Overview
Manchester & London Investment Trust aims to achieve capital appreciation. Its investment objective is sought to be achieved through a policy of actively investing in a diversified portfolio of predominately developed market listed equities. The trust maintains a portfolio of approximately 20 to 100 securities, which are generally Blue Chip, Quality, Global and Growth orientated.
The fund’s benchmark is the MSCI UK Investable Market Index.
you can acess the trust’s website here
Fundamentals
Price
Research History
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17 May 2024 1 min read
Interview with Mark Sheppard from Manchester & London IT
In this week’s show, James Carthew spoke to Mark Sheppard from Manchester & London IT. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email us Aiman. Additionally, if you would […]
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26 Apr 2024 11 min read
QuotedData’s Investment Companies Quarterly Review – First quarter of 2024
First quarter of 2024 Investment Companies | Quarterly roundup | April 2023 Kindly sponsored by abrdn Equity rally belies difficult quarter for sector 2024 started on strong footing, with global equities (as measured by the MSCI All Countries World Index) rallying 9.2% over the first three months (in sterling terms). However, while there some standouts […]
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13 Oct 2023 10 min read
QuotedData’s Investment Companies Roundup – October 2023
October 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in September 2023 September was defined by the ongoing US bond selloff, with global markets trending down in sympathy. Investment trust returns were negative on average for the month, although several sectors still achieved positive returns. The Royalties sector was the […]
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06 Apr 2023 82 min read
QuotedData’s Economic and Political Monthly Roundup April 2023
Economic and Political Monthly Roundup Investment companies | Monthly | April 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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07 Apr 2020 8 min read
QuotedData’s Investment Companies Roundup – April 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over March: An update note […]
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07 Feb 2020 7 min read
QuotedData’s Investment Companies Roundup – February 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over January: An annual overview note on Shires Income (SHRS) “Shires Income (SHRS) will […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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07 Aug 2019 3 min read
QuotedData’s investment companies roundup – August 2019
Investment Companies Roundup New research Over July, we published notes on CQS New City High Yield, BlackRock Throgmorton, Strategic Equity Capital, Seneca Global Income & Growth, CG Asset Management, Standard Life Investments Property Income and Aberdeen New Dawn. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite […]
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18 Jan 2019 1 min read
QuotedData’s investment companies roundup – January 2019
QuotedData’s investment companies roundup – January 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2018. Kindly sponsored by Baillie Gifford. Extract from money raised and returned in December The only new issue […]
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11 May 2018 1 min read
QuotedData’s Economic round up – May 2018
QuotedData’s economic round up – May 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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18 Apr 2018 1 min read
QuotedData’s Economic round up – April 2018
QuotedData’s economic round up – April 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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14 Jun 2017 1 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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08 Nov 2016 1 min read
QuotedData investment companies roundup – November 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2016. november-investment-companies-roundup-2
News
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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26 Sep 2024 2 min read
AI bet pays off for Manchester & London
Manchester & London’s results for the year ended 31 July 2024 reflect the success of its AI-related investments. The NAV total return for the period was 55.4%. The share price rose by 56.1%, narrowing the discount a little to 15.3%. The dividend has been increased by 50% to 21p. [The trust is amongst the best-performing […]
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03 Sep 2024 1 min read
QuotedData’s morning briefing 3 September 2024 – RMII, VNH, MNL, SSIT
In QuotedData’s morning briefing 3 September 2024: RM Infrastructure Income (RMII) announced a tender offer of up to £20m to be made to shareholders, together with a notice convening a general meeting of the company, to be held on 25 September 2024 at 12.00pm. Following shareholder approval of a new investment policy at a general […]
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02 Sep 2024 2 min read
Manchester and London announces new management fee structure
Manchester and London (MNL) has announced a change in the structure of the fees it pays to its manager, M&L Capital Management Limited, under which there is a new tiered management fee replacing the current fee arrangements, which took effect from 1 September 2024. The new fee arrangements do not include any performance fee or […]
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09 Aug 2024 3 min read
Bubble trouble?
In his latest QD view, James Carthew looks at the impact of recent market falls on the technology sector, and Polar Capital Technology in particular. Polar Capital Technology’s amazing results Polar Capital Technology (PCT) announced results for the 12 months ended 30 April 2024 on 17 July 2024, we covered these here. The numbers were […]
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24 Nov 2023 4 min read
QD View – AI euphoria gone too far?
