MIDAS INCOME & GROWTH TRUST 2022 Report Annual | plc Trust Value Asset-Multi Momentum
Momentum Multi-Asset Value Trust plc
ANNUAL REPORT AND ACCOUNTS 30 APRIL 2022
Refined Value
For more information about Momentum Multi-Asset Value Trust plc, visit:
https://momentum.co.uk/MAVT
and
https://www.linkedin.com/ showcase/momentum-multi-asset-value-trust-plc/
This document may contain forward-looking statements with respect to the financial condition, results of operations and business of the Company. Such statements involve risk and uncertainty because they relate to future events and circumstances that could cause actual results to differ materially from those expressed or implied by forwardlooking statements. The forwardlooking statements are based on the Directors' current view and on information known to them at the date of this document. Nothing should be construed as a profit forecast.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you are recommended to seek your own financial advice from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser. If you have sold or otherwise transferred all your ordinary shares in Momentum Multi-Asset Value Trust plc, please forward this document, together with the accompanying document, immediately to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.
STRATEGIC REPORT
- Refined Value
- Key Facts
- Performance
- Chairman's Statement
- Manager's Review
- Ten Largest Holdings
- Investment Portfolio
- Investment Spotlights
- Business Model
GOVERNANCE REPORTS
30 Your Board
32 Directors' Report
- Statement of Corporate Governance
- Audit Committee Report
- Directors' Remuneration Report
- Statement of Directors' Responsibilities
- Independent Auditor's Report
FINANCIAL STATEMENTS
- Income Statement
- Balance Sheet
- Statement of Changes in Equity
- Cash Flow Statement
- Notes to the Financial Statements
GENERAL INFORMATION
- Alternative Performance Measures
- Glossary of Terms
- Notice of Annual General Meeting IBC Corporate Information
Refined Value
181.50p
Share price
-2.2%1
183.34p
Net asset value per share
-2.8%1
£57.4m
Shareholders' funds
-13.9%1
7.20p
Dividend Per share
+7.1%1
Momentum Multi-Asset Value Trust plc ('MAVT' or 'your Company') seeks to apply a value lens to identify the most compelling investment opportunities across a highly diversified range of asset classes. MAVT is designed to appeal to investors who wish to combine the benefits of
a quarterly income along with long-term capital growth.
YOUR MANAGER'S REFINED VALUE INVESTMENT APPROACH
Your Manager, Momentum Global Investment Management Limited ('MGIM'), follows a Refined Value investment philosophy that differentiates its investment approach.
MGIM's Refined Value philosophy is centred on investment valuation supported by comprehensive research. Environmental, Social and Governance ('ESG') factors are integrated throughout the investment process.
MGIM aims to invest when valuations look attractive and the investment proposition has a compelling niche or is a portfolio diversifier. Your Company invests across a wide range of asset classes and opportunities including UK and Overseas Equities, Credit, Specialist Assets (such as property and infrastructure) and, when appropriate, Defensive Assets (such as gold and government bonds).
OUR INVESTMENT OBJECTIVE
Over a typical investment cycle, your Company seeks to achieve a total return of at least CPI plus 6% per annum after costs with low volatility and aims to increase the dividends paid to Shareholders at least in line with inflation through the application of a Multi-Asset Investment Policy.
The Manager defines a typical investment cycle as one which spans five to ten years, and in which returns from the various asset classes are generally in line with their very long-term average. Low volatility is defined as being lower volatility than that which would be typical of a pure equity portfolio.
1 For year ended 30 April 2022. | 1 |
Key Facts
30 April | 30 April | |||||
2022 | 2021 | Change | ||||
Total assets1 (£'000) | 64,368 | 73,621 | -12.6% | |||
Shareholders' funds (net assets) (£'000) | 57,368 | 66,621 | -13.9% | |||
Share price (mid market) | 181.50p | 185.50p | -2.2% | |||
Net asset value per share (cum income) | 183.34p | 188.53p | -2.8% | |||
Discount2 | (1.0%) | (1.6%) | ||||
Net gearing1 | 11.0% | 9.2% | ||||
Ongoing charges ratio - excluding fund look through costs3 | 1.66% | 1.62% | ||||
Ongoing charges ratio - including fund look through costs3 | 2.62% | 2.34% | ||||
Dividends and earnings | ||||||
Revenue return per share | 7.30p | 5.48p | +33.2% | |||
Dividends per share3 | 7.20p | 6.72p | +7.1% | |||
Revenue reserves (£'000) | 2,260 | 2,082 | +8.5% | |||
Cumulative | ||||||
Total returns against comparator indices for the periods to 30 April 20224 | 1 Year | 3 Years | 5 Years | 10 Years | ||
MAVT share price total return2 | +1.4% | +14.5% | +28.3% | +159.6% | ||
MAVT NAV total return2 | +0.9% | +15.4% | +32.0% | +127.0% | ||
Benchmark5 | +15.0% | +26.9% | +41.8% | +65.7% | ||
MSCI UK All Cap Index | +9.9% | +12.9% | +25.2% | +95.8% | ||
Source: MSCI/Morningstar/Momentum Global Investment Management Limited.
Ten-year total return
Source: Momentum Global
Investment Management/
Bloomberg
April 2012 = 100
275
225
175
125
75
APRIL | APRIL | APRIL | APRIL | APRIL | APRIL | APRIL | APRIL | APRIL | APRIL | APRIL |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
Share Price | NAV | Benchmark5 | MSCI UK Index |
- A glossary of terms can be found on pages 68 and 69.
- Alternative Performance Measure - full details can be found on pages 66 and 67.
- The third interim dividend in 2021 was paid from distributable capital reserves, all other dividends were paid from revenue.
- Total return represents the capital return plus the dividends paid in the Period, which are assumed to be reinvested at the time that the share price is quoted ex-dividend
- The Benchmark return is calculated using a blended return based on the Benchmark of CPI +6% from 7 July 2017 and previously of LIBOR GBP +3%.
2 | Momentum Multi-Asset Value Trust plc | Annual Report 2022 | REFINED VALUE
STRATEGIC REPORT | GOVERNANCE | FINANCIAL STATEMENTS | GENERAL INFORMATION |
Performance
Five-year NAV total return
Source: MSCI/Momentum
Global Investment
Management
Company premium/ (discount), % (based on cum income NAV)
Source: Bloomberg
April 2017 = 100
150
120
90
60
APRIL | APRIL | APRIL | APRIL | APRIL | APRIL |
MAVT | MSCI UK Index | Benchmark1 |
10
5
0
-5
-10
-15
APRIL | APRIL | APRIL | APRIL | APRIL | APRIL |
2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
Dividend growth vs CPI
Source: Bloomberg
April 2017 = 100
130
120
110
100
90
APRIL | APRIL | APRIL | APRIL | APRIL | APRIL |
2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
MAVT CPI
1 The Benchmark return is calculated using a blended return based on the Benchmark of CPI +6% from 7 July 2017 and previously LIBOR GBP +3%.
REFINED VALUE | Momentum Multi-Asset Value Trust plc | Annual Report 2022 | 3
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Momentum Multi-Asset Value Trust plc published this content on 21 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 June 2022 09:23:09 UTC.
