UK Fund Manager Brochure January 2020 “Know What You Own and Why You Own It” – Peter Lynch 2

VADEVALOR

UK Fund Manager Brochure January 2020 “Know what you own and why you own it” – Peter Lynch 2

OUR GLOBAL COLLABORATORS 3

Vadevalor is an independent global investment research company. Our basic goal is helping savers make better decisions about their investments.

We want to provide information about those fund managers who:

- Have outperformed their relevant benchmarks we have chosen. - Show a high level of transparency and communication.

*If you are a fund manager who meets the requirements but has not been included on our website, kindly contact us via email at [email protected] 4

FIND VALUE IN OUR GLOBAL BRAND

“All intelligent investing is value investing – acquiring more than you are paying for”

– Charlie Munger 5

Rating Structure & Criteria Criteria to be rated by Vadevalor

AAA: Fund manager who has outperformed the - At least 3 years managing investment benchmark for more than 10 years vehicles. - If the fund manager has worked in AA: Fund manager who has outperformed the different asset management companies, benchmark for more than 5 years we take into account the returns achieved by his best performing funds. The fund A: Fund manager who has outperformed the manager will be awarded the Vadevalor benchmark for more than 3 years but less than stamp only if the average return achieved 5 years and has more than €50M AUM by all their managed funds is higher than the average return achieved by their Benchmark: See table of returns brochure for appropriate benchmarks. relevant benchmarks. - If the fund manager has been inactive for a short period, we add the returns VADEVALOR RATING Disclaimer: achieved by the index over that period to calculate their total returns. STRUCTURE & The content of this brochure is produced by Vadevalor - Once a fund manager becomes A, AA or Group and is for informational purposes only. You should AAA-rated, we only consider the returns CRITERIA not construe any such information or other material as investment, financial, or other advice. Although we have achieved by one fund, chosen by the fund made every effort to liaise with the relevant companies manager and endeavour to ensure that the information is complete, accurate and up-to-date, the information can be subject to human or general errors. Vadevalor Group assumes no liability for any errors or omissions on the brochure. Profile 10 Main Holdings Academic background (ASI UK Smaller Companies Fund) Current company MA Geography at the August 2019 Aberdeen Standard University of Dundee. (www.aberdeenstandard.com) Dechra Pharmaceuticals (4.2%) MBA. University of Gamma Communications (3.9%) Edinburgh. Main investment fund Future (3.6%) ASI UK Smaller Companies 4imprint (3.6%) Fund. RWS Holdings (3.4%) GB Group (3.3%) Diploma (3.2%) Professional background Investment strategy Hilton Food (3.1%) Value investing strategy, JD Sports 83.1%) Harry Nimmo using fundamental Marshalls Group (3.1%) Joined Standard Life in AAA-rated Fund Manager analysis. 1984. Charges AUM (ASI UK Smaller Companies ASI UK Smaller Companies Fund, Fund) institutional. ISIN: GB0004333497 £1,470,100,000 Ongoing Charges: 0.89%

AAA-rated Fund Manager Profile 10 Main Holdings Academic background (ASI UK Ethical Equity Fund) Current company August 2019 BA in Economics and a Aberdeen Standard Masters Degree in (www.aberdeenstandard.com) Bellway (3.2%) International Finance. Boohoo (3.1%) Main investment fund Howden (2.7%) Fever Tree (2.7%) ASI UK Ethical Equity Fund Entertainment One (2.6%) Professional background AVEVA (2.4%) Polypipe (2.3%) Investment strategy Prudential (2.3%) Value investing strategy, DS Smith (2.2%) Lesley Duncan Analyst. Bothwell Asset using fundamental Redrow (2.2%) AAA-rated Fund Manager Management. analysis.

Charges Joined Standard Life in 1995. ASI UK Ethical Fund. ISIN: AUM (ASI UK Ethical Equity Fund) GB0004333059 £312,300,000 Ongoing Charges: 0.85%

AAA-rated Fund Manager Profile

10 Main Holdings Academic background Current company (ASI Global Smaller Companies) BSc Hons, Economics & Aberdeen Standard August 2019 Politics. Bath Unviersity (www.aberdeenstandard.com) Teleperformance (4.5%) ServiceMaster (4%) Main investment fund Shenzhou International (3.5%) Professional background ASI Global Smaller Companies MarketAxess (3.3%) HMS (3%) Assistant Director. Singer & Insulet (3%) Friedlander Investment strategy Aspen Technology (2.8%) RWS Holdings (2.8%) Value investing strategy, Management Associate. Alan Rowsell Service Corporation Int. (2.7%) using fundamental Cazenove AA-rated Fund Manager Paylocity Holding (2.6%) analysis. Economic Research Charges Assistant. H.M. Treasury

AUM (ASI Global Smaller ASI Global Smaller Companies, Companies) institutional. ISIN: GB00B777SP34 £1,346,700,000 Ongoing charges: 0.95% Profile 10 Main Holdings (ASI UK Equity Income Unconstrained) Academic background Current company

Aberdeen Standard August 2019 BA Hons (1st class), (www.aberdeenstandard.com) Royal Dutch Shell (5.3%) Economics and Politics with European Studies. 1st Class Main investment fund John Laing (5%) BP (3.9%) ASI UK Equity Income GlaxoSmithKline (3.6%) Unconstrained National Express (3.4%) Close Brothers (3.1%) Professional background Investment strategy British American Tobacco (2.9%) BAE Systems (2.9%) Value investing strategy, Thomas Moore Diversified Gas & Oil (2.7%) using fundamental AAA-rated Fund Manager Ashmore Group (2.7%) analysis. Investment Analyst. Schroders.

Charges

AUM (ASI UK Equity Income ASI UK Equity Income Unconstrained, Unconstrained) institutional. ISIN: GB00B1LBST30 £1,151,200,000 Ongoing charges: 0.9% Profile 10 Main Holdings (Aberforth Smaller Academic background Current company Companies Trust) Degree in Economics. Aberforth November 2019 University of Cambridge. (www.aberforth.co.uk) Mitchells & Butlers (3.6%) Urban & Civic (3.6%) Master’s degree in Finance Main investment fund First Group (3.3%) and International Business. Aberforth Smaller Brewin Dolphin (3.1%) Columbia Business School. Companies Trust) Grainger (3.1%) Future (2.6%) Investment strategy SDL (2.6%) Professional background Rank Group (2.4%) Value investing strategy, Wincanton (2.2%) Euan Macdonald using fundamental Morgan Advanced Materials (2.2%) Fund Manager. Baillie AAA-rated Fund Manager analysis. Gifford

Charges AUM (Aberforth Smaller Aberforth Smaller Companies Trust. Companies Trust) ISIN: GB0000066554

£1,307,000,000 Ongoing charges: 0.79%

AA-rated Fund Manager Profile 10 Main Holdings Academic background (Aberforth Smaller Current company Companies Trust)

Aberforth November 2019 (www.aberforth.co.uk) Mitchells & Butlers (3.6%) Urban & Civic (3.6%) Main investment fund First Group (3.3%) Aberforth Smaller Brewin Dolphin (3.1%) Companies Trust Grainger (3.1%) Future (2.6%) Investment strategy SDL (2.6%) Professional background Rank Group (2.4%) Value investing strategy, Wincanton (2.2%) Alistair Whyte using fundamental Morgan Advanced Materials (2.2%) Founding Partner. 1990. AAA-rated Fund Manager analysis.

Charges AUM (Aberforth Smaller Aberforth Smaller Companies Trust. Companies Trust) ISIN: GB0000066554 £1,307,000,000 Ongoing charges: 0.79%

AA-rated Fund Manager Profile 10 Main Holdings Academic background (Kames Ethical Equity) Current company Degree in Accounting. Kames Capital October 2019 Napier University. (www.kamescapital.com) Relx (5%) Qualified Chartered Main investment fund Aveva Group (3.9%) Accountant. GB Group (3.2%) Kames Ethical Equity Unite Group (3%) Msc in Investment Analysis. Coca-Cola HBC (3%) Prudential (2.9%) Investment strategy John Laing Group (2.8%) Diploma (2.7%) Professional background Value investing strategy, Audrey Ryan using fundamental Sage Group (2.6%) Portfolio Manager. General AAA-rated Fund Manager analysis. Gamma Communications (2.4%) Accident. Charges

Kames Ethical Equity Fund, AUM (Kames Ethical Equity) institutional. ISIN: GB0007450884 £529,000,000 Ongoing Charges: 0.78%

AA-rated Fund Manager Profile 10 Main Holdings Academic background (Alken European Opportunities) Current company Graduated from Ecole Alken November Polytechnique, Paris and (www.alken-am.com) holds a Masters degree Wirecard (9.9%) from ENSAE (National Peugeot (7%) Main investment fund College of Statistics and British American Tobacco (5.5%) Economics) Carrefour (5.2%) Alken European Opportunities Professional background Eiffage (5.2%)

Investment strategy Fund Manager. Banque Syz. London. Value investing strategy, Nikolas Walewski using fundamental AAA-rated Fund Manager Buy-side Analyst analysis. specialising in media and Charges information technology. Alken European Opportunities. Fund Manager Credit AUM (Alken European ISIN: LU0235308482 Lyonnais. Opportunities) Management fee : 1.5% €1,590,000,000 Performance fee: 10%

Investment strategy Research Analyst covering luxury goods. Exane BNP Value investing strategy, Marc Festa Paribas. using fundamental AA-rated Fund Manager analysis. Charges Strategy Consultant. Boston Consulting Group. Alken European Opportunities. AUM (Alken European ISIN: LU0235308482 Opportunities) Management fee : 1.5% €1,590,000,000 Performance fee: 10%

AA-rated Fund Manager Profile 10 Main Holdings Academic background (AB American Growth) Current company BA in Business Economics. Alliance Bernstein October 2019 State University of New (www.alliancebernstein.com) York. Alphabet (7.38%) Microsoft (6.69%) Main investment fund Professional background Facebook (5.66%) AB American Growth Visa (5.02%) Joined Alliance Bernstein UnitedHealthGroup (4.92%) in 1993. Zoetis (3.77%) Investment strategy Monster Beverage (3.53%) Director of Equities. Vertex Pharmaceuticals (3.47%) Value investing strategy, Shields Asset Management. Frank Caruso, CFA Home Depot (3.39%) using fundamental AA-rated Fund Manager Intuitive Surgical (3.17%) analysis. Managing Director. Shearson Lehman Advisors.

Charges CIO. Shearson Lehman AB American Growth, Institutional. Asset Management. AUM (AB American Growth) ISIN: LU0079475348 $3,562,330,000 Ongoing charges: 0.94%

AA-rated Fund Manager Profile 10 Main Holdings Academic background (AB Concentrated Global Equity) Current company BSc (Hons) in Economics. Alliance Bernstein October 2019 University of Bristol. (www.alliancebernstein.com) Microsoft (5.16%) MSc in Finance. London Mastercard (5.07%) Main investment fund Business School. Verisk Analytics (3.85%) AB Concentrated Global Equity Abbott Laboratories (3.85%) Nestle (3.82%) Professional background Zoetis (3.64%) Investment strategy ASML (3.52%) Portolio Manager. WPS Charles Schwab (3.4%) Advisors. Value investing strategy, Eurofins (3.29%) Dev Chakrabarti using fundamental Iqvia (3.07%) Equity Research Analyt & analysis. AA-rated Fund Manager Portfolio Manager. W.P Stewart. Charges AUM (AB Concentrated Global Analyst. Merril Lynch. J.P. AB Concentrated Global Equity, Equity) Institutional. ISIN: LU1011997464 Morgan Securities. Unilever. $326,026,014 Ongoing charges: 1.2%

AA-rated Fund Manager Profile 10 Main Holdings Academic background (AB Concentrated Global Equity) Current company BA (Hons) in Economics. Alliance Bernstein October 2019 University of York. (www.alliancebernstein.com) Microsoft (5.16%) Mastercard (5.07%) Professional background Main investment fund Verisk Analytics (3.85%) AB Concentrated Global Equity Abbott Laboratories (3.85%) Nestle (3.82%) Zoetis (3.64%) President & Managing Director Investment strategy ASML (3.52%) of global investments. Charles Schwab (3.4%) W.P.Stewart & Co Value investing strategy, Mark Phelps Eurofins (3.29%) using fundamental Iqvia (3.07%) CEO. W.P. Stewart & Co AA-rated Fund Manager analysis.

Global Portfolio Manager. Charges Stewart & Co AUM (AB Concentrated Global AB Concentrated Global Equity, Equity) Institutional. ISIN: LU1011997464 Senior Positions. Kleinwort Benson / Dresdner Bank $326,026,014 Ongoing charges: 1.2%

AA-rated Fund Manager Profile 10 Main Holdings Academic background (AB Concentrated US Equity) Current company BS in Finance. Providence Alliance Bernstein October 2019 College. (www.alliancebernstein.com) Microsoft (9.47%) MBA. Columbia Business Mastercard (9.31%) Main investment fund School Abbott Laboratories (8.44%) AB Concentrated US Equity IQVIA (6.38%) Professional background Stericycle (5.34%) Facebook (5.01%) Investment strategy Amphenol (4.87%) Zoetis (4.86%) Value investing strategy, CIO. W.P. Steart & Co Alphabet (4.82%) James T. Tierney, Jr using fundamental Allegion (4.78%) AA-rated Fund Manager analysis. Equity Research Analyst. J.P. Morgan Charges AUM (AB Concentrated Global AB Concentrated US Equity, Equity) Institutional. ISIN: LU1011999676 $902,780,000 Ongoing charges: 1.05% Profile 10 Main Holdings Academic background (Allianz Europe Equity Growth) Current company November 2019 Degree in Economics. Allianz Global Investors University of Bonn (www.allianzgi.com) SAP (5.23%) ASML (4.96%) DSV Panalpina (4.07%) Main investment fund Infineon Technologies (3.8%) Allianz Europe Equity Growth Novo Nordisk (3.72%) Sika (3.58%) Professional background DCC (2.92%) Investment strategy LV M H ( 2 . 9 2 % ) Assa Abloy (2.83%) Value investing strategy, Atlas Copco (2.75%) using fundamental Thorsten Winkelmann Joined Allianz Global analysis. AA-rated Fund Manager Investors in 2001 Charges

AUM (Allianz Europe Equity Allianz Europe Equity Growth. ISIN: LU0256880153 Growth) Ongoing charges: 0.95% €5,986,030,000

AA-rated Fund Manager Profile 10 Main Holdings Academic background (Allianz Global Insights) Current company October 2019 Bachelor of Science (BS), Allianz Global Investors Electrical (www.allianzgi.com) Bio-Rad Laboratories (3.59%) Engineering/Computer IQVIA Holdings (3.42%) Science. Duke University. Main investment fund Agilent Technologies (3.38%) DBS Group (3.27%) MBA. Duke’s Fuqua School Allianz Global Insights Walt Disney (3.25%) of Business. Hoshizaki (3%) United Rentals (2.74%) Professional background Investment strategy Tesla (2.65%) Value investing strategy, Docusign (2.61%) Head of Research Allianz Steve Berexa using fundamental Eaton Corp (2.57%) Global Investors AAA-rated Fund Manager analysis. Vulcan Materials (2.47%) Technology Analyst. Charges INVESCO

Allianz Global Insights, Class WT. Investment Manager. AUM (Allianz Global Insights) ISIN:IE00BWSWB202 Prudential €171,580,000 Ongoing charges: 0.73%

AA-rated Fund Manager Profile 10 Main Holdings Academic background (Amati UK Smaller) Current company November 2019 MA, Music. University of Amati Global Investors Cambridge. (www.amatiglobal.com) Onesavings Bank (3.6%) Intermediate Capital (3.1%) Professional background Main investment fund Jadestone Energy (2.7%) 4imprint (2.2%) Amati UK Smaller CLS Holding (3.1%) GB Group (2%) Fund Manager. Stewart Qinetiq (2%) Investment strategy Ivory. Watkin Jones (2%) Value investing strategy, B&M (1.9%) Head of UK Equities. First Paul Jourdan using fundamental Discoverie (1.9% State. AAA-rated Fund Manager analysis.

Charges Professional violinist.

