REG - Momentum Multi-Asset - Final Results
21/06/2022 07:00
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RNS Number : 5356P Momentum Multi-Asset Value Trust 21 June 2022
To: RNS
Date: 21 June 2022
From: Momentum Multi-Asset Value Trust plc
LEI: 213800OQTUSRFDIL9L29
Results for the year ended 30 April 2022
Momentum Multi-Asset Value Trust plc ('MAVT' or 'your Company') seeks to apply
a value lens to identify the most compelling investment opportunities across a
highly diversified range of asset classes. MAVT is designed to appeal to
investors who wish to combine the benefits of a quarterly income along with
long-term capital growth.
Chairman's Statement
HIGHLIGHTS
• Net asset value total return +0.9% vs Benchmark
+15.0%
• Share price total return +1.5%
• Annual volatility 12.5% vs 16.6% for the MSCI UK
All Cap Index†
• Dividends for the year increased from 6.72p per
share to 7.20p per share
• Yield of 4.0% based on the 181.5p year-end share
price
† Source: MSCI/Morningstar/Momentum Global Investment Management
OVERVIEW
When writing the Half Year Report in December, I noted the rise in the cost of
living at that time, largely caused by supply chain bottlenecks and labour
shortages in some sectors. Since then, the invasion of Ukraine by Russia has
been affecting the lives and livelihoods of millions of people and leading to
untold suffering for the people of Ukraine. The effect on inflation has been
quickly felt in the energy markets, and there have already been significant
price increases across many agricultural products. Other impacts, less
forecastable today, must also be likely. The effects of the COVID-19 pandemic
included labour market upheavals and dislocations, and the reversal of
globalisation, both of which were already causing inflation to rise. The
invasion of Ukraine has exacerbated these economically negative effects. What
of China in all this? Its economic importance to the prosperity of the West is
hard to overestimate and dangerous to underestimate. As of now, China is
pursuing a near zero COVID-19 policy with the result that large parts of its
population, and therefore economy, are locked-down. China's current attitude
towards Russia and the West is hard to read but we can be certain it will be
whatever the Chinese authorities believe to be in their own best interests
over the long term; and their view of the long term is usually much longer
than ours.
Your Company performed well during the last year in the periods when the
Manager's Refined Value investment approach would have been expected to do
well, specifically when the Value Investing style outshone Growth Investing.
The latter style is now under pressure, most obviously illustrated by the
decline in valuations of many US technology companies, largely as a result of
rising interest rates in response to rising inflation. As I commented in the
Half Year Report, rising inflation is rarely good for equities but, if any are
favoured, it is usually those already lowly valued and when the Value style
should do relatively well.
PERFORMANCE
Against this backdrop, for the year to 30 April 2022 (the 'Period') MAVT
generated a net asset value ('NAV') total return per share of +0.9%, compared
with the Benchmark return of +15.0%. Over the last five years, your Company
has generated a NAV total return per share of +32.0% (equivalent to 5.7% per
annum) compared with +41.8% (equivalent to 7.2% per annum) from the Benchmark.
MAVT adopted the Benchmark of CPI plus 6% per annum in July 2017. We measure
performance against this Benchmark over a 'typical investment cycle' which is
defined as one that spans five to ten years. As recently as both the Half Year
Report and last year's Annual Report, MAVT was well ahead of its Benchmark
over the respective trailing five years. The events of this Period have led to
a somewhat mediocre performance by MAVT, especially when compared to its
Benchmark which has been turbocharged by the rise in inflation. The
consequence is that MAVT is now behind its Benchmark over five years though it
could be argued the recent period is not within the bounds of what might be
considered 'typical'. It certainly feels as though the Benchmark will be a
challenging hurdle for some time, though the last two or three years have
amply demonstrated how quickly and significantly things can and do change.
It is worth noting your Company has now passed the 10-year anniversary of its
current investment policy. Over this period the NAV total return per share has
been 8.5% per annum compared to its blended Benchmark total return of 5.2% per
annum. This is a creditable absolute return and relative performance over the
10-year period.
The Manager's Review provides greater analysis and explanation of MAVT's
performance for the year.
DIVIDENDS
Your Company will pay a fourth interim dividend of 2.16 pence per share (on 20
June 2022), which, when added to the three preceding interim dividends of 1.68
pence per share, produces total dividends of 7.20 pence per share for the year
ended 30 April 2022, an increase of 7.1% over the previous year. That
represents a yield of 4.0% on the share price of 181.5 pence that prevailed at
the year-end. The Board has previously made clear its intention to increase
dividends by at least inflation over a typical investment cycle. The dividends
of 7.20 pence per share for the year represent an increase of 17.3% over five
years which compares to inflation of 16.6% over the same period, as measured
by the CPI.
The dividends for the year were covered by earnings but, even if these had not
been sufficient, the Board would have made the same decision in relation to
the dividends paid to Shareholders this year. One of your Company's great
strengths is the structure of its balance sheet reserves which can be drawn
upon to enable dividend policy to be set without impinging upon your Manager's
freedom to make portfolio changes that might reduce revenue if that is in the
interests of achieving the best possible total return.
Looking forward, it is the Board's intention, barring unforeseen
circumstances, at least to maintain the aggregate dividends for the year to 30
April 2023 at 7.20 pence per share, meaning a quarterly rate of 1.80 pence per
share. Given the outlook for inflation, it is very likely the fourth interim
dividend next year will be higher than 1.80 pence per share consistent with
the Board's intention to increase dividends by at least inflation over the
longer run.
DISCOUNT CONTROL MECHANISM ('DCM')
The DCM has been in operation since 1 August 2016. During the Period MAVT
bought back 4,210,500 shares costing £7.8 million and issued 165,000 shares
raising £0.3 million. Since being put in place, the operation of the DCM has
resulted in the issuance of 13,920,000 shares and the buy-back of 22,525,513
shares: a net buy-back of 8,605,513 shares. As shares are issued at a small
premium and bought back at a small discount, the NAV of your Company has been
enhanced by £514,288 after all applicable costs.
The Board believes the liquidity provided to Shareholders and the lack of any
material discount of the share price to the underlying NAV of MAVT are of real
value to Shareholders and remains resolute in its application of the DCM to
ensure these benefits are maintained.
