Title: URL Source: https://is.gd/Urvm1F Published Time: Wed, 25 Jun 2025 09:58:53 GMT Markdown Content: Manchester and London # Investment Trust plc Investment Objective: The principal objective of the Manchester and London Investment Trust plc (“ MNL ” or the “Fund ”) is to achieve capital apprecia- tion. Before making an investment you should ensure that you have read and understood Manchester and London Investment Trust plc ’s latest Annual Report, KID and Investor Disclosure Document in detail, which can be found on the following website: www.mlcapman.com. Please ensure you read the Key Risk Considera- tions section overleaf. This material is not a solicitation or an offer to invest with Manchester and London Investment Trust plc (“ MNL ” or the “Fund ”) or any other security. Share market conditions are affected by many fac- tors such as: general economic outlook, movement in or outlook on interest rates and inflation rates, currency fluctuations, commodity prices, changes in investor sentiment towards particular market sec- tors and the demand and supply for capital. As a result, the price of the Ordinary Shares could be highly volatile and can go up or down. Past perfor- mance should not be seen as an indication of future performance. The value of investments can go down as well as up and investors may not get back the amount originally invested. Fund Information: Launch date: January 1972 NAV per share 1: 710.9p Share last price 2: 589.0p (Premium)/Discount 1: 17.2% Est 2025 Ongoing Charge 3: 0.9% Shares in issue 1,6 : 39,179,030 Net Assets 1: £278.5m Tickers: MNL LN; MNL.L ISIN: GB0002258472 Listed: London Stock Exchange Tax Wrapper Friendly: SIPP, ISA, SSAS Historic Ordinary Dividend Yield 5: 2.4% Active Share Ratio (vs Benchmark) 2: 113.5% Active Share Ratio (vs Nasdaq Comp) 2: 84.8% ESG 2,4 : 81.7% (Med. 50%) 1 ## Fund News Microsoft reported year -on -year quarterly revenue growth of 15 per cent, led by Azure growth of 35 per cent (up from 31 per cent growth in the previous quarter). AI contributed 16 percentage points to Azure growth, with the company processing over 100 trillion tokens in Q1, up 5x year -on -year. Commentary from Hyperscalers continues to suggest continuing strong growth for AI capex. MSFT capex comments imply ~58 per cent capex growth for 2025 and Amy Hood indicated further growth in 2026. META increased 2025 capex forecasts to $64 -72bn from their previous $60 -65bn range, whilst GOOG reiterated their 2025 capex guidance of $75bn. Morgan Stanley now forecasts 38 per cent growth in total cloud capex for 2025, up 7 per cent from their prior month ’s forecast. Other top 20 holdings reported YoY quarterly growth rates as follows: AMD 36 per cent, Alphabet 14 per cent, Arista Networks 28 per cent, ASML 46 per cent, Cadence 23 per cent, Intuitive Sur- gical 19 per cent, Liberty Formula One –24 per cent, Meta 16 per cent, Robinhood 50 per cent. ## Market Update A hugely volatile month which resulted in both the Fund and NXDT (GBP) being down less than 1 per cent, NVDA (GBP) down less than 3 per cent and MSFT (GBP) up less than 2 per cent. It felt a lot worse than that but most of it was irrational panic which we will expound upon further in our next Newsletter. A striking divergence is emerging in the discourse around artificial intelligence: while the technology industry grows increasingly bullish, mainstream media coverage has taken a notably more sceptical turn. Inside Silicon Valley, confidence in AI ’s trajectory appears undimmed. Executives and engineers announce rapid advances with optimism for further material improvements. AI models are now routinely scoring IQ equivalents north of 110, and completing complex tasks in minutes that would otherwise take a human over an hour. OpenAI ’s ChatGPT, emblematic of the broader AI surge, now fields roughly a billion queries per day —a pace of adoption that rivals any technology in modern history. In a symbolic milestone, AI ’s impact was even recognised at the Nobel level, with