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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Manchester & London Investment Trust Plc | MNL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 10.00 | 1.44% | 704.00 | 16:35:26 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 696.00 | 696.00 | 700.00 | 704.00 | 694.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 28/05/2024 | Special | GBP | 0.07 | 04/07/2024 | 05/07/2024 | 01/08/2024 |
| 13/03/2024 | Interim | GBP | 0.07 | 11/04/2024 | 12/04/2024 | 07/05/2024 |
| 27/09/2023 | Final | GBP | 0.07 | 05/10/2023 | 06/10/2023 | 08/11/2023 |
| 21/03/2023 | Interim | GBP | 0.07 | 13/04/2023 | 14/04/2023 | 04/05/2023 |
| 20/10/2022 | Final | GBP | 0.07 | 03/11/2022 | 04/11/2022 | 25/11/2022 |
| 22/03/2022 | Interim | GBP | 0.07 | 14/04/2022 | 19/04/2022 | 04/05/2022 |
| 22/03/2022 | Special | GBP | 0.07 | 14/04/2022 | 19/04/2022 | 04/05/2022 |
| 29/09/2021 | Final | GBP | 0.07 | 14/10/2021 | 15/10/2021 | 09/11/2021 |
| 17/03/2021 | Interim | GBP | 0.07 | 15/04/2021 | 16/04/2021 | 04/05/2021 |
| 30/09/2020 | Final | GBP | 0.07 | 15/10/2020 | 16/10/2020 | 06/11/2020 |
| 20/03/2020 | Interim | GBP | 0.07 | 09/04/2020 | 14/04/2020 | 05/05/2020 |
| 25/09/2019 | Final | GBP | 0.08 | 23/01/2020 | 24/01/2020 | 14/02/2020 |
| Top Posts |
|---|
Posted at 26/7/2024 08:54 by shavian Tiptoeing cautiously further back into MNL this morning as my exposure to NVDA has become minimal, and it seems nuts not to buy it indirectly at a 20+% discount. |
Posted at 22/7/2024 12:47 by shavian My panic part sale of MNL, PLTR and TSLA on 12 July does not seem so stupid after all. What was stupid was to buy back half the sale when markets jumped a bit on Trumps survival. A Trump win would be bad for semis as he's soft on protecting Taiwan. So Biden pulling out at last gives some hope for a defeat for Trump, hence good for semis while that hope lasts. I'm expecting a rally in our stocks so bought back a few more this morning. GLA DYOR as usua |
Posted at 16/7/2024 09:44 by shavian My timing spectacularly wrong as usual! That shooter missing Trump spoiled my day in more ways than one. I had sold most of my MNL, PLTR and even half of my TSLA last Thursday. The failure of the assassination attempt now seems to have made Trump a shoe in for November. Awful for Ukraine and world stability of course, but potentially wonderful for US stocks, and perhaps AI in particular through de-regulation and lower taxes under Trump. Heigh-ho, I just bought back in again. Doh! |
Posted at 12/7/2024 08:15 by shavian I hate to do this but I've just taken my profits and sold MNL for the time being. There are signs that the AI frenzy has run too fast for now, and that the customers of NVIDIA in particular will take time to realise much revenue for all the billions they are spending, and this is beginning to sink in with the market. My favourite gurus on the All-In Podcast seem to agree :https://youtu.be/w3 |
Posted at 03/7/2024 06:23 by takeiteasy hxxps://x.com/MLCapMAs the special divi going ex tomorrow has not been enough to prevent the recent pull back here the manager has issued a statement on Twitter for the faithful...lols. "We are STILL in the early Chapters of this ERA. The Siren calls to sell and bank profits sound so sweet...but look at what could be. Be strong!" Perhaps if we were the fund manager we might do the same - who knows. I suspect very few follow his channel anyway...having spent some time with a chap who manages a lot of private client money recently very little of what we are doing here is understood more widely - hopefully in the year ahead this level of understanding that AI=nvidia and not much else will improve....who has even heard of MNL yet outside of Advfn? nai/dyor etc |
Posted at 02/7/2024 06:52 by takeiteasy 1 year performance by MNL holding (and some of these holdings have not been held for full year so only an approx indicator of course)Nvidia 193% Arista networks 123% Micron 106% Broadcom 87% Google 53% ASML ADR 41% Synopsys 39% AMD 36% MSFT 35% Cadence 32% Oracle 22% Nasdaq 100 30% - comparative...all very short term and most IFAs etc will look to longer term comparatives eg 5 years...but shows the short term consistency of the selections that are now in the portfolio..i.e. tidied up after recent refresh:) nai/dyor etc |
Posted at 18/5/2024 07:05 by takeiteasy According to HL, MNL discount 16%, SMT 7%, ATT tech trust 8% and PCT tech trust 8%.We may come smelling of roses after the Nvidia results but imvho the market is pricing in the additional concentration risks from our approach. YTD price performance between the MNL/ATT/PCT trusts are much the same (we are still ahead over a year). If you want to absolutely maximise beta risk you have your most volatile stock with the highest concentration - we all get that. The challenge then is the performance has to be consistently ahead to compensate for the additional risk capital. It will be interesting to see if this risk discounting continues, whether this influences the portfolio construction concentrations at all :) imvho dyor/nai |
Posted at 08/5/2024 09:27 by iminterested This was posted on X today by MNL"Discounts are driven by the US long bond yield. Until US10YR comes down to ~2.5 per cent "you can huff and you can puff" but it wont change! It is just a waste of energy fighting a causal correlation" Like MNL,I feel that in the UK, whilst base is 5.25% and obvs 10 year USD Treasuries are elevated discounts are unlikely to tighten too much. In order for the discount to narrow it will require more aggressive buyers than sellers and whilst I can see MNL trading at -10/12 %, the rate cycle( which may start within a month), needs to have downward velocity. |
Posted at 02/5/2024 07:21 by iminterested I disagreeIf you want a normalised structure Honestly There are normal tech funds. By example I sold Polar Tech last year to buy MNL MNL outperformed Easy you contribute to this site well But the managers are exactly that There are many funds that for many reasons trade at - 20% So What If Mnl start a share buyback that’s accretive I have continued to buy more at -20 Because it’s good value I also like the fact that the managers spent time educating themselves at university How many others do that AGAIN Pershing Square trades at -27% In the ftse 100 Finally may I ask Why you do not take advantage of the discount and buy more? How much stock do you own? Are you only looking for the discount to narrow? DYOR |
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. RE MNL 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." |
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