Amati UK Smaller, B Class ISIN: GB00B2NG4R39 AUM (Amati UK Smaller) Ongoing charges: 0.92% £350,160,000 Profile 10 Main Holdings Academic background (Amati UK Smaller) Current company November 2019 Chartered Accountant. Amati Global Investors KPMG (www.amatiglobal.com) Onesavings Bank (3.6%) Intermediate Capital (3.1%) Jadestone Energy (2.7%) Main investment fund Professional background 4imprint (2.2%) Amati UK Smaller CLS Holding (3.1%) GB Group (2%) Qinetiq (2%) Co-founding Partner. Investment strategy Watkin Jones (2%) Cartesian Capital. B&M (1.9%) Value investing strategy, David Stevenson Discoverie (1.9% Corporate Finance & using fundamental AA-rated Fund Manager Private Equity Analyst. analysis. Dunedin Fund Managers. Charges

Amati UK Smaller, B Class Assistant Director. Fund ISIN: GB00B2NG4R39 Manager. SVM. AUM (Amati UK Smaller) Ongoing charges: 0.92% £350,160,000 Profile

10 Main Holdings Academic background Current company (Ardevora Global Equity)

Ardevora November 2019 Degree in Mathematics. MSc (www.ardevora.com) in Mathematics and the Dexcom (1.29%) Foundations of Computer Samsung Electronics (0.97%) Main investment fund Science. University of Anta Sports (0.95%) Oxford. Ardevora Global Equity Illumina (0.92%) Auto Trader (0.72%) Symrise (0.65%) Investment strategy Professional background Value investing strategy, Ben Fitchew, CFA using fundamental AA-rated Fund Manager analysis. Fund Manager. LionTrust Charges

Ardevora Global Equity, Class C. AUM (Ardevora Global Equity) ISIN: IE00B4XSRG30 £746,000,000 Ongoing Charges: 1.1% Profile

10 Main Holdings Academic background Current company (Ardevora UK Equity) Degree in Economics and Ardevora November 2019 (www.ardevora.com) Econometrics. University of York. Rightmove (5.11%) Main investment fund Travis Perkins (5.11%) Masters in Economics of Aveva Group (4.91%) Ardevora UK Equity Finance and Investment. Severn Trent (4.8%) University of Exeter. Auto Trader (4.75%) Investment strategy Professional background Jeremy Lang Value investing strategy, AA-rated Fund Manager using fundamental analysis. Portfolio Manager. Charges Liontrust

Ardevora UK Equity, Class C. ISIN: Portfolio Manager. James AUM (Ardevora UK Equity) IE00B3WN9227 Capel Fund Managers. £172,000,000 Ongoing Charges: 1.13% Profile

10 Main Holdings Academic background Current company (Ardevora UK Equity)

Ardevora Degree in Chemistry. November 2019 (www.ardevora.com) Oxford University.

Rightmove (5.11%) Main investment fund Travis Perkins (5.11%) Professional background Aveva Group (4.91%) Ardevora UK Equity Severn Trent (4.8%) Auto Trader (4.75%) Portfolio Manager. Investment strategy Liontrust William Pattisson Value investing strategy, Head of the UK Equity AA-rated Fund Manager using fundamental Specialist Team. Fleming analysis. Investment Mangement. Charges Portfolio Manager. James Ardevora UK Equity, Class C. ISIN: Capel Fund Managers. AUM (Ardevora UK Equity) IE00B3WN9227 £172,000,000 Ongoing Charges: 1.13% Profile 10 Main Holdings Academic background (Artemis European Growth) Current company November 2019 BA & MA in Economics. Artemis (www.artemisfunds.com) Roche (6%) Enel (5.5%) Main investment fund Allianz (4.2%) Wienerberger (4.1%) Artemis European Growth Sanofi (3.9%) Gazprom (3.9%) Professional background Eiffage (3.3%) Investment strategy Peugeot (3%) Value investing strategy, Lukoil (2.9%) using fundamental Gruppo Unipol (2.8%) Philip Wolstencroft Head of Pan-European analysis. AAA-rated Fund Manager Equity Strategy. Merril Charges Lynch.

AUM (Artemis European Artemis European Growth, Growth) institutional. ISIN: GB00B2PLJD73 Ongoing charge: 0.87% £152,700,000 Profile 10 Main Holdings Academic background (Artemis Income Fund) Current company November 2019 Artemis Degree in Geography. (www.artemisfunds.com) 3i (5.6%) Jesus College, Cambridge. BP (4.6%) Main investment fund GSK (4.2%) RELX (4.1%) Artemis Income Fund Segro (3.9%) Professional background Tesco (3.5%) Investment strategy London Stock Exchange (3.3%) Informa (3.1%) Value investing strategy, Legal & General (3.1%) Adrian Frost using fundamental Smiths Group (2.9%) Director & Head of UK AAA-rated Fund Manager analysis. Equities. Deutsche Asset Management. Charges Artemis Income Fund, institutional. AUM (Artemis Income Fund) ISIN: GB00B2PLJH12 £5,085,100,000 Ongoing charges: 0.8% Profile 10 Main Holdings Academic background (Artemis UK Select) Current company November 2019 Degree in Manufacturing Artemis Engineering. University of (www.artemisfunds.com) 3i (5%) Cambridge. International Airlines Group (4.9%) Main investment fund British American Tobacco (4.5%) BP (4.5%) Artemis UK Select Barclays (4.3%) Prudential (4.3%) Professional background Investment strategy DS Smith (4.2%) Tesco (4.1%) Value investing strategy, Melrose Industries (4%) Ed Legget, CFA using fundamental Oxford Instruments (3.4%) Fund Manager. Standard analysis. AAA-rated Fund Manager Life Investments.

Charges

Artemis UK Select, institutional. AUM (Artemis UK Select) ISIN: GB00B2PLJG05 £743,400,000 Ongoing charge: 0.86% Profile 10 Main Holdings Academic background (Artemis UK Smaller Companies) Current company November 2019 Degree in Manufacturing Artemis Engineering. University of (www.artemisfunds.com) RPX Corporation (2.9%) Cambridge. Mears (2.7%) Main investment fund Wilmington (2.6%) National Express (2.6%) Artemis UK Smaller Companies Brooks Macdonald (2.6%) Volution (2.5%) Professional background Investment strategy Computacenter (2.5%) Restore (2.4%) Fund Manager. Standard Value investing strategy, NCC Group (2.4%) Life Investments. Mark Niznik using fundamental Consort Medical (2.4%) analysis. AAA-rated Fund Manager Equity Research Analyst. Perpetual. Charges AUM (Artemis UK Smaller Fund Manager. Greig Artemis UK Smaller Companies, Companies) institutional. ISIN: GB00B2PLJL57 Middleton & Co.

£490,200,000 Ongoing charges: 0.86% Profile 10 Main Holdings Academic background (Artemis UK Special Situaitons) Current company November 2019 Artemis (www.artemisfunds.com) Tesco (4.5%) n/a GSK (4.4%) Main investment fund Prudential (4.1%) BP (4.1%) Artemis UK Special Situations Capita (3.9%) Professional background Melrose Industries (3.5%) Investment strategy Spectris (3.3%) Oxford Instruments (3.3%) Value investing strategy, Barclays (3%) Derek Stuart using fundamental British American Tobacco (2.6%) Fund Manager. Ivory & Sime analysis. AAA-rated Fund Manager

Charges AUM (Artemis UK Special Artemis UK Special Situations. Situatons) institutional. ISIN: GB00B2PLJQ03

£621,900,000 Ongoing charges: 0.86% Profile 10 Main Holdings Academic background (Artemis Global Growth) Current company BA in Mathematics & November 2019 Artemis Philosophy. Universty of (www.artemisfunds.com) Oxford. Apple (2.8%) JP Morgan (2.3%) MA in Economics. Freiburg Main investment fund Alphabet (2.2%) University. Roche (2%) Artemis Global Growth Citizens Financial (1.7%) PhD in Economics. Hamburg Microsoft (1.5%) University. Investment strategy Allianz SE (1.5%) Itochu (1.4%) Value investing strategy, Intel (1.4%) Professional background Peter Saacke, CFA using fundamental Lukoil (1.4%) analysis. AAA-rated Fund Manager Equity Strategist. Merril Charges Lynch

AUM (Artemis Global Growth) Artemis Global Growth. institutional. ISIN: GB00B2PLJP95

£753,100,000 Ongoing charges: 0.87% Profile 10 Main Holdings Academic background (Artemis European Opportunities) Current company n/a November 2019 Artemis (www.artemisfunds.com) Roche (5.1%) Novo Nordisk (4%) Main investment fund Danne (3.8%) Ahold (3.8%) Artemis European Air Liquide (3.5%) Opportunities Inditex (3.1%) Professional background Investment strategy Sampo (3.1%) Bayer (3.1%) Value investing strategy, Kuehne + Nagel (3%) using fundamental Fresenius SE (3%) Marc Page analysis. Head of European Equities. AA-rated Fund Manager LV = Asset Management. Charges

AUM (Artemis European Opp.) Artemis European Opportunities. institutional. ISIN: GB00B6WFCR53

£286,300,000 Ongoing charges: 0.86% Profile 10 Main Holdings Academic background (Artemis European Opportunities) Current company November 2019 Artemis (www.artemisfunds.com) Roche (5.1%) Bachelors degree. Novo Nordisk (4%) Accounting & Finance. Main investment fund Danne (3.8%) Emlyon Business School. Ahold (3.8%) Artemis European Air Liquide (3.5%) Opportunities Inditex (3.1%) Professional background Investment strategy Sampo (3.1%) Bayer (3.1%) Value investing strategy, Kuehne + Nagel (3%) Laurent Millet using fundamental Fresenius SE (3%) AA-rated Fund Manager analysis. Fund Manager. LV= Asset Management. Charges

AUM (Artemis European Opp.) Artemis European Opportunities institutional. ISIN: GB00B6WFCR53

£286,300,000 Ongoing charges: 0.86% Profile 10 Main Holdings Academic background (Artemis US Smaller Companies) Current company Bachelor of Arts (B.A.), November 2019 Artemis Accounting and Finance. (www.artemisfunds.com) Dublin City University. Booz Allen Hamilton (4.3%) Pool (4%) Main investment fund Bio-Rad Laboratories (3.8%) Spirit Aerosystems Holdings (3.6%) Artemis US Smaller Companies Professional background LPL Financial Holdings (3.6%) Churchill Down Inc (3%) Investment strategy Fortune Brands Home & Security (3%) Fund Manager. Voya Financial (2.6%) Threadneedle Investments. Value investing strategy, Western Alliance Bancorp (2.4%) Cormac Weldon using fundamental LKQ Corp (2.3%) Fund Manager. British Gas AAA-rated Fund Manager analysis. Pensión Fund.

Charges US Equity Analyst. AUM (Artemis US Smaller Provident Mutual Companies) Artemis US Smaller Companies institutional. ISIN: GB00BMMV5105

£1,403,400,000 Ongoing charges: 0.89% Profile 10 Main Holdings Academic background (Artemis Global Emerging Markets) Current company Degree in Electrical November 2019 Artemis Engineering. University of (www.artemisfunds.com) Cambridge. Samsung Electronics (2.9%) Country Garden (2.8%) Main investment fund ICBC (2.5%) Anhui Conch Cement (2.4%) Artemis Global Emerging Markets Professional background Hon Hai Precision (2.3%) ENN Energy (2.2%) Investment strategy Chalease Holding (2.1%) Fulcrum Asset Management. China Resources Land (2.1%) Value investing strategy, Thanachart Bank (2.1%) Quantitative Analyst. Raheel Altaf using fundamental Lukoil (2.1%) Portfolio Manager. Fidelity analysis. International. AA-rated Fund Manager

Charges AUM (Artemis Global Emerging Artemis Global Emerging Markets Markets) institutional. ISIN: GB00BW9HL132

£330,800,000 Ongoing charges: 0.95% Profile 10 Main Holdings Academic background (Artemis Alpha Trust) Current company November 2019 Artemis n/a (www.artemisfunds.com) Sports Direct (5.9%) Tesco (5.6%) Main investment fund IWG (5.1%) EasyJet (4.7%) Artemis Alpha Trust Just Eat (4.3%) Professional background Barclays (4.3%) Investment strategy Rocket Internet (4.3%) Dignity (4.2%) Value investing strategy, Plus 500 (4.2%) Senior Investment Manager using fundamental John Dodd Capital & Counties Properties (3.8%) of UK smaller companies. analysis. AAA-rated Fund Manager Ivory & Sime.

Charges

Artemis Alpha Trust. institutional. AUM (Artemis Alpha Trust) ISIN: GB0004355946

£143,400,000 Ongoing charges: 0.91% Profile 10 Main Holdings Academic background (Atlantis Japan Opportunities) Current company N/A Atlantis November 2019 (www.atlantis-investment.com) S-Pool Inc (3.9%) Lasertec (3.6%) Main investment fund Professional background Bengo4.com (3%) Atlantis Japan Opportunities Japan Elevator Service (3%) Japan Medical Dynamic (2.8%) Started career at Schroder Investment strategy Securities

Value investing strategy, Joined James Capel in using fundamental Taeko Setaishi 1986. analysis. AAA-rated Fund Manager Charges Joined Schroder Investment Management in 1993 AUM (Atlantis Japan Atlantis Japan Opportunities institutional. ISIN: IE0033648662 Opportunities) Taeko joined Atlantis in Management fee: 1.5% 1996 USD 111,500,000 Profile 10 Main Holdings Academic background (AVIVA UK Listed Equity High Alpha) Current company MA (Hons) in Economics and AVIVA INVESTORS October 2019 Accounting. Edinburgh (www.avivainvestors.com) University. Royal Dutch Shell (8.93%) Barclays (6.05%) Main investment fund Professional background Standard Chartered (5.37%) AVIVA UK Listed Equity High Alpha Royal Bank of Scotland (3.21%) DS Smith (2.84%) Head of Equities. Executive Investment strategy Director. Standard Life Investments. Value investing strategy, David Cumming using fundamental Portfolio Manager. AAA-rated Fund Manager analysis. Edinburgh Fund Managers. Manulife. Morgan Grenfell. Charges AUM (AVIVA UK Listed Equity Investment Analyst. Royal AVIVA UK Listed Equity High Alpha, High Alpa) London Mutual. institutional. ISIN: GB0030944648

£223,650,000 Management fee : 0.73% Profile 10 Main Holdings Academic background (AXA Framlington UK Mid Cap) Current company Degree in AXA Framlington October 2019 Philosophy/Psychology. (www.axa-im.com) Durham University. Future (2.79%) Homeserve (2.5%) Chartered Accountant. Main investment fund Marshalls (2.36%) AXA Framlington UK Mid Cap Bellway (2.25%) Professional background Safestore (2.21%) Spirent Communications (2.21%) Joined AXA Framlington in Investment strategy WH Smith (2.2%) 2005. Polypipe (2.06%) Value investing strategy, Ultra Electronics (2.05%) Chris St John using fundamental Portfolio Manager. F&C Hill & Smith (2%) AA-rated Fund Manager analysis. Asset Management.

Trainee Fund Manager. Charges AUM (AXA Framlington UK Mid Ivory & Sime. Cap) AXA Framlington UK Mid Cap. Class Z. ISIN: GB00B64W4Q70 PwC.

£333,800,000 Management fee : 0.84% Profile 10 Main Holdings Academic background (AXA Framlington Japan Fund) Current company August 2019 AXA Framlington Degree in Sociology. Keio (www.axa-im.com) Softbank (1.67%) University. SanBio (1.56%) SBI Holdings (1.43%) Main investment fund Sony Corp (1.42%) Professional background AXA Framlington Japan Fund Showa Denko (1.36%) Daifuku (1.36%) OUTSOURCING (1.28%) Joined AXA Framlington in Investment strategy Lasertec (1.24%) 2006.. Fujitsu (1.21%) Value investing strategy, NS Solutions (1.2%) Fund Manager. Scottish using fundamental Widows. Chisako Hardie analysis. AA-rated Fund Manager Assistant Director. Martin Charges Currie Investment AUM (AXA Framlington Japan AXA Framlington Japan Fund. Management. Fund) Class Z. ISIN: GB00B7FSWP64

£316,400,000 Management fee : 0.75% Profile 10 Main Holdings Academic background (Scottish Mortgage Investment Trust) Current company BA in History. Oxford Baillie Gifford 30 November 2019 University. (www.bailliegifford.com) Amazon (8.8%) MA in International Affairs. Illumina (7.4%) Main investment fund Alibaba (6.8%) Scotish Mortgage Investment Tesla (5.9%) Trust Tencent (5.7%) Professional background ASML (4%) Investment strategy Kering (3.7%) Ferrari (3%) Value investing strategy, Netflix (2.6%) James Anderson using fundamental Joined Baillie Gifford in Ant International (2.5%) AAA-rated Fund Manager analysis. 1983.

Charges AUM (Scottish Mortgage Investment Trust) Scottish Mortgage Investment Trust ISIN: GB0007826091

£8,601,600,000 Ongoing charges: 0.37% Profile 10 Main Holdings Academic background (Scottish Mortgage Investment Trust) Current company BSc in Computer Science Baillie Gifford 30 November 2019 with Mathematics. (www.bailliegifford.com) University of Edinburgh. Amazon (8.8%) Illumina (7.4%) Main investment fund Alibaba (6.8%) Scotiss Mortgage Investment Tesla (5.9%) Trust Tencent (5.7%) Professional background ASML (4%) Investment strategy Kering (3.7%) Ferrari (3%) Value investing strategy, Netflix (2.6%) Tom Slater using fundamental Joined Baillie Gifford in Ant International (2.5%) AAA-rated Fund Manager analysis. 2000.

