Manchester and London Picks up Ithaca because they are sick of underperforming.
Manchester and London Investment Trust Underperforms, Closes Two Short Positions
Fri, 20th Dec 2013 13:54
LONDON (Alliance News) - Manchester and London Investment Trust PLC Friday said it has underperformed against its benchmark of late, as its net asset value total return was negative 6.8%, against a negative 1.2% return by the Dow Jones UK Total Stock Market Index.
The investment company was reporting for the period between August 1 and December 17.
The company said its net asset value per share rose to 312.7 pence as of Thursday, from 311.5 pence on Tuesday.
Meanwhile, its GBP4.8 million short position against the FTSE 100 and its GBP13.1 million short against the S&P 500 have been closed.
The company added Interpublic Group of Companies Inc, Ithaca Energy Inc and KWS SAAT AG to the portfolio, while disposing of its holdings in Rolls Royce Holdings PLC, Vodafone Group PLC and Burberry Group PLC.
The trust is 95.4% geared, up from 90.8%.
Manchester and London Investment Trust shares were Friday quoted at 273.19 pence, up 2.31 pence, or 0.9%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
https://www.lse.co.uk/AllNews.asp?code=9p9bng1g&headline=Manchester_and_London_Investment_Trust_Underperforms_Closes_Two_Short_Positions
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