GEARING
MAVT has a £10 million revolving credit facility with The Royal Bank of
Scotland International Limited and, at the financial year-end, £7 million was
drawn down. During the Period the average net gearing level was 9.5%. A small
amount of the drawn facility is held in cash to allow instant access to funds
should the need arise. The undrawn element of the facility is in place largely
to assist with the operation of the DCM, enabling gearing levels to be
maintained when the DCM results in the issuance of new shares, and providing
short-term working capital, if necessary, when shares are bought back.
BOARD CHANGES
I have been a non-executive Director of MAVT for just over nine years, having
been Chairman for virtually all of that time. I will retire at the AGM in July
2022 when James ('Jimmy') McCulloch will succeed me. Jimmy has been on the
Board for seven years, for the last three as Senior Independent Director. I am
confident that his leadership and guidance will serve Shareholders well. Sue
Inglis will take over from Jimmy as the Senior Independent Director.
The Board was also pleased to announce the appointment of Jeroen Huysinga as a
non-executive Director with effect from 1 June 2022. Jeroen is a highly
experienced global equities investment professional, and the Board and Manager
look forward to his insights and contribution.
My tenure on the Board has witnessed many changes and I am indebted to my
current and past Director colleagues for their support and commitment. When I
consider the resilience and flexibility of your Company's mandate, as well as
the professionalism and capability of your Manager, I remain
confident that MAVT can serve Shareholders well in the future.
ANNUAL GENERAL MEETING ('AGM')
This year's AGM, which will be your Company's 26(th) AGM, will be held at 12
noon on Tuesday 26 July 2022 at MGIM's offices in London.
We are looking forward to welcoming Shareholders in person this year,
particularly given the constraints we have faced over the past two years.
Shareholders will also be able to view the AGM live via an online platform.
Information on arrangements and how to register to attend, either in person or
online, can be found in the Annual Report and on the Company's website at
https://momentum.co.uk/MAVT.
At the 2021 AGM, Shareholders approved all resolutions, each by a majority of
over 99% of shares voted. These resolutions included those that help with the
effective management of the DCM, specifically allowing the Company to issue
shares on a non pre-emptive basis equivalent to 30% of its equity and to
buy-back up to 14.99% of the shares in issue.
As last year, your Board is asking Shareholders to approve two separate
resolutions concerning the issue of shares for an aggregate of 30%. The first
resolution seeks permission to issue 10%, and the second (extra) resolution
seeks permission to issue up to a further 20% solely in connection with the
DCM. The Board believes this approach of seeking non pre-emption authorities
is in the best interests of Shareholders and addresses any concerns that the
aggregate authority being sought is higher than the recommended by Corporate
Governance guidelines.
The Board believes that all the resolutions are in the best interests of your
Company and all Shareholders and strongly recommends that Shareholders vote in
favour of all the resolutions, as the Directors intend to do in respect of
their own beneficial shareholdings of 341,402 shares.
COMMUNICATING WITH SHAREHOLDERS
The Board welcomes communications with Shareholders and, in addition to formal
channels, I encourage you to use our website and our LinkedIn page which we
continue to develop and refine. You can also e-mail me, or, after the AGM, the
new Chairman, directly at MAVTChairman@momentum.co.uk with any questions.
Your Company is committed to acting sustainably and reducing the amount of
paper we use through greater use of electronic communications. You will find a
letter enclosed with this Annual Report asking you how you would like to
receive Shareholder documents in the future. Our default method of
communication will be via the Company's website and we will inform you, either
by letter or e-mail, when a document has been published. You can still elect
to receive paper documents, if that is your preferred method of communication,
and you can change how you receive documents from us at any time.
OUTLOOK
Inflation is rising and we are all experiencing its negative effects. How much
will it increase and for how long will it stay 'high'? With the UK base rate
having recently increased to 1.25% and inflation around 9% (and both projected
to go higher), it is easy to worry that policymakers are well behind the curve
and so are unlikely to rein in inflation any time soon. With the Russia
Ukraine military conflict and many worrying about recession, it is easy to
understand why policymakers seem to lack the conventional solutions of
materially tightening monetary policy to reduce inflation.
MAVT's portfolio is structured with the Manager's Refined Value investment
approach applied across multiple asset classes. These assets include
relatively inexpensive equities and Specialist Assets that largely comprise
funds with underlying assets and cash flows that are linked to inflation. This
is not to suggest your Board or Manager are complacent or sanguine for the
year ahead. However, MAVT's portfolio should provide some downside protection
to the worst of any significant stock market shocks, as well as do much to
protect against the worst of the effects of inflation. There are always gains
to be made however gloomy the background.
Richard Ramsay
Chairman
20 June 2022
Manager's Review
Q&A with the Manager
Q. Could you outline MAVT's performance for the Period?
A. In a year of challenging and often volatile market conditions it is
pleasing to report that MAVT was broadly resilient delivering a share price
total return of 1.4%, and a NAV total return of 0.9%. We view this as an
encouraging result given market index returns over the same time period.
Q. What were the key factors affecting performance?
A. The market environment fluctuated over the year with COVID-19 recovery
phases intertwined with fresh waves of the virus and, more recently, the
Russia Ukraine conflict affecting global markets. The major immediate impact
has been the rapid rise of inflation which in turn precipitated a sharp
sell-off in Growth-orientated stocks at the end of last year and into 2022. We
are pleased that our focus on Value has led us to navigate these challenges
effectively.
Q. Which portfolio holdings performed well and which were not so successful?
A. The inflationary environment has provided a strong tailwind for many of our
Specialist Assets and these have performed well.
Our holdings in property are of particular note. For example, the share price
of AEW REIT rose by 39%. This investment vehicle specialises in buying
properties with short-term leases or vacant possession and either developing
or repurposing them to add value. The share price increased over the year as a
result of the sale of a number of properties at a significant premium.
The poorer performers in the portfolio included the UK Equity holdings Accrol
and Purplebricks. Accrol is a manufacturer of toilet tissue which has seen
rapidly rising input costs. Purplebricks, the online estate agency, saw some
administration shortfalls resulting in rental client compensations. The
companies' share prices declined by 65% and 81% respectively over the Period.
Contribution analysis by individual holdings in the year to 30 April 2022
Contributors Asset Class Contribution
1. Ultra Electronics UK Equities +0.65%
2. AEW REIT Specialist Assets +0.64%
3. Fair Oaks Income Specialist Assets +0.53%
4. Ediston Property Specialist Assets +0.44%
5. Senior UK Equities +0.37%
Detractors Asset Class Contribution
1. Syncona Specialist Assets -0.42%
2. Halfords Group UK Equities -0.42%
3. Schroder UK Public Private Trust Specialist Assets -0.48%
4. Accrol Group UK Equities -0.92%
5. Purplebricks Group UK Equities -2.05%
Source: Momentum Global Investment Management /StatPro Revolution.
