Monthly Factsheet 31 May 2021

TM Tellworth UK Select Fund

Investment Objective & Policy The objective of the Fund is to achieve positive real returns with Key Facts lower volatility than the All-Share Index. The Fund will seek to Fund Launch Date 17 December 2014

achieve returns that exceed one month SONIA (SONIA 1M IR), after Fund Type UCITS IV fees, though there is no guarantee that it will do so. Strategy Long/ Equities The portfolio will consist principally of listed equity securities issued Fund size (£m) £3.1m by companies established or operating in the UK and instruments which may give either long or short exposure to listed IA Sector Targeted equity securities. Currencies GBP BennBridge took over as investment manager of the Fund on 12 Hurdle rate SONIA 1M IR December 2019. Share Price End of 1.10 Month (GBP)

Return History - Cumulative Fund Manager Seb Jory & John Warren

1m 3m 6m 1 Year 3 Years 5 Years Managed fund since 12 December 2019 Fund 1.50% 5.05% 9.04% 12.81% 20.33% 5.29%

Calendar Year Performance – Cumulative Essential Statistics over 3 years

2014 2015 2016 2017 2018 2019 2020 YTD Annual Volatility (%) 6.01% Fund 0.20% 3.30% 0.40% -12.60% 4.90% -3.30% 12.67% 6.85% Sharpe Ratio 3.38% Performance since inception 15% Fund renamed to TM Tellworth UK Select Fund on 12 December 2019 10%

5%

0%

-5%

-10%

-15%

Jul17 Jul15 Jul16 Jul18 Jul19 Jul20

Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21

Jun15 Jun16 Jun17 Jun18 Jun19 Jun20

Oct20 Oct15 Oct16 Oct17 Oct18 Oct19

Apr15 Apr16 Apr17 Apr18 Apr19 Apr20 Apr21

Feb15 Sep16 Sep15 Feb16 Feb17 Sep17 Feb18 Sep18 Feb19 Sep19 Feb20 Sep20 Feb21

Dec15 Dec14 Dec16 Dec17 Dec18 Dec19 Dec20

Aug15 Aug16 Aug17 Aug18 Aug19 Aug20

Nov19 Nov15 Nov16 Nov17 Nov18 Nov20

Mar 15 Mar Mar16 Mar17 Mar18 Mar19 Mar20 Mar21

May15 May16 May17 May18 May19 May20 May21

Past performance is no guide to future returns Returns quoted are net of fees on the A share class as of 31 May 2021 Source: Landy Tech, Bloomberg, FE Analytics Fund Managers Contact Tellworth Tellworth Investments Seb Jory joined Tellworth in 108-110 Jermyn Street January 2018. Prior to this, Seb was Head of Strategy and SW1Y 6EE Stock Selection at Liberum. E-mail: [email protected] www.tellworth.co.uk John Warren launched Tellworth Investments in October 2017. He joined from and has over 18 years of investment experience.

For professional investors only 1 Portfolio Structure & Attribution Sector % Fund Exposure No. of Positions % of Nav iShares Core FTSE 100 Index 3.86% Long 44 63.0% Sage Group Information Technology 2.46% Short 34 -56.2% QinetiQ Group PLC Industrials 2.08% Net 6.8% Next Plc Consumer Discretionary 2.01% Gross 119.1% Royal Mail PLC Industrials 1.95% Man Group PLC/Jersey Financials 1.77% Performance Attribution 1m Royal Bank of Scotland Group Financials 1.66% Long 2.01% Redrow Consumer Discretionary 1.65% Short -0.08% Communications Information Technology 1.60% Communication Services Grainger Real Estate 1.59% Consumer Discretionary Consumer Staples Market Cap Long Short Net Gross Energy Micro 1.0% 0.0% 1.0% 1.0% Financials Small 0.0% -0.4% -0.4% 0.4% Health Care Index Mid 27.4% -35.0% -7.5% 62.4% Industrials Large 34.5% -20.8% 13.8% 55.3% Information Technology Materials Real Estate Data as at 31 May 2021 Utilities Past performance is no guide to future returns -50% -40% -30% -20% -10% 0% 10% 20% 30% Net Position Long Short Summary

It has been a useful process over the last month to re-appraise conviction across holdings and reduce name count, which had crept higher reflecting the sheer number of attractively valued UK companies we come across at the moment. This tells us that there are plenty of opportunities in our world but also that we must be increasingly discerning as the market begins to fully appreciate the recovery potential of the UK – there will be plenty of shares that have probably already run too far. Our number one objective remains to repeat the consistency Select has enjoyed over the past 18 months – and to do this, we must focus the portfolio on stock, rather than factor, selection.

