REG - Mercantile Inv Tst - Annual Financial Report
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260410:nRSJ8944Za&default-theme=true
RNS Number : 8944Z Mercantile Investment Trust(The)PLC 10 April 2026
LONDON STOCK EXCHANGE ANNOUNCEMENT
THE MERCANTILE INVESTMENT TRUST PLC
FINAL RESULTS FOR THE YEAR ENDED 31ST JANUARY 2026
Legal Entity Identifier: 549300BGX3CJIHLP2H42
Information disclosed in accordance with the DTR 4.1.3
The Mercantile Investment Trust plc ('The Mercantile' or the 'Company')
announces its full year results for the 12-months ended 31st January 2026.
Highlights
· NAV total return of +12.3% (with debt at fair value*) for the year
ended 31 January 2026, compared with a +15.8% return for the Company's
benchmark (FTSE All-Share Index, ex-FTSE 100, ex-investment trusts, with net
dividends reinvested). Share price total return for the period was +12.5%.
· Three-year cumulative NAV total return of +35.1% compared with +32.4%
for the Benchmark; three-year share price cumulative total return of +41.9%.
· Five-year cumulative NAV total return of +42.5% compared with +39.0%
for the Benchmark; five-year share price cumulative total return of +36.9%.
· Ten-year cumulative NAV total return of +109.3%, comfortably ahead
of the benchmark's +85.1%; ten-year share price cumulative total return of
+111.3%.
· The year's performance was supported by strong stock selection in
industrials and select financials, while investment banking and brokerage
services and consumer discretionary detracted. While the Company benefitted
from takeovers in Alpha Group International and Just Group, there were a
greater number where the Company had no holding, which detracted from relative
returns.
· The Company remains competitively priced, with an Ongoing Charges
Ratio ('OCR') for the year of 0.49% (2025: 0.48%).
· During the year, the Company repurchased 63,799,708 shares into
Treasury at an average discount to NAV of 9.9%, adding 0.9% to the NAV
total return.
· A total dividend of 8.20p per share was declared for the year
(2025: 7.90p), an increase of 3.8%. This comprised three interim dividends of
1.55p per share and a fourth quarterly interim dividend of 3.55p per share.
The dividend was fully covered by earnings, with revenue per share of 9.25p
(2025: 8.96p).
· The Company's dividend has grown for over 12 consecutive years, with
ten-year annualised dividend growth of 6.7% compared to CPI inflation
of 3.4%.
(*) Morningstar/J.P. Morgan, using cum income net asset value per share. APM
Alternative Performance Measure ('APM').
Rachel Beagles, Chairman, commented:
Dealing with geopolitical events has, unfortunately, in recent years, become
'business as usual' for our Portfolio Managers. The recent war in Iran raises
the spectre of heightened oil prices, and if prolonged, threatens the downward
trend of inflation and interest rates in the UK. However, levels of corporate
and personal sector debt are historically low; valuations of medium and
smaller companies remain attractive relative to history and larger peers.
Your portfolio is invested in high quality companies, with conservative
balance sheets and strong market positions. Further, increased levels of
market volatility should offer opportunities for active stock pickers. My
fellow Directors and I remain confident in your Portfolio Managers' ability
to guide the portfolio through any challenges, whilst taking advantage of
emergent investment and valuation opportunities. This should ensure that the
Company continues to deliver both positive real returns and outperformance
over the long term.
Guy Anderson & Anthony Lynch, Portfolio Managers, commented:
The outlook is always uncertain, and this year is no different: the
international geopolitical landscape appears primed for generating
unanticipated shocks; …a war is just unfolding in the Middle East, and it is
too early to be definitive about its implications; domestic economic growth is
low, and the government's ability to deliver productive change appears
limited; the rapid pace of technological development will both create and
destroy industries, and thus create both winners and losers. As always, we
will endeavour to invest in more of the former, and to avoid the latter.
While this was a year of underperformance, the Company has sustained its track
record of outperformance over the long-term... Looking ahead, 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 while being able to 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."
CHAIR'S STATEMENT
Market Background
After a turbulent first half, UK equities recovered strongly in the latter
half of the year, consistent with the upbeat mood of global markets over that
period. These gains were made despite persistent geopolitical tensions and a
protracted period of uncertainty leading up the UK Government's November 2025
Budget. Support came from a surge in interest from international investors,
including a rise in mergers and acquisition (M&A) activity, further
interest rate cuts from the Bank of England, and some gradual improvement in
the UK economy. Investors were also relieved to learn that the Budget proved
less onerous than feared for both businesses and households.
Performance
During the 12 months to the end of January 2026, the Company made strong total
returns on net assets* of +12.3% and +12.5% on a share price basis. This
performance lagged the benchmark, which rose +15.8% over the period. This
underperformance is disappointing, but the Portfolio Managers adopt
a long-term view when implementing investment decisions, so it is meaningful
to assess the Company's performance on the same basis. The Company's longer
term track record of attractive absolute returns and outperformance remains
intact. Over the ten years to 31st January 2026, the Company's NAV* delivered
a cumulative total return of +109.3% comfortably ahead of the benchmark's
+85.1%; over five years, the Company's cumulative return of +42.5% also
exceeded the benchmark's +39.0%.
The Portfolio Managers' Report below provides details of the Company's recent
performance and portfolio changes implemented over the past year. Their report
also discusses the market outlook for 2026 and beyond.
* With debt at fair value.
