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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Monks Investment Trust Plc | LSE:MNKS | London | Ordinary Share | GB0030517261 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20.00 | 1.79% | 1,136.00 | 1,134.00 | 1,136.00 | 1,138.00 | 1,126.00 | 1,128.00 | 60,852 | 11:40:44 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Mgmt Invt Offices, Open-end | -47.92M | -67.84M | -0.3025 | -37.62 | 2.55B |
From Apr 2019 to Apr 2024
TIDMMNKS
RNS Number : 0513J
Monks Investment Trust PLC
26 June 2017
RNS Announcement: Preliminary Results -------------------------------------
The Monks Investment Trust PLC
Legal Entity Identifier: 213800MRI1JTUKG5AF64
Unaudited Preliminary Results for the year to 30 April 2017 -----------------------------------------------------------
Over the year to 30 April 2017, the Company's net asset value (NAV) total return* was 40.0% compared to a total return of 31.0% for the FTSE World Index (in sterling terms). The share price total return for the same period was 53.9%, with the discount to NAV* narrowing to 0.6%.
3/4 Amazon, Royal Caribbean Cruises and Naspers were the most notable positive contributors to absolute returns in the period during which 29 of our holdings appreciated by more than 50% in Sterling terms.
3/4 Portfolio turnover for the 12 months was 13.8%.
3/4 As at the financial year end, the Company's equity gearing stood at 6.2%, which was unchanged over the year.
3/4 A single final dividend of 1.25p is being recommended, compared to a total of 1.5p last year. This is the minimum required to maintain the Company's investment trust status, reflecting its priority which is capital growth.
3/4 Despite the strong performance over the past year, the Managers are optimistic that future portfolio returns should be positive, based on continued profit growth from a range of strong and adaptable businesses with superior prospects.
* With borrowings deducted at fair value
The Monks Investment Trust PLC invests globally in order to achieve capital growth. This takes priority over income and dividends. Monks is managed by Baillie Gifford, an independent fund management group, which has around GBP171 billion under management and advice as at 22 June 2017.
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. The Company is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority. You can find up to date performance information about Monks at www.monksinvestmenttrust.co.uk(++) . Past performance is not a guide to future performance. See disclaimer at the end of this announcement.
++ 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.
26 June 2017
For further information please contact:
Anzelm Cydzik, Baillie Gifford & Co
Tel: 0131 275 2000
Roland Cross, Director, Four Broadgate
Tel: 0203 697 4200
The following is the unaudited preliminary financial results statement for the year to 30 April 2017 which was approved by the Board on 23 June 2017.
Chairman's Statement ====================
Monks has had an excellent year, as you will see from this report. The weakness in Sterling contributed to the result, but the key to it was the performance of our new portfolio which was established two years ago. Our managers have commented on this as follows:
'Our approach is to focus on a range of the world's best businesses and to hold them for several years, often through political and economic cycles and uncertainties. The long-term revenue and profit growth potential of our investments dominates our analysis, as opposed to guesswork surrounding variations in global GDP, interest rates or politics. Indeed, one of the strengths which defines successful businesses is their ability to adapt and evolve in the face of changing external circumstances, with the best managers also having the ambition and vision to exploit new opportunities as and when they appear. Such companies should over time contribute greatly to social and economic development; they are the wealth creators and we as their shareholders can profit from their efforts. The bulk of our investments produced revenue and profit growth in line or ahead of our expectations during the reporting period.'
We are encouraged by the results that the implementation of the new approach has produced so far, but we note the caveat in the Managers' Report below that performance should be judged over a period of at least five years.
Performance
In the year to 30 April 2017, the total return for the FTSE World Index was 31.0% while the Company's net asset value total return (NAV), with borrowings at fair value, was 40.0%. The share price total return was greater at 53.9% because of the narrowing of the discount. The Company's one year net asset value performance ranked it third out of 23 AIC Global sector peer trusts.
Earnings and Dividend
Earnings per share increased from 2.31p to 2.36p. The Board is recommending that a single final dividend of 1.25p should be paid for the year, compared to a total of 1.5p last year. This is the minimum required to maintain the Company's investment trust status, reflecting our priority which is capital growth. No interim dividend was paid during the year.
Borrowings and Gearing
As advocates of the potential for strong real returns from equities over the long term, our managers will typically maintain a geared position. At present, we have agreed with them a gearing range of 5% net cash to plus 10% invested in equities. As at the financial year end, Monks equity gearing was 6.2%, which was unchanged over the year.
In addition to the GBP40m debenture that expires in 2023, the Company has a multi-currency revolving credit facility with National Australia Bank, of which US$87m is drawn at present.
Discount
The discount has narrowed substantially over the last two years. When the current team was appointed in March 2015 the discount (when calculated with borrowings at fair value) was 14.3%; by end April 2016 it had narrowed to 9.5% and as at the end of April 2017 it had moved to 0.6%. Since the year end the Company has occasionally traded at a small premium. If a clear premium to NAV emerges, we may issue shares to satisfy the demand from the market.
Management Fee
We have agreed a new tiered management fee with effect from 1 May 2017. The annual management fee payable to Baillie Gifford & Co Limited is now 0.45% on the first GBP750m of total assets and 0.33% on the remaining total assets, where total assets is defined as the total value of all assets held less all liabilities (other than any liability in the form of borrowings intended for investment purposes). Previously the fee payable was a flat 0.45% on total assets less current liabilities. Applying the new arrangement to the financial year to 30 April 2017, it is estimated that the ongoing charge would have been reduced by approximately GBP508,000. The new fee arrangement was instigated by our managers and ensures that shareholders benefit from economies of scale. The ongoing charge for the Company's last financial year was 0.59%.
