REG - Mercantile Inv Tst - Final Results - 31 January 2024
12/04/2024 07:00
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RNS Number : 3546K Mercantile Investment Trust(The)PLC 12 April 2024
LONDON STOCK EXCHANGE ANNOUNCEMENT
THE MERCANTILE INVESTMENT TRUST PLC
FINAL RESULTS FOR THE YEAR ENDED 31ST JANUARY 2024
Legal Entity Identifier: 549300BGX3CJIHLP2H42
Information disclosed in accordance with the DTR 4.1.3
The Mercantile Investment Trust plc (the 'Company') has today announced its
annual financial results for the period ended 31st January 2024.
Highlights
· The Company's net asset total return, based on debt at par value, was
+4.5%; with the debt at fair, the return for the year was +5.4%; and the total
return to shareholders was +6.1%. The Company outperformed its benchmark,
which returned +1.8%.
· In the ten years ended 31st January 2024, the Company has generated
an average annualised return of +6.1% per annum on a net asset total return
par value basis, and +6.4% in share price terms, comfortably ahead of the
benchmark's average annual return of +4.5%.
· The Board has declared a fourth quarterly interim dividend of 3.30p
per share. This brings the total dividend for the year to 7.65p per share, an
increase of 7.0% over last year. On an annualised basis the dividend has grown
by 6.7% per annum over the last ten years.
· The Company's discount fluctuated between 9.7% and 16.7% during the
period under review, but ended the year at 12.6%, in-line with where it began
a year ago.
Angus Gordon Lennox, Chairman, commented:
"Despite a generally unsupportive environment, most of the Company's
portfolio holdings continued to do well at an operational level, and I am
pleased to report a positive performance from the Company over the year under
review, on both an absolute and relative basis.
Existing portfolio holdings have been performing well despite the challenging
conditions of the past year and should do even better as and when the economy
strengthens. In addition, the current very attractive valuations mean new
investment opportunities among mid and smaller cap stocks are numerous, and
the Portfolio Managers' track record attests to their ability to identify and
capitalise on the most compelling of these opportunities."
Guy Anderson and Anthony Lynch, Portfolio Managers, commented:
"This has been a rather testing year for the UK market, with the direction of
travel being driven to a major extent by the path of inflation, the actions
of the Bank of England, and the impact of these upon expectations of future
economic growth.
Performance this year was aided by a strong outturn from several of our
longer-standing investments, led by our substantial holdings in the investment
banking and brokerage services sector.
Portfolio turnover has remained somewhat lower than long-term averages,
reflecting what we believe to be a resiliently positioned portfolio and our
clear focus on the long-term prospects of holdings.
We are excited by the investment opportunities that a combination of low
valuations, improving economic indicators, and strong performing portfolio
companies yields. This backdrop explains our elevated level of gearing, which
at the date of this report is approximately 15%. This is the highest level of
gearing that we have applied in over a decade, which hopefully demonstrates
most clearly our assessment of the opportunity before us."
CHAIRMAN'S STATEMENT
Market Background
UK equity markets spent most of the past year worrying about stubbornly high
inflation, the Bank of England's determination to restrain inflation pressures
by tightening the monetary policy reins, and the risk this posed to economic
activity. However, market sentiment improved somewhat towards the end of the
year as inflation began to slow and investors started to foresee interest rate
cuts during 2024. Nonetheless, there remains a degree of negativity priced
into the market at current levels. A lack of clarity about the path of
interest rates and economic outlook weighed more heavily on medium and smaller
cap companies than on larger cap stocks, given that smaller businesses are
usually more vulnerable to rising interest rates and economic downturns. As a
result, mid and small cap stocks are trading at historically wide discounts to
larger caps, giving rise to opportunities for your Company.
Performance
Despite this generally unsupportive environment, most of the Company's
portfolio holdings continued to do well at an operational level, and I am
pleased to report a positive performance from the Company over the year under
review, on both an absolute and relative basis. For the financial year ended
31st January 2024 (FY24), the Company's net asset total return, based on debt
at par value, was +4.5%; with the debt at fair, the return for the year was
+5.4%; and the total return to shareholders was +6.1%. The Company showed good
outperformance against its benchmark, which returned +1.8%.
The Company's average annualised return over ten years ended 31st January 2024
was +6.1% per annum on a net asset total return par value basis, and +6.4% in
share price terms, comfortably ahead of the benchmark's average annual return
of +4.5%. This long-term track record of high absolute returns and
outperformance of the broader small and medium cap market attests to your
Portfolio Managers' skill at identifying this sector's future market leaders
and outperformers.
The Portfolio Managers' Report below discusses recent performance and
portfolio changes in more detail, as well as considering their outlook for the
coming year.
Returns and Dividends
The Company aims to provide shareholders with long term dividend growth at
least in line with the rate of inflation over a five-to-ten-year period, as
detailed in the table below. The Company has paid three interim dividends of
1.45p per ordinary share in respect of the year to 31st January 2024 and the
Board has declared a fourth quarterly interim dividend of 3.30p per share.
This brings the total dividend for the year to 7.65p per share, an increase of
7.0% over last year.
CPI Mercantile Dividend Growth
(% per annum) (% per annum)
Three Years 6.0% 4.5%
Five Years 4.1% 4.0%
Ten Years 2.8% 6.7%
Source: Office of National Statistics/J.P. Morgan.
In deciding the Company's dividend payments during normal market conditions,
the Board looks to pay dividends that are at least covered by current year
earnings, while also allowing the Company to build revenue reserves. However,
it is a great advantage of the investment trust structure that the Company has
the option to partially fund dividend payments from revenue reserves, when
necessary, to bolster the dividend during challenging times. The Company
utilised this option in the three financial years FY20, FY21 and FY22. Then,
having weathered these 'COVID years', total dividends for FY23 were fully
covered by earnings, and I am pleased to report this remains the case again in
FY24. Revenues per share over the past year increased by 25.3%, to 9.01p, from
7.19p in the previous year. This means that the Company has been able to
increase the FY24 total dividend by a healthy margin, while also adding a
meaningful amount to its reserves, to support dividends in any future lean
years. After payment of the fourth interim dividend, the Company will have
revenue reserves of more than 6.5p per share (2023: 4.9p).
