Fund Profile

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Disclosure – Independent Investment Research

This is independent research issued by Kepler Partners LLP. The analyst who has prepared this research is not aware of Kepler Partners LLP having a relationship with the company covered in this research report and/or a conflict of interest which is likely to impair the objectivity of the research and this report should accordingly be viewed as independent.

Overview
Monks offers a highly active approach to investing in global equities...
Overview

Monks Investment Trust (MNKS) aims to deliver long-term capital growth through a well-diversified, actively managed, global equity portfolio.

Rigorous, bottom-up analysis is at the heart of the investment process, with the managers, Charles Plowden, Spencer Adair and Malcolm MacColl, looking to identify growth companies with above-average earnings growth. The team takes a long-term view on their holdings as this ensures that the fundamental attributes of a company are given ample time to drive returns. The investment company has an annual turnover of just 17%, according to the May factsheet.

Diversification is a key characteristic of the trust, and the managers split holdings into four categories depending on the anticipated growth. Holdings are also divided into three broad holding sizes that allow the managers to embrace the potential for asymmetry of returns through positions in stocks with higher risk-return characteristics.

Since the new managers took over the portfolio in March 2015, the trust has performed strongly relative to both its peers and the benchmark FTSE World. Over the past four years, the trust has delivered NAV total returns of 91.4%. In comparison, the FTSE World, the AIC Global sector and the IA Global sector have delivered 70.1%, 75.3% and 56.6%, respectively. With that said, it has come at the expensive of volatility and, over the same period, the fifth-highest standard deviation, at 17.2%, in the 16-strong peer group. Returns have been even more volatile over the short term. Over the past year, the trust has the second-highest beta, at 1.21, in the AIC Global sector and the third-highest standard deviation, at 20.37. The final quarter of 2018 saw the trust being hit particularly hard, falling by 13.7% in NAV total returns. In comparison, the FTSE World index lost 10.9%. However, there has since been a rally and from the start of the year the trust has produced NAV total returns of 26.5%, relative to 20.1%, 18.8% and 19.8% returns for the benchmark, AIC peer group and IA peer group, respectively.

At present Monks is trading at premium of 4% relative to the sector-weighted average discount of 0.2%.

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Fund History

17 Jun 2022 Baillie Gifford Monks Investment Trust: Growth investing in a changing world
In this recent webinar, manager of the Monks Investment Trust, Spencer Adair, outlines how the trust seeks to harness growth in an ever-changing world...
06 May 2022 Casting the net wider
Growth stocks are becoming more diverse, meaning stock-pickers need to embrace the unfamiliar, Spencer Adair, manager of The Monks Investment Trust, tells Ian McGugan...
12 Nov 2021 Virtuous cycles
From Ryanair to Rio Tinto, firms that suffer through tough times often resurface as big long-term winners. Spencer Adair, manager of The Monks Investment Trust, reveals what turns these stocks into comeback kings
08 Oct 2021 Baillie Gifford Monks Investment Trust - Manager Insights
Baillie Gifford investment manager Spencer Adair and client director John Carnegie review the portfolio’s performance and hone in on Tesla, Moderna and Sea, as well as its Chinese holdings...
19 Aug 2021 Pandemic immunity
We ask which global equity trusts have outperformed through the different stages of the pandemic…
05 Feb 2020 The best form of defence
We look at the continued rise of passive funds, and find out how investment trust managers are countering it...
23 Dec 2019 Insuring Asia
The extraordinary expansion of Asia’s middle class is turbocharging demand for products that provide a sense of security. Charles Plowden, manager of Monks Investment Trust, tells Colin Donald why the region’s life insurance giants are well-placed to reap the rewards...
23 Oct 2019 Sail away: the best trusts to escape the UK
We look under the hoods of Global sector trusts to see which offer the best diversification prospects for UK investors...
24 Jul 2019 Fund Analysis
Monks offers a highly active approach to investing in global equities...
13 Dec 2018 Fund Analysis
Diversification is a key attribute of the portfolio, with the managers focusing on the type of growth they anticipate each company delivering...
12 Oct 2017 Roaring back…
We analyse the drivers behind the significant outperformance of global active managers in 2017, following what was a very poor year for them in 2016...
09 Aug 2017 Fund Analysis
A growth oriented portfolio with a dull long term record, which has witnessed a significant reversal in fortunes thanks its new highly-regarded management team
28 Feb 2017 Don’t wanna be an American idiot…
After such a chaotic start to Donald Trump's presidency, we look at potential options for investors in the US equity space...
22 Feb 2017 Into the wilderness...
In this detailed study of the global equity sectors, we analyse how managers are positioned in a world of high valuations and seismic political changes...
03 Feb 2017 Analysis: What next for European ITs?
Our analysis shows that European investment trusts have in recent years delivered strong returns to investors from their current discount, but risks abound in 2017...
17 Nov 2016 Hunting for growth in a dysfunctional market...
Monks Investment Trust's Charles Plowden, Malcolm MacColl and Spencer Adair explain their approach...
05 Oct 2016 Analysis - Going global
As the prospect of a messy divorce from the EU becomes increasingly real, we look at ways to diversify your portfolio away from the UK...
08 Dec 2015 A close up on Monks...
Monks investment trust continues to trade on a wider discount than most of the trusts in its sector, despite the overhaul of its portfolio and encouraging interim results last week...
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