The Monks investment trust has lamented a “bruising period” of underperformance, as the managers seek to reposition the portfolio for a higher inflation and interest rates environment.
In the six months to 31 October, the trust's net asset value total return fell by 3.3% compared to 2.1% for the FTSE World index in sterling, while its share price total return was down 7.3% as the discount widened from 8.7% to 11.6% during the period. Detractors from performance included fellow Baillie Gifford investment trust Schiehallion as its discount widened, as well as spirits company Pernod Ricard and cosmetics giant Shiseido, which were both impacted by weaker demand in China. Healthcare exposure also contributed to underperformance. However, the trust has benefited from the...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