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. The
table below illustrates how the Company has fulfilled this commitment, as well
as over more recent time periods.
CPI* Mercantile
Dividend Growth
(% per annum) (% per annum)
One Year 3.2% 3.8%
Three Years 3.8% 4.7%
Five Years 5.0% 4.1%
Ten Years 3.4% 6.7%
* Consumer Price Index (CPI). Source: Office for National Statistics.
The Company's dividend has now grown for 13 consecutive years, which has
earned it a place among the AIC's next-generation dividend heroes. During the
financial year ended 31st January 2026, the Company paid three interim
dividends of 1.55p per ordinary share and the Board has declared a fourth
quarterly interim dividend of 3.55p per share. This brings the total dividend
for the year to 8.20p per share, an increase of 3.8% over the previous year's
dividend payment of 7.90p per share and provides a historic yield of 3.2%
based on the share price as at close of business on 8th April 2026.
In deciding our dividend payments, we look to pay dividends that are at least
covered by current year earnings, while also allowing us to build revenue
reserves. I am pleased to be able to report that during the financial year,
all declared dividends were fully covered by earnings, with revenue per share
during the year of 9.25p (31st January 2025: 8.96p). After payment of the
fourth interim dividend, the Company will have revenue reserves of 10.20p per
share (2025: 8.00p). It is a great advantage of the investment trust structure
that the Company is able to partially fund dividend payments from revenue
reserves when necessary, to bolster the dividend during challenging times.
This capability should provide shareholders with confidence in the Company's
ability to maintain its dividend growth objective throughout investment
cycles.
Discount and Share Repurchases
The discount at which the Company's shares trade versus its NAV with debt at
fair value remained virtually unchanged over the review period, finishing the
year at 9.4% (2025: 9.2%). The Board is cognisant that it is in shareholders'
interests that the Company's share price should not differ excessively from
the underlying NAV under normal market conditions. In the Board's view, the
level of the share price's discount to NAV is unwarranted, so during the
financial year the Company repurchased 63,799,708 shares. These shares are
held in Treasury and were purchased at an average discount to NAV of 9.9%,
which added 0.9% to the NAV total return. Since the financial year end, the
Company has purchased a further 21,340,443 shares, and the share price
discount stood at 10.7% as at close of business on 8th April 2026.
The Board believes that the Company's share buyback facility is an important
tool in the management of discount volatility. Therefore, my fellow Directors
and I recommend that shareholders approve the renewal of the authority to
repurchase up to 14.99% of the Company's shares at the Company's forthcoming
Annual General Meeting ('AGM'), with repurchased shares to be cancelled or
held in Treasury. The Board is also, once 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 also improves
liquidity.
Gearing
It is the Board's intention that the Company maintains its current gearing
policy, which is to operate within the range of 10% net cash to 20% geared,
under normal market conditions. The Company ended the financial year with
gearing at 14.4% (compared to 14.1% on 31st January 2025). Over the year under
review, gearing (net of costs) added 1.8% to the Company's relative
performance against its Benchmark.
Gearing is regularly discussed by the Board and the Portfolio Managers and is
implemented via the use of long-dated, fixed-rate financing, from several
sources, consistent with the Board's aim to ensure a diversification of
source, tenure and cost of leverage available to the Company. Full details of
these instruments can be found on page 27 of the Annual Report.
Since the year end, the Company has entered into an agreement to partially
repurchase £2.77 million of its £3.85 million 4.25% perpetual debenture
stock, which will leave £1.08 million outstanding.
Annual General Meeting
The Company's one hundred and fortieth AGM will be held at Trinity House,
Tower Hill, London EC3N 4DH on Thursday, 21st May 2026 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. The Board and I look forward to seeing a
number of you then.
Marketing, Promotion and Shareholder Interaction
The Company continues its efforts to raise its profile among investors and
potential investors through focused media and promotional efforts, as well as
via ongoing engagement with national and investment industry journalists.
During the year this included the Company's very first on-screen advertising
(out-of-home campaign) in busy locations such as train stations. The Board
believes that boosting the Company's profile will be advantageous for all
shareholders by generating consistent demand for its shares, especially from
retail investors, who over the last few years have made up an increasing
percentage of the share register. We aim to carry out these promotional
activities in the most cost-effective way possible.
To further enhance the Company's presence within the broader investment
community, the Manager implements a well-established sales and investor
relations programme. This programme targets wealth managers, institutions, and
private client stockbrokers through video conferences and in-person meetings.
In addition, the Portfolio Managers attend and present at retail events.
The Board and Portfolio Managers maintain regular dialogue with shareholders
through email updates that share news, insights, and the latest performance,
along with invitations to webinars hosted by the Portfolio Managers. The
webinars provide portfolio updates and give shareholders the opportunity to
ask questions. 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 on page 13 of
the 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 remain
well-informed about its progress and to interact with the Board and Portfolio
Managers.
Joint Broker
During the year, following a broker review and evaluation of proposals from
several firms, the Board appointed Peel Hunt LLP as joint broker alongside
Winterflood, replacing Cavendish. This combination was chosen to best support
the Company's market presence, investor relations, and strategic objectives.
On behalf of the Board I would like to thank Cavendish for its service to the
Company over many years.
Board
I became Chair of the Board and the Nomination Committee after the AGM in May
2025, having joined the Board in June 2021. I succeeded Angus Gordon Lennox,
who retired after nine years on the Board, including seven as Chairman. On
behalf of the Board and shareholders, I would like to take this opportunity to
thank Angus for his sound counsel and wise leadership during this period.