The Board
During the financial year under review, we welcomed Belinda Richards and Professor Sir Nigel Shadbolt to the Board. Belinda Richards is a former senior partner at Deloitte LLP with a thirty year career specialising in business operations and strategy development with a particular focus on the Financial Services and Consumer Products sectors. Professor Sir Nigel Shadbolt is Principal of Jesus College, Oxford, Professorial Research Fellow in the Department of Computer Science, University of Oxford and a visiting Professor of Artificial Intelligence at the University of Southampton. He specialises in open data and artificial intelligence.
As a consequence of the increase in the number of Directors and with a view to giving flexibility for the future, we are seeking shareholder authority at the Annual General Meeting to increase the Company's aggregate Directors' fees limit from GBP200,000 to GBP300,000 per annum. This aggregate level was last increased in 2003 and the Board has no intention of increasing the Directors' fees this year.
Outlook
Despite the present political uncertainties, the global economy is enjoying its most rapid expansion for many years. US consumer confidence is high, and the European economy is now recovering strongly. As long-term investors in growth, our portfolio managers see many bright spots about which to be optimistic, based on their analysis of the companies in our portfolio.
Annual General Meeting
I hope shareholders will come to the Annual General Meeting, which will be held on Wednesday 2 August 2017 at 11.00am at the Institute of Directors. The managers will give a short presentation and there will be an opportunity to ask questions and to meet them and the Directors informally.
James Ferguson
Chairman
23 June 2017
Past performance is not a guide to future performance. See disclaimer at the end of this announcement.
The Managers' Core Investment Beliefs
We believe the following features of Monks provide a sustainable basis for adding value for shareholders.
Active Management
3/4 We invest in attractive companies using a 'bottom-up' investment process. Macroeconomic forecasts are of relatively little interest to us.
3/4 High active share* provides the potential for adding value.
3/4 We ignore the structure of the index - for example the location of a company's HQ and therefore its domicile are less relevant to us than where it generates sales and profits.
3/4 Large swathes of the market are unattractive and of no interest to us.
3/4 As index agnostic global investors we can go anywhere and only invest in the best ideas.
3/4 As the portfolio is very different from the index, we expect portfolio returns to diverge - sometimes substantially and often for prolonged periods.
Committed Growth Investors
3/4 In the long run, share prices follow fundamentals; growth drives returns.
3/4 We aim to produce a portfolio of stocks with above average growth - this in turn underpins the ability of Monks to add value.
3/4 We have a differentiated approach to growth, focusing on the type of growth that we expect a company to deliver. All equity holdings fall into one of four growth categories - as set out in the Equity Portfolio by Growth Category table below.
3/4 The use of these four growth categories ensures a diversity of growth drivers within a disciplined framework.
Long-Term Perspective
3/4 Long-term holdings mean that company fundamentals are given time to drive returns.
3/4 We prefer companies that are managed with a long-term mindset, rather than those that prioritise the management of market expectations.
3/4 We believe our approach helps us focus on what is important during the inevitable periods of underperformance.
3/4 Short-term portfolio results are random.
3/4 As longer-term shareholders we are able to have greater influence on environmental, social and governance matters.
Dedicated Team with Clear Decision-making Process
3/4 Senior and experienced team drawing on the full resources of Baillie Gifford.
3/4 Alignment of interests - the investment team responsible for Monks all own shares in the Company.
Portfolio Construction
3/4 Equities are held in three broad holding sizes - as set out in the Equity Portfolio by Growth Category table below.
3/4 This allows us to back our judgement in those stocks for which we have greater conviction, and to embrace the asymmetry of returns through 'incubator' positions in higher risk/return stocks.
3/4 'Asymmetry of returns': some of our smaller positions will struggle and their share prices will fall; those that are successful may rise many fold. The latter should outweigh the former.
Low Cost
3/4 Investors should not be penalised by high management fees.
3/4 Low turnover and trading costs benefit shareholders.
* Active share, a measure of how actively a portfolio is managed, is the percentage of the 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.
Managers' Report ================
Background
Markets were strong in the year to end April 2017, with returns to Sterling investors flattered by the pronounced weakness in the pound which followed the UK's decision to leave the European Union. Global headlines throughout the period were dominated by political uncertainties and predictions of economic gloom, yet the reality was that few of these fears were realised and companies across the world were, in general, able to produce good revenue and profit growth against a background of stable low inflation and continuing low interest rates. There was limited divergence of performance between the major markets or between sectors; it was a year when stock selection dominated.
Performance
During the year to 30 April 2017 the Company's net asset value (NAV), with borrowings at fair value, returned 40.0%, significantly ahead of the FTSE World Index at 31.0%. While this is a more than satisfactory outcome, we believe that performance should only be judged over longer time periods of five years or more, so it is still early days for the new management team. Over the two years since the change in approach the NAV return has been 39.4% compared to the benchmark at 31.6%.
Remarkably 29 of our holdings appreciated by more than 50% in Sterling during the year and 7 by more than 100%. These big winners come disproportionately from two of our favourite growth areas: Platform businesses and Technology companies, notably those involved in semi-conductors. Among the Platforms we saw big contributions from long-term holdings including Amazon which is now our largest holding, MercadoLibre and Alibaba (respectively the leading Brazilian and Chinese ecommerce platforms), Naspers, a South African based internet investor, and MarketAxess which is an electronic bond trading platform. The diverse nationality of these companies demonstrates that geography was not a big influence but rather similarities in business model and scale alongside secular changes in behaviour enabled by the internet and the development of mobile services were the key success factors. It is interesting to note that despite very strong share price appreciation we made no sales of any of these holdings but rather added to Alibaba and Naspers during the year as we continue to believe such companies are capable of substantial further growth.
Broader technological progress is also driving demand for advanced electronics and in particular for the semi-conductors which enable everything from our mobile phones to industrial automation, medical diagnostics and treatments and electric (and eventually autonomous) vehicles. The semi-conductor industry has historically proven highly cyclical and unpredictable but it remains our contention that significant consolidation across several strands of the industry will result in more dominant leaders and more rational behaviour, particularly as it relates to new capacity and pricing. Combined with a rapid uptick in demand based on this wide range of new applications, this should produce significant future profits and a more positive assessment of the companies involved. The strong share price performance of holdings such as Nvidia, Teradyne, Samsung Electronics and Veeco, each of which more than doubled in the year, along with Rohm and TSMC suggests that this process has begun, though as with the Platform winners, we believe there is considerably more to go for.
