Last checked at 
9 Dec 2011 16:38
Manchester and London Investment Trust plc
30 November 2011
Interim Management Statement (Unaudited) for the four months ended 30 November 2011.
This interim management statement relates to the period from 1 August 2011 to 30 November 2011 and contains information that covers that period, unless otherwise stated.
Review of the Period
* Over the period, the Group's net asset value and share price total returns were (13.7) per cent and (18.0) per cent respectively. The FTSE All-Share Index return was (6.3) per cent (Source: Proquote International). * The final dividend of 7.3p per share was declared on 26 October 2011 and paid on 1 December 2011. * A new addition to the portfolio was London Stock Exchange plc, whilst investments in British Sky Broadcasting Group plc, Tesco plc and Rolls-Royce Group plc were sold.
Investment Objective
The investment objective of the Company is to achieve capital appreciation together with a reasonable level of income.
Financial Return to 30 November 2011 (%)
1 Month 3 Months 1 Year 3 Years 5 Years Share Price 0.0 (6.4) (11.3) 49.4 3.8 Net Asset (2.3) (3.1) (9.2) 51.0 15.1Value Benchmark (0.9) 1.3 (0.9) 32.9 (9.1)Financial Position As at 30 November 2011 As at 31 July 2011 Net Assets £83.2m £98.3m Share Price 318.0p 396.5p Net Asset Value 370.4p 437.6p Discount 14.1% 9.4% Gearing 118.8% 126.4%
Share prices are based on closing mid price.
Portfolio Analysis
Ten largest consolidated holdings as at 30 November 2011
Stock Name % of Net Assets Sector PZ Cussons plc 19.4 Personal Goods Weir Group plc 10.9 Mining & Oil Services Smith & Nephew plc 8.4 Healthcare Services Rio Tinto plc 7.5 Mining BG Group plc 7.3 Oil & Gas Producers Standard Chartered 7.2 Banksplc BP plc 6.9 Oil & Gas Producers Diageo plc 5.5 Beverages Syngenta 5.3 AgrosciencesInternational AG Unilever plc 5.2 Food ProducersSector AnalysisSector % of Net Assets Personal Goods 26.5% Oil & Gas Producers 16.2% Mining 14.6% Mining & Oil Services 10.9% General Industrial 9.7% Healthcare Services 8.4% Banks 8.2% Financial Services 5.7% Beverages 5.5% Agrosciences 5.3% Food Producers 5.2% Travel & Services 3.4% Gas, Water & Multi-Utilities 3.2% Industrial Engineering 2.9% Aerospace & Defence 2.5% Others 1.8% Cash and Other Assets/Liabilities (30.0)%
Analysis of NAV Underperformance over 1 Year, relative to the benchmark index
Underperformance of mining investments: 4.3% Glencore International plc, Rio Tinto plc, Vedanta Resources plc, Xstrata plc Underperformance of Emerging Market focused investments: 4.8% HMS Hydraulic Machines and Systems plc, Essar Energy plc Underperformance due to the gearing of the portfolio 0.1% Overperformance of the balance of the portfolio (0.9)% Total Underperformance 8.3%By order of the Board
Peter Thomas, for and on behalf of Manchester & London Investment Trust plc, Secretary.
9 December 2011
Registered office: Arthur House, Chorlton Street, Manchester, M1 3FH.
Telephone: 0161 228 1709.
This interim statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.
Please note that the up to date information on the Company, including factsheets and portfolio information can be found on the Company's website at:
http://www.manchesterandlondon.co.uk/investorRelations.php
Enquiries:
Manchester & London Investment Trust plc
Peter Stanley
Tel: 0161 242 2895
Midas Investment Management Limited (Investment Manager to MLIT)
Mark SheppardTel: 020 7225 1836Fairfax I.S. plcDavid FloydTel: 020 7598 5368
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