Charges AUM (Scottish Mortgage Investment Trust) Scottish Mortgage Investment Trust ISIN: GB0007826091 £8,601,600,000 Ongoing charges: 0.37 % Profile 10 Main Holdings Academic background (BG American) Current company 30 November 2019 Baillie Gifford (www.bailliegifford.com) Amazon (8.2%) Master in Biochemistry. MarketAxess (5.9%) Oxford University. Shopify (5.6%) Main investment fund Tesla (5.3%) BG American Netflix (4.8%) Alphabet (4.6%) Professional background Mastercard (4.3%) Investment strategy The Trade Desk (4.2%) Illumina (4.2%) Value investing strategy, Gary Robinson, CFA Facebook (3.9%) using fundamental Joined Baillie Gifford in AA-rated Fund Manager analysis. 2003. Charges

Baillie Gifford American Fund ISIN: GB0006061963 (class B) AUM (BG American) Ongoing charges : 0.52% £2,497,760,000 Profile 10 Main Holdings Academic background (BG American) Current company Women Transforming Baillie Gifford 30 November 2019 Leadership Programme. (www.bailliegifford.com) University of Oxford. Amazon (8.2%) MarketAxess (5.9%) Bachelor of Science (BSc), Main investment fund Shopify (5.6%) Economics. University of BG American Tesla (5.3%) Warwick. Netflix (4.8%) Alphabet (4.6%) Master of Philosophy Investment strategy Mastercard (4.3%) (Mphil), Economics. The Trade Desk (4.2%) University of Cambridge. Value investing strategy, Illumina (4.2%) using fundamental Hellen Xiong Facebook (3.9%) analysis. Professional background A-rated Fund Manager

Charges Joined Baillie Gifford in Baillie Gifford American Fund 2008. AUM (BG American) ISIN: GB0006061963 (class B)

£ 2,497,760,000 Ongoing charges : 0.52% Profile 10 Main Holdings Academic background (BG European Fund) Current company

Baillie Gifford 30 November 2019 BSc in Financial (www.bailliegifford.com) Mathematics. Glasgow Bechtle (5%) Caledoian University. IMCD (4.6%) Main investment fund ASML (3.9%) BG European Fund Ryanair (3.8%) Atlas Copco (3.8%) Professional background Adidas (3.7%) Investment strategy NIBE (3.7%) L’Oreal (3.5%) Value investing strategy, Stephen Paice Zalando (3.5%) using fundamental Joined Baillie Gifford in AA-rated Fund Manager Avanza Bank (3.2%) analysis. 2005.

Charges

Baillie Gifford European Fund AUM (BG European Fund) ISIN: GB0006058258 (class B)

£636,020,000 Ongoing charges: 0.59% Profile 10 Main Holdings Academic background (BG European Fund) Current company BSc in Business Baillie Gifford 30 November 2019 Administration. University (www.bailliegifford.com) of Regensburg (Germany). Bechtle (5%) IMCD (4.6%) Main investment fund MSc in Finance and ASML (3.9%) Investment. University of BG European Fund Ryanair (3.8%) Edinburgh. Atlas Copco (3.8%) Adidas (3.7%) Investment strategy NIBE (3.7%) Professional background L’Oreal (3.5%) Value investing strategy, Zalando (3.5%) using fundamental Mortiz Sitte Avanza Bank (3.2%) analysis. A-rated Fund Manager Joined Baillie Gifford in Charges 2010.

Baillie Gifford European Fund AUM (BG European Fund) ISIN: GB0006058258 (class B)

£636,020,000 Ongoing charges: 0.59% Profile 10 Main Holdings Academic background (BG Global Disovery Fund) Current company BSc in Molecular Biology & Baillie Gifford 30 November 2019 Biochemistry. Durham (www.bailliegifford.com) Unviersity. Alnylam Pharmaceuticals (5.8%) MarketAxess (5%) Main investment fund Dphil in Molecular Novocure (5%) Immunology. Oxford BG Global Discovery Fund Ocado (4.7%) University. LendingTree (4.3%) Chegg (3.4%) Investment strategy Zillow (3%) Professional background Teladoc (2.5%) Value investing strategy, Dexcom (2.4%) Douglas Brodie, CFA using fundamental Genmab (2.3%) AAA-rated Fund Manager analysis. Joined Baillie Gifford in Charges 2001.

Baillie Gifford Global Discovery Fund AUM (BG Global Discovery Fund) ISIN: GB0006058258 (class B)

£814,760,000 Ongoing charges: 0.77% Profile 10 Main Holdings Academic background (BG Japanese Fund) Current company BA (Hons) in Natural Baillie Gifford 30 November 2019 Sciences (Psychology). (www.bailliegifford.com) University of Cambridge. Softbank (6.5%) Sumitomo Mitsui (4.1%) Main investment fund PhD in Psycology. Bristol INPEX (3.9%) University. BG Japanese Fund SB Holdings (3.5%) Rakuten (3.4%) GMO Internet (3.2%) Professional background Investment strategy Kubota (3%) Misumi (2.6%) Value investing strategy, FANUC (2.6%) using fundamental Matthew Brett, CFA Toyot a Mot or (2.2%) Joined Baillie Gifford in analysis. 2001. AAA-rated Fund Manager

Charges

AUM (BG Japanese Fund) Baillie Japanese Fund ISIN: GB0006011133 (class B)

£3,124,230,000 Ongoing costs: 0.62% Profile 10 Main Holdings Academic background (Baillie Gifford Shin Nippon) Current company Beng in Computer Baillie Gifford 30 November 2019 Science.Bangalore (www.bailliegifford.com) University. Bengo4.com (3.3%) MonotaRO (3.1%) Main investment fund MBA. Judge Business Nihon M&A (3%) School. University of Baillie Gifford Shin Nippon Outsourcing (3%) Cambridge. Horiba (2.9%) Informart (2.9%) Professional background Investment strategy Katitas (2.6%) GMO Payment Gateway (2.5%) Value investing strategy, Istyle (2.4%) using fundamental Praveen Kumar Raksul (2.3%) Joined Baillie Gifford in analysis. A-rated Fund Manager 2008.

Charges

AUM (Baillie Gifford Shin Baillie Gifford Shin Nippon. Nippon) ISIN: GB00BFXYH242 £579,080,000 Ongoing costs: 0.77% Profile

Academic background 10 Main Holdings Current company (Baillie Gifford Global Stewardship) MA in Accounting. Aberdeen Baillie Gifford 30 November 2019 University. Chartered (www.bailliegifford.com) Accountant. Amazon (5.1%) Main investment fund MarketAxess (4.7%) SoftBank (3.2%) Baillie Gifford Global Shopify (3.1%) Stewardship Professional background Netflix (2.6%) Facebook (2.6%) Investment strategy LendingTree (2.6%) First Republic Bank (2.4%) Value investing strategy, Alphabet (2.4%) Iain McCombie using fundamental Joined Baillie Gifford in Chegg (2.4%) A-rated Fund Manager analysis. 1994.

Charges AUM (Baillie Gifford Global Baillie Gifford Global Stewardship Stewardship) ISIN: GB00BYNK7G95 (class B) £264,900,000 Ongoing costs: 0.53% Profile 10 Main Holdings (Baillie Gifford Academic background Current company Developed Asia Pacific)

Baillie Gifford 30 November 2019 (www.bailliegifford.com) BA in Modern BG Japanese Smaller (7.5%) History.Oxford University. Main investment fund Shiseido (4.9%) United Overseas Bank (3.7%) Baillie Gifford Developed Asia SMC (3.4%) Pacific Olypus (3.2%) SBI Holdings (3.1%) Professional background Investment strategy MS&AD Insurance (3.1%) Value investing strategy, SoftBank (2.9%) using fundamental Shimano (2.9%) Iain Campbell Pigeon (2.8%) AA-rated Fund Manager analysis. Joined Baillie Gifford in 2004. Charges AUM (Baillie Gifford Developed Baillie Gifford Developed Asia Pacific Asia Pacific) ISIN: GB0030492044 (class B) £167,860,000 Ongoing costs: 0.6% Profile 10 Main Holdings Academic background (Baillie Gifford Current company Long Term Global Growth)

Baillie Gifford 30 September 2019 BA in Philosophy, Politics (www.bailliegifford.com) and Economics. Oxford Amazon (8.64%) University. Illumina (7.91%) Main investment fund Tncent (7.25%) Kennedy Scholar. Harvard. Baillie Gifford Long Term Alibaba 86.94%) Global Growth Facebook (5.13%) PhD in Politics. University Kering (4.35%) of Edinburgh. Investment strategy Tesla (4.27%) Alphabet (4%) Value investing strategy, Netflix (3.54%) Professional background Mark Urquhart using fundamental ASML (3.52%) AAA-rated Fund Manager analysis.

Charges Joined Baillie Gifford in 1996. AUM (Baillie Gifford Long Term Baillie Gifford Long Term Global Global Growth) Growth Fund ISIN: GB00BD5Z0Z54 £340,300,000 Ongoing costs: 0.64% Profile 10 Main Holdings Academic background (Baillie Gifford Current company Emerging Markets Growth)

Baillie Gifford 30 November 2019 BSc (Econ) in Statistics. (www.bailliegifford.com) London School of Alibaba (6.9%) Economics. Tencent (6.2%) Main investment fund TSMC (6.2%) MSc in Investment Analysis. Baillie Gifford Emerging Samsung Electronics (5.5%) Stirling University. Markets Growth Ping An Insurance (4.9%) Reliance Industries (3.8%) Investment strategy Norilsk Nickel (3.8%) Sberbank (3.7%) Professional background Value investing strategy, CNOOC (3.5%) Richard Sneller using fundamental HDFC (3.3%) analysis. AAA-rated Fund Manager Joined Baillie Gifford in Charges 1994.

AUM (Baillie Gifford Emerging Baillie Gifford Emerging Markets Markets Growth) Growth Fund ISIN: GB0006020647 (class B)

£1,120,300,000 Ongoing costs: 0.79% Profile 10 Main Holdings Academic background (Baillie Gifford Current company China)

Baillie Gifford 30 November 2019 (www.bailliegifford.com) Tencent (9.6%) Meng in Mechanical Alibaba (9.6%) Engineering. Durham Main investment fund Ping An Insurance (7.6%) University. Baillie Gifford China China Merchants Bank (3.5%) Kweichow Moutai (3.4%) CNOOC (3.3%) Investment strategy Midea (2.5%) Professional background JD.com (2.5%) Mike Gush Value investing strategy, NetEase (.3%) using fundamental Citic Securities (2.2%) AAA-rated Fund Manager analysis. Joined Baillie Gifford in 2003 Baillie Gifford China Fund ISIN: GB00B39RMM81 (class B) AUM (Baillie Gifford China) Ongoing costs: 0.79% £117,890,000 Profile 10 Main Holdings Academic background (Baillie Gifford Current company Emerging Markets Leading Companies) Baillie Gifford 30 November 2019 (www.bailliegifford.com) TSMC (9.7%) MA in History. University of Alibaba (8.2%) Glasgow. Main investment fund Samsung Electronics (7.3%) Baillie Gifford Emerging Ping An Insurance (5.5%) Markets Leading Companies Reliance Industries (5.4%) Tencent (4.5%) Investment strategy ICICI Bank (4.2%) Professional background Sberbank (4.1%) Value investing strategy, Norilsk Nickel (3.5%) using fundamental Will Stutcliffe MercadoLibre (3.4%) AA-rated Fund Manager analysis. Joined Baillie Gifford in Charges 1996. AUM (Baillie Gifford Emerging Baillie Gifford Emerging Markets Markets Leading Companies) Leading Companies ISIN: GB00B06HZP43 (class B)

£638,010,000 Ongoing costs: 0.78% Profile 10 Main Holdings Academic background (Baillie Gifford Current company International)

Baillie Gifford 30 November 2019 (www.bailliegifford.com) BA in Modern History. Alibaba (3.2%) Oxford University. Main investment fund Amazon (3.2%) AIA (2.8%) Baillie Gifford International Moody’s (2.6%) Mastercard (2.5%) Anthem (2.5%) Investment strategy Visa (2.2%) Professional background Alphabet (2.1%) Value investing strategy, Naspers (2.1%) Charles Plowden using fundamental SAP (1.9%) AAA-rated Fund Manager analysis. Joined Baillie Gifford in 1983. Charges AUM (Baillie Gifford Baillie Gifford International International) ISIN: GB0005941272 (class B) £1,239,740,000 Ongoing costs: 0.6% Profile 10 Main Holdings Academic background (Baillie Gifford Current company International) MA in Eonomics and History. Baillie Gifford 30 November 2019 University of St Andrews. (www.bailliegifford.com) Alibaba (3.2%) MLitt in Economics, Politics Amazon (3.2%) Main investment fund and Management. AIA (2.8%) Baillie Gifford International University of St Andrews. Moody’s (2.6%) Mastercard (2.5%) Anthem (2.5%) Investment strategy Visa (2.2%) Professional background Alphabet (2.1%) Value investing strategy, Naspers (2.1%) using fundamental Malcolm MacColl SAP (1.9%) analysis. AAA-rated Fund Manager Joined Baillie Gifford in 1999. Charges AUM (Baillie Gifford Baillie Gifford International International) ISIN: GB0005941272 (class B)

£1,239,740,000 Ongoing costs: 0.6% Profile 10 Main Holdings (Baillie Gifford Academic background Current company International) 30 November 2019 Baillie Gifford BSc in Medicine. University (www.bailliegifford.com) Alibaba (3.2%) of St Andrews. Amazon (3.2%) Main investment fund AIA (2.8%) Baillie Gifford International Moody’s (2.6%) Mastercard (2.5%) Anthem (2.5%) Visa (2.2%) Professional background Investment strategy Alphabet (2.1%) Value investing strategy, Naspers (2.1%) Spencer Adair using fundamental SAP (1.9%) AAA-rated Fund Manager analysis. Joined Baillie Gifford in Charges 2000.

AUM (Baillie Gifford Baillie Gifford International International) ISIN: GB0005941272 (class B)

£ 1,239,740,000 Ongoing costs: 0.6% Profile

10 Main Holdings Academic background Current company (Baillie Gifford UK Equity Alpha)

Baillie Gifford 30 November 2019 (www.bailliegifford.com) BA in Politics, Philosophy Rightmove (7.6%) and Economics. Oxford Ocado (5.9%) Main investment fund University. Trainline (5.4%) Baillie Gifford UK Equity Alpha Aveva (5.4%) Auto Trader (5.3%) Abcam (4.5%) Professional background Investment strategy Hargreaves Lansdown (4.4%) HomeServe (4.3%) Value investing strategy, Renishaw (3.7%) Gerard Callahan using fundamental Oxford Instruments (3.6%) analysis. AAA-rated Fund Manager Joined Baillie Gifford in Charges 2000.

AUM (Baillie Gifford UK Equity Baillie Gifford UK Equity Alpha Alpha) ISIN: GB0005858195 (class B)

£503,860,000 Ongoing charges: 0.56% Profile 10 Main Holdings Academic background (Baillie Gifford Current company China)

Baillie Gifford 30 November 2019 MA in English Literature. (www.bailliegifford.com) University of Edinburgh. Tencent (9.6%) Alibaba (9.6%) Mphil in Eighteenth Century Main investment fund Ping An Insurance (7.6%) and Romantic Literature. Baillie Gifford China China Merchants Bank (3.5%) University of Cambridge. Kweichow Moutai (3.4%) CNOOC (3.3%) Investment strategy Midea (2.5%) Professional background JD.com (2.5%) Value investing strategy, NetEase (2.3%) Sophie Earnshaw, CFA using fundamental Citic Securities Co. (2.2%) AA-rated Fund Manager analysis. Joined Baillie Gifford in Charges 2010.