We also saw strong relative share price performance across a broad spread of holdings including financials such as Sberbank, First Republic and HDFC (respectively Russian, American and Indian banks); industrials such as Renishaw, Atlas Copco, CRH and Lincoln Electric; and consumer companies including Royal Caribbean Cruises. The only notable negative contributors to performance, both of which remain in the portfolio, were Myriad Genetics (medical diagnostics) and Novo Nordisk, the world leader in diabetes treatment. Both fell victim to pricing pressures as regulators and competitors combined to try to get US healthcare costs under control but we believe each has technical leadership which should enable a better long-term outcome.
Performance was also helped by gearing, with borrowed funds invested in the equity markets contributing approximately 1.7% to returns for the year. We put the equity gearing in place in two stages following market weakness in late 2015 and early 2016. We have been waiting patiently for an opportunity to take the level of borrowings to what we consider the long-term norm of 10% of shareholders' funds. The market's strength has dissuaded us from taking out further borrowings for the time being but we remain alert to opportunities and we have scope within our existing bank arrangements to move quickly should the chance arise.
In addition to the strong performance of the underlying portfolio and the positive impact of gearing, shareholders also benefited during the year from a narrowing of the discount from 9.5% to 0.6% (calculated with borrowings at fair value). This boosted the share price total return to a gain of 53.9%. The reduction in the discount was the result of our efforts to generate more buyers of Monks' shares in the market while reducing the level of selling by existing shareholders. The approach we have taken is to explain clearly and consistently our investment approach to both existing and potential shareholders, focusing on those we consider to be the natural long-term holders, namely private individuals, those advised by intermediaries such as wealth managers and smaller charities and foundations. The main factor tying these groups together is their willingness to take a very long-term view of their investments, without the inclination for expensive and uncertain short-term portfolio trading.
We are encouraged by progress so far but recognise that if we are to prevent the discount from widening out again, we shall have to continue to demonstrate ongoing potential for strong performance. We are pleased that this is the second successive year where the Company has not needed to buy back shares and, in contrast, we are now approaching the position where we might potentially issue new shares at a premium to NAV in order to satisfy demand from buyers. Now that we have agreed a new lower tiered fee scale with the Board, any growth in assets will result in lower costs for all shareholders.
Portfolio changes
New Purchases Complete Sales ------------------------ ------------------- Abiomed Aggreko ------------------------ ------------------- AP Moller-Maersk American Express ------------------------ ------------------- China Biologic Banco Popular Products Español ------------------------ ------------------- Ctrip.com International Coca Cola HBC ------------------------ ------------------- GRAIL Dolby Laboratories ------------------------ ------------------- HTC eBay ------------------------ ------------------- Infineon Technologies Ferrari ------------------------ ------------------- Interactive Jardine Matheson Brokers Group ------------------------ ------------------- Jardine Strategic Monsanto Holdings ------------------------ ------------------- Kansai Paint Nanoco ------------------------ ------------------- LendingTree Praxair ------------------------ ------------------- Line Qualcomm ------------------------ ------------------- PageGroup Shimano ------------------------ ------------------- Resmed SK Hynix ------------------------ ------------------- SiteOne Landscape Softbank Supply ------------------------ -------------------
Hot Features
Premium
Trupanion Stratasys
------------------------ -------------------
Verisk Analytics THK
------------------------ -------------------
Victrex
------------------------ -------------------
Volvo
------------------------ -------------------
Wolseley
------------------------ -------------------
Portfolio turnover was lower than in recent years at 13.8%, suggesting an average holding period of over seven years, in line with our long-term perspective. The table above shows the new purchases and complete sales. We sold a number of successful investments where valuations now largely discount future prospects, including Shimano, Ferrari, Wolseley and Dolby and in a similar vein we also reduced Markel, First Republic, Ryanair and CRH. The balance of disposals were of companies which have failed to develop as we had previously hoped, many of which had entered the portfolio as smaller 'incubator' positions, reflecting the wide range of possible outcomes and uncertainties. It is our practice not to dwell on such unknowns as risk taking is at the heart of our investment approach and failures are inevitable; the key is to include as many successes as possible.
Several of the new purchases were of 'Rapid' growth stocks, including a number of relatively immature but high potential companies which address large markets with innovative solutions. Examples include Abiomed (heart pumps), LendingTree (consumer finance portal), China Biologics (plasma products) and GRAIL (cancer diagnosis). GRAIL is a start up company, working on the development of blood tests for the early detection of cancer. It is currently not listed on the stockmarket but has a pedigree list of backers including Illumina, Google and a number of leading pharmaceutical companies. One of the advantages of investment trusts relative to open-ended vehicles is this ability to invest in unquoted companies. We will continue to look out for further unique and high potential opportunities not otherwise accessible through public markets, however, we do not expect to hold more than a handful of such companies. Other new purchases represented more established growth businesses such as Resmed, Verisk, Infineon and Ctrip. Lastly, we acquired initial incubator sized holdings in two out of favour 'Latent' growth stocks HTC and AP Moller-Maersk. In each case we are hoping for much improved future prospects, especially as capacity is now growing more slowly than demand while self help and restructuring offer benefits on top. Both are strongly financed and would look significantly undervalued should our positive case come through.
Outlook for the Portfolio
Following the significant rise in the Monks share price over the last twelve months we must prepare ourselves for the likelihood of lower returns in the future. But importantly, we still believe portfolio returns should be positive, based on continued profit growth from a range of strong and adaptable businesses with superior prospects. We are less confident that aggregate stockmarket indices will make continued progress given the number of large companies and industries which look to us to be ripe for disruption and long-term decline. Our job is to ensure that the portfolio has sufficient exposure to the winners and the foresight to avoid too many of the losers.
