Manchester & London Investment Trust PLC · LSE:MNL
Manchester & London Investment Trust — Investor Presentation (October 2025)
20 slides from Manchester & London Investment Trust's investor presentation, October 2025
Slide 1: Manchester & London Investment Trust Plc
Manchester & London Investment Trust Plc Investment Performance since MLCM > 18 per cent Annualized NAV Performance since inception of New Approach/Team. 1 Source: Bloomberg, MLCM
Slide 2: 3 year Tech Trust Performance
3 year Tech Trust Performance 2 Source: Bloomberg, MLCM
Slide 3: Manchester & London Overview
Manchester & London Overview • Incorporated & Listed in 1971 – 50 + years on the London Stock Exchange. • Growth Fund with a Rare and Attractive Dividend – Current dividend yield: 3.2%. USP’s: 1 Machine > MAN : AI is eating software – The Era of AI has begun. 2 The 4 Stages of the Era of AI as set o
Slide 4: Why you can hold MNL & PCT, SMT, ATT etc.
Why you can hold MNL & PCT, SMT, ATT etc. Correlations show differences in approach: MNL SMT PCT ATT EV/EBITDA 19.9 20.2 20.1 19.6 ROIC 51.2 15.4 29.0 28.5 5 yr Revenue CAGR 41.2 32.2 26.1 25.7 5 yr EBITDA CAGR 53.4 35.9 33.0 31.2 Operating Margin 28.6 6.2 23.1 19.2 All of our holdings are profitabl
Slide 5: Investment Process: Data Framework – Removing Human Emotion
Investment Process: Data Framework – Removing Human Emotion. Step 1: Quantitative Data Filter Known as IGOR – Stock Universe Filter based on Quantitative Data. Step 2: Qualitative AI Filter Step 6: Risk Management AI model that further filters the Universe based on evaluation Risk based hedging over
Slide 6: M&L Investment Methodology Pillars: Step 1 Quantitative
M&L Investment Methodology Pillars: Step 1 Quantitative Pillar 1 : Quantitative Data Filter • Universe Note: o ~90,000 global equities in Bloomberg This is not ALL the filters. o Remove poor corporate governance markets & un-interesting sectors. • Liquidity o Size: Market cap > $2.5bn Universe o Av.
Slide 7: M&L Investment Methodology Pillars: Step 2 Qualitative
M&L Investment Methodology Pillars: Step 2 Qualitative We use an AI model to further filter the Universe based on our methodology Pillars which we have determined to be key based on secular trends. 2 3 Historic Shift from Man to Machine Management Who “Play to Win” Screens for Machine centric busine
Slide 8: M&L Investment Methodology Pillars: Step 3 Macro & Momo
M&L Investment Methodology Pillars: Step 3 Macro & Momo Model: Scamper. Covers these key areas: 1 2 The Flow of Money Market Earnings Growth & Revisions This includes flows into & out of SPY ETF and Money Market This pillar looks at Forward EPS growth of indices, and % of Funds. Also changes in the
Slide 9: M&L Investment Methodology: Results
M&L Investment Methodology: Results Our process has yielded many successful investments. Return on our initial entry : 10 X 130 X 4X 4.5 X MSFT NVDA AVGO HOOD Note: This book happens to map closely to the thought process behind our investment methodology. 9 Source: Bloomberg, MLCM
Slide 10: Investment pillars reflect our thematic view: AI progress
Investment pillars reflect our thematic view The AI story over the last 12 months remains encouraging. 100 Performance on GPQA Diamond Grok 4 Gemini 2.5 Pro Models are getting smarter & more functional - GPT-5 (high) 1 80 Reasoning Models, Reinforcement Learning & Memorisation – Now seeing an expone
Slide 11: Investment pillars reflect our thematic view: TAM expansion
Investment pillars reflect our thematic view We are excited about the potential TAM expansion that will occur. Something Software 1.0 Not Just Software 2.0 Software 2.0 & Labour Bigger Traditional programming & applications. AI-powered intelligent systems. Direct substitution of human work. 1 Operat
Slide 12: Investment pillars reflect our thematic view: Key views
Investment pillars reflect our thematic view Key views going forward. 1 Autonomy is Compounding 2 Massive Disruption Ahead. AI agents are doubling their level of autonomy Huge swathes of Software 1.0 will face fundamental every ~7 months, unlocking step-changes in disruption as AI-powered alternativ
Slide 13: Investment pillars reflect our thematic view: Recent Key Quotes
Investment pillars reflect our thematic view Recent Key Quotes: At scale, the platform can deliver 30x to 50x return on investment, "Of the roughly $100 trillion of global gross domestic product, 55% is translating to as much as $5B in revenue from a $100M CAPEX labor and 5% is tech spending. Even i
Slide 14: Investment team
Investment team We use experience and expertise to validate ideas, manage risk and assess the 5 year outlook. Mark Sheppard Richard Morgan Orlando Morris • Co-Fund Manager. • Co-Fund Manager. • Analyst • Qualified Chartered Accountant • CFA ® charterholder. • CFA Exam Level II Candidate (Deloitte).
Slide 15: Key Risks for MNL right now.
Key Risks for MNL right now. 15 Source: MLCM
Slide 16: Key Risks for MNL: The New Cold War - USA v China Tech
Key Risks for MNL: The New Cold War - the USA v China Tech War for Supremacy. "AI is the essential omni-purpose technology of the U.S.-China arms race, like steel in medieval warfare." - Jacob Helberg, nominated Under Secretary of State for Economic Growth. Note: This is why we filter out this risk
Slide 17: Key Risks for MNL: Inflation, Debt => Higher Yields
Key Risks for MNL: Inflation, Debt => Higher Yields (Duration Risk). 17 Source: Bloomberg, MLCM
Slide 18: Key Risks for MNL: Luddites do not adopt AI
Key Risks for MNL: Luddites do not adopt AI. There is a slim chance that the average person or business does not adopt Ai as quickly as we expect. Current metrics do not indicate this, however we are watching them carefully. Annual Searches by Year Since launch ChatGPT hit 365B annual searches/promp
Slide 19: Thank You
Manchester & London Investment Trust Thank You Subscribe to our Newsletters: https://mlcapman.com/subscribe Follow our Tweets: https://x.com/MLCapMan Visit our website: https://mlcapman.com/about/ LinkedIn: https://www.linkedin.com/company/m-&-l-capital-management-ltd M&L Capital Management Limited
Slide 20: Important information
Important information This document has been prepared by M&L Capital Management Limited, (“MLCM”) 12a Princes Gate Mews, London, SW7 1JS, which is authorised and regulated by the Financial Conduct Authority (“FCA”). This document is provided to you for information purposes only and should not be use
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