REG - Mobius Inv.Trust PLC - Half-yearly report for the six months-31 May 2025
04/08/2025 13:30
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RNS Number : 8801T Mobius Investment Trust PLC 04 August 2025
Legal Entity Identifier: 21380033EKFQS15X1W22
4 August 2025
Mobius Investment Trust plc
Half-yearly report and financial statements for the six months to 31 May 2025
Mobius Investment Trust plc (the "Company" or "MMIT") has today released its
half-yearly report for the six months to 31 May 2025.
The half-yearly report and other information will be available via
www.mobiusinvestmenttrust.com (http://www.mobiusinvestmenttrust.com)
A copy of the half-yearly report will also 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)
Enquiries:
Mobius Capital Partners LLP
Anna von Hahn, Investor Relations
Tel: +44 (0)203 829 8505
Email: anna@mobiuscapitalpartners.com
(mailto:anna@mobiuscapitalpartners.com)
Frostrow Capital LLP
Company Secretary
Tel: +44 (0)20 3709 8732
Email: info@frostrow.com (mailto:info@frostrow.com)
PERFORMANCE HIGHLIGHTS
As at As at As at
31 May 31 May 30 November
2025 2024 2024
Net asset value per Ordinary share† 136.4p 141.7p 150.4p
Share price 129.0p 131.0p 138.0p
Share price discount to net asset value^ 5.4% 7.6% 8.2%
† UK GAAP measure
^ Alternative performance measure, see Glossary.
(Annualised)
Six months Six months Launch
ended ended Year ended 1 October 2018
31 May 31 May 30 November to 31 May
2025 2024 2024 2025
Net asset value per Ordinary share total return^* (8.2)% (1.0)% +5.2% +5.7%
Share price total return^* (5.2)% (0.2)% +5.1% +4.5%
^ Alternative performance measure, see Glossary.
* Source: Frostrow Capital LLP.
Total Return Performance for the six months to 31 May 2025^
^ Alternative performance measure, see Glossary.
CHAIR'S STATEMENT
Introduction
Dear MMIT shareholder,
Thank you for your continued support. This half-year report of Mobius
Investment Trust plc ("MMIT", the "Trust" or the "Company") covers the period
from 1 December 2024 to 31 May 2025. In our previous interim report, we
discussed the volatility that the previous six months had brought. This now
seems to pale in comparison to the levels of volatility that we have seen
during this reporting period, of which I am sure you are all already aware.
Nevertheless, despite the recent volatility affecting the Company's
performance, the Trust's NAV total return since inception, at 54.6%, remains
above the MSCI Emerging Markets Index and the MSCI EM Mid Cap Index by 16
percentage points and 7 percentage points respectively as of 31 July 2025.
The most significant driver of recent volatility has been President Trump's
aggressive and unpredictable tariff policy which escalated on 2 April -
'Liberation Day' - with the announcement of extraordinarily high, sweeping
tariffs. The subsequent pause of the tariffs until 9 July seemed only to
confirm the erratic nature of U.S. policies, a sentiment further validated by
the recent extension to 1 August. The initial 90-day window, and then the
additional month, were intended to provide the U.S. with time to negotiate
trade deals.
While the global economy has felt the ripple effects, it increasingly appears
that the U.S. may end up bearing a greater share of the negative consequences
than intended. Inflationary pressures are mounting, unemployment risks are
rising, and consumer confidence, GDP growth, and President Trump's approval
ratings have all seen notable declines. This shift has weighed on the U.S.
dollar, potentially marking the beginning of a broader reversal in the
decade-long trend of dollar strength-a dynamic that could offer renewed
tailwinds for emerging markets.
This uncertain environment has been challenging for investors-and MMIT has
been no exception. Smaller, high‑quality companies have been
disproportionately affected by weak market sentiment, particularly in the
technology sector. Despite strong fundamentals, these businesses have shown
greater vulnerability to recent market volatility. As a result, MMIT's NAV
and share price on a total return basis decreased by 8.2% and 5.2%
respectively over the reporting period. It is important to stress that these
losses were concentrated in a 2-3 month window driven largely by macro
uncertainty and a large proportion of these losses have reversed since the
period end.
The Board remained in close dialogue with the investment team throughout the
first half and was encouraged by what we believe was a measured and proactive
response. In our view, the portfolio was prudently rebalanced, with
disciplined decisions made to take advantage of market dislocations-including
increasing positions in MMIT's highest-conviction holdings, selectively adding
quality names from the watchlist trading at attractive valuations, and exiting
others that had reached elevated multiples or whose investment cases appeared
weakened by the changing macro environment.
Though the portfolio was impacted by recent external turbulence, we believe it
has emerged stronger and is well positioned for the opportunities ahead. While
some volatility may persist, we witnessed a renewed shift of capital into
diversified asset classes beyond the U.S. Notably, emerging market portfolio
flows rebounded to $19.2 billion in May globally. (Source: Institute of
International Finance (IIF)).
The final months of the reporting period have already shown what we view as
encouraging signs of recovery-a trend we believe is likely to continue as the
year progresses. Several of MMIT's portfolio companies delivered strong Q1
results and issued constructive forward guidance. In addition, the investment
team's continued active engagement with portfolio holdings and recent
on-the-ground research have, in our opinion, further strengthened their and
our conviction in the portfolio's resilience and long-term potential, even as
near-term headwinds remain.
Performance
The NAV and share price of MMIT decreased by 8.2% and 5.2% respectively on a
total return basis over the six‑month period to 31 May 2025, with the NAV
reaching a high of 161.0p on 23 January 2025 and closing at 136.4p on 31 May
2025. MMIT traded at an average discount to NAV of -6.9% during the period
under review, closing at a discount of -5.4%. The Board
continually reviews the discount level and discount management strategies,
including use of buybacks. In light of the relative discount level and the
Company's upcoming triennial redemption option, no shares were bought back
during the period. At the close of business on 31 July 2025, the latest
practicable date for this Interim Report, the discount of the share price to
NAV per share was 4.5%, with NAV and share price at 146.0p and 139.5p
respectively.
The AGM
We were pleased to host this year's Annual General Meeting ("AGM") in person
once again. At the event, Carlos Hardenberg delivered a comprehensive
presentation on the Trust's performance. We were also encouraged by the strong
shareholder engagement, with many exercising their voting rights to express
support for the proposed AGM resolutions.
For those shareholders who were unable to attend the AGM in person or
shareholders who would simply like to hear an update from Carlos, a
presentation on MMIT by him for Investor Meet Company, recorded on 24 June
2025, is available on the Company's website or via the following link:
https://mobiusinvestmenttrust.com/en/news
(https://mobiusinvestmenttrust.com/en/news-insights/782) -insights/782.
The Board
As already announced, Christopher Casey resigned as a non-executive Director
and Chairman of the Audit Committee following this year's AGM. Christopher has
been an independent member of the Board since the Company's launch in 2018 and
stepped down as part of MMIT's succession plan. The Board thanks Christopher
for his support and his contribution to the Company.
During the period under review, the Board also welcomed Diana Dyer Bartlett as
an independent non-executive director of the Company, with effect from 17
March 2025. A qualified chartered accountant with extensive industry,
financial and audit expertise, Diana is a great addition to MMIT's Board of
Directors, bringing with her a wealth of experience in the sector and in
listed and private companies. Following Christopher's resignation, Diana took
over as Chair of the Audit Committee after the AGM, and we look forward to
working with her.