Baillie Gifford China AUM (Baillie Gifford China) ISIN: GB00B39RMM81 (class B)

£117,890,000 Ongoing costs: 0.79% Profile 10 Main Holdings (Bambublack Asia Ex-Japan Academic background Current company All-cap) 30 October 2019 Bambublack (www.bambublack.co.uk) TSMC (4.4%) N/A Housing Development (4.1%) Main investment fund Tencent (3.7%) Bambublack Asia Ex-Japan Alibaba (3.7%) All-cap Info Edge India (3.5%) Professional background Ping An Insurance (3%) Alibaba Health Info (2.5%) Investment strategy HDFC Bank (2.4%) Joined Smith & Williamson Techtronic Industries (2.4%) Value investing strategy, in 1996. Jane Andrews using fundamental AA-rated Fund Manager analysis. Fund Manager. CIM Group. Charges Fund Manager. John Govett. Bambublack Asia Ex-Japan All-cap AUM (Bambublack Asia ISIN:GB00B5448K84. Class: B Acc Ex-Japan All-cap) Ongoing charges: 0.86% GBP 15,300,000

James Thompson Profile 10 Main Holdings (Barings German Growth Trust) Academic background Current company 30 November 2019 Member of the Society of Barings Technical Analyst. Passed SAP (9.39%) (www.barings.com) the Securities Insititute Airbus (8.63%) Diploma. Allianz (6.88%) Main investment fund Deutsche Telekom (6.26%) Received the Investment Barings German Siemens (5.83%) Management Certificate Growth Trust Deutsche Post (3.98%) and was awarded the SFA HeidelbergCement (2.88%) Registered Representative. LANXESS (2.82%) Investment strategy Wirecard (2.8%) Professional background BASF (2.29%) Value investing strategy, Robert Smith AAA-rated Fund Manager using fundamental Joined Barings in 1998. analysis. Charges HSBC Asset Management. Barings German Growth Trust I Class Dresdner RCM Global ISIN: GB00BY2ZN893 AUM (Barings German Investors. Growth Trust) Ongoing charges: 0.81% GBP 467,500,000 10 Main Holdings Profile (BGF Asian Dragon Fund) Academic background 30 November 2019 Current company Bachelor of Commerce Blackrock Samsung Electronics (6.31%) (Honours in Accounting and (www.blackrock.com) Taiwan Semiconductor (5.94%) Alibaba (5.91%) Finance). University of New Tencet (3.84%) South Wales, Australia. Main investment fund Ping An Insurance (2.61%) BGF Asian Dragon Fund Bharti Airtel (2.56%) Bank Central Asia (2.49%) Professional background Singapore Telecomm. (2.41%) Investment strategy Hon Hai Precision Industry (2.36%) Portfolio Manager. JF Asset CK Asset Holdings (2.09%) Value investing strategy, Management (wholly owned Andrew Swan using fundamental by JP Morgan). AA-rated Fund Manager analysis. Charges Head of Asia Pacific media research. JP Morgan. BGF Asian Dragon Fund ISIN: LU0411709560 AUM (BGF Asian Dragon Fund) (D2 class) Ongoing charges: 1.1% USD 2,439,380,000 Profile 10 Main Holdings Academic background (BGF Asian Growth Leaders) Current company 30 November 2019 Blackrock Samsung Electronics (8.32%) (www.blackrock.com) MBA. Harvard. Alibaba (7.74%) Tencent (5.05%) Main investment fund Bank Central Asia (4%) BGF Asian Growth Leaders Jiangsu Hengli Hydraulic (3.6%) Singapore Telecomm. (3.43%) Professional background Ping an Insurance (3.41%) Investment strategy Galaxy Entertainment (3.19%) Geely Automobile (3.17%) Value investing strategy, Tech Mahinra (2.92%) using fundamental Emily Dong analysis. Research Analyst. CICC AA-rated Fund Manager Charges

AUM (BGF Asian Growth BGF Asian Growth Leaders ISIN:LU0859042482 (D2 class) Leaders) Ongoing charges: 1.1% USD2,319,090,000 Profile 10 Main Holdings Academic background (Blackrock European Dynamic) Current company 30 November 2019 Blackrock LV M H ( 6 . 2 2 % ) (www.blackrock.com) BSc in Economics. Bristol SAP (6.05%) University. Safran (5.19%) Main investment fund ASML 84.62%) Blackrock European Dynamic Sika (4.05%) Novo Nordisk (3.92%) Professional background DSV Panalpina (3.87%) Investment strategy Airbus (3.85%) Ferrari (3.53%) Value investing strategy, Investment Director. Alister Hibbert Lonza Group (3.22%) using fundamental Scottish Widows. AAA-rated Fund Manager analysis. Ernst 6 Young. Invesco Charges Perpetual.

AUM (Blackrock European Blackrock European Dynamic ISIN: GB00B5W2QB11 (D class) Dynamic) GBP 3,684,000,000 Ongoing charges: 0.93% 10 Main Holdings Profile (Blackrock European Special Academic background Situations) Current company 30 November 2019 Blackrock (www.blackrock.com) SAP (4.71%) Degree in Economics. ASML (4.49%) University College London. Main investment fund Safran (3.54%) LV M H ( 3 . 3 7 % ) Blackrock European Special Novo Nordisk (3.22%) Situations Professional background DSV Panalpina (3.03%) Ferrari (2.95%) Investment strategy London Stock Exchange (2.72%) Value investing strategy, Unilever (2.53%) Joined BlackRock in 2005, using fundamental Vinci (2.53%) after working at Deutsche Michael Constantis, CFA analysis. Asset Management. AAA-rated Fund Manager Charges

Blackrock European Special Situations ISIN: AUM (Blackrock European LU0252965834 (D2 class) Special Situations) Ongoing charges: 1.07% EUR 1,274,590,000 Profile 10 Main Holdings Academic background (Blackrock European Value Fund) Current company 30 November 2019 Blackrock (www.blackrock.com) Sanofi (5.45%) Degree in Economics. Tot al (4.45%) University of Bristol. Main investment fund Zurich Insurance (4.09%) Allianz (4%) Blackrock European Value Fund Vinci (3.82%) Professional background Lafargeholcim (3.4%) Enel (3.26%) Investment strategy Prudential (3.2%) Value investing strategy, RWE (3.06%) Research Analyst. using fundamental Novo Nordisk (2.94%) Lehman Brothers Bryan Hall, CFA analysis. AA-rated Fund Manager Charges

AUM (Blackrock European Blackrock European Value Fund ISIN: LU0329592454 (D2 class) Value Fund) Ongoing charges: 1.06% EUR 815,710,000 Profile 10 Main Holdings Academic background (Blackrock European Opportunities) Current company 30 November Blackrock (www.blackrock.com) Novo Nordisk (5.86%) Degree in Economics. Royal Unibrew (5.8%) University of Warwick. Main investment fund Relx (4.92%) Safran (4.7%) Blackrock European DSV Panalpina (4.65%) Opportunities Professional background Alten (4.5%) Associated British Foods (4.31%) Investment strategy London Stock Exchange (4.15%) Value investing strategy, Kinepolis (3.96%) Joined Blackrock in 1998. Sika (3.76%) using fundamental David Tovey analysis. AAA-rated Fund Manager

Charges

AUM (Blackrock European Blackrock European Opportunities Opportunities) ISIN: LU0418791066 (D2 class) EUR 1,043,410,000 Ongoing charges: 1.39% 10 Main Holdings Profile (Blackrock UK Fund) Academic background 30 November 2019 Current company Astrazeneca (5.72%) Blackrock Relx (5.41%) (www.blackrock.com) Degree in Economics (first Unilever (4.38%) class honours). Pembroke Diageo (4.29%) College, Cambridge. Main investment fund Next (4.05%) Blackrock UK Fund Rio Tinto (3.68%) Smith & Nephew (3.58%) Professional background SSP Group (3.44%) Investment strategy Hargreaves Lansdown (3.31%) Rightmove (3.24%) Value investing strategy, Equity Research Analyst. using fundamental Merrill Lynch Investment Nicholas Little, CFA analysis. Managers, which mergered AA-rated Fund Manager Charges with Blackrock.

Blackrock UK Fund Corporate Tax Department. ISIN: GB00B5YKQK23 (D class) Arthur Andersen. AUM (Blackrock UK Fund) Ongoing charges: 0.92% GBP 528,780,000 Profile 10 Main Holdings Academic background (Blackrock UK Equity Fund) Current company 30 November 2019 Blackrock (www.blackrock.com) RELX (5.95%) BA, Economics & Astrazeneca (5.71%) Management. Leeds Main investment fund Rio Tinto (5.39%) University Royal Dutch Shell (5.38%) Blackrock UK Equity Fund Compass Group (3.91%) Professional background Next (3.85%) Ferguson (3.82%) Investment strategy London Stock Exchange (3.72%) Value investing strategy, 3i Group (3.52%) Joined Merrill Lynch using fundamental Rightmove (3.47%) Investment Managers (LIM) Roland Arnold AA-rated Fund Manager analysis. in 2000, which merged with Blackrock in 2006. Charges

Blackrock UK Equity AUM (Blackrock UK Equity Fund) ISIN: GB0005803530 (I class) Ongoing charges: 0.53% GBP 315,560,000 Profile 10 Main Holdings Academic background (BGF World Healthscience) BS degree in Chemistry. Current company 30 November 2019 Beijing University. Blackrock (www.blackrock.com) UnitedHealth Group (5.98%) PhD in Biochemistry. Abbott Laboratories (4.52%) University of California. Main investment fund Roche Holding (4.26%) Merck & Co (4.15%) MBA. Massachusetts BGF World Healthscience Astrazeneca (4.07%) Institute of Technology Sanofi (3.56%) Sloan School of Thermo Fisher (3.17%) Management. Investment strategy Stryker Corp (2.75%) Professional background Value investing strategy, Amgen (2.63%) using fundamental Medtronic (2.61%) Joined SSRM, which merged Erin Xie analysis. with BlackRock, in 2001. AA-rated Fund Manager Charges BGF World Healthscience Research Associate ISIN: LU0827889485 (D2 class) covering the pharma AUM (BGF World Healthscience) industry. Bernstein. Ongoing charges: 1.07% USD 5,181,960,000 Profile 10 Main Holdings Academic background (BGF Euro Markets) Current company 30 November 2019 Degree in Business Blackrock Administration. University Deutsche Post (4.52%) (www.blackrock.com) of Munich & University of Allianz (4.06%) Edinburgh. Enel (3.87%) Main investment fund Unilever (3.58%) BGF Euro Markets Iliad (3.48%) Professional background Fresenius Medical Care (3.4%) Continental AG (3.37%) KBC groep (3.25%) Investment strategy Joined Merrill Lynch Safran (3.18%) Investment Managers (LIM) Value investing strategy, Sanofi (2.94%) using fundamental in 2001, which merged with Andreas Zoellinger, CFA analysis. Blackrock in 2006. AAA-rated Fund Manager Charges

BGF Euro Markets ISIN: LU0252966485 (D2 class) AUM (BGF Euro Markets) Ongoing charges: 1.07% EUR 3,702,460,000 Profile 10 Main Holdings Academic background (CFP SDL Buffettology Fund) Current company 30 November 2019 Degree in Natural Sciences Castlefield with a Masters in Games Workshop (5.68%) (www.castlefield.com) Management Studies. AB Dynamics (4.9%) Imperial College, London. Dart Group (4.38%) Main investment fund Liontrust Asset Management (3.8%) CFP SDL Buffettology Fund RWS Holdings (3.2%) Next (3.01%) Professional background London Stock Exchange (3%) Investment strategy Experian (2.86%) Bioventix (2.76%) Value investing strategy, Keith Ashworth-Lord Focusrite (2.74%) Prior to founding Sanford using fundamental DeLand, Keith worked with AAA-rated Fund Manager analysis. a variety of stockbroking, Charges fund management and CFP SDL Buffettology Fund private investor clients. AUM (CFP SDL Buffettology ISIN: GB00BF0LDZ31 Fund) (Institutional class) Ongoing costs: £1,310,000,000 1.19% Profile 10 Main Holdings Academic background (Cavendish Opportunities) Current company Cavendish Asset Management 30 September 2019 (www.cavendisham.co.uk) n/a Rockrose Energy (11.8%) Lok’nStore (3.9%) Main investment fund Serica Energy (3.2%) Cavendish Opportunities Anexo (3%) Marston’s (3%) Professional background STV (2.8%) Investment strategy Eckoh (2.6%) Fund Manager. Cavendish TT Group (2.6%) Value investing strategy, since 1994. Keyston Law (2.4%) using fundamental Paul Mumford EnQuest (2.2%) analysis. Equity Research Analyst. AAA-rated Fund Manager Norris Oakley Borthers. R Nivision Charges

AUM (Cavendish Opportunities) Management fee : £125,550,000 0.66% Profile 10 Main Holdings Academic background (Mi Chelverton UK Equity Growth) Current company 30 November 2019 Degree in History. Chelverton AM Cambridge University. (www.chelvertonam.com) Future (2.4%) dotDigital (2.2%) Consort Medical (2.1%) Main investment fund Elementis (2%) Professional background Mi Chelverton UK Equity Euromoney Institutional (2%) Growth Sthree (1.9%) Clinigen (1.8%) Assistant Fund Manager. Investment strategy SDL (1.8%) Rathbone UK Recovery Volution (1.8%) Value investing strategy, Fund. Liontrust (1.7%) James Baker using fundamental A-rated Fund Manager analysis. Part of the ABN Amro, small mid cap sales team. Charges

AUM (Mi Chelverton UK Equity MI Chelverton UK Equity Growth. Class B. ISIN: GB00BP855B75 Growth) Ongoing charges: £404,000,000 0.91% 10 Main Holdings Profile (Threadneedle Pan European Academic background Smaller Companies) Current company 30 November 2019 Columbia Threadneedle (www.columbiathreadneedle.com) Genus (2.7%) First Class Degree in CTS Eventim (2.4%) Mechanical Engineering. Main investment fund Sika (2.3%) Bristol University. Eurofins Scientific (2.3%) Threadneedle Pan European DiaSorin (2.2%) Smaller Companies Elis (2.2%) Howden Joinery (2.1%) Professional background Investment strategy Takeaway.com (2.1%) FinecoBank (2.1%) Value investing strategy, AVEVA Group (2%) Philip Dicken, CFA using fundamental AAA-rated Fund Manager analysis. Joined Columbia Charges Threadneedle in 2004. Threadneedle Pan European Smaller AUM (Threadneedle Pan ISIN: LU1829329819 (Class: IE) European Smaller Companies) Ongoing costs: €1,256,500,000 0.95% Profile 10 Main Holdings (Threadneedle European Select) Academic background Current company 30 November 2019 Columbia Threadneedle (www.columbiathreadneedle.com) Pernod Ricard (4.7%) Degree in Modern History. RELX (4.7%) European Politics Masters L’Oreal (4.2%) Main investment fund Degree. Oxford University. Amadeus IT (4.1%) Threadneedle European Select Dassault Systems (4%) Brenntag AG (3.7%) LV M H ( 3 . 5 % ) Professional background Investment strategy Sampo (3.5%) Novo Nordisk (3.5%) David Dudding, CFA Value investing strategy, IMCD (3.4%) Joined Columbia AAA-rated Fund Manager using fundamental Threadneedle in 1999. analysis. Charges John Swire and Sons.

Threadneedle European Select Financial journalist. AUM (Threadneedle European ISIN: LU0713328374 (Class: IE) Select) Investors Chronicle. Ongoing costs: €1,654,500,000 0.95% Profile 10 Main Holdings Academic background (CQS New City Global Equity) Current company 30 November 2019 Degree in Economics. CQS New Equity Université Panthéon (www.cqsnewequiy.com) Abbott Labs Sorbonne, Paris. Dassault Systemes Mastercard Main investment fund Straumann Professional background Xylem Inc CQS New City Global Equity Joined CQS in 2018. Investment strategy Chief Investment Officer. Value investing strategy, Seilern Investment Raphael Pitoun using fundamental Management. AA-rated Fund Manager analysis. Charges Equity Research Analyst. Exane. AUM (CQS New City Global CQS New City Global Equity ISIN: IE00BJ320Q11. Class I Equity) Financial Analyst. Dexia. Ongoing costs: £136,000,000 1% Profile

10 Main Holdings Academic background (TM CRUX European Current company Special Situations) CRUX Asset Management 30 November 2019 Degree in General Arts. (www.cruxam.com) Durham University. Kuehne + Nagel (3.7%) Main investment fund Novartis (3.6%) TM CRUX European Special SGS (3.6%) Situations Aroundtown (3.3%) Professional background Bureau Veritas (3.2%) Investment strategy Spie (3.2%) Bawag (3%) Fund Manager. New Star Value investing strategy, Brenntag (2.7%) AM. Henderson Global Richard Pease using fundamental Alphabet (2.6%) Investors. AAA-rated Fund Manager analysis. Bayer (2.6%)

Fund Manager. Jupiter Charges

AUM (TM CRUX European TM CRUX European Special Special Situations) Situations ISIN: GB00BTJRQ064 (Class: I Acc) GBP 1,600,000,000 Ongoing charges: 1.12% Profile 10 Main Holdings (TM CRUX European Academic background Special Situations) Current company Double First Class Degree 30 November 2019 in Engineering Science. CRUX Asset Management Magdalen College, Oxford. (www.cruxam.com) Kuehne + Nagel (3.7%) Novartis (3.6%) Chartered Accountant. Main investment fund SGS (3.6%) TM CRUX European Special Aroundtown (3.3%) Situations Bureau Veritas (3.2%) Professional background Spie (3.2%) Investment strategy Bawag (3%) Brenntag (2.7%) Fund Manager. New Star Value investing strategy, James Milne Alphabet (2.6%) AM. Henderson Global using fundamental A-rated Fund Manager Bayer (2.6%) Investors. analysis.

KPMG London. Charges

AUM (TM CRUX European TM CRUX European Special Special Situations) Situations ISIN: GB00BTJRQ064 (Class: I Acc) GBP 1,600,000,000 Ongoing charges: 1.12% Profile 10 Main Holdings Academic background (TM CRUX UK Special Situations) Current company 30 November 2019 CRUX Asset Management Master’s Degree in (www.cruxam.com) IWG (5.3%) Engineering and Eonomics. Prudential (5%) Oxford University. Main investment fund Brewin Dolphin (4.2%) OneSavings Bank (4.2%) TM CRUX UK Special Situations Barclays (3.9%) Professional background Rio Tinto (3.9%) DCC (3.9%) Investment strategy Standard Life Aberdeen (3.8%) Fund Manager. L&G. Valuation based strategy M&G (3.8%) using fundamental analysis Bellway (3.7%) Richard Penny M&G Investment AAA-rated Fund Manager Management. Charges Scottish Amicable AUM (TM CRUX UK Special TM CRUX UK Special Situations Investment Management. Situations) ISIN: GB00BG5Q5X24 (Class: I Acc) GBP 41,600,000 Ongoing charges: 0.85%

*Not available to Spanish Investors Profile 10 Main Holdings Academic background (TM CRUX UK Core Fund) Current company 30 November 2019 CRUX Asset Management First class degree in (www.cruxam.com) Barclays (5.8%) Mathematics. University of British American Tobacco (5.7%) Hull. Main investment fund BP (5.2%) Glaxosmithkline (5.1%) TM CRUX UK Core Fund Associated British Foods (4.5%) Professional background Standard Chartered (4.4%) HSBC (4.3%) Investment strategy Daily Mail & General Trust (4.2%) Fund Manager. Brown Value investing strategy, Smith & Nephew (4.1%) Shipley. Jamie Ward, CFA using fundamental Schroders (4%) A-rated Fund Manager analysis. Analyst. Investec. Williams Charges de Broë.