Following my appointment as Chair, Graham Kitchen became the Senior
Independent Director.
The Board reviews its composition on a regular basis, taking account of the
need to maintain a wide and relevant range of experience and expertise and to
refresh its membership regularly. I can confirm that the Board's current
composition remains compliant with all targets applicable to a company listed
on the London Stock Exchange. It is the Board's intention that this will
continue to be the case going forward.
The Board supports the annual re-election for all Directors, as recommended by
the AIC Corporate Governance Code, and therefore all the Directors will stand
for re-election at the forthcoming AGM.
The Manager
The Board, through its Management Engagement Committee, monitors the
performance of the Manager, JPMorgan Funds Limited ('JPMF'), on an ongoing
basis. Given the Manager's long term performance track record, the Company's
competitive management fee and the depth and quality of resource offered by
the Manager to the Company and its shareholders, the Board is satisfied that
JPMF's ongoing appointment as the Company's Manager remains in the best
interests of shareholders.
Outlook
Dealing with geopolitical events has, unfortunately, in recent years, become
'business as usual' for your Portfolio Managers. The recent war in Iran raises
the spectre of heightened oil prices, and if prolonged, threatens the downward
trend of inflation and interest rates in the UK. However, levels of corporate
and personal sector debt are historically low and valuations of medium and
smaller companies remain attractive relative to history and larger peers. Your
portfolio is invested in high quality companies, with conservative balance
sheets and strong market positions. Further, increased levels of market
volatility should offer opportunities for active stock pickers. A combination
of cheap underlying markets and astute stock selection could prove very
rewarding should a solution to the conflict in Iran be found, the oil price
normalise and UK interest rates continue their downward trajectory. My fellow
Directors and I remain confident in your Portfolio Managers' ability to guide
the portfolio through any challenges, whilst taking advantage of emergent
investment and valuation opportunities. This should ensure that the Company
continues to deliver both positive real returns and outperformance over the
long term.
Rachel Beagles
Chair
9th April 2026
PORTFOLIO MANAGERS' REPORT
Setting the scene: positive market returns despite geopolitical challenges
Over the course of this financial year UK equities delivered healthy progress,
with our target market of UK medium and smaller companies (the 'Benchmark')
delivering a return of +15.8%, ahead of its long-run average. The wider UK
market, dominated by the FTSE 100, performed even better with a +21% return
over this period, higher than the much-vaunted US market. Whilst the headline
figures are undoubtedly encouraging, it masks considerable turbulence both
over the course of the year and underneath the surface.
The period of greatest volatility occurred in the immediate aftermath of the
announcements from the President of the United States, focused on the
imposition and subsequent potential relaxation of trade tariffs. After an
initial sharp sell-off, the market staged a rapid recovery into the summer.
At this point, the focus turned towards matters domestic, and the prolonged
uncertainty caused by UK government policy shifts and an extended run into
the Autumn budget. After the imposition of various taxation increases the
previous year, and with the government being demonstrably unwilling to curtail
public sector spending, there was widespread concern that further increases in
taxation would follow. As a result, confidence suffered, with businesses less
willing to invest in capital or to hire more labour, and consumers more
cautious on spending. In the event - as has often been the case in the UK -
the fear of the event was worse than the reality, and once beyond it the
market was able to progress further.
Alongside this improving market performance, the UK market has experienced a
flurry of incoming takeover activity, with over 30 successful bids each valued
at greater than £100 million through calendar year 2025. Furthermore, and
again reflecting the deeply discounted valuation of the UK market, corporates
continue to repurchase their own shares at elevated levels.
Performance attribution
Performance attribution analyses how the Company achieved its recorded
performance relative to its benchmark index.
For the year ended 31st January 2026
% %
Contributions to Total Return
Benchmark Total Return 15.8
Allocation/Stock/Sector Effect (5.6)
Effect of Gearing and Cash 2.5
Cost of Debentures and Senior Unsecured Privately
Placed Loan Notes (0.7)
Portfolio Total Return 12.0
Management Fees and Other Expenses (0.5)
Share Buy-Back 0.9
Net Asset Value Total Return - With Debt at Par Value(APM) 12.4
Impact of Debt Fair Valuation (0.1)
Net Asset Value Total Return - With Debt at Fair Value(APM) 12.3
(APM) Alternative Performance Measure ('APM').
Source: Morningstar/J.P.Morgan. All figures are on a total return basis.
Contributions calculated using an Arithmetic methodology.
A glossary of terms and APMs is provided on pages 98 to 101 in the Annual
Report.
Mercantile performance
Against this backdrop, for the year to 31st January 2026 the Company delivered
a return on net assets of +12.3%, with debt at fair value, and +12.4% with
debt at par value, trailing the Benchmark's +15.8% return. While this was a
year of underperformance, the Company has sustained its track record of
outperformance over the long-term: in the ten years to the end of January
2026, its NAV delivered a cumulative total return of +109.3% with debt at fair
value, and +95.4% with debt at par value, ahead of the benchmark cumulative
total return of +85.1%.