Discount
Although it fluctuated between 9.7% and 16.7% during the period under review,
the Company's discount of 12.6% at year end was largely the same as where it
began a year ago. Your Directors recognise that it is in the interests of
shareholders that the Company's share price does not differ excessively from
the underlying NAV under normal market conditions. With market conditions
continuing to be challenging, in an effort to equalise supply and demand and
support the share price, during FY24 the Board utilised the Company's
authority to buy back shares, repurchasing a total of 8,024,097 shares, at a
cost of £16.5 million. These shares were purchased at an average discount to
NAV of 12.7%, producing a modest accretion to the NAV for continuing
shareholders.
The Board closely monitors the discount and market conditions and will
continue to undertake share buybacks when it deems such action to be
appropriate. My fellow directors and I therefore recommend that shareholders
approve the renewal of the authority to repurchase up to 14.99% of the
Company's shares at the forthcoming Annual General Meeting, with repurchased
shares to be cancelled or held in Treasury. The Board is again seeking
shareholder approval to issue shares at a premium to NAV and to disapply
pre-emption rights on any such issues. As with buying shares at a discount,
issuing new shares at a premium to NAV enhances returns to existing
shareholders and improves liquidity.
Gearing
It is the Board's intention that the Company continues to operate within the
range of 10% net cash to 20% geared, under normal market conditions. The
Company ended the year with gearing of 13.4%, up from 9.5% at the same time
last year. This is the highest level of gearing in over ten years, reflecting
the Portfolio Managers' positive outlook as discussed in their report.
Having gone into the downturn modestly geared - positioning which detracted
from performance - the Board is especially keen to ensure that the level of
gearing enhances the Company's exposure to a market upturn.
The Company's balance sheet and levels of gearing are regularly discussed by
the Board and the Portfolio Managers. Gearing is achieved via the use of
long-dated, fixed-rate financing, from several sources, consistent with the
Board's aim to ensure diversification of the source, tenure and cost of
leverage available to the Company. The Company has in place a £3.85 million
perpetual debenture and a £175 million debenture repayable on 25th February
2030, together with £150 million of long-term debt raised in September 2021
via the issuance of three fixed rate, senior unsecured, privately placed notes
(the 'Notes'). These Notes mature between 2041 and 2061 and were secured at a
blended rate of 1.94%, at a time when interest rates were near their lows.
Marketing, Promotion and Shareholder Interaction
The Company continues to raise its profile with investors and potential
investors, via targeted media and promotional campaigns, and ongoing
interaction with national and investment industry journalists. It is the
Board's view that enhancing the Company's profile will benefit all
shareholders, by creating sustained demand for its shares, particularly from
retail investors, where demand has grown steadily in recent years. We seek to
undertake this promotional activity in the most cost-effective manner.
To further promote the Company to the broader investment community, the
Manager follows an established marketing and investor relations programme
targeting wealth managers, institutions and private client stockbrokers via
video conferences, podcasts and in-person meetings.
The Board and the Investment Managers also maintain a dialogue with the
Company's shareholders via regular email updates, which deliver news and
views, and discuss the latest performance. If you have not already signed up
to receive these communications and you wish to do so, you can opt in via
www.Mercantile-Registration.co.uk or by scanning the QR code in Company's
Annual Report & Financial Statements for the Year Ended 31st January 2024
('2024 Annual Report').
It is the Board's hope that these initiatives will give many more of the
Company's investors and potential investors the opportunity to interact with
the Board and Portfolio Managers.
Board Succession
The Board comprises six Directors. There were some changes during the 2023
calendar year, as we welcomed Julia Goh on 1st January 2023, and said goodbye
to Harry Morley, who retired from the Board in May 2023.
The Board can confirm that its current composition is compliant with all
applicable diversity targets for UK companies listed on the premium segment of
the London Stock Exchange. It is the Board's intention that this will continue
to be the case.
The Manager
The Board, through its Management Engagement Committee, monitors the
performance of the Manager, JPMorgan Funds Limited ('JPMF') on an ongoing
basis. It is the Board's opinion that the Manager's performance remains
strong. Based upon this, having taken all factors into account, including
other services provided to the Company and its shareholders, the Board is
satisfied that JPMF should continue as the Company's Manager and that its
ongoing appointment remains in the best interests of shareholders.
Annual General Meeting
The Company's one hundred and thirty eighth Annual General Meeting will be
held at Trinity House, Tower Hill, London EC3N 4DH on Wednesday 29th May 2024
at 12.00 noon. In addition to the formal part of the meeting, there will be a
presentation from the Portfolio Managers who will answer questions on the
portfolio and performance. The meeting will be followed by a buffet lunch
which will give shareholders an opportunity to meet the Board, the Portfolio
Managers and representatives of the Manager.
Outlook
Interest rates are expected to begin falling sometime soon, and leading
indicators are pointing to some strengthening in activity, so corporate
earnings are also likely to improve over the coming year. These developments
should add momentum to the recent upturn in market sentiment. The Board
therefore shares the Portfolio Managers' confidence in the prospects for mid
and smaller cap stocks during 2024 and beyond.
The Company's prospects are equally bright in our view. Existing portfolio
holdings have been performing well despite the challenging conditions of the
past year and should do even better as and when the economy strengthens. In
addition, the current very attractive valuations mean new investment
opportunities among mid and smaller cap stocks are numerous, and the Portfolio
Managers' track record attests to their ability to identify and capitalise on
the most compelling of these opportunities. All this suggests that the scene
is set for the Company to deliver further capital and dividend growth to
shareholders as we head into the future.
We thank you for your ongoing support.
Angus Gordon Lennox
Chairman
11th April 2024
PORTFOLIO MANAGERS' REPORT
Setting the scene: inflation and central banks
This has been a rather testing year for the UK market, with the direction of
travel being driven to a major extent by the path of inflation, the actions
of the Bank of England, and the impact of these upon expectations of future
economic growth.