AUM (TM CRUX UK Core Fund) TM CRUX UK Core Fund ISIN: GB00B5839S67 (Class: B Acc)

GBP 68,500,000 Ongoing charges: 0.74%

*Not available to Spanish Investors Profile 10 Main Holdings Academic background (Melchior European Opportunities) Current company 30 November 2019 Dalton Strategic Partnership Degree in Modern History. (www.daltonsp.com) Roche (4.8%) New College, Oxford. FinecoBank (2.8%) Robertet (2.6%) Main investment fund Qualified Lawyer. Vivendi (2.6%) Melchior European Tot al (2.5%) Opportunities Diageo (2.4%) Nestle (2.3%) Investment strategy Applus (2.2%) Professional background Value investing strategy, JD Sports (2.2%) Compass Group (2.1%) using fundamental David Robinson analysis. AA-rated Fund Manager Joined Dalton Strategic Charges Partnership in 2005 AUM (Melchior European Melchior European Opportunities ISIN: LU0289523259 (I1) Opportunities) Ongoing costs: $1,300,000,000 0.85% Profile 10 Main Holdings (European Opportunities Trust) Academic background Current company 30 November 2019 Degree in History. Devon Equity Management Cambridge University. (www.devonem.com) Wirecard (12.16%) Novo Nordisk (9.58%) Professional background Main investment fund RELX (9.12%) Experian (8.73%) European Opportunities Trust Deutsche Boerse (7.47%) Portfolio Manager. Jupiter. Intermediate Capital (5.99%) Adidas (5.93%) Investment Analyst. Zoete Investment strategy Amadeus (5.61%) & Bevan. Dassault Systemes (5.53%) Alexander Darwall Value investing strategy, Head of French Equity AAA-rated Fund Manager using fundamental Research. Enskilda analysis. Charges Securities.

European Opp. Equity Research Analyst. AUM (European Investment Trust Goldman Sachs. OpportunitiesTrust) ISIN: GB0000197722 Ongoing charges GBP 912,018,320 0.9% Profile 10 Main Holdings Academic background (New Capital Dynamic European) Current company 30 November 2019 Bachelor and MSc in EFG Asset Management Business Administration, Novo Nordisk (3.6%) (www.newcapitalfunds.com) Finance. ESADE. Amadeus (3.52%) Nestle (3.29%) MBA, Finance and Main investment fund Lonza 83.27%) Accounting. The University New Capital Dynamic European Kerry group (3.21%) of Chicago – Booth School London Stock Exchange (3.18%) of Business. Essilorluxottica (2.88%) Investment strategy Roche Holding (2.85%) Professional background Air Liquide (2.84%9 Value investing strategy, LV M H ( 2 . 7 5 % ) Investment Analyst. EFG Bibiana Carretero, CFA using fundamental A-rated Fund Manager analysis. Summer Associate (Equity Research). Bank of America Charges Merril Lynch New Capital Dynamic European AUM (New Capital Dynamic ISIN: IE00BWSW4Z44 Financial Analyst. Marcuard (Class: I) European) Family Office. €173,230,000 Ongoing charges: 0.99% 10 Main Holdings Profile (New Capital Global Equity Academic background Conviction) Bachelor of Engineering, Current company 30 November 2019 Management Information System. Tsinghua EFG Asset Management Mastercard (3.02%) University. (www.newcapitalfunds.com) Microsoft (2.99%) JP Morgan (2.79%) Master of Philosophy, Main investment fund PayPal (2.77%) Management Studies. New Capital Global Equity Adobe (2.51%) University of Cambdrige. Conviction S&P Global (2.5%) Alibaba (2.42%) Master of Science, Finance. Investment strategy Walt Disney (2.34%) LSE. Alphabet (2.3%) Value investing strategy, Professional background Jeff Li, CFA Norfolk Southern (2.28%) using fundamental A-rated Fund Manager Senior Analyst. Rioni analysis. Capital. Charges New Capital Global Equity Equity Rsearch. UBS. AUM (New Capital Global Equity Conviction.ISIN: IE00BWGC5R57 (Class: I) Conviction) Equity Research. Goldman Ongoing charges: 0.95% Sachs. USD 162,860,000 10 Main Holdings Profile (Ennismore European Smaller Academic background Companies) Current company Degree in Banking & Finance. Loughborough … 30 November 2019 University. (www.ennismorefunds.com) Costain (3.6%) Sto (3.5%) Associate of the Chartered Main investment fund Metro (3.2%) Institute of Bankers. Ennismore European Smaller JD Sports (2.9%) Companies Vossloh (2.8%) Professional background

Investment strategy Equity Rsearch Analyst. Enskilda Securities. Baring Value investing strategy, Asset Management. Geoff Oldfield, CFA using fundamental AAA-rated Fund Manager analysis. Charges European Investment Manager. Gartmore and Ennismore European Smaller Midland Montagu. AUM (Ennismore European ISIN: IE0004515239 (Class A) Smaller Companies) Ongoing charges: 2.17% Performance fee: 20% of any £415,000,000 returns the fund achieves Profile 10 Main Holdings (Ennismore European Smaller Companies) Academic background Current company

… 30 November 2019 (www.ennismorefunds.com) Costain (3.6%) Degree in Economics. 1st Sto (3.5%) Class. The University of Main investment fund Metro (3.2%) Manchester. Ennismore European Smaller JD Sports (2.9%) Companies Vossloh (2.8%)

Professional background Investment strategy

Value investing strategy, using fundamental Joined Ennismore in 2003. Tom Hearn analysis. Charges AAA-rated Fund Manager Equity Research Analyst. Ennismore European Smaller Baring Asset Management. AUM (Ennismore European ISIN: IE0004515239 (Class A) Smaller Companies) Ongoing charges: 2.17% Performance fee: 20% of any £415,000,000 returns the fund achieves Profile 10 Main Holdings (Ennismore European Smaller Academic background Companies) Current company

… 30 November 2019 MA in Contemporary History (www.ennismorefunds.com) and Politics and a Costain (3.6%) Postgraduate Certificate in Sto (3.5%) Main investment fund Economics. Birkbeck Metro (3.2%) College, University of Ennismore European Smaller JD Sports (2.9%) London. Companies Vossloh (2.8%)

Investment strategy Professional background Value investing strategy, Leo Perry using fundamental Charges AAA-rated Fund Manager analysis.

Ennismore European Smaller Joined Ennismore in 2001 ISIN: IE0004515239 (Class A) AUM (Ennismore European Smaller Companies) Ongoing charges: 2.17% Performance fee: 20% of any £415,000,000 returns the fund achieves Profile 10 Main Holdings (Ennismore European Smaller Academic background Companies) Current company

… 30 November 2019 Diploma in International (www.ennismorefunds.com) Studies of Finance and Law. Costain (3.6%) Frankfurt University of Sto (3.5%) Main investment fund Applied Science. Metro (3.2%) Ennismore European Smaller JD Sports (2.9%) Companies Vossloh (2.8%)

Investment strategy Professional background Value investing strategy, Christian Fiesser using fundamental AAA-rated Fund Manager analysis. Charges Joined Ennismore in 2007.

Ennismore European Smaller Equity Research Analyst. ISIN: IE0004515239 (Class A) AUM (Ennismore European Weisenhorn & Partner. Smaller Companies) Ongoing charges: 2.17% Performance fee: 20% of any £415,000,000 returns the fund achieves Profile 10 Main Holdings Academic background (Fidelity Asian Special Situations) Current company Bachelor of Science, 30 November 2019 Exploration Geophysics. Fidelity Kharagpur. (www.fidelity.com) Taiwan Semiconductor (7.2%) Alibaba (6.6%) Post Graduate Diploma in Samsung Electronics (5.8%) Main investment fund Management, Finance, AIA Group (4.4%) Economics. Indian Institute Fidelity Asian Special Tencent (4.1%) of Management. Calcuta. Situations United Overseas Bank (2.4%) Power Grid Corp of India (2.1%) MBA. Insead. HDFC Bank (2%) Investment strategy Bank Central Asia (2%) Professional background Value investing strategy, China Petroleum & Chem (1.8%) Suranjan Mukherjee using fundamental Fund Manager. analysis. Charges Infrastructure Dev. Finance AA-rated Fund Manager Company. Fidelity Asian Special Situations AUM (Fidelity Asian Special ISIN: LU0346390601 (Class: Y Acc) Restructuring of Distressed Situations) Debt. UBS Ongoing charge: 1.08% $3,335,000,000 10 Main Holdings Profile (Fidelity European Dynamic Growth) Current company Academic background 30 November 2019 Fidelity (www.fidelity.com) SAP (5.5%) Experian (4.4%) BA, Finance. University of Main investment fund Novo Nordisk (4%) Manchester Grifols (3.8%) Fidelity European Dynamic Ingenico (3.5%) Growth Roche (3.5%) British American Tobacco (3.2%) Qiagen (3.1%) Professional background Investment strategy Heineken (3%) Value investing strategy, Assa Abloy (2.9%) Fabio Riccelli using fundamental AAA-rated Fund Manager Joined Fidelity in 1998 analysis. Charges

Fidelity European Dynamic Growth AUM (Fidelity European ISIN: LU0318940003 (Class: Y Acc) Dynamic Growth) Ongoing charges: 1.06% €3,625,000,000 Profile 10 Main Holdings (Fidelity UK Select)

Current company 30 November 2019 Academic background

Fidelity Diageo (5.3%) (www.fidelity.com) Unilever (4.5%) Mchem, Chemistry. St James’ Place (4.3%) University of Oxford. Main investment fund Royal Bank of Scotland (4.1%) Fidelity UK Select Persimmon (4%) Relx (4%) Intercontinental Hotels (3.8%) Rio Tinto (3.5%) Professional background Investment strategy Rightmove (3.4%) Aruna Karunathilake BP (3.3%) Value investing strategy, AAA-rated Fund Manager using fundamental Joined Fidelity in 2000. analysis. Charges

Fidelity UK Select Analyst. Dresdner ISIN: GB00B63B5X92 (Class: I Acc) Kleinwort. AUM (Fidelity UK Select) Ongoing charge: €513,000,000 0.87% Profile 10 Main Holdings (Fidelity Asia Focus Fund) Academic background Current company 30 November 2019 Bachelor of Commerce. Fidelity Pune University. Alibaba (6.6%) (www.fidelity.com) Taiwan Semiconductor (6.4%) MBA, Finance. IIM AIA Group (6.3%) Bangalore. Main investment fund Samsung Electronics (6.1%) Fidelity Asia Focus Fund Tencent (5.9%) Chartered Accountant. Reliance Industries (2.6%) Industrial & Coml Bk China (2.6%) HDFC Bank (2.3%) Professional background Investment strategy Power Grid Corp of India (2.2%) Dhananjay Phadnis, CFA Value investing strategy, Axis Bk (2.1%) AAA-rated Fund Manager using fundamental Joined Fidelity in 2004. analysis. Charges

Fidelity Asia Focus Fund Analyst. JP Morgan. AUM (Fidelity Asia Focus Fund) ISIN: LU0318941159 (Class: Y Acc) $2,262,000,000 Ongoing charges: 1.08% Profile 10 Main Holdings (Fidelity European Values) Academic background Current company November 2019

Fidelity Degree in Economics and Nestle (7.1%) (www.fidelity.com) English. University of North Roche (5.4%) Carolina, Chapel Hill. SAP (4.5%) Main investment fund LV M H ( 4 . 3 % ) MBA. Insead. Fidelity European Values Tot al (4.1%) ASML (3.6%) Sanofi (3.6%) L’Oreal (3.3%) Professional background Investment strategy Essilorluxottica (3.1%) Value investing strategy, Novo Nordisk (3%) Joined Fidelity in 1990. using fundamental Sam Morse analysis. Head of Equities. M&G. Charges AA-rated Fund Manager

Fidelity European Values Trust Re-joined Fidelity in 2004. ISIN:GB00BK1PKQ95 AUM (Fidelity European Values) Ongoing costs: GBP 1,119,000,000 0.88% Profile 10 Main Holdings (Fidelity Asian Smaller) Academic background Current company 30 November 2019 Fidelity Bachelor’s degree, (www.fidelity.com) Power Grid Corp of India (3.6%) Business/Commerce. Shri Shriram Transport (2.7%) Ram College of Commerce. Fufeng (2.7%) Main investment fund Redington India (2.5%) MBA. INSEAD Fidelity Asian Smaller CEBU air (1.8%) Boc Aviation (1.8%) Pnb Housing Finance (1.8%) Shinhan Financial (1.7%) Professional background Investment strategy Xingda Intl (1.7%) Value investing strategy, Cikarang Listrindo (1.7%) Nitin Bajaj using fundamental AA-rated Fund Manager analysis. Joined Fidelity in 2003. Charges

Fidelity Asian Smaller ISIN:LU0702159939 (Class: Y Acc) AUM (Fidelity Asian Smaller) Ongoing charges: USD 865,000,000 1.1% Profile 10 Main Holdings (Fidelity China Focus Fund) Academic background Current company 30 November 2019 Fidelity Degree in English. Tsinghua China Construction Bank (7.1%) (www.fidelity.com) University. Alibaba (6.2%) China Mobile (6%) Main investment fund China Life Insurance (5.8%) MBA. University of Fidelity China Focus Fund Tencent (5.6%) Rochester. Industrial & Coml Bk China (5.4%) CNOOC (4.5%) China Overseas Land (3.3%) Professional background Investment strategy China Res (2.7%) Value investing strategy, Agricultural Bank China (2.%) Jing Ning, CFA using fundamental AAA-rated Fund Manager analysis. Fund Manager. Blackrock. Charges

Fidelity China Focus Fund AUM (Fidelity China Focus Fund) ISIN:LU0346390866 (Class: Y Acc) Ongoing charge: USD 3,988,000,000 1.06% Profile 10 Main Holdings (Fidelity Global Dividend) Academic background Current company 30 November 2019 BSc in Mathematics. Fidelity University of Warwick. Roche (3.9%) (www.fidelity.com) US Bancorp (3.8%) ACA & IMA qualified. Deutsche Boerse (3.8%) Main investment fund Taiwan Semiconductor (3.5%) Fidelity Global Dividend Unilever (3.3%) Professional background Schneider (3.1%) Wolters Kluwer (3%) Fund Manager. Aviva. Relx (3%) Investment strategy Informa (2.9%) Fund Manager. Invesco. Procter & Gamble (2.9%) Value investing strategy, using fundamental Trainee Fund Manager. M&G Daniel Roberts, CFA Investments analysis. Charges AA-rated Fund Manager

Fidelity Global Divided Risk Manager. JP Morgan ISIN:LU0605515963 (Class: Y Acc) AUM (Fidelity Global Dividend) Auditor. PwC Ongoing charge: USD 7,602,000,000 1.04% Profile 10 Main Holdings (Fidelity Global Financials) Academic background Current company 30 November 2019 Fidelity Engineering diploma and (www.fidelity.com) JP Morgan (6.4%) Bank of America (4.1%) PhD, National Technica Morgan Stanley (3.4%) University of Athens. Main investment fund Allianz (3.3%) AXA (3.2%) MBA. London Business Fidelity Global Financials Citigroup (3%) School AIA Group (2.9%) Berkshire Hathaway (2.5%) Investment strategy Wells Fargo (2.5%) Sotiris Boutsis Professional background Assurant (2.2%) Value investing strategy, AA-rated Fund Manager using fundamental analysis. Charges Joined Fidelity in 2002

Fidelity Global Financials ISIN:LU0346388704 (Class: Y Acc) AUM (Fidelity Global Financials) USD 991,000,000 Management fee : 1.06% Profile 10 Main Holdings (Fidelity Global Technology) Academic background Current company 30 November 2019 Fidelity (www.fidelity.com) Samsung Electronics (6.7%) Apple (5.8%) Bachelor of Arts, Business Alphabet (4.9%) Administration and Main investment fund Microsoft (4%) Management. Fidelity Global Technology Intel (3.6%) Yonsei Unviersity SAP (3.2%) IBM (3.1%) Investment strategy KLA Cop (3%) Electronic Arts (2.5%) Professional background HyunHo Sohn, CFA Value investing strategy, Western Digital (2.4%) AA-rated Fund Manager using fundamental analysis. Charges Analyst. Morgan Stanley

AUM (Fidelity Global Fidelity Global Technology ISIN: LU0346389348 (Class: Y Acc) Technology) Ongoing charge: € 4,925,000,000 1.04% Profile 10 Main Holdings (Fidelity Global Special Situations) Academic background Current company 30 October 2019 Fidelity MA, Cambridge University. (www.fidelity.com) Fidelity ILF (3.3%) Alphabet (3.1%) MBA London Business Microsoft (2.8%) Main investment fund School. JPMorgan Chase & Co (2.5%) Fidelity Global Special Royal Dutch Shell (2.4%) Situations Charter Communications (2.3%) Professional background Apple (2.2%) Investment strategy Airbus (2.1%) Vinci (1.7%) Joined Fidelity in 2012. Jeremy Podger Value investing strategy, T-Mobile (1.6%) AAA-rated Fund Manager using fundamental Head of global equities, analysis. Charges Threadneedle.