The bizarre comings and goings at OpenAI have been dominating business headlines recently. I must admit, I find the ongoing delirium surrounding artificial intelligence somewhat tiring. While I’m certainly not qualified to debate the finer details of the technology, it seems to me that for most people, the extent of it so far amounts to […]
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09 Jun 2023 3 min read
QD view – AI mania driving tech recovery
Big getting bigger One of the dominant, and for most investment managers highly frustrating, trends of recent times has been the strength of the mega caps. It was really evident in the UK last year, where a handful of large stocks drove indices higher and, if you were underweight those, as most active managers would […]
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21 Oct 2022 3 min read
Manchester and London hurt by technology exposure
Manchester and London (MNL) has announced its annual results for the year ended 31 July 2022, during which an NAV total return of -23.0%* (2021: 8.7%*), which represents a 30.3% underperformance against its benchmark (the MSCI UK Investable Market Index). Software, which represents a large percentage of MNL’s portfolio, had a tough year with the […]
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22 Mar 2022 2 min read
QuotedData’s morning briefing 22 March 2022
In QuotedData’s morning briefing 22 March 2022: Schroder British Opportunities (SBO) – managed by Tim Creed and Rory Bateman (pictured) – says that it thinks its portfolio of UK companies with strong growth prospects is a differentiated offer with appeal to all investors who believe in the UK recovery story. It therefore intends to increase […]
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17 Mar 2021 2 min read
QuotedData’s morning briefing 17 March 2021
In QuotedData’s morning briefing 17 March 2021 – UK Mortgages’s (UKML’s) interim results to 31 December 2020 delivered a 7.7% total NAV return. Chairman, Christopher Waldron, said the following in his notes: “Clearly, since those early days of the COVID-19 pandemic our worst fears over the extent of mortgage holidays and the consequences of other forbearance […]
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08 Dec 2020 2 min read
QuotedData’s morning briefing 8 December 2020
In QuotedData’s morning briefing 8 December 2020 – Syncona’s Autolius reported positive results in its ALLCAR Phase 1 study, where it is using AUTO1 to treat Adult Acute Lymphoblastic Leukemia. COVID has delayed phase 2 – it says that “…enrolment projections have had to be adjusted. We now expect to enroll patients throughout 2021 with a […]
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06 Oct 2020 1 min read
QuotedData’s morning briefing 6 October 2020
In QuotedData’s morning briefing 6 October 2020: Augmentum Fintech says Seedrs (which was 1.2% of its portfolio at the end of March) is planning to merge with Crowdcube. Also, Tide (11.5% of the portfolio) has been awarded another £25m (on top of the £60m it got in February 2019) of the RBS Alternative Remedies Package (the […]
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30 Sep 2020 2 min read
Excellent year for tech-focused Manchester & London
The global sector company, Manchester and London (MNL), delivered a total NAV return of 12.8% over the full-year to 31 July 2020, which was over 30% ahead of its benchmark, the MSCI UK investable market index. Attribution – Microsoft, Alphabet, Facebook, Tencent, and Amazon all figure in the portfolio Information technology: +7.2% Communication services: +5.0% Consumer […]
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26 Jun 2020 2 min read
QuotedData’s morning briefing 26 June 2020
In QuotedData’s morning briefing 26 June 2020 The managers of Ediston Property Investment Company bought 276,971 shares at 50p per share on 23 June, to take their holding to 1.5m shares. 50p is a 47.1% discount to the last published NAV but that will probably be falling as a result of COVID-19. Manchester and London used […]
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20 Mar 2020 2 min read
Manchester and London’s benchmark-beat fronted by tech
The global sector company, Manchester and London (MNL), delivered a total NAV return of 3.4% over the six-month period to 31 January 2020, 4.2% ahead of its benchmark, the MSCI UK investable market index. MNL focuses on the technology, healthcare and consumer sectors. The company released the following breakdown: Total return of underlying sector holdings in local […]
