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MNL Manchester & London Investment Trust Plc

4.00 (0.59%)
Last Updated: 11:00:41
Delayed by 15 minutes
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 Shares Traded Last Trade
  4.00 0.59% 678.00 17,835 11:00:41
Bid Price Offer Price High Price Low Price Open Price
662.00 678.00 678.00 678.00 678.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 31.91M 28.75M 0.7136 9.45 271.59M
Last Trade Time Trade Type Trade Size Trade Price Currency
10:45:24 AT 5 678.00 GBX

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Date Time Title Posts
23/5/202405:16Dull maybe - but you won't lose any sleep553

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Manchester & London Inve... (MNL) Most Recent Trades

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Posted at 23/5/2024 09:20 by Manchester & London Inve... Daily Update
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 674p.
Manchester & London Inve... currently has 40,295,055 shares in issue. The market capitalisation of Manchester & London Inve... is £271,588,671.
Manchester & London Inve... has a price to earnings ratio (PE ratio) of 9.45.
This morning MNL shares opened at -
Posted at 23/5/2024 05:06 by takeiteasy

Nvidia reported $6.12 earnings per share and $26 billion of sales for the three-month period ending April 30, shattering mean analyst forecasts of $5.60 and $24.59 billion, according to FactSet.

Nvidia’s profits and revenues skyrocketed by 628% and 268% compared to 2023’s comparable period, respectively.

This was Nvidia’s most profitable and highest sales quarter ever, topping the quarter ending this January’s record $12.3 billion net income and $22.1 billion revenue.

Driving the numerous superlatives for Nvidia’s financial growth over the last year is unsurprisingly its AI-intensive datacenter division, which raked in $22.6 billion of revenue last quarter, a 427% year-over-year increase and a whopping 20 times higher than the $1.1 billion the segment brought in in 2020.

Nvidia also announced it will conduct a 10-for-1 stock split June 7, which would trim its share price from about $950 to $95 while maintaining the company’s total valuation, enabling investors and employees to more affordably purchase whole shares.

dyor/nai etc
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 disagree
If you want a normalised structure
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
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?
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 26/3/2024 12:57 by iminterested
UBS raises target price from $800 to $1,100
Top of the range estimates pitched at $1,400
$150 billion revenues predicted for calendar 2025
Analysts at UBS have upped their target price on AI (artificial intelligence) chips champion Nvidia (NVDA:NASDAQ) by 37.5% as the Santa Clara, California company continues to trump market expectations.

In February 2024, Nvidia posted the market’s most crucial results this year and it was blockbuster action all the way. Revenues surged by a remarkable 265% over last year, and were up 22% on the previous quarter, sending the stock surging 14% to $739, and it hasn’t looked back since.


Nvidia’s share price now sits at $950, almost double where it started 2024, and up 550% since the start of 2023, making consensus next 12-month estimates of $955.60 look ridiculously off the pace. Top of the range projections stand at $1,400.
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 19/1/2024 05:09 by takeiteasy
Our manager has bought some shares to help our cause (well done and thank you!) but we still have a discount of 20.63% according to HL website today even after the small share price rise yesterday.

I suspect the lack of liquidity is hurting us and discouraging others from building a larger position - also there has not been that many shares about to buy at times too. If our manager reads this website can he take this as a polite request to record his thoughts on the reasons on twitter as I would be interested - thank you.

On the recent merger of two of our holdings that when combined account for >10% of FUM so worthy of comment

“It’s all about semiconductors, with AMD (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA) making new highs, and Synopsys has taken a lot of heat for its merger with Ansys (NASDA: ANSS). These are two great companies combining. Synopsys is well positioned to support the semiconductor market,” he said.
The Synopsis share price, which started to decline after mid-December, has fallen further since it announced this week it was buying Ansys for $35 billion.“The debate about whether they’re paying too much for Ansys or not will dissipate over the next year. I think Synopsys is a steal down here,” he added.

dyor etc
Posted at 10/1/2024 15:54 by takeiteasy
Within a literal nanosecond of Microsoft breaking out of the trading range at over 380 MNL share price starts to move again ...what a lols...
Posted at 10/1/2024 07:04 by takeiteasy
Another section of the fact sheet is the manager take on 2024..

"As such, we do not see the rocket higher in Tech stocks continuing especially in H1
2024. Our best guess is that H1 2024 could be a period of stagnation for Markets with any positive grind higher earned by continuing optimistic results announcements. Nonetheless, as we look at 2024 as a whole, we remain very positive for the following reasons ...We leave all these questions to you, but the opportunities are huge if they develop as we hope"

Lots of hope and lots of questions as they rightly point out - what they may like to add if they had space is the opportunity for some of the larger holdings that are still seen by the market as cheap - which is rather counter intuitive when the share price rise in 2023 has been so great ....dyor and no advice intended etc...

In turn, this contributes to a forward price/earnings-to-growth (PEG) ratio of 0.92. The PEG ratio is calculated by dividing the forward price-to-earnings (P/E) ratio by the expected growth rate. A ratio under one suggests good value. But clearly, it’s not just me that recognises this. Nvidia has an average price target of $653.89, 35% above the current share price.

hxxps:// (nice graphic!)

hxxps:// (bullet point 3!)
Posted at 21/11/2023 09:58 by tiltonboy

Indeed, the NAV is clear of 600p, but will probably need to go to 725p to see MNL share price up at 600p if the discount tracks where it has been for the last year or so
Manchester & London Inve... share price data is direct from the London Stock Exchange

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