# Product Snapshot - The Mercantile Investment Trust plc > Audience: country=gb, language=en, role=adv. > Generated: 2026-11-15T10:35:40.844101239Z. ## Identity - **Fund Name**: The Mercantile Investment Trust plc - **Share Class Name**: The Mercantile Investment Trust plc - **Product Page**: [Product Page](https://am.jpmorgan.com/gb/en/asset-management/adv/products/the-mercantile-investment-trust-plc-gb00bf4jdh58) - **ISIN**: GB00BF4JDH58 - **Fund Type**: INVESTMENT TRUST - **Asset Class**: Equity ## OVERVIEW ### Investment objective The Company aims to achieve long-term capital growth through investing in a diversified portfolio of UK medium and smaller companies. It pays quarterly dividends and aims to grow its dividend at least in line with inflation. The Company’s gearing policy is to operate within a range of 10% net cash to 20% geared. Gearing may magnify gains or losses experienced by the Company. ## Media ### The Mercantile Investment Trust: The home of tomorrow's UK market leaders The Mercantile Investment Trust Approach Expert market access - As one of the largest UK equity investment trusts and a history stretching back more than 140 years, The Mercantile Investment Trust enjoys a long and successful track record championing quality UK medium-sized and smaller companies. Rigorous research - In a segment of the stock market that demands first-hand scrutiny, our disciplined research-based investment approach really sets us apart, providing exceptional access to a diversified portfolio of quality stocks with attractive long-term growth potential. Focused on dividends - Our focus on quality companies with strong cash flows also helps to generate an attractive income for shareholders, with the opportunity to target annual dividend growth ahead of the rate of inflation. Why invest in The Mercantile Investment Trust Thanks to its focus on quality stocks outside the FTSE 100, The Mercantile Investment Trust offers a cost-effective way to gain access to the companies that we believe have the greatest potential to become tomorrow’s UK market leaders. Preference centre To receive communications relevant to the Mercantile Investment Trust, please register your details in our preference centre. Register now > ## Key Information - **Bloomberg**: MRC LN - **Reuters**: MRCM.L - **ISIN**: GB00BF4JDH58 - **SEDOL**: BF4JDH5 - **Asset class**: Equity - **Region**: UK - **Share class inception**: 08/12/1884 - **Share class currency**: GBP - **Benchmark**: FTSE All-Share (ex FTSE 100, ex Inv Companies) (£) - **Total dividend for last financial year**: 8.20p - **Potential gearing range**: -10% to 20% - **Actual gearing As of 12/11/2026**: 15.80% [Disclosure 1] - **Company Broker(s)**: Peel Hunt / Winterflood Securities - **ESG Approach**: ESG Integrated [Disclosure 2] ## Fund stats - **NAV As of 12/11/2026**: 314.46p [Disclosure 3] - **Share price As of 12/11/2026**: 283.50p - **Discount / premium As of 12/11/2026**: -9.85% [Disclosure 4] - **Total assets As of 12/11/2026**: GBP 2178.32 Mn ## Fees ### Fees - **Ongoing charge (including the annual management fee detailed below)**: 0.49% - **Annual management fee**: 0.45% on Market Cap ## Portfolio managers ### Guy Anderson - **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/guy-anderson/) - **In the industry**: 24 YEARS - **With J.P. Morgan**: 14 YEARS - **Managing this fund**: 14 YEARS ### Manasij Hajra - **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/manasij-hajra/) - **In the industry**: 7 YEARS - **With J.P. Morgan**: 7 YEARS - **Managing this fund**: Less than one year ## Performance ### Quarterly rolling 12 months _As of 30/09/2026_ | Return | 2021/2022 | 2022/2023 | 2023/2024 | 2024/2025 | 2025/2026 | | --- | ---: | ---: | ---: | ---: | ---: | | Share price | -35.82% | 23.01% | 29.44% | 6.72% | 14.92% | | NAV | -30.76% | 19.40% | 22.04% | 5.65% | 15.51% | | Benchmark | -26.50% | 13.46% | 21.46% | 6.66% | 15.33% | ### Cumulative _As of 31/10/2026_ | Return | 1 MONTH | 3 MONTHS | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Share price | -1.43% | 0.58% | 13.51% | 67.09% | 23.78% | 132.84% | | NAV | -1.86% | 0.49% | 12.03% | 57.17% | 22.24% | 121.72% | | Benchmark | 1.14% | 4.27% | 16.01% | 62.13% | 26.46% | 86.05% | ### Annualised _As of 31/10/2026_ | Return | 3 YEARS | 5 YEARS | 10 YEARS | | --- | ---: | ---: | ---: | | Share price | 18.66% | 4.36% | 8.82% | | NAV | 16.27% | 4.10% | 8.29% | | Benchmark | 17.48% | 4.81% | 6.41% | [Disclosure 5] ## Portfolio ### Top holdings _As of 30/09/2026_ | Name | Sector | Weight | | --- | ---: | ---: | | Hill & Smith | Basic Materials | 3.6% | | Softcat | Technology | 3.6% | | Bellway | Consumer Discretionary | 3.4% | | Intermediate Capital | Financials | 3.3% | | Serco | Industrials | 3.1% | | Cranswick | Consumer Staples | 3.1% | | Lion Finance | Financials | 3.1% | | Balfour Beatty | Industrials | 2.8% | | Man Group | Financials | 2.8% | | Plus500 | Financials | 2.4% | ### Sector breakdown _As of 30/09/2026_ | Sector | Fund | Benchmark | Deviation | | --- | ---: | ---: | ---: | | Financials | 26.1% | 