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(Alliance News) - Monks Investment Trust PLC said Wednesday it outperformed its benchmark index for its recently ended financial year, as several online businesses in its portfolio contributed strongly on increased demand for their services.
For the financial year to the end of April, the FTSE 250 investment trust reported a net asset value total return of 3.4%, compared to a negative return of 1.0% from the FTSE World Index in sterling terms.
As at April 30, net asset value per share was 875.6 pence, up 3.1% from 848.9p on the same date a year before.
Monks Investment Trust's share price at the end of April was 914.0 pence, reflecting a 4.4% premium to net asset value.
Shares in the investment trust were up 1.4% at 1,023.80 pence on Wednesday in London.
Monks said its modestly positive performance was due to an all-time high in net asset value in February, followed by the impact of the Covid-19 outbreak in March and then a sharp rally in April.
Among the strongest performers in the trust's portfolio were online technology companies such as Amazon.com Inc, Alibaba Group Holding Ltd, Google-owner Alphabet Inc, and Shopify, as lockdowns around the world led to an increased demand for online services.
Other contributors to Monks's performance were healthcare firms, including cancer treatment-focused Seattle Genetics, medical endoscope provider Olympus, and gene silencing company Alnylam, as their share price rose on robust operational progress.
The investment trust declared a final dividend of 2.5 pence per share, up 35% from 1.85p the year before.
"The current pandemic is likely to accelerate trends that were already in play, driven by technological change and environmental necessity. Monks is well placed to benefit from these trends, with a significant exposure to the industries and companies of the future. The approach being followed allows the managers to hold a diversified portfolio of growth stocks, chosen from around the world and including younger and even unlisted companies as well as established market leaders," said Chair James Ferguson.
"The board remains confident that Monks represents an attractive long-term savings vehicle for private investors, who benefit from high quality professional portfolio management together with independent board oversight at a competitive cost," Ferguson added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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