**Summary of Monks Investment Trust Interim Financial Report (December 2025)**
**Overview**
Monks Investment Trust PLC (MNKS) released its unaudited Interim Financial Report for the six months ending 31 October 2025, highlighting strong performance despite global economic uncertainties. The report covers financial results, portfolio performance, capital allocation, and strategic updates.
**Key Financial Highlights**
**Net Asset Value (NAV) Total Return**+29.2% (vs. +24.2% for FTSE World in sterling).
**Share Price Total Return**+35.2%, with the share price discount to NAV narrowing from 10.1% to 5.9%.
**Gearing**Net gearing at 7.0%, with a weighted average interest rate of 3.4%.
**Share Buybacks**Approximately 19 million shares bought back at a cost of £268 million, reflecting the Board’s commitment to managing the discount to NAV.
**Portfolio Performance**
The portfolio benefited from strong equity market performance, with record highs in October 2025.
Top contributors included AeroVironment (+148.2%), Taiwan Semiconductor Manufacturing (+76.2%), and Prosus N.V. (+51.7%).
Detractors included Elevance Health (-22.6%) and underweight positions in Alphabet, Broadcom, and Tesla.
**Strategic Updates**
**Board Changes**Karl Sternberg retired as Chairman, succeeded by Randeep Grewal. Richard Curling joined the Board, adding investment trust expertise.
**Manager Transition**Spencer Adair will retire on 31 March 2026, with Malcolm MacColl, Helen Xiong, and Michael Taylor taking over as co-managers of the Global Alpha team at Baillie Gifford.
**AI Focus**The portfolio has ~30% exposure to the AI value chain, split between enablers (e.g., TSMC, NVIDIA) and monetisers (e.g., Salesforce, Shopify).
**Outlook**
The Board remains optimistic about growth opportunities, particularly in AI and technology, despite macroeconomic uncertainties.
The portfolio’s diversified approach and focus on long-term growth companies are expected to drive returns.
**Conclusion**
Monks Investment Trust delivered robust performance in the first half of 2025, supported by strategic capital allocation, a well-diversified portfolio, and a focus on long-term growth opportunities. The trust is well-positioned to navigate future market dynamics, with a strong emphasis on innovation and resilience.
| Metric | 31 October 2025 | 30 April 2025 | Change |
|---|---|---|---|
| Net Asset Value (NAV) Total Return | +29.2% | +21.5% | +7.7% |
| Share Price Total Return | +35.2% | +29.1% | +6.1% |
| Net Gearing | 7.0% | 8.9% | -1.9% |
| Weighted Average Interest Rate on Borrowings | 3.4% | Not Provided | N/A |
| Borrowings (at book cost) | £224,594,000 | £223,415,000 | +£1,179,000 |
| Shareholders' Funds | £2,699,168,000 | £2,318,906,000 | +£380,262,000 |
| Net Assets | £2,699,038,000 | £2,318,774,000 | +£380,264,000 |
| Ordinary Shares in Issue | 168,499,530 | 187,622,666 | -19,123,136 |
| Net Return on Ordinary Activities After Taxation | £649,253,000 | £147,297,000 | +£501,956,000 |
| Finance Cost of Borrowings | £4,014,000 | £4,297,000 | -£283,000 |