UPDATE (Oct 2026): MNL returned +33.6% in the year to July 2025, when it formally abandoned the use of any benchmarks, and +13.2% to July 2026. In September 2025, the trust paused buybacks as the voting power held by the public became close to the minimum 35% threshold specified in the Corporation Tax Act 2010. Shortly afterwards, it introduced an enhanced dividend policy to pay out at least 40p per share over the following five years (the dividend was 28p for the year to July 2025).

After being listed for around a decade in the 1970s, Manchester & London (MNL) rejoined the market in 1997...