2025 Redemption Exercise
The Company operates a redemption facility through which Shareholders are
entitled to request the redemption of all or part of their holding of ordinary
shares on a periodic basis. The next redemption point for the ordinary shares
will be 1 December 2025. The Company expects to issue a regulatory
announcement in early October 2025 ahead of the redemption point, setting out
the process for redemption.
Outlook
Volatility has continued in the two months since the period end, during which
time the Company has seen significant recovery: the NAV per share and share
price total returns were 7.0% and 8.1% respectively. This has resulted in a
reduction in the year to date (for the period from 1 December 2024 to 31 July
2025) NAV per share total loss to 1.7% (down from a loss of 8.2% at 31 May)
and the share price total return over the same period is now a positive return
of 2.5% (up from a loss of 5.2% at 31 May).
The past six months have shown us not to underestimate the extremes to which
Trump may go, and therefore, to expect the unexpected. Nonetheless, looking
ahead to the remainder of this year, there are several key trends which are
likely to persist. Chief among them is the growing evidence that the country
imposing tariffs often ends up, in many respects, suffering the most. The
ongoing depreciation of the U.S. dollar, coupled with persistently high and
unpredictable tariff levels, is likely to further erode both consumer
confidence at home and international trust in the U.S.
Following the first trade war, China began redirecting its trade relationships
away from the U.S., and the current escalation will only accelerate this
shift. China is increasingly looking to ASEAN(1), Brazil, and Europe to trade
with - though it continues to face challenges, notably its domestic
overcapacity in manufacturing. Other countries are likely to follow suit, with
India emerging as a key example. Its recent Free Trade Agreement (FTA) with
the UK and ongoing discussions with the EU - expected to result in an FTA by
year-end - demonstrate a clear effort to broaden global trade ties. Europe
will also be actively pursuing greater trade diversification. More broadly,
the world is waking up to the risks of over-reliance on the U.S. market or any
single trade partner. As a result, we expect a rise in trade agreements
excluding the U.S. - presenting a window of opportunity for emerging markets
to strengthen trade ties, both among themselves and with major developed
market partners such as the EU.
1 Association of Southeast Asian Nations
Despite Trump's rhetoric, we do not expect global conflicts to abate in the
near term. What is emerging, however, is a clear reconfiguration of Middle
Eastern geopolitics, which may trigger broader shifts globally. The trajectory
of the Israel-Iran conflict - and whether the current ceasefire holds - will
be pivotal. Should Iran's influence wane, regional powers such as Türkiye and
Saudi Arabia could assume more prominent roles.
In the asset management industry, the rotation into passive strategies
continues. However, this reporting period marks a notable shift away from the
"American exceptionalism" theme that has dominated in recent years. Growing
concerns over the erratic U.S. government policies are prompting investors to
reduce exposure to U.S. equities and the dollar, with capital beginning to
rotate into European equities and debt, as well as Emerging Markets. What will
not change is the adoption of technology and the shift toward digitally driven
business models. While investment may temporarily slow during periods of
uncertainty, companies that embrace technological transformation, such as AI,
and evolve toward more agile operating structures-are likely to be long-term
winners.
We continue to believe that well-constructed, alpha-generating active
strategies like MMIT's offer greater potential for long-term outperformance.
In particular, we see strong prospects for EM mid-caps that are focused on
local demand and exports outside of the U.S., as well as those embracing new
technological changes and leading in innovation.
Research remains the core driver of MMIT's investment decisions. The team
remains committed to identifying companies that align with the strategy's
long-standing core criteria: strong balance sheets, deep moats, solid
fundamentals, innovative business models, and high-quality management teams.
In today's environment, we believe this disciplined approach is more important
than ever. The team's extensive on-the-ground travel has reinforced conviction
in key markets, particularly India and Korea. Please refer to the Investment
Manager's Review for further details on the team's country and sector focus.
Looking ahead, we do not rule out further market volatility, particularly
given the unpredictability of Trump's tariff policies. The tariffs
announcement on 1 August, although bringing some temporary clarity on the USA
trade policy, will hit some emerging market economies. While China and Russia
remain conspicuously absent from the 1 August announcement, other countries
will have less negotiating power to continue discussions with the White House
and seek a reduction of tariffs in the next months. The effects of these
policies will be felt in higher USA inflation in the months to come, higher
unemployment and slowing growth. However, we have learned that Trump may
quickly change his mind to show some public relations wins, so even the
announcement on 1 August has to be taken cautiously and is likely not set in
stone. As the negative effects of this personal trade war become evident and
hit further on the White House negative image and approval rating, Trump may
create "negotiating win" and review what has been announced.
With this unsettling context it remains crucial to increase the focus on the
quality of the portfolio, as can be clearly seen in the charts in the
Investment Manager's Review. We believe that MMIT investments reflect
opportunities created by recent dislocations and solid earnings from several
holdings. These exceeded expectations and the companies issued positive
outlooks strengthening our convictions further.
While short-term headwinds remain, we believe our holdings continue to offer
EM investors valuable diversification and are well placed to benefit in the
medium run.
Maria Luisa Cicognani
Chairman
4 August 2025
INVESTMENT OBJECTIVE AND POLICY
Investment Objective
The Company's investment objective is to achieve long-term capital growth and
income returns predominantly through investment in a diversified portfolio of
companies exposed directly or indirectly to emerging or frontier markets.
Investment Policy
Asset allocation
The Company seeks to meet its investment objective by investing in a
diversified portfolio of companies exposed directly or indirectly to emerging
or frontier markets. The Company invests predominantly in:
● companies incorporated in and/or traded on stock exchanges
located in emerging or frontier markets; or
● companies which have the majority of their operations, or earn
a significant amount of their revenues in, emerging or frontier markets but
are traded on stock exchanges located in developed countries.
The Company focuses on small to mid-cap companies. The Company may invest in
pre-IPO and unlisted companies subject to the investment restrictions detailed
below.
In pursuing its investment objective, the Company may:
● invest in equity or equity related securities (including
preference shares, convertible unsecured loan stock, warrants and other
similar securities);
● hedge against directional risk using index futures and/or
cash;
● hold bonds and warrants on transferable securities;
● utilise options and futures for hedging purposes and for
efficient portfolio management;
● enter into contracts for differences;
● hold participation notes;
● use forward currency contracts; and
● hold liquid assets.
Notwithstanding the above, the Company does not intend to utilise derivatives
or other financial instruments to take short positions, nor to increase the
Company's leverage in excess of the limit set out in the borrowing policy.
The Company does not track or mirror any index or benchmark and, accordingly,
the Company is frequently overweight or underweight in certain investments, or
concentrated in a more limited number of sectors, geographical areas or
countries, when compared with a particular index or benchmark.
The Company focuses on companies that have:
● a resilient business model and sound management;
● the possibility for operational and environmental, social and
governance ("ESG") improvements;
● the potential to improve competitive advantages and cash flow
generation; and
● stakeholders that are open to, and have an interest in,
positive change.
The Company, through its Investment Manager, seeks to unlock value in investee
companies by actively partnering with them through a governance-oriented
approach, seeking to act as a catalyst for broader ESG improvements.
