Manchester&lon. Regulatory News (MNL)

Manchester and London Investment Trust plc 19 June 2014 Interim Management Statement (Unaudited) for the period ended 11 June 2014. This interim management statement relates to the period from 1 February 2014 to11 June 2014 and contains information that covers that period, unless otherwisestated. Subsequent to that period, the NAV per share decreased to 301.6p as at18 June 2014. Review of the Period * Over the period, the Group's net asset value and share price returns were 2.0 per cent and (4.1) per cent respectively. The Dow Jones U.K. Total Stock Market Index return was 4.4 per cent. * The interim dividend of 5.5p per share was declared on 27 March 2014 and paid on 30 April 2014. * Prior top 10 holdings Rio Tinto plc and Standard Chartered plc have been fully divested. Top 10 holdings BG Group plc, Diageo plc, Glencore plc, Syngenta AG and Unilever plc have been materially reduced. New top 10 holding AstraZeneca plc was purchased during the period. * Due to the reduction in long exposure, and therefore reduced hedging requirements, £30.1m of S&P 500 index shorts were closed in the period. All index short positions have now been exited, though the portfolio has £ 26.9m notional value in short dated, out of the money index puts as a partial hedge against a large downwards market move. Investment Objective The investment objective of the Company is to achieve capital appreciationtogether with a reasonable level of income. Financial Return (%) 2014 YTD 2013 2012 2011 2010 Share Price (13.9) 2.0 (25.9) 23.5 7.0 Net Asset Value (8.5) (0.6) (23.1) 15.3 15.2 Benchmark 3.8 20.1 (2.8) 11.5 15.0 Periods are financial years to 31 July. Financial Position As at 11 June 2014 As at 31 January 2014 Net Assets £68.7m £67.4m Share Price 258.1p 269.1p Net Asset Value 306.0p 299.9p Discount 15.7% 10.3% Gearing 90.9% 93.5% Share prices source: FactSet Research Systems Inc. Benchmark with thanks to: S&P Dow Jones Indices. Portfolio Analysis Top 15 Asset Values as at 11 June 2014. ("Asset Values" being positions reduced by the marked to market value ofcovered call options.) Stock Name % of Net Assets Sector PZ Cussons plc 23.8 Personal Goods Afren plc 7.0 Oil & Gas Producers AstraZeneca plc 6.9 Pharmaceuticals & Biotechnology Diageo plc 6.7 Beverages Jardine Matheson Holdings Ltd 6.4 General Industrial Glencore plc 5.7 Mining BG Group plc 5.3 Oil & Gas Producers Unilever plc 4.3 Food Producers bioMerieux SA 4.2 Medical Technology Syngenta AG 4.1 Chemicals KWS SAAT AG 3.0 Agrisciences Ishares FTSE 100 Ucits ETF 2.9 Equity Instruments(Inc) Pernod Ricard SA 2.3 Beverages Svenska Cellulosa AB 2.1 Household Utilities Echo Entertainment Group Ltd* 1.4 Travel & Leisure * now fully disposed of. Sector Analysis as at 11 June 2014 Sector % of Net Assets Personal Goods 23.8% Oil & Gas Producers 14.4% Cash and Other Assets/Liabilities 9.1% Beverages 9.0% Pharmaceuticals & Biotechnology 6.9% General Industrial 6.4% Mining 5.7% Equity Instruments 4.4% Food Producers 4.3% Medical Technology 4.2% Chemicals 4.1% Agrisciences 3.0% Household Utilities 2.1% Travel & Leisure 1.4% IT Hardware 1.2% Analysis of NAV Underperformance since 1 August 2013, relative to the benchmarkindex Divergence of S&P Index Hedge from Benchmark Index.* 3.7% Underperformance of PZ Cussons plc. 3.4% Underperformance of Standard Chartered plc.* 1.6% Underperformance of Medical, Technology & Agrisciences 1.5%Investments. Underperformance of Capital Goods Investments. 1.0% Underperformance of Diageo plc. 1.0% Underperformance of Burberry Group plc.* 0.9% Combined Other Factors. 0.8% Underperformance of Other Consumer Goods Investments. 0.8% Underperformance due to Net Long to Net Asset Leverage being 0.2%below 100% as the market rose. Underperformance of Oil & Gas Investments. (0.0)% Overperformance of Mining Investments. (0.7)% Overperformance of Event Driven Investments and Other Hedges. (1.9)% Total Underperformance. 12.3% * now fully disposed of. By order of the Board Michael Kurt Camp, for and on behalf of Manchester & London Investment Trustplc, Secretary. 19 June 2014. Registered office: Arthur House, Chorlton Street, Manchester, M1 3FH. Telephone: 0161 228 1709. This interim statement has been prepared solely to provide information to meetthe requirements of the UK Listing Authority's Disclosure and TransparencyRules. Please note that the up to date information on the Company, includingfactsheets 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.Michael Kurt CampTel: 0161 228 1709 Midas Investment Management Limited (Investment Manager to MNL).Mark SheppardTel: 0161 242 2895