Spotlight on stocks
Winners
Performance was bolstered by strong returns from our holdings in the
Industrial Support Services sector, particularly Serco, the government
outsourcer, which was our top contributor on the back of improving contract
win momentum, particularly in defence markets, and thus an anticipated
acceleration in growth. In the Construction sector, our position in Balfour
Beatty, the UK based infrastructure and engineering group, was a strong
contributor as the company benefitted from a healthy demand backdrop in the UK
while executing well and thus driving both growth and cash generation ahead of
market expectations.
Plus500, the provider of online trading services, our largest new investment
from 2024, also delivered continued gains, following the significant growth in
their new US futures business and as they benefitted from broader market
volatility. Also in the broader financials space, our holding in Lion Finance,
the Georgian bank, performed strongly off the back of continued robust growth
and profitability, supported by favourable macroeconomic conditions and
strategic digital initiatives.
Losers
Despite several individual successes in the year, and having been a strong
contributor over the years in aggregate, the sector that detracted most from
returns this year was Investment Banking & Brokerage Services, with large
holdings in both ICG and 3i coming under pressure. While ICG, an alternative
asset manager, delivered continued impressive fund-raising and reported
healthy financial performance, the shares came under pressure towards the end
of the year due to wider market concerns surrounding the health of the private
credit market, an area in which they operate. Private equity group 3i had a
challenging year, with its core asset Action, the discount retailer,
delivering slower than anticipated same store growth in its French operations,
while the rest of the group has continued to perform well.
There were several other major detractors from performance across various
other industry sectors. Our investment in Trainline, the online train ticket
retailer, suffered a challenging year. The shares sold off following the UK
government's confirmation that Great British Railways will ultimately launch
a centralised ticketing app, which will be in direct competition with them.
We are of the view that Trainline's proven platform and strong brand will hold
up well against this potential new entrant and have retained our holding. Our
holding in 4imprint, the supplier of promotional branded merchandise, suffered
due to increased uncertainty on their growth outlook following the US tariff
announcements. Following a sharp de-rating in the valuation of the company, we
have chosen to retain our holding in this market-leading business.
Shares in WH Smith, the travel retailer, fell sharply following the
announcement of a review into accounting practices in their North American
operations, where income had been over-stated. We exited our holding following
this news. Bytes Technology, the value-added technology reseller, experienced
a significant share price decline when they announced a profit warning just
weeks after their full-year results, in part due to challenges in the
implementation of an internal sales team reorganisation but also because of a
weakening demand backdrop. We sold out of our holding in full, preferring to
retain positions in other value-added resellers where execution has been
stronger.
From a relative performance perspective, the portfolio also suffered from the
continued high number of companies that were subject to takeover bids at
substantial premia. While we benefitted from this in the two instances of
Alpha Group International and Just Group, in which we held shares, there were
a greater number where we had no holding. The most material of these was
Spectris, which was the subject of a bidding war between two possible private
equity buyers, and ultimately commanded a near 100% takeover premium.
Positioning the portfolio for future success
We invest in medium and smaller sized UK companies that have significant
opportunities for growth, focusing on those outside of the FTSE 100 Index and
which may therefore be overlooked by other market practitioners. 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, 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 supply
chain challenges coming out of the pandemic, surging inflation, a drastic
shift in monetary policy, war in Europe - and now the Middle East - and yet
more uncertainty from US policy gyrations and widespread tariffs. 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.
There have been various changes to the portfolio's constituents over the year,
with a total of 21 new holdings added while we exited, coincidentally, from 21
too. From a top-down perspective we increased our exposure to the Financials
sector, while we reduced our exposure to Consumer Discretionary. These
observations should be read in the context of a portfolio which remains over
70% unaltered, and in which every investment decision is based upon the
assessment of the prospects for the specific shares being acquired or
divested. The level of gearing deployed has been reasonably constant over the
course of the year, averaging around 14%.
In the Financials sector, major portfolio additions included IG Group, the
provider of online trading services, Just Group, the life insurer, Quilter,
the wealth manager and Shawbrook, the specialist lender, which returned to the
stock market with its IPO in October 2025.
Other new additions to the portfolio came from a broad range of sectors and
included Greencore, the convenience food manufacturer, Carnival, the cruise
ship holiday operator, Rosebank Industries, an industrial business following a
'buy, improve, sell' model, and Safestore, the self-storage operator. As is
hopefully evident from this list, we are finding many exciting opportunities
from across the range of sectors and different types of businesses.
Major exits include the aforementioned WH Smith and Bytes Technology, as well
as Greggs, the food-to-go retailer, and Auto Trader, the operator of the UK's
leading digital automotive marketplace. This final name had been held in the
portfolio since its IPO in March 2015 through to March 2025, and having
delivered excellent returns over that period is now a FTSE 100 company. We
sold out of one other FTSE 100 holding, our investment in Barratt Redrow,
following weaker than expected guidance for sales growth in the year ahead, as
the market recovery from depressed levels is occurring more slowly than
anticipated.
Outlook for the coming year
The outlook is always uncertain, and this year is no different: the
international geopolitical landscape appears primed for generating
unanticipated shocks, and the continued rise of populism could have damaging
consequences; a war is just unfolding in the Middle East, and it is too early
to be definitive about its implications; domestic economic growth is low, and
the government's ability to deliver productive change appears limited; the
rapid pace of technological development will both create and destroy
industries, and thus create both winners and losers. As always, we will
endeavour to invest in more of the former, and to avoid the latter.
In the near-term, financial markets will be buffeted by changes to the above,
as well as by the inter-connected forces of inflation, monetary and fiscal
policy, and their impact upon economic and-thus corporate earnings growth
expectations.
