Share Price 529.0p
NAV per Share 524.9p
Premium/-Discount 0.8%
Dividend Yield 5.1%
Data source DataStream and Allianz Global Investors as at 17.06.2021 based on market close mid price.

2021 AGM Investment Manager’s Update from Simon Gergel

April 2021

With lockdown constraints still in place and therefore the Merchants Trust AGM being a closed meeting in 2021, Simon Gergel gives an investment update for shareholders via video on the year under review to 31 January 2021.

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Will there be a tonic for the markets?


In this Episode, Simon Gergel discusses the potential for a renewed focus on individual companies and their prospects in 2021. While themes such as Brexit, the US election and the pandemic dominated markets last year, the associated uncertainties are starting to fall away.

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Warning to Shareholders

We are aware that some shareholders may have received unsolicited telephone calls or correspondence concerning investment matters. These are typically from overseas based organisations who target UK shareholders offering to sell them, what often turn out to be, worthless or high risk shares in US or UK investments. They can be extremely persistent and persuasive. Shareholders are therefore advised to be very wary of any unsolicited advice or offers.

Please note that it is most unlikely that either the company or the company’s Registrar, Link Asset Services, would make unsolicited telephone calls to shareholders. Any such calls would only ever relate to official documentation already circulated to shareholders and never in respect of investment ‘advice’.

If you are in any doubt about the veracity of an unsolicited telephone call, please call the Company Secretary +44 (0)800 389 4696 or the Registrar on +44 (0) 371 664 0300.

You can also report and get advice about fraud or cyber crime by contacting Action Fraud – National Fraud & Cyber Crime Reporting Centre 0300 123 2040 and visiting their website at

Welcome to The Merchants Trust

The Merchants Trust PLC has, for many years, focused on a simple proposition: to deliver a high and rising income together with capital growth, through a policy of investing mainly in higher-yielding large UK companies. We measure our success in attaining this objective by comparing the performance of the portfolio against the performance of the FTSE All-Share Index.

Share Price is the price of a single ordinary share, as determined by the stock market. The share price above is the mid-market price at market close.
Share Price

Net Asset Value (NAV) per Share is calculated as available shareholders’ funds divided by the number of shares in issue, with shareholders’ funds taken to be the net value of all the company’s assets after deducting liabilities. The NAV figure above is based on the fair/market value of the company’s long-term debt and preference shares (known as debt at market value). This allows for the valuation of long-term debt and preference shares at fair value or current market price, rather than at final repayment value (known as debt at par).
NAV per Share

Premium/Discount. Since investment company shares are traded on a stock market, the share price that you get may be higher or lower than the NAV. The difference is known as a premium or discount.

Dividend Yield is calculated using the latest full year dividend divided by the current share price.
Dividend Yield

Data source DataStream and Allianz Global Investors as at 17.06.2021 based on market close mid price.
Trust Audio Update

A Value View Episode 16: Will there be a tonic for the markets?

The latest reporting season has highlighted the difference between resilient businesses and those hit very hard by the effects of the pandemic. Returning dividends across many sectors are an encouraging sign for income seekers.

Our History

Established in 1889, The Merchants Trust PLC celebrated its 130th anniversary in 2019, having successfully navigated a variety of market conditions – and several world wars – throughout its history. The Trust has demonstrated the benefit of active management over time and its aims today are remarkably similar to those established by its founders: to provide its shareholders with an above-average level of income which increases over time.

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Portfolio and Performance

Click here for detailed information about the Trust’s portfolio and its past performance, including the most recent month-end commentary. Please remember that past performance is not a reliable indicator of future returns.

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Find out more about...

© Allianz Global Investors GmbH 2021, Registered Office: Frankfurt am Main, Register: HRB 9340, Local court: Frankfurt am Main. All Rights Reserved. The Merchants Trust PLC is incorporated in England and Wales. (Company registration no. 28276). Registered Office: 199 Bishopsgate, London, EC2M 3TY. The Company is a member of the Association of Investment Companies - Category: UK Equity Income.