Last checked at 
(Alliance News) - Manchester & London Investment Trust PLC said Wednesday it strongly outperformed its benchmark in its recently ended financial year, as its portfolio was strengthened by sector positioning and a weaker sterling compared to the dollar.
For the year to the end of July, the investment trust reported a net asset value total return of 9.8%, outperforming the MSCI UK Investable Market Index, which returned 0.98%.
Net asset value per share as at July 31, was 568.66 pence, up 6.7% from 532.81p on the same date the year before.
Manchester & London's share price at the end of July was 538.00 pence, reflecting a 5.4% discount to net asset value.
Shares in the investment trust were down 0.2% on the day Wednesday at 528.32p, having declined further since the year-end.
Manchester & London said the increase in its net asset value was due to a strong performance in its portfolio, driven mainly by technology holdings such as Microsoft Corp, PayPal Holdings Inc, and Tencent Holdings Ltd.
Microsoft namely was the biggest single contributor to portfolio performance in the year. Manchester & London's portfolio exposure to the technology edged higher to 76%, from 75% the prior year.
Manchester & London declared a final dividend of 8.00 pence per share, bringing the total payout to 14.00p, up 17% from 12.00p the year before.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.