With high inflation and rapid, if belated, tightening of monetary policy, a
deep and painful domestic recession was widely predicted. Confounding this
almost uniformly negative sentiment, the economy continued to demonstrate more
resilience than feared, leading the market to oscillate between bouts of
optimism and then pessimism, although overall languishing for most of the year
as we waited for the inevitable to bite.
While inflation in the UK had proven to be stickier than in most countries,
some of this was simply mechanical due to time lags, and it began to moderate
more substantially towards the end of 2023. This, combined with weakening
economic indicators, gave the market a glimpse that perhaps the monetary
tightening cycle could be nearing a turn, which then drove a sharp rally in UK
assets through November and December. Despite this double-digit final quarter,
for the year as a whole our target market of UK medium and smaller companies
(the 'Benchmark') only managed a small positive return, of +1.8%.
Mercantile performance
Against this somewhat uninspiring backdrop, for the year to 31st January 2024
the Company delivered a return on net assets of +4.5% with debt valued at par,
and +5.4% with debt at fair value, in both cases ahead of the Benchmark's
+1.8% return. This outperformance was driven by stock selection. Gearing,
which averaged 12% over the year, was additive to performance on a gross basis
but not quite enough to offset its costs, which are thankfully fixed in
nature. This recent performance extends the Company's track record of
outperformance over the long-term: in the ten years to end January 2024, its
NAV delivered an annualised total return of +6.1% with debt valued at par, and
+6.6% with debt at fair value, again both ahead of the benchmark annualised
return of +4.5%.
Performance attribution
For the year ended 31st January 2024
Performance attribution analyses how the Company achieved its recorded
performance relative to its benchmark index.
% %
Contributions to total return
Benchmark total return 1.8%
Allocation/Stock/Sector Effect 3.2%
Effect of Cash & Gearing 0.5%
Cost of Debentures and Senior Unsecured Privately Placed Loan Notes -0.6%
Portfolio Total Return 4.9%
Management Fees/Other Expenses -0.5%
Share Buy-Back/Issuance 0.1%
Cum Par Net Asset Value Total Return(APM) 4.5%
Impact of Debt Valuation 0.9%
Cum Fair Net Asset Value Total Return(APM) 5.4%
APM Alternative Performance Measure ('APM').
Source: JPMAM and Morningstar. All figures are on a total return basis.
Contributions calculated using an Arithmetic methodology.
A glossary of terms and APMs is provided in the 2024 Annual Report.
Spotlight on stocks
Winners
Performance this year was aided by a strong outturn from several of our
longer-standing investments, led by our substantial holdings in the investment
banking and brokerage services sector. Private equity group 3i continued to
deliver better than expected sales growth thanks to Action, a retailer that
now accounts for close to two thirds of its net assets, while the fund-raising
and financial performance of Intermediate Capital, an alternative asset
manager, remained strong despite a well-reported industry-wide softening in
demand for such strategies.
Other portfolio highlights this year included our significant holdings in the
software and computer services sector, in companies such as Bytes Technology,
Softcat and Computacenter, which have benefitted from robust corporate demand
for IT infrastructure. These companies have also seen gains in market share
and there is scope for revenue to accelerate further as customers begin to
adopt generative AI solutions.
Given the overwhelmingly bearish views of the prospects for the domestic
economy, it was particularly pleasing to see a strong contribution to returns
from our holdings in the household goods and home construction sector, led by
our longstanding investment in Bellway but also from Redrow. The market had
been quick to mark down these shares aggressively given their high economic
sensitivity, but valuations had reached extreme levels, hence we increased our
holdings materially, which was then well rewarded once the shares repriced
more favourably as the probability of the most negative scenarios diminished
through the year.
Losers
It is inevitable that not all our investments will be winners, and while this
is a fact of life, it does not diminish from the frustration at times. Our
holding in Watches of Switzerland, a luxury watch retailer, was our largest
detractor this year by some margin. We had reduced our position size somewhat
on the back of a moderating growth profile, but a move by their key supplier
Rolex into retail, via the succession-driven acquisition of Bucherer,
exacerbated market concerns. This was then compounded by a material profit
warning, following weaker than expected trading over the Christmas period.
While this is the first profit warning that the company has issued since its
listing in 2019, it raises significant questions over the deliverability of
their long-range growth targets, so we have exited the investment in full,
preferring to reallocate the capital elsewhere while continuing to monitor
their progress.
Our investment in Future, the specialist media platform, also came under
pressure as audience figures and thus revenue - particularly in their
important consumer technology products offering - declined, leading to a
reduction in expected earnings. In addition, fears around the potential impact
of AI and third-party cookies changes, combined with a management transition,
placed further downward pressure on the company's share price. However, with
the shares at an extreme valuation, which we do not believe gives fair credit
to their Go-Compare price comparison website business, we remain shareholders,
and with the new CEO now in place, we are monitoring progress closely.
Positioning the portfolio for future success
We target UK companies outside of the FTSE 100 Index that have significant
opportunities for growth and which may be overlooked by other investors. We
invest in the shares of companies that we believe possess the characteristics
that may facilitate this growth, for example nimble business models that can
innovate or disrupt their industries, or companies that occupy prime positions
in rapidly growing markets.
Through the course of any individual year there are adjustments to the
portfolio to reflect the changing environment, as investment hypotheses run
their course or are proved invalid, or as share price moves present better
opportunities elsewhere. Over the past few years there have been multiple
turning points for markets as well as numerous changes to the operating
environments of our portfolio companies. Despite this, portfolio turnover has
remained somewhat lower than long-term averages, reflecting what we believe to
be a resiliently positioned portfolio and our clear focus on the long-term
prospects of holdings.
Furthermore, we have been operating in a volatile environment, with a pandemic
and associated restrictions, supply chain challenges, surging then falling
inflation, a drastic shift in monetary policy, war in Europe and the Middle
East and an evident souring of East-West relations. We believe that this
backdrop has made it even more important to focus on well-positioned and
well-managed businesses that have the resilience to cope and even thrive in a
variety of situations, and which may ultimately emerge with stronger
competitive positions.
