LONDON (ShareCast) - The Monks Investment Trust said its performance in the last financial year lagged behind that of its comparative benchmark.
The FTSE 250 group reported net asset value total return of 13% in the year to 30 April, while its share price total return was 18.8% compared against the 18.0% total return for the FTSE World Index over the same period.

The trust, which is managed by Edinburgh-based Baillie Gifford & Co, said its performance was affected by poor returns in North America, Britain and Europe, which offset good stock selection in Japan and emerging markets.

"The relative overweight to the UK market was also unhelpful, as was our oil and gas exposure, with Enquest, Seadrill, North Atlantic Drilling and IGas Energy in particular performing poorly," group chairman James Ferguson said in a statement.

However, Ferguson added that the company believed its strategy will ensure a long-term portfolio return.

Monks Investment shares were down 0.47% to 441.42p at 08:46 on Thursday.

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