EL7.AI
StocksMedium•28 October 2026•
2 min read

Monks update estimates portfolio earnings growth of more than 30% over the year

Key Facts

1Monks’ portfolio earnings grew by more than 30% over the past year, compared with about 25% for the benchmark.
2Monks’ share returned 11.9% and its net asset value returned 10.3% for the year ended September 30, 2026, against 20.9% for the FTSE World index.
34 large U.S. technology companies in the portfolio are expected to spend about 1 trillion dollars on AI infrastructure next year.
4The portfolio typically consists of more than 100 global stocks, with investments expected to be held for about 5 years on average.

The manager said the portfolio delivered earnings growth of more than 30% over the past year, compared with about 25% for the benchmark. By contrast, the portfolio narrowly lagged its benchmark in the latest quarter. That puts the performance of companies in the portfolio on a stronger footing year on year, despite some share price moves weighing on returns over the shorter period. The stock is listed on the London Stock Exchange under the ticker MNKS.

According to performance data cited by Baillie Gifford, Monks’ share price delivered a total return of 11.9% for the year ended September 30, 2026, while its net asset value returned 10.3%. The FTSE World index posted a total return of 20.9% over the same period. The gap between the share return and the net asset value return shows a divergence between the fund’s two performance measures, while the benchmark comparison provides a reference for the portfolio’s performance in global markets. For the year, both reported Monks figures were below the benchmark return. For the quarter, the manager said the portfolio narrowly lagged it.

The manager attributed some of the pressure on the portfolio to declines in the share prices of CATL and SpaceX, saying strong gains in Petrobras and Thermo Fisher did not fully offset those declines. The manager said individual company moves, in his view, obscured a broader picture he described as “healthy, broad growth across the portfolio.” The fund typically invests in more than 100 stocks around the world, in companies with different growth profiles. Its manager also said he expects to hold investments for about 5 years on average. The fund targets long-term capital growth, prioritizing that objective over income.

The quarterly update also addressed technology companies’ spending on artificial intelligence infrastructure, noting that 4 large U.S. companies in the portfolio — Amazon, Alphabet, Microsoft and Meta — are expected to spend a combined about 1 trillion dollars next year. The update added that Amazon expects capacity not to meet demand during this year or next year, and that visible demand for 2028 was described as “striking.” As for regular reporting, the fund’s financial year ends on April 30. Its corporate calendar indicates that final results are announced in July and interim results in December. This is the next scheduled interim results announcement listed on the calendar.