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MRC
THE MERCANTILE INVESTMENT TRUST PLC– ORD

FE Crown Rating
As of 31/01/2024
* Factsheet
* KID
* How to invest
* Register for trust updates

Past performance is not a guide to current and future performance.
NAV
As of 07/03/2024
253.60p
Discount / premium
As of 07/03/2024
-11.67%
Share price
As of 07/03/2024
224.00p
Total assets
As of 07/03/2024
GBP 2243.80 Mn
* OVERVIEW
* PERFORMANCE & FEES
* PORTFOLIO
* COMMENTARY
* DOCUMENTS

MRC
The Mercantile Investment Trust plc– ORD

* OVERVIEW
* PERFORMANCE & FEES
* PORTFOLIO
* COMMENTARY
* DOCUMENTS

ADDITIONAL RATINGS AND AWARDS

KEY INFORMATION

Total dividend for last financial year 7.15p
Potential gearing range-10% to 20%
Actual gearing
As of 07/03/202414.80%
Company Broker(s)Cavendish / Winterflood Securities
SEDOLBF4JDH5
ISINGB00BF4JDH58
BloombergMRC LN
ReutersMRCM.L
Asset classEquity
RegionUK
Share class currencyGBP
Share class inception08/12/1884
BenchmarkFTSE All-Share (ex FTSE 100, ex Inv Companies) (£)
ESG Approach ESG Integrated

THE MERCANTILE INVESTMENT TRUST: THE HOME OF TOMORROW'S UK MARKET LEADERS

We asked Guy Anderson, Portfolio Manager, what makes the UK an interesting
consideration for investors, what excites him about investing in the UK
currently and what one of the biggest misconceptions about investing in the UK -
watch the video to discover his answers.
Guy Anderson, Portfolio Manager, provides an insight into The Mercantile
Investment Trust. Watch the video to learn more about the trust and investments
into UK equities.

AWAITING A RERATING FOR THE UK’S MID-CAPS

As one of the largest UK equity investment trusts and a history stretching back
more almost 140-years, The Mercantile Investment Trust enjoys a long and strong
track record championing quality UK medium-sized and smaller companies. In this
article, portfolio manager Guy Anderson explains why he thinks the UK market may
be positioned for a turnaround.

Read the article >

The Mercantile Investment Trust Approach

Expert market access

* As one of the largest UK equity investment trusts and a history stretching
back more than 130 years, The Mercantile Investment Trust enjoys a long and
successful track record championing quality UK medium-sized and smaller
companies.

Rigorous research

* In a segment of the stock market that demands first-hand scrutiny, our
disciplined research-based investment approach really sets us apart,
providing exceptional access to a diversified portfolio of quality stocks
with attractive long-term growth potential.

Focused on dividends

* Our focus on quality companies with strong cash flows also helps to generate
an attractive income for shareholders, with the opportunity to target annual
dividend growth ahead of the rate of inflation.

Why invest in The Mercantile Investment Trust

Thanks to its focus on quality stocks outside the FTSE 100, The Mercantile
Investment Trust offers a cost-effective way to gain access to the companies
that we believe have the greatest potential to become tomorrow’s UK market
leaders.

Learn more about the Mercantile Investment trust >

Preference centre

To receive communications relevant to the Mercantile Investment Trust, please
register your details in our preference centre.

Annual General Meeting 2023 Presentation

Click to watch the Annual General Meeting presentation.

INVESTMENT OBJECTIVE

The Company aims to achieve long-term capital growth through investing in a
diversified portfolio of UK medium and smaller companies. It pays quarterly
dividends and aims to grow its dividend at least in line with inflation. The
Company’s gearing policy is to operate within a range of 10% net cash to 20%
geared. Gearing may magnify gains or losses experienced by the Company.

PORTFOLIO MANAGERS

Guy Anderson

22 YEARS
In the industry
12 YEARS
With J.P. Morgan
11 YEARS
Managing this fund

Anthony Lynch

15 YEARS
In the industry
15 YEARS
With J.P. Morgan
11 YEARS
Managing this fund

HOW TO INVEST

The following are third party providers that you can use to invest in our range
of products.
You can invest via third party providers or by contacting a professional
advisor. You should, of course, only consider investments that are right for
you. If you are in any doubt about the suitability of an investment, please
speak to an independent financial advisor.

The companies are shown for illustrative purposes only. Their inclusion should
not be interpreted as a recommendation to buy or sell. The use of their logos is
in no way an endorsement of those companies by J.P. Morgan Asset Management nor
is it intended to indicate an endorsement of J.P. Morgan Asset Management by
those companies.