Politics across the developed world does seem to be becoming less predictable, in part because of competition from fast developing economies and in part because of the impact of new technologies on societies. While aggregate market valuations appear high and perhaps fail to reflect some of the external risks, we believe that the portfolio carries significantly lower redundancy risk and well above average growth potential, thereby justifying premium valuations. Half of the portfolio is, in any case, not dependant on general economic development but rather on secular drivers. Such companies, and we have already referred to several of them in discussion of performance and transactions, should succeed or fail on their own efforts and we describe these as 'economically agnostic' (see the Thematic Risk Categories table below). In many cases we believe that the winner in a particular industry will take the vast majority of the rewards, so that as a dominant leader such as Amazon, Alibaba, Samsung or Facebook emerges, so the risks from competitors reduce, higher valuations can be justified and holdings can be allowed to rise in size. While the growth rates of such companies will eventually slow, margins and cashflows should improve and returns to shareholders remain healthy.
The other half of the portfolio is more economically sensitive and reflects three broad themes: continued confidence in American growth; a revival in Emerging Markets; and cautious optimism that we are past the worst in Japan and Europe. While the progress of the Trump administration's reforms are uncertain, we believe the direction of tax and industrial policy is broadly positive and should support the economy, with incentives to increase investment and research particularly important for the longer term. A number of Emerging Markets are benefiting from a cyclical recovery after a difficult few years, supported by competitive currencies and praiseworthy efforts to improve governance and reduce corruption; in several such countries politics is actually becoming a cause for optimism. The portfolio's exposure to Europe and Japan is currently modest but the passage of time and increased pressure for change and reform suggests growing scope for positive news.
Overall we are seeing more opportunities for profitable investment all over the world and we look forward with confidence. We believe we are closely aligned with the interests of investors looking for a low cost, actively managed global trust which they can buy easily in the market and then hold for the very long term.
Charles Plowden,
Spencer Adair
Malcolm MacColl
23 June 2017
Past performance is not a guide to future performance. See disclaimer at the end of this announcement.
Equity Portfolio by Growth Category as at 30 April 2017 (unaudited)
===================================================================
Holding Growth Stalwarts % Rapid Growth % Cyclical Growth % Latent Growth %
Size
(c.10% p.a. (c.15% to 25% (c.10% to 15% (earnings growth
earnings growth) p.a. earnings p.a. earnings to accelerate
growth) growth through over time)
a cycle)
------------ ---------------------- ----- ------------------- ----- ----------------------- ----- ------------------- -----
Company Company Company Company
Characteristics Characteristics Characteristics Characteristics
3/4 Durable 3/4 Early 3/4 Subject 3/4 Company
franchise stage businesses to macroeconomic specific catalyst
3/4 Deliver with vast growth and capital will drive
robust opportunity cycles with above average
profitability 3/4 Innovators significant earnings in
in most attacking existing structural future
macroeconomic profit pools growth prospects 3/4 Unspectacular
environments or creating 3/4 Strong recent operational
3/4 Competitive new markets management performance
advantage teams highly and therefore
includes skilled at out of favour
dominant capital allocation
local scale,
customer loyalty
and strong
brands
------------ ---------------------- ----- ------------------- ----- ----------------------- ----- ------------------- -----
Highest
conviction
holdings
c.2.0%
each
Total: Royal Caribbean Samsung
36.5% Prudential 3.4 Amazon.com 3.8 Cruises 3.2 Electronics 1.8
------------
SAP 2.1 Naspers 3.1 TSMC 2.1 MS&AD Insurance 1.7
Anthem 2.0 Alphabet 2.5 CRH 2.0
Moody's 1.7 AIA 2.0 TD Ameritrade 1.6
Alibaba 1.9 CarMax 1.6
----------------------------------- ----- ------------------- ----- ----------------------- ----- ------------------- -----
Average Visa 1.3 MercadoLibre 1.5 Martin Marietta 1.3 Bank of Ireland 0.9
sized Materials
holdings
c.1.0% Schindler 1.2 Ryanair 1.5 Teradyne 1.2 Apache 0.9
each
Total: MasterCard 1.2 Facebook 1.4 Richemont 1.1 Sberbank of 0.8
42.1% Russia
Verisk Analytics 0.9 Seattle Genetics 1.2 Markel 1.1 Veeco Instruments 0.7
Novo Nordisk 0.9 iRobot 1.1 Atlas Copco 1.0 Fairfax Financial 0.7
Waters 0.8 Ctrip.com Interna 1.1 EOG Resources 0.9 Carlsberg 0.7
tional
Resmed 0.8 ICICI Bank 1.0 Leucadia National 0.9
Colgate-Palmolive 0.7 Nvidia 1.0 First Republic 0.9
Bank
Baidu 0.9 Hays 0.9
MarketAxess 0.9 Lincoln Electric 0.9
Tesla 0.9 Svenska Handelsbanken 0.8
HDFC 0.9 Wabtec 0.8
Yandex 0.9 CH Robinson 0.7
Worldwide
GrubHub 0.7 SMC 0.7
LendingTree 0.7 Jardine Strategic 0.7
Holdings
----------------------------------- ----- ------------------- ----- ----------------------- ----- ------------------- -----
Equity Portfolio by Growth Category as at 30 April 2017 (unaudited) (Ctd)
=========================================================================
% % % %
Holding Growth Rapid Growth Cyclical Growth Latent Growth
Size Stalwarts
----------- ---------------- ------ ------------------------- ------ ------------------- ------ ---------------------- ------
(c.10% p.a. (c.15% to (c.10% to (earnings
earnings 25% p.a. earnings 15% p.a. earnings growth to
growth) growth) growth through accelerate
a cycle) over time)
----------- ---------------- ------ ------------------------- ------ ------------------- ------ ---------------------- ------
Incubator Bureau Veritas 0.6 Renishaw 0.6 Deutsche Boerse 0.6 Howard Hughes 0.6
Holdings
c.0.5% Olympus 0.6 Cyberagent 0.6 Brambles 0.6 Toyota Tsusho 0.6
