | (10,434) | |||||||||||||||||||||||||||||||
Net return on ordinary activities before taxation | 12,499 | 47,077 | 59,576 | 14,890 | (61,953) | (47,063) | |||||||||||||||||||||||||||||||
Tax on ordinary activities | (721) | - | (721) | (1,001) | - | (1,001) | |||||||||||||||||||||||||||||||
Net return on ordinary activities after taxation | 11,778 | 47,077 | 58,855 | 13,889 | (61,953) | (48,064) | |||||||||||||||||||||||||||||||
Net return per ordinary share (note 3) | 4.68p | 18.72p | 23.40p | 5.35p | (23.86p) | (18.51p) | |||||||||||||||||||||||||||||||
Note: Dividends per share paid and payable in respect of the year (note 4) | 3.45p | Share
© Publicnow - 2013
The Monks Investment Trust PLC is a United Kingdom-based investment trust. The Company 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. The Company's objective is to invest globally to achieve capital growth. It seeks to meet its objective by investing principally in a portfolio of global quoted equities. The number of holdings in equities typically ranges from 70-200. Its portfolio contained 123 equity holdings. The Company holds a portfolio across geographic sectors, such as the United Kingdom, Continental Europe, North America, Japan, Asia and other emerging markets. Its portfolio of securities is distributed across several sectors, including oil and gas, basic materials, industrials, consumer goods, healthcare, consumer services, financials, telecommunications and technology.
Sector
Investment Trusts
Calendar
2024-06-17
- Q4 2024 Earnings Release (Projected)
Sell  Mean consensus HOLD Number of Analysts 1 Last Close Price
11.38
Average target price -
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