Merchants Trust PLC (MRCH), the UK-focused income investment trust managed by Allianz Global Investors, has published its latest top 10 holdings and geographical breakdown as at 30 October 2026. The disclosure shows total gross assets of £1,161,979,718, with Shell Plc holding the largest single position at 5.54%. The portfolio remains heavily weighted towards UK-listed equities, which account for 94.84% of total stock value, underscoring the trust's core domestic income mandate. Investors tracking MRCH's sector exposure and concentration risk will find the update material to their assessment of the trust's positioning.

Key Points

  • Merchants Trust PLC (MRCH) — a UK equity income investment trust listed on the London Stock Exchange
  • Top 10 holdings and geographical breakdown disclosed as at 30 October 2026
  • Total gross assets stand at £1,161,979,718; Shell Plc is the largest holding at £64,422,540 (5.54%)
  • Investors should watch for any shifts in sector concentration, particularly in energy and pharmaceuticals, in future monthly updates

Shell and GSK Lead MRCH's Top 10 as Energy and Healthcare Dominate the Portfolio

The announcement confirms Shell Plc as the trust's largest holding, valued at £64,422,540 and representing 5.54% of gross assets. GSK Plc ranks second at £53,702,250 (4.62%), followed closely by Reckitt Benckiser Group Plc at £52,708,500 (4.54%). Lloyds Banking Group Plc occupies fourth place at £49,051,035 (4.22%), illustrating the trust's meaningful exposure to UK financials. The combined top 10 holdings span energy, pharmaceuticals, consumer goods, banking, materials, and hospitality, reflecting Merchants Trust's broad-based approach to generating income from large-cap UK-listed companies with established dividend track records.

Rio Tinto, BP, Hikma, and Whitbread Complete the Trust's Ten Largest Positions

Rounding out the top 10, Rio Tinto Plc is valued at £35,649,900 (3.07%), BP Plc at £34,801,878 (3.00%), Hikma Pharmaceuticals Plc at £33,423,600 (2.88%), Grafton Group Plc at £32,260,069 (2.78%), Harbour Energy Plc at £32,242,050 (2.77%), and Whitbread Plc at £30,118,000 (2.59%). The presence of two dedicated energy names — Shell and BP — alongside Harbour Energy signals a notable tilt towards the sector. Grafton Group and Whitbread introduce exposure to building materials distribution and hospitality respectively, adding cyclical balance to an otherwise defensively oriented income portfolio.

MRCH Maintains 94.84% UK Equity Weighting with Limited European Exposure

Geographically, the trust's total stock value stands at £1,143,080,350, of which £1,084,138,522 (94.84%) is allocated to UK equities. The remaining 5.16%, valued at £58,941,828, is spread across three European markets: the Netherlands at £20,388,780 (1.78%), Denmark at £19,901,247 (1.74%), and France at £18,651,801 (1.64%). This concentrated domestic positioning is consistent with Merchants Trust's long-standing investment objective of delivering above-average income and capital growth from predominantly UK equities, though it also means the portfolio carries heightened sensitivity to UK macroeconomic and regulatory developments.