UPDATE (Sep 2026): MRC returned 5% in the year to January 2024 versus 2% for its benchmark, 14% to Jan 2025 versus 12%, and 12% to Jan 2026 versus 16%. The trust has bought back around 20% of its shares over the last three years, narrowing its discount from 15% to 10%.

Mercantile (ticker: MRC) traces its origins back to 1884 and it has been focused on UK medium-sized and smaller companies for the last three decades. Guy Anderson of JPMorgan has looked after the portfolio since 2012, initially as a co-manager and then as the lead manager from 2019 onwards. Mercantile is a very large trust with...