Over the last year there have been various changes to the portfolio's
constituents and thus its overall shape, and while some of these are
reasonably material, it should also be read in the context of a portfolio in
which over 80% remains unaltered. While these changes are all based on single
stock investment or divestment decisions, from a top-down perspective these
could be summarised by stating that the portfolio today has an increased
exposure to domestic compared to international end markets versus one year
ago, with even more technology-related holdings, and with an increased amount
of capital invested in the housebuilders and in real estate more broadly.
In the software and computer services sector, we added to our investment in
Bytes Technology, the aforementioned value-added technology reseller. We also
made a new investment in Moneysupermarket.com, a price comparison business
seeing increased demand due to higher insurance prices and where, now that
their technology re-platforming is complete, there is scope to improve
profitability by increasing direct-to-site traffic and cross-sell in place of
pay-per-click.
As already explained above, we made additions to our housebuilding positions
through the year, adding to the pre-existing positions in Bellway and Redrow,
while also adding a new investment in Vistry.
Having previously had a very bearish view on the outlook for real estate more
broadly, this has become more nuanced over the year, as many of the negative
factors that we anticipated have played out and driven share price falls:
valuations came under downward pressure through an environment of rapid
increases to interest rates and thus the discount rates upon which property
valuations are based. While we still maintain a significant overall
underweight in this sector relative to the benchmark, we have moderated its
size, and last year we started our initial foray back into this space, taking
positions in some of the most attractive propositions, with investments in
LondonMetric Property, Shaftesbury Capital and Tritax Big Box REIT, each of
which we believe to be exposed to end markets that will deliver robust rental
growth in coming years.
Other stock specific changes include a large increase in the size of our
position in Hill & Smith, an infrastructure engineer. This comes in
response to the company's improving growth opportunity, driven primarily by an
expansion of US infrastructure spending. We also made a new investment in
Bodycote, an industrial engineer which should benefit from the continued
post-pandemic recovery of the aerospace industry, and in Jet2, the airline and
package holiday provider, which has benefitted from robust consumer demand,
and which continues to generate market share gains.
These purchases were funded by various sales, including the previously
mentioned Watches of Switzerland, a substantial reduction in the size of our
position in RS Group, a distributor of electronics and industrial products,
and exits from Pets At Home, a pet product retailer and services provider, and
from Spirax-Sarco, our longstanding investment in a supplier of specialist
industrial machinery, now a FTSE 100 company.
Outlook for the coming year
Financial markets continue to be heavily influenced by the inter-connected
forces of inflation, monetary policy, and the impact of these upon economic
growth expectations. While the domestic economy through the end of last year
was undoubtedly lacklustre, and the UK may have experienced a recession,
evidence thus far would suggest that this is more likely behind than ahead of
us, and if so, it will have proven to have been far briefer and shallower than
most were anticipating. Indeed, employment levels have remained resilient and
following 13 consecutive months of real wage declines, the average consumer
has now experienced over ten months of real wage growth. Coincident with this,
consumer and business confidence indicators are pointing to an improving
picture, which could lay the foundations for greater consumer demand, more
business investment, and thus lead to a better environment for corporate
earnings growth.
Any improvement in such prospects could yield healthy market gains, as the
prevailing negative sentiment and uncertainty over the outlook is evidently
reflected in valuations, with the UK market trading at a steep discount to
both its own history and relative to other developed markets. Within the UK,
given their greater economic cyclicality and sensitivity to interest rates,
mid-and small-caps are trading at a discount relative to their usual level
versus large caps. Furthermore, portfolio companies have, for the most part,
been performing well at an operational level, as demonstrated by a gradual,
but notable, increase in earnings estimates over the year. Notwithstanding the
obvious geopolitical risks that surround us, or those associated with around
half of the world's population - including the UK - voting in elections in the
coming year, we are excited by the investment opportunities that this
combination of low valuations, improving economic indicators, and strong
performing portfolio companies yields. This backdrop explains our elevated
level of gearing, which at the date of this report is approximately 15%. This
is the highest level of gearing that we have applied in over a decade, which
hopefully demonstrates most clearly our assessment of the opportunity before
us.
We will maintain our focus on investing in structurally robust businesses that
operate in growing end markets and possess the ability to invest capital at
attractive returns and which can also adapt to the changing environments in
which they operate. We believe that a portfolio of such investments offers the
best prospect of delivering compelling returns and outperformance for our
shareholders over the long-term, just as they have done in the past.
Guy Anderson
Anthony Lynch
Portfolio Managers
11th April 2024
PRINCIPAL & EMERGING RISKS AND UNCERTAINTIES
The Board, through delegation to the Audit Committee, has undertaken a robust
assessment and review of the principal risks facing the Company, together with
a review of any new and emerging risks that may have arisen during the year to
31st January 2024, including those that would threaten its business model,
future performance, solvency or liquidity.
With the assistance of the Manager, the Audit Committee has drawn up a risk
matrix, which identifies the key risks to the Company, as well as emerging
risks. The risk matrix, including emerging risks, are reviewed formally by the
Audit Committee every six months or more regularly as appropriate. At each
meeting, the Committee considers emerging risks which it defines as potential
trends, sudden events or changing risks which are characterised by a high
degree of uncertainty in terms of occurrence probability and possible effects
on the Company. As the impact of emerging risks is understood, they may be
entered on the Company's risk matrix and mitigating actions considered as
necessary. In assessing the risks and how they can be mitigated, the Board has
given particular attention to those risks that might threaten the viability of
the Company. The principal risks fall broadly into the following categories:
Principal risk Description Mitigating activities Movement from prior year
Investment Underperformance Poor implementation of the investment strategy, for example as to thematic The Board manages these risks by examining the Manager's investment process, The risk remains high but unchanged from 2023 as geopolitical tensions and
exposure, sector allocation, stock selection, undue concentration of holdings, which integrates financially material ESG considerations, and by ensuring global economic pressures continue to have an unfavourable impact on global
factor risk exposure or the degree of total portfolio risk, may lead to a diversification of investments through its investment restrictions and markets.
failure to outperform the Company's benchmark index and peer companies, and guidelines, which are monitored and reported on by the Manager. The Manager
could result in the Company's shares trading at a wider discount. provides the Directors with timely and accurate management information, Concentration risk, as measured by the proportion of the portfolio made up by
including performance data and attribution analysis, revenue estimates, the largest ten holdings is broadly unchanged compared with the prior year
liquidity reports and shareholder analysis. The Board monitors the (see the Portfolio Information section in the 2024 Annual Report).
implementation and results of the investment process with the Investment
Manager, whose representatives attend all Board meetings, and reviews data
which show statistical measures of the Company's risk profile. The Board holds
a separate meeting devoted to strategy each year.
