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MNL Manchester & London Investment Trust Plc

0.00 (0.00%)
19 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Manchester & London Investment Trust Plc MNL London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 620.00 16:17:04
Open Price Low Price High Price Close Price Previous Close
620.00 610.00 620.00 620.00 620.00
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Industry Sector

Manchester & London Inve... MNL Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

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Top Posts
Posted at 12/4/2024 08:20 by iminterested
9.08am I pay 6.47x 10000 for Mnl, Thank you M Sheppard, last time you picked the trading low @520p !!!
Posted at 11/4/2024 18:42 by takeiteasy
Southparkhedgie has written to Mark our manager on his twitter feed as to how he can short MNL, to which the reply was the following:

"We know Morgan Stanley and JPMorgan have borrow. Lots of CFD providers use these guys as the trade facilitators. There is 10,689 at the bid so decent amount to kick off!"
which almost comes across as tongue in cheek but is followed up by a large buy by Mark I read to make a point- who knows.

So maybe this has not happened yet - sheer madness imvho given we were at c.20% discount even before large tech bounce today eg Nvidia up 3% etc
Posted at 04/4/2024 14:34 by iminterested
MNL have said i previous factsheets that, many peripheral AI companies over the first half of the year are likely to outperform the 2 key holdings msft and nvd. If they change their sore view and decide to buy those outperformers, then from an investment point of view, it could seem that they are chasing returns over their core convictions. Many portfoio managers do that and end up with a badly conceived book. One example is Woodford, who had preconceived in investment style which he changed etc etc. Not the best comparison re selling nvidis and buying micron but over 6 months, 1 year and 5 years nvidia outperformed micron. I hold mnl in different portfolios, it is not a trading position,I believe that the AI story is still early and gratefully have a better understanding to AI courtesy of the manager's. It is their responsibility not mine. If I do not like it, I can sell and try my hand at doing their job.

Thats all
Posted at 30/3/2024 12:11 by iminterested

Manchester & London Investment Trust Plc is listed in the Finance Services sector of the London Stock Exchange with ticker MNL. The last closing price for Manchester & London Inve... was 660p. Over the last year, Manchester & London Inve... shares have traded in a share price range of 370.00p to 690.00p.

Finance Services sector of the London Stock Exchange!!!!

If MNL was instead Quoted as Technology INV TR, on the LSE, it might be not only viewable alongside comparables it would probably lead to a re-rating.
Posted at 24/3/2024 11:39 by iminterested
With respects to NAV discounts.

By example Pershing Square Holdings have tried very hard, to narrow their discount

Initiated a dividend
Largescale Share buybacks
Entry to ftse 100
Significant outperformance to other funds etc
Fee cuts

Yet the discount to nav over approx 5 years has gone from -20%, to -35% in Feb 2023, traded -40% a few months later and todau -25%.

I have spoken with PSH management and Bill Ackman regarding this. They would like to see parity, they try but they feel that the market will eventually recognise quality and outperformance.


If this phase one of AI,
If MNL management are superior
If you would prefer to pay 82c in the $, for msft and nvda, according to intra-week nav's rather than a premium.]

Whilst there is a bonus when the discount narrows, ask yourself these questions
if the bonus when to parity overnight, would I sell all my shares, none or some?

a) If its all of them, then mnl was bought, to take advantage of the discount and not because you believe in the management outperforming over 3,5 or 7 years.
b) if its none or some, then you wil probably regret not taking full advantage of -16/18%

PSH, MNL and Berhshire Hathaway all have two things in common a management with

a very significant percentage of ownership in the fund, which means they are at greater risk to the downside as you or I.

Concentrated portfolios in Buffets cases up 35% , Ackman 25% UMG and M Sheppard nvdia and msft.

Whilst the discount remains, especially since the Morgan Stanley TMT, investors who follow MNL, should be considering whether their other holdings should be sold to purchase more AI, via mnl.
It is our prerogative to manage our risk it is the fund managers we have confidence in to manage theirs!

I have heard far too many asset allocators complain about PSH being to concentrated in risk,as there are only 8 stocks, but 8 is less concentrated than buying a single stock.
If a fund has over 18/20 in a portfolio, why bother paying a fee instead just buy an etf. In the case of MNL, for one account I manage I sold polar technology in june last year to buy MNL, for that reason. Also consider why funds that proport to cap holdings by market capitalisation may be selling their winners and reweighting to losers.

In PSHs case, they have found that 2020 +70% and 2021 +27% their discount widened.
The market is the market, but the team has continued to out perform NACV up as is the quoted price.

Berkshire Hathaway have always suffered from a conglomerate discount to NAV as well, some believe as high as -50%.

