Share Name Share Symbol Market Type Share ISIN Share Description
Manchester & London Investment Trust Plc LSE:MNL London Ordinary Share GB0002258472 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  5.00 0.96% 524.00 524.00 530.00 538.00 524.00 534.00 10,984 16:35:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -0.4 -2.0 - 162

Manchester & London Inve... Share Discussion Threads

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DateSubjectAuthorDiscuss
09/10/2019
12:08
from Citywire James Carthew: the global newcomer beating Lindsell Train & Scottish Mortgage If you could design your own investment company, what would it look like? For most of us the idea is a pipe dream but for Mark Sheppard, manager of Manchester & London (MNL), it’s a reality. While Manchester & London operates with all the usual checks and balances you’d associate with a stock exchange listed investment company, including an independent board and custodian, Sheppard has control of the £151 million trust, with 56.7% of the company held by M&M Investment Company, an unlisted company he controls. Sheppard originally qualified as a chartered accountant before working at investment bank ABN Amro Hoare Govett. More recently Sheppard has embarked on a BSc (honours) degree in Computing and IT, reflecting a passion for the technology sector that dominates Manchester & London’s portfolio. He is assisted by a team of three, including Brett Miller who has managed other listed funds, including a role behind the Damille activist trusts. The team also manages a small open-ended fund, M&L Global Digital and Technology, which had assets of just $21 million (£19 million) at the end of September. Manchester & London had always been managed with a focus on high growth companies but, prior to 2015, the bias was to companies benefiting from the growth of emerging markets and to companies listed in the UK. After a period of difficult performance in 2014, Mark began to rebalance the trust towards the technology, consumer goods and healthcare sectors. As the geographic remit broadened, Manchester & London soon took on the look of a global, large company portfolio. The subsequent performance was impressive but there was always a degree of sterling weakness flattering its returns compared to other trusts in the Association of Investment Companies’ UK All Companies sector. When the AIC revamped its sectors earlier this year, it was moved to the Global sector (while Independent (IIT) was shifted unwillingly to UK All Companies and Law Debenture (LWDB) happily found a new home in UK Equity Income). Now that it is being compared to an appropriate peer group, Manchester & London’s performance looks all the better. A year ago it beat Scottish Mortgage (SMT) to win Citywire's global investment trust performance award. I don't know whether it will do the same again this year, but looking at the latest data, In the Global sector over three years to yesterday Manchester & London ranks third with an underlying total return on net assets of 58.9%. This puts it behind only Lindsell Train (LTI), up 110%, and Scottish Mortgage on 59.4%. Remarkably, however, in terms of the three-year total returns received by shareholders, Manchester & London is currently number one! Its 87.5% growth reflects a re-rating that has seen the shares virtually lose all of the 21% discount to net asset value at which they used to trade. By contrast, Lindsell Train’s de-rating this year, with the previously exorbitant 109% premium falling to ‘just’ 28%, has cut the trust’s shareholder returns to 75% over the same period. Although Scottish Mortgage’s discount has widened slightly recently, its 50% three-year shareholder return demonstrates how the shares have broadly traded close to NAV. ‘Long the future’ Few managers of investment companies get to run a portfolio entirely composed of high-conviction positions but Sheppard does; Amazon, Alphabet, Microsoft, Alibaba and Facebook accounted for 56.9% of Manchester & London’s NAV at the end of August. Manchester & London buys large companies in developed markets that are rich in intellectual property. Sheppard sums up the approach as being ‘long the future’. Perhaps, its closest comparator, in terms of the long portfolio, would be Scottish Mortgage, but without the unquoted companies, making Manchester & London a bit more nimble. One of the many things that differentiates Manchester & London’s investment policy is that the portfolio is also short the past. At the end of August, long positions accounted for 121.5% of net assets and short positions – where Sheppard is betting the shares will fall – at -31.9%. The shorts include baskets of stocks selected for unfavourable traits such as having weak balance sheets or declining margins. The derivatives exposure can be adjusted quite easily, allowing the trust to adjust its market exposure. With economic growth stumbling and a US election looming with the rhetoric against drug pricing ramping up as it does every four years, the trust’s portfolio now includes very little consumer discretionary and no healthcare. Manchester & London does have a small amount invested in Scottish Mortgage and Polar Capital Technology (PCT) in addition to its direct tech investments. The geographic bias is to the US and China and the trust is net short of the eurozone. Many investors want fund managers who are prepared to follow their convictions. There is well-deserved antipathy to active managers who end up hugging stock market indices but Manchester & London is towards the other end of the scale. This makes it a bit ‘marmite’;. The shares now trade on a small 5% discount but that seems undeserved to me. In addition to the impressive performance track record, the trust is a reasonable size, pays a yield of 2.7% paid from capital and levied ongoing charges of 0.83% for the year to July 2019, down from 0.93%. Perhaps the strongest argument for the trust is the manager’s ‘skin in the game’. However, Sheppard’s punchy investment style, and implied portfolio volatility that is much higher than a broad market index, means this is not a widows and orphans trust, any more than perhaps Scottish Mortgage should be. James Carthew is a director at Marten & Co, operator of the QuotedData website. The views expressed in this article are his and do not constitute investment advice.
robow
31/7/2019
13:58
MNL LN has just posted yet another ATH NAV per share. This stock just keeps grinding higher! no-one ever notices...
fundgeneral
03/7/2019
18:58
Manager continues to sell
dekle
03/12/2018
19:42
Yes. You would expect that is he is bearish with his personal stake,he should go cash with the portfolio for his investors.
ceaserxzy
03/12/2018
19:11
Mark Sheppard continues to sell, scary
dekle
25/10/2018
08:30
Down 6% today; title of this thread needs changing: down over 20% in last few months conducive to sleepless nights!
deadly
05/6/2018
12:32
On the march again
robow
10/5/2018
13:13
Also Apple, alphabet Alibaba and Tencent. There is alot of good stuff is this Investment Trust.
