LSE: MNL · Listed on the London Stock Exchange
The Manchester and London Investment Trust is a global equities fund with a bias towards blue chip, high quality, global, growth stocks that are primarily developed market listed.
We put our capital where we see the most attractive opportunity, and today, that is the build-out of AI.
Total returns to 20 October 2026, dividends reinvested. Dividend yield as at 29 September 2026.
Performance
| Period | Share Price | NAV |
|---|---|---|
| 1 Year | 22.6% | 28.7% |
| 3 Years | 167.3% | 180.2% |
| 5 Years | 119.6% | 145.1% |
| 10 Years | 399.8% | 406.9% |
| 30/09/2025 – 29/09/2026 | 22.6% | 28.7% |
| 01/10/2024 – 30/09/2025 | 35.3% | 41.8% |
| 03/10/2023 – 01/10/2024 | 61.1% | 53.5% |
| 27/09/2022 – 03/10/2023 | 22.3% | 23.7% |
| 28/09/2021 – 27/09/2022 | -32.8% | -29.3% |
Total return, dividends reinvested, to 29 September 2026. Source: Bloomberg L.P.; NAV calculated weekly by Waystone. Past performance is not a reliable indicator of future returns.
Portfolio
MNL is a global equity trust. We concentrate on the most attractive opportunity we can find, and at the moment that is the infrastructure behind AI: chips, memory, networking and cloud.
When the opportunity moves, the portfolio moves with it.
Top 20 holdings grouped by AI bucket, net % of NAV, as at 15 October 2026.
| Top 20 Holdings | AI Bucket | % of NAV |
|---|---|---|
| NVIDIA Corp | Compute | 12.4 |
| TSMC | Foundry | 12.0 |
| Broadcom Inc | Compute | 10.1 |
| Micron Technology Inc | Memory | 8.3 |
| SK hynix Inc | Memory | 7.1 |
| Ciena Corp | Networking | 6.1 |
| Lumentum Holdings Inc | Networking | 5.9 |
| Coherent Corp | Networking | 5.8 |
| Advanced Micro Devices Inc | Compute | 5.1 |
| Marvell Technology Inc | Networking | 5.0 |
| VanEck Semiconductor ETF | Broad AI | 5.0 |
| Amazon.com Inc | Cloud | 4.9 |
| Lam Research Corp | Foundry Equipment | 4.8 |
| ARM Holdings PLC | Compute | 3.7 |
| MS AI Tech Basket | Broad AI | 3.1 |
| Vertiv Holdings Co | Other AI Infra | 3.0 |
| Arista Networks Inc | Networking | 2.6 |
| Astera Labs Inc | Networking | 2.3 |
| Credo Technology Group | Networking | 1.4 |
| MS EU Weak Balance Sheet Basket | Non-AI | -4.4 |
Source: Bloomberg L.P., MLCM. Net exposure as at 15 October 2026. Negative figures are short positions.
MNL shares are listed on the London Stock Exchange (ticker MNL) and can be held in an ISA, SIPP or SSAS. Contact your broker, or buy through one of the platforms below.
Questions about your shareholding, certificates or dividends: MUFG Corporate Markets, 0371 664 0300. Other enquiries: ir@mlcapman.com
Your capital is at risk. The value of investments and any income can fall as well as rise and you may not get back what you invested. Past performance is not a reliable indicator of future returns. MNL holds concentrated positions, can use derivatives and gearing, and does not hedge currency. Its shares may trade at a discount or premium to NAV. The PRIIPs summary risk indicator is 6 out of 7.
Suitability: This fund is a Long/Short fund that uses derivatives, tends to hold concentrated positions in stocks that are favoured and your investment in the fund has to be taken by buying or selling shares on the London Stock Exchange.
This page is for information only and is not investment advice or an offer to buy or sell shares. Please read the Key Information Document and Investor Disclosure Document before investing. Issued by M&L Capital Management Ltd, the UK marketing agent for MNL, authorised and regulated by the Financial Conduct Authority (FRN 672181). MLCM does not offer direct investments or hold client money.
Our central investment thesis is that we believe in the increasing economic power of the Machine in the two century long battle for supremacy between Man & Machine
First Floor, 197 Kensington High Street, London W8 6BA, United Kingdom.
Certificates, Dividends and other Shareholding Enquiries: MUFG Corporate Markets (UK) Limited (Registrar) tel 0371 664 0300
Nothing on this website is an offer, solicitation or investment advice. It is intended for UK investors only. Past performance is not a reliable indicator of future returns, and the value of investments can fall as well as rise.
M&L Capital Management Limited (“MLCM”) is authorised and regulated by the Financial Conduct Authority under firm reference number 672181. MLCM is registered in England & Wales under number 04089418, with its registered address at First Floor, 197 Kensington High Street, London, W8 6BA.
© 2026 M&L Capital Management Limited. All rights reserved.
M&L Newsletters
Each month we share the opportunities that the markets present to us.
Published by M&L Capital Management Limited (“MLCM”), authorised and regulated by the Financial Conduct Authority (FRN 672181) and the UK marketing agent for Manchester & London Investment Trust plc (“MNL”), which is listed on the London Stock Exchange.
Nothing on this site is an offer, solicitation or invitation to buy or sell shares, or investment advice. It is intended for UK investors only and is not an offer of securities elsewhere, including the United States.
Past performance is not a reliable indicator of future returns.
The value of investments can fall as well as rise and you may get back less than you invest.
MLCM never offers direct investments or loans, holds client money or deals via social media. See our Fraudulent Activity Disclosure.