AUM (Fidelity Global Special Fidelity Global Special Situations Fund Manager. Investec. ISIN: GB00B8HT7153 (Class: W Acc) Situations) Ongoing charge: GBP 2,690,000,000 0.92% Profile 10 Main Holdings (Fidelity Special Situations) Academic background Current company 30 November 2019 Fidelity (www.fidelity.com) CRH (5.7%) Roche (5.5%) Bachelor of Science (BSc), Royal Dutch Shell (4.1%) Main investment fund Economics, 1st. University BP (3.7%) of Warwick. Fidelity Special Situations Phoenix Group (3.6%) Meggitt (3.5%) John Laing Group (3.3%) Professional background Investment strategy Imperial Brands (3.3%) Legal and general (3.2%) Value investing strategy, Serco Group (3.1%) Alex Wright, CFA using fundamental Joined Fidelity in 2001 AAA-rated Fund Manager analysis. Charges

AUM (Fidelity Special Fidelity Special Situations Situations) ISIN: GB00B88V3X40 (Class: W Acc) GBP 2,979,000,000 Ongoing charge: 0.91% Profile 10 Main Holdings (Fidelity UK Smaller) Academic background Current company 30 November 2019 Fidelity (www.fidelity.com) C&C Group (2.9%) John Laing Group (2.9%) Degree in Politics. Serco (2.7%) University of Nottingham Main investment fund CLS Holdings (2.6%) Fidelity UK Smaller Chemring (2.6%) Ultra Electronics (2.5%) Summit Properties (2.1%) Brooks Macdonald (2%) Professional background Investment strategy Morgan Advanced Materials (1.9%) Norcros (1.8%) Value investing strategy, Jonathan Winton using fundamental Joined Fidelity in 2005 AA-rated Fund Manager analysis. Charges

Fidelity UK Smaller AUM (Fidelity UK Smaller) ISIN: GB00B7VNMB18 (Class: W Acc)

Ongoing charge: GBP 359,000,000 0.92% Profile 10 Main Holdings (Fidelity Asia Pacific Opportunities) Academic background Current company 30 November 2019 Fidelity (www.fidelity.com) AIA Group (9.6%) HDFC (7.5%) Degree in Commerce. Bond Hangzhou Hik-v Dig (7.1%) Main investment fund University, Queensland, Franco Nevada (7%) Australia. Fidelity Asia Pacific Boc Aviation (6.4%) Opportunities Sun Hung Kai Properties (4.8%) Taiwan Semiconductor (4.5%) Professional background Investment strategy China Petroleum & Chem (4.4%) Angel Yeast (4.2%) Value investing strategy, Bank Rakyat Indonesia (4%) Joined Fideity in 2006. Anthony Srom, CFA using fundamental AAA-rated Fund Manager analysis. Equity Research Analyst. Charges ABN Amor, Goldman Sachs, Deutsche Bank. AUM (Fidelity Asia Pacific Fidelity Asia Pacific Opportunities Opportunities) ISIN: LU1116431138 (Class: Y Acc) Ongoing charge: USD 670,000,000 1.07% Profile 10 Main Holdings (Fidelity Greater China) Academic background Current company 30 November 2019 Fidelity Degree in Law. (www.fidelity.com) Alibaba (10.8%) Master’s in Law. Taiwan Semiconductor (10%) Fudan University, Shanghai. Main investment fund Tencent (8.7%) AIA Group (5.2%) Fidelity Greater China Industrial & Coml BK China (4.1%) China Mobile (2.6%) Mediatek (2.1%) Professional background Investment strategy China Mengniu Diary (1.9%) Kweichow Moutai (1.9%) Value investing strategy, Raymond Ma COOC (1.6%) using fundamental AA-rated Fund Manager Joined Fideity in 2006. analysis.

Charges BNP Paribas Peregrine. Fidelity Greater China ISIN: LU0346391161 (Class: Y Acc) AUM (Fidelity Greater China) Ongoing charges: 1.09% €721,000,000 Profile 10 Main Holdings Academic background (Fidelity Emerging Markets) Current company 30 November 2019 Bachelor of Commerce & Accounting. University of Fidelity Natal. (www.fidelity.com) Alibaba (7.3%) Taiwan Semiconductor (6.1%) Sberbank Russia (6%) Chartered Accountant. Main investment fund Naspers (6%) Fidelity Emerging Markets AIA Group (5.1%) Professional background HDFC Bank (4.9%) Joined Fideity in 1998. China Mengniu Diary (4.1%) Bank Central Asia (3.4%) Investment strategy Accountant. SBC Warburg, Samsung Electronics (3.4%) Value investing strategy, Housing Dev Finance (3.3%) Daiwa Europe Bank. JP Nick Price, CFA using fundamental Morgan. AAA-rated Fund Manager analysis. Charges Senior Auditor. PwC. AUM (Fidelity Emerging Fidelity Emerging Markets ISIN: LU0346390940 (Class: Y Acc) Markets) GBP 4,945,000,000 Ongoing charges: 1.08% Profile 10 Main Holdings Academic background (Magna New Frontiers Markets) Current company 30 November 2019 Degree in Business Fiera Capital Administration. Central (www. fieracapital.com) Ahli United Bank Bank of Germany. Emirates NBD Main investment fund FPT HumanSoft Magna New Frontiers Markets MB Professional background MWG Nationa Bank of Kuait Investment strategy NMC Healthcare Executive Director & Head Bottom up stock picking of Emerging Markets. Stefan Bottcher with a macro overlay Schroders. Charges AA-rated Fund Manager

Magna New Frontiers Markets Director. Flemings ISIN: IE00B3LGFL36 Investment Management. (Class: G) AUM (Magna New Frontiers Markets) Management fee: 1% Performance fee: 20% over MSCI €519,900,000 Frontier Markets Profile 10 Main Holdings Academic background (Magna New Frontiers Markets) Current company 30 November 2019 Degree in Business Fiera Capital Administration. Central (www. fieracapital.com) Ahli United Bank Bank of Germany. Emirates NBD Main investment fund FPT HumanSoft Magna New Frontiers Markets MB MWG Professional background Nationa Bank of Kuait Investment strategy NMC Healthcare Dominic Bokor-Ingram Bottom up stock picking AA-rated Fund Manager with a macro overlay Senior positions. Morgan Charges Stanley, Goldman Sachs and Renaissance Capital, Magna New Frontiers Markets Regent Pacific. ISIN: IE00B3LGFL36 AUM (Magna New Frontiers (Class: G) Markets) Management fee: 1% Performance fee: 20% over MSCI €519,900,000 Frontier Markets Profile 10 Main Holdings Academic background (Findlay Park American) Current company 30 November 2019 n/a Findlay Park (www.findlay parkl.com) Microsoft (4.8%) Becton, Dickinson and Co (4.2%) Main investment fund Danaher Corporation (3.8%) Findlay Park American Berkshire Hathaway (3.7%) Fidelity National Info (3.7%) Professional background Air Products and Chemicals (3.7%) Investment strategy Fiserv (3.6%) Live Nation Entertainment (3.3%) Joined Findlay Park in Value investing strategy, Comcast Corporation (3.3%) 2002. Anthony Kingsley using fundamental Alphabet (3.1%) AAA-rated Fund Manager analysis. Equity Research Analyst. MFS Investment Charges Management. Findley Park American AUM (Findlay Park American) ISIN: IE0002458671 $14,945,000,000 Ongoing Charge: 1% Profile 10 Main Holdings Academic background (Findlay Park American) Current company 30 November 2019 n/a Findlay Park (www.findlay parkl.com) Microsoft (4.8%) Becton, Dickinson and Co (4.2%) Main investment fund Danaher Corporation (3.8%) Findlay Park American Berkshire Hathaway (3.7%) Fidelity National Info (3.7%) Professional background Air Products and Chemicals (3.7%) Investment strategy Fiserv (3.6%) Live Nation Entertainment (3.3%) Joined Findlay Park in Value investing strategy, Comcast Corporation (3.3%) 2008. Edward Mcmullan using fundamental Alphabet (3.1%) AAA-rated Fund Manager analysis. Fund Manager. Hermes Investment Management. Charges

Findley Park American AUM (Findlay Park American) ISIN: IE0002458671 $14,945,000,000 Ongoing Charge: 1% Profile 10 Main Holdings Academic background (Findlay Park American) Current company 30 November 2019 n/a Findlay Park (www.findlay parkl.com) Microsoft (4.8%) Becton, Dickinson and Co (4.2%) Main investment fund Danaher Corporation (3.8%) Findlay Park American Berkshire Hathaway (3.7%) Fidelity National Info (3.7%) Professional background Air Products and Chemicals (3.7%) Investment strategy Fiserv (3.6%) Live Nation Entertainment (3.3%) Joined Findlay Park in Value investing strategy, Comcast Corporation (3.3%) 2009. Chris Fidyk using fundamental Alphabet (3.1%) AAA-rated Fund Manager analysis. Equity Research Analyst, Healthcare. Bank of Charges America Securities, JP Morgan Securities. Findley Park American Threadneedle AM. AUM (Findlay Park American) ISIN: IE0002458671 $14,945,000,000 Ongoing Charge: 1% Profile 10 Main Holdings Academic background (Findlay Park American) Current company 30 November 2019 n/a Findlay Park (www.findlay parkl.com) Microsoft (4.8%) Becton, Dickinson and Co (4.2%) Main investment fund Danaher Corporation (3.8%) Findlay Park American Berkshire Hathaway (3.7%) Professional background Fidelity National Info (3.7%) Air Products and Chemicals (3.7%) Joined Findlay Park in Investment strategy Fiserv (3.6%) Live Nation Entertainment (3.3%) 2011. Value investing strategy, Comcast Corporation (3.3%) Jonathan Tredgett Portfolio Manager. Cheyne using fundamental Alphabet (3.1%) AA-rated Fund Manager analysis. Capital LLP.

Charges US Institutional equities desks. UBS Morgan Stanley. Findley Park American AUM (Findlay Park American) ISIN: IE0002458671

Ongoing Charge: 1% $14,945,000,000 Profile 10 Main Holdings Academic background (Findlay Park American) Current company 30 November 2019 n/a Findlay Park (www.findlay parkl.com) Microsoft (4.8%) Becton, Dickinson and Co (4.2%) Main investment fund Danaher Corporation (3.8%) Findlay Park American Berkshire Hathaway (3.7%) Professional background Fidelity National Info (3.7%) Air Products and Chemicals (3.7%) Joined Findlay Park in Investment strategy Fiserv (3.6%) Live Nation Entertainment (3.3%) 2011. John Feeley Value investing strategy, Comcast Corporation (3.3%) AA-rated Fund Manager using fundamental Alphabet (3.1%) Portfolio Manager. Barings. analysis. US Equities Investment Analyst. Foreign & Charges Colonial. Findley Park American AUM (Findlay Park American) ISIN: IE0002458671 $14,945,000,000 Ongoing Charge: 1% Profile 10 Main Holdings Academic background (Findlay Park American) Current company 30 November 2019 n/a Findlay Park (www.findlay parkl.com) Microsoft (4.8%) Becton, Dickinson and Co (4.2%) Main investment fund Danaher Corporation (3.8%) Findlay Park American Berkshire Hathaway (3.7%) Professional background Fidelity National Info (3.7%) Air Products and Chemicals (3.7%) Joined Findlay Park in Investment strategy Fiserv (3.6%) Live Nation Entertainment (3.3%) 2014. Value investing strategy, Comcast Corporation (3.3%) Chris Watts Equity Research Analyst. using fundamental Alphabet (3.1%) AA-rated Fund Manager analysis. Cazenove.

Founding Partner & Equity Charges Analyst. Atlantic Equtiies. Findley Park American AUM (Findlay Park American) ISIN: IE0002458671 $14,945,000,000 Ongoing Charge: 1% Profile 10 Main Holdings Academic background (First State Asia Focus) Current company 30 November 2019 First State Degree in Economics. (www.firststateinvestments.com) Taiwan Semiconductor (6.4%) London School of CSL (5.2%) Economics. Main investment fund HDFC Bank (4.5%) Oversea-Chinese Banking (3.5%) First State Asia Focus Housing Development Finance (3.1%) Samsung Electronics (2.9%) Midea Group (2.8%) Investment strategy AIA Group (2.8%) Professional background Value investing strategy, China Mengniu Dairy (2.7%) using fundamental PT Bank Central Asia (2.6%) Richard Jones analysis. AA-rated Fund Manager Joined Frist State in 2010. Charges

AUM (First State Asia Focus) First State Asia Focus ISIN: GB00BWNGXJ86 (Class: B Acc) GBP 733,400,000 Ongoing Charges: 0.9% Profile 10 Main Holdings (First State China Growth) Academic background

Current company 30 November 2019

First State Taiwan Semiconductor (7.8%) Masters in Engineering. (www.firststateinvestments.com) Tencent Holdings (5.7%) Cambridge University. AIA Group (4.9%) Main investment fund China Merchants Bank (4.5%) First State China Growth CSPC Pharmaceutical (4%) China Menngniu Dairy (3.9%) ENN Energy (3.8%) Professional background Investment strategy Avantech (3.2%) Midea Group (3%) Value investing strategy, Shanghai International Airport (2.8%) using fundamental Joined First State in 2002 Martin Lau, CFA analysis. AAA-rated Fund Manager Charges Fund Manager. Invesco.

First State China Growth ISIN: GB0033874321 (Class: B Acc) AUM (First State China Growth) GBP 493,000,000 Ongoing Charges 1.05% Profile 10 Main Holdings (First State Global Listed Academic background Current company Infrastructure) 30 November 2019 First State Bachelor’s Degee in (www.firststateinvestments.com) Dominion Energy (5.4%) Economics, Accounting and Nextera Energy (5.4%) Finance. Macquarie Transurban (5.2%) Main investment fund University. First State Global Listed Williams Companies (4.1%) Infrastructure American Electric Power (3.3%) East Japan Railway (3.2%) Professional background Crown Castle Int. (3.2%) Investment strategy Union Pacific (3.1%) American Tower (3%) Value investing strategy, Head of Australia Peter Meany using fundamental National Grid (2.9%) Infrastructure & Utilities AAA-rated Fund Manager analysis. Research. Credit Suisse. Charges Research Analyst. First State Global Listed Infrastructure Macquarie Group. AUM (First State Global Listed ISIN: GB00B24HJL45 (Class: B Acc) Infrastructure) Ongoing Charges 0.78% GBP 1,192,100,000 Profile 10 Main Holdings (First State Global Listed Academic background Current company Infrastructure) 30 November 2019 Bachelor’s Degee in First State Businesss. Queensland (www.firststateinvestments.com) Dominion Energy (5.4%) University of Technology. Nextera Energy (5.4%) Main investment fund Transurban (5.2%) Postgraduate Diploma, International Relations. First State Global Listed Williams Companies (4.1%) Macquarie University. Infrastructure American Electric Power (3.3%) East Japan Railway (3.2%) Crown Castle Int. (3.2%) Professional background Investment strategy Union Pacific (3.1%) American Tower (3%) Value investing strategy, Senior Analyst, Andrew Greenup using fundamental National Grid (2.9%) Australian Equities. AAA-rated Fund Manager analysis. Allianz. Charges First State Global Listed Analyst. Australian AUM (First State Global Listed Infrastructure Equities. Credit Suisse. Infrastructure) ISIN: GB00B24HJL45 (Class: B Acc) GBP 1,192,100,000 Ongoing Charges 0.78% Profile 10 Main Holdings Academic background (First State Japan Focus)

Current company 30 November 2019 B.S., Statistics. Fudan First State University. Keyence Corp (5.8%) (www.firststateinvestments.com) Fast Retailing (5.3%) A.M., Statistics. Harvard Kao Corp. (5%) University. Main investment fund Shiseido (4.2%) First State Japan Focus Benefit One (4.2%) Pigeon Corp. (4.1%) Recruit Holdings (4.1%) Professional background Investment strategy Workman Co (3.8%) MonotaRO Co (3.6%) Value investing strategy, Unicharm Corp. (3.6%) Sophia Li using fundamental Joined First State AA-rated Fund Manager analysis. Investments in 2009. Charges

First State Japan Focus ISIN: GB00BWNGX432 (Class: B Acc) AUM (First State Japan Focus) GBP 31,200,000 Ongoing Charges 1.1% Profile 10 Main Holdings (Franklin UK Managers Focus) Academic background Current company 30 November 2019 M.A. in Geography and Franklin Templeton Bodycote (2.98%) Economics. University of (www.franklintempleton.com) Howden Joinery (2.92%) Edinburgh Associated British Foods (2.78%) Main investment fund Derwent London (2.65%) National Express (2.61%) Franklin UK Managers Focus Legal & General (2.59%) Professional background Ferguson PLC (2.57%) Intermediate Capital (2.55%) Investment strategy Spirent Communications (2.54%) Fund Manager. Newton. Value investing strategy, British American Tobacco (2.49%) using fundamental Ben Russon Equity Research Analyst. analysis. AA-rated Fund Manager Charges Newton.