each
Total: Kansai Paint 0.5 Schibsted 0.6 Rolls Royce 0.6 Tsingtao Brewery 0.6
21.4%
Stericycle 0.5 Infineon Technologies 0.5 Ritchie Bros 0.5 Rohm 0.5
Auctioneers
Dia 0.4 BM&F Bovespa 0.5 PageGroup 0.5 Autohome 0.5
M3 0.5 Kirby 0.5 HTC 0.4
Financial 0.4 Sands China 0.4 Silk Invest 0.4
Engines Africa Food
Zillow 0.4 DistributionNOW 0.4 Fund 0.4
Trupanion 0.4 SiteOne Landscape 0.3 OC Oerlikon 0.4
Qiagen 0.4 Supply 0.1 AP Moller-Maersk 0.4
Abiomed 0.4 Ferro Alloy Fiat Chrysler 0.2
Resources Autos
GRAIL 0.4 MTN 0.1
TripAdvisor 0.4 Doric Nimrod -
Air One
IP Group 0.4 Juridica Investments
China Biologic 0.4
Products
Myriad Genetics 0.4
Japan Exchange 0.4
Interactive 0.4
Brokers
Group 0.4
Line 0.4
Intuitive 0.3
Surgical
Alnylam Pharmaceuticals
----------- ---------------- ------ ------------------------- ------ ------------------- ------ ---------------------- ------
Total 19.6% Total 38.2% Total 28.9% Total 13.3%
---------------------------- ------ ------------------------- ------ ------------------- ------ ---------------------- ------
Portfolio Positioning as at 30 April 2017
(unaudited)
==========================================
Thematic Risk Categories
At 30
April
2017
Category %
=========================================== =======
Economically Agnostic 47.6
Internet Winners 19.1
Innovation 18.9
Consumer Stalwarts 8.5
Idiosyncratic 1.1
US Re-emergence 22.9
Industrial 5.9
Consumer 5.8
Normalisation 4.3
Capital Cycle 3.6
Government Budgets 2.0
Energy 1.3
Continued Progress of Asia/Latin America 16.1
Consumer Catch-up 12.8
Energy 1.7
Industrial 1.5
Capital Cycle 0.1
European and Japanese Healing 11.5
Consumer 3.7
Industrial 2.7
Abenomics 2.7
Normalisation 2.3
Capital Cycle 0.1
========================================== =======
Bonds and Net Liquid Assets 1.3
Net Liquid Assets 0.9
Bonds 0.4
========================================== =======
Other Equities 0.6
=========================================== =======
Total Assets 100.0
=========================================== =======
Portfolio Positioning as at 30 April 2017 (unaudited)
(Ctd)
======================================================
Geographical Analysis
At At
30 April 30 April
2017 2016
% %
==================== ========== ==========
North America 47.1 46.1
Continental Europe 16.4 17.7
Emerging Markets 18.9 14.2
United Kingdom 6.3 8.3
Japan 6.3 8.3
Developed Asia 3.7 3.2
Bonds 0.4 0.6
Net Liquid Assets 0.9 1.6
Total Assets 100.0 100.0
==================== ========== ==========
Sectoral Analysis
At At
30 April 30 April
2017 2016
% %
=========== ==================== ========== ==========
Equities: Oil and Gas 2.2 2.7
Basic Materials 0.6 1.2
Industrials 17.3 18.9
Consumer Goods 8.0 7.8
Health Care 8.9 7.0
Consumer Services 21.1 18.8
Financials 25.5 26.8
Technology 14.9 13.3
Telecommunications 0.2 1.3
================================ ========== ==========
98.7 97.8
Bonds 0.4 0.6
Net Liquid Assets 0.9 1.6
================================= ========== ==========
Total Assets 100.0 100.0
================================= ========== ==========
List of Investments at 30 April 2017 (unaudited)
================================================
Fair value Cumulative % of
Name Business Growth category GBP'000 % of total assets total assets
==================== ==================== ================= ============ ================== ===================
Amazon.com Online retailer Rapid 56,326 3.7
International
Prudential financial services Stalwart 50,355 3.3
Royal Caribbean Cruise line
Cruises operator Cyclical 48,657 3.2
Media and
Naspers e-commerce Rapid 47,399 3.1
Online search and
Alphabet platform provider Rapid 37,578 2.5
SAP Enterprise software Stalwart 32,272 2.1
Semiconductor
TSMC manufacturer Cyclical 31,555 2.1
Asian insurance
AIA provider Rapid 30,660 2.0
Anthem Healthcare insurer Stalwart 30,548 2.0
Diversified
CRH building materials Cyclical 30,110 2.0 26.0
Online and mobile
Alibaba commerce Rapid 28,245 1.9
Consumer and
industrial
electronic
Samsung Electronics equipment Latent 26,560 1.7
Credit rating
Moody's agency Stalwart 25,318 1.7
MS&AD Insurance Non-life insurer Latent 24,923 1.6
TD Ameritrade Online brokerage Cyclical 23,623 1.6
CarMax Used car retailer Cyclical 23,478 1.5
Latin American
e-commerce
MercadoLibre platform Rapid 22,735 1.5
Ryanair Low cost airline Rapid 22,090 1.5
Social media
Facebook platform Rapid 21,240 1.4
Cement and
Martin Marietta aggregates
Materials producer Cyclical 20,221 1.3 41.7
Global electronic
Visa payments network Stalwart 18,938 1.2
Elevator and
escalator
Schindler manufacturer Stalwart 18,504 1.2
Global electronic
MasterCard payments network Stalwart 17,855 1.2
Biotechnology
treatments for
Seattle Genetics cancer Rapid 17,513 1.1
Semiconductor
testing equipment
Teradyne manufacturer Cyclical 17,398 1.1
Luxury goods
designer and
Richemont manufacturer Cyclical 17,283 1.1
Speciality
Markel insurance Cyclical 17,150 1.1
iRobot Domestic robots Rapid 16,857 1.1
Ctrip.com Chinese online
International travel agency Rapid 15,987 1.0
Banking and
ICICI Bank financial services Rapid 15,724 1.0 52.8
Interactive 3D
Nvidia graphics provider Rapid 15,338 1.0
Industrial
compressors and
mining equipment
Atlas Copco producer Cyclical 15,178 1.0
Oil and gas
explorer and
EOG Resources producer Cyclical 14,195 0.9
Chinese internet
Baidu search engine Rapid 13,859 0.9
Diversified holding
and investment
Leucadia National company Cyclical 13,658 0.9
Retail and
Bank of Ireland commercial bank Latent 13,587 0.9
Private banking and
First Republic Bank wealth management Cyclical 13,554 0.9
Electronic bond
MarketAxess trading platform Rapid 13,524 0.9
Oil exploration and
Apache production Latent 13,415 0.9
Recruitment and
Hays human resources Cyclical 13,302 0.9 62.0
Data analytics
Verisk Analytics provider Stalwart 13,268 0.9
Electric vehicle
and solution
Tesla provider Rapid 13,193 0.9
Welding equipment
Lincoln Electric manufacturer Cyclical 13,133 0.9
Indian mortgage
HDFC provider Rapid 13,062 0.9
Pharmaceutical
Novo Nordisk company Stalwart 12,978 0.9
Internet search and
Yandex online services Rapid 12,954 0.9
Banking and
Sberbank of Russia financial services Latent 12,531 0.8
