Interim / Quarterly Report • Dec 16, 2022
Interim / Quarterly Report
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Interim Financial Report 31 October 2022
The objective of Monks is to invest globally to achieve capital growth. This takes priority over income and dividends. Monks seeks to meet its objective by investing principally in a portfolio of global quoted equities.
| 31 October 2022 |
30 April 2022 |
% change | |
|---|---|---|---|
| Net asset value per share (NAV)*† |
1,040.1p | 1,099.8p | (5.4) |
| Share price | 968.5p | 1,051.0p | (7.8) |
| FTSE World Index#‡ | (1.4) | ||
| (Discount)/premium*† | (6.9%) | (4.4%) | |
| Active share* | 87% | 87% |
| Total return % | Six months % | 1 year % | 3 years % | 5 years % | 10 years % |
|---|---|---|---|---|---|
| Net asset value*† | (5.2) | (27.8) | 21.6 | 41.0 | 204.2 |
| Share price | (7.6) | (29.8) | 9.7 | 31.1 | 229.2 |
| FTSE World Index# | (0.3) | (2.8) | 34.1 | 56.9 | 230.4 |
(figures plotted on a monthly basis and rebased to 100 at 30 April 2022)
* Alternative Performance Measure – see Glossary of Terms and Alternative Performance Measures on pages 24 to 26. †With borrowings deducted at fair value.
‡Source: Baillie Gifford/Refinitiv and relevant underlying index providers. See disclaimer on page 22.
Past performance is not a guide to future performance.
The performance of the Monks portfolio over the past six months has been disappointing. The backdrop of an ongoing war in Europe between Russia and Ukraine, rising inflation, and aggressive central bank rate rises have done little to ease investor nervousness. Investors' appetite for risk has been reduced, their timeframes have shrunk, and the value the market is prepared to place on future profits has fallen. The sort of structurally expanding businesses Monks invests in, particularly those where profits lie a few years out, remain out of favour.
During the first half of our financial year, the Company produced a negative net asset value (NAV)* total return of -5.2% compared to -0.3% for the comparative index (FTSE World in sterling). The share price total return was -7.6%. Since the Global Alpha team took over the management of the portfolio in March 2015, the Company has produced a NAV total return of +118.4% compared to +119.7% for the comparative index. The share price total return was +129.7%.
Given ongoing market challenges, it is important we reconfirm to shareholders our convictions as set out in our letter to the end of April 2022. Our confidence in the portfolio is underpinned by the underlying holdings' superior resilience, quality, and growth characteristics. The portfolio holdings remain significantly less indebted (Net Debt to Equity 10% versus 50% for the market) and have higher margin structures (for example, gross margins of 40% versus 29%) than the broader market. These are desirable in a world where both input and funding costs are rising and the demand environment for companies is less certain. The operational performance of investee companies remains strong. In aggregate, revenue and earnings growth has outpaced the broader market by a considerable margin (annualised revenue and earnings growth has been 60% and 30% faster,
respectively, in the five years to end October). As we look forward, revenue and earnings are forecast to grow twice as fast as the market average over the next year – our conviction strengthens over longer periods.
Year-to-date, we have sold 20 holdings and established nine new ones. The greater number of sales reflects a proactive and ruthless portfolio 'weeding' exercise. These sales can be broadly categorised into three main groups.
The first comprises companies that we believe to be materially challenged in an inflationary environment or that are exposed to a potential tapering of consumer demand. Positions sold include Peloton (home fitness), Carvana (online used car retail) and Teladoc (telemedicine). Peloton and Carvana have been disappointingly short-lived holdings. In Peloton's case, it became clear that the company had mismanaged the hardware side of its business, significantly overestimating demand for its exercise bikes. This necessitated the appointment of a new CEO and a period of stabilisation. We moved on as our confidence in management had been undermined and our original thesis overwhelmed. Carvana buys its inventory (used cars) on credit and sells to consumers who are often reliant on credit. In a period of rising interest rates and weakening demand for highly discretionary goods, our view is that Carvana's probability of success is narrowing. Teladoc had been a longer-term holding (purchased in September 2019). A combination of slowing growth, and significant write-downs relating to an acquisition, undermined our confidence in the long-term investment case. We continue to contemplate the long-term implications for the likes of Wayfair (online furniture retail), Oscar Health (health insurance) and Adidas (sports apparel).
* With borrowing deducted at fair value.
Past performance is not a guide to future performance. For a definition of terms used see Glossary of Terms and Alternative Performance Measures on pages 24 to 26. Total return information is sourced from Baillie Gifford/Refinitiv and relevant underlying index providers. See disclaimer on page 22.
The second group is Chinese companies. Positions in Brilliance China Automotive (auto retail), KE Holdings (online property), Tencent Music Entertainment (online music and entertainment) and Naspers (South African investment company, included here due to its significant stake in Chinese gaming business, Tencent) have been sold. For each company, there are fundamental reasons behind our decision to sell. For example, emerging competition in the cases of KE Holdings and TME and governance concerns at Brilliance China Automotive. However, it is important to recognise the prevailing regulatory environment for private enterprise in China. We believe that it is increasingly difficult for private enterprises in China to generate supernormal profits of the sort that we seek for Monks' portfolio. Therefore, a more modest overall exposure to China better reflects our view of the potential upside.
The third group is where the investment case has played out or where we have been disappointed by management's ability to execute. In the former camp, Hays, Page Group (both recruitment) and ICICI Bank (retail banking), have delivered operationally and in share price terms. In Hays and Page Groups' case, the future threat of online platforms like LinkedIn compelled us to move on, whilst ICICI Bank has grown its loan book, asset quality and net interest margins strongly. In the latter camp, Lyft (ride hailing), Stericyle (waste management) and Vimeo (video software) failed either to meet our ambitions for their business or underwhelmed operationally.
