The principal aim of Monks is to deliver long-term capital growth, through a differentiated, actively managed global equity portfolio. The managers utilise a rigorous bottom up investment process, seeking out growth stocks which they envisage will offer above average earnings growth. In order to achieve this a longterm view is taken, ensuring that the fundamental attributes of the company are given ample time to drive returns. Diversification is a key attribute of the portfolio, and constituents are split into four growth categories based on the type of growth that the managers anticipate the company delivering. Investments are also split into three broad holding sizes allowing the managers to back their judgement in the stocks for which they have greater conviction, and to embrace the potential for asymmetry of returns through positions in higher risk/return stocks. Although the portfolio has an extremely high active share (92%), since the new managers took over the portfolio in 2015, the performance has been largely in line with the peer group and the FTSE World. With that said, trust has been able to pull away from the benchmark (+10.9% outperformance) and the peer group (3.6%) over the full three and a half years. Over 2018 (as with most trusts) the company has generated strong returns for the majority of the year, before losing most of the gains at the latter end of the year. More specifically, over the 11-month period, trust has delivered 0.1% returns, marginally behind both the FTSE World (+0.6%) and the Morningstar IT Global peer group (+1.3%). Currently Monks is trading at premium (2.7%), relative to the sector weighted average discount of -2.6%.