BMO Managed Portfolio Trust has two distinct share classes: Income shares (BMPI) and Growth shares (BMPG), each with discrete investment portfolios. As their names denote, these portfolios are managed separately with differing investment objectives. Both strategies are managed by Peter Hewitt, who seeks to balance exposure to a variety of investment companies where he believes there are strong long-term management processes and identifiable and distinct strategies. A total-return mindset is adopted with regard to returns, and some downside protection in more adverse market conditions is desired whilst seeking to ensure the portfolios are exposed to long-term secular growth trends, as we detail under Portfolio. Peter will also seek to balance a variety of stylistic investment approaches and assets within both portfolios, though both are likely to be tilted in alignment with Peter’s view of market trends. This is based on a medium- to long-term view, and portfolio turnover is generally low. This investment trust offers shareholders the ability once a year to convert shares in either share class to the other without incurring UK capital-gains tax, stamp duty, dealing charges or the ‘spread’. This dual-share-class structure is also utilised to enhance the income of BMPI, and the capital growth prospects of BMPG, through a mechanism which substitutes net income from BMPG for capital from BMPI, as we detail under Dividend. Recent performance for both share classes has been very strong, driven in large part by exposure to technology, healthcare and other secular-growthfocussed strategies, as detailed under Performance. As we discuss under Discount, the share prices o