The significant markdown in share prices that we have seen this year has brought valuations of many attractive growth companies into our purview. We have begun to take advantage of this by investing in companies we have long admired. Examples include the purchases of Adobe (digital content), Analog Devices (semiconductors), and Royalty Pharma (healthcare funding) in the first half of the calendar year. In the last six months, we have purchased new holdings in Eaton (electrical power equipment) and Shiseido (cosmetics). Eaton is a manufacturer of vital electrical power management equipment and has a
strong track record of operational efficiency. We believe that the structural trend toward digitalisation and an increased focus on higher-margin products should underpin strong growth in the future. Shiseido is a Japanese cosmetics manufacturer with a portfolio of high-end brands. Whilst pandemic lockdowns across Asia have stymied growth, we believe that over the long term the emerging middle classes are likely to underpin attractive returns for Shiseido. Elsewhere, we have been able to add to existing positions where we think that the share price falls are unjustified. This has been the case for Farfetch (online luxury), Coupang (ecommerce) and Chewy (online pet supplies).
We believe that the portfolio is opportunistically poised to deploy capital from the 'Stalwarts' (which have held up well in relative terms and account for nearly 40% of the portfolio) into selective opportunities where the relative return potential is greater. We have been preparing the ground for this by looking both at potential cyclical opportunities and, against a background of scarcer capital, companies that have capital readily available to deploy. We are excited about the abundance of opportunities and are building conviction in several names.
We have been energised by the return of in-person meetings with investee companies and prospective holdings. We have been able to travel both locally and further afield, including to the US and Latin America. We met with a variety of existing and potential holdings across a diverse range of sectors and industries.
Indeed, we were fortunate to spend significant time with the founder and four members of the executive management team of holding MercadoLibre. This access afforded us a better understanding of the depth of MercadoLibre's executive talent pool and the future drivers of growth for the business. Likewise, we spent a day with Farfetch, which helped further our understanding of the business and the likelihood of it becoming the predominant global ecommerce platform for luxury goods.
The value of these in-person conversations should not be underestimated. Not only were we able to directly address questions about the competitive landscape for MercadoLibre's ecommerce platform and the stability of its financing arm, but our broader view of where there may be structural growth opportunities was enriched. Our recent trip involved meetings with several innovative financial disruptors and a venture capital provider. The financial sector in many Latin American countries appears ripe for disruption given the egregious fees charged by incumbent banks. We were left in no doubt about the potential for disruption, and that this area could be subject to significant change and opportunity in the future.
In early November the Monks portfolio received £173m of assets following the voluntary liquidation and rollover of The Independent Investment Trust PLC. This was made up of around £100m in equity investment holdings, which have been reviewed and assessed for fit with Monks' portfolio, and £73m in cash. The stocks inherited are a mix of cyclical companies such as UK housebuilders Persimmon, Redrow, and Bellway and early-stage growth companies like Midwich, a distributor of audiovisual equipment, and Bytes Technology, a software solutions provider. Benefits to shareholders include increased scale, resulting in an estimated reduction to its ongoing charges ratio of two basis points, and cash at an advantageous point in the performance cycle.
The level of invested gearing at the period end stood at 8.6%, compared to 7.3% six months earlier. The modest increase in gearing levels reflects the fall in NAV and deployment of cash into equity markets. Over the medium term, and where the appropriate opportunity presents itself, we would expect to move the gearing level towards the intended long-term target position of 10%.
No interim dividend is being paid. A single final dividend will typically be paid after the AGM, reflecting the Company's focus on capital growth.
Consistency of investment approach, particularly through difficult times, is of utmost importance. Our investment edge remains in identifying and owning growth companies for the long term. The purpose of this is to allow the power of compound growth in revenues, earnings, and cashflows to drive share price appreciation – shareholders should rightly challenge us if we appear to be veering off course. Operating conditions for companies change. We recognise this. This has prompted us to spend considerable time assessing where there may be quality cyclical opportunities – we are deepening our conviction in several names. We are confident that we own a collection of companies that should be well-placed to navigate a period of rising costs and potentially weaker demand. Indeed, the financial characteristics and the competitive positions of a vast majority of holdings lead us to believe many will outcompete their peers and emerge stronger.
Baillie Gifford & Co Limited Managers and Secretaries 6 December 2022
We believe the following features of Monks provide a sustainable basis for adding value for shareholders.
* For a definition of terms used see Glossary of Terms and Alternative Performance Measures on pages 24 to 26.
| Growth | Fair value |
% of total |
||
|---|---|---|---|---|
| Name | category | Business description | £'000 | assets * |
| Elevance Health | Stalwart | Healthcare insurer | 116,152 | 4.8 |
| Martin Marietta Materials | Cyclical | Cement and aggregates manufacturer | 69,112 | 2.8 |
| Reliance Industries | Rapid | Indian energy conglomerate | 67,944 | 2.8 |
| Microsoft | Stalwart | Software and cloud computing enterprise | 64,818 | 2.7 |
| The Schiehallion Fund | Rapid | Global unlisted growth equity | ||
| investment company | 35,234 | 1.5 | ||
| The Schiehallion Fund | Rapid | Global unlisted growth equity | ||
| – C Shares | investment company | 27,058 | 1.1 | |
| 62,292 | 2.6 | |||
| Arthur J. Gallagher | Stalwart | Insurance broker | 62,122 | 2.5 |
| Alphabet | Stalwart | Online search engine | 60,729 | 2.5 |
| Moody's | Stalwart | Credit rating agency | 58,574 | 2.4 |
| Service Corporation | ||||
| International | Stalwart | Death care services | 56,697 | 2.3 |
| Prosus | Rapid | Media and ecommerce company | 54,518 | 2.2 |
| Olympus | Stalwart | Optoelectronic products | 49,051 | 2.0 |
| MasterCard | Stalwart | Electronic payments network and | ||
| related services | 46,753 | 1.9 | ||
| Pernod Ricard | Stalwart | Global spirits manufacturer | 46,748 | 1.9 |
| Royalty Pharma | Cyclical | Biopharmaceutical royalties portfolio | 45,050 | 1.9 |
| CRH | Cyclical | Diversified building materials company | 43,596 | 1.8 |
| Thermo Fisher Scientific | Stalwart | Scientific instruments, consumables | ||
| and chemicals | 41,764 | 1.7 | ||
| Amazon.com | Rapid | Online retailer | 41,559 | 1.7 |
| Ryanair | Cyclical | Low cost European airline | 40,965 | 1.7 |
| BHP Group | Cyclical | Mineral exploration and production | 40,867 | 1.7 |
| Albemarle | Cyclical | Speciality chemicals | 36,357 | 1.5 |
| Charles Schwab | Cyclical | Online savings and trading platform | 36,307 | 1.5 |
| Alnylam Pharmaceuticals | Rapid | RNA interference based biotechnology | 35,991 | 1.5 |
| AIA | Stalwart | Asian life insurer | 34,523 | 1.4 |
| Rio Tinto | Cyclical | Global commodities businesses | 31,966 | 1.3 |
| Moderna | Rapid | Drug discovery using mRNA technology | 30,809 | 1.3 |
| Prudential | Stalwart | International life insurance | 30,465 | 1.3 |
| HDFC | Rapid | Indian mortgage provider | 29,797 | 1.2 |
| Estée Lauder | Stalwart | Global cosmetic brands business | 29,294 | 1.2 |
| B3 Group | Rapid | Brazilian stock exchange operator | 28,389 | 1.2 |
| TSMC | Cyclical | Semiconductor manufacturer | 27,790 | 1.1 |
| 1,420,999 | 58.4 |
* For a definition of terms used see Glossary of Terms and Alternative Performance Measures on pages 24 to 26.