The Company does not expect to take controlling interests in investee
companies.
The Company seeks to provide shareholders with exposure to a portfolio which
is appropriately diversified by geography and sector to achieve an appropriate
balance of risk over the long term. The Company's portfolio will comprise
approximately 20 to 30 investments. The Company at all times invests and
manages its assets in a manner which is consistent with the objective of
spreading and mitigating investment risk.
Investment restrictions
The Company observes the following investment restrictions, each calculated at
the time of investment:
● no more than 10 per cent. of Gross Assets are invested in a
single company;
● no more than 35 per cent. of Gross Assets are invested in
companies incorporated in or traded on an exchange in or otherwise primarily
exposed to a single emerging or frontier market; and
● no more than 15 per cent. of Gross Assets are invested in
companies that are not traded on a stock exchange.
In compliance with the UK Listing Rules, no more than 10 per cent., in
aggregate, of Gross Assets may be invested in other investment companies which
are listed on the Official List.
Borrowing
The Company may deploy leverage of up to 20 per cent. of Net Asset Value
(calculated at the time of borrowing) to seek to enhance long-term capital
growth and income returns and for the purpose of capital flexibility. The
Company's leverage is expected to primarily comprise bank borrowings but may
include the use of derivative instruments and such other methods as the Board
may determine.
Hedging
The Company's reporting currency and share price quotation is Sterling.
However, the Company makes investments denominated in currencies other than
Sterling. In addition, the majority of the income from the Company's
investments is generated in currencies other than Sterling.
The Company does not intend to hedge currency risk in respect of the capital
value of its portfolio or in respect of its Sterling distributions. However,
the Company reviews its hedging strategy on a regular basis. The Company does
not engage in currency trading for speculative purposes.
Cash management
Whilst it is the intention of the Company to be fully or near fully invested
in normal market conditions, the Company may hold cash on deposit and may
invest in cash equivalent investments, which may include short-term
investments in money market type funds and tradeable debt securities ("Cash
and Cash Equivalents").
There is no restriction on the amount of Cash and Cash Equivalents that the
Company may hold and there may be times when it is appropriate for the Company
to have a significant cash or cash equivalent position instead of being fully
or near fully invested.
Investment Policy Commentary
Borrowing
There was no borrowing during the period under review or after the period end,
nor have any derivatives been used.
Hedging
The Investment Manager does not use currency hedging products but manages
currency risk through "natural hedging" by maintaining a geographically
diversified portfolio. The Investment Manager closely monitors all portfolio
companies on a daily basis and is in a regular dialogue with portfolio
companies on a range of issues, including currency hedging. Analysing currency
risk is an integral part of the Investment Manager's macroeconomic framework
and is fully integrated throughout the investment process.
Breaches
In the event of a breach of the investment policy set out above and the
investment and leverage restrictions set out therein, the Investment Manager
shall inform the Board upon becoming aware of the same and if the Board
considers the breach to be material, notification will be made to a Regulatory
Information Service.
During the period under review, no material breaches of the investment policy
occurred.
Changes to the investment policy
No material change will be made to the investment policy without the approval
of shareholders by ordinary resolution.
INVESTMENT PORTFOLIO
as at 31 May 2025
Fair Value % of
Company Country £'000 Net Assets
Park Systems South Korea 11,042 7.0
Trip.com Group China 10,120 6.4
360 ONE WAM India 10,065 6.4
E Ink Holdings Taiwan 9,394 6.0
KPIT Technologies India 8,269 5.2
Elite Material Taiwan 7,997 5.1
APL Apollo Tubes India 7,696 4.9
EPAM Systems USA 7,696 4.9
Chroma ATE Taiwan 7,575 4.8
LEENO Industrial South Korea 7,369 4.7
Top Ten Investments 87,223 55.4
TOTVS Brazil 7,082 4.5
Classys South Korea 6,742 4.3
Hitit Bilgisayar Türkiye 5,706 3.6
KEI Industries India 5,589 3.6
CarTrade Tech India 5,579 3.5
LOTES Taiwan 4,920 3.1
eMemory Technology Taiwan 4,889 3.1
Raia Drogasil Brazil 4,520 2.9
FPT Vietnam 3,555 2.3
Safaricom Kenya 3,539 2.2
Top Twenty Investments 139,344 88.5
Logo Türkiye 3,283 2.1
CI&T Brazil 2,832 1.8
Zilltek Technologies Taiwan 2,515 1.6
Bluebik Group Thailand 2,315 1.5
Mavi Giyim Sanayi Ve Ticaret Türkiye 1,762 1.1
CTOS Digital Berhad Malaysia 1,437 0.9
HANMI Semiconductor South Korea 1,398 0.9
Total Investments 154,886 98.4
Net Other Assets 2,506 1.6
Shareholders' Funds 157,392 100.0
PORTFOLIO BREAKDOWN
Sector Breakdown
31 May 2025
Technology 62.2%
Consumer Discretionary 11.1%
Industrials 9.3%
Financials 6.4%
Health Care 4.3%
Consumer Staples 2.9%
Communications 2.2%
Cash 1.6%
Geographical Breakdown
31 May 2025
Taiwan 23.7%
India 23.6%
South Korea 16.9%
Brazil 9.2%
Türkiye 6.8%
China 6.4%
United States 4.9%
Vietnam 2.3%
Kenya 2.2%
Thailand 1.5%
Malaysia 0.9%
UK (includes uninvested cash) 1.6%
INVESTMENT MANAGER'S REVIEW
During this reporting period, we witnessed high levels of volatility. Much of
the recent uncertainty has been caused by shifting U.S. trade policies under
the Trump administration. Meanwhile, geopolitical tensions - including the
ongoing war in Ukraine and the escalating conflict in the Middle East - have
added further layers of complexity to the global macro environment. Several
emerging markets have faced their own significant challenges: India
experienced a sharp market downturn in January and February; South Korea
continued to navigate political instability following last year's failed
attempt to impose martial law; and Türkiye came under renewed pressure after
the arrest of President Erdogan's main opposition leader. Finally, the
surprise release of the Chinese chatbot DeepSeek introduced unexpected
competitive dynamics in the global AI landscape, further unsettling investor
sentiment.
Smaller, high-quality companies, particularly in the technology sector, were
disproportionately affected by the uncertainty as investors fled to safe
heaven assets like gold but also to the larger, more liquid names deemed to be
less risky. Furthermore, amidst the volatility, we observed a market rotation
into sectors such as banks and commodities. These areas, which we deliberately
exclude from the portfolio due to their regulatory complexity, capital
intensity, and limited pricing power, had already been trading at low
valuations and therefore proved more resilient during recent market
corrections. As a result, MMIT's net asset value (NAV) on a total return basis
declined by 8.2% and the share price fell by 5.2% over the reporting period.
Despite this short-term pressure, MMIT continued to be one of the leading EM
trusts in its peer group over the past 5 years.
Encouragingly, we have already witnessed a robust recovery from the lows seen
in April.
Several of our portfolio companies delivered strong Q1 results, beating
expectations and issuing positive forward guidance, despite ongoing
macroeconomic uncertainty.
Our portfolio is benchmark-agnostic, with an active share close to 100%,
reflecting our high-conviction, bottom-up stock selection. While this
naturally leads to periods of return divergence against the broader market, we
believe it positions us well to deliver meaningful long-term outperformance
for investors. We've navigated challenging periods before, such as in 2019 and
2022, and in both instances, MMIT went on to deliver strong (out-) performance
in the years that followed.