Geopolitical Instability Geopolitical Risk is the potential for political, socio-economic and cultural This risk is managed to some extent by diversification of investments and by The risk remains high but unchanged from 2023.
events and developments to have an adverse effect on the value of the regular communication with the Manager on matters of investment strategy and
Company's assets. portfolio construction which will directly or indirectly include an assessment
of these risks. The Board receives regular reports from the Manager regarding
The Company and its assets may be impacted by geopolitical instability, in market outlook and gives the Portfolio Mangers discretion regarding acceptable
particular concerns over global economic growth. The war in Ukraine levels of gearing and/or cash. Currently the Company's gearing policy is to
immediately affected energy and commodity markets and the conflict in the operate within a range of 10% net cash to 20% geared.
Middle East as well as heightened tensions in other parts of the world may
cause further damage to the global economy. The Board considers thematic and factor risks, stock selection and levels of
gearing on a regular basis and has set investment restrictions and guidelines
These risks represent the potential loss the Company might suffer through which are monitored and reported on by the Manager.
holding investments in the face of negative market movements.
The Board can, with shareholder approval, look to amend the investment policy
and objectives of the Company to gain exposure to or mitigate the risks
arising from geopolitical instability.
Cyber Crime The threat of cyber attack, in all its guises, is regarded as at least as The information technology controls around the physical security of J.P. The risk remains high but unchanged from 2023. The cyber threat landscape is
important as more traditional physical threats to business continuity and Morgan Chase & Co's data centres, security of its networks and security of rapidly changing, with cyber-attacks growing ever more sophisticated and their
security. its trading applications are tested by an independent third party and reported increasing frequency and scale is well publicised.
every six months against the AAF Standard.
To date the Manager's cyber security arrangements have proven robust and the
The Board has received the cyber security policies for its key third party Company has not been impacted by any cyber attacks threatening its operations.
service providers and JPMF has assured Directors that the Company benefits
directly or indirectly from all elements of J.P. Morgan Chase & Co's
Cyber Security programme.
Discount Control Investment trust shares often trade at discounts to their underlying NAVs; The Board monitors the Company's premium/discount at which the share price The risk remains high but unchanged from 2023.
they can also trade at a premium. Discounts and premiums can fluctuate trades to NAV on both an absolute level and relative to its peers and the
considerably leading to volatile returns for shareholders. wider investment trust sector. The Board regularly reviews and monitors the Company's objective and
investment policy and strategy, the investment portfolio and its performance,
The Board reviews sector relative performance and sales and marketing activity the level of discount/premium to net asset value at which the shares trade and
(considered the primary drivers of the relative discount level). The Company movements in the share register.
also has authority to repurchase its existing shares to enhance the NAV per
share for remaining shareholders and to reduce the absolute level of discount During the year the Company significantly increased the rate of buyback
and discount volatility. activity.
Legal and Regulatory Change The Company's business model could become non-viable as a result of new or The Board receives regular reports from its broker, depositary, registrar and The risk remains high but unchanged from 2023.
revised rules or regulations arising from, for example, policy change or Manager as well as its legal advisers and the Association of Investment
financial monitoring pressure. Companies on changes to regulations which could impact the Company and its
industry. This year the Board invited an external legal firm to attend a Board
meeting for a deep dive into regulatory matters and developments.
Corporate Strategy The corporate strategy, including the investment objectives and policies, may Our investment strategies aim to position The Mercantile as a clear and core The risk is medium and remains unchanged from 2023.
not be of sufficient interest to current or prospective shareholders. Other investment choice available for investment through a number of channels. The
factors, such as the Company not being classified as an ESG integrated Manager continues to deliver on the Company's objective and integrates ESG
investment vehicle, may also deter shareholder interest. considerations into its investment process. The Board regularly reviews its
strategy, and assesses, with its brokers, shareholder views.
The attractiveness of investment vehicles, including investment trusts, could
be impacted by structural changes to the way investors access the market, Marketing and investor relations campaigns continued throughout the year and
including changes within the platform channels. we have identified appropriate promotional opportunities for the Company
(including advertising, events and research coverage) in order to maintain a
strong platform presence. A Mercantile 'Preference Centre' provides the
Company with the ability to communicate directly and more effectively with
investors.
Mid and Smaller Company Investment (Liquidity risk) Investing in mid and smaller sized companies is inherently more risky and The Board discusses these risk factors at each Board meeting with the The risk remains medium and remains unchanged from 2023.
volatile, partly due to a potential lack of liquidity in the shares, which Portfolio Managers. The Board has placed investment restrictions and
could lead to the Portfolio Managers obtaining a lower market price in the guidelines to limit these risks. Ultimately the Company is protected to some
extremely rare event of them being forced sellers. extent given its closed end structure.
Emerging Risks
The Board has considered and kept under review emerging risks, including but
not limited to the impact of climate change, geopolitical conflict,
inflationary pressures, social dislocation and conflict and technological
advances. The key emerging risks identified are as follows:
Artificial Intelligence ('AI')
While it could be a great opportunity and force for good, there is an
increasing risk to business and society more widely from AI. Advances in
computing power means that AI has become a powerful tool that will impact a
huge range of areas and with a wide range of applications that include the
potential to disrupt and even to harm. In addition the use of AI could be
a significant disrupter to business processes and whole companies leading to
added uncertainty in corporate valuations.
