BMO Managed Portfolio Trust PLC
Performance
Performance (Growth)
Performance (Income)
Cumulative performance | 1 month | Year to date | 1 Year | 3 Years | 5 Years |
|---|---|---|---|---|---|
NAV – Growth | -3.40 | -13.27 | -9.53 | 20.88 | 41.25 |
Share price – Growth Shares | -2.28 | -11.99 | -9.82 | 20.66 | 40.82 |
NAV – (Income) | -1.86 | -6.41 | -1.42 | 16.46 | 27.60 |
Share price – Income Shares | 0.00 | -6.40 | -1.07 | 16.76 | 25.43 |
Benchmark | 0.31 | 0.80 | 8.72 | 14.09 | 26.62 |
Discrete annual performance | 22/21 | 21/20 | 20/19 | 19/18 | 18/17 |
|---|---|---|---|---|---|
NAV – (Growth) | -9.53 | 42.17 | -6.03 | 5.10 | 11.18 |
Share price – Growth Shares | -9.82 | 44.67 | -7.51 | 5.97 | 10.14 |
NAV – (Income) | -1.42 | 33.38 | -11.43 | 4.51 | 4.85 |
Share price – Income Shares | -1.07 | 30.90 | -9.83 | 4.70 | 2.60 |
Benchmark | 8.72 | 25.95 | -16.68 | 2.62 | 8.16 |
Investment Risks
Holdings
Growth Portfolio
Top Ten Holdings | % of net assets | Sector |
|---|---|---|
HgCapital Trust | 4.3 | Private Equity |
Fidelity Special Values | 3.5 | UK All Companies |
Law Debenture Corporation | 3.1 | UK Equity Income |
Mid Wynd International Investment Trust | 3.0 | Global |
Ruffer Investment Company | 2.8 | Flexible Investment |
RIT Capital Partners | 2.7 | Flexible Investment |
BH Macro | 2.6 | Hedge Funds |
Personal Assets Trust | 2.5 | Flexible Investment |
TR Property Investment Trust | 2.5 | Property Securities |
Aurora Investment Trust | 2.5 | UK All Companies |
Income Portfolio
Top Ten Holdings | % of net assets | Sector |
|---|---|---|
Law Debenture Corporation | 4.6 | UK Equity Income |
NB Private Equity Partners | 4.3 | Private Equity |
JPMorgan Global Growth & Income | 4.0 | Global Equity Income |
Secure Income REIT | 4.0 | Property Specialist |
Scottish American Investment Company | 3.7 | Global Equity Income |
3i Infrastructure | 3.6 | Infrastructure |
Bellevue Healthcare Trust | 3.4 | Biotechnology & Healthcare |
Princess Private Equity Holding | 3.2 | Private Equity |
City of London Investment Trust | 3.2 | UK Equity Income |
Murray International Trust | 3.1 | Global Equity Income |
Dividend
Dividend level of the BMO Managed Portfolio Trust – Income shares
Financial year to 31 May | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
October – 1st interim | 1.4p | 1.4p | 1.35p | 1.3p | 1.25p | 1.2p | 1.15p |
January – 2nd interim | 1.4p | 1.4p | 1.35p | 1.3p | 1.25p | 1.2p | 1.15p |
April – 3rd interim | 1.4p | 1.4p | 1.35p | 1.3p | 1.25p | 1.2p | 1.15p |
July – special interim | – | – | – | 0.8 | – | – | – |
July – 4th interim | 2.0p | 1.9p | 1.9p | 1.8p | 1.70p | 1.6p | 1.55p |
Total annual dividend | 6.2p | 6.1p | 5.95p | 6.5p | 5.45p | 5.2p | 5.0p |
Dividend yield ± | 4.3% | 5.2% | 4.4% | 4.1%* | 3.9% | 4.6% | 3.9% |
Yield on FTSE All-Share index (as at 31 May) | 2.8% | 4.8% | 4.3% | 3.6% | 3.5% | 3.75% | 3.3% |
± Based on the Income share price at 31 May
Dividend - Income Shares
Conversion
Conversion between share classes
Subject to certain minimum and maximum thresholds which may be set by the Board of BMO Managed Portfolio Trust PLC (the “Board”) from time to time, shareholders have the right to convert their Income shares into Growth shares and/or their Growth shares into Income shares upon certain dates, the next of which will be 28 October 2021 and then annually or close to annually thereafter (subject to the Articles of Association of the Company). Under current law, such conversions will not be treated as disposals for UK capital gains tax purposes.
Conversion Process
Minimum level
The Board may, in its sole and absolute discretion, specify a minimum number of converting shares which are to be converted by a shareholder in the case of either the Income shares or Growth Shares.
The minimum amount for the 28 October 2021 Conversion is 1,000 shares per shareholder or the whole shareholding, whichever is lower.
The Board will specify a minimum net value of assets to be transferred from a Portfolio on any Conversion date, and may change any such minimum from time to time. If on any Conversion Date, the value of the assets to be so transferred is less than such specified minimum, then the Board may, in its sole and absolute discretion, cancel any such conversion.
The minimum net value of assets in aggregate for the 28 October 2021 Conversion is £250,000.
A significant minimum has to be set in order to justify the costs of the exercise.
Maximum level
The maximum amount for the 28 October 2021 Conversion is 10% of the Income shares and 10% of the Growth shares in issue.
Conversion ratio
Shares will be converted into the other share class by reference to the ratio of the relative underlying NAVs of the Growth shares and Income shares (as set out in more detail in the Company’s Articles of Association).