14.7% | 11.4% | | Industrials | 23.1% | 26.7% | -3.6% | | Consumer Discretionary | 21.8% | 20.8% | 1.0% | | Technology | 8.7% | 4.1% | 4.6% | | Consumer Staples | 8.0% | 6.1% | 1.9% | | Real Estate | 6.0% | 12.1% | -6.1% | | Basic Materials | 5.5% | 6.5% | -1.0% | | Health Care | 0.0% | 2.9% | -2.9% | | Energy | 0.0% | 2.6% | -2.6% | | Utilities | 0.0% | 2.2% | -2.2% | | Telecommunications | 0.0% | 1.3% | -1.3% | | Cash | 0.8% | 0.0% | 0.8% | | Total | 100.0% | 100.0% | 0.0% | ## COMMENTARY **As of **: 30/09/2026 ### Month in review The trust underperformed the benchmark over the month. At the stock level, an overweight position in Beauty Tech Group, a premium beauty technology company with proprietary skincare brands, contributed to performance during the period. The stock outperformed due to strong H1 results and raised full-year guidance, driven by the growth of its CurrentBody brand. An overweight position in Lion Finance, a leading financial services provider in the Caucasus region, contributed to performance during the period. The stock outperformed due to strong operational momentum as well as positive developments in the company's core banking franchise and digital transformation initiatives. An overweight position in Softcat, a UK-based IT solutions provider specialising in infrastructure, networking and cloud services, detracted from performance during the period. The stock underperformed due to acquisition execution risks and valuation concerns following the GDT deal announcement, as some brokers remained cautious about integration challenges despite strong standalone performance. An overweight position in Trustpilot, a customer review and AI-powered trust platform for enterprises, detracted from performance during the period. The shares declined following a mixed set of first-half results. While revenues exceeded expectations, margins were weaker and the company reiterated its outlook.The sell-off reflected investor disappointment, as the market had anticipated Trustpilot to beat earnings and raise its guidance given its history of consistently delivering profits above expectations. ### Looking ahead UK markets have experienced heightened volatility, with a sharp sell-off in late February and March followed by a strong rebound in the second quarter. Markets have since remained relatively resilient, although consumer confidence is fragile and the outlook for growth, inflation and employment remains uncertain. Geopolitics and domestic policy remain key influences. Higher energy costs linked to the Middle East conflict are adding to inflationary pressures and household costs, while higher government borrowing costs and limited fiscal headroom remain challenges for the UK economy. AI continues to be an important consideration, and we are closely assessing its potential impact on portfolio companies and their operations as its influence becomes increasingly reflected in share prices. The outlook for monetary policy remains uncertain, with the Bank of England balancing modest economic growth against renewed inflationary pressures, particularly from higher energy costs. We remain optimistic about UK equities, supported by resilient portfolio company performance and historically low valuations. Corporate acquisitions and share buybacks also suggest confidence in UK valuations, while mid- and small-cap equities continue to offer attractive long-term opportunities. ## Documents - [2026 Half year Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/jpm-mercantile-hy-2026.pdf) - [2026 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/jpm-mercantile-ar-2026.pdf) - [2025 Half year Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/jpm-mercantile-hy-2025.pdf) - [2025 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/jpm-mercantile-ar-2025.pdf) - [2024 Half year Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/jpm-mercantile-hy-2024.pdf) - [2024 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/jpm-mercantile-ar-2024.pdf) - [2023 Half year Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/jpm-mercantile-hy-2023.pdf) - [2023 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/ar-jpm-mercantile-it-2023.pdf) - [2022 Half Year Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/jpm-mercantile-hy-2022.pdf) - [2022 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/ar-jpm-mercantile-it-2022.pdf) - [2021 Half Year Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/jpm-mercantile-hy-2021.pdf) - [2021 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/ar-jpm-mercantile-it-2021.pdf) - [2020 Half Year Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/jpm-mercantile-hy-2020.pdf) - [2020 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/ar-jpm-mercantile-it-2020.pdf) - [Investor Disclosure Document](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/jpm-mercantile-it-idd.pdf) - [PRIIP KID - The Mercantile IT - Ordinary](https://www.fundslibrary.co.uk/fundslibrary.dataretrieval/documents.aspx?id=2d0da17b-2453-4038-8244-29eb7891db5f&user=jpmam&type=point_of_sale) - [Factsheet](https://jp.techrules.com/rebrandingPDF/LoadPdf.aspx?ShareClassId=537&country=GB&lang=EN¶mMIFID=YES) - [Results