List of Investments at 30 April 2017 (unaudited) (Ctd)
======================================================
Fair value Cumulative % of
Name Business Growth category GBP'000 % of total assets total assets
===================== ==================== ================= ============ ================== ====================
Liquid
chromatography
products and
Waters services Stalwart 12,507 0.8
Develops and
manufactures
Resmed medical equipment Stalwart 12,431 0.8
Svenska
Handelsbanken Retail bank Cyclical 12,090 0.8 70.6
Technology products
and services
provider for
Wabtec the rail industry Cyclical 11,540 0.8
Semiconductor
Veeco Instruments equipment company Latent 11,291 0.7
Third party
CH Robinson delivery and
Worldwide logistics business Cyclical 10,661 0.7
Financial services
Fairfax Financial holding company Latent 10,636 0.7
Colgate-Palmolive Consumer goods Stalwart 10,533 0.7
Factory automation
SMC equipment producer Cyclical 10,361 0.7
Carlsberg Brewer Latent 10,254 0.7
Jardine Strategic
Holdings Trading company Cyclical 9,948 0.7
Online takeaway
GrubHub ordering service Rapid 9,920 0.6
Online loan
LendingTree marketplace Rapid 9,802 0.6 77.5
Consulting and
testing services
Bureau Veritas company Stalwart 9,412 0.6
Measurement and
calibration
equipment
Renishaw manufacturer Rapid 9,410 0.6
Real estate
Howard Hughes developer Latent 9,380 0.6
Internet
advertising and
Cyberagent content Rapid 8,920 0.6
Toyota Tsusho Trading company Latent 8,891 0.6
Online media and
Schibsted classifieds Rapid 8,861 0.6
Stock exchange
Deutsche Boerse operator Cyclical 8,832 0.6
Olympus Optics manufacturer Stalwart 8,674 0.6
Pallet pool
Brambles operator Cyclical 8,524 0.6
Tsingtao Brewery Brewer Latent 8,324 0.5 83.4
Power systems
Rolls Royce manufacturer Cyclical 8,273 0.5
German
Infineon semiconductor
Technologies manufacturer Rapid 8,020 0.5
Stock exchange
BM&F Bovespa operator Rapid 7,846 0.5
Industrial
Ritchie Bros equipment
Auctioneers auctioneer Cyclical 7,724 0.5
Semiconductor
Rohm manufacturer Latent 7,705 0.5
Kansai Paint Paint manufacturer Stalwart 7,494 0.5
Recruitment
PageGroup consultancy Cyclical 7,314 0.5
Online auto
Autohome research platform Latent 7,306 0.5
Online medical
M3 database Rapid 7,147 0.5
Medical waste
management
Stericycle services Stalwart 7,122 0.5 88.4
Marine shipping
Kirby company Cyclical 7,027 0.5
Investment advisory
Financial Engines firm Rapid 6,791 0.4
US online real
Zillow estate services Rapid 6,748 0.4
Pet health
Trupanion insurance provider Rapid 6,747 0.4
Mobile handset and
visual hardware
HTC producer Latent 6,677 0.4
Biotechnology
Qiagen equipment Rapid 6,528 0.4
Sands China Casino operator Cyclical 6,374 0.4
Manufacturer of
medical implant
Abiomed devices Rapid 6,218 0.4
List of Investments at 30 April 2017 (unaudited) (Ctd)
======================================================
Fair value Cumulative % of
Name Business Growth category GBP'000 % of total assets total assets
==================== ==================== ================= ============ ================== ===================
Discount food
Dia retailer Stalwart 6,205 0.4
Liquid biopsy
GRAIL* cancer testing Rapid 6,184 0.4 92.5
Online travel
TripAdvisor review platform Rapid 6,173 0.4
Intellectual
property
IP Group commercialisation Rapid 6,076 0.4
Silk Invest Africa Africa-focused
Food private equity
Fund* fund Latent 6,060 0.4
Industrial
equipment
OC Oerlikon manufacturer Latent 6,035 0.4
Transport and
AP Moller-Maersk logistics company Latent 6,026 0.4
China Biologic
Products Biopharmaceuticals Rapid 5,995 0.4
Myriad Genetics Genetic testing Rapid 5,718 0.4
Vehicle
Fiat Chrysler Autos manufacturer Latent 5,660 0.4
Stock exchange
Japan Exchange operator Rapid 5,594 0.4
Interactive Brokers Online equity
Group trading platform Rapid 5,593 0.4 96.5
Online social media
Line platform Rapid 5,545 0.4
Oilfield drilling
equipment
DistributionNOW distributor Cyclical 5,503 0.4
Intuitive Surgical Surgical robots Rapid 5,492 0.4
Landscaping
SiteOne Landscape supplies
Supply distributor Cyclical 4,819 0.3
Alnylam
Pharmaceuticals Biotechnology Rapid 4,073 0.3
South African
wireless telecom
MTN company Latent 3,167 0.2
Ferro Alloy
Resources* Vanadium mining Cyclical 1,390 0.1
Doric Nimrod Air
One Aircraft leasing Latent 1,242 0.1
Juridica Litigation
Investments financing Latent 248 -
==================== ==================== ================= ============ ==================
Total Equity Investments 1,500,892 98.7 98.7
============================================================= ============ ==================
Bonds
Credit Suisse 0%
Swap
Rate Linked Note
2017* UK swap rate linked note 6,185 0.4
Total Bonds 6,185 0.4
============================================================= ============ ==================
Total Investments 1,507,077 99.1 99.1
Net Liquid Assets 14,053 0.9
============================================================= ============ ================== ===================
Total Assets at Fair Value 1,521,130 100.0 100.0
============================================================= ============ ================== ===================
* Denotes an unlisted security
Income statement (unaudited)
============================
For the year ended For the year ended
30 April 2017 30 April 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
==================================================== ========= ========= ========= ========= ========= =========
Gains/(losses) on investments - 403,486 403,486 - (10,799) (10,799)