To conclude, in time it is performance that counts!!!!

The current discount is an advantage to those who know the stock well. I have and continue to reassess and buy more, when the opportunity arises. I sell non-performers and ask myself if the AI story is still in its infancy, (who understands it the most, those bothered to go back to university ?), where my portfolio can outperform. If the risk is to big the beta that AI has means I can allocate to cash or bonds against that risk.

Because of the discount advantage the man fee change of 0.5 to 0.75 less relevant.

If MNL was trading at parity, one good argument to buy is lost!

Warren Buffet
"Diversification is protection against ignorance. It makes little sense if you know what you are doing."

"A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them."

"Wide diversification is only required when investors do not understand what they are doing."

"A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them."

"Diversification may preserve wealth, but concentration builds wealth."
Posted at 15/3/2024 08:34 by iminterested

Also consider this re your points on
You are absolutely right
When I buy Mnl
I buy a concentrated fund w approximately
I reckon 28% equally invested in msft and nvidia
Mnl have done their research
I have looked at their half year report
I know the stock weighting has changed since the January newsletter
I have done my own research as you do

Therefore I know what I AM buying
As do you

It is up to others as you always say to
Posted at 14/3/2024 09:51 by northstar88
No offence Takeiteasy, but you keep stating that since MNL "changed their strategy" they have started performing better and their research is now coming to fruition.
I'm not sure if this change of strategy is something you have identified, or whether this is somethign MNL themselves are tryig to re-write as I don;t always read their newsletters anymore.
I've been a holder here for about 5 years and in my view there has been no change in strategy at all. For the last 5 or so years, the trust has been focused purely on big data / AI, just look at the holdings.
The only major deviation in strategy is that he exited china a little clumsily and seemingly on a whim when Russia attacked Ukraine.
Posted at 02/3/2024 06:41 by takeiteasy
Estimated discount MNL c.17% (based on closing bid £3.42). ATT by comparison is now under 10%.

"The Nasdaq Composite rose to an all-time high Friday, surpassing its 2021 record, as investors bet that megacap technology stocks were the best way to play slowing inflation and a coming artificial intelligence boom. CNBC yesterday

A number of core MNL holdings reaching all time highs - Nvidia, AMD, Arista Networks, Synposys and Cadence design.

dyor and no advice etc
Posted at 27/2/2024 05:41 by takeiteasy
As a purely hypothetical exercise (take with a pinch of salt of course as far too many limiting assumptions for real world) and picking up some more specific data points over 3 years (5 year not to hand readily) to test our manager’s portfolio management philosophy,

MNL approach has a limited diversification with microsoft as the core holding and a few high quality satellite holdings.

Does the data show at all that this is any better than an AI portfolio with much broader diversification which MNL would argue results in a lower average quality of stocks (however you define these metrics of course).

Base line for Microsoft is 3 year performance is up 75%.

So if in theory MNL had held the same portfolio it has now 3 years ago (it did not as we know hence the need for this exercise) and that we add in a limited number of high quality stocks which were all held for the entire 3 year period, did this add or detract to this excellent result for MSFT based on constituent holdings only ?

Picking up 3 year performance outcomes from the larger holdings we now have

Nvidia up 476%, Arista networks up 291%, Broadcom up 176%, Synopsys up 135%,
Cadence up 115%, AMD up 108%, ASML up 67%, Oracle up 72%

As comparator, L&G AI ETF is an established and well diversified ETF with 61 holdings and is up 4% over 3 years.

You would never use this approach for investment decision making given all the limiting assumptions, but to my mind it does illustrate to some degreee that while AI remains on a roll his approach does seem to have merit,

dyor and no advice
Posted at 26/2/2024 09:51 by takeiteasy
Question I'm sure many holders of MNL have pondered at times- does 32% in one stock add or detract to risk management. Our manager has reflected on this and posted the following tweet this week. His answer is aimed to clearly justify his position as you would expect.

"Every day we get "advice" to diversify from quality stocks to lesser quality stocks.
After Bill Gates became friends with Warren Buffett, he began to diversify his portfolio and sold Microsoft shares. Bill Gates' fortune today is 138 billion dollars, if he hadn't diversified it would be 1.33 trillion dollars".

I had an email coincidentally this weekend from the lead manager of the ARK ETF funds saying she felt smaller software firms were a better way to play AI.

We do not have 5 year performance figures so you cannot really answer this one on a comparable basis.

The only proxy you can easily find is the handful of AI ETFs that a decent number of smaller software firms for diversification where performance over 12 months and 2024 YTD is well back on MNL. So nothing really proven long term (5 Years plus) either way yet but a need to watch the numbers and keep comparing.

dyor and no advice

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