Monks reduces house price sensitive stocks

Global trust sells down £160m in equities over past year

The £1.1bn Monks investment trust sold down over £160m of equities over the last year, in companies expected to suffer from a bursting house price bubble. Over the year to 30 April, the global vehicle achieved NAV growth of 14.2% against the FTSE All World's 1.4% fall, although manager Gerald Smith from Baillie Gifford admitted all this gain came in the first half. The largest positive contributions came from the oil and gas, metals and mining industries, with positions in cash and overseas bonds also adding value. Monks chairman James Ferguson said, notably, companies in outperformin...