Q. Has your investment landscape normalised now that the major impacts of
COVID-19 have subsided?
A. The landscape has normalised to some degree from the extremes of 2020.
However, we now find ourselves with a complex background of rising inflation
and central banks beginning to unwind historically record levels of stimulus.
In addition, the Russia Ukraine conflict has the potential to escalate further
causing greater market uncertainty.
Investors will always have to contend with unexpected issues and volatility.
We seek to look across global markets to find compelling Value opportunities.
Our Refined Value approach means we seek to buy low and sell high across a
range of asset classes.
Q. What effect is the war in Ukraine having on the portfolio?
A. MAVT's portfolio has almost no exposure to Russian or Ukrainian assets.
However, this ongoing conflict has affected global markets in many ways.
Commodities may see further increased volatility, but your Company has limited
exposure to commodity-driven stocks.
More widely, our Value approach should, and indeed is, currently outperforming
portfolios that follow a Growth approach.
Q. Are you seeing compelling new investment opportunities? What new holdings
have been added to the portfolio and what do they replace?
A. Significant market movements over the past year have led to a number of
companies and funds trading at what we consider to be very attractive
valuations. UK Equities have yielded some of the most compelling new
opportunities. Examples of our new investments in this market include Games
Workshop (due to growing global spend on their Warhammer games), LBG Media
(one of the largest media platforms targeting younger consumers) and Jupiter
Fund Management (which we believe we purchased at an attractive share price
and where we are impressed by the new management team).
These new additions to the portfolio have been mainly funded by the sale of
our holdings in Clinigen and Ultra Electronics. Both these companies were
taken over at high share prices. We also sold our long-standing holding in
Britvic as the stock reached our valuation target during the Period.
Q. Investors are increasingly concerned about inflation. What impact does the
steep rise in inflation have on the portfolio?
A. The portfolio has significant inflation protection on a number of levels.
MAVT follows a Value Investment style and Value stocks tend to perform better
in an inflationary environment due to discounted cash flows, i.e. we are
buying future profits at what we believe are substantially lower prices.
Furthermore, our Specialist Assets exposure has, in many cases, directly
built-in contractual inflationary protection or indirect exposure where
returns are closely linked to inflation. Examples include our holdings in
property and infrastructure. During inflationary periods, these investments
may combine rising income streams with increases in the value of the
underlying 'real assets'. The majority of rental agreements have inflation
protection built in and our specialist financials exposure (comprising loans,
mortgages and music royalties) is linked to rises in interest rates or
inflation-linked subscription rises. We therefore believe the portfolio should
perform well in an inflationary environment.
Q. Many investors have seen significant income impairment. How is MAVT
navigating such challenges?
A. Your Company's portfolio derives both capital growth and income from a wide
range of investments in addition to traditional equity dividends and credit
yields.
The Specialist Assets component of the portfolio consists entirely of
closed-end investment companies. These vehicles are able to smooth the
volatility in their underlying income generation by reserving some of their
income in good years to pay out as dividends in harder times. Throughout the
COVID-19 crisis, MAVT's Specialist Assets have paid consistent dividends
benefitting income generation from the portfolio as we waited for dividend
payments in the broader equity markets to return to more normal levels.
In addition, MAVT has ample balance sheet reserves which can be used to pay
dividends. This means we can make portfolio changes that might reduce revenue
if we believe that will achieve the best possible total return.
Q. How do you consider ESG as part of the investment process?
A. We are committed to our stewardship responsibilities and recognise the
risks and opportunities related to ESG factors that can have a significant
impact on your Company's long-term performance. Therefore, we are committed to
researching and integrating ESG considerations before making any investment
decision (in the same way that we analyse all other financial aspects relating
to the investments we select) and we continue to monitor all our holdings for
their ongoing ESG performance and progress against commitments at each
investment review.
Where appropriate, we look favourably on the allocation of capital towards
issuers (companies and investment vehicles) that explicitly seek to counteract
the current and historic harm to their stakeholders and the planet.
We engage proactively with many of our holdings and we vote our shares when we
believe this is important to protect shareholder value. MGIM is a signatory to
the UN's Principles of Responsible Investment (UNPRI), is committed to the
principles agreed by the Investment Consultants Sustainability Working Group
and is a supporter of the UK Stewardship Code.
Q. How geared is the portfolio and is gearing a major driver of performance?
A. Gearing is not a major driver of performance for the Company. It is the
Board's stated intention to use borrowings to manage the DCM. Over the past
year gearing has been elevated a little as the COVID-19 sell-off led to some
stocks becoming extremely attractively valued. Hence, we raised gearing by a
few percentage points to take advantage of these opportunities over the longer
term. In future you should expect to see long-term average gearing stay below
10%.
Q. We have seen a number of bids for companies in the portfolio this year.
What does this mean and do you expect this activity to continue?
A. We have a bias towards UK Equities where we have identified considerable
value in recent years. Recent private equity bids confirm our view that this
market is currently attractive and we expect to see further mergers and
acquisitions. Where such activity raises share prices to attractive levels we
sell our holdings, capitalising on opportunities and redeploying capital
elsewhere.
Q. What is your outlook for the Company for the year ahead?
A. We do not try to predict the future. Instead, we let valuations guide our
investment decisions as we seek to ensure that the portfolio is always tilted
to attractively valued assets. We believe UK, Asian and Japanese equities are
now looking attractive and we have recently increased our exposure to these
sectors, funded through selling holdings that have performed well and are no
longer so attractively valued.
Momentum Global Investment Management
20 June 2022
Business Model
The purpose of MAVT is to act as a vehicle to provide, over time, financial
returns (both income and capital) to Shareholders. Investment trusts, such as
the Company, are long-term investment vehicles and typically are externally
managed, have no employees and are overseen by a Board of independent
non-executive Directors.
THE BOARD
The Board, which normally comprises four independent non-executive Directors
but currently comprises five due to a hand over period, has a broad range of
skills and experience across all major functions that affect the Company. The
Board retains responsibility for taking all decisions relating to the
Company's Investment Objective and Policy, gearing, corporate governance and
strategy, and for monitoring the performance of the Company's Manager and
service providers.