Despite this, and amidst the market volatility, there is cause for cautious
optimism. Even after a year of healthy gains, the valuation of the UK market
remains comparable with its own history and at a steep discount relative to
other developed markets. Within the UK, given their greater economic
cyclicality and sensitivity to interest rates, medium and smaller size
companies are trading at a discount relative to their usual level versus
larger companies. These facts have not gone unnoticed, as we have seen a
pick-up in the number of acquisitions by corporate buyers - focusing on medium
and smaller companies - while the volume of share buybacks being executed by
management teams remains elevated.
The changing economic landscape will impact our portfolio companies, yet most
have been delivering healthy financial performance while executing their
growth strategies, in many cases backed by substantial capital investments.
It is impossible to be definitive about the implications of the current
conflict in the Middle East, but with major disruption to the flows of crude
oil and natural gas, it certainly creates downside risks to global economic
growth, alongside upside risks to inflation. We are vigilant to these changes
and will strive to steer the portfolio through this period of heightened risk.
Notwithstanding recent events and the potential for economic disruption, the
combination of the factors above, and the breadth of exciting investment ideas
that we have been finding, explain our current elevated level of gearing,
sitting at around 15%. This action hopefully demonstrates most clearly our
assessment of the opportunity before us.
Looking ahead, 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 while being able to 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
9th April 2026
PRINCIPAL & EMERGING RISKS AND UNCERTAINTIES
The Board, through delegation to the Audit and Risk 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 2026, including those that would threaten its
business model, future performance, solvency or liquidity.
With the assistance of the Manager, the Audit and Risk 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 and Risk 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:
Change in risk
status during
Principal risk Description Mitigating activities the year
Investment Under-performance Poor implementation of the investment strategy, for example as to thematic The Board manages these risks by examining the Manager's investment process, áâ
exposure, sector allocation, stock selection, undue concentration of holdings, which integrates financially material ESG considerations, and by ensuring
factor risk exposure or the degree of total portfolio risk, may lead to a diversification of investments through its investment restrictions and The Portfolio Managers continue to employ disciplined portfolio construction
persistent failure to outperform the Company's benchmark index and peer guidelines, which are monitored and reported on by the Manager. The Manager and risk management, aiming to surpass the benchmark while navigating volatile
companies, and could result in the Company's shares trading at a wider provides the Directors with timely and accurate management information, market conditions.
discount. including performance data and attribution analysis, revenue estimates,
liquidity reports and shareholder analysis. The Board monitors and challenges
the implementation and results of the investment process with the Investment
Manager, whose representatives attend at least part of all regularly scheduled
Board meetings. The Board holds a separate meeting devoted to strategy
each year.
Cyber Crime A successful cyber attack on the Investment Manager and/or important third An independent third party tests the IT controls for physical data-centre áâ
party suppliers could impact the Company's ability to operate efficiently. The security, network security, and trading-application security across JPMorgan
threat of cyber attack, in all its guises, is regarded as at least as Chase & Co. and its legal entities and subsidiaries, issuing semi-annual The threat landscape continues to evolve rapidly, with attacks growing more
important as more traditional physical threats to business continuity and reports against the AAF Standard. sophisticated; their frequency and scale are widely publicised.
security.
The Investment Manager reviews the cyber security policies of the Company's To date the Manager's cyber security arrangements and those of its material
key third-party service providers. JPMF has assured the Directors that the third-party suppliers, have proven robust and the Company has not been
Company benefits, whether directly or indirectly, from the cyber security impacted by any cyber attacks threatening its operations.
programme of JPMorgan Chase & Co. and its legal entities and subsidiaries.
The Board reviewed the application of the Cyber Governance Code of Practice
and all Directors have completed training modules aligned with the Code's
Principles.
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 ã
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 The risk profile has worsened over the year due to escalating geopolitical
of these risks. The Board receives regular reports from the Manager regarding tensions and conflicts in the Middle East and Europe. These developments can
Geopolitical tensions remain elevated, adding to market volatility and market outlook and gives the Portfolio Managers discretion regarding reverberate across global markets, erode investor sentiment, and strain
uncertainty. Recent U.S. tariff measures and shifting trade policies further acceptable levels of gearing and/or cash. Currently the Company's gearing economic stability.
complicate the global backdrop. Together with uncertainty around the path of policy is to operate within a range of 10% net cash to 20% geared.
interest rates and inflation; ongoing conflicts in Eastern Europe and the
Middle East; rising frictions in parts of Asia; and a broader resurgence of The Board considers thematic and factor risks, stock selection and levels of
economic nationalism, these factors could weigh on market stability and gearing on a regular basis and has set investment restrictions and guidelines
investment opportunities and may adversely affect the Company's performance, which are monitored and reported on by the Manager.
potentially affecting the Company's holdings and/or the demand for equity
investments. 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.
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 áâ
not be of sufficient interest to current or prospective shareholders. For investment choice available for investment through a number of channels. The
instance, if the UK remains out of favour with investors, it could hinder the Manager continues to deliver on the Company's objective. The Board regularly The UK continues to be out of favour with investors, reflecting factors such
Company's appeal. reviews its strategy, and assesses, with its brokers, shareholder views. as the current geopolitical and economic landscape.