Currency (losses)/gains - (3,264) (3,264) - 1,655 1,655 Income 17,593 - 17,593 15,149 - 15,149 Investment management fee (6,011) - (6,011) (4,617) - (4,617) Other administrative expenses (1,261) - (1,261) (1,150) - (1,150) ==================================================== ========= ========= ========= ========= ========= ========= Net return before finance costs and taxation 10,321 400,222 410,543 9,382 (9,144) 238 Finance costs of borrowings (3,910) - (3,910) (3,291) - (3,291) ==================================================== ========= ========= ========= ========= ========= ========= Net return on ordinary activities before taxation 6,411 400,222 406,633 6,091 (9,144) (3,053) Tax on ordinary activities (1,368) - (1,368) (1,137) - (1,137) ==================================================== ========= ========= ========= ========= ========= ========= Net return on ordinary activities after taxation 5,043 400,222 405,265 4,954 (9,144) (4,190) ==================================================== ========= ========= ========= ========= ========= ========= Net return per ordinary share (note 2) 2.36p 187.05p 189.41p 2.31p (4.27p) (1.96p) ==================================================== ========= ========= ========= ========= ========= ========= Note: Dividends per share paid and payable in respect of the year (note 3) 1.25p 1.50p ==================================================== ========= ========= ========= ========= ========= =========
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 published 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 all gains and losses of the Company have been reflected in the above statement.
Balance sheet (unaudited)
=========================
At 30 April 2017 At 30 April 2016
GBP'000 GBP'000
Fixed assets
Investments held at fair value through profit or loss 1,507,077 1,079,434
======================================================= ================= =================
Current assets
Debtors 7,816 3,330
Cash and cash equivalents 15,208 15,930
======================================================= ================= =================
23,024 19,260
======================================================= ================= =================
Creditors
Amounts falling due within one year (note 4) (76,217) (47,968)
Net current liabilities (53,193) (28,708)
======================================================= ================= =================
Total assets less current liabilities 1,453,884 1,050,726
======================================================= ================= =================
Creditors
Amounts falling due after more than one year (note 4) (39,810) (39,777)
Net assets 1,414,074 1,010,949
======================================================= ================= =================
Capital and reserves
Called up share capital 10,698 10,698
Share premium account 11,100 11,100
Capital redemption reserve 8,700 8,700
Capital reserve 1,335,036 934,814
Revenue reserve 48,540 45,637
======================================================= ================= =================
Shareholders' funds 1,414,074 1,010,949
======================================================= ================= =================
Net asset value per ordinary share
(after deducting borrowings at fair value) 656.8p 470.1p
======================================================= ================= =================
Net asset value per ordinary share
(after deducting borrowings at par) 660.8p 472.4p
======================================================= ================= =================
Ordinary shares in issue (note 5) 213,963,859 213,963,859
======================================================= ================= =================
Statement of changes in equity (unaudited)
==========================================
For the year ended 30 April 2017
Called up Capital
share Share premium redemption Capital Shareholders'
capital account reserve reserve Revenue reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================ =============== =============== =============== =============== ================ ==============
Shareholders'
funds at 1 May
2016 10,698 11,100 8,700 934,814 45,637 1,010,949
Net return on
ordinary
activities
after taxation - - - 400,222 5,043 405,265
Dividends paid
during the
year (note 3) - - - - (2,140) (2,140)
================ =============== =============== =============== =============== ================ ==============
Shareholders'
funds at 30
April 2017 10,698 11,100 8,700 1,335,036 48,540 1,414,074
================ =============== =============== =============== =============== ================ ==============
For the year ended 30 April 2016
Called up Capital
share Share premium redemption Capital Shareholders'
capital account reserve reserve Revenue reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================ =============== =============== =============== =============== ================ ==============
Shareholders'
funds at 1 May
2015 10,698 11,100 8,700 943,958 49,135 1,023,591
Net return on
ordinary
activities
after taxation - - - (9,144) 4,954 (4,190)
Dividends paid
during the
year (note 3) - - - - (8,452) (8,452)
================ =============== =============== =============== =============== ================ ==============
Shareholders'
funds at 30
April 2016 10,698 11,100 8,700 934,814 45,637 1,010,949
================ =============== =============== =============== =============== ================ ==============
Cash flow statement (unaudited)
===============================
Year ended 30 April 2017 Year ended 30 April 2016
GBP'000 GBP'000 GBP'000 GBP'000
===================================================== ============= ============ ============== ===========
Cash flows from operating activities
Net return on ordinary activities before taxation 406,633 (3,053)
Net (gains)/losses on investments (403,486) 10,799
Currency losses/(gains) 3,264 (1,655)
Amortisation of fixed income book cost (409) (353)
Finance costs of borrowings 3,910 3,291
Overseas tax incurred (1,348) (1,125)
Changes in debtors and creditors 627 (1,257)
Cash from operations 9,191 6,647
Interest paid (3,858) (3,214)
===================================================== ============= ============ ============== ===========
Net cash inflow from operating activities 5,333 3,433
===================================================== ============= ============ ============== ===========
Cash flows from investing activities
Acquisitions of investments (183,649) (209,105)
Disposals of investments 161,830 215,791
Net cash (outflow)/inflow from investing activities (21,819) 6,686
===================================================== ============= ============ ============== ===========
Cash flows from financing activities
Equity dividends paid (2,140) (8,452)
Shares purchased for cancellation - (2)