JPMorgan Funds Ltd has conducted an annual Value Assessment on the Trust in line
with Financial Conduct Authority (FCA) rules set out in the Consumer Duty
regulation. The Assessment focuses on the nature of the product, including
benefits received and its quality, limitations that are part of the product,
expected total costs to clients and target market considerations.

Within this, the assessment considers quality of services, performance of the
trust (against both benchmark and peers), total fees (including management fees
and entry and exit fees as applicable to the Trust), and also considers whether
vulnerable consumers are able to receive fair value from the product.

JPMorgan Funds Ltd has concluded that the Trust is providing value based on the
above assessment.
The companies are shown for illustrative purposes only. Their inclusion should
not be interpreted as a recommendation to buy or sell. The use of their logos is
in no way an endorsement of those companies by J.P. Morgan Asset Management nor
is it intended to indicate an endorsement of J.P. Morgan Asset Management by
those companies.

JPMorgan Funds Ltd has concluded that the Trust is providing value based on the
above assessment.

RISK PROFILE

* External factors may cause an entire asset class to decline in value. Prices
and values of all shares or all bonds and income could decline at the same
time, or fluctuate in response to the performance of individual companies and
general market conditions.
* This Company may utilise gearing (borrowing) which will exaggerate market
movements both up and down.
* This Company may also invest in smaller companies which may increase its risk
profile.
* The share price may trade at a discount to the Net Asset Value of the
Company.
* The single market in which the Company primarily invests, in this case the
UK, may be subject to particular political and economic risks and, as a
result, the Company may be more volatile than more broadly diversified
companies.
* Companies listed on AIM tend to be smaller and early stage companies and may
carry greater risks than an investment in a Company with a full listing on
the London Stock Exchange.

FINANCIAL CALENDAR

Interim results announcedSeptember
Final results announcedApril
Annual general meetingApril/May
Financial year-end date31 January
Dividends payableFebruary, May, August and November

BOARD OF DIRECTORS

Angus Gordon Lennox
Rachel Beagles
Julia Goh
Heather Hopkins
Graham Kitchen
Damien Maltarp

ADDITIONAL RATINGS AND AWARDS

KEY INFORMATION

PERFORMANCE

Benchmark
FTSE All-Share (ex FTSE 100, ex Inv Companies) (£)
Quarterly rolling 12 months
As of 31/12/2023
Cumulative
As of 31/01/2024
Annualised
As of 31/01/2024

PERFORMANCE - QUARTERLY ROLLING

2018/20192019/20202020/20212021/20222022/2023Share
price53.93%-2.28%11.27%-25.87%19.79%NAV40.35%-5.19%24.68%-22.57%12.63%Benchmark28.95%-7.31%19.79%-18.31%10.05%

Past performance is not a reliable indicator of current and future results.
Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance
(NAV) data has been calculated on a NAV to NAV basis, including ongoing charges
and any applicable fees, with any income reinvested, in GBP.
NAV is the cum income NAV with debt at fair value, diluted for treasury and/or
subscription shares if applicable, with any income reinvested. Share price
performance figures are calculated on a mid market basis in GBP with income
reinvested on the ex-dividend date. The performance of the company's portfolio,
or NAV performance, is not the same as share price performance and shareholders
may not realise returns which are the same as NAV performance.
Benchmark Source: FTSE® is a trade mark of London Stock Exchange Limited and The
Financial Times Limited and is used by FTSE International Limited under license.
Comparison of the Company's performance is made with the benchmark. The
benchmark is a recognised index of stocks which should not be taken as wholly
representative of the Company's investment universe. The Company's investment
strategy does not follow or track this index and therefore there may be a degree
of divergence between its performance and that of the Company.

PERFORMANCE - CUMULATIVE

31/01/2024

1 MONTH3 MONTHS1 YEAR3 YEARS5 YEARS10 YEARSShare
price-3.39%17.72%6.07%2.28%31.25%85.93%NAV-0.16%15.59%5.42%11.25%34.05%89.42%Benchmark-1.56%15.10%1.79%6.84%18.34%55.76%

PERFORMANCE - ANNUALIZED

31/01/2024

3 YEARS5 YEARS10 YEARSShare
price0.76%5.59%6.40%NAV3.62%6.04%6.60%Benchmark2.23%3.43%4.53%

MONTH IN REVIEW

As of 31/01/2024
* The trust outperformed its benchmark over January. After a strong run in the
fourth quarter of last year, UK equities stalled in January on the back of
some weaker economic data. The trust outperformed due to some more positive
stock-specific drivers.
* At the stock level, an overweight position in Intermediate Capital, an
alternative asset manager, contributed positively to relative performance.
The company reported solid fundraising performance in its recent trading
update.
* An overweight position in 4imprint, a supplier of branded promotional
merchandise, also contributed to relative returns over the month. The company
announced another strong trading update, ahead of expectations, and remained
positive about its outlook.
* Our overweight position in Watches of Switzerland, a luxury watch retailer,
contributed negatively to relative returns following a profit warning
indicating weaker trading over the Christmas period.
* Not owning Babcock International, a defence services business, also detracted
from relative performance during the month. The shares have been supported by
increasing investor confidence in the outlook for defence spending.