Alphafold3. Yet, traditional media outlets are sounding an evermore cautionary tone, highlighting concerns over bubbles and overspend, and often getting confused by basic technical matters. This split echoes the familiar divergence between bond and equity markets —one often grounded in cold data, the other in sentiment and emotion. It is very hard for investors to navigate through all the noise of Media Luddism, and keep their faith. Holding: NVIDIA CORP MICROSOFT CORP BROADCOM INC ASML HOLDING NV SYNOPSYS INC ARISTA NETWORKS INC ADVANCED MICRO DEVICES INC ALPHABET INC LIBERTY FORMULA ONE MICRON TECHNOLOGY INC INTUITIVE SURGICAL INC CADENCE DESIGN SYS INC DELL TECHNOLOGIES INC SALESFORCE INC ROBINHOOD MARKETS INC POLAR CAPITAL TECH TRUST INVESCO QQQ NASDAQ 100 ETF META PLATFORMS INC WORKDAY INC APPLIED MATERIALS INC Data as at 29 April 2025 Net:* 36.5% 27.0% 6.7% 6.0% 5.5% 5.2% 5.2% 4.6% 3.5% 2.5% 2.4% 1.5% 1.5% 1.3% 1.2% 0.7% (0.6)% 0.4% 0.3% 0.3% ## Top 20 Equity & Bond Net* Exposures as a percentage of Net Assets Net Equity Exposure Breakdown: Large Cap Equity Mid Cap Equity Small Cap Equity Equity Options Equity ETFs, Funds & Baskets Net:* 112.9% 0.0% 0.0% (0.6)% 0.2% *Net = Exposure on a marked -to -market basis combined with the delta adjusted exposure of options (as defined in the Fund Investor Disclo- sure Document). Ranked on a modulus basis. Current Total Net Equity Exposure: For further info on delta adjusted exposure please see fund FAQs: https://mlcapman.com/faq/ > 1Calculated by Waystone Administration Solutions (UK) Lim- > ited (“ Waystone ”) as at 29 April 2025. > 2Source Bloomberg L.P. (inc PORT) as at 29 April 2025. > 3Based on the Association of Investment Companies (AIC) > methodology for calculating the Ongoing Charge figure. Esti- > mated for the 2025 Financial Year based on a flexed 2024 > actual. Actual 2025 charges will vary from this estimate. > 4Sustainalytics Environment Percentile. > 5Based on the last 2 semi annual ordinary dividends paid by > the Fund divided by the MNL share last price as at 29 April > 2025. Excludes special dividends. > 6Excluding shares held in treasury. Source: Bloomberg PORT, Waystone) # Fact Sheet April 2025 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 > 112.5% > Portfolio Net Delta > Adjusted Equity > Exposure > min .max. # Manchester and London # Investment Trust plc # Fact Sheet April 2025 Certificates, Dividends and Other Shareholding Enquiries : MUFG Pension & Market Services, Central Square, 29 Wellington Street, Leeds, LS1 4DL. Tel: 0371 664 0300 Email: Lyndsay.Muffitt1@mpms.mufg.com Issued by: M&L Capital Management Ltd (“ MLCM ”) who are authorised and regulated by the Financial Conduct Authority under Firm Reference Number 672181. Enquiries: Website: www.mlcapman.com E-mail: ir@mlcapman.com Registered Office of MNL: 12a Princes Gate Mews, London, SW7 2PS. Registered in England & Wales: 01009550 Notes for Risk Management & Valuation Metrics: > 1 Source: Bloomberg L.P. (inc PORT) as at 29 April 2025. > 2 As defined by the Alternative Investment Fund Managers Directive (as implemented in the UK on 22 July 2013), calculat- ed using data from Bloomberg PORT and Waystone. > 3 Portfolio and Benchmark volatility are calculated using the Bloomberg Risk Model on underlying security returns, annual- ised, in base currency (GBP). > 4 Forward 12m. > 5 Historic weekly Correlation over 5yrs in GBP using MNL share price. Nasdaq = Nasdaq Composite Index. > 6 Estimated weighted average sales exposure to China & Tai- wan. Where sales exposure to these countries has not been disclosed by our holdings, broker estimated ranges or other subjective measures have had to be used instead. Therefore, there is a high degree of subjectivity within this figure and it should only be viewed as a rough guide. 