| Holding Size | Growth Stalwarts | 37.4% | Rapid Growth | 35.5% | Cyclical Growth | 27.1% | Total | Growth Stalwarts | Company Characteristics | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Highest conviction holdings c.2.0% each |
Elevance Health Microsoft Arthur J. Gallagher Alphabet Moody's Service Corporation International Olympus MasterCard Pernod Ricard Thermo Fisher Scientific |
% 4.8 2.7 2.6 2.5 2.4 2.4 2.0 1.9 1.9 1.7 |
Reliance Industries Prosus Amazon.com |
% 2.8 2.3 1.7 |
Alnylam Pharmaceuticals The Schiehallion Fund |
% 1.5 1.5 |
Martin Marietta Materials Royalty Pharma CRH Ryanair BHP Group Albemarle Charles Schwab |
% 2.9 1.9 1.8 1.7 1.7 1.5 1.5 |
% 47.7 |
Earnings Time c.10% p.a. earnings growth. |
Durable franchise Deliver robust profitability in most macroeconomic environments Competitive advantage includes dominant local scale, customer loyalty and strong brands |
| Average sized holdings c.1.0% each |
AIA Prudential Estée Lauder S&P Global Broadridge Financial Solutions CoStar Shiseido Analog Devices Sysmex |
1.4 1.3 1.2 1.1 1.1 0.9 0.9 0.7 0.7 |
Moderna HDFC B3 Group The Schiehallion Fund – C Shares The Trade Desk Tesla Illumina |
1.3 1.2 1.2 1.1 1.1 1.1 0.9 |
Epic Games MercadoLibre ByteDance Genmab Coupang LLC Alibaba Shopify |
0.8 0.8 0.7 0.7 0.7 0.7 0.7 |
Rio Tinto TSMC Markel Booking Holdings Richemont Teradyne CBRE Group Atlas Copco SMC Deutsche Boerse SiteOne Landscape Supply Nexans |
1.3 1.2 1.1 1.1 0.9 0.9 0.9 0.8 0.7 0.7 0.7 0.7 |
33.3 | Rapid Growth Earnings Time |
Company Characteristics Early stage businesses with vast growth opportunity Innovators attacking existing profit pools or creating new markets |
| Incubator holdings c.0.5% each |
Adobe Systems Chewy Inc Meta Platforms Inc adidas Topicus.com Certara Hoshizaki Corp |
0.6 0.6 0.6 0.4 0.4 0.3 0.3 |
Axon Enterprise Farfetch Ping An Insurance Schibsted Abiomed Cloudflare Snowflake Sea Limited ICICI Prudential Life Insurance Netflix Adyen Lemonade CyberAgent Staar Surgical Renishaw Twilio Novocure |
0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 |
Bumble Doordash Li Auto Trupanion Datadog Adevinta Asa Meituan Space Exploration Technologies Chegg Spotify Exact Sciences Stripe Ant International Wayfair Oscar Health Illumina CVR |
0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 |
Epiroc DENSO Eaton Howard Hughes Woodside Energy Group Sands China Silk Invest Africa Food Fund Wizz Air Holdings IAC/Interactivecorp Sberbank of Russia |
0.6 0.5 0.5 0.4 0.3 0.2 0.2 0.2 0.2 0.0 |
19.0 | c.15% to 25% p.a. earnings growth. Cyclical Growth Earnings Time c.10% to 15% p.a. earnings growth through a cycle. |
Company Characteristics Subject to macroeconomic and capital cycles with significant structural growth prospects Strong management teams highly skilled at capital allocation |
* Excludes net liquid assets.
Although the Managers' approach to stock picking is resolutely 'bottom-up' in nature and pays no attention to the structure of the index, it is essential to understand the risks of each investment and, in turn, where there may be concentrations of exposures. The charts below outline the key exposures of the portfolio.
(30 April 2022)
(30 April 2022)
* Expressed as a percentage of total assets.
†For a definition of terms used see Glossary of Terms and Alternative Performance Measures on pages 24 to 26.
The principal risks facing the Company, which have not changed since the date of the Company's Annual Report and Financial Statements for the year ended 30 April 2022, are financial risk, investment strategy risk, climate and governance risk, regulatory risk, custody and depositary risk, operational risk, discount risk, political and associated economic risk and leverage risk. An explanation of these risks and how they are managed is set out on pages 19 and 20 of that report, which is available on the Company's website: monksinvestmenttrust.co.uk.