The attractiveness of investment vehicles, including investment trusts, could Marketing and investor relations campaigns continued throughout the year and
be impacted by structural changes to the way investors access the market, we have identified appropriate promotional opportunities for the Company
including changes within the platform channels. (including advertising, events and research coverage) in order to maintain a
strong platform presence. A 'Preference Centre' provides the Company with the
ability to communicate directly and effectively with investors.
Discount Control Investment trust shares often trade at discounts to their underlying NAVs; The Board regularly reviews the Company's objective, investment policy and áâ
they can also trade at a premium. Discounts and premiums can fluctuate strategy, the composition and performance of the investment portfolio,
considerably leading to volatile returns for shareholders; a growing discount movements in the share register, and the premium or discount at which the To help narrow the discount, the Board stepped up buyback activity over the
could decrease the returns investors receive on their investments. Further, shares trade to NAV - both in absolute terms and relative to peers and the year.
the greater the discount to NAV, the more likely the Company becomes appealing wider investment trust sector.
to activist investors.
The Board reviews sector relative performance and sales and marketing activity
(considered the primary drivers of the relative discount level). The Company
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
and discount volatility.
Corporate Governance & Shareholder Relations A single large investor could try to exert influence that may not be in the The Investment Manager's Sales team holds regular meetings with large ã
best interest of the Company or other shareholders. Ongoing consolidation institutional and wealth manager investors to maintain stable demand and
among wealth managers, including vertical integration, may also raise minimum gather feedback. Targeted marketing and press activity are used to inform and The risk has heightened over the year amid significant consolidation in the
investment size thresholds and tighten maximum position limits, potentially shape retail investor behaviour. wealth management sector.
restricting access to or increasing turnover within the Company's shareholder
base. The Board monitors major shareholder movements and considers shareholder
views, and Directors may attend shareholder meetings and contact shareholders
independently of the Manager to address concerns promptly and broaden the
investor base.
Change Key
ã Heightened áâ Broadly Unchanged ä Reduced
EMERGING RISKS
The Board has considered and kept under review emerging risks. The Board has
identified the following as a key emerging risk:
Artificial Intelligence ('AI')
While AI presents substantial opportunities and can be a force for good, it
also introduces growing risks for businesses and society. Advances in
computing power have made AI a powerful tool with far-reaching applications,
including the potential to disrupt - and in some cases harm - existing models.
AI adoption may significantly reshape business processes and entire companies,
increasing uncertainty in corporate valuations. In this environment, markets
are likely to identify real or perceived winners and losers from AI, which
could heighten share price volatility in investee companies. It may also
influence how retail investors approach investing, including increased
thematic positioning and momentum-driven flows tied to AI narratives.
RELATED PARTIES
The Directors of the Company are considered related parties. Full details of
Directors' remuneration and shareholdings can be found on pages 53 to 55 in
the Annual Report.
TRANSACTIONS WITH THE MANAGER
Details of the management contract are set out in the Directors' Report on
page 41 of the Annual Report. The management fee payable to the Manager for
the year was £7,826,000 (2025: £7,949,000) of which £nil (2025: £nil) was
outstanding at the year end.
Included in administration expenses in note 6 on page 75 of the Annual Report
are safe custody fees amounting to £37,000 (2025: £38,000) payable to
JPMorgan Chase Bank N.A. of which £6,000 (2025: £9,000) was outstanding at
the year end.
During the year, brokerage commission on dealing transactions amounting to
£nil (2025: £nil) was payable to JPMorgan subsidiaries of which £nil (2025:
£nil) was outstanding at the year end. These transactions are carried out at
arm's length.
Other capital charges (handling charges) on dealing transactions amounting to
£21,000 (2025: £21,000) were payable to JPMorgan Chase Bank N.A. during the
year of which £4,000 (2025: £6,000) was outstanding at the year end.
The Company invests in the JPMorgan GBP Liquidity Fund, which is managed by
JPMorgan Asset Management (Europe) S.à r.l. At the year end this was valued
at £49.5 million (2025: £36.9 million). Interest income amounting to
£2,110,000 (2025: £1,483,000) was receivable during the year, of which
£183,000 (2025: £nil) was outstanding at the year end.
At the year end, cash at bank of £287,000 (2025: £20,245,000) was held with
JPMorgan Chase Bank N.A. A net amount of interest of £29,000 (2025: £14,000)
was earned by the Company during the year from JPMorgan Chase Bank N.A. of
which £nil (2025: £nil) was outstanding at the year end.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the Annual Report and 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 on pages 39 and 40
in the 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 Company's Manager. While the Directors are
responsible for the maintenance and integrity of the corporate and financial
information included on the Company's website, the website is maintained by
the Manager, and is therefore considered, 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
may 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
Rachel Beagles
Chair
9th April 2026
STATEMENT OF COMPREHENSIVE INCOME
Year ended 31st January 2026 Year ended 31st January 2025
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Net gains on investments held at fair value through
profit or loss - 156,764 156,764 - 187,228 187,228
Foreign currency exchange gains/(losses) - 78 78 - (4) (4)
Income from investments 72,304 - 72,304 76,726 387 77,113
Interest receivable 2,139 - 2,139 1,497 - 1,497
Gross return 74,443 156,842 231,285 78,223 187,611 265,834
Management fee (2,348) (5,478) (7,826) (2,385) (5,564) (7,949)
Other administrative expenses (1,575) - (1,575) (1,642) - (1,642)
Net return before finance costs and taxation 70,520 151,364 221,884 74,196 182,047 256,243
Finance costs (4,173) (9,738) (13,911) (4,172) (9,735) (13,907)
Net return before taxation 66,347 141,626 207,973 70,024 172,312 242,336
Taxation (120) - (120) (958) - (958)
Net return after taxation 66,227 141,626 207,853 69,066 172,312 241,378
Return per ordinary share 9.25p 19.78p 29.03p 8.96p 22.34p 31.30p
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 after taxation' represents the profit for the year and also total
comprehensive income.