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25 Sep 2019 1 min read
Manchester and London powers further ahead
Manchester and London powers further ahead – Manchester and London Investment Trust delivered an NAV return of 9.8% over the year ended 31 July 2019. By contrast, its benchmark, the MSCI UK Investable Market Index, returned just 1.0%. The trust was 50% ahead of its benchmark over three years at 31 July 2019. The dividend […]
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19 Jun 2019 1 min read
Manchester & London manager invests £5.3m
Manchester & London manager invests £5.3m – Manchester & London Investment Trust has announced that M&M Investment Company Plc (“MMIC”), a company controlled by Mark Sheppard, the owner of M&L Capital Management Limited, the company’s manager, and a controlling shareholder in the company, has today subscribed for 994,575 new shares at 532.9p the price equal […]
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23 Nov 2018 2 min read
Shift to global helps Manchester and London outperform
Shift to global helps Manchester and London outperform- Manchester and London (MNL) has reported an NAV total return per share of 26.9% (2017’s NAV return was 22.3%). This compares well with the benchmark, which is the MSCI UK Investable Market Index, which posted a NAV of 9.23%. Manchester and London has beaten its benchmark over […]
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23 Jul 2018 2 min read
Artemis Alpha writes down URICA
Artemis Alpha writes down URICA – Artemis Alpha Trust says that its NAV has been reduced by 2.2% as a result of an impairment taken to the value of its holding in URICA Ltd, a company operating in the supply chain finance industry. This represents the total amount originally invested in URICA at cost. The managers did not […]
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13 Oct 2017 1 min read
Manchester & London overseas bet pays off
Manchester & London overseas bet pays off – Manchester & London has published results for the year ended 31 July 2017 that show that the fund delivered a 26.9% return on net assets and a 47.9% return to shareholders over a period when its benchmark (MSCI UK Investable Market Index) returned 14.7%. the share price return […]
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21 Oct 2016 2 min read
Manchester & London performance improves
Manchester & London reports that, for the year ended 31 July 2016, its NAV increased by 19.8% which they compare to a 4.0% return on the Dow Jones U.K. Total Stock Market Total Return Index. The discount the Shares trade at to their Net Asset Value per Share has widened by 2.2 per cent during […]
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30 Oct 2015 1 min read
Manchester & London cuts dividend as performance stabilises
Manchester & London has published results for the year ended 31 July 2015. These show that the fund just outperformed its benchmark, the Dow Jones U.K. Total Stock Market Total Return Index, returning 5.0% on net assets vs. 4.8% for the index. The Directors are proposing a final ordinary dividend per share of 1.70p and […]
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28 Oct 2014 1 min read
Manchester & London hit hard by hedging error and PZ Cussons
MNL : Manchester & London hit hard by hedging error and PZ Cussons Over the year to the end of July 2014, Manchester & London’s net asset value fell by 12.3% – a long way short of its benchmark which rose by 1.9%. The dividend was maintained at 13.75p despite revenue falling to 13.63p. The […]
In The Press
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17 Dec 2024 1 min read
Investment trust insider looks back at 2024
Investment trust insider looks back at 2024 – James Carthew: Shrinking trusts provide multiple opportunities Share price discounts remain stubbornly wide despite a huge number of buybacks and corporation actions in 2024. Nevertheless, there have been some big winners this year. This year has seen the investment companies sector shrink as boards have made big […]
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07 Oct 2024 1 min read
Investment trust winners and bargains worth backing
by Dave Baxter, Investors Chronicle, October 4, 2024: Markets have not exactly been moving sideways in 2024. The S&P 500 has returned nearly 15 per cent in sterling terms over the first nine months of the year, with the FTSE All-Share making more than 10 per cent. Equity fund investors have had plenty to enjoy, […]
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16 Jul 2024 1 min read
Is there a perfect number of stocks for a portfolio?