888icb
10/5/2018
11:38
i think this trust is a good way to get exposure to the tech titans - big holding in amazon and microsoft .
gilesy
27/4/2018
09:44
Why does this investment trust jump 10% in a day, with no news posted....? Nice, but why?
vulgaris
13/10/2017
18:07
Oooh glossy accounts per their website. They must be trying to promote this. Time to sell not buy in my view.
topvest
07/3/2017
13:39
IMO Questor has really excelled himself this time, by presenting MNL as Scottish Mortgage at a 20% discount! What a crazy jump in SP! The discount will soon have disappeared.
clausentum
03/3/2017
23:05
I bought 1 month ago immediately following Simon Thompson's tip and my investment is 19% UP. So thank you Simon it's more than paid for my IC subscription. I liked the sound of a couple of his other 2017 tips and they are also progressing well.
888icb
03/3/2017
11:52
This is the Questor piece 2 MARCH 2017 • 6:20AM This newspaper’s Money sections have long been admirers of the Scottish Mortgage investment trust, which has just won promotion to the FTSE 100 index. However, the trust, which invests heavily in technology firms such as Amazon and Facebook, is disqualified from “bargain”; status because it tends to trade at a premium. Today we look at a trust with some similarities and the added attraction of a 21pc discount. The Manchester & London trust is far smaller than Scottish Mortgage (it has a market value of about £66m, against the latter’s £4.7bn) but shares its liking for American technology giants. ADVERTISING Both have stakes in Amazon, for example: M&L has 7.6pc of its money in the online retailer, which is its second-largest holding; for Scottish Mortgage the figure is 9.9pc and Amazon is the No 1 holding. Facebook and Alphabet, Google’s parent company, also feature in the top 10 holdings of both trusts. This is not to say that the two portfolios are identical. Scottish Mortgage has significant stakes in several Chinese internet firms, including Baidu, the search engine, and Tencent, the diversified online services group. Overall it has 18.8pc of its assets in China, whereas M&L’s exposure is minimal at 1pc. The smaller trust also has more of its money in big names outside technology, principally in the consumer and healthcare sectors; holdings include Heineken, Pernod Ricard and Campari, as well as GlaxoSmithKline, AstraZeneca and Roche. More unusually, its holdings include other investment trusts, such as Polar Capital Technology, Worldwide Healthcare, the SME Loan Fund – and Scottish Mortgage itself. M&L also tends to have considerably fewer holdings than Scottish Mortgage. The trust has not always had this composition. When a new manager, Mark Sheppard, was appointed about three years ago he took a fresh look at the likely sources of global growth and adopted the current key themes of technology, consumer goods and healthcare and pharmaceuticals. He considered these sectors to have good performance records and the momentum to continue, along with high levels of return on capital and strong growth potential. “Mr Sheppard favours companies that are able to disrupt traditional business models, take advantage of economies of scale and achieve exponential growth as a result of technology,” analysts at Winterflood, the stockbroker, wrote this week. “The prospects for the healthcare and consumer goods sectors are viewed as positive because of ageing populations and rising incomes.” They added that the portfolio had no exposure to mining, oil and gas or banks, and low exposure to cyclical stocks. This has resulted in the fund outperforming the FTSE All Share index over the past three years (a 36pc gain in net asset value with income reinvested, versus 20pc for the index), while exhibiting lower volatility. One quirk is that the manager owns more than 60pc of the trust’s shares, which Winterflood said represented “a strong alignment of interest” with other investors. The broker added: “After a difficult period, Manchester & London has seen a considerable turnaround in recent years, in terms of both its performance and its portfolio. Mark Sheppard has adopted a momentum growth investment approach that has seen him back a number of leading global disruptive companies. “Conversely, he has been prepared to be pragmatic, exiting ideas that have not met expectations, such as peer-to-peer lending.” In the light of this, it’s hard to see why the shares trade at a 21pc discount. “Given the turnaround in performance, we believe that the fund’s discount could materially narrow from its current level,” Winterflood said. Questor says: buy
robow
03/3/2017
10:38
Apologies 888ICB if I am commenting on the same Telegraph point as you but the article in today's Telegraph is not dated so may have been the same as that referred to in your post yesterday!
maytrees
03/3/2017
10:18
Good write up in today's Telegraph about inter alia, MNL's holding in Amazon.
maytrees
02/3/2017
22:21
An 8.59% rise today no doubt on the back of the US market going to an all time high on the back of Trumps speech. Simon Thompson of the IC tipped it and today the Telegraphs Questor column pointed out its largest holding is Amazon and MNL trades at a 21% discount to NAV. I invested on Simons tip and am very pleased with progress so far.
888icb
02/3/2017
12:30
Thanks to Questor for the rise!!
clausentum
05/2/2017
21:42
The case made by Simon Thompson makes good reading. This is an opportunity to buy into good investments such as Apple and other major tech stocks at a substantial 21% discount plus it is also into healthcare and Pharma. I think this share has been below the radar and perhaps Simons tip will bring it to a wider audience. It has persuaded me to invest which I did on Friday.
888icb
03/2/2017
08:38
Simon Thompson Bargain Portfolio share
luthier
12/8/2016
21:29
Cracking breakout
luckymouse
09/9/2012
12:09
Yes, I noticed that but a little late to take any action. I remain long and now hope for the discount to narrow.
beardmore
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