Frequently Asked Questions

All of these queries and any other questions related to a shareholding in Manchester & London should be directed to the Registrar of the fund:

MUFG Corporate Markets
10th Floor, Central Square
29 Wellington Street
Leeds LS1 4DL
Tel: 0371 664 0300
Email: shareholder.enquiries@cm.mpms.mufg.com

Please do not contact MLCM (the Manager) or send any correspondence to Manchester & London’s registered address regarding these queries.

Contact your broker. Manchester & London is listed on the London Stock Exchange, so its shares are bought and sold through a stockbroker or investment platform.

Manchester & London is listed on the Main List of the London Stock Exchange and the share price can be found on the London Stock Exchange website. Further third party information on the fund can be found at Morningstar.

The share price is set by buyers and sellers on the stock exchange, so it can differ from the net asset value (NAV) of the portfolio. In our view, UK investment trust discounts are driven mainly by three external factors (fund flows, bank base rates and behavioural economics) and one internal factor: the ownership structure of the fund’s shareholders.

We explain this in detail in our Special Topic Newsletter on Discounts.

Please read our LinkedIn article discussing the rationale behind our option positions.

Please read our LinkedIn article discussing the rationale behind our short hedge positions.

The use of Delta Adjusted Exposure on Fact Sheets is common across many Fund Management companies. Please see below explanation provided by Goldman Sachs Asset Management on some of their Fact Sheets – we follow the same definition and rationale:

“All options positions are displayed on a delta adjusted notional value basis i.e., the exposure is option delta * underlying notional value. Delta adjustment is necessary to properly account for the sensitivity of options to changes in price of the underlying security as well as for making exposure comparisons to the underlying (measuring options exposure as premium will understate the economic exposure and risk, while measuring exposure as notional value will overstate the economic exposure).”

Please also note the following quote from a Fidelity Fund International fund Fact Sheet:

“all derivatives are included on an exposure basis and, where necessary, are delta-adjusted. Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return.”

Hence Portfolio Net Delta Adjusted exposure is, in many opinions, the most representative gauge of a fund’s overall exposure to equity markets.

Note: An option’s delta value can change regularly and behave non linearly dependent on the distance to the strike price of the option.

The latest factsheet, annual and interim reports, the Key Information Document and all other fund documents are on our M&L Documentation page.