We viewed the recent market pullback as an opportunity to further strengthen
the portfolio. We selectively added high‑conviction names from our
watchlist, taking advantage of attractive valuations. Active portfolio
management has remained central to our day-to-day work; we trimmed or exited
positions where, in our view, the macro environment had materially weakened
the investment case and redeployed capital into more compelling opportunities.
At the same time, we increased exposure to several high-conviction holdings
that had been negatively impacted by broader market sentiment (please see the
Portfolio Update section below for more detail).
Our extensive on-the-ground research this year - spanning visits to Taiwan,
India, and Korea - provided valuable insight and generated a number of
promising new ideas. We remain bullish on Taiwan, which continues to represent
our largest country allocation. We continuously monitor geopolitical
developments and stay close to experts and business leaders on-the-ground.
India stands out as a particularly strong focus for us. We took advantage of
market weakness at the beginning of the year to add undervalued names,
supported by an improving macro backdrop that includes three rate cuts, easing
inflation, and increased liquidity in the banking sector.
Brazil has also remained on our radar, with compellingly low valuations,
improving macro fundamentals, and a strengthening Real contributing to a more
constructive outlook.
From a sector perspective, we have been active as well. In health care, we
began reducing our position in Korean medical aesthetics company, Classys,
after realising significant profits over the course of the holding period. In
industrials, we added to APL Apollo and initiated a position in KEI Industries
in India to capitalise on infrastructure and capex trends. In consumer
discretionary, we added CarTrade given its dominant position in car
classifieds in India catering towards local consumption growth. We remain
bullish on the technology sector; however, the composition of our tech
holdings has been thoughtfully realigned to reflect our evolving views amid
current macroeconomic challenges, broader market trends, and shifting IT
spending priorities.
Following the 'DeepSeek scare' - when Chinese AI start-up DeepSeek introduced
a large language model (LLM) with performance on par with Western counterparts
but developed at significantly lower cost - Q1 results from hyperscale cloud
providers such as Amazon and Alphabet reaffirmed the robust momentum of
AI-related investment. The reality remains that businesses globally are
accelerating their transition toward AI-driven models, necessitating
sustained, large-scale investment in compute infrastructure. While DeepSeek
does not represent an immediate competitive threat, it may signal a
longer-term opportunity for the global semiconductor industry, as demand for
AI infrastructure continues to expand. Encouragingly, many of our technology
holdings echoed this trend in their Q1 earnings reports, providing
constructive guidance for the year ahead and pointing to an emerging rebound
in demand, driven by renewed strength in AI-related spending.
For example, Chroma, a Taiwanese hardware manufacturer supplying systems level
testing equipment, beat Bloomberg consensus earnings estimates by 48%,
reported revenue growth of 55% YoY and an operating income margin improvement
of 11% YoY. Demand for Chroma's power testers was driven significantly by
China's aggressive AI datacentre build out. Meanwhile, Elite Material, the
leading manufacturer of high-speed copper-clad laminates (CCLs), beat
Bloomberg consensus earnings estimates by 7%. EMC reported margin improvement
due to higher application services for upgraded copper-clad laminates in
application-specific integrated circuits (ASICs) servers, which drove a 70%
YoY increase in the bottom line acceleration. The reaffirmation of US
hyperscalers' (the end customers for AI servers) capex plans has reinforced
EMC's positive outlook.
Since inception, our ability to stay focused during periods of volatility-and
to use those moments to refine the portfolio-has been key to delivering strong
long-term returns. Our recent actions reflect this conviction-led approach,
positioning the Trust to benefit from a potential recovery while strengthening
its resilience amid ongoing market uncertainty. In this context, we view the
recent dip in MMIT as an opportunity for long-term investors, especially given
the encouraging signs of an early recovery already taking shape.
Performance
The NAV and share price of MMIT on a total return basis decreased by 8.2% and
5.2% respectively over the six‑month period to 31 May 2025, with the NAV
reaching a high of 161.0p on 23 January 2025 and closing at 136.4p. MMIT
traded at an average discount to NAV of -6.9% during the period under review,
closing at a discount of -5.4%. At the time of writing (31 July 2025), MMIT
had delivered a strong NAV per share and share price performance of 7.0% and
8.1% respectively since 31 May 2025.
Over the reporting period, the top contributor to performance was TOTVS
(+2.1%). TOTVS is a Brazilian software provider and has contributed 4.9% to
the portfolio since its addition in 2020. The other top performers were
Taiwanese specialty materials provider Elite Material (+1.5%) and Korean
medical device manufacturer Classys (+1.4%).
The main detractors were software providers EPAM Systems (-1.9%) and Bluebik
(-1.4%), and electronic ink manufacturer E Ink (-1.3%). EPAM was affected by a
slowdown in IT spending across the U.S. and Europe earlier in the year, while
Bluebik faced macroeconomic headwinds from broader weakness in the Thai
economy.
Portfolio Update
As of 31 May 2025, MMIT had invested 98.4% of capital with 27 holdings across
11 countries. The largest geographic exposure was Taiwan (23.7%), followed by
India (23.6%) and South Korea (16.9%). The largest sector exposure was in
technology (62.2%), which we believe is well diversified across various
sub-segments including asset light businesses in the semiconductor space,
globally operating software companies, and producers of niche, IP-protected
hardware. This was followed by consumer discretionary (11.1%) and industrials
(9.3%). As mentioned above, the last months were characterised by a careful
portfolio realignment to reflect our strongest convictions and to minimise
risk in view of ongoing uncertainty and volatility. Country wise, it meant
increasing exposure to Korea and India where we are positive about the
economic conditions and in the technology segment we have realigned from IT
services to hardware, given the cautious IT spending amidst uncertainty. We
also increased our exposure to local consumption, particularly in India.
Accordingly, during the reporting period, MCP added six high-conviction
companies to the portfolio.
KPIT:
Unlike most IT companies, KPIT has a niche, pure-play focus on the automotive
sector and is a global leader in software defined vehicle development. It
helps clients accelerate toward a cleaner, safer, and more autonomous future
through next generation mobility technologies, including embedded software,
AI, and digital solutions. KPIT operates development centres across Europe,
the USA, Japan, China, Thailand, and India.
CarTrade:
CarTrade is a leading multi-channel digital marketplace in India for new and
used cars, as well as car loans, supported by tech enabled enterprise resource
planning and CRM platforms. Through multiple brands, it holds a dominant
position in the market, ranked #1 across Auto Portals, Used Classifieds, and
Vehicle Auction Platforms in India, despite having a topline of just
<$100m. The company is supported by strong growth drivers, including low
vehicle penetration across the country, increasing digital advertising spend
by original equipment manufacturers, and a trend toward shorter replacement
cycles for used goods.
Raia Drogasil:
Raia Drogasil is the largest drugstore chain in Latin America by both revenue
and market capitalisation, with over 2,500 stores in Brazil, twice the size of
its nearest competitor. Operating in a highly fragmented market, it stands out
as the clear leader, steadily growing its market share. Raia Drogasil also has
a strong e-commerce presence through its Droga Raia, Drogasil, and Onofre
brands.