We confirm that to the best of our knowledge:
On behalf of the Board KS Sternberg Chairman 6 December 2022
| For the six months ended 31 October 2022 | For the six months ended 31 October 2021 | For the year ended 30 April 2022 (audited) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Notes | Revenue £'000 |
Capital £'000 |
Total £'000 |
Revenue £'000 |
Capital £'000 |
Total £'000 |
Revenue £'000 |
Capital £'000 |
Total £'000 |
|
| (Losses)/gains on investments | – | (164,112) | (164,112) | – | 203,591 | 203,591 | – | (631,829) | (631,829) | |
| Currency losses | – | (120) | (120) | – | (383) | (383) | – | (308) | (308) | |
| Income from investments and interest receivable | 15,932 | – | 15,932 | 16,018 | – | 16,018 | 27,811 | – | 27,811 | |
| Investment management fee | 3 | (4,419) | – | (4,419) | (5,719) | – | (5,719) | (10,465) | – | (10,465) |
| Other administrative expenses | (1,000) | – | (1,000) | (869) | – | (869) | (1,888) | – | (1,888) | |
| Net return before finance costs and taxation | 10,513 | (164,232) | (153,719) | 9,430 | 203,208 | 212,638 | 15,458 | (632,137) | (616,679) | |
| Finance costs of borrowings | (3,515) | – | (3,515) | (2,507) | – | (2,507) | (5,298) | – | (5,298) | |
| Net return on ordinary activities before taxation | 6,998 | (164,232) | (157,234) | 6,923 | 203,208 | 210,131 | 10,160 | (632,137) | (621,977) | |
| Tax on ordinary activities | 4 | (863) | (183) | (1,046) | (910) | (793) | (1,703) | (1,516) | 293 | (1,223) |
| Net return on ordinary activities after taxation | 6,135 | (164,415) | (158,280) | 6,013 | 202,415 | 208,428 | 8,644 | (631,844) | (623,200) | |
| Net return per ordinary share | 5 | 2.75p | (73.78p) | (71.03p) | 2.54p | 85.61p | 88.15p | 3.67p | (268.58p) | (264.91p) |
The total column of this statement represents the profit and loss account of the Company. The supplementary revenue and capital columns are prepared under guidance issued by the Association of Investment Companies.
All revenue and capital items in this statement derive from continuing operations.
A Statement of Comprehensive Income is not required as the Company does not have any other comprehensive income and the net return on ordinary activities after taxation is both the profit and total comprehensive income for the period.
| Notes | At 31 October 2022 £'000 |
At 30 April 2022 (audited) £'000 |
|---|---|---|
| Fixed assets | ||
| Investments held at fair value through profit or loss 7 |
2,410,723 | 2,662,015 |
| Current assets | ||
| Debtors | 2,200 | 8,072 |
| Cash and cash equivalents | 23,365 | 35,879 |
| 25,565 | 43,951 | |
| Creditors | ||
| Amounts falling due within one year: | ||
| National Australia Bank Limited Loan | (75,000) | (75,000) |
| Debenture stock Other creditors |
(39,989) (4,115) |
(39,973) (11,284) |
| (119,104) | (126,257) | |
| Net current liabilities | (93,539) | (82,306) |
| Total assets less current liabilities | 2,317,184 | 2,579,709 |
| Creditors Amounts falling due after more than one year: |
||
| Loan notes 8 |
(99,855) | (99,853) |
| Provision for tax liability 9 |
(875) | (692) |
| (100,730) | (100,545) | |
| 2,216,454 | 2,479,164 | |
| Capital and reserves | ||
| Share capital | 11,823 | 11,823 |
| Share premium account | 261,635 | 262,183 |
| Capital redemption reserve | 8,700 | 8,700 |
| Capital reserve | 1,866,453 | 2,129,483 |
| Revenue reserve | 67,843 | 66,975 |
| Shareholders' funds 10 |
2,216,454 | 2,479,164 |
| Shareholders' funds per ordinary share (borrowings at book value) 10 |
1,017.4p | 1,089.0p |
| Net asset value per ordinary share* (borrowings at par value) |
1,017.4p | 1,089.0p |
| Net asset value per ordinary share* (borrowings at fair value) |
1,040.1p | 1,099.8p |
| Ordinary shares in issue 10 |
217,849,065 | 227,645,309 |
* For a definition of terms used see Glossary of Terms and Alternative Performance Measures on pages 24 to 26.
12 Interim Financial Report 2022
| Notes | Share capital £'000 |
Share premium account £'000 |
Capital redemption reserve £'000 |
Capital reserve * £'000 |
Revenue reserve £'000 |
Shareholders' funds £'000 |
|
|---|---|---|---|---|---|---|---|
| Shareholders' funds at 1 May 2022 | 11,823 | 262,183 | 8,700 | 2,129,483 | 66,975 | 2,479,164 | |
| Net return on ordinary activities after taxation |
– | – | – | (164,415) | 6,135 | (158,280) | |
| Ordinary shares issued/bought back | 11,14 | – | (548) | – | (98,615) | – | (99,163) |
| Dividends paid during the period | 6 | – | – | – | – | (5,267) | (5,267) |
| Shareholders' funds at 31 October 2022 | 11,823 | 261,635 | 8,700 | 1,866,453 | 67,843 | 2,216,454 |
| Notes | Share capital £'000 |
Share premium account £'000 |
Capital redemption reserve £'000 |
Capital reserve * £'000 |
Revenue reserve £'000 |
Shareholders' funds £'000 |
|
|---|---|---|---|---|---|---|---|
| Shareholders' funds at 1 May 2021 | 11,823 | 262,183 | 8,700 | 2,859,214 | 63,060 | 3,204,980 | |
| Net return on ordinary activities after taxation |
– | – | – | 202,415 | 6,013 | 208,428 | |
| Dividends paid during the period | 6 | – | – | – | – | (4,729) | (4,729) |
| Shareholders' funds at 31 October 2021 | 11,823 | 262,183 | 8,700 | 3,061,629 | 64,344 | 3,408,679 |
* The Capital Reserve balance at 31 October 2022 includes holding gains on investments of £598,370,000 (31 October 2021 – gains of £1,608,092,000).
| Notes | Six months to 31 October 2022 £'000 |
Six months to 31 October 2021 £'000 |
|---|---|---|
| Cash flows from operating activities | ||
| Net return on ordinary activities before taxation | (157,234) | 210,131 |
| Net losses/(gains) on investments | 164,112 | (203,591) |
| Currency losses | 120 | 383 |
| Finance costs of borrowings | 3,515 | 2,507 |
| Overseas tax incurred | (894) | (1,010) |
| Changes in debtors and creditors | 1,308 | 1,392 |
| Cash from operations* | 10,927 | 9,812 |
| Interest paid | (3,443) | (2,477) |
| Net cash inflow from operating activities | 7,484 | 7,335 |
| Net cash inflow/(outflow) from investing activities | 90,862 | (32,210) |
| Cash flow from financing activities | ||
| Equity dividends paid 6 |
(5,267) | (4,729) |
| Ordinary shares bought back | (105,473) | – |
| Net cash outflow from financing activities | (110,740) | (4,729) |
| Decrease in cash and cash equivalents | (12,394) | (29,604) |
| Exchange movements | (120) | (383) |
| Cash and cash equivalents at start of period | 35,879 | 108,723 |
| Cash and cash equivalents at end of period | 23,365 | 78,736 |
* Cash from operations includes dividends received of £17,838,000 (31 October 2021 – £17,208,000) and interest received of £94,000 (31 October 2021 – nil).
