Frequently Asked Questions

Who should I contact for queries about Share Certificates, Dividends, Shareholdings or notifications regarding the death of a Shareholder?

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

Link Group
10th Floor
Central Square
29 Wellington Street
Leeds LS1 4DL
Tel: 0371 664 0300

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

Where can I find the price of your funds?

Manchester & London is listed on the Main List of the London Stock Exchange and the share price can be found on the LSE website here.

Further third party information on the Fund can be found at MorningStar.

Why is MSCI UK Investable Index considered to be a good benchmark for Manchester & London given the Fund’s investment policy and current assets distribution (more US focused than UK)?

Manchester & London was set up in the 1970s for UK Investors to invest in a fund that attempts to beat the UK index. Nothing has changed since the 1970s as > 90% of the investors in MNL LN are still UK based and we believe such UK investors still want to beat their domestic benchmark. Hence, the benchmark’s relevance is derived from the domicile of the investor. The beauty of Manchester & London is that our purpose is to provide the UK investor with the best risk adjusted performance SO, by design, we do not unimaginatively fit a portfolio around a benchmark as our competitors do. (The latter method is designing for failure).
Further points:

  1. The UK benchmark has been used as the Benchmark since the IPO in 1997. That’s a > 20 year history.
  2. At times in those > 20 years, every stock in the portfolio has been UK listed. It is entirely theoretically possible that in 20 years’ time, every stock in the portfolio is again UK listed.
  3. The Listing Rules remain silent regarding when Benchmarks should be altered.

Why does Manchester & London have Option positions in the portfolio?

Please read our explanatory LinkedIn article here discussing the rationale behind our Option positions.

Why does Manchester & London have Short positions in the portfolio?

Please read our explanatory LinkedIn article here discussing the rationale behind our Short Hedge positions.

When does the investment era of software end and what comes next?

Please read our LinkedIn article here discussing our views on this topic.

Why do you report exposures on a Delta Adjusted basis on the Fact Sheet and what does this mean?

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.

What should I do if I want to sell my shares?

Contact your broker.

Our central investment thesis is that we believe in the increasing economic power of the Machine


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Note: Whilst Manchester & London Investment Trust (“MNL”) is available for investment by any investor on the London Stock Exchange platform, M & L Capital Management is only the marketing agent for MNL in the UK. 

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