CI&T:
CI&T is a digital transformation partner delivering strategy, design, and
software engineering services to leading enterprises and high-growth
companies. CI&T specialises in agile development, AI-driven automation,
cloud solutions, and IT modernisation. In 2023, it launched CI&T/FLOW, a
proprietary AI-powered platform designed to enhance productivity, expanding
its AI capabilities.
Hanmi Semiconductor:
Hanmi Semiconductor is the #1 manufacturer of thermo-compression bonders
(TCBs) for high-bandwidth memory (HBM) stacking. As the only vendor qualified
by two leading HBM makers, Hanmi stands to benefit from the accelerating
demand for HBM coming from AI computing infrastructure. New generations of HBM
require more advanced bonders due to higher stacks and thinner layers, thus
ensuring a beneficial replacement cycle and regular average selling price
upgrades for TCBs.
KEI Industries:
KEI Industries is the second largest player in the Cables & Wires industry
in India, with a strong presence in fast‑growing Extra High Voltage (EHV)
cables. The business has high entry barriers due to 1) large capex
requirement; 2) thousands of Stock Keeping Units (SKU); 3) requirement of
approval for each SKU.
Throughout the reporting period, we exited several holdings in response to
shifting macro and company-specific dynamics. In Brazil, we adopted a more
defensive position regarding consumer exposure. In India, we exited Dreamfolks
after its investment thesis broke down due to a shift toward a lower-margin
business model. In Vietnam, we reallocated capital from Vietnam Dairy to FPT,
a move that maintains our exposure to domestic consumption while enhancing
exposure to the country's growing export-oriented service sector. We exited
Clicks Group after strong performance and due to concerns around the South
African macro including the return of power cuts, a delay in budget
implementation and weak consumer sentiment amidst volatile global macro.
Engagement & ESG+C(®)*
Over the past six months, several portfolio companies received notable
recognition for their ESG+C® practices, with FPT standing out through
multiple accolades. Its French subsidiary earned the prestigious EcoVadis
Platinum rating, placing it in the top 1% of companies worldwide for
sustainability excellence. Meanwhile, the German subsidiary was awarded the
EcoVadis Gold rating, and the Japanese subsidiary received the Silver
rating-positioning it among the top 15% of companies assessed for ESG
performance. FPT also gained several awards recognising its business
excellence: it was ranked 40th in Asia and 140th globally by revenue in the
Gartner® Market Share: Services, Worldwide, 2024; its AI Factory was listed
among the Top 500 Fastest Supercomputers Worldwide; it became the
#1 commercial cloud provider in Japan; and it announced sponsorship of Honda
Racing Vietnam in the FIM Asia Road Racing Championship.
* Environmental, Social, Governance and Culture.
Specifically in terms of governance improvements, CarTrade appointed Steven
Douglas Greenfield, with more than 25 years' experience in the industry, as a
non-executive independent director of the company. KPIT was recognised by the
Indian Institute of Chartered Accountants (ICAI) for excellence in financial
reporting, receiving the Silver Shield for Excellence in Financial Reporting
2023-2024. Lotes engaged in a buyback of up to 2.5% of its issued share
capital for the first time. Bluebik announced the appointment of Thana
Thienachariya as an Independent Director to boost the board's 'strategic
strength'.
On the environmental and social sustainability front, Trip.com deepened its
sustainability efforts by joining forces with Travalyst at Envision 2025. In
Taiwan, E Ink partnered with Oricom to launch full-colour electronic paper
signage for sustainable advertising and collaborated with MediaTek to donate
eReaders to the Boys and Girls Clubs of Metro Louisiana. This targeted
donation is part of E Ink's broader "eRead for the Future" initiative, which,
in 2024, engaged over 22 partners to distribute colour eReaders to more than
15,000 students across 40 primary schools.
Hitit supported the Rackets Up Türkiye Championship in May, promoting
diversity and inclusion through gender-equal recognition in line with the
World Table Tennis Federation's 2025 theme.
In Kenya, Safaricom has received one of the highest accolades for its strong
cultural standards, being named Kenya and Africa's Top Employer in 2025 and
Kenya's number one employer based on its Human Resource policies and people
practices by The Top Employer Institute (TEI). This recognition comes as
Safaricom prepares to celebrate 25 years of transforming lives and lays the
foundations to become Africa's leading purpose-driven technology company by
2030. Safaricom was also named Africa's Most Admired Brand at the 2025 Brand
Africa Awards.
In terms of cultural awards won, 360 One was named one of India's Best
Workplaces in Investments 2025 and EPAM Systems was recognised as a LinkedIn
Best Company in Mexico for 2025. Also on the cultural front, KPIT partnered
with IIT Madras, India's leading engineering institution, to offer M.Tech
programs under its Higher Education Initiative, reflecting its commitment to
talent development.
Outlook
Since the end of the reporting period, MMIT NAV and share price have delivered
7.0% and 8.1% respectively as of 31 July continuing their strong recovery.
Nonetheless, we expect volatility to continue in the near term as a number of
events continue to impact investor sentiment. After a year of rising tensions,
Israel and Iran entered into open conflict on 14 June. A US-brokered ceasefire
appears to have temporarily de-escalated the situation, though it remains to
be seen whether it will hold.
On 7 July, reciprocal tariffs were extended from 9 July to 1 August. The new
tariffs announced on 1 August on 90 countries were mostly lower than the
original rates set on 2 April but are still exceptionally high by historical
standards and could cause significant disruption to global trade. Whether
these tariffs will remain fixed in each country over the short to mid-term
remains highly uncertain given the unpredictability of Trump's previous tariff
announcements. Meanwhile, trade talks with China are still ongoing, with the
current accord set to expire on 12 August. Overall, we would not be surprised
to see additional trade agreements materialise in the coming weeks, which
might change the tariff rates of individual countries yet again.
We continue to monitor the potential impacts of heightened tariffs on our
portfolio. However, there are a number of factors which provide some
protection from direct tariff impact. Firstly, a large portion of MMIT's
technology exposure is based in the software industry, and as services, these
are not subject to tariffs. Secondly, our remaining tech holdings, primarily
in the semiconductor and hardware sectors (currently still exempt from
tariffs), generate only a limited share of their revenue from the U.S. market.
Thirdly, we favour business models oriented towards domestic consumption in
select geographies, such as India, which similarly have no exposure to the
U.S. Nonetheless, we continuously monitor the potential broader impact of the
erratic U.S. policies on our portfolio.
Looking ahead, we have several research trips planned for the second half of
the year. These visits will allow us to maintain close engagement with our
portfolio companies and further strengthen our understanding of local risks
and opportunities, supporting our ongoing, research-driven investment
approach. Local developments in a number of key markets, as outlined above,
are encouraging.
The team remains particularly bullish on India as well as South Korea where
the outcome of the 3 June elections brought political stability, boosting
stock performance. The new government is pursuing a broad agenda of
market-friendly reforms, not only to tackle the longstanding 'Korea discount',
but also to enhance overall corporate governance, capital efficiency, and
investor confidence. As a result, new opportunities are emerging, particularly
in the technology sector.