OUR INVESTMENT POLICY
The asset classes included in the Company's portfolio are UK and Overseas
Equities, Credit, Specialist Assets and Defensive Assets. Further details of
each asset class are provided below. The Company's Manager aims to add value
through both strategic and tactical asset allocations within a range for each
asset class.
The assets allocation ranges are as follows:
Asset allocation range %
UK Equities 15 - 60
Overseas Equities 10 - 40
Total Equities 25 - 85
Credit 0 - 40
Specialist Assets 0 - 50
Defensive Assets 0 - 20
Asset class descriptions (these are for general guidance only and do not
exclude other investments):
· UK and Overseas Equities: companies listed on any recognised stock exchange
throughout the world.
· Credit: government and corporate bonds, inflation-linked securities,
emerging market debt, and high yield bonds.
· Specialist Assets: infrastructure, property, private equity, and specialist
financials.
· Defensive Assets: gold (physical and miners), short equity exchange-traded
funds (ETFs), uncorrelated strategies, managed futures, and government bonds.
Exposure to Specialist Assets will ordinarily be through specialist collective
investment products ('funds') managed by third parties. Exposure to other
asset classes may be achieved by investing directly or through funds. With the
Board's prior approval, any exposure may also be gained through funds managed
by the Company's Manager.
The Company may use derivatives for efficient portfolio management.
The Company will not invest more than 7.5% of gross assets in any individual
direct equity, any individual security related to another asset class or any
physical asset, or more than 10% of gross assets in any fund.
The Company will not invest more than 7.5% of gross assets in unlisted
securities and will not hold more than 25% of its gross assets in cash.
The Company may borrow to gear the Company's returns when the Board and
Manager believe it is in Shareholders' interests to do so. The Company's
borrowing policy allows gearing up to 25% of the Company's net assets.
The Company's current borrowing facilities comprise a £10 million revolving
loan facility of which £7 million was drawn down at 30 April 2022 (equivalent
to 12.2% of net assets). The Board reviews these levels frequently and
believes they are appropriate for the Company at the present time.
The asset allocation ranges and limits referred to in the Investment Policy
are measured at the time of investment or drawdown of borrowings.
HOW WE DIVERSIFY RISK ACROSS THE PORTFOLIO
The Manager diversifies portfolio risk in three ways:
· The Multi-Asset Investment Policy helps reduce risk by investing in a wide
range of broadly uncorrelated asset classes.
· Having a Value style for investment and asset selection, meaning
investments are often made at lower than the asset's intrinsic value, creating
a margin of safety and thus reducing risk.
· The use of Defensive Assets in anticipation of and during times of market
stress.
ESG POLICY
The Directors recognise that their first duty is to act in the best financial
interests of the Company's Shareholders and to achieve strong financial
returns against acceptable levels of risk in accordance with the objectives of
the Company.
In asking the Manager to deliver against these objectives, the Directors have
also requested that the Manager takes into account the broader ESG issues of
the companies within the portfolio, acknowledging that companies failing to
manage these issues adequately run a long-term risk to the sustainability of
their businesses.
As a signatory (through its parent company), the Manager is committed to the
UN's Principles of Responsible Investment (UNPRI) and the principles agreed to
by the Investment Consultants Sustainability Working Group and is a supporter
of the UK Stewardship Code.
The Directors and the Manager are committed to active ownership and
engagement. The Manager engages proactively with the boards and managements of
the companies and third-party funds in which the Company invests in order to
encourage, influence and improve their ESG practices, together with other
business and commercial aspects.
The Company is an investment trust with no employees. Therefore, the Company
has no direct employee or social responsibilities.
At the date of this report there were three male Directors and two female
Directors. For the year ended 30 April 2022 there were two male and two female
Directors. Following the AGM on 26 July 2022, the gender balance will return
to this. As the Company has no employees, it is not required to report further
on gender diversity.
HOW WE PROMOTE THE SUCCESS OF THE COMPANY
The Board is required to describe to the Company's Shareholders how the
Directors have discharged their duties and responsibilities under section
172(1) of the Companies Act 2006 over the course of the financial year.
The following disclosure explains how the Directors promoted the success of
the Company for the benefit of its members as a whole, taking into account the
likely long-term consequences of decisions and the need to foster
relationships with all stakeholders.
Who are our stakeholders? What are the benefits of engagement? How do we engage?
Shareholders
Shareholders are key stakeholders and the Board places great importance on The Manager, on behalf of the Board, carries out a programme of Shareholder
communication with them and welcomes all Shareholders' views. engagement throughout the year.
This engagement enables Shareholders to make informed decisions about their The key methods of engagement include:
investment in the Company and facilitates the retention of existing
Shareholders and the attraction of new ones. · Presenting at on-line and in-person events for retail investors.
· Regular one-to-one meetings with wealth managers and private client
brokers.
· Meeting Shareholders at the Company's AGM.
· Providing information and updates on the Company's website, including
annual and interim reports, factsheets, newsletters, video presentations,
podcasts and research reports.
· Using social media to provide regular updates.
Manager
Regular interaction with the Manager enables the Board to evaluate the The Board maintains a strong relationship with the Manager, ensuring open
Company's performance against its Investment Objective and to understand the communication and sharing of views. The Board meets with the Manager on
risks and opportunities the Company faces. several occasions throughout the year, receiving detailed presentations and
reports prior to each Board meeting.
This engagement ensures that the Company's portfolio and affairs are
well-managed and enables the Company to meet its strategic objectives. The Board, through the Management Engagement Committee, formally reviews the
performance and terms and conditions of appointment of the Manager at least
annually.
Service providers
A key relationship is with Juniper Partners, which provides AIFM, company Juniper Partners engages regularly with the Company's service providers, both
secretarial and fund administration services, as well as operating the DCM. through meetings and regular reporting. The regular interaction enables issues
The Board seeks to maintain constructive relationships with Juniper Partners and requirements to be dealt with efficiently and collegiately.
and with the Company's other service providers.
The Board conducts an annual review of the performance and terms and
This engagement ensures the service providers carry out their roles diligently conditions of appointment of the Company's service providers.
and provide value for money.
Debt provider
The Company's debt provider is The Royal Bank of Scotland International Juniper Partners provides RBSI with regular updates on the Company's portfolio
('RBSI'). On behalf of the Board, Juniper Partners seeks to maintain a and compliance with its loan covenants. This demonstrates the Company's strong
positive working relationship with RBSI. financial position and supports the financing arrangements.
