SCOTTISH
THE
MORTGAGE
MONKS INVESTMENT
INVESTMENT
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TRUST
Your portfolio
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“I don’t think this is a
transient set of issues: it
represents the challenge that
an emerging China presents
to the US’s vision of itself”
– has been felt most by Asian trusts.
While posting a respectable average
share price return of 8.42 per cent
in the year to the end of November,
the IT Asia Pacific sector has made
about one-third the gain of its North
American counterpart.
As yet, there is no resolution in sight,
with tensions recently flaring over US
MONKS HAS OVER £1.9BN
IN NET ASSETS UNDER
MANAGEMENT, WHILE ITS
ONGOING CHARGE IS A
MODEST 0.50%*.
THE MAINSTAY OF
YOUR PORTFOLIO.
Brexit winners and losers
Closer to home, Brexit woes have
continued to hamper UK trusts,
with the UK All Companies sector
underperforming its Europe,
Shaky foundations
Monks Investment Trust, we believe, could be a core investment for anyone seeking long term growth.
It is managed according to Baillie Giff ord’s £39bn Global Alpha strategy. As a result, Monks takes a highly
active approach to investment and its portfolio looks nothing like the index. The managers group their
holdings into four diff erent growth categories. This allows for excellent diversifi cation and off ers the chance
to unearth some of the more interesting companies listed on global stock markets. Over the last fi ve years
the Monks Investment Trust has delivered a total return of 146.8% compared to 101.9% for the sector**.
Standardised past performance to 30 September**
2015 2016 2017 2018 2019
Monks Investment Trust 2.8% 37.9% 35.6% 19.1% 7.8%
AIC Global Sector Average 4.3% 29.0% 26.2% 19.2% -0.2%
Past performance is not a guide to future returns.
Please remember that changing stock market conditions and currency exchange rates
will aff ect the value of the investment in the fund and any income from it. Investors may
not get back the amount invested. If in doubt, please seek fi nancial advice.
If you’re pursuing growth why not get on board?
Call 0800 917 2112 or visit www.monksinvestmenttrust.co.uk
A Key Information Document is available by contacting us.
support for pro-democracy protesters
in Hong Kong. Tom Slater, co-
manager of Scottish Mortgage, says:
“I don’t think this is a transient set
of issues: it represents the challenge
that an emerging China presents to
the US’s vision of itself and sets us on
a different trajectory over the coming
years. For investors, it will divide the
world into a US sphere and a China
sphere of influence.”
Long-term investment partners
*Ongoing charges as at 30.04.19 calculated in accordance with AIC recommendations. Details of other costs can be found in the Key Information Document. **Source:
Morningstar, share price, total return as at 30.09.19. All other data as at 30.09.19. Your call may be recorded for training or monitoring purposes. Issued and approved
by Baillie Gifford & Co Limited, whose registered address is at Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, United Kingdom. Baillie Gifford & Co Limited is
the authorised Alternative Investment Fund Manager and Company Secretary of the Company. Baillie Gifford & Co Limited is authorised and regulated by the Financial
Conduct Authority (FCA). The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised and regulated by the Financial
Conduct Authority.
Woodford wasn’t the only
victim of illiquidity in the
open-ended universe in
2019. At the time of writing,
the £2.5bn M&G Property
Portfolio has been forced to
suspend trading, blaming
“Brexit-related uncertainty
and structural shifts in the
UK retail sector” for causing
“unusually high outflows”.
M&G Property Portfolio was
one of a number of open-
ended property funds to be
gated following the UK’s vote
to leave the EU, and there
are concerns it will simply be
the first of many to suspend
trading this time around if
Brexit concerns re-emerge.
Many of its peers hope to
protect themselves against
this problem by holding large
amounts of cash, exceeding
20 per cent of their portfolio
in some cases.
However, Nick Britton,
head of intermediary
communications at the AIC,
says this acts as a drag on
returns. He also points out
investment trusts have been
able to profit from open-
ended funds’ forced sale
of property by picking up
these assets on the cheap
when redemptions spike.
“Investment companies
have a fixed number of
shares which are bought
and sold on the stock
market,” he says. “This
means managers don’t have
to manage the portfolio
to deal with inflows and
outflows; they can focus
purely on the investment
company’s performance.”
trustnet.com