1 The condensed Financial Statements for the six months to 31 October 2022 comprise the statements set out on pages 10 to 14 together with the related notes on pages 15 to 18. They have been prepared in accordance with FRS 104 'Interim Financial Reporting' and the AIC's Statement of Recommended Practice issued in November 2014 and updated in April 2021 with consequential amendments. They have not been audited or reviewed by the Auditor pursuant to the Auditing Practices Board Guidance on 'Review of Interim Financial Information'. The Financial Statements for the six months to 31 October 2022 have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Financial Statements at 30 April 2022.
The Directors have considered the Company's principal risks and uncertainties, as set out on page 9, together with the Company's current position, investment objective and policy, the level of demand for the Company's shares, the nature of its assets, its liabilities and projected income and expenditure. The Board has, in particular, considered the impact of market volatility following the Covid-19 pandemic and, over recent months, owing to macroeconomic and geopolitical concerns, including the Russian invasion of Ukraine, energy supply and supply-chain constraints. It is the Directors' opinion that the Company has adequate resources to continue in operational existence for the foreseeable future. The vast majority of the Company's investments are readily realisable and can be sold to meet its liabilities as they fall due. All borrowings require the prior approval of the Board. Gearing levels and compliance with covenants are reviewed by the Board on a regular basis. The Company has continued to comply with the investment trust status requirements of section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) Regulations 2011. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements and confirm that they are not aware of any material uncertainties which may affect the Company's ability to continue to do so over a period of at least twelve months from the date of approval of these Financial Statements.
The revenue tax charge arises from withholding tax suffered on overseas dividends.
The capital tax charge results from the Provision for Tax Liability in respect of Indian capital gains tax as detailed in note 9.
| Six months to 31 October 2022 £'000 |
Six months to 31 October 2021 £'000 |
Year to 30 April 2022 (audited) £'000 |
||
|---|---|---|---|---|
| 5 | Net return per ordinary share Revenue return on ordinary activities after taxation Capital return on ordinary activities after taxation |
6,135 (164,415) |
6,013 202,415 |
8,644 (631,844) |
| Total net return | (158,280) | 208,428 | (623,200) |
Net return per ordinary share is based on the above totals of revenue and capital and on 222,840,019 (31 October 2021 – 236,453,859; 30 April 2022 – 235,252,716) ordinary shares, being the weighted average number of ordinary shares in issue during the period.
There are no dilutive or potentially dilutive shares in issue.
| Six months to 31 October 2022 £'000 |
Six months to 31 October 2021 £'000 |
Year to 30 April 2022 (audited) £'000 |
||
|---|---|---|---|---|
| 6 | Dividends Amounts recognised as distributions in the period: |
|||
| Previous year's final dividend of 2.35p (2021 – 2.00p), paid 9 September 2022 |
5,267 | 4,729 | 4,729 | |
| Amounts paid and payable in respect of the period: Final dividend (2022 – 2.35p) |
– | – | 5,267 |
No interim dividend has been declared in respect of the current period.
The Company's investments are financial assets held at fair value through profit or loss. The fair value hierarchy used to analyse the basis on which the fair values of such financial instruments are measured is described below. Fair value measurements are categorised on the basis of the lowest level input that is significant to the fair value measurement.
An analysis of the Company's financial asset investments based on the fair value hierarchy described above is shown below.
| As at 31 October 2022 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| £'000 | £'000 | £'000 | £'000 | |
| Listed equities | 2,290,318 | 62,292 | – | 2,352,610 |
| Unlisted securities | – | – | 58,113 | 58,113 |
| Total financial asset investments | 2,290,318 | 62,292 | 58,113 | 2,410,723 |
| As at 30 April 2022 (audited) | Level 1 | Level 2 | Level 3 | Total |
| £'000 | £'000 | £'000 | £'000 | |
| Listed and suspended equities | 2,479,464 | 120,306 | 5,636 | 2,605,406 |
| Unlisted securities | – | – | 56,609 | 56,609 |
| Total financial asset investments | 2,479,464 | 120,306 | 62,245 | 2,662,015 |
The fair value of listed investments is either bid price or last traded price depending on the convention of the exchange on which the investment is listed. Listed Investments are categorised as Level 1 if they are valued using unadjusted quoted prices for identical instruments in an active market and as Level 2 if they do not meet all these criteria but are, nonetheless, valued using market data. Unlisted investments are valued at fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the Managers. The Managers' unlisted investment policy applies methodologies consistent with the International Private Equity and Venture Capital Valuation Guidelines ('IPEV'). These methodologies can be categorised as follows: (a) market approach (multiples, industry valuation benchmarks and available market prices); (b) income approach (discounted cash flows); and (c) replacement cost approach (net assets). The Company's holdings in unlisted investments are categorised as Level 3 as unobservable data is a significant input to their fair value measurements.
8 At 31 October 2022 the total book value of the Company's borrowings amounted to £214,844,000 (30 April 2022 – £214,826,000). This comprised a £40m 63/8% debenture stock repayable in 2023 (30 April 2022 – £40m), loan notes of £60m repayable in 2054 (30 April 2022 – £60m), loan notes of £40m repayable in 2045 (30 April 2022 – £40m) and £75m drawn under the revolving credit facility with National Australia Bank Limited (30 April 2022 – £75m).
The fair value of borrowings at 31 October 2022 was £165,377,000 (30 April 2022 – £190,308,000).