Pandemics
The emergence of COVID-19 illustrated the speed and extent of economic damage
that can arise from a pandemic.
Whilst the impact of COVID-19 has now subsided, pandemics in general remain an
emerging risk. Evidence suggests that the likelihood of pandemics has
increased over the past century due to increased global travel and
integration, urbanisation, changes in land use, and greater exploitation of
the natural environment.
TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES
Details of the management contract are set out in the Directors' Report in the
2024 Annual Report. The management fee payable to the Manager for the year was
£6,903,000 (2023: £6,907,000) of which £nil (2023: £nil) was outstanding
at the year end.
Included in administration expenses in note 6 in the 2024 Annual Report are
safe custody fees amounting to £32,000 (2023: £32,000) payable to JPMorgan
Chase Bank N.A. of which £7,000 (2023: £7,000) was outstanding at the year
end.
The Manager may carry out some of its dealing transactions through group
subsidiaries. These transactions are carried out at arm's length.
During the year, brokerage commission on dealing transactions amounting to
£nil (2023: £1,000) was payable to JPMorgan subsidiaries of which £nil
(2023: £nil) was outstanding at the year end.
The Company also holds cash in the JPMorgan GBP Liquidity LVNAV Fund, managed
by JPMorgan. At the year end this was valued at £89.2 million (2023: £157.2
million). Interest income amounting to £5,691,000 (2023: £3,036,000) was
receivable during the year of which £nil (2023: £nil) was outstanding at the
year end.
Handling charges on dealing transactions amounting to £14,000 (2023:
£14,000) were payable to JPMorgan Chase Bank N.A. during the year of which
£3,000 (2023: £2,000) was outstanding at the year end.
At the year end, total cash of £351,000 (2023: £386,000) was held with
JPMorgan Chase Bank N.A. A net amount of interest of £26,000 (2023:
£113,000) was receivable by the Company during the year from JPMorgan Chase
Bank N.A. of which £nil (2023: £nil) was outstanding at the year end.
Full details of Directors' remuneration and shareholdings can be found in the
2024 Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the Annual Report and the
Financial Statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each
financial year. Under that law, the Directors have elected to prepare the
financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards, comprising Financial
Reporting Standard 102, the Financial Reporting Standard applicable in the UK
and Republic of Ireland ('FRS 102'), and applicable law). Under Company law
the Directors must not approve the financial statements unless they are
satisfied that taken as a whole, the Annual Report and Financial Statements
are fair, balanced and understandable, provide the information necessary for
shareholders to assess the Company's position and performance, business model
and strategy and that they give a true and fair view of the state of affairs
of the Company and of the total return or loss of the Company for that period.
In order to provide these confirmations, and in preparing these financial
statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards, comprising FRS 102,
have been followed, subject to any material departures disclosed and explained
in the financial statements;
• prepare the financial statements on a going concern basis unless it is
inappropriate to presume that the Company will continue in business; and
• notify the Company's shareholders in writing about the use, if any, of
disclosure exemptions in FRS 102 in the preparation of the financial
statements
and the Directors confirm that they have done so.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Company's transactions and disclose with
reasonable accuracy at any time the financial position of the Company and to
enable them to ensure that the financial statements comply with the Companies
Act 2006. They are also responsible for safeguarding the assets of the
Company and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
Under applicable law and regulations the Directors are also responsible for
preparing a Directors' Report and Directors' Remuneration Report that comply
with that law and those regulations.
Each of the Directors, whose names and functions are listed in the 2024 Annual
Report confirms that, to the best of his/her knowledge, the financial
statements, which have been prepared in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting Standards
and applicable law), give a true and fair view of the assets, liabilities,
financial position and net return or loss of the Company.
The Board confirms that it is satisfied that the Annual Report and Financial
Statements taken as a whole are fair, balanced and understandable and provide
the information necessary for shareholders to assess the Company's position
and performance, business model and strategy.
The Board also confirms that it is satisfied that the Strategic Report and
Directors' Report include a fair review of the development and performance of
the business, and the Company, together with a description of the principal
risks and uncertainties that it faces.
The Financial Statements are published on the www.mercantileit.co.uk website,
which is maintained by the Manager. The maintenance and integrity of the
website maintained by the Manager is, so far as it relates to the Company, the
responsibility of the Manager. The work carried out by the Auditor does not
involve consideration of the maintenance and integrity of this website and,
accordingly, the Auditor accepts no responsibility for any changes that have
occurred to the accounts since they were initially presented to the website.
The accounts are prepared in accordance with UK legislation, which may differ
from legislation in other jurisdictions.
For and on behalf of the Board
Angus Gordon Lennox
Chairman
11th April 2024
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31st January
2024 2023
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments held at fair value
through profit or loss - 18,706 18,706 - (317,548) (317,548)
Net foreign currency gains - 2 2 - 64 64
Income from investments 73,269 - 73,269 61,589 - 61,589
Interest receivable 5,717 - 5,717 3,149 - 3,149
Gross return/(loss) 78,986 18,708 97,694 64,738 (317,484) (252,746)
Management fee (2,071) (4,832) (6,903) (2,072) (4,835) (6,907)
Other administrative expenses (1,536) - (1,536) (1,413) - (1,413)
Net return/(loss) before finance costs and taxation 75,379 13,876 89,255 61,253 (322,319) (261,066)
Finance costs (4,172) (9,734) (13,906) (4,245) (9,906) (14,151)
Net return/(loss) before taxation 71,207 4,142 75,349 57,008 (332,225) (275,217)
Taxation (141) - (141) (128) - (128)
Net return/(loss) after taxation 71,066 4,142 75,208 56,880 (332,225) (275,345)
Return/(loss) per share 9.01p 0.53p 9.54p 7.19p (42.02)p (34.83)p
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.
The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary
information prepared under guidance issued by the Association of Investment
Companies.