Last but not least, what we are hearing directly from many of our portfolio
companies is encouraging and reflected in their recent recovery. The careful
realignment of the portfolio has culminated in a deliberate and focused
consolidation into 27 high-conviction holdings-companies we believe are best
positioned to deliver long-term, sustainable growth. This refinement
underscores both our disciplined investment process and our ongoing commitment
to quality and resilience. In a clear signal of confidence in the strategy,
the team increased its investment in the Trust during the recent market dip,
demonstrating strong alignment with long-term shareholders. While volatility
has persisted beyond the reporting period, the months since the market trough
in early April have shown encouraging signs that we are on the right track. As
market dislocations begin to correct, both MMIT's NAV and share price have
recovered meaningfully. As of 31 July 2025, MMIT's NAV and share price had
risen by 5.9% and 8.6%, respectively, since 2 April. Much like the notable
recoveries that followed challenging periods in 2019 and 2022, we view 2025 in
a similar light. With improving visibility into the remainder of the year, we
believe there is significant potential for continued recovery, despite ongoing
volatility and near-term challenges.
Carlos Hardenberg
MCP Emerging Markets LLP
Investment Manager
4 August 2025
INCOME STATEMENT
for the six months ended 31 May 2025
(Unaudited) (Unaudited) (Audited)
Six months to Six months to Year ended
31 May 2025 31 May 2024 30 November 2024
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
return return £'000 return return £'000 return return £'000
£'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on investments held at fair value - (13,483) (13,483) - (2,075) (2,075) - 8,696 8,696
Exchange (losses)/gains 3 (409) (406) - (112) (112) (2) (114) (116)
Income 2 925 - 925 1,980 - 1,980 3,496 - 3,496
Investment Management and Management Services fees 3 (288) (670) (958) (284) (664) (948) (576) (1,343) (1,919)
Other expenses (308) - (308) (251) - (251) (490) - (490)
Net (loss)/return on ordinary activities before taxation 332 (14,562) (14,230) 1,445 (2,851) (1,406) 2,428 7,239 9,667
Taxation on ordinary activities (120) 120 - (117) (18) (135) (229) (940) (1,169)
(Loss)/return on ordinary activities after taxation 4 212 (14,442) (14,230) 1,328 (2,869) (1,541) 2,199 6,299 8,498
(Loss)/return per share basic and diluted 4 0.18p (12.51)p (12.33)p 1.15p (2.49)p (1.34)p 1.91p 5.45p 7.36p
The Total column of this statement represents the Company's Income Statement.
The revenue and capital return columns are supplementary to this and are
prepared under guidance published by the Association of Investment Companies
("AIC").
All items in the above statement derive from continuing operations. There are
no recognised gains or losses other than those declared in the Income
Statement.
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 May 2025
Share Capital
Share premium Special redemption Capital Revenue
capital account reserve reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Six months to 31 May 2025 (Unaudited)
At 1 December 2024 1,167 21,158 95,093 14 53,201 2,951 173,584
Ordinary final dividend paid for the year ended 30 November 2024 - - - - - (1,962) (1,962)
(Loss)/return for the period - - - - (14,442) 212 (14,230)
Balance at 31 May 2025 1,167 21,158 95,093 14 38,759 1,201 157,392
Capital
Share Share Special redemption Capital Revenue
capital premium reserve reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Six months to 31 May 2024
(Unaudited)
At 1 December 2023 1,167 21,158 95,093 14 46,902 2,195 166,529
Ordinary final dividend paid for the year ended 30 November 2023 - - - - - (1,443) (1,443)
(Loss)/return for the period - - - - (2,869) 1,328 (1,541)
Balance at 31 May 2024 1,167 21,158 95,093 14 44,033 2,080 163,545
Capital
Share Share Special redemption Capital Revenue
capital premium reserve reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
For the year ended 30 November 2024 (Audited)
At 1 December 2023 1,167 21,158 95,093 14 46,902 2,195 166,529
Return for the year - - - - 6,299 2,199 8,498
Ordinary final dividend for the year ended 30 November 2023 - - - - - (1,443) (1,443)
Balance at 30 November 2024 1,167 21,158 95,093 14 53,201 2,951 173,584
STATEMENT OF FINANCIAL POSITION
as at 31 May 2025
(Unaudited) (Unaudited) (Audited)
31 May 31 May 30 November
2025 2024 2024
Note £'000 £'000 £'000
Fixed assets
Investments held at fair value through profit or loss 154,886 153,579 166,627
Current assets
Debtors 1,643 962 2,779
Cash 3,045 11,703 6,618
4,688 12,665 9,397
Current liabilities
Creditors: amounts falling due within one year (1,061) (1,099) (262)
Net current assets 3,627 11,566 9,135
Total assets less current liabilities 158,513 165,145 175,762
Non-current liabilities
Deferred tax liability (1,121) (1,600) (2,178)
Net assets 157,392 163,545 173,584
Capital and reserves
Share capital 5 1,167 1,167 1,167
Share premium account 21,158 21,158 21,158
Special reserve 95,093 95,093 95,093
Capital redemption reserve 14 14 14
Capital reserve 38,759 44,033 53,201
Revenue reserve 1,201 2,080 2,951
Total Shareholders' funds 6 157,392 163,545 173,584
Net asset value per share (p) 6 136.36 141.70 150.39
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 May 2025
1 Accounting Policies
The Company is a public limited company (PLC) incorporated in England and
Wales on 7 August 2018, with its registered office at 25 Southampton
Buildings, London WC2A 1AL, United Kingdom.
Basis of preparation
The condensed Financial Statements for the six months to 31 May 2025 comprise
the statements above together with the related notes below. They have been
prepared in accordance with FRS 104 "Interim Financial Reporting" and the
principles of the AIC's Statements of Recommended Practice (SORP) issued in
July 2022 and using the same accounting policies as set out in the Company's
Annual Report and Financial Statements for the year ended 30 November 2024.
Going concern
The Financial Statements have also been prepared on a going concern basis
under the historical cost convention, as modified by the revaluation of
investments held at fair value through profit or loss. The Directors believe
this is appropriate after taking into consideration the upcoming Redemption
exercise, as the Company has adequate resources to continue in operation for
the next twelve months.
2 Income
(Unaudited) (Unaudited) (Audited)
Six months to Six months to Year ended
31 May 31 May 30 November
2025 2024 2024
£'000 £'000 £'000
Income
Overseas dividends* 859 1,852 3,276
Other income - bank interest 66 128 220
925 1,980 3,496
* Includes a special dividend received from Kangji Medical Holdings
of £564,000,during the six months ended 31 May 2024 and year ended
30 November 2024.
3 Investment Management and Management Services Fees
(Unaudited) (Unaudited) (Audited)
Six months to 31 May Six months to 31 May Year ended 30 November
Revenue Capital 2025 Revenue Capital 2024 Revenue Capital 2024
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment Management fee
- Mobius Capital Partners LLP 235 547 782 232 542 774 470 1,096 1,566
Management Services fee
- Frostrow Capital LLP 53 123 176 52 122 174 106 247 353
288 670 958 284 664 948 576 1,343 1,919
4 (Loss)/return per share - basic and diluted
The (loss)/return per share figures are based on the following figures:
(Unaudited) (Unaudited) (Audited)
Six months to Six months to Year to
31 May 31 May 30 November
2025 2024 2024
£'000 £'000 £'000
Net revenue return 212 1,328 2,199
Net capital (loss)/return (14,442) (2,869) 6,299
Net total (loss)/return (14,230) (1,541) 8,498
Weighted average number of Ordinary shares in issue during the period 115,420,336 115,420,336 115,420,336
Pence Pence Pence
Revenue earnings per share 0.18 1.15 1.91
Capital (loss)/return per share (12.51) (2.49) 5.45
Total (loss)/return per share (12.33) (1.34) 7.36
During the period there were no dilutive instruments held (2024: nil),
therefore the basic and diluted (loss)/return per share are the same.