LOOKING AHEAD

As of 31/01/2024
* Domestic economic prospects are improving. While the economy slipped into a
recession at the end of 2023, discretionary spending has been relatively
resilient, aided by strong wage growth, which has moved above the rate of
inflation. Moreover, consumer confidence has been recovering strongly and
should be further supported by the sharp decline in gas prices and the
expectation for this to feed through to lower household energy costs, as well
as the tailwind from the increase in living wages, pensions and benefits from
April.
* The reaction of central banks to inflationary pressure has driven markets to
a great extent. Higher rates and the implementation of quantitative
tightening represent a clear departure from the accommodative monetary policy
of the previous decade. We do, however, appear to be at the end of the
current tightening cycle, particularly following some recent inflation data
points, which have been lower than expected.
* Supply chains remain a key consideration. Although constraints have eased
materially over the last year, recent disruptions to shipping in the Red Sea
could have significant impacts on many UK companies. The potential for this
to influence inflation should not be overlooked.
* We are optimistic given the improving domestic economic outlook and
historically low valuation levels. Many corporate buyers seem to agree with
our view, given the number of recent acquisitions of UK companies and the
sheer volume of share buybacks currently being undertaken across the market.
We believe UK equities offer an attractive entry point to the long-term
investor, and we remain focused on selecting high-quality, resilient
companies that can invest capital at high returns to drive strong and
sustainable earnings growth.

FEES

Ongoing charge (including the annual management fee detailed below)
0.46%
Annual management fee
0.45% on Market Cap
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.

DIVIDEND HISTORY

20192020202120222023Total dividend per share (p)6.30p6.60p6.70p6.90p7.15p

MONTH IN REVIEW

LOOKING AHEAD

DOCUMENTS

Reports and accounts
* 2023 Half year Report
* 2023 Annual Report
* 2022 Half Year Report
* 2022 Annual Report
* 2021 Half Year Report
* 2021 Annual Report
* 2020 Half Year Report

* 2020 Annual Report
* 2019 Annual Report
* 2019 Half Year Report
* 2018 Annual Report
* 2018 Half Year Report
* 2017 Annual Report
* 2017 Half Year Report

* 2016 Annual Report
* 2016 Half Year Report
* 2015 Annual Report
* 2015 Half Year Report
* 2014 Annual Report
* 2014 Half Year Report
* 2013 Annual Report

* 2013 Half Year Report
* 2012 Annual Report
* 2012 Half Year Report
* 2011 Annual Report
* 2011 Half Year Report
* 2010 Annual Report
* 2010 Half Year Report

Legal Documents
* Investor Disclosure Document
* LSE Trust Announcements - Mercantile Investment

* PRIIP KID - The Mercantile IT - Ordinary

Annual General Meeting and General / Class meeting
* AGM Poll Results - 24 May 2023
* AGM Presentation 2023

* AGM 2022 - IM Presentation
* AGM Poll Results - 17 May 2022

Trust information
* Factsheet
* Complete NAV summary (updated monthly)

* AIFMD Remuneration Disclosure
* The Mercantile Investment Trust - Flyer

Committee terms of reference
* Audit Committee
* Nomination Committee
* Remuneration Committee

* Management Engagement Committee
* Marketing & Communications Committee

Research
* Latest Press Releases

* Kepler Investment Research

This Investment Trust has been reviewed by a third party agency. Contents of the
external links have been prepared by third parties and do not necessarily
represent the views of J.P. Morgan Asset Management. These third parties may
receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan
Asset Management does not endorse or attest to completeness and accuracy of
these contents. Reliance upon these contents is at the sole discretion of the
reader.
This Investment Trust has been reviewed by a third party agency. Contents of the
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Asset Management does not endorse or attest to completeness and accuracy of
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This Investment Trust has been reviewed by a third party agency. Contents of the
external links have been prepared by third parties and do not necessarily
represent the views of J.P. Morgan Asset Management. These third parties may
receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan
Asset Management does not endorse or attest to completeness and accuracy of
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