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28 Sep 2021

The Mercantile Investment Trust

Company Notes

Strong-long term performance driven by stock selection

The Mercantile Investment Trust looks to generate capital growth and dividend growth at least in line with inflation by investing in a diversified portfolio of UK mid- and small-cap stocks. It is the largest investment trust invested predominantly in the UK market, with assets of £2.7bn. The investment philosophy is focused on quality growth opportunities. Guy Anderson has been the fund’s lead manager since 2015, having previously been co-manager. Anthony Lynch is the co-manager of the portfolio and has worked on the fund since 2009.

The fund has a strong long-term performance record, having delivered a NAV total return of +89% over the last five years. This represents a notable outperformance of the +50% return of the benchmark and the +74% return of the UK All Companies peer group. Despite this, after trading on a premium as recently as the start of 2021, the fund has been de-rated this year, and finds itself on a discount of 9%.