Fact sheet: Monks IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
IT Global
Fund type
Investment Trust
Primary aim
Why Money Observer Rates Monks IT

Rated Fund 2014, 2017-2018. Backs companies with above-average earnings growth

Manager Charles Plowden and his two deputies, Malcolm MacColl and Spencer Adair, took over this trust in 2015, since when performance has shot forward. The trio abandoned the cautious approach that had previously been adopted and started increasing the trust's borrowing to take advantage of opportunities. Its gearing currently stands at 6 per cent out of a maximum 7 per cent.

The team's core belief is that a company's share price ultimately follows its earnings. They therefore look to invest in companies that offer the prospect of sustainable above-average earnings growth. Instead of poring over companies' financial statements, they focus on understanding where a company's competitive advantage lies and whether this edge is sustainable.

They take a long-term approach, expecting to hold stocks for around five years. Indeed, the fund's annualised turnover was a low 14 per cent during the financial year ending April 2017.

They believe their long-term investment perspective allows them to capture more volatile growth from companies in a range of industries that other growth investors may overlook. The portfolio typically contains more than 100 holdings.

Morningstar research analyst Fatima Khizou believes the considerable improvement in performance under the new management team is ムlikely to continue, and investors who stay for the long haul should be well-rewarded'. Furthermore, ongoing charges at 0.59 per cent are among the cheapest within global equity funds (both open and closed-ended), contributing further to her positive view.

In the middle of 2016, the shares were on a 15 per cent discount to net asset value. This has narrowed considerably to a small premium, but those who time their entry carefully could still buy at a discount.<\p>

3 Year Performance
Fund Performance94.5%
Average of Rated Funds Group61.7%
Sector Performance56.1%
Fund information
Fund name
Monks Investment Trust PLC
Fund manager company
Baillie Gifford & Co Ltd
Fund type
Investment Trust
Fund managers
  • Charles Plowdensince 27/03/2015
  • Malcolm MacCollsince 27/03/2015
  • Spencer Adairsince 27/03/2015
Fund objective
The Trust aims for long-term capital growth which takes priority over income. This is pursued through applying a patient approach to investment, principally from a differentiated, actively managed global equity portfolio containing a diversified range of growth stocks.
  • FTSE World
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
1 Year rank in sector
IT Global
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
Fund size
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
Mid price
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
Top in this sector
Fund name1 Year
Independent Investment Trust50.9%
Edinburgh Ww IT PLC47.2%
Lindsell Train IT plc34.6%
Sct Mtg IT PLC33.6%
Monks IT PLC22.6%
...more in IT Global

Performance snapshot

Holdings snapshot

  • North America43.9%
    Global Emerging Markets20.4%
  • Financials28.6%
    Consumer Services21.1%
    Health Care9.1%
  • North American Equities43.9%
    Global Emerging Market Equities20.4%
    European Equities17%
    Japanese Equities8.4%
    UK Equities5.2%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Rank within sector6 / 2114 / 217 / 215 / 214 / 215 / 21
Calendar performance
 YTD - 20182017201620152014
Rank within sector5 / 214 / 213 / 2111 / 2118 / 21
Risk statistics
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
Price movement
52 week high825
52 week low667
Current bid price822
Current offer price824
Current mid price823
1North America43.9%
2Global Emerging Markets20.4%
7Money Market1.8%
Industry sector
2Consumer Services21.1%
5Health Care9.1%
6Consumer Goods6.4%
7Oil & Gas2.2%
8Money Market1.8%
9Basic Materials0.9%
Asset type
1North American Equities43.9%
2Global Emerging Market Equities20.4%
3European Equities17%
4Japanese Equities8.4%
5UK Equities5.2%
6Asia Pacific Equities3.3%
7Money Market1.8%
Individual holdings
Fund manager group
Baillie Gifford
Fund manager company
Baillie Gifford & Co Ltd
Fund type
Investment Trust
Fund objective
The Trust aims for long-term capital growth which takes priority over income. This is pursued through applying a patient approach to investment, principally from a differentiated, actively managed global equity portfolio containing a diversified range of growth stocks.
  • FTSE World
Investment style
No data available.
Investment method
No data available.
Fund managers
Charles Plowden27/03/2015Charles graduated BA in Modern History from Oxford University in 1983 and joined Baillie Gifford the same year, becoming a Partner in 1988. He was an Investment Manager in the UK equity team for over 20 years notably developing Baillie Gifford’s specialist UK capabilities, and was latterly head of the team. Since its inception in 2005, Charles has headed up the Global Alpha strategy which is currently his sole portfolio management role. He became Joint Senior Partner with overall responsibility for the investment departments in 2006.
Malcolm MacColl27/03/2015Malcolm graduated MA in Economics and History in 1998 and MLitt in Economics, Politics and Management in 1999 both from the University of St Andrews. He joined Baillie Gifford in 1999 and spent his graduate rotation in the UK Small Cap Team before joining the North American Team. Malcolm managed the North American portion of wider Global portfolios whilst in the North American Team. He has been a Global Alpha Investment Manager since the product’s inception in 2005 and this is now his sole portfolio responsibility. Malcolm is a member of the CFA Society of the UK. He became a Partner in 2011.
Spencer Adair27/03/2015Spencer graduated from the University of St Andrews with a BSc in Medicine in 1997 followed by two years of clinical training in Edinburgh. He joined Baillie Gifford in 2000 and spent time working in the Fixed Income, Japanese, European and UK teams, before becoming an Investment Manager for the Global Alpha portfolio. Spencer managed the Investment Grade Long Bond Fund whilst being a Fixed Income Investment Manager and the European portion of wider Global portfolios whilst in the European Team. He has also spent time with our Emerging Markets Team. Spencer has been involved in the Global Alpha portfolio since inception in 2005 and has focused exclusively on this portfolio management responsibility since early 2007. He became a Partner in 2013.
AIC Member, Transparent for Swiss Tax
No data available.
Fund for sale in
United Kingdom
Monks Investment Trust PLC
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price803.51
Price updated16/05/2018
Institutional or retail classRetail
Citi codeNJJA
Data provided by

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Financial Express. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.