Monks Investment Trust PLC on Tuesday said it was enthusiastic about its portfolio as net asset value climbed up.
The Edinburgh-based investment trust said net asset value per share with borrowings at fair value increased 17% to 1,266.1 pence as at April 30, when its financial year ended, from 1,080.0p a year prior.
NAV total return at fair value was positive 17.6% in financial year 2024 compared to negative 1.6% a year prior. It however underperformed against the comparative index, the FTSE World, which had a total return of 19.1%.
Monks Investment said: ‘Against a backdrop of growing optimism as inflation stabilised and central banks paused interest rate increases, investors continued to recognise the transformational potential of artificial intelligence. This manifested most obviously in the share prices of some of the world’s largest technology stocks (several of which we own within Monks). Equity indices rallied, driven by these companies, and, in some cases, hit new highs.’
The company said that ‘in order to build in headroom for further buybacks that would reduce the shares in issue qualifying for dividends,’ it recommended a final dividend of 2.10p per share, down 33% from 3.15p a year prior.
Looking ahead, Monks Investment said it shares the enthusiasm of its managers for the underlying portfolio, with ‘very few loss-making firms.’
Monks shares were 0.1% higher at 1,158.81 pence each on Tuesday morning in London.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
