Money Makers

After being listed for around a decade in the 1970s, Manchester & London (MNL) rejoined the market in 1997. The Sheppard family has held a controlling interest for much of the trust's existence and now owns nearly 60% of the shares, a stake worth around £160m. Mark Sheppard took over as lead manager from his father around 2013 and soon after reinvented the trust's investment philosophy, moving away from value and into high-growth technology stocks. The portfolio has always been very concentrated but has become even more so in the last few years with Sheppard honing in on AI as the key them...