Franklin UK Managers Focus AUM (Franklin UK Managers’ ISIN: GB00B7MPWT49 (Class: W Acc) Focus) Ongoing charges: 0.83% GBP 339,000,000 Profile 10 Main Holdings Academic background (Franklin UK Managers Focus) Current company 30 November 2019 M.A. in Geography and Franklin Templeton Economics. University of (www.franklintempleton.com) Bodycote (2.98%) Edinburgh Howden Joinery (2.92%) Main investment fund Associated British Foods (2.78%) Franklin UK Managers Focus Derwent London (2.65%) National Express (2.61%) Professional background Legal & General (2.59%) Investment strategy Ferguson PLC (2.57%) Intermediate Capital (2.55%) Joined Franklin Templet on Value investing strategy, Spirent Communications (2.54%) Investments when it using fundamental British American Tobacco (2.49%) acquired Rensburg Fund Colin Morton analysis. AAA-rated Fund Manager Management.

Charges Joined Rensburg Fund AUM (Franklin UK Managers’ Franklin UK Managers Focus Management in 1988. Focus) ISIN: GB00B7MPWT49 (Class: W Acc)

GBP 339,000,000 Ongoing charges: 0.83% Profile 10 Main Holdings Academic background (Franklin UK Mid Cap) Current company July 2019 M.A. in Geography and Franklin Templeton Economics. University of (www.franklintempleton.com) Entertainment One (3.87%) Edinburgh Meggitt (3.85%) Bellway (3.78%) Main investment fund Professional background Franklin UK Mid Cap Intermediate Capital (3.78%) Howden Joinery (3.75%) Joined Franklin Templet on Spirent Communications (3.56%) Investments when it Investment strategy Paragon Banking (3.45%) acquired Rensburg Fund TI Fluid Systems (3.39%) Management. Value investing strategy, Lancashire (3.37%) Paul Spencer using fundamental Weir Group (3.32%) Director. Granville Davies AAA-rated Fund Manager analysis. Limited.

Charges Head of Research. TD Waterhouse. AUM (Franklin UK Mid Cap) Ongoing charges: 0.82% GBP 1,020,020,000 Profile 10 Main Holdings Academic background (Franklin UK Managers Focus) Current company B.Sc. Degree in Business 30 November 2019 and Management. Bradford Franklin Templeton University School of (www.franklintempleton.com) Bodycote (2.98%) Management. Howden Joinery (2.92%) Main investment fund Associated British Foods (2.78%) IMC And Chartered MCSI Derwent London (2.65%) certificates. Franklin UK Managers Focus National Express (2.61%) Legal & General (2.59%) Professional background Investment strategy Ferguson PLC (2.57%) Intermediate Capital (2.55%) Joined Franklin Templet on Value investing strategy, Spirent Communications (2.54%) Investments when it using fundamental British American Tobacco (2.49%) acquired Rensburg Fund Richard Bullas analysis. Management. AA-rated Fund Manager

Joined Rensburg Fund Charges Management in 2000. AUM (Franklin UK Managers Franklin UK Managers Focus Focus) ISIN: GB00B7MPWT49 (Class: W Acc) Market Analyst. AVIVA Plc.

GBP 339,000,000 Ongoing charges: 0.83% Profile 10 Main Holdings Academic background (Franklin UK Managers Focus) Current company B.A. Geography & Economics. Exeter 30 November 2019 Franklin Templeton University. (www.franklintempleton.com) Bodycote (2.98%) Investment Management Howden Joinery (2.92%) Main investment fund Certificate (IMC) Associated British Foods (2.78%) Franklin UK Managers Focus Derwent London (2.65%) National Express (2.61%) Professional background Legal & General (2.59%) Investment strategy Ferguson PLC (2.57%) Intermediate Capital (2.55%) Value investing strategy, Joined Franklin Templet on Spirent Communications (2.54%) Mark Hall using fundamental Investments when it British American Tobacco (2.49%) AAA-rated Fund Manager analysis. acquired Rensburg Fund Management.

Charges Joined Rensburg Fund AUM (Franklin UK Managers Management in 1988. Franklin UK Managers Focus Focus) ISIN: GB00B7MPWT49 (Class: W Acc)

GBP 339,000,000 Ongoing charges: 0.83% 10 Main Holdings Profile (Fundsmith Equity Fund) Academic background 30 November 2019 Current company B.A. in History. University Fundsmith Microsoft College Cardiff. (www.fundsmith.co.uk) Paypal Philip Morris MBA. The Management Facebook Main investment fund College. Estée Lauder Fundsmith Equity Fund Amadeus Novo Nordisk Professional background Stryker Investment strategy McCormick CEO. Collins Stewart. Tu l l e t Intuit Prebon. Value investing strategy, Terry Smith using fundamental Head of UK Company AA-rated Fund Manager analysis. Charges Research. UBS

Fundmsith Equity Stockbroker. W Greenwell ISIN: GB00B41YBW71 (Class: I Acc) & Co AUM (Fundsmith Equity Fund) Ongoing charges: 0.95% GBP 18,800,000,000 10 Main Holdings Profile (GAM Star Continental Academic background European Equity) Current company 30 November 2019 B.A. in History. University GAM Investment Management College Cardiff. Nestle (5.1%) (www.gam.com) FinecoBank (4.3%) MBA. The Management Deutsche Boerse (4.2%) College. Main investment fund LV M H ( 4 . % ) GAM Star Continental European Inditex (3.7%) Pernod Ricard (3.7%) Professional background Eiffage (3.6%) Investment strategy ASML (3.6%) CEO. Collins Stewart. Tu l l e t Bayer (3.5%) Prebon. Value investing strategy, Anheuser-Busch InBev (3.4%) using fundamental Niall Gallagher Head of UK Company analysis. AAA-rated Fund Manager Charges Research. UBS GAM Star Continental European Equity. ISIN: LU1829329819 Stockbroker. W Greenwell AUM (GAM Star European (Class: I Acc) & Co Continental) Ongoing charges 1.02% € 726,500,000 10 Main Holdings Profile (GAM North American Growth) 30 November 2019 Current company Academic background ICU Medical (6.61%) GAM Investment Management Northrop Grumman (5.6%) (www.gam.com) Lockheed Martin (5.44%) Conns (5.09%) Main investment fund Esco Technologies (5.08%) n/a Church & Dwight (5.05%) GAM North American Growth Penske Automotive (4.98%) Phillips 66 (4.92%) Investment strategy Autozone (4.89%) Professional background Post Holdings (4.83%) Value investing strategy, using fundamental Gordon Grender analysis. Charges AAA-rated Fund Manager Fund Manager. Kitcat & GAM North American Growth Aitken Equity. ISIN: GB00B6TTG122 (Class: I Acc) AUM (GAM North American Growth) Ongoing charges € 128,420,000 0.99% Profile 10 Main Holdings (GAM UK Equity Income) Academic background

Current company 30 November 2019

GAM Investment Management Degree in Chemistry. Imperial Brands (4.7%) (www.gam.com) Oxford University. BT Group (4.7%) Lloyds Baking (4.2%) Main investment fund OneSavings Bank (3.6%) Professional background GAM UK Equity Income Pennon (3.6%) National Grid (3.4%) Fund Manager. Artemis GlaxoSmithKline (3.4%) National Express (3.2%) Investment strategy Fund Manager. Société Tesco (3%) Générale AM. Value investing strategy, Strix (2.6%) using fundamental Adrian Gosden Equity Research Analyst. analysis. AAA-rated Fund Manager Fleming Investment Charges Management. GAM UK Equity Income Equity. ISIN: GB00BF7M7T16 (Class: I Acc) Strategic Consultant. AUM (GAM UK Equity Income) Andersen. Ongoing charges GBP 216,800,000 0.82% Profile 10 Main Holdings Academic background (GAM Global Eclectic) Current company 30 November 2019 GAM Investment Management Degree in Chemistry. (www.gam.com) Newmont Goldcorp (5.06%) Oxford University. The Royal Bank of Scotland (4.49%) Main investment fund Mitsubishi UFJ Financial (4.19%) Professional background GAM Global Eclectic Telecom Italia (4.13%) Sibanye-Stillwater (4.08%) Fund Manager. Artemis

Investment strategy Fund Manager. Société Générale AM. Value investing strategy, using fundamental Andrew Green Equity Research Analyst. analysis. AAA-rated Fund Manager Fleming Investment Management. Charges

GAM Global Eclectic Strategic Consultant. AUM (GAM Global Eclectic) Equity. ISIN: GB00BG06N666 (Class: I Acc) Andersen.

Ongoing charges GBP 179,000,000 0.65% Profile 10 Main Holdings Academic background (GMO Quality Investment) Current company 30 November 2019 Ms,bs, Computer Science. GMO Rensselaer Polytechnic (www.fundsmith.co.uk) Microsoft (6.3%) Institute. Alphabet (6%) Main investment fund Apple (4.9%) PhD, Computer Science. Oracle (4.7%) Harvard University. GMO Quality Investment UnitedHealth (4.3%) Johnson & Johnson (3.7%) Professional background Investment strategy Medtronic (3.6%) Wells Fargo (3.5%) Joined GMO in 1995 Value investing strategy, US Bancorp (3.4%) Tom Hancock using fundamental Roche Holding (3.4%) AA-rated Fund Manager Research Scientist. Siemens analysis.

Charges Software Engineer. IBM

GMO Quality Investments. Class: USD Acc. ISIN: LU0235308482 AUM (GMO Quality Investment) Ongoing charges $ 43,000,000 0.58% Profile

Academic background 10 Main Holdings Current company (Goldman Sachs Equity India) Bachelor of Engineering. Goldman Sachs 30 November 2019 PGDM, Finance & (www.gsam.com) Marketing. Maharaja Infosys (7.8%) Sayairao University of Main investment fund ICICI Bank (6.3%) Vadodra. Goldman Sachs Equity India Axis Bank (4.8%) Reliance Industries (4.4%) Professional background Maruti Suzuki India (4%) HDFC Bank (3.5%) Executive Director. Investment strategy Bajaj Finance (3.3%) Goldman Sachs. Housing Development (3%) Value investing strategy, Hiren Dasani Bharat Petroleum (2.3%) using fundamental Sell Side Equity Research AA-rated Fund Manager HCL Technologies (2%) analysis. Analyst. SSKI Securities.

Charges Credit Analyst. ICICI AUM Prudential. Goldman Sachs Equity India. (Goldman Sachs Equity India) ISIN: LU0830624010 (Class R)

Ongoing charges: $ 1,930,000,000 1.05% Profile

Academic background 10 Main Holdings Current company (Goldman Europe Core) Bachelor’s degree, Computer Science. Cornell Goldman Sachs 30 November 2019 (www.gsam.com) Unviersity. Roche (3.2%) Master’s degree, Main investment fund Novartis (2.6%) Mathematics. Columbia Diageo (2.4%) Goldman Sachs Europe Core University BNP Paribas (2.1%) Schneider Electric (1.9%) Air Liquide (1.9%) Investment strategy TOTAL (1.8%) Professional background Kering (1.8%) Value investing strategy, Safran (1.7%) using fundamental Osman Ali Royal Dutch Shell (1.7%) analysis. Joined Goldman Sachs in AAA-rated Fund Manager 2003 Charges AUM Goldman Sachs Europe Core (Goldman Sachs Europe Core) ISIN: LU0234682044 (Class R)

Ongoing charges: € 3,070,000,000 0.65% Profile

Academic background 10 Main Holdings Current company (Goldman Europe Core)

Goldman Sachs 30 November 2019 (www.gsam.com) MBA. New York University – Roche (3.2%) Leonard N. Stern School of Main investment fund Novartis (2.6%) Business. Goldman Sachs Europe Core Diageo (2.4%) BNP Paribas (2.1%) Schneider Electric (1.9%) Air Liquide (1.9%) Professional background Investment strategy TOTAL (1.8%) Kering (1.8%) Value investing strategy, Safran (1.7%) using fundamental Len Ioffe Royal Dutch Shell (1.7%) analysis. Joined Goldman Sachs in AAA-rated Fund Manager 1994.

AUM Charges (Goldman Sachs Europe Core) Goldman Sachs Europe Core ISIN: LU0234682044 (Class R) € 3,070,000,000 Ongoing charges: 0.65% 10 Main Holdings Profile (LF Gresham House UK Micro Cap) Academic background Current company 30 November 2019 Gresham House MA (Oxon), Politics, (www.greshamhouse.com) Inspired Energy (4.8%) Phiosophy & Economics. Ergomed (4.4%) Oxford University. Main investment fund Impax Asset Management (4.2%) XPS Pensions (3.9%) Chartered Accountant. LF Gresham House Knights Group (3.9%) UK Micro Cap Mattioli Woods (3.9%) Charles Taylor (3.1%) Professional background Investment strategy Argentex (3.1%) Loungers (3%) Investment Director Value investing strategy, Restore (3%) Livingbridge. Ken Wotton using fundamental AAA-rated Fund Manager analysis. Equity Research Analyst. Charges Commerzbank. Evolution LF Gresham House Securities. AUM (LF Gresham House UK ISIN: GB00B55S9X98 (Class: A) Micro) KPMG. Ongoing charges:0.9% GBP 191,800,000 Profile 10 Main Holdings (LF Gresham House Current company UK Micro Cap) Academic background 30 November 2019 Gresham House (www.greshamhouse.com) Inspired Energy (4.8%) Bcom, Finance. University Ergomed (4.4%) of Melbourne. Main investment fund Impax Asset Management (4.2%) LF Gresham House XPS Pensions (3.9%) UK Micro Cap Knights Group (3.9%) Mattioli Woods (3.9%) Professional background Charles Taylor (3.1%) Investment strategy Argentex (3.1%) Brendan Gulston Loungers (3%) Value investing strategy, Investment Director. A-rated Fund Manager Restore (3%) using fundamental Livingbridge. analysis. Corporate Finance Charges Associate. Canaccod AUM (LF Gresham House UK LF Gresham House Genuity. ISIN: GB00B55S9X98 (Class: A) Micro) Ongoing charges:0.9% GBP 191,800,000 Profile 10 Main Holdings Academic background (Guinness Asian Equity Income) Current company 30 November 2019 Bachelor of Arts (B.A.), Guinness Asset Management History. University of York. (www.guinnessfunds.com) Ascendas Real Estate (3%) Janus Henderson (3%) Master of Philosophy Main investment fund Tisco Financial Foreign (3%) (Mphil), Business Luk Fook Holdings (3%) Guinness Asian Equity Income Administration and St. Shine Optical (3%) Management. University of AAC Technologies (3%) Oxford. Investment strategy Novatek Microelectronics (2.9%) Public Bank (2.9%) Value investing strategy, China Lilang (2.9%) Professional background Edmund Harris using fundamental Tech Mahindra (2.9%) AA-rated Fund Manager analysis. Portfolio Manager Guinness Charges Flight / Investec. AUM (Guinness Asian Equity Guinness Asian Equity Income ISIN: IE00BGHQDT22 Income) (Class: Y) GBP 168,000,000 Ongoing charges: 0.99% Profile 10 Main Holdings (Guinness Asian Equity Income) Current company Academic background 30 November 2019 Guinness Asset Management (www.guinnessfunds.com) Ascendas Real Estate (3%) First Class degree in Janus Henderson (3%) Management Studies. Main investment fund Tisco Financial Foreign (3%) University of Cambdridge. Luk Fook Holdings (3%) Guinness Asian Equity Income St. Shine Optical (3%) Chartered Accountant. AAC Technologies (3%) Investment strategy Novatek Microelectronics (2.9%) Public Bank (2.9%) Value investing strategy, China Lilang (2.9%) Professional background Mark Hammonds, CFA using fundamental Tech Mahindra (2.9%) analysis. AA-rated Fund Manager Charges Ernst & Young Guinness Asian Equity Income AUM (Guinness Asian Equity ISIN: IE00BGHQDT22 Income) (Class: Y) GBP 168,000,000 Ongoing charges: 0.99% Profile 10 Main Holdings Academic background (GVQ UK Focus) Current company 30 November 2019 GVQ Investment Management Degree in Economics and (www.qvqim.com) Babcock (9.9%) Business Economics. WPP (9%) Southampton University. Main investment fund Equiniti (7%) SLA (6.6%) GVQ UK Focus ITV (5.9%)

Professional background Investment strategy

Value investing strategy, using fundamental Jamie Seaton, CFA analysis. Charges Equity Research Analyst. AAA-rated Fund Manager Rothschild Asset GVQ UK Focus Management. ISIN: IE0033377494. Class: I AUM (GVQ UK Focus) Ongoing charges: 0.97% GBP 215,500,000 Profile 10 Main Holdings Academic background (Herald Investment Trust) Current company October 2019 Katie read Engineering Herald Science on a GKN Group (www.heralduk.com) GB Group (3.2%) scholarship at Lady Future (2.7%) Margaret Hall, Oxford. Main investment fund Diploma (2.4%) Herald Investment Trust Next Fifteen Communications (1.8%) Pegasystems (1.7%) StatPro Group (1.6%) Professional background Investment strategy LivePerson (1.5%) YouGov (1.5%) Long term investing, using Mellanox Tech (1.5%) Investment Management Katie Potts fundamental analysis IQE (1.3%) Baring Investment AAA-rated Fund Manager Management Limited.