5 Share capital
(Unaudited) (Unaudited) (Audited)
31 May 2025 31 May 2024 30 November 2024
Number of shares Number of shares Number of shares
Opening Issued and fully paid Ordinary shares 115,420,336 115,420,336 115,420,336
At period/year end 115,420,336 115,420,336 115,420,336
Non-redeemable preference shares 50,000 50,000 50,000
(Unaudited) (Unaudited) (Audited)
31 May 2025 31 May 2024 30 November 2024
£'000 £'000 £'000
Issued and fully paid Ordinary shares of 1p each 1,154 1,154 1,154
Non-redeemable preference shares £1 each 13 13 13
1,167 1,167 1,167
The share capital includes 50,000 non-redeemable preference shares with a
nominal value of £1 each; of which one quarter is paid up. These shares are
held by the Investment Manager.
There were no shares issued or bought back by the Company during the six
months to 31 May 2025 (six months to 31 May 2024: none, year to 30 November
2024: none) retaining a total number of shares of 115,420,336.
6 Net asset value per Ordinary share
(Unaudited) (Unaudited) (Audited)
31 May 2025 31 May 2024 30 November 2024
Net Assets (£'000) 157,392 163,545 173,584
Number of shares in issue 115,420,336 115,420,336 115,420,336
Net asset value per share 136.36p 141.70p 150.39p
7 Related Party transactions
Fees payable to the Investment Manager are shown in note 3. At 31 May 2025 the
fee outstanding to the Investment Manager was £124,000 (31 May 2024:
£126,000, 30 November 2024: £133,000).
Fees are payable at an annual rate of £41,200 to the Chair of the Board,
£36,050 to the Chair of the Audit Committee and £30,900 to the Director.
The Directors had the following shareholdings in the Company.
As at As at As at
31 May 31 May 30 November
Director 2025 2024 2024
Maria Luisa Cicognani 72,927 72,927 72,927
Gyula Schuch - - -
Diana Dyer Bartlett 30,992 N/A N/A
Investment Manager
Investment Manager 1,213,050 1,173,481 1,173,481
8 Statutory accounts
These are not statutory accounts in terms of section 434 of the Companies Act
2006 and are unaudited. Statutory accounts for the year to 30 November 2024,
which received an unqualified audit report, have been lodged with the
Registrar of Companies.
Earnings for the first six months should not be taken as a guide to the
results for the full year.
INTERIM MANAGEMENT REPORT
for the six months ended 31 May 2025
The Directors are required to provide an Interim Management Report in
accordance with the UK Listing Authority's Disclosure and Transparency Rules.
They consider that the Chairman's Statement and the Investment Manager's
Review, the following statements and the Directors' Responsibility Statement
below together constitute the Interim Management Report for the Company for
the six months ended 31 May 2025.
Going Concern
The Directors have considered the Company's investment objective, risk
management policies, capital management policies and procedures, principal and
emerging risks as well as the nature of the portfolio and the expenditure
projections. The Company has no borrowings. The Directors have also considered
the fact that shareholders will again be offered a redemption option later
this year. However, ongoing dialogue with investors indicates that most are
intending to continue to hold their shares.
Based on the work performed, the Directors have not identified any material
uncertainties relating to the Company that would prevent its ability to
continue in operational existence for at least twelve months from the date of
the approval of this half-yearly report. For these reasons, the Directors
consider it is appropriate to continue to adopt the going concern basis in
preparing the financial statements.
Principal Risks and Uncertainties
A review of the half year and the outlook for the Company can be found in the
Chair's Statement and in the Investment Manager's Review. The principal risks
faced by the Company fall into the following broad categories:
● Strategic and Business Risks;
● Investment Risks; and
● Operational and Financial Risks.
Information on each of these areas is given in the Strategic Report/Business
Review within the Annual Report and Accounts for the year ended 30 November
2024. The principal risks and uncertainties have not changed since the date of
that report.
Related Party Transactions
During the first six months of the current financial year, no transactions
with related parties have taken place which have materially affected the
financial position or the performance of the Company.
Alternative Performance Measures
The Financial Statements set out the required statutory reporting measures of
the Company's financial performance. In addition, the Board assesses the
Company's performance against a range of criteria that are viewed as
particularly relevant for investment trusts. Further details of these are
included in the Annual Report and Accounts for the year ended 30 November
2024.
Directors' Responsibilities
The Board confirms that, to the best of the Directors' knowledge:
(i) the condensed set of financial statements contained within the
half-yearly report have been prepared in accordance with applicable United
Kingdom Generally Accepted Accounting Practice standards; and
(ii) the interim management report includes a fair review of the
information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules,
being an indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed set of
financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the financial year ending 30
November 2025;
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules,
being related party transactions that have taken place in the first six months
of the current financial year and that have materially affected the financial
position or performance of the Company during that period; and any changes in
the related party transactions described in the most recent annual report.
The half-yearly report has not been audited by the Company's auditors.
This half-yearly report contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the information
available to them up to the date of this report and such statements should be
treated with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such forward looking
information.
For and on behalf of the Board of Directors
Maria Luisa Cicognani
Chair
4 August 2025
DIRECTORS AND OTHER INFORMATION
Directors
Maria Luisa Cicognani (Chair)
Diana Dyer Bartlett (appointed with effect from 17 March 2025, took over as
Audit Committee Chair on 15 May 2025)
Gyula Schuch (Chairman of the Management Engagement and Remuneration Committee
and Senior Independent Director)
Christopher Casey (Audit Committee Chairman, resigned on 15 May 2025)
Registered Office
Mobius Investment Trust plc
25 Southampton Buildings
London WC2A 1AL
United Kingdom
Incorporated in England and Wales with company number 11504912 and registered
as an investment company under Section 833 of the Companies Act 2006.
Investment Manager and AIFM
MCP Emerging Markets LLP
Fitzrovia House
3-5 Gower Street
London WC1E 6HA
United Kingdom
Company Secretary, Administrator and Management Services
Frostrow Capital LLP
25 Southampton Buildings
London WC2A 1AL
United Kingdom
Tel.: 0203 008 4910
Email: info@frostrow.com
Corporate Broker
Peel Hunt LLP
7th Floor
100 Liverpool Street
London EC2M 2AT
United Kingdom
Custodian
The Northern Trust Company
50 Bank Street
Canary Wharf
London E14 5NT
United Kingdom
Depositary
Northern Trust Investor Services Limited
50 Bank Street
Canary Wharf
London E14 5NT
United Kingdom
Legal Adviser to the Company
Stephenson Harwood LLP
1 Finsbury Circus
London EC2M 7SH
United Kingdom
Independent Auditors
Johnston Carmichael LLP
7-11 Melville Street
Edinburgh EH3 7PE
United Kingdom
Registrar
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
United Kingdom
Tel.: 0370 703 6304(#)
(# ) Calls cost no more than calls to geographic
numbers (01 or 02) and must be included in inclusive minutes and discount
schemes in the same way. Calls from landlines are typically charged up to 9p
per minute; calls from mobile phones typically cost between 3p and 55p per
minute. Calls from landlines and mobiles are included in free call packages.
