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

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Manager Commentary

Fund Managers

In their words (as of 30 Sep 2016)

The Company's share price and net asset value underperformed the benchmark in September. The most significant drivers of relevant performance were holdings in Ricardo, the engineering consultant, and Micro Focus, the software solutions business. There were no individual significant detractors from performance, with relative underperformance for the month driven by a number of small detractors rather than any significant theme across sectors.

While the decision to leave the European Union has introduced a considerable amount of uncertainty for the UK economy, the overall strategy of the portfolio is unchanged: to identify the best opportunities in UK-listed mid and small cap stocks, which we continue to 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.