The tax liability provision at 31 October 2022 of £875,000 (30 April 2022 – £692,000) relates to a potential liability for Indian capital gains tax that may arise on the Company's Indian investments should they be sold in the future, based on the net unrealised taxable capital gain at the period end and on enacted Indian tax rates. The amount of any future tax amounts payable may differ from this provision, depending on the value and timing of any future sales of such investments and future Indian tax rates.
| 31 October 2022 |
30 April 2022 |
|
|---|---|---|
| Shareholders' funds | £2,216,454,000 | £2,479,164,000 |
| Number of ordinary shares in issue excluding treasury shares | 217,849,065 | 227,645,309 |
| Shareholders' funds per ordinary share | 1,017.4p | 1,089.0p |
The shareholders' funds figures above have been calculated after deducting borrowings at book value, in accordance with the provisions of FRS 104. Reconciliations between shareholders' funds and net asset values, calculated after deducting borrowings at par value and fair value, are shown on page 24.
There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period and there have been no changes in the related party transactions described in the last Annual Report and Financial Statements that could have had such an effect on the Company during that period.
On 8 November 2022, the Company issued 16,717,601 new ordinary shares to former shareholders of The Independent Investment Trust PLC ('IIT'), in accordance with the Scheme of Reconstruction as set out in the Circular and Prospectus dated 6 October 2022. The Company received £173 million of assets, comprising equity investments and cash, as consideration for the new shares, the entitlements of which were calculated in accordance with the Scheme, being the relative FAVs at market close on 2 November 2022 of 454.237179 pence for IIT and 1,035.305776 pence for the Company, producing a conversion ratio of 0.438747 new share for every IIT share rolling over. Following this issuance there were 234,566,666 ordinary shares in issue, excluding treasury shares. At 31 October 2022 £548,000 of Scheme transaction costs were incurred or accrued and these are reflected in the Statement of Changes in Equity, as a charge to the Share Premium Account. Baillie Gifford & Co Limited have waived their management fee on the £173 million rolled into the Company as a result of this transaction, for the six months to 30 April 2023.
We aim to hold our private company investments at 'fair value' i.e., the price that would be paid in an open-market transaction. Valuations are adjusted both during regular valuation cycles and on an ad hoc basis in response to 'trigger events'. Our valuation process ensures that private companies are valued in both a fair and timely manner.
The valuation process is overseen by a valuations committee at Baillie Gifford which takes advice from an independent third party (S&P Global). The portfolio managers feed into the process, but the valuations committee owns the process and the portfolio managers only receive final valuation notifications once they have been applied.
We revalue the private holdings on a three-month rolling cycle, with one-third of the holdings reassessed each month. The prices are also reviewed twice per year by the Monks Board and are subject to the scrutiny of external auditors in the annual audit process.
Recent market volatility has meant that recent pricing has moved much more frequently than would have been the case with the quarterly valuations cycle.
Beyond the regular cycle, the valuations committee also monitors the portfolio for certain 'trigger events'. These may include: changes in fundamentals; a takeover approach; an intention to carry out an Initial Public Offering (IPO); or changes to the valuation of comparable public companies.
The valuations committee also monitors relevant market indices on a weekly basis and update valuations in a manner consistent with our external valuer's (S&P Global) most recent valuation report where appropriate. When market volatility is particularly pronounced the team undertake these checks daily. Any ad hoc change to the fair valuation of any holding is implemented swiftly and reflected in the next published NAV. There is no delay.
| Percentage of portfolio in direct private | |
|---|---|
| company holdings | 2.4% |
| Instruments valued | 8 |
| Revaluations performed | 33 |
| Percentage of private company portfolio | |
| revalued 3+ times | 87% |
Year to date, most revaluations have been decreases. A handful of companies have raised capital at an increased valuation. The average movement in both valuation and private company share price for those which have decreased in value is shown below.
| Average movement in company valuation |
Average movement in share price |
|
|---|---|---|
| Monks* | (8.2%) | (4.0%) |
* Data reflecting period 1 May 2022 – 31 October 2022 to align with the Company's reporting period end.
Private company share prices have decreased less than headline valuations because Monks typically holds preference stock, which provides downside protection. The private company share price movement reflects a probability weighted average of both the regular valuation, which would be realised in an IPO, and the downside protected valuation, which would be normally be triggered in the event of a corporate sale or liquidation.
In addition to the 2.4% of the portfolio holdings in direct private company investments, 2.6% of the portfolio is in The Schiehallion Fund, a closed ended investment company investing predominantly in private companies, which Monks values by reference to its market price.
Monks was incorporated in 1929 and was one of three trusts founded in the late 1920s by a group of investors headed by Sir Auckland (later Lord) Geddes. The other two trusts were The Friars Investment Trust and The Abbots Investment Trust. The company secretary's office was at 13/14 Austin Friars in the City of London, hence the names.
In 1931, Baillie Gifford & Co took over the management of all three trusts and Monks became a founder member of the Association of Investment Trusts in 1932.
In 1968, under a Scheme of Arrangement, the three trusts were merged with Monks acquiring the ordinary share capital of Friars and Abbots.
The Company's shares are traded on the London Stock Exchange. They can be bought by placing an order with a stockbroker or by asking a professional adviser to do so. If you are interested in investing directly in Monks, you can do so online. There are a number of companies offering real time online dealing services – find out more by visiting monksinvestmenttrust.co.uk.
Up-to-date information about Monks can be found on the Company's page of the Managers' website at monksinvestmenttrust.co.uk. You will find full details on Monks, including the latest share price and recent portfolio information and performance figures.
The share price is quoted daily in the Financial Times and can also be found on other financial websites. Company factsheets are also available on the Company's website and are updated monthly. These are available from Baillie Gifford on request.
You can contact the Baillie Gifford Client Relations Team by telephone (your call may be recorded for training or monitoring purposes), email or post. See contact details in the 'Further Information' box on the back cover.
Computershare Investor Services PLC maintains the share register on behalf of the Company. In the event of queries regarding shares registered in your own name, please contact the Registrars on 0370 707 1170.
Computershare operate a Dividend Reinvestment Plan which can be used to buy additional shares instead of receiving your dividend via cheque or into your bank account. For further information log on to investorcentre.co.uk and follow the instructions or telephone 0370 707 1694.
Past performance is not a guide to future performance.
