manchester and london investment trust plc. · 2019-01-17 · manchester and london investment...
TRANSCRIPT
![Page 1: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/1.jpg)
Manchester and London Investment Trust plc.
Shareholder Meeting - Tuesday 15 January 2019.
The Members’ Room, ICAEW, Chartered Accountants' Hall, Moorgate Place,
London, EC2R 6EA.
M&L Capital Management Limited.
12a Princes Gate Mews, London, SW7 2PS.
Tel +44 (0) 20 7584 5733
![Page 2: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/2.jpg)
Proven as the best Strategy for Returns!
2
![Page 3: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/3.jpg)
IP & Growth: The best Strategy to beat the market.
Source: Bloomberg Finance L.P.
SPX - S&P 500 - TRACKERS
S5CONS - S&P 500 Consumer Staples Sector - QUALITY
NDX - Nasdaq 100 - TECH & IP
HSI - Hang Seng (proxy for developing markets) - ASIA
CPI - US Consumer Prices Index - CASH at BANK
RTY - Russell 2000 (proxy for small companies) – SMALL CAP
3
![Page 4: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/4.jpg)
Key Investment Metric: High Margin, IP Rich.
Source: Bloomberg L.P
KO US = The Coca-Cola Company
KMB US = Kimberly-Clark Corp
ULVR LN = Unilever PLC
NESN SW = Nestle SA
OR FP = L’Oreal SA
700 HK = Tencent Holdings Ltd
BABA US = Alibaba Group Holding Ltd
MSFT US = Microsoft Corp
GOOG US = Alphabet Inc
FB US = Facebook Inc4
![Page 5: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/5.jpg)
Key Investment Metric: High Growth, High ROIC.
Source: Bloomberg L.P
MDLZ US = Mondelez International Inc
DGE LN = Diageo Plc
PYPL US = Paypal Holdings Inc
5
![Page 6: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/6.jpg)
Key Investment Metric: Low Leverage, Cash Generative.
Source: Bloomberg L.P
EL US = The Estee Lauder Companies Inc NVDA US = NVIDIA Corp
6
![Page 7: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/7.jpg)
Key Investment Metric: LT Performance Momentum, Large Cap.
Source: Bloomberg L.P
PG US = The Procter & Gamble Co AMZN US = Amazon.com Inc
7
![Page 8: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/8.jpg)
Key Investment Metric: Similar Valuation Multiples, Faster Growth.
Source: Bloomberg L.P
8
![Page 9: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/9.jpg)
What are the key Growth drivers for MNL LN now?
9
![Page 10: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/10.jpg)
MNL LN Top Growth Drivers: E-Commerce.
Source: eMarketeer
10
![Page 11: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/11.jpg)
MNL LN Top Growth Drivers: Public Cloud.
Source: Statista
11
![Page 12: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/12.jpg)
MNL LN Top Growth Drivers: Video Gaming, VR, AR & E-Sports - the
fastest growing entertainment.
Source: Statista
12
![Page 13: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/13.jpg)
What are the key Risks for MNL LN now?
13
![Page 14: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/14.jpg)
3 Key Risks - Global Debt.
Source: Bloomberg L.P
14
![Page 15: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/15.jpg)
3 Key Risks: The New Cold War - the USA China Tech War for AI Supremacy.
Source: The Economist
https://www.economist.com/news/leaders/21738883-americas-technological-hegemony-under-threat-china-battle-digital-supremacy
15
![Page 16: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/16.jpg)
3 Key Risks: Regulate to survive.
“Communities have historically been formed and controlled by physical and
geographical parameters in the formation of nations. In the future, communities will
move from being physical to online, resulting in legacy political power systems
becoming increasingly redundant.” (Asimov)16
![Page 17: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/17.jpg)
What are you getting with MNL LN?
17
![Page 18: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/18.jpg)
MNL LN: The medium term context.
Source: Bloomberg Finance L.P
18
![Page 19: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/19.jpg)
MNL LN: Growing the Share Base, Increasing Liquidity & Spreading Cost.
Source: Bloomberg L.P
19
![Page 20: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/20.jpg)
Dividend History - Yield now 2.7% (Source: FT).
Source: MLCM
13.75
6.00
13.36
9.00
12.00
0
2
4
6
8
10
12
14
16
2014 2015 2016 2017 2018
Dividend per Share (p)
Dividend per Share (p)
20
![Page 21: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/21.jpg)
MNL LN - CityWire: Best Global Equities Investment Trust winner!
Source: Citywire
21
![Page 22: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/22.jpg)
MNL LN - Elected to FT Adviser 100 Club.
22
Source: FT Adviser
![Page 23: Manchester and London Investment Trust plc. · 2019-01-17 · Manchester and London Investment Trust plc. Shareholder Meeting - Tuesday 15 January 2019. The Members’ Room, ICAEW,](https://reader035.vdocuments.site/reader035/viewer/2022070916/5fb6f9c02842fc12164ab5db/html5/thumbnails/23.jpg)
Disclaimer.
23
This document is not a prospectus, but an advertisement and investors should not subscribe for any transferable
securities based on the information contained in this presentation or any other research materials.
This document is confidential and is being supplied to you solely for your information and may not be reproduced,
redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any
purpose. Neither this document nor any copy of it may be sent to or taken into the United States, Canada,
Australia, the Republic of Ireland or Japan, nor may it be distributed to any US person (within the meaning of
regulation S under the US Securities Act of 1933, as amended).
This document does not constitute or form any part of any offer or invitation or other solicitation or
recommendation to purchase any securities. No reliance may be placed for any purpose whatsoever on the
information, representations or opinions contained in this document, and no liability is accepted for any such
information, representations or opinions.
Without prejudice to the foregoing, this document must not be passed on, directly or indirectly, to any person in
the United Kingdom other than a person who falls within Articles 19 or 49 of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (as amended).
Manchester and London Investment Trust Plc, M&L Capital Management Ltd, nor any other person makes any
guarantee, representation or warranty, express or implied as to the accuracy, completeness or fairness of the
information and opinions contained in this document, nor does Manchester and London Investment Trust Plc,
M&L Capital Management Limited, or any other person accept any responsibility or liability whatsoever for any
loss howsoever arising from any use of this document or its contents or otherwise arising in connection
therewith.
The information contained in this document may amount to price sensitive information for the purposes of the
Criminal Justice Act 1993 or relevant information for the purposes of the Code of Market Conduct and recipients
should consider their positions carefully before undertaking any dealings.