The Manchester and London Investment Trust is a London Listed Investment Fund.

http://www.manchesterandlondon.co.uk/

The Investment Manager is M & L Capital Management Limited.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=12839&record_search=1&search_phrase=Manchester and London

The Top Investments:-

Microsoft Corp
Amazon.com
Alphabet
Facebook
Apple
Polar Capital Technology Trust
GlaxoSmithKline
Scottish Mortgage Investment Trust
Smith & Nephew
Heineken
Yahoo
Shire
Worldwide Health Trust
Beiersdorf
Dadide Campari-Milano
Salesforce
Pernod Richard
Unilever
Zoetis
Paypal
Nvidia
Astra Zeneca
Roche Holdings
The SME Loan Fund
Syngenta
The Shareprice is £3.34 but the actual asset value is £4.08.

Thus a discount of 20%. What this means ?
Buying a £4.08 asset for £3.34.