1. Overview

    Monks Investment Trust aims for long-term capital growth which takes priority over income. This is pursued through applying a patient approach to investment, principally from a differentiated, actively managed global equity portfolio containing a diversified range of growth stocks.
  2. About the Trust

    The Monks Investment Trust PLC is both a distinctive trust and one of distinction. It was launched in 1929 and has been managed by Baillie Gifford throughout most of its history.

    Monks seeks to meet its objective by investing principally in a portfolio of global quoted equities. Equities are selected for their inclusion within the portfolio solely on the basis of the strength of the investment case.

    There are no limits to geographical or sector exposures, but these are reported to, and monitored by, the Board in order to ensure that adequate diversification is achieved. The number of holdings in equities typically ranges from 70 to 200. As at 30 April 2016, the portfolio contained 112 equity holdings.

    The Monks Investment Trust

    The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.

    Monks is an investment company within the meaning of section 833 of the Companies Act 2006.  Registered in England. Registered number: 236964. Registered office: Computershare Investor Services PLC, Moor House, 120 London Wall, London, EC2Y 5ET.

  3. Anzelm Cydzik talks to Charles Plowden about the Monks Investment Trust. They look back at a remarkable 12 months, discuss the portfolio’s current exposure, and look at some of the themes that will drive the search for exciting companies in various parts of the world over the course of 2017.
  4. Meet the Trust Managers

  5. Meet our Directors

    JGD Ferguson - Chairman

    James Ferguson was appointed a Director in 2002 and became Chairman in 2005. He is chairman of Value & Income Trust plc, The Scottish Oriental Smaller Companies Trust Plc, The North American Income Trust PLC and Northern 3 VCT Plc. He is a director of The Independent Investment Trust PLC. He joined Stewart Ivory in 1970, becoming chairman and chief executive in 1989 and retiring in 2000. He is a former deputy chairman of the Association of Investment Companies.

    EM Harley - Director

    Edward Harley was appointed a Director in 2003. He joined Cazenove & Co in 1983, becoming a partner in 1994. He has considerable experience of overseas markets, having worked in New York and latterly with responsibility for the firm’s business in Latin America, S.E. Asia and Australia. He is currently a director at Cazenove Capital Management. He is involved with the charitable sector both as a trustee and as a member of investment committees and is chairman of the Acceptance in Lieu Panel.

    DCP McDougall - Director

    Douglas McDougall was appointed a Director in 1999 and is the Senior Independent Director. He is chairman of The Independent Investment Trust PLC and is a director of Pacific Horizon Investment Trust PLC. From 1969 to 1999 he was a partner in Baillie Gifford & Co and from 1989 to 1999 was joint senior partner and chief investment officer. He is a former chairman of the Investment Management Regulatory Organisation, the Fund Managers’ Association and the Association of Investment Companies.

    KS Sternberg - Director

    Karl Sternberg was appointed a Director in 2013. He worked for Morgan Grenfell Asset Management (owned by Deutsche Bank) from 1992 to 2005 in a variety of roles, ultimately as the chief investment officer of Deutsche Asset Management Limited. He left that role to establish Oxford Investment Partners, an investment management company for a group of Oxford colleges, where he was chief executive officer until 2013. He is a director of Alliance Trust PLC, Island House Investments LLP, Herald Investment Trust plc, Lowland Investment Company PLC, JPMorgan Elect PLC and Clipstone Logistics REIT plc. He is a non-executive director of Jupiter Fund Management plc. 

    JJ Tigue - Director

    Jeremy Tigue was appointed a Director in 2014 and became Chairman of the Audit Committee on 1 May 2015. Mr Tigue was fund manager of Foreign & Colonial Investment Trust PLC from 1997 to June 2014. He is currently chairman of Syncona Limited and is a director of ICG Enterprise Trust plc, The Mercantile Investment Trust plc and Standard Life Equity Income Trust PLC. He was a director of the Association of Investment Companies from 2003 to 2013.

    B Richards - Director

    Belinda Richards was appointed a Director in 2016. Ms Richards is a former senior Partner at Deloitte LLP with a thirty year career specialising in business operations and strategy development with a particular focus on the Financial Services and Consumer Products sectors. She is a member of the FRC’s Advisory Group of Audit Committee Chairmen and a member of the Governing Council of the Centre for the Study of Financial Innovation, a not for profit think tank based in the City of London. In addition, she is a currently the chair of the audit committee of Wm Morrison Supermarkets PLC, the senior independent director of Grainger plc and a non-executive director of Aviva Life & Pensions UK Limited. She was previously a director of Friends Life Holdings plc and Balfour Beatty plc.

    Professor Sir N Shadbolt - Director

    Professor Sir Nigel Shadbolt was appointed a director in 2017.  He is Principal of Jesus College, Oxford, Professorial Research Fellow in the Department of Computer Science, University of Oxford and a visiting Professor of Artificial Intelligence at the University of Southampton. He specialises in open data and artificial intelligence and is currently also Chairman of the Open Data Institute.

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    There are no limits to geographical or sector exposures, but these are reported to, and monitored by, the Board in order to ensure that adequate diversification is achieved.
  7. Objective

    The Company’s objective is to invest globally to achieve capital growth. This takes priority over income and dividends.
  8. Investment Policy

    Monks seeks to meet its objective by investing principally in a portfolio of global quoted equities. Equities are selected for their inclusion within the portfolio solely on the basis of the strength of the investment case.

    There are no limits to geographical or sector exposures, but these are reported to, and monitored by, the Board in order to ensure that adequate diversification is achieved. The number of holdings in equities typically ranges from 70 to 200.

    Investment may also be made in funds (open and closed-ended) including those managed by Baillie Gifford & Co. The maximum permitted investment in UK listed investment companies in aggregate is 15% of gross assets. Asset classes other than quoted equities may be purchased from time to time including fixed interest holdings, unquoted securities and derivatives. The Company may use derivatives for the purpose of efficient portfolio management (including reducing, transferring or eliminating investment risk in its investments and protection against currency risk) and to achieve capital growth.

    While there is a comparative index for the purpose of measuring performance, no attention is paid to the composition of this index when constructing the portfolio; the portfolio may, therefore, differ substantially from that of the index. A long term view is taken and there may be periods when the net asset value per share declines both in absolute terms and relative to the comparative index. Payment of dividends is secondary to achieving capital growth. The shares are not considered to be a suitable investment for those seeking a regular or rising income.

    Borrowings are invested in equities and other asset classes when this is considered to be appropriate on investment grounds. Gearing levels, and the extent of equity gearing, are discussed by the Board and Managers at every Board meeting and adjusted accordingly with regard to the outlook. New borrowings will not be taken out if this takes the level of effective equity gearing to over 30% of shareholders’ funds. Equity exposure may, on occasions, be below 100% of shareholders’ funds.

    Monks' level of effective gearing is 107% of shareholders' funds, at 31 May 2017.