by Cherry Reynard from interactive investor, 15th July 2024: Running a concentrated portfolio of a small number of companies comes with the risk of a single-stock failure, which can derail a fund manager’s track record.. The vogue has been for managers to hold concentrated portfolios. Many have sought to emulate the Warren Buffett mantra – […]
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15 Feb 2024 1 min read
The revival of technology investment trusts
by Jennifer Johnson, Investors’ Chronicle, February 14, 2024: At first glance, London’s largest dedicated technology trusts aren’t overexposed to the fabled ‘Magnificant Seven’ stocks that dominated the US market last year. Open-ended funds can only hold 10 per cent in a single company, meaning they must underweight the megacap companies that sit at the top […]
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22 Jan 2024 1 min read
Investment trust insider on global trusts
Investment trust insider on global trusts – James Carthew: Global funds can learn from Alliance Trust’s success Our columnist says he is increasingly convinced Alliance Trust makes a ‘core’ holding for investors after its prgamatic multi-manager revamp seven years ago. Last week I discussed how 2023’s markets were dominated by a ‘magnificent seven’ of mega-cap […]
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15 Jan 2024 1 min read
Investment trust insider on AI
Investment trust insider on AI – James Carthew: Tech trusts transform their returns with big AI bets Ignoring a couple of oddities, the best-performing investment company last year in terms of underlying growth in net asset value (NAV) was Manchester & London (MNL), which generated a return of 57%. A narrowing discount meant that shareholders […]
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18 Dec 2023 1 min read
Investment trust insider on 2023
Investment trust insider on 2023 – James Carthew: Dramatic 2023 leaves sector radically different The rationalisation of the sector continues. There has been a flurry of announcements over the past couple of weeks: Abrdn Diversified Income and Growth (ADIG) announced a managed wind down; Triple Point Energy Transition (TENT) declared it will begin an orderly […]
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18 Apr 2023 1 min read
Investment trust insider on discounts
James Carthew: This selloff has gone too far Looking at my portfolio, the past few months have felt a bit frustrating. Investment companies that I am convinced are sound have been derated, sometimes aggressively. Investors seem irrational, perhaps even panicky. Fundamentals are being ignored and sentiment rules all. Fortunately, the bulk of my investments are […]
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28 Feb 2023 1 min read
20 investment trusts cheaper now than during Covid-19 sell-off
by Kyle Caldwell from interactive investor, 28th February 2023: Three years ago was a great opportunity to pick up bargains among investment trusts as the Covid-19 pandemic caused widespread panic and fear… Three years ago is a case in point. In response to the emergence of Covid-19, stock markets fell notably, with the FTSE All-Share […]
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14 Oct 2022 1 min read
Lindsell Train and Scottish Mortgage among the cheapest global trusts relative to their recent history
By Tom Aylott, Reporter, Trustnet, 13 October 2022: Global trusts were some of the biggest benefactors of the growth wave that dominated throughout the 2010s, loading up on US tech companies that soared. In the past five years alone, the IT Global Equity Income and IT Global sectors have delivered investors a total return of […]
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11 Oct 2022 1 min read
Bargain Hunter: 12 investment trusts near biggest discount in five years
by Kyle Caldwell, interactive investor, 11th October 2022: Investment trust discounts have widened notably since the beginning of the year, rising from 1.5% to 15.7% for the average discount, according to analyst Winterflood. The bear market that’s played out this year in response to high levels of inflation, increases in interest rates and geopolitical tensions, […]
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01 Dec 2021 2 min read
The global trusts on the biggest discounts or premiums relative to their history
Trustnet continues its study into which trusts have the most inflated valuations and biggest discounts relative to their five-year average, this time focusing on global investment trusts. By Eve Maddock-Jones, Reporter, Trustnet, 24 November 2021 Buying cheap trusts on a bigger discount than normal can be a lucrative way to make money over the long-term. Similarly […]
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05 Oct 2020 1 min read
Investment trust insider on Asian technology
Investment trust insider on Asian technology – James Carthew: there’s a lot of Asia tech we’re missing I met Mark Sheppard, the fund manager and leading shareholder of Manchester & London (MNL), last week. He was adamant that it was madness that most UK investors’ portfolios were very underweight US technology stocks and had next to […]
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18 May 2020 1 min read
Tech titans can help your portfolio ZOOM!
Tech titans can help your portfolio ZOOM! The stay-at-home stocks set to emerge even stronger from lockdown By ANNE ASHWORTH FOR THE DAILY MAIL PUBLISHED: 21:51, 15 May 2020 | UPDATED: 21:51, 15 May 2020 The close links with the US tech giants forged by so many of us in past weeks seem set to endure, and may be even […]
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10 Oct 2019 1 min read
Investment trust insider on Manchester and London
Investment trust insider on Manchester and London – 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 […]