This engagement supports the Company's financing arrangements.
What were the key stakeholder considerations during the year? What actions were taken?
Shareholders
The ongoing impact of the COVID-19 pandemic and the emerging impact of The Manager held regular meetings with the Board and Shareholders, including
geopolitical events on the Company's performance, revenue and dividends. presentations at retail investor events. Updates on performance were provided
on the Company's website via factsheets, newsletters and financial reports.
The Chairman's Statement provides further information on the Company's
performance, revenue and dividends.
The integration of ESG into the investment process. The Manager's Review provides an explanation of how ESG is integrated into the
investment process.
The operation of the DCM.
The Board continues to view the DCM as a very important tool for Shareholders.
The DCM activity during the year is covered in the Chairman's Statement.
This year's AGM will be a held at the Manager's offices in London.
Shareholders will be able to attend in person or on-line. The Board looks
The format of the Company's AGM. forward to welcoming Shareholders to this event. Details are included in the
Annual Report.
Manager
The ongoing oversight of the Manager by the Board to ensure the Manager The Manager's Review details the key investment decisions taken during the
continues to manage the Company in accordance with the mandate provided by year.
Shareholders.
The continued development of the Board's relationship with the Manager,
following the acquisition of Seneca Investment Managers Limited ('SIML') by
MGIM in 2020. SIML was the Company's Manager prior to its acquisition by MGIM.
The Board has continued to strengthen its relationship with MGIM throughout
the year. Following a seamless continuity of service, the Company is now able
to benefit from the broader capabilities of MGIM.
Service providers
The ongoing impact of the COVID-19 pandemic on the Company's service All services providers continued to operate remote working during the year,
providers. with no adverse impact on service quality. The Company's main service
providers have recently transitioned to a hybrid working model, combining
office and remote working, and the Board will continue to monitor this to
ensure ongoing operational resilience.
Debt provider
The upcoming renewal of the Company's loan facility with RBSI, which expires It is the Board's current intention to seek to renew the facility on best
in October 2022. available terms.
PRINCIPAL RISKS AND UNCERTAINTIES
Risks are inherent in the investment process, but it is important that their
nature and magnitude are understood so that risks, particularly those which
the Company seeks to avoid or minimise, can be identified and either avoided
or controlled. The Board has carried out a robust assessment of the principal
and emerging risks facing the Company, including those that threaten its
business model, future performance, solvency or liquidity. The Board has
established a detailed framework of the key risks that the business is exposed
to, with associated policies and processes devised to mitigate or manage those
risks.
The principal risks faced by the Company, are set out below. The Company faces
emerging risks from geopolitical events, climate change and rising inflation.
The impact of these on the principal risks is detailed below.
Investment and strategy risk
Risk Mitigation
An inappropriate strategy, including asset class, country and sector The Company's strategy is formally reviewed by the Board at least annually,
allocation, stock selection and use of gearing, could lead to underperformance considering investment performance, Shareholder views, developments in the
against the Company's Benchmark and peer group, and have an adverse effect on marketplace and the structure of the Company. The strategy has been kept under
Shareholders' returns. regular review in light of the COVID-19 pandemic, the Russia Ukraine conflict
and rising inflation.
The Board requires the Manager to provide an explanation of significant stock
Increase in this risk due to geopolitical tension and rising inflation selection decisions and the rationale for the composition of the investment
portfolio at each Board meeting, when gearing levels are also reviewed. The
Board monitors the spread of investments to ensure that it is adequate to
minimise the risks associated with particular asset classes, countries or
factors specific to particular sectors.
The Board monitors the investment performance at each Board meeting.
Portfolio and market risk
Risk Mitigation
External factors such as market, economic, political and legislative change The Board monitors the implementation and results of the investment process,
could cause increased market volatility. This could lead to a fall in the including gearing strategy and ESG strategy, with the Manager on an ongoing
market value of the Company's portfolio which would have an adverse effect on basis and at each Board meeting, through reviews of the portfolio composition,
Shareholders' funds. investment activity and performance.
Increase in this risk due geopolitical tension, climate change and rising
inflation
Financial risk
Risk Mitigation
Exposure to inappropriate levels of market price risk, foreign currency risk, Full details of the financial risks and the ways in which they are managed are
interest rate risk and liquidity and credit risk could result in volatility of disclosed in the notes to the financial statements.
Shareholders' funds.
The Company has a diversified portfolio comprising mainly readily realisable
Increase in this risk due geopolitical tension and rising inflation securities, mitigating the Company's exposure to liquidity risk. The risk of a
counterparty failing is minimised through regular review and due diligence.
Earnings and dividend risk
Risk Mitigation
Fluctuations in earnings resulting from changes in the underlying portfolio, The Board reviews detailed income forecasts prepared by the Manager and the
or factors impacting the dividend paying ability of investee companies, could Company Secretary at each Board meeting and when the quarterly dividends are
result in the Company being required to pay dividends out of reserves on a declared.
sustained basis, resulting in a reduction in NAV.
The Board and the Manager have kept the dividend paying ability of the
Decrease in this risk due to reduced impact of the COVID-19 pandemic investee companies under regular review during the COVID-19 pandemic. The
Company's ability to pay dividends out of distributable capital reserves
provides flexibility in times of market stress.
Operational and cyber risk
Risk Mitigation
Disruption to, or failure of, systems and controls, including cyber-attacks at The operational systems and controls of the Manager and third-party service
the Manager and the Company's third-party service providers, in particular the providers are regularly tested and monitored and are reported on at each Board
Administrator and Custodian, could result in financial and reputational damage meeting. An internal control report, which includes an assessment of risks,
to the Company. together with the procedures to mitigate such risks, is prepared by the
Company Secretary and reviewed by the Audit Committee at least once a year.
The Custodian, J.P. Morgan Chase Bank N.A., produces an internal control
report every six months which is reviewed by its auditor and gives assurance
No change to this risk regarding the effective operation of its controls. A summary of this report is
reviewed by the Audit Committee.
The operational requirements of the Company, including from the Manager and
its service providers, have been subject to rigorous testing as to their
application during the COVID-19 pandemic, when increased use of out of office
working and online communication has been required. The operational
arrangements have proved robust.