2 Domicile of Net Equity Exposures (Source: Bloomberg PORT, Waystone, MNL) Sector Weightings of Net Equity Exposures v Benchmark (Source: Bloomberg PORT, Waystone, MNL) 1 2 3 4 5 6 7 The Fund is categorised as a 6 on the SRI scale, which is the second highest risk class. This is calculated on past performa nce data using the prescribed PRIIPS methodology and actual risk may vary significantly. For further information on SRI - including key risk disclaimers - please read the Fund Key Information Document available at www.mlcapman.com. 1yr Share Price volatility 1: 40.9% Portfolio volatility 1,3 : 46.9% Benchmark volatility 1,3 : 14.6% AIFMD Leverage 2 - Gross: 125.2% Risk Management & Valuation Metrics (Source: Bloomberg L.P. (inc PORT), Waystone) AIFMD Leverage 2 - Commitment: 122.0% See through P/E 1,4 : 23.9x See through EV/EBITDA 1,4 : 14.7x China & Taiwan est. Sales exp. 6: 15.8% Comparative Period NAV TR Performance (Source: Bloomberg L.P., Waystone, MSCI ) Data as at 29 April 2025. This comparison is illustrative only. Return figures are sourced from Bloomberg L.P. NAV return is o n a total return basis (dividends reinvested), net of all costs incurred. Fund NAV is calculated weekly by Waystone. Calculation time periods depend on the timi ng of NAV releases and so may differ slightly to the axis labels. The figures shown relate to past performance. FYTD is from the end of July 2024. MLCM Inception time period is performance since 22/09/2015 . * MSCI UK IMI Index (GBP). PRIIPS Summary Risk Indicator (‘ SRI ’) Lower Risk Higher Risk Data as at 29 April 2025 Data as at 29 April 2025 Key Risk Considerations - Capital At Risk MLCM has not taken any steps to verify the adequacy, accuracy or completeness of any information. MLCM, MNL nor any of their respective affiliates, officers, directors, agents and employees make any warranty, expressed or implied, of any kind whatsoev- er, and none of these parties shall be liable for any losses, damages, costs or expenses, of every kind and description, relating to the adequacy, accuracy or completeness of any information in this document or the use of this information. As with all historical perfor- mance data, it may not be used to predict future char- acteristics or performance relied on in making any investment decisions. The value of investments can go down as well as up and investors may not get back the amount originally invested. Holdings in overseas investments are subject to changes in currency exchange rates, which may cause the value of such investments to go down as well as up. Gearing, sometimes referred to as leverage, can be used by the Fund to borrow to gain additional expo- sure to investments. Gearing works by magnifying the performance, this can result in either greater loses or profit had the Fund not used Gearing. Derivatives can be utilised by the Fund, these instru- ments also give rise to leverage without the need to borrow. Derivatives may in addition also give rise to counterparty risk, the risk the issuer of the derivative cannot fulfil its obligations (profit that maybe due to the Fund). For a full list of risks and definitions of the portfolio risk statistics provided please refer to the Investment Dis- closure Document and KID at www.mlcapman.com . Past performance is not a reliable indicator of current or future results. 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 > 0.65 > Correlation 5yr Historic Correlation 1,6 - MNL vs Nasdaq 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0.31 Correlation 5yr Historic Correlation 1,6 - MNL vs Benchmark 6.9 > 105.5 > 0.0 20.0 40.0 60.0 80.0 100.0 120.0 > EU & UK > North America % Net Delta Adjusted Exposure -21.0 > -14.8 > -14.8 > -8.7 > -8.5 > -6.4 > -5.8 > -5.1 > -4.3 > -2.3 > 5.9 > 98.1 > -25.0 -5.0 15.0 35.0 55.0 75.0 95.0 115.0 > Financials > Industrials > Consumer Staples > Energy > Health Care > Consumer Discretionary > Materials > Funds, ETFs & Baskets > Utilities > Real Estate > Communication Services > Information Technology % Net Delta Adjusted Exposure Difference -19.4 -11.8 -1.1 65.5 45.8 238.7 4.4 2.9 7.2 21.8 66.1 95.9 -50.0 0.0 50.0 100.0 150.0 200.0 250.0 300.0 CYTD FYTD 1 YR 3 YR 5 YR MLCM Inception MNL Benchmark (MXGBIM*)