Only the Income shareholders are entitled to receive dividends. The Company shall announce the Conversion Ratio applicable on the Conversion Date or Deferred Conversion Date and the number of resulting shares.
The Board has discretion to defer the Conversion Date, inter alia, in the event that the level of conversions is above a certain materiality threshold in order to facilitate realignment of the Company’s portfolios in order to effect the conversions in as effective a manner as possible. The Deferred Conversion Date will under normal circumstances not be more than one month later than the originally stated Conversion Date.
Result
- To each holder of converting Shares that are in certificated form a definitive certificate for the appropriate number of shares arising on conversion and a new certificate for any unconverted shares.
- To each holder of converting shares held in a BMO savings plan, confirmation of the number of shares converted and the number of shares arising on conversion.
No share certificates will be issued in respect of any deferred shares arising as a result of the conversion. These deferred shares have no economic value and will be transferred to a nominee holder and bought back for nil consideration by the Company and cancelled in accordance with the Company’s Articles of Association.
Income shares arising on Conversion will carry the right to receive all dividends declared by reference to a record date falling after the Conversion Date or Deferred Conversion Date. Income shares which are converted into Growth shares will carry the right to receive all dividends declared by reference to a record date falling prior to the Conversion Date or Deferred Conversion Date but not on or thereafter.
Please note, if you elect to convert from Income shares to Growth shares no further income in respect of these Income shares will be paid to you.
Market price of Income shares & Growth shares
The mid-market price for the Income shares and Growth shares on the first dealing day in each of the last six months, and 30 July 2021, being the latest practicable date before the approval of the Annual report and accounts were:
Income shares (p) | Growth shares (p) | |
|---|---|---|
1 February 2021 | 131.0 | 261.0 |
1 March 2021 | 133.0 | 270.0 |
1 April 2021 | 135.0 | 271.0 |
3 May 2021 | 144.0 | 285.0 |
1 June 2021 | 143.5 | 277.0 |
1 July 2021 | 143.0 | 281.0 |
30 July 2021 | 144.0 | 285.0 |
This is not a recommendation to convert, or not to convert, any of your shares
Conversion Timetable
Timetable | 2021 |
|---|---|
Record date for 1st interim dividend (Income shares) | 17 September |
Latest time for lodging of Conversion Instruction Form (for shares held within any investment product managed or marketed by BMO Asset Management Limited) | 5pm on 24 September |
Latest time for conversion instructions for shares in Uncertificated form (CREST) | 1pm on 1 October |
Latest time for lodging of Certificated Conversion Form | 5pm on 1 October |
Conversion Date | 28 October |
Calculation Time | Close of business on 28 October |
CREST accounts credited | 4 November |
New certificates dispatched | 10 November (or as soon as practicable thereafter) |
It is intended that following the next conversion on 28 October 2021 the conversion facility will be offered annually or close to annually thereafter.
This is not a recommendation to convert, or not to convert, any of your shares.
The conversion facility is not available to overseas shareholders except where appropriate confirmation has been provided to the Directors and the Directors are satisfied that it would be lawful for the conversion facility to apply under the relevant overseas laws and regulations.
How do I convert?
If you hold your shares:
- through an Investment Product managed or marketed by BMO Asset Management Limited please download a “PLAN CONVERSION INSTRUCTION” form here.
This “Plan Conversion Instruction” form must be received by 5pm on Friday 24 September 2021 in respect of the 28 October 2021 Conversion Date. When completed and signed it should be posted to BMO Asset Management Limited, PO Box 11114, Chelmsford, CM99 2DG. - in certificated form, please download a “CERTIFICATED CONVERSION NOTICE” form here.
This “Certificated Conversion Notice” form must be received by 5pm on Friday 1 October 2021 in respect of the 28 October 2021 Conversion Date. When completed and signed it should be posted to Equiniti Limited, Corporate Actions (BMO), Second Floor, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA. - in uncertificated form (that is in CREST) then please follow the instructions below.
If you hold your Income Shares and/or Growth Shares in uncertificated form (that is in CREST) and you wish to participate in the Conversion on 28 October 2021 you must give a TTE Message instruction by 1.00pm on Friday 1 October 2021. If you hold both Income Shares and Growth Shares and wish to make a conversion for both you will need to make separate TTE Message instructions for each class of share.
The TTE Message instruction must be properly authenticated in accordance with CREST’s specifications and must contain, in addition to the other information that is required for settlement in CREST, the following details:
- the number of Income Shares and/or the number of Growth Shares to be converted;
- the participant ID of the holder of the Income Shares and/or Growth shares;
- the member account ID of the holder of the Income Shares and or Growth Shares from which conversion is to be made and the shares are to be debited;
- the participant ID of Equiniti Limited. This is 6RA49 for the Income Shares to be converted to Growth Shares and 6RA89 for the Growth Shares to be converted to Income Shares;
- the member account ID of Equiniti Limited. This is RAINCGWT for the Income Shares to be converted to Growth Shares and RAGWTINC for the Growth Shares to be converted to Income Shares;
- the corporate action ISIN number of your Income Shares and/or Growth Shares. This is GB00B2PP3J36 for the Income Shares to be converted to Growth Shares and GB00B2PP2527 for the Growth Shares to be converted to Income Shares;
- the intended settlement date of the TTE Message instruction. This must be by 1.00pm on 1 October 2021.
CREST members and (where applicable) the CREST sponsors should not that the last time at which a TTE Message instruction may be settled is 1.00pm on 1 October 2021.
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