Net return/(loss) after taxation represents the profit/(loss) for the year and
also total comprehensive income/(loss).
STATEMENT OF CHANGES IN EQUITY
For the year ended 31st January
Called up Capital
share Share redemption Capital Revenue
capital premium reserve reserves(1) reserve(1) Total
£'000 £'000 £'000 £'000 £'000 £'000
At 31st January 2022 23,612 23,459 13,158 2,076,379 61,603 2,198,211
Repurchase of shares into Treasury - - - (2,623) - (2,623)
Net (loss)/return - - - (332,225) 56,880 (275,345)
Dividends paid in the year (note 3) - - - - (54,567) (54,567)
At 31st January 2023 23,612 23,459 13,158 1,741,531 63,916 1,865,676
Repurchase of shares into Treasury - - - (16,474) - (16,474)
Net return - - - 4,142 71,066 75,208
Dividends paid in the year (note 3) - - - - (58,791) (58,791)
At January 2024 23,612 23,459 13,158 1,729,199 76,191 1,865,619
(1) These reserves form the distributable reserves of the Company and
may be used to fund distributions to shareholders.
STATEMENT OF FINANCIAL POSITION
At 31st January
2024 2023
£'000 £'000
Fixed assets
Investments held at fair value through profit or loss 2,115,714 2,042,758
Current assets
Debtors 7,557 2,737
Cash and cash equivalents 89,530 157,606
97,087 160,343
Current liabilities
Creditors: amounts falling due within one year (19,248) (9,599)
Net current assets 77,839 150,744
Total assets less current liabilities 2,193,553 2,193,502
Non current liabilities
Creditors: amounts falling due after more than one year (327,934) (327,826)
Net assets 1,865,619 1,865,676
Capital and reserves
Called up share capital 23,612 23,612
Share premium 23,459 23,459
Capital redemption reserve 13,158 13,158
Capital reserves 1,729,199 1,741,531
Revenue reserve 76,191 63,916
Total shareholders' funds 1,865,619 1,865,676
Net asset value per share 238.6p 236.1p
STATEMENT OF CASH FLOWS
For the year ended 31st January
2024 2023
Restated(1)
£'000 £'000
Cash flows from operating activities
Net return/(loss) before finance costs and taxation 89,255 (261,066)
Net (gains)/losses on investments held at fair value through profit or loss (18,706) 317,548
Net foreign currency gains (2) (64)
Dividend income (73,269) (61,589)
Interest income (5,717) (3,149)
Realised loss on foreign exchange transactions 2 46
Decrease in accrued income and other debtors 36 9
Increase in accrued expenses 116 93
Net cash outflow from operations before dividends and interest (8,285) (8,172)
Dividends received 72,142 62,063
Interest received 5,717 3,149
Overseas withholding tax recovered 129 604
Net cash inflow from operating activities 69,703 57,644
Purchases of investments (428,193) (507,308)
Sales of investments 378,822 612,839
Net cash (outflow)/inflow from investing activities (49,371) 105,531
Equity dividends paid (58,791) (54,567)
Repurchase of shares into Treasury (15,819) (2,623)
Interest paid (13,798) (14,058)
Net cash outflow from financing activities (88,408) (71,248)
(Decrease)/increase in cash and cash equivalents (68,076) 91,927
Cash and cash equivalents at start of year 157,606 65,661
Exchange movements - 18
Cash and cash equivalents at end of year 89,530 157,606
Cash and cash equivalents consist of:
Cash and short term deposits 351 386
Cash held in JPMorgan GBP Liquidity LVNAV Fund 89,179 157,220
Total 89,530 157,606
(1) The accounting policy of the Company changed in respect of the
presentation of the Statement of Cash Flows, as permitted under FRS 102, to
present the reconciliation of 'net return/(loss) before finance costs and
taxation' to 'net cash inflow from operating activities' on the Statement of
Cash Flows. Previously, this was shown by way of a note. Interest paid has
also been reclassified from operating activities to financing activities as it
relates to interest paid on the overdraft, bank loan, debentures and loan
notes. Other than changes in presentation of certain cash flow items from the
previously shown 'reconciliation of net return/(loss) before finance costs and
taxation to net cash outflow from operations before dividends and interest',
there is no change to the cash flows as presented in previous periods.
ANALYSIS OF CHANGES IN NET DEBT
As at Interest and As at
31st January amortisation 31st January
2023 Cash flows charges 2024
£'000 £'000 £'000 £'000
Cash and cash equivalents
Cash and short term deposits 386 (35) - 351
Cash held in JPMorgan GBP Liquidity LVNAV Fund 157,220 (68,041) - 89,179
157,606 (68,076) - 89,530
Borrowings:
Debentures falling due after more than five years (178,157) 10,882 (10,979) (178,254)
Private Placement due after more than five years (149,669) 2,910 (2,921) (149,680)
Bank loan and overdraft - 6 (6) -
(327,826) 13,798 (13,906) (327,934)
Net debt (170,220) (54,278) (13,906) (238,404)
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31st January 2024
1. Accounting policies
Basis of accounting
The financial statements have been prepared in accordance with the Companies
Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland' of the United Kingdom Generally Accepted Accounting
Practice ('UK GAAP') and with the Statement of Recommended Practice
'Financial Statements of Investment Trust Companies and Venture Capital
Trusts' (the 'SORP') issued by the Association of Investment Companies in July
2022.
All of the Company's operations are of a continuing nature.
The financial statements have been prepared on a going concern basis. The
disclosures on going concern in the Directors' Report within the 2024 Annual
Report form part of these financial statements.
As permitted under FRS 102, the presentation of the Statement of Cash Flows
was changed during the year so as to present the reconciliation of 'net
return/(loss) before finance costs and taxation' to 'net cash inflow from
operating activities' on the Statement of Cash Flows. Previously this was
shown by way of note to the financial statements. As a result the comparative
year to 31st January 2023 has been restated accordingly and further details of
this change are shown on the Statement of Cash Flows above.