The notes on pages 71 to 90 in the Annual Report form an integral part of
these financial statements.
STATEMENT OF CHANGES IN EQUITY
For the year ended 31st January
Called up Share Capital
share premium redemption Capital Revenue
capital account reserve reserves(1) reserve(1) Total
£'000 £'000 £'000 £'000 £'000 £'000
At 31st January 2024 23,612 23,459 13,158 1,729,199 76,191 1,865,619
Repurchase of ordinary shares into Treasury - - - (82,121) - (82,121)
Proceeds from share forfeiture(2) - - - 596 - 596
Net return after taxation - - - 172,312 69,066 241,378
Dividends paid in the year (note 2) - - - - (60,280) (60,280)
Proceeds from forfeiture of unclaimed dividends(2) (note 2) - - - - 276 276
At 31st January 2025 23,612 23,459 13,158 1,819,986 85,253 1,965,468
Repurchase of ordinary shares into Treasury - - - (158,351) - (158,351)
Net return after taxation - - - 141,626 66,227 207,853
Dividends paid in the year (note 2) - - - - (47,180) (47,180)
Proceeds from forfeiture of unclaimed dividends(2) (note 2) - - - - 3 3
At 31st January 2026 23,612 23,459 13,158 1,803,261 104,303 1,967,793
( )
(1) These reserves form the distributable reserves of the Company and
may be used to fund distributions to investors.
(2) During the year ended 31st January 2025, the Company undertook an
Asset Reunification Program to reunite inactive shareholders with their shares
and unclaimed dividends. Pursuant to the Company's Articles of Association,
the Company exercised its right to reclaim the shares of shareholders whom the
Company, through its previous Registrar, has been unable to locate for a
period of 12 years or more. These forfeited shares were sold in the open
market by the Registrar and the proceeds, net of costs, were returned to the
Company. In addition, any unclaimed dividends older than 12 years from the
date of payment of such dividends were also forfeited and returned to the
Company.
The notes on pages 71 to 90 in the Annual Report form an integral part of
these financial statements.
STATEMENT OF FINANCIAL POSITION
At At
31st January 31st January
2026 2025
£'000 £'000
Fixed assets
Investments held at fair value through profit or loss 2,251,397 2,242,684
Current assets
Debtors 3,019 4,100
Current asset investments 49,514 36,903
Cash at bank 287 20,245
52,820 61,248
Current liabilities
Creditors: amounts falling due within one year (8,271) (10,420)
Net current assets 44,549 50,828
Total assets less current liabilities 2,295,946 2,293,512
Non current liabilities
Creditors: amounts falling due after more than one year (328,153) (328,044)
Net assets 1,967,793 1,965,468
Capital and reserves
Called up share capital 23,612 23,612
Share premium account 23,459 23,459
Capital redemption reserve 13,158 13,158
Capital reserves 1,803,261 1,819,986
Revenue reserve 104,303 85,253
Total shareholders' funds 1,967,793 1,965,468
Net asset value per ordinary share 288.2p 263.2p
The notes on pages 71 to 90 in the Annual Report form an integral part of
these financial statements.
STATEMENT OF CASH FLOWS
Year ended Year ended
31st January 31st January
2026 2025
£'000 £'000
Cash flows from operating activities
Net return before finance costs and taxation 221,884 256,243
Adjustment for:
Net gains on investments held at fair value through profit or loss (156,764) (187,228)
Net foreign currency exchange (gains)/losses (78) 4
Dividend income (72,304) (77,113)
Interest income (2,139) (1,497)
Realised gains/(losses) on foreign currency exchange transactions 78 (4)
Decrease/(increase) in other debtors 23 (39)
(Decrease)/increase in accrued expenses (245) 263
Net cash outflow from operations before dividends, interest and taxation (9,545) (9,371)
Dividends received 72,244 75,567
Interest received 1,956 1,497
Overseas withholding tax recovered 665 448
Net cash inflow from operating activities 65,320 68,141
Purchases of investments (478,361) (437,321)
Sales of investments 625,448 491,572
Net cash inflow from investing activities 147,087 54,251
Equity dividends paid (47,180) (60,280)
Proceeds from forfeiture of unclaimed dividends 3 276
Repurchase of ordinary shares into Treasury (158,775) (81,569)
Proceeds from share forfeiture - 596
Loan and overdraft interest paid (13,802) (13,797)
Net cash outflow from financing activities (219,754) (154,774)
Decrease in cash and cash equivalents(1) (7,347) (32,382)
Cash and cash equivalents at start of year(1) 57,148 89,530
Cash and cash equivalents at end of year(1) 49,801 57,148
Cash and cash equivalents consist of:(1)
Cash at bank 287 20,245
Current asset investment in JPMorgan GBP Liquidity Fund 49,514 36,903
Total 49,801 57,148
( )
(1) The term 'cash and cash equivalents' is used for the purposes of
the Statement of Cash Flows.