Regulatory risk
Risk Mitigation
Breach of regulatory rules could lead to suspension of the Company's stock The Company Secretary monitors the Company's compliance with the rules of the
exchange listing or financial penalties. Breach of sections 1158 and 1159 of FCA and sections 1158 and 1159 of the Corporation Tax Act 2010. Compliance
the Corporation Tax Act 2010 could lead to the Company being subject to tax on with the principal rules is reviewed by the Directors at each Board meeting.
chargeable gains.
No change to this risk
Key man risk
Risk Mitigation
Loss of key personnel and poor succession planning at the Manager or Company To reduce key man risk, MGIM operates a team approach to fund management, with
Secretary could lead to disruption for the Company. each member of the four strong highly experienced investment team contributing
to the performance of the Company through their research specialisations.
Juniper Partners has experienced company secretarial and administration teams
in place, with appropriate levels of cover. The Board receives regular updates
No change to this risk from MGIM and Juniper Partners on business and succession plans.
GOING CONCERN
The Directors have undertaken a rigorous review of the Company's ability to
continue as a going concern. This review included consideration of the
Company's current Investment Objective, its principal risks and uncertainties,
its capital and debt management, the nature of its portfolio, its income and
expenditure projections, gearing and the operation of the DCM.
The Company's investments consist mainly of readily realisable securities
which can be sold to maintain adequate cash balances to meet expected cash
flows, including debt servicing. The Board has set limits for borrowing and
regularly reviews the level of gearing and compliance with banking covenants,
including sensitivities around the levels at which covenants may be breached.
The Company's loan facility with RBSI expires in October 2022 and it is the
Board's current intention to renew the facility on best available terms.
The Board also has regard to ongoing investor interest in the continuation of
the Company, looking specifically at feedback from meetings and conversations
with Shareholders by the Company's advisers, and the operation of the DCM,
which the Directors believe enhances the Company's appeal to investors.
Based on their assessment and considerations, the Directors believe that the
Company has adequate resources, an appropriate financial structure and
suitable management arrangements in place to continue in operational existence
for at least 12 months from the date of this report, meeting liabilities when
they fall due. The Directors have concluded, therefore, that they should
continue to prepare the financial statements on a going concern basis and the
financial statements have been prepared accordingly.
THE COMPANY'S VIABILITY
The Directors have assessed the prospects of the Company over a five-year
period from the date that this Annual Report is due to be approved by
Shareholders. This period was selected as it is considered a reasonable time
horizon to consider the continuing viability of the Company and a suitable
period over which to measure the performance of the Company against its
Benchmark. The five-year period is consistent with the planning horizon used
by the Company in managing its activities.
In their assessment of the viability of the Company, the Directors have
considered the following factors:
· The principal risks and uncertainties detailed in the Annual Report,
including the Russia Ukraine conflict, and the mitigating controls in place.
· The Company's Investment Objective and its ongoing relevance in the current
environment.
· The effectiveness of the DCM.
· Income and expenditure projections.
· The effect of any significant future falls in investment values on the
ability to repay and renegotiate borrowings and retain investors.
· The liquidity of the portfolio, which is principally invested in readily
realisable, listed equities and open-ended funds which could be sold to meet
funding requirements if necessary.
Based on the results of their analysis, the Directors have a reasonable
expectation that the Company will be able to continue in operation and meet
its liabilities as they fall due over the five-year period to the AGM in 2027.
KEY PERFORMANCE INDICATORS
The Board uses a number of performance measures to assess the Company's
success in meeting its objectives.
More information on the Company's Key Performance Indicators can be found in
the Key Facts and the Chairman's Statement in the Annual Report. The Key
Performance Indicators are as follows:
Performance measured against the Benchmark and relevant indices
The Board reviews and compares, at each meeting, the performance of the
portfolio as well as the net asset value total return and share price total
return for the Company against its Benchmark and comparator indices. The
Company's Benchmark is based on CPI as the Board recognises the importance to
Shareholders of achieving real returns from their investment. The MSCI UK All
Cap Index is used as a comparator index to monitor the investment aim of
delivering equity-like, long-term returns with lower volatility and lower
risk.
Premium/(discount) to net asset value ('NAV')
At each Board meeting, the Board monitors the level of the Company's
premium/(discount) and the operation of the DCM, which aims to keep the
volatility of the premium/ (discount) low and the share price trading at close
to NAV. The Company publishes a NAV per share figure on a daily basis, through
the official newswire of the London Stock Exchange.
Ongoing charges
The ongoing charges are a measure of the total expenses incurred by the
Company expressed as a percentage of the average Shareholders' funds over the
year. The Board regularly reviews the ongoing charges and monitors all Company
expenses and considers the current level of ongoing charges to be reasonable
given the nature and size of the Company. Details of the Company's ongoing
charges percentage can be found in the Annual Report.
Revenue earnings and dividends per share
The Board reviews a revenue forecast on a quarterly basis to determine the
quarterly dividend and considers dividend growth against CPI.
Richard Ramsay
Chairman
20 June 2022
Income Statement
For the year ended 30 April 2022
Year ended 30 April 2022
Revenue Capital Total
Notes £'000 £'000 £'000
Losses on investments - (1,453) (1,453)
Currency losses - (15) (15)
Income 3,167 - 3,167
Investment management fee (155) (366) (521)
Administrative expenses (522) - (522)
Profit/(loss) before finance costs and taxation 2,490 (1,834) 656
Finance costs (34) (81) (115)
Profit/(loss) before taxation 2,456 (1,915) 541
Taxation (38) - (38)
Profit/(loss) for year/ total comprehensive income 2,418 (1,915) 503
Return per share (pence) 2 7.30 (5.78) 1.52
The total column of this statement represents the profit and loss account of
the Company. The supplementary revenue and capital columns are both prepared
under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the year.
The accompanying notes are an integral part of the financial statements.
Income Statement
For the year ended 30 April 2021
Year ended 30 April 2021
Revenue Capital Total
Notes £'000 £'000 £'000
Gains on investments - 22,842 22,842
Currency losses - (46) (46)
Income 2,974 - 2,974
Investment management fee (153) (363) (516)
Administrative expenses (520) - (520)
Profit before finance costs and taxation 2,301 22,433 24,734
Finance costs (43) (92) (135)
Profit before taxation 2,258 22,341 24,599
Taxation (23) - (23)
Profit for year/ total comprehensive income 2,235 22,341 24,576
Return per share (pence) 2 5.48 54.75 60.23
The total column of this statement represents the profit and loss account of
the Company. The supplementary revenue and capital columns are both prepared
under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the year.