Monks is a listed UK Company. The value of its shares and any income from them can fall as well as rise and investors may not get back the amount invested.
Monks invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
Market values for securities which have become difficult to trade may not be readily available, and there can be no assurance that any value assigned to such securities will accurately reflect the price Monks might receive upon their sale.
The Company's risk could be increased by its investment in unlisted investments. These assets may be more difficult to buy or sell, so changes in their prices may be greater.
Monks invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
Monks has borrowed money to make further investments (sometimes known as 'gearing' or 'leverage'). The risk is that when this money is repaid by the Company, the value of the investments may not be enough to cover the borrowing and interest costs, and the Company will make a loss. If the Company's investments fall in value, any invested borrowings will increase the amount of this loss.
Monks can buy back its own shares. The risks from borrowing, referred to above, are increased when the Company buys back its own shares.
Monks can make use of derivatives which may impact on its performance. Currently, the Company does not make use of derivatives.
As the aim of Monks is to achieve capital growth you should not expect a significant, or steady, annual income from the Company.
You should note that tax rates and reliefs may change at any time and their value depends on your circumstances.
Monks is listed on the London Stock Exchange and as such complies with the requirements of the UK Listing Authority. It is not authorised or regulated by the Financial Conduct Authority.
The staff of Baillie Gifford and the Monks Directors may hold shares in Monks and may buy or sell such shares from time to time.
Further details of the risks associated with investing in the Company, including a Key Information Document and how charges are applied, can be found at monksinvestmenttrust.co.uk, or by calling Baillie Gifford on 0800 917 2112. This information has been issued and approved by Baillie Gifford & Co Limited, the Managers and Secretaries, and does not in any way constitute investment advice.
In order to fulfil its obligations under UK tax legislation relating to the automatic exchange of information, the Company is required to collect and report certain information about certain shareholders.
The legislation requires investment trust companies to provide personal information to HMRC on certain investors who purchase shares in investment trusts. Accordingly, the Company will have to provide information annually to the local tax authority on the tax residencies of a number of non-UK based certificated shareholders and corporate entities.
Shareholders, excluding those whose shares are held in CREST, who come on to the share register will be sent a certification form for the purposes of collecting this information.
For further information, please see HMRC's Quick Guide: Automatic Exchange of Information – information for account holders
gov.uk/government/publications/exchange-ofinformation-account-holders.
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No Provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the index data included in this document, regardless of cause, or for any damages (whether direct or indirect) resulting therefrom.
No Provider has any obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate. Without limiting the foregoing, no Provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgements, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.
London Stock Exchange Group plc and its group undertakings (collectively, the 'LSE Group'). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. 'FTSE®' 'Russell®', FTSE Russell ®, is/are a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication.
No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The EU Sustainable Finance Disclosure Regulation ('SFDR') does not have a direct impact in the UK due to Brexit, however, it applies to third-country products marketed in the EU. As The Monks Investment Trust PLC is marketed in the EU by the AIFM, BG & Co Limited, via the National Private Placement Regime ('NPPR') the following disclosures have been provided to comply with the high-level requirements of SFDR.
The AIFM has adopted Baillie Gifford & Co's Governance and Sustainable Principles and Guidelines as its policy on integration of sustainability risks in investment decisions.
Baillie Gifford & Co's approach to investment is based on identifying and holding high quality growth businesses that enjoy sustainable competitive advantages in their marketplace. To do this it looks beyond current financial performance, undertaking proprietary research to build up an in-depth knowledge of an individual company and a view on its long-term prospects. This includes the consideration of sustainability factors (environmental, social and/or governance matters) which it believes will positively or negatively influence the financial returns of an investment.
More detail on the Investment Manager's approach to sustainability can be found in the Governance and Sustainability Principles and Guidelines document, available publicly on the Baillie Gifford website bailliegifford.com.
The Taxonomy Regulation establishes an EU-wide framework or criteria for environmentally sustainable economic activities in respect of six environmental objectives. It builds on the disclosure requirements under SFDR by introducing additional disclosure obligations in respect of Alternative Investment Funds that invest in an economic activity that contributes to an environmental objective.
The Company does not commit to make sustainable investments as defined under SFDR. As such, the underlying investments do not take into account the EU criteria for environmentally sustainable economic activities.
The total value of all assets held less all liabilities (other than liabilities in the form of borrowings).
Shareholders' Funds is the value of all assets held less all liabilities, with borrowings deducted at book cost.
Net Asset Value (NAV) is the value of all assets held less all liabilities, with borrowings deducted at either par value or fair value as described below. Per share amounts are calculated by dividing the relevant figure by the number of ordinary shares in issue.
Borrowings are valued at nominal par value. A reconciliation from shareholders' funds (borrowings at book value) to net asset value after deducting borrowings at par value is provided below.
| 31 October 2022 £'000 |
31 October 2022 per share |
30 April 2022 £'000 |
30 April 2022 per share |
|
|---|---|---|---|---|
| Shareholders' funds (borrowings at book value) | 2,216,454 | 1,017.4p | 2,479,164 | 1,089.0p |
| Add: book value of borrowings | 214,844 | 98.6p | 214,826 | 94.4p |
| Less: par value of borrowings | (215,000) | (98.6p) | (215,000) | (94.4p) |
| Net asset value (borrowings at par value) | 2,216,298 | 1,017.4p | 2,478,990 | 1,089.0p |
The per share figures above are based on 217,849,065 (30 April 2022 – 227,645,309) ordinary shares of 5p, being the number of ordinary shares in issue at the period end excluding treasury shares.
Borrowings are valued at an estimate of market worth. The fair value of the Company's 63/8% debenture stock 2023 is calculated using a comparable debt approach and/or broker quotes where available. The fair values of the loan notes are calculated using a comparable debt approach, by reference to a basket of corporate debt. The fair value of the Company's short term bank borrowings is equivalent to its book value.