Borrowings drawn down/(repaid) 15,608 (39,536)
===================================================== ============= ============ ============== ===========
Net cash inflow/(outflow) from financing activities 13,468 (47,990)
===================================================== ============= ============ ============== ===========
Decrease in cash and cash equivalents (3,018) (37,871)
Exchange movements 2,296 2,986
Cash and cash equivalents at 1 May 15,930 50,815
===================================================== ============= ============ ============== ===========
Cash and cash equivalents at 30 April 15,208 15,930
===================================================== ============= ============ ============== ===========
Notes to the condensed financial statements (unaudited)
=======================================================
1. The unaudited financial results for the year to 30 April 2017 have been prepared in accordance
with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The accounting policies adopted are consistent with those of the previous financial year.
The Company has early adopted the amendments to section 34 of FRS 102 regarding fair value
hierarchy disclosures.
========================================================================================================
2. Net Return per Ordinary Share 2017 2016
======================================================== ======== ====================================
Revenue return 2.36p 2.31p
Capital return 187.05p (4.27p)
======================================================== ======== ====================================
Total return 189.41p (1.96p)
======================================================== ======== ====================================
Revenue return per ordinary share is based on the net revenue return on ordinary activities
after taxation of GBP5,043,000 (2016 - GBP4,954,000) and on 213,963,859 (2016 - 213,963,859)
ordinary shares of 5p, being the weighted average number of ordinary shares in issue during
the year.
Capital return per ordinary share is based on the net capital gain for the financial year
of GBP400,222,000 (2016 - loss of GBP9,144,000) and on 213,963,859 (2016 - 213,963,859) ordinary
shares, being the weighted average number of ordinary shares in issue during the year.
There are no dilutive or potentially dilutive shares in issue.
=============================================================================================================
3. Ordinary Dividends 2017 2016 2017 2016
GBP'000 GBP'000
======================================================== ======== ====== ============ ==============
Amounts recognised as distributions in the year:
Previous year's final (paid 5 August 2016) 1.00p 3.45p 2,140 7,382
Interim - 0.50p - 1,070
1.00p 3.95p 2,140 8,452
============================================================= ======== ====== ============ ==============
We also set out below the total dividends paid and proposed in respect of the financial year,
which is the basis on which the requirements of section 1158 of the Corporation Tax Act 2010
are considered. The revenue available for distribution by way of dividend for the year is
GBP5,043,000 (2016 - GBP4,954,000).
========================================================================================================
2017 2016 2017 2016
GBP'000 GBP'000
======================================================= ======== ====== ============ ============
Amounts paid and payable in respect of the financial
year:
Interim - 0.50p - 1,070
Proposed final (payable 4 August 2017) 1.25p 1.00p 2,675 2,140
============================================================ ======== ====== ============ ============
1.25p 1.50p 2,675 3,210
============================================================ ======== ====== ============ ============
If approved, the recommended final dividend on ordinary shares will be paid on 4 August 2017
to shareholders on the register at the close of business on 7 July 2017. The ex-dividend date
is 6 July 2017. The Company's Registrar offers a Dividend Reinvestment Plan and the final
date for elections for this dividend is 14 July 2017.
Notes to the condensed financial statements (unaudited) (ctd)
=============================================================
4. At 30 April 2017 the book value of the Company's borrowings amounted to GBP107m (2016 - GBP86m),
comprising a GBP40m 6 3/8% debenture stock repayable in 2023 (2016 - GBP40m) and a short-term
bank loan of US$87m (2016 - US$67.5m).
The fair value of borrowings at 30 April 2017 was GBP116m (2016 - GBP91m).
5. The Company did not buy back or allot any ordinary shares during the year. At 30 April 2017
the Company had authority to buy back 32,073,182 ordinary shares, being 14.99% of the shares
in issue at the year end, and to allot
21,396,385 ordinary shares without application of pre-emption rights, being 10% of the shares
in issue at the year end.
6. The Report and Accounts will be available on the Managers' website www.monksinvestmenttrust.co.uk(++)
on or around 4 July 2017.
7. The financial information set out above does not constitute the Company's statutory accounts
for the year ended 30 April 2017. The financial information for 2016 is derived from the statutory
accounts for 2016 which have been delivered to the Registrar of Companies. The Auditors have
reported on the 2016 accounts; their report was unqualified and it did not contain a statement
under section 498(2) or (3) of the Companies Act 2006. The statutory accounts for 2017 will
be finalised on the basis of the financial information presented in this preliminary announcement
and will be delivered to the Registrar of Companies following the Company's Annual General
Meeting.
8. None of the views expressed in this document should be construed as advice to buy or sell
a particular investment.
++ 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.
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- ends -
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END
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June 26, 2017 02:00 ET (06:00 GMT)
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