The accompanying notes are an integral part of the financial statements.
Balance Sheet
As at As at
30 April 30 April
2022 2021
Notes £'000 £'000
Fixed assets
Investments at fair value through profit or loss
63,401 72,995
Current assets
Debtors and prepayments 573 726
Cash 670 876
1,243 1,602
Creditors: amounts falling due within one year
Bank loan (7,000) (7,000)
Other creditors (276) (976)
(7,276) (7,976)
Net current liabilities (6,033) (6,374)
Net assets 57,368 66,621
Capital and reserves
Called-up share capital 12,400 12,400
Share premium account 16,063 16,044
Special reserve 13,116 20,651
Capital redemption reserve 2,099 2,099
Capital reserve - unrealised (9,238) (5,498)
Capital reserve - realised 20,668 18,843
Revenue reserve 2,260 2,082
Equity shareholders' funds 57,368 66,621
Net asset value per share (pence) 3 183.34 188.53
Statement of Changes in Equity
For the year ended 30 April 2022
Share Capital Capital Capital
Share premium Special redemption reserve- reserve- Revenue
capital account reserve reserve unrealised realised reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 30 April 2021 12,400 16,044 20,651 2,099 (5,498) 18,843 2,082 66,621
Total comprehensive income - - - - (3,740) 1,825 2,418 503
Dividends paid - - - - - - (2,240) (2,240)
Discount control costs - (34) - - - - - (34)
Shares bought back into treasury - - (7,795) - - - - (7,795)
Shares issued from treasury - 53 260 - - - - 313
Balance at 30 April 2022 12,400 16,063 13,116 2,099 (9,238) 20,668 2,260 57,368
Statement of Changes in Equity
For the year ended 30 April 2021
Share Capital Capital Capital
Share premium Special redemption reserve- reserve- Revenue
capital account reserve reserve unrealised realised reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 30 April 2020 12,400 16,104 39,287 2,099 (27,008) 18,629 2,005 63,516
Total comprehensive income - - - - 21,510 831 2,235 24,576
Dividends paid - - - - - (617) (2,158) (2,775)
Discount control costs - (60) - - - - - (60)
Shares bought back into treasury - - (18,636) - - - - (18,636)
Balance at 30 April 2021 12,400 16,044 20,651 2,099 (5,498) 18,843 2,082 66,621
The revenue reserve, realised capital reserve and special reserve represent
the amount of the Company's reserves distributable by way of dividend.
Cash Flow Statement
Year Year
ended ended
30 April 2022 30 April 2021
£'000 £'000 £'000 £'000
Net return before finance costs and taxation
656 24,734
Adjustments for:
Losses/(gains) on investments 1,453 (22,842)
Exchange movements 15 46
Loan interest paid (74) (149)
Tax paid (38) (23)
(Increase)/decrease in dividends receivable (105) 66
(Increase)/decrease in other debtors (15) 23
Decrease in other creditors (61) (12)
Net cash inflow from operating activities
1,831 1,843
Investing activities
Purchases of investments (11,735) (17,464)
Sales of investments 19,660 37,515
Net cash inflow from investing activities
7,925 20,051
Financing activities
Proceeds of issue of shares 313 -
Cost of share buy-backs (8,020) (18,721)
Equity dividends paid (2,240) (2,775)
Net cash outflow from financing activities
(9,947) (21,496)
(Decrease)/increase in cash (191) 398
Exchange movements (15) (46)
Opening balance 876 524
Closing balance 670 876
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), including FRS 102
'The Financial Reporting Standard applicable in the UK and Republic of
Ireland', and applicable law.
Under company law the Directors must not approve the financial statements
unless they are satisfied that they present a true and fair view and provide
the information necessary for Shareholders to assess the Company's
performance, business model and strategy.
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 have been
followed, subject to any material departures disclosed and explained in the
financial statements; and
• prepare the financial statements on a going concern basis unless
it is inappropriate to presume that the Company will continue in business.
Under applicable law and regulations, the Directors are also responsible for
preparing a Directors' Report, Directors' Remuneration Report and Statement of
Corporate Governance that comply with that law and those regulations. The
financial statements are published on https://www.momentum.co.uk/MAVT which is
a website maintained by the Company's Manager. The Directors are responsible
for the maintenance and integrity of the corporate and financial information
included on the Company's website.
Legislation in the UK governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
The Directors confirm that to the best of their knowledge:
• the financial statements, prepared in accordance with the
applicable UK Accounting Standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company;
• that, in the opinion of the Directors, the Annual Report and
Accounts taken as a whole is fair, balanced and understandable and it provides
the information necessary to assess the Company's position and performance,
business model and strategy; and
• the Strategic Report includes a fair review of the development and
performance of the business and the position of the Company, together with a
description of the principal risks and uncertainties that the Company faces.
The Directors are responsible for keeping proper 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
enable them to ensure that its financial statements comply with the Companies
Act 2006, where applicable. They are responsible for taking such steps as are
reasonably open to them to safeguard the assets of the Company and to prevent
and detect fraud and other irregularities.
For Momentum Multi-Asset Value Trust plc
Richard Ramsay
Chairman
20 June 2022
Notes
1. The financial statements have been prepared in accordance with Financial
Reporting Standard 102 and with the Statement of Recommended Practice
'Financial Statements of Investment Trust Companies and Venture Capital
Trusts'. The financial statements are prepared in sterling which is the
functional currency of the Company and are rounded to the nearest £'000.
They have also been prepared on the assumption that approval as an
investment trust will continue. The financial statements have been prepared on
a going concern basis.
2. Return per Ordinary share
The revenue return per Ordinary share is calculated on net revenue on ordinary
activities after taxation for the year of £2,418,000 (2021 - £2,235,000) and
on 33,122,018 (2021 - 40,804,188) Ordinary shares, being the weighted average
number of Ordinary shares in issue during the year.
The capital return per Ordinary share is calculated on net capital losses for
the year of £1,915,000 (2021 - gains of £22,341,000) and on 33,122,018 (2021
- 40,804,188) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the year.
The total return per Ordinary share is calculated on total gains for the year
of £503,000 (2021 - gains of £24,576,000) and on 33,122,018 (2021 -
40,804,188) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the year.
