The Mercantile Investment Trust plc
MRC.L
London Stock Exchange254.63
GBp
+1.63
(+0.10%)
The Mercantile Investment Trust plc
MRC.L
(London Stock Exchange)
Recent
price
254.63
P/E
ratio
84.42
div
yld
- -
ROIC.AI
Capital Structure
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- Business
- The Mercantile Investment Trust plc is a United Kingdom-based closed-end investment company listed on the London Stock Exchange that achieves long-term capital growth through a diversified portfolio primarily of medium and smaller UK companies listed mainly on the London Stock Exchange; it also seeks long-term dividend growth at least in line with inflation by employing gearing within a range of 10% net cash to 20% under normal market conditions and spreading investments across sectors including industrials, financial services, consumer cyclical, consumer defensive, real estate, technology, and utilities. Managed by JPMorgan Asset Management (UK) Limited with portfolio managers Anthony Lynch and Guy Anderson, the trust maintains approximately 73 equity holdings with total assets of £2,194 million, a market capitalization of £1,733 million, and an ongoing charge of 0.48%; its investments encompass mid- and small-cap stocks such as Serco in industrial support services, Dunelm in retail, Plus500 in online trading, IG Group, Just Group, Quilter in financials, Greencore in convenience foods, Rosebank Industries, and Safestore in self-storage, while utilizing fixed-rate long-dated financing from sources including £175 million 6.125% debenture stock, £3.85 million 4.25% perpetual debenture stock, and £150 million senior unsecured privately placed loan notes. Founded on 8 December 1884 and headquartered at 60 Victoria Embankment, London, EC4Y 0JP, the company operates principally in the UK with minor exposures to countries including Israel, Australia, and Canada; it targets domestic-focused growth businesses that are less researched by broader markets, benefiting from active stock selection, takeover potential, and the investment trust structure's fixed capital pool and revenue reserves for dividend stability. Recent developments include the repurchase of 26.8 million shares into treasury during the six months ended 31 July 2025 at an average discount of 9.7% to manage the share price discount, which stood at 9.5% at period-end and narrowed to around 10% subsequently with further purchases; a broker review resulting in the appointment of Peel Hunt LLP alongside Winterflood as joint brokers; portfolio adjustments adding 12 new holdings including IG Group, Just Group, Quilter, Greencore, Rosebank Industries, and Safestore while exiting Bytes Technology, Greggs, and Auto Trader; an increase in the quarterly interim dividend to 1.55 pence per share for a year-to-date total of 3.10 pence, up from 3.00 pence prior year; and maintenance of gearing at 14.5% averaging 15.0% over the period amid NAV total return of +6.0%.