of the Poll at 2026 AGM](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/jpm-mercantile-investment-trust-agm-poll-result-2026.pdf) - [AGM Presentation 2026](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/jpm-mercantile-investment-trust-agm-presentation-2026.pdf) - [Results of the Poll at 2025 AGM](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/jpm-mercantile-investment-trust-agm-poll-result-2025.pdf) - [AGM Presentation 2025](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/jpm-mercantile-investment-trust-agm-presentation-2025.pdf) - [AGM Presentation 2024](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/jpm-mercantile-investment-trust-agm-presentation-2024.pdf) - [AGM Poll Results - 29 May 2024](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/jpm-mercantile-investment-trust-agm-poll-result-2024.pdf) - [AGM Poll Results - 24 May 2023](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/jpm-mercantile-investment-trust-agm-poll-result-2023.pdf) - [AGM Presentation 2023](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/jpm-mercantile-investment-trust-agm-presentation-2023.pdf) - [AGM 2022 - IM Presentation](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/jpm-mercantile-investment-trust-agm-presentation-2022.pdf) - [AGM Poll Results - 17 May 2022](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/jpm-mercantile-investment-trust-agm-poll-result-2022.pdf) - [Audit Committee](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/committee-terms-of-reference/audit-committee/jpm-mercantile-audit-committee.pdf) - [Nomination Committee](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/committee-terms-of-reference/nomination-committee/jpm-mercantile-it-nomination-committee.pdf) - [Remuneration Committee](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/committee-terms-of-reference/remuneration-committee/jpm-the-mercantile-investment-trust-remuneration-committee.pdf) - [Marketing & Communications Committee](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/committee-terms-of-reference/management-engagement-committee/jpm-mercantile-it-marketing-communication-committee.pdf) - [Management Engagement Committee](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/committee-terms-of-reference/management-engagement-committee/jpm-mercantile-it-management-engagement-committee.pdf) - [UK TCFD Product Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/the-mercantile-inv-trust-plc-tcfd-report.pdf) - [ ESG Fund Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/jpmorgan-mercantile-investment-trust-plc-esg-fund-report.pdf) ## Disclosures 1. Gearing represents the excess amount above shareholders' funds of total investments (excluding liquidity fund holdings) expressed as a percentage of the shareholders' funds. If the amount calculated is negative, this is known as a "net cash" position. 2. ESG Integration is the systematic inclusion of financially material ESG factors, alongside other relevant factors, in investment analysis and investment decisions with the goals of managing risk and improving long-term returns. ESG integration does not by itself change this product's investment objective, exclude specific types of companies or constrain its investable universe. This product is not designed for investors who are looking for a product that meets specific ESG goals or wish to screen out particular types of companies or investments, other than those required by any applicable law such as companies involved in the manufacture, production or supply of cluster munitions. ESG integration does not imply that the Fund is marketed or authorised as an ESG product in any jurisdiction where such authorisation is required. 3. The value of investment and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value). 4. If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The discount/premium is shown as a percentage of the NAV. 5. Past performance is not a reliable indicator of current and future results. Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance (NAV) data has been calculated on a NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. NAV is the cum income NAV with debt at fair value, diluted for treasury and/or subscription shares if applicable, with any income reinvested. Share price performance figures are calculated on a mid market basis in GBP with income reinvested on the ex-dividend date. The performance of the company's portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. Benchmark Source: FTSE® is a trade mark of London Stock Exchange Limited and The Financial Times Limited and is used by FTSE International Limited under license. Comparison of the Company's performance is made with the benchmark. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company's investment universe. The Company's investment strategy does not follow or track this index and therefore there may be a degree of divergence between its performance and that of the Company.