3. Net asset value per Ordinary share
The net asset value per Ordinary share is based on net assets of £57,368,000
(2021 - £66,621,000) and on 31,290,848 (2021 - 35,336,348) Ordinary shares,
being the number of Ordinary shares in issue at the year end.
4. Dividends
A fourth interim dividend in respect of the year ended 30 April 2022 of 2.16p
(2021 - 1.68p) per Ordinary share will be paid on 20 June 2022 to Shareholders
on the register on 06 June 2022. In accordance with UK Accounting Standards
this dividend has not been included as a liability in these accounts and will
be recognised in the period in which it is paid.
5. Related parties
The Directors of the Company receive fees for their services.
6. Bank loan facility
The Company has a £10,000,000 (2021: £10,000,000) revolving loan facility in
place with The Royal Bank of Scotland International Limited which expires in
October 2022. At 30 April 2022 £7,000,000 had been drawn down at a rate of
1.05% plus SONIA until 31 July 2022. At 30 April 2021 £7,000,000 had been
drawn down at an all-in fixed rate of 1.13388% until 31 July 2021. The terms
of the revolving loan, including interest rate, are agreed at each draw down.
The facility can be cancelled at any time without cost to the Company.
7. Risk management, financial assets and liabilities
The Company's financial instruments comprise:
· Equities, bonds and collective investment schemes that are held in
accordance with the Company's Investment Objective;
· Term loans, the main purpose of which are to raise finance for the
Company's operations;
· Cash and liquid resources that arise directly from the Company's
operations; and
· Other short-term debtors and creditors.
The main risks arising from the Company's financial instruments are market
risk, interest rate risk, credit risk, liquidity risk and foreign currency
risk. The Board regularly reviews and agrees policies for managing each of
these risks and they are summarised below. These policies have remained
unchanged since the inception of the Company.
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in
meeting obligations associated with financial liabilities. Liquidity risk is
not considered to be significant as the Company's assets comprise of mainly
readily realisable securities, which can be sold to meet funding commitments
if necessary.
Market risk
Market risk arises mainly from uncertainty about future prices of financial
instruments held. It represents the potential loss the Company might suffer
through holding market positions in the face of price movements.
To mitigate the risk the Board's investment strategy is to select investments
for their fundamental value. Stock selection is therefore based on disciplined
accounting, market and sector analysis, with the emphasis on long term
investments. The Manager actively monitors market prices throughout the year
and reports to the Board, which meets regularly in order to consider
investment strategy.
Interest rate risk
Financial assets: Prices of bonds and prices of the underlying holdings of
third-party debt funds are determined by market perception as to the
appropriate level of yields given the economic background. Key determinants
include economic growth prospects, inflation, the government's fiscal
position, short-term interest rates and international market comparisons. The
Manager takes all these factors into account when making any investment
decisions as well as considering the financial standing of the potential
investee company.
Financial liabilities: The Company may finance some or all of its operations
through the use of a loan facility. The Board sets borrowing limits to ensure
gearing levels are appropriate to market conditions and reviews these on a
regular basis.
Foreign currency risk
The income and capital value of the Company's investments are mainly
denominated in sterling; therefore, the Company is not subject to any material
risk of currency movements.
Other price risk
Other price risks (i.e. changes in market prices other than those arising from
interest rate or currency risk) may affect the value of the quoted investments
held directly or indirectly through collective investment products.
It is the Board's policy to hold an appropriate spread of investments in the
portfolio in order to reduce the risk arising from factors specific to a
particular country or sector. The allocation of assets to international
markets and the stock selection process both act to reduce market risk. The
Manager actively monitors market prices throughout the year and reports to the
Board, which meets regularly in order to review investment strategy. The vast
majority of investments held by the Company, directly or indirectly through
collective investment products, are listed on various stock exchanges
worldwide.
Credit risk
Credit risk represents the failure of the counterparty to a transaction to
discharge its obligations under that transaction that could result in the
Company suffering a loss.
The risk is not considered significant, and is managed as follows:
· investment transactions are carried out with a large number of
brokers, whose credit-standing is reviewed periodically by the Manager, and
limits are set on the amount that may be due from any one broker;
· the risk of counterparty exposure due to failed trades causing a loss
to the Company is mitigated by the review of failed trade reports by the
Administrator on a daily basis. In addition, the Administrator carries out a
stock reconciliation to the Custodian's records on a weekly basis to ensure
discrepancies are picked up on a timely basis. The Manager's Compliance
department carries out periodic reviews of the Custodian's operations and
reports its findings to the Manager's Risk Management Committee; and
· cash is held only with reputable banks with high quality external
credit enhancements.
None of the Company's financial assets are secured by collateral or other
credit enhancements.
8. Financial information
These are not full statutory accounts for the year ended 30 April 2022. The
full audited annual report and accounts for the year ended 30 April 2022 will
be sent to Shareholders in June 2022 and will be delivered to the Registrar of
Companies following the Company's Annual General Meeting. The full audited
accounts for the year ended 30 April 2021, which were unqualified, have been
lodged with the Registrar of Companies.
9. The report and accounts for the year ended 30 April 2022 will be made
available on the website https://momentum.co.uk/MAVT. Copies may also be
obtained from the Company Secretary's office, Juniper Partners Ltd, 28 Walker
Street, Edinburgh EH3 7HR.
Enquiries:
Juniper Partners Limited, Company Secretary 0131 378 0500
Steve Hunter, Momentum Global Investment Management Limited 0151 906 2481
07470 478974
Gary Moglione, Momentum Global Investment Management Limited 0151 906 2461
07469 852685
Sally Walton, SEC Newgate (media enquiries) 020 3757 6872
07961 463864
About Momentum Multi-Asset Value Trust plc
Momentum Multi-Asset Value Trust plc ("MAVT" or the "Company") is a UK
investment trust, listed on the London Stock Exchange.
MAVT is managed by Momentum Global Investment Management which has a boutique
culture and more than 20 years' experience in multi-asset and value investing.
The Company's management team employs a "refined value" bottom up, deeply
researched investment approach. Value investing is a process which is
traditionally applied to equity investment. MAVT's manager seeks to refine and
apply the value identification process across a highly diversified range of
asset classes, including global equities, credit and specialist assets (such
as property, infrastructure, financial investment vehicles, private equity and
music royalties), and defensive assets (such as gold), seeking the most
compelling investment opportunities wherever they can be found. Responsible
investment considerations also form an integral part of the investment
philosophy and ESG considerations are implemented throughout the investment
process.
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