Monks investment trust acknowledge 'mistakes' led to a 'disappointing outcome'

Share price dropped 7%

Managers of Monks investment trust have acknowledged they have "made mistakes" over the past year, which has led to what the chair described as a "disappointing outcome".

In the trust's annual results, chair Karl Sternberg bemoaned the "disappointing outcome" of the past year, which has seen a share price fall of 7% in the 12 months to 30 April 2023, compared to a rise of 3.2% for its FTSE World benchmark. Managers Spencer Adair and Malcolm MacColl said they recognise they had "made mistakes", but argued they had since taken "decisive action in repositioning the portfolio". The managers explained they had made a push towards a greater focus on ESG and infrastructure, having recently sold Ubisoft "following a misconduct crisis", and adding power managem...