Identification Codes
SEDOL: BFZ7R98
ISIN: GB00BFZ7R980
Ticker: MMIT
Legal Entity Identifier (LEI):
21380033EKFQS15X1W22
Global Intermediary Identification
Number ("GIIN"): J9AYNU.99999.SL.826
GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES ("APM"s)
Alternative Investment Fund Managers Directive ("AIFMD")
Agreed by the European Parliament and the Council of the European Union and
transposed into UK legislation, the AIFMD classifies certain investment
vehicles, including investment companies, as Alternative Investment Funds
("AIFs") and requires them to appoint an Alternative Investment Fund Manager
("AIFM") and depositary to manage and oversee the operations of the investment
vehicle. The Board of the Company retains responsibility for strategy,
operations and compliance and the Directors retain a fiduciary duty to
shareholders.
Annualised Total Return
The annualised total return for a period is the average return earned on an
investment in the Company's shares for each year in that period, expressed by
reference to either share price or NAV.
Annualised Total Return - Period from the Company's listing on 1 October
2018 to 31 May 2025
NAV Share price
Opening at 1 October 2018 (p) 98.0 100.0
Closing at 31 May 2025 (p) 136.4 129.0
Increase in NAV/Share Price (p) 38.4 29.0
Increase in NAV/Share Price 39.2% 29.0%
Impact of reinvested dividends 5.2% 5.2%
Total Return 44.4% 34.2%
Annualised total return 5.7% 4.5%
Source: Morningstar
Discount or Premium (APM)
A description of the difference between the share price and the net asset
value per share. The size of the discount or premium is calculated by
subtracting the share price from the net asset value per share and is usually
expressed as a percentage (%) of the net asset value per share. If the share
price is higher than the net asset value per share the result is a premium. If
the share price is lower than the net asset value per share, the shares are
trading at a discount.
31 May 31 May 30 November
2025 2024 2024
Share price (p) 129.0 131.0 138.0
Net Asset Value per share (p) 136.4 141.7 150.4
(Discount) of share price to net asset value (5.4)% (7.6)% (8.2)%
IPO
An initial public offering or stock launch is a public offering in which
shares of a company are sold to institutional investors and usually also
retail investors.
MSCI Index
Certain information contained herein (the "Information") is sourced
from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates
("MSCI"), or information providers (together the "MSCI Parties") and may have
been used to calculate scores, signals, or other indicators. The Information
is for internal use only and may not be reproduced or disseminated in whole or
part without prior written permission. The Information may not be used for,
nor does it constitute, an offer to buy or sell, or a promotion or
recommendation of, any security, financial instrument or product. trading
strategy, or index, nor should it be taken as an indication or guarantee of
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and MSCI may be compensated based on the fund's assets under management or
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be used to determine which securities to buy or sell or when to buy or sell
them. The Information is provided "as is" and the user assumes the entire risk
of any use it may make or permit to be made of the Information. No MSCI Party
warrants or guarantees the originality, accuracy and/or completeness of the
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MSCI Party shall have any liability for any errors or omissions in connection
with any Information herein, or any liability for any direct. indirect,
special. punitive, consequential or any other damages (including lost profits)
even if notified of the possibility of such damages.
Net Asset Value ("NAV")
The value of the Company's assets, principally investments made in other
companies and cash being held, minus any liabilities. The NAV per share is
also described as 'shareholders' funds' per share. The NAV is often expressed
in pence per share after being divided by the number of shares which are in
issue. The NAV per share is unlikely to be the same as the share price which
is the price at which the Company's shares can be bought or sold by an
investor. The share price is determined by the relationship between the demand
for and supply of the shares.
NAV Total Return (APM)
The theoretical total return on shareholders' funds per share, at the
beginning of the period specified, reflecting the change in NAV assuming that
any dividends paid to shareholders were reinvested at NAV at the time the
shares were quoted ex-dividend. A way of measuring investment management
performance of investment trusts which is not affected by movements in the
share price discount/premium.
NAV Per Share Six months Six months Year ended
ended ended 30 November
31 May 31 May
Total Return 2025 2024 2024
Opening NAV (p) 150.4 144.3 144.3
(Decrease)/increase in NAV (p) (14.0) (2.6) 6.1
Closing NAV (p) 136.4 141.7 150.4
(Decrease)/increase in NAV (9.3)% (1.8)% 4.2%
Impact of reinvested dividends 1.1% 0.8% 1.0%
NAV Total (loss)/return 2 (8.2)% (1.0)% 5.2%
Share Price Total Return (APM)
The theoretical total return on an investment over a specified period assuming
dividends paid to shareholders were reinvested in shares at the share price at
the time the shares were quoted ex-dividend.
Six months Six months Year
ended ended ended
Share Price 31 May 31 May 30 November
Total Return 2025 2024 2024
Opening share price (p) 138.0 132.5 132.5
(Decrease)/increase in share price (p) (9.0) (1.5) 5.5
Closing share price (p) 129.0 131.0 138.0
(Decrease)/increase in share price (6.5)% (1.1)% 4.2%
Impact of reinvested dividends 1.3% 0.9% 0.9%
Share price Total (loss)/return (5.2)% (0.2)% 5.1%
Financial Calendar
Date Event
30 November Financial Year End
February Financial Results Announced
May Annual General Meeting
31 May Half Year End
August Half Year Results Announced
Website
For further information on share prices, regulatory news and other
information, please visit www.mobiusinvestmenttrust.com
Shareholder Enquiries
In the event of queries regarding your shareholding, please contact the
Company's Registrar, Computershare Investor Services, who will be able to
assist you with:
· Registered holdings
· Balance queries
· Lost certificates
· Change of address notifications
Computershare's full details are provided above or please visit
www.computershare.com/uk.
Computershare Investor Services - Share Dealing Service
For details of Computershare's dealing services, please visit
www.computershare.com/dealing/uk (http://www.computershare.com/dealing/uk)
Risk Warnings
· Past performance is no guarantee of future performance.
· The value of your investment and any income from it may
go down as well as up and you may not get back the amount invested. This is
because the share price is determined, in part, by the changing conditions in
the relevant stock markets in which the Company invests and by the supply and
demand for the Company's shares.
· As the shares in an investment trust are traded on a
stock market, the share price will fluctuate in accordance with supply and
demand and may not reflect the underlying net asset value of the shares; where
the share price is less than the underlying value of the assets, the
difference is known as the 'discount'. For these reasons, investors may not
get back the original amount invested.
· Although the Company's financial statements are
denominated in sterling, some of the holdings in the portfolio are currently
denominated in currencies other than sterling and therefore they may be
affected by movements in exchange rates. As a result, the value of your
investment may rise or fall with movements in exchange rates.
· Investors should note that tax rates and reliefs may
change at any time in the future.
· The value of ISA and Junior ISA tax advantages will
depend on personal circumstances. The favourable tax treatment of ISAs and
Junior ISAs may not be maintained.
To view the report online
If you would like to view video updates about the company, please visit:
www.mobiusinvestmenttrust.com
END
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