Share class information

Share class ISIN SEDOL Annual charge Ongoing charge 1 Minimum Investment

A Acc GBP GB00BNY7YM73 BNY7YM7 0.75% 15% of return above SONIA 1M IR 1.25% £20,000 A Inc GBP GB00BNY7YL66 BNY7YL6 0.75% 15% of return above SONIA 1M IR 1.25% £20,000 A Acc EUR Hdg GB00BVFCTT93 BVFCTT9 0.75% 15% of return above SONIA 1M IR 1.25% € 20,000 A Inc EUR Hdg GB00BVFCTS86 BVFCTS8 0.75% 15% of return above SONIA 1M IR 1.25% € 20,000 F Acc GBP GB00BTC2N411 BTC2N41 0.50% 10% of return above SONIA 1M IR 1.00% £5 million F Inc GBP GB00BTC2N296 BTC2N29 0.50% 10% of return above SONIA 1M IR 1.00% £5 million A Acc GBP GB00BNY7YM73 BNY7YM7 0.75% 15% of return above SONIA 1M IR 1.25% £20,000 A Inc GBP GB00BNY7YL66 BNY7YL6 0.75% 15% of return above SONIA 1M IR 1.25% £20,000

Distributions Interim Annual Ex-dividend date 30 June 31 December Distribution Date 31 August 30 April

1. Including the management fee and excluding the performance fee

For professional investors only 2 Disclaimer

Tellworth Investments LLP (“Tellworth”) is an appointed This document is being provided by BennBridge for representative of BennBridge Ltd (“BennBridge”), based informational purposes only and should not be at Eagle House, 108-110 Jermyn Street, London SW1Y construed as investment advice. It is not a 6EE. BennBridge is a limited company registered in recommendation of, or an offer to sell or solicitation England with registered number 10480050. The of an offer to buy, any particular security, strategy registered office is Windsor House, Station Court, Station or investment product. BennBridge’s research for Road, Great Shelford, Cambridge CB22 5NE. BennBridge this presentation is based on current public is authorised and regulated by the Financial Conduct information that BennBridge considers reliable, but Authority (FRN: 769109). The investment manager of the BennBridge does not represent that the research or TM Tellworth UK Select Fund is BennBridge Ltd and the the presentation is accurate or complete and it authorised corporate director is Thesis should not be relied on as such. The views and Management. The Fund is authorised in the United opinions contained herein are those of Seb Jory and Kingdom and regulated by the Financial Conduct John Warren, Fund Managers. They do not Authority. Please see the prospectus and key investor necessarily represent views expressed or reflected information document for full details. in other BennBridge investment communications or strategies and are subject to change. Any projections, market outlooks or estimates contained in this letter constitute forward looking statements, and Risk Factors are based on certain assumptions and subject to certain known and unknown risks. Accordingly, such forward The counterparty to a derivative or other contractual looking statements should not be relied upon as being agreement or synthetic financial product could become indicative of future performance or events. Past unable to honour its commitments to the fund, performance is not indicative of future results. The value potentially creating a partial or total loss for the fund. of investments and the income from them may go down The fund can be exposed to different currencies. as well as up and investors may not get back the amounts Changes in foreign exchange rates could create losses. A originally invested. The Performance Comparator of the derivative may not perform as expected, and may fund is the one month SONIA (SONIA 1M IR). create losses greater than the cost of the derivative. If a fund uses derivatives for leverage, it makes it more In the United Kingdom, this document is only available to sensitive to certain market or interest rate movements persons who are (i) investment professionals within the and may cause above-average volatility and risk of loss. meaning of Article 19 of the and Equity prices fluctuate daily, based on many factors Markets Act 2000 (Financial Promotion) Order 2005 (“FP including general, economic, industry or company news. Order”), (ii) high net worth companies and certain other In difficult market conditions, the fund may not be able entities falling within Article 49 of the FP Order; or (iii) to to sell a security for full value or at all. This could affect any other persons to whom such communications may performance and could cause the fund to defer or lawfully be made. It must not be acted, or relied, upon by suspend redemptions of its shares. any other persons. Investors should note that the capital is at risk, and, This document may not be reproduced or distributed by while the Fund aims to achieve positive returns over the recipient, in whole or part, except that this document each year, there is no guarantee that it will do so over may be provided to the recipient’s advisers in connection that, or any, time period. with an evaluation of a potential investment. Failures at service providers could lead to disruptions of fund operations or losses

For professional investors only 3