Except for the change in the Statement of Cash Flows as noted above, the
policies applied in these financial statements are consistent with those
applied in the preceding year.
2. Return/(loss) per share
2024 2023
£'000 £'000
Revenue return 71,066 56,880
Capital return/(loss) 4,142 (332,225)
Total return/(loss) 75,208 (275,345)
Weighted average number of shares in issue during the year 788,846,061 790,696,064
Revenue return per share 9.01p 7.19p
Capital return per share 0.53p (42.02)p
Total return/(loss) per share 9.54p (34.83)p
The total return/(loss) per share represents both basic and diluted return per
share as the Company has no dilutive shares.
3. Dividends
(a) Dividends paid and declared
2024 2023
£'000 £'000
Dividends paid
2023 fourth quarterly dividend of 3.10p (2022: 2.85p) paid to shareholders
in May 2023 24,493 22,558
First quarterly dividend of 1.45p (2023: 1.35p) paid to shareholders in
August 2023 11,456 10,677
Second quarterly dividend of 1.45p (2023: 1.35p) paid to shareholders in
November 2023 11,451 10,666
Third quarterly dividend of 1.45p (2023: 1.35p) paid to shareholders in
February 2024(1) 11,391 10,666
Total dividends paid in the year 58,791 54,567
2024 2023
£'000 £'000
Dividend declared
Fourth quarterly dividend declared of 3.30p (2023: 3.10p) payable to
shareholders in May 2024 25,808 24,493
(1) The Company irrevocably transfers the funds to its Registrar in
the month prior to which the dividend is paid to shareholders. The third
quarterly dividend in February 2024 is therefore recognised as paid prior to
the year end.
All dividends paid and declared in the period have been funded from the
Revenue Reserve.
The fourth quarterly dividend has been declared in respect of the year ended
31st January 2024. In accordance with the accounting policy of the Company,
this dividend will be reflected in the financial statements for the year
ending 31st January 2025.
(b) Dividends for the purposes of Section 1158 of the Corporation Tax
Act 2010 ('Section 1158')
The requirements of Section 1158 are considered on the basis of dividends
declared in respect of the financial year as shown below. The revenue
available for distribution by way of dividend for the year is £71,066,000
(2023: £56,880,000).
The maximum amount of income that the Company is permitted to retain under
Section 1158 is £11,848,000 (2023: £9,711,000), calculated as 15% of gross
revenue. Therefore the minimum distribution required by way of dividend is
£59,218,000 (2023: £47,169,000).
2024 2023
£'000 £'000
First quarterly dividend of 1.45p (2023: 1.35p) paid to shareholders in August 11,456 10,677
2023
Second quarterly dividend of 1.45p (2023: 1.35p) paid to shareholders in 11,451 10,666
November 2023
Third quarterly dividend of 1.45p (2023: 1.35p) paid to shareholders in 11,391 10,666
February 2024(1)
Fourth quarterly dividend declared of 3.30p (2023: 3.1p) payable in May 2024 25,808 24,493
60,106 56,502
1 The Company irrevocably transfers the funds to its Registrar in the
month prior to which the dividend is paid to shareholders and the dividend is
therefore recognised as paid prior to the year end.
4. Net asset value per share
The net asset value per Ordinary share and the net asset value attributable to
the Ordinary shares at the year end are shown below. These were calculated
using 782,056,565 (2023: 790,080,662) Ordinary shares in issue at the year end
(excluding Treasury shares).
2024 2023
Net asset value attributable
Net asset value attributable
£'000 pence £'000 pence
Net asset value - debt at par 1,865,619 238.6 1,865,676 236.1
Add: amortised cost of £175 million 6.125%
debenture stock 25th February 2030 174,404 22.3 174,307 22.1
Less: fair value of £175 million 6.125%
debenture stock 25th February 2030 (193,665) (24.7) (201,864) (25.5)
Add: amortised cost of £3.85 million 4.25%
perpetual debenture stock 3,850 0.5 3,850 0.5
Less: fair value of £3.85 million 4.25%
perpetual debenture stock (3,150) (0.4) (3,791) (0.5)
Add: amortised cost of senior unsecured
privately placed loan notes 149,680 19.1 149,669 18.9
Less: fair value of senior unsecured privately
placed loan notes (82,601) (10.6) (93,602) (11.8)
Net asset value - debt at fair value 1,914,137 244.8 1,894,245 239.8
5. Status of results announcement
2023 Financial Information
The figures and financial information for 2023 are extracted from the Annual
Report and Financial Statements for the year ended 31st January 2023 and do
not constitute the statutory accounts for the year. The Annual Report and
Financial Statements include the Report of the Independent Auditors which was
unqualified and did not contain a statement under either section 498(2) or
section 498(3) of the Companies Act 2006.
2024 Financial Information
The figures and financial information for 2024 are extracted from the
published Annual Report and Financial Statements for the year ended 31st
January 2024 and do not constitute the statutory accounts for that year. The
Annual Report and Financial Statements include the Report of the Independent
Auditors which is unqualified and did not contain a statement under either
section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report
and Financial Statements for the year ended 31st January 2024 will be
delivered to the Register of Companies in due course.
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
11th April 2024
For further information:
Alison Vincent,
JPMorgan Funds Limited
020 7742 4000
ENDS
A copy of the annual report will shortly be submitted to the FCA's Electronic
Submission System and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://secureweb.jpmchase.net/readonly/https:/lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA0MDUuMTk3NzA4MDEiLCJ1cmwiOiJodHRwczovL2RhdGEuZmNhLm9yZy51ay8jL25zbS9uYXRpb25hbHN0b3JhZ2VtZWNoYW5pc20ifQ.b7Q7NXHGRA8MjB_Ugl8Tv4JxhiU28TbcoNb04FTTMiY/br/77057565556-l)
The annual report will shortly be available on the Company's website at
www.mercantileit.co.uk (http://www.mercantileit.co.uk) where up-to-date
information on the Company, including daily NAV and share prices, factsheets
and portfolio information can also be found.
Stay Informed
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JPMORGAN FUNDS LIMITED
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