Manchester & London Investment Trust PLC Equity Research & Stock Reports

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06 Aug 20

Recipe for disaster

There is some evidence that, in recent years, the rise of passive funds has caused investment managers to become increasingly concentrated, endeavouring to be considered active managers as opposed to ‘closet trackers’. The most active trusts tend to generate the highest levels of alpha, as we have often noted, and on average managers have been decreasing their number of holdings in the hope of achieving this. Academic support for taking this approach has been provided by Martin Cremers and Antti

Companies: BAF MNL MNP

Kepler | Trust Intelligence

30 Jun 20

Oh the humanity...

J.K Galbraith’s comment has always seemed to me possibly the most egregiously misused quote in financial markets. It is seemingly a statement of the obvious, but what it is surely saying is that the future is inherently uncertain. To state that markets are discounting mechanisms is also not controversial, because it is making the same point. Nobody knows the future, not even readers of trustintelligence.co.uk, by definition the brightest and most discerning segment of society (and probably the b

Companies: RICA DIG DIG MNL BHMG BRWM BRWM KPC RICA

Kepler | Trust Intelligence

20 May 20

Manchester & London - Overview

Manchester & London Investment Trust (MNL) aims to generate capital appreciation and a reasonable level of income. Managed by Mark Sheppard (who also controls M&M Investment Ltd, which owns over 50% of MNL’s shares) and Richard Morgan, the investment policy has seen a seismic shift since 2015. The investment process has become increasingly defined by a thesis the managers term ‘Long the Future’ (detailed under Portfolio). In essence, the managers’ conviction is that technological development is

Companies: Manchester & London Investment Trust PLC

Kepler | Trust Intelligence

20 May 20

Riding for a fall

In the financial markets, the biggest winners from the crisis so far have – without a doubt – been the technology sectors. Software, hardware, ecommerce and related sectors have outperformed in the immediate aftermath (as we discussed in a recent strategy note). They also seem likely to benefit from some of the likely long-lasting changes to society that the crisis will forge. This is the latest episode in a long period of outperformance. Looking back over the past decade, technology-related com

Companies: JFJ MNL PCT MWY BBOX SMT ATT

Kepler | Trust Intelligence

08 Apr 20

Children of the Revolution

The COVID-19 pandemic is far from over, but with March coming to a close we have perhaps seen the end of the first act. Most of the developed world is in various degrees of ‘lockdown’; anxiously watching poorly reported – and often poorly understood – numbers for indications that their government’s strategy is working. Meanwhile equity markets saw one of their worst ever quarters in Q1 2020, as whole swathes of the economy were shut down by government diktat. The speed with which the situation d

Companies: MNL TIGT FGT BGUK RICA MWY USA SMT BHMG PSH ATT BGEU

Kepler | Trust Intelligence