Monks is a global stock fund that aims for long-term growth by buying fast-growing companies and holding them for about five years. In the year to June it rose about 20%, but the global index rose 30%. Over the past ten years, Monks beat the index. Its top holdings include TSMC, Nvidia, and Alphabet, and it also owns private companies like SpaceX. The fund borrows money to invest, which can increase gains but also make losses worse. It suits patient investors who can handle ups and downs, not people who want steady income or quick trading. The takeaway: a long-term winner can still have bumpy years along the way.
The report for Monks Investment Trust PLC as of June 30, 2026, shows that the trust targets long-term capital growth by investing in globally diversified growth stocks, with an average holding period of approximately five years. The portfolio comprises 100+ stocks with an active share of 79%. Over t
For the year ended 30 June 2026, the share price returned 25.7% and NAV returned 19.4%, both trailing the FTSE World Index's 30.2%; over the ten-year period, the share price return of 283.6% overtook the index's 269.1%.
The report does not provide monthly or year-to-date cumulative figures; the figures below are rolling-period returns as of 30 June (in sterling, total return). The trust's investment proposition is: long-term capital growth takes priority over income, actively managing a global portfolio of growth stocks (companies with above-average earnings growth) in a patient, benchmark-unconstrained manner, with an average holding period of about five years and a portfolio typically containing 100+ stocks, while stating explicitly that it "should not be viewed as a proxy for any index."
| Period Return | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Fund (Share Price) | 25.7% | 65.0% | 19.6% | 283.6% |
| Fund (NAV) | 19.4% | 53.7% | 22.9% | 245.5% |
| FTSE World Index | 30.2% | 69.9% | 87.3% | 269.1% |
| Excess (Share Price – Index) | -4.5pp | -4.9pp | -67.7pp | +14.5pp |
Discrete annual returns (year ended 30 June):
| Year | Share Price | NAV | FTSE World Index |
|---|---|---|---|
| 2021/22 | -32.1% | -26.8% | -2.8% |
| 2022/23 | 6.8% | 9.1% | 13.5% |
| 2023/24 | 19.6% | 17.9% | 21.1% |
| 2024/25 | 9.7% | 9.2% | 7.8% |
| 2025/26 | 25.7% | 19.4% | 30.2% |
The roots of the coexistence of a significantly underperforming five-year record and an outperforming ten-year record are clearly visible in the discrete data: in 2021/22 the share price fell 32.1% (the index fell only 2.8%); in the four years since, the share price delivered positive returns every year, but it outperformed in only 2024/25, and in the most recent year (2025/26) lagged by 4.5pp.
The top ten holdings accounted for 32.4% of assets in aggregate, with TSMC the largest at 6.5%; the list includes unlisted company Space Exploration Technologies (2.3%) and Baillie Gifford's private equity fund, The Schiehallion Fund Limited (5.2%).
| Holding | % of Assets |
|---|---|
| TSMC | 6.5% |
| The Schiehallion Fund Limited | 5.2% |
| NVIDIA | 4.5% |
| Alphabet | 3.6% |
| Amazon.com | 2.8% |
| Space Exploration Technologies | 2.3% |
| Samsung Electronics | 2.1% |
| Tencent | 1.9% |
| Martin Marietta Materials | 1.7% |
| Mastercard | 1.7% |
| Total | 32.4% |
Industry distribution: Technology 35.2%, Industrials 16.3%, Financials 14.5%, Consumer Discretionary 12.3%, Health Care 7.8%, Telecommunications 4.4%, Energy 3.1%, Basic Materials 2.8%, Consumer Staples 1.9%, Real Estate 1.2%, Net Liquid Assets 0.5%.
Geographic distribution: North America 57.0%, Emerging Markets 19.3%, Europe 10.8%, United Kingdom 6.3%, Japan 4.2%, Developed Asia 1.2%, South America 0.8%, Net Liquid Assets 0.5%.
Total assets £2,808.54m, total borrowings (nominal value) £222.75m; gross leverage 9%, net leverage 8%, active share 79%, annual turnover 30%; ongoing charges 0.43%, dividend yield 0.0%, share price at a 5.1% discount to NAV.
This document is a fund marketing factsheet; the data is compiled by the manager, Baillie Gifford. As a holder of positions in the trust, its presentation of performance and holdings carries its own standpoint.