Monks 'ruthlessly' slashes 20 holdings amid 'disappointing' results

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Managers of the £2.7bn Monks investment trust comment on “disappointing” performance in 2022, as a maelstrom market subdues investment outlook and sentiment.

In the trust's half-year results, covering the period to 31 October 2022, the company recorded an decline in net asset value of 5.2%, larger than its FTSE World benchmark, which is down 0.3%. Since the last results at the end of April, the trust's discount has widened from 3.5% to 4.8%, and the share price total return was 7.6%. According to the management, a combination of the war in Ukraine, rising inflation and central bank rate hikes "have done little to ease investor nervousness" and as a consequence investment timelines have reduced and valuations taken a hit. For Monks and B...