The Mercantile Investment Trust plc - Ordinary Shares - J.P. Morgan Asset Management
The Mercantile Investment Trust plc

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Manager Commentary

Fund Managers

In their words (as of 31 Oct 2016)

The Company's net asset value outperformed the benchmark in October, while the share price performed in line. M.P. Evans was the most significant contributor to relative performance following an approach for the business from Kuala Lumpur Kepong at a 54% premium. The Board of M.P. Evans immediately rejected this offer, saying it "very substantially undervalues the company". At the sector level, food producers was the most significant contributor, driven by our holding in M.P. Evans. The construction & materials sector was the most significant detractor, driven by our holding in Keller, which reported a deterioration in trading conditions in its third-quarter results. While the decision to leave the European Union has introduced considerable uncertainty for the UK economy, we remain focused on identifying the best opportunities in UK-listed mid and small cap stocks, which we believe offer good prospects for long-term capital growth and income.


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AGM information

Annual General Meeting: 24 May 2017, 12 noon, Trinity House, Tower Hill, London EC3N 4DH

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Benchmark Source: FTSE International Limited ("FTSE") © FTSE 2016. "FTSE®" is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
Source:Morningstar (
3 Actual gearing: Represents the excess amount above shareholders' funds of total assets less cash/cash equivalents, expressed as a percentage of shareholders funds. If the amount calculated is negative, this represents a net cash position.
7 Non-Benchmark holdings (where held) are classified in the appropriate sector/region. Cash is net current assets and holdings used as cash substitutes if applicable.