Over the six months to the end of October 2016, Monks’ net asset value total return was 25.3%, beating the World Index which returned 23.6%. The share price total return for the same period was 27.5%, with the discount to NAV* narrowing to 8.0%.
They say that the biggest positive contributors to performance were technology stocks: US and Chinese on-line retailers Amazon and Alibaba, South African group Naspers, Taiwanese semiconductor manufacturer TSMC, US online search engine group Alphabet and German enterprise software company SAP. Portfolio turnover for the six months was 17.3% on an annualised basis.
Earnings per share were 1.68p compared to 0.89p in the corresponding period. As flagged in the 2016 annual report, no interim dividend is to be paid.
MNKS : Monks performance improvement continues