December Illuminator update

The Illuminator is a proprietary database and stock selection tool that identifies high-quality companies based on 10 characteristics. We have now published The Illuminator for over ten years. We adhere to the fundamental premise that, over the medium to long term, quality companies outperform the market. Since its inception in July 2008, the Illuminator has returned more than 1,000% compared to the FTSE All Share index return of 121% over the same period.

Since the beginning of the year, the Illuminator has outperformed the market by a wide margin of 47%, having delivered a relative outperformance of 916% since its inception. Last month, the Illuminator has outperformed the broader market by 4.8%. In the four weeks to 13 December 2019, the main Illuminator screen of 10 stocks gained 6.3% compared to a 1.6% increase in the FTSE All- Share index. Since our last update in November 2019, there was one change in the list of the top 10 names that make up the Illuminator, with Games Workshop returning to our screen and replacing Avon Rubber.

Illuminator performance: Cumulative returns Year to Three Since One month Six months One year Three years date months inception Illuminator UK 63.61% 6.30% 11.13% 13.87% 60.41% 77.07% 1037.29% FTSE All-Share 16.18% 1.55% 1.85% 3.83% 13.89% 21.84% 121.44% Illuminator relativ e 47.43% 4.75% 9.28% 10.04% 46.52% 55.23% 915.85%

Top 10 Illuminator Stocks

Market cap Company Ticker Sector (£m) Free float, % YTD, % Coats Group COA Div ers. Industrials 1034 99.8 -8 4Imprint Group FOUR Media Agencies 859 98.2 70 Rightmov e RMV Consumer Digital Sv s 5634 99.5 52 Fdm Group FDM Computer Serv ices 1087 80.1 40 Gamma Communications GAMA Telecom. Services 1170 68.0 74 Jd Sports Fashion JD/ Apparel Retailers 7618 41.7 130 Games Workshop GAW Toy s 1859 95.7 95 Hilton Food Group HFG Food Products 860 99.8 19 Serco Group SRP Prof.Business Support 1928 95.8 71 Plus500 PLUS Inv estment Services 913 89.1 -33

Weighted Factor Illuminator

We have put together an updated illuminator screen that has a somewhat more forward looking angle compared to our headline illuminator portfolio presented above. Among other things, the key difference is that the updated illuminator algorithm is designed to better capture changes in investor sentiment as it monitors fluctuations in consensus earnings expectations for each stock in the FTSE All Share index. It also applies different weights to different screening factors.

Top 10 Weighted Factor Illuminator Stocks

Company Ticker Sector Market cap, £m Free float, % YTD, %

JD Sports Fashion JD/ Apparel Retailers 7,618 41.7 130 Boohoo Group BOO Consumer Services 3,316 73.5 76

Gamma Communications GAMA Telecom. Services 1,170 68.0 74

Rightmov e RMV Consumer Digital Sv s 5,634 99.5 52 Kainos Group KNOS Technology 873 53.7 80

Greggs GRG Food Retail & Wsale 2,197 99.7 81 4Imprint Group FOUR Media Agencies 859 98.2 70 Av on Rubber AVON Defence 620 99.6 65

FDM Group FDM Technology 1,101 80.1 36 RWS Holdings RWS Industrials 829 99.8 14