A reconciliation from shareholders' funds (borrowings at book value) to net asset value after deducting borrowings at fair value is provided below.
| 31 October 2022 £'000 |
31 October 2022 per share |
30 April 2022 £'000 |
30 April 2022 per share |
|
|---|---|---|---|---|
| Shareholders' funds (borrowings at book value) | 2,216,454 | 1,017.4p | 2,479,164 | 1,089.0p |
| Add: book value of borrowings | 214,844 | 98.6p | 214,826 | 94.4p |
| Less: fair value of borrowings | (165,377) | (75.9p) | (190,308) | (83.6p) |
| Net asset value (borrowings at fair value) | 2,265,921 | 1,040.1p | 2,503,682 | 1,099.8p |
The per share figures above are based on 217,849,065 (30 April 2022 – 227,645,309) ordinary shares of 5p, being the number of ordinary shares in issue at the period end excluding treasury shares.
Net liquid assets comprise current assets less current liabilities (excluding borrowings) and provisions for deferred liabilities.
As stock markets and share prices vary, an investment trust's share price is rarely the same as its NAV. When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, this situation is called a premium.
| 31 October 2022 | 30 April 2022 | ||
|---|---|---|---|
| Closing NAV per share (borrowings at par) | a | 1,017.4p | 1,089.0p |
| Closing NAV per share (borrowings at fair value) | b | 1,040.1p | 1,099.8p |
| Closing share price | c | 968.5p | 1,051.0p |
| Discount to NAV with borrowings at par | (c - a) ÷ a | (4.8%) | (3.5%) |
| Discount to NAV with borrowings at fair value | (c - b) ÷ b | (6.9%) | (4.4%) |
Active share, a measure of how actively a portfolio is managed, is the percentage of the listed equity portfolio that differs from its comparative index. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the comparative index. An active share of 100 indicates no overlap with the index and an active share of zero indicates a portfolio that tracks the index.
The total return is the return to shareholders after reinvesting the net dividend on the date that the share price goes ex-dividend, as detailed below.
| 31 October 2022 NAV (par) |
31 October 2022 NAV (fair) |
||
|---|---|---|---|
| Closing NAV per share | a | 1,017.4p | 1,040.1p |
| Dividend adjustment factor* | b | 1.0022 | 1.0021 |
| Adjusted closing NAV per share | c = a x b | 1,019.6p | 1,042.3p |
| Opening NAV per share | d | 1,089.0p | 1,099.8p |
| Total return | (c ÷ d) -1 | (6.4%) | (5.2%) |
* The dividend adjustment factor is calculated on the assumption that the dividend of 2.35p paid by the Company during the period was reinvested into shares of the Company at the cum income NAV at the ex-dividend date.
| 31 October 2022 Share price |
||
|---|---|---|
| Closing share price | a | 968.5p |
| Dividend adjustment factor* | b | 1.0023 |
| Adjusted closing share price c = a x b |
970.7p | |
| Opening share price | d | 1,051.0p |
| Total return (c ÷ d) -1 |
(7.6%) |
* The dividend adjustment factor is calculated on the assumption that the dividend of 2.35p paid by the Company during the period was reinvested into shares of the Company at the share price at the ex-dividend date.
At its simplest, gearing is borrowing. Just like any other public company, an investment trust can borrow money to invest in additional investments for its portfolio. The effect of the borrowing on the shareholders' assets is called 'gearing'. If the Company's assets grow, the shareholders' assets grow proportionately more because the debt remains the same. But if the value of the Company's assets falls, the situation is reversed. Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets. The level of gearing can be adjusted through the use of derivatives which affect the sensitivity of the value of the portfolio to changes in the level of markets.
Gross gearing, also referred to as potential gearing is the Company's borrowings expressed as a percentage of shareholders' funds (a ÷ c in the table below).
Net gearing, also referred to as invested gearing is borrowings at book value less cash and cash equivalents (any certificates of deposit are not deducted) and brokers' balances expressed as a percentage of shareholders' funds (b ÷ c in the table below)*.
Effective gearing, as defined by the Board and Managers of Monks, is the Company's borrowings at par less cash, brokers' balances and investment grade bonds maturing within one year, expressed as a percentage of shareholders' funds*.
* As adjusted to take into account the gearing impact of any derivative holdings.
| 31 October 2022 | 30 April 2022 | |
|---|---|---|
| Borrowings (at book cost) a |
£214,844,000 | £214,826,000 |
| Less: cash and cash equivalents | (£23,365,000) | (£35,879,000) |
| Less: sales for subsequent settlement | (£226,000) | (£4,741,000) |
| Add: purchases for subsequent settlement | – | £7,045,000 |
| Adjusted borrowings b |
£191,253,000 | £181,251,000 |
| Shareholders' funds c |
£2,216,454,000 | £2,479,164,000 |
| Gross (potential) gearing a ÷ c |
9.7% | 8.7% |
| b ÷ c Net (invested) gearing |
8.6% | 7.3% |
'Unlisted', 'Unquoted' and 'Private Company' investments are investments in securities not traded on a recognised exchange.
The Company has the authority to make market purchases of its ordinary shares for retention as treasury shares for future reissue, resale, transfer, or for cancellation. Treasury shares do not receive distributions and the Company is not entitled to exercise the voting rights attaching to them.
Turnover is a measure of portfolio change or trading activity. Monthly turnover is calculated as the minimum of purchases and sales in a month, divided by the average market value of the fund. Monthly numbers are added together to get the rolling 12 month turnover data.
Chairman: KS Sternberg
CM Boyle Dr D Chaya BJ Richards Professor Sir Nigel Shadbolt JJ Tigue
Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS99 6ZZ Tel: 0370 707 1170
Investec Bank plc 30 Gresham Street London EC2V 7QP
Computershare Investor Services PLC Moor House 120 London Wall London EC2Y 5ET
Atria One 144 Morrison Street Edinburgh EH3 8EX
Baillie Gifford & Co Limited Calton Square 1 Greenside Row Edinburgh EH1 3AN Tel: 0131 275 2000 bailliegifford.com
The Bank of New York Mellon (International) Limited 1 Canada Square London E14 5AL
monksinvestmenttrust.co.uk Incorporated in England and Wales Company Registration No. 00236964 ISIN GB0030517261 Sedol 3051726 Ticker MNKS
Legal Entity Identifier: 213800MRI1JTUKG5AF64
Client Relations Team Baillie Gifford & Co Calton Square 1 Greenside Row Edinburgh EH1 3AN Tel: 0800 917 2112 Email: [email protected]
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