The notes on pages 71 to 90 in the Annual Report form an integral part of
these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
(a) Basis of accounting
The financial statements have been prepared in accordance with the Companies
Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'),
including FRS 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland' 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
Directors have a reasonable expectation that the Company has adequate
resources to continue in operational existence up to 30th April 2027 which is
at least 12 months from the date of approval of these Financial Statements.
The disclosures on going concern on page 47 of the Annual Report in the
Directors' Report form part of these financial statements.
The policies applied in these financial statements are consistent with those
applied in the preceding year.
2. Dividends
(a) Dividends paid and declared
2026 2025
Pence £'000 Pence £'000
Dividends paid
Fourth quarterly dividend in respect of prior year 3.40 24,884 3.30 25,626
First quarterly dividend 1.55 11,297 1.50 11,628
Second quarterly dividend 1.55 10,999 1.50 11,622
Third quarterly dividend(1) - - 1.50 11,404
Total dividends paid in the year 6.50 47,180 7.80 60,280
Forfeiture of unclaimed dividends over 12 years old(2) n/a (3) n/a (276)
Net dividends 6.50 47,177 7.80 60,004
Dividends declared
Third quarterly dividend(1) 1.55 10,660 - -
Fourth quarterly dividend 3.55 24,242 3.40 25,387
(1) For the year ended 31st January 2026, the third quarterly dividend, with a
pay date of 6th February 2026, was not transferred to the Registrar at the
year end and therefore will be reflected in the financial statements for the
year ended 31st January 2027. In 2025 the Company had irrevocably transferred
the funds for the third quarterly dividend to its Registrar by 31st January
2025.
(2) The unclaimed dividends were forfeited following an extensive exercise
which attempted to reunite the dividends with owners.
All dividends paid and declared in the period have been funded from the
Revenue Reserve.
The fourth quarterly dividend proposed in respect of the year ended 31st
January 2025 amounted to £25,387,000. However, the amount paid amounted to
£24,884,000 due to ordinary shares bought back after the balance sheet date
but prior to the record date.
The third and fourth quarterly dividends have been declared in respect of the
year ended 31st January 2026. In accordance with the accounting policy of the
Company, the dividends will be reflected in the financial statements for the
year ending 31st January 2027.
(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 £66,227,000
(2025: £69,066,000).
The maximum amount of income that the Company is permitted to retain under
Section 1158 is £11,166,000 (2025: £11,733,000), calculated as 15% of gross
revenue. Therefore the minimum distribution required by way of dividend is
£55,061,000 (2025: £57,333,000).
2026 2025
Pence £'000 Pence £'000
First quarterly dividend 1.55 11,297 1.50 11,628
Second quarterly dividend 1.55 10,999 1.50 11,622
Third quarterly dividend 1.55 10,660 1.50 11,404
Fourth quarterly dividend 3.55 24,242 3.40 25,387
Total dividends for Section 1158 purposes 8.20 57,198 7.90 60,041
3. Return per ordinary share
2026 2025
£'000 £'000
Revenue return 66,227 69,066
Capital return 141,626 172,312
Total return 207,853 241,378
Weighted average number of ordinary shares in issue during the year 716,006,034 771,172,156
Revenue return per ordinary share 9.25p 8.96p
Capital return per ordinary share 19.78p 22.34p
Total return per ordinary share 29.03p 31.30p
The total return per ordinary share represents both basic and diluted return
per share as the Company has no dilutive shares.
4. Net asset value per ordinary 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 682,868,483 (2025: 746,668,191) ordinary shares in issue at the year end
(excluding Treasury shares).
2026 2025
Net asset value attributable Net asset value attributable
£'000 pence £'000 pence
Net asset value - debt at par value 1,967,793 288.2 1,965,468 263.2
£175 million 6.125% debenture stock 25th February 2030:
Add: amortised cost 174,598 25.6 174,501 23.4
Less: fair value (189,257) (27.7) (188,209) (25.2)
£3.85 million 4.25% perpetual debenture stock:
Add: amortised cost 3,850 0.5 3,850 0.5
Less: fair value (2,792) (0.4) (2,854) (0.4)
Senior unsecured privately placed loan notes:
Add: amortised cost 149,705 21.9 149,693 20.1
Less: fair value (77,977) (11.4) (78,706) (10.6)
Net asset value - debt at fair value 2,025,920 296.7 2,023,743 271.0
JPMORGAN FUNDS LIMITED
10th April 2026
For further information, please contact:
Sachu Saji
For and on behalf of
JPMorgan Funds Limited
Telephone: 0800 20 40 20 or or +44 1268 44 44 70
E-mail: jpmam.investment.trusts@jpmorgan.com
(mailto:jpmam.investment.trusts@jpmorgan.com)
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.
ENDS
A copy of the Annual Report will be submitted to the National Storage
Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
The Annual Report will also shortly be available on the Company's website at
www.mercantileit.com (http://www.mercantileit.com) where up to date
information on the Company, including daily NAV and share prices, factsheets
and portfolio information can also be found.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR AKCBQABKDBQK
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Mercantile Investment Trust
See all newsREG - Mercantile Inv Tst - Annual Financial Report
AnnouncementREG - JPMorgan Inv. Trusts - Net Asset Value(s)
AnnouncementREG - Mercantile Inv Tst - Net Asset Value(s)
AnnouncementREG - JPMorgan Inv. Trusts - Net Asset Value(s)
AnnouncementREG - Mercantile Inv Tst - Net Asset Value(s)
Announcement