Equity Research Analyst. Warburg Securities. AUM (Herald Investment Trust) Charges

GBP 1,056,600,000 Management fee: 1% Profile 10 Main Holdings Academic background (Hermes Asia ex-Japan) Current company 30 November 2019 MBA. Harvard Business Hermes Investment Management Alibaba (5.61%) School. (www.Hermes-investment.com) ASE Technology (4.94%) Samsung Electronic (4.62%) Chartered Accountant. Main investment fund CK Hutchison (4.32%) Hermes Asia ex-Japan Taiwan Semiconductor (3.75%) MeidaTek (3.51%) Kulun Energy (2.95%) Professional background Investment strategy Cosco Shipping Ports (2.95%) Beijing Enterprise (2.93%) Value investing strategy, Beijing Capital Int. Airport (2.65%) Fund Manager. RAB Capital. using fundamental Jonathan Pines, CFA analysis. Analyst Orbis Investment AA-rated Fund Manager Charges Advisory.

Hermes Asia ex-Japan Partner. PKF Johannesburg. ISIN: IE00B8H6X308 AUM (Hermes Asia ex-Japan) (Class: F) Ongoing charges GBP 2,631,900,000 0.82% Profile 10 Main Holdings Academic background (Hermes Global Emerging Markets) Current company 30 November 2019 BA. Carleton College. Hermes Investment Management Alibaba (7.2%) (www.Hermes-investment.com) Taiwan Semiconductor (6.73%) MBA. Thunderbird School. Samsung Electronic (6.72%) Main investment fund Tencent (6.68%) Professional background Hermes Global Emerging NMC Healthcare (2.86%) Markets Bank Rakyat Indonesia (2.85%) Managing Partner & Co- Nari Technology (2.67%) founder. Silkstone Capital. Sberbank (2.45%) Muse Capital. Investment strategy AIA (2.42%) Executive Director. Goldman Value investing strategy, Techtronic Industries (2.41%) Sachs. using fundamental Gary Greenberg, CFA analysis. AA-rated Fund Manager Charges Managing Director. Van Eck Hermes Asia ex-Japan Global. AUM (Hermes Global Emerging ISIN: IE00B3DJ5M15 (Class: F) Markets) CIO. Peregrine Asset Management. Ongoing charges USD 4,667,900,000 1.1% Profile 10 Main Holdings Academic background (Hermes Global Equity) Current company 30 November 2019 Degree in Mechanical Hermes Investment Management Engineering. Norwegian (www.Hermes-investment.com) Microsoft (3.41%) Institute of Technology. Apple (2.03%) Main investment fund Amazon (1.99%) MBA. Pacific Lutheran Hermes Global Equity Walt Disney (1.71%) University, Washington. AstraZeneca (1.61%) ASML (1.56%) Alphabet (1.53%) Professional background Investment strategy Procter & Gamble (1.5%) Visa (1.46%) Value investing strategy, Chairman. Bergen Group. American Tower (1.41%) Geir Lode using fundamental AAA-rated Fund Manager analysis. Frank Russell.

Charges Chancellor LGT. Hermes Global Equity ISIN: IE00B3FPGZ77 Putnam Investments. AUM (Hermes Global Equity) (Class: F) USD 20,300,000 Ongoing charges 0.7% Profile 10 Main Holdings Academic background (Hermes Global Equity) Current company 30 November 2019 Master’s degree, Hermes Investment Management Mathematics, Operational (www.Hermes-investment.com) Microsoft (3.41%) Research, Statistics & Apple (2.03%) Economics. University of Main investment fund Amazon (1.99%) Warwick. Hermes Global Equity Walt Disney (1.71%) AstraZeneca (1.61%) ASML (1.56%) Alphabet (1.53%) Professional background Investment strategy Procter & Gamble (1.5%) Visa (1.46%) Value investing strategy, American Tower (1.41%) Lewis Grant using fundamental Joined Hermes in 2008. AAA-rated Fund Manager analysis. Charges

Hermes Global Equity Actuarial Consultant. Aon. ISIN: IE00B3FPGZ77 AUM (Hermes Global Equity) (Class: F) Ongoing charges USD 20,300,000 0.7% Profile 10 Main Holdings Academic background (Hermes Global Equity) Current company 30 November 2019 Hermes Investment Management (www.Hermes-investment.com) Microsoft (3.41%) Masters, Engineering. Apple (2.03%) Durham University. Main investment fund Amazon (1.99%) Hermes Global Equity Walt Disney (1.71%) AstraZeneca (1.61%) ASML (1.56%) Alphabet (1.53%) Professional background Investment strategy Procter & Gamble (1.5%) Visa (1.46%) Value investing strategy, Louise Dudley American Tower (1.41%) using fundamental AA-rated Fund Manager analysis. Joined Hermes in 2009 Charges Hermes Global Equity ISIN: IE00B3FPGZ77 AUM (Hermes Global Equity) (Class: F) Ongoing charges USD 20,300,000 0.7% Profile 10 Main Holdings Academic background (Invesco European Equity) Current company 30 November 2019 MA in Modern Languages. Invesco Oxford University. (www.invesco.co.uk) Sanofi (4.46%) Siemens (4.39%) Main investment fund Orange (3.98%) BNP Paribas (3.71%) Invesco European Equity Professional background Tot al (3.65%) CaixaBank (3.46%) Telefonica (3.2%) Investment strategy Ryanair (3.11%) Joined Invesco in 1997. Value investing strategy, UPM (3%) Director of Belgian using fundamental Equities. Dillon Read Jeffrey Taylor analysis. Securities. AAA-rated Fund Manager Charges

Invesco European Equity Equity Research Analyst. ISIN: GB00BJ04FY38 (Class: Y Acc). Williams de Broe. AUM (Invesco European Equity) Ongoing charges: 0.88% GBP 2,185,850,000 Profile 10 Main Holdings Academic background (Invesco Greater China) Current company Bachelor’s degree. Nationl 30 November 2019 Chung Hsing University, Invesco Taian. (www.invesco.co.uk) Alibaba (10.3%) Tencent (8.7%) Master of Science degree in Taiwan Semiconductor (5%) Main investment fund Finance. Drexel University, Sun Art Retail (4.3%) Philadelphia. Invesco Greater China Shanghai Int. Airport (4.3%9 NetEase ADR (4%) Professional background China Mobile (3.9%) Investment strategy Shandong Weigao Medical Polymer (3.7%) Joined Invesco in 2002. Uni-president China (3.5%) Value investing strategy, Mike Shiao Samsung Electronics (3.5%) Senior Analyst. Overseas using fundamental AAA-rated Fund Manager analysis. Credit and Securities Inc. Charges Project Manager Invesco Greater China supervising Venture capital ISIN: LU0955862528 (Class: Z Acc). investments. Grand Regent AUM (Invesco Greater China) Investment Ltd. Ongoing charge: 1.14% USD 1,100,000,000 Profile 10 Main Holdings Academic background (Invesco Greater China) Current company Bachelor of Economics 30 November 2019 degree. National Taiwan Invesco Unviersity. (www.invesco.co.uk) Alibaba (10.3%) Tencent (8.7%) Master of International Taiwan Semiconductor (5%) Affairs degree. Columbia Main investment fund Sun Art Retail (4.3%) University. Invesco Greater China Shanghai Int. Airport (4.3%9 NetEase ADR (4%) Professional background China Mobile (3.9%) Investment strategy Shandong Weigao Medical Polymer Sell-side Analyst. (3.7%) Value investing strategy, DEUTSCHE Bank. Uni-president China (3.5%) Lorraine Kuo using fundamental Samsung Electronics (3.5%) AA-rated Fund Manager analysis. Investment Analyst. Manulife Asset Charges Management.

Invesco Greater China Credit Analyst. Credit AUM (Invesco Greater China) ISIN: LU0955862528 (Class: Z Acc). Lyonnais Taipei . USD 1,100,000,000 Ongoing charge: 1.14% Profile 10 Main Holdings Academic background (Invesco UK Smaller) Current company 30 November 2019 BSc in Bio-Chemistry. UMIST. Invesco (www.invesco.co.uk) Future (3.81%) 4imptint (3.6%) Investment Management CVS (2.82%) Certificate. Securities Main investment fund Clinigen (2.5%) Institute Diploma. Invesco UK Smaller Rws Group (2.38%) JSG (2.37%) Sanne (2.32%) Professional background Investment strategy Consort Medical (2.27%) Polypipe (2.19%) Value investing strategy, Restore (2.16%) Jonathan Brown using fundamental analysis. Joined Invesco in 2000, AAA-rated Fund Manager Charges from Lazard Asset Management. Invesco UK Smaller ISIN: GB00BJ04KT38 (Class: Y Acc). AUM (Invesco UK Smaller) Ongoing charge: 0.87% GBP 682,160,000 10 Main Holdings Profile (Perpetual Income and Growth Academic background Investment Trust) Current company 30 November 2019 Invesco Degree in French and (www.invesco.co.uk) British American Tobacco (5.8%) BP (5.1%) Politics. Readng University. Main investment fund Next (3.9%) Legal & General (3.8%) Perpetual Income and Grwoth Tesco (3%) Invesmtent Trust Derwent London (3%) Royal Dutch Shell (2.9%) Professional background Investment strategy Roche (2.8%) BAE Systems (2.7%) Value investing strategy, Novartis (2.6%) Joined Invesco in 1996. Marc Barnett using fundamental AAA-rated Fund Manager analysis. Charges Mercury Asset Management.

Perpetual Income and Growth AUM (Perpetual Income and Investment Trust. Grwoth Investment Trust) ISIN: GB0006798424. Ongoing charge: 0.76% GBP 925,400,000 10 Main Holdings Profile (Investec UK Smaller) Academic background 30 November 2019 Current company Paypoint (3.8%) Investec Asset Management Degree in Geography and Clinigen (3.5%) (www.investecassetmanagement.com) Sports Science. Smart Metering Systems (3.3%) Loughborough University. Diversified Gas & Oil (3.2%) Main investment fund Hollywood Bowl (3%) Investment Management Investec UK Smaller Countryside Properties (2.8%) Certificate. Oxford Instruments (2.8%) AJ Bell (2.5%) Investment strategy FDM Group (2.4%) Hotel Chocolat (2.2%) Professional background Value investing strategy, using fundamental Matthew Evans analysis. Portfolio Manager. Charges AA-rated Fund Manager Threadneedle. Investec UK Smaller ISIN:GB00B5NR9271 Portfolio Manager. Legal & AUM (Investec UK Smaller) (Class: I Acc) General. Ongoing charges GBP 264,240,000 0.89% Profile 10 Main Holdings Academic background (Investec European Equity) Current company 30 November 2019

Investec Asset Management Doctor of Philosophy (PhD), Roche (4.2%) (www.investecassetmanagement.com) Organic Chemistry. Avast (3.3%) University of Oxford. SAP (3%) Main investment fund Sanofi (2.6%) Investec European Equity BP (2.6%) AXA (2.6%) Bawag (2.5%) Professional background Investment strategy Coca-Cola European (2.4%) GVC Holdings (2.4%) Value investing strategy, Hexagon (2.1%) Ken Hsia using fundamental Fund Manager. MoVa AA-rated Fund Manager analysis. Investment Partners. Charges Investec European Equity Fund Manager. Fidelity. ISIN:LU0386383433 AUM (Investec European Equity) (Class: I Acc) Ongoing charges USD 2,200,000,000 0.97% 10 Main Holdings (Janus Henderson European Profile Focus Trust) Academic background 30 November 2019 Current company n/a Janus Henderson LafargeHolcim (8.29%) (www.janushenderson.com) UPM-Kymmene (4.58%) Nestle (4.1%) STMicroelectronics (3.88%) Main investment fund SAP (3.39%) Janus Henderson European Autoliv (3.24%) Focus ASML (3.09%) Grifols (3.04%) Professional background Investment strategy Roche (2.91%) Merck (2.76%) Value investing strategy, John Bennett Fund manager. Global Asset using fundamental AAA-rated Fund Manager Management. analysis. Charges Fund Manager. Ivory & Janus Henderson European Sime. AUM (Janus Henderson Focus Trust. European Focus) ISIN: GB0005268858 Ongoing charges GBP 299,000,000 0.84% Profile 10 Main Holdings Academic background (Janus Henderson UK Smaller) Current company 30 November 2019 MA (Hons) in Mathematics. Janus Henderson Cambridge University. (www.janushenderson.com) Intermediate Capital (3.4%) Bellway (3.1%) Associate Member of the Clinigen Group (2.1%) Main investment fund Society of Investment John Laing Group (2%) Porfessionals (ASIP) Janus Henderson UK Smaller RWS (2%) Paragon Banking (2%) Chartered Accountant. Oxford Instruments (1.9%) Investment strategy Ultra Elecronics (1.8%) Dechra Pharmaceuticals (1.7%) Professional background Neil Hermon Value investing strategy, Victrex (1.7%) AAA-rated Fund Manager using fundamental Head of UK smaller analysis. Charges companies. General Accident Investent Janus Henderson UK Smaller. Management. AUM (Janus Henderson UK ISIN:GB0007447625 (Class: I Smaller) Acc) Ernst & Young. Ongoing charges GBP 195,510,000 0.84% Profile 10 Main Holdings (Janus Henderson Japanese Smaller) Academic background Current company 30 November 2019 MS in Chemical Janus Henderson Toppan Forms (7%) Engineering. Korea (www.janushenderson.com) Nippon Soda (5.9%) Advanced Institute of Nichicon (5.8%) Science and Technology. Main investment fund Relia (4.7%) Central Glass (4.1%) MBA. University of Hawaii. Janus Henderson Japanese Aiful (3.9%) Smaller COOKPAD (3.8%) Life (3.5%) Investment strategy Isetan Mitsukoshi (3.3%) Professional background GMO Financial (3.2%) Value investing strategy, Yunyoung Lee, CFA using fundamental analysis. AAA-rated Fund Manager Charges Tokyo Securities. Dow Chemicals Janus Henderson Japanese AUM (Janus Henderson Smaller. ISIN: LU1678963320 Japanese Smaller) (Class: H2 Acc) Ongoing charges $296,710,000 1.06% Profile 10 Main Holdings (JOHCM Continental Academic background European Fund) Current company 30 November 2019 J O Hambro Capital Management Degree in Economics. (www.johcm.com) Novartis (4.5%) University of Lancaster. AXA (4.4%) Main investment fund Ericsson (3.7%) Société Générale (3.6%) JOHCM Continental European UniCredit (3.5%) Professional background Fund SAP (3.5%) Investment strategy Sanofi (3.1%) Kering (3.1%) Value investing strategy, Siemens (3%) Fund Manager. Sanwa Asset using fundamental Vivendi (2.8%) Management. Paul Wild, CFA analysis. AAA-rated Fund Manager Charges Fund Manager. Newton

JOHCM Continental European Investment Management. AUM (JOHCM Continental ISIN: IE0033009238. Class: A European Fund) Management charge: 0.75% GBP 1,210,000,000 Performance fee: 15% Profile

10 Main Holdings Academic background (JOHCM European Select Values) Current company 30 November 2019 J O Hambro Capital Management Masters degree in (www.johcm.com) Metro Wholesale (4.8%) Economics. University of Oracle (4.5%) Leuven. Main investment fund Aryzta (4.5%) Liberty Global (4.2%) JOHCM European Select Values SBM Offshore (3.8%) Professional background Thyssenkrupp (3.8%) Ceconomy (3.3%) Investment strategy Danone (3.3%) Value investing strategy, Rolls-Royce (3%) Joined JO Hambro in 2003. using fundamental O’leteren (3%) Robrecht Wouters analysis. Equity Research Analyst. AAA-rated Fund Manager Charges Smith New Court Europe (Merrill Lynch). AUM (JOHCM European Select JOHCM European Select Values Values) ISIN:IE0032904330. Class: A Management charge; 0.75% GBP 1,520,000,000 Performance fee: 15% Profile

10 Main Holdings Academic background (JOHCM UK Dynamic) Current company 30 November 2019 BA (Hons) in Politics. J O Hambro Capital Management University of Nottingham. (www.johcm.com) GSK (5.6%) BP (4.7%) Securities Institute Main investment fund 3i (4.3%) Diploma Shell (4.3%) JOHCM UK Dynamic Anglo American (3.9%) Professional background Barclays (3.8%) Vodafone (3.5%) Investment strategy Morrisons (3.5%) Joined JO Hambro in 2003. Value investing strategy, QinetiQ (3.4%) using fundamental Aviva (3.4%) Research Associate. Astaire Alex Savvides analysis. & Partners. AAA-rated Fund Manager

Charges Sales roles. Teat her & Greenwood. Numis JOHCM UK Dynamic Securities. AUM (JOHCM UK Dynamic) ISIN:GB00B4T7HR59. Class: A Management charge; 0.75% GBP 1,810,000,000 Performance fee: 15% Profile 10 Main Holdings (JOHCM UK Equity income) Academic background

Current company 30 November 2019 Degree in Economics. J O Hambro Capital Management University of Exeter. BP (7%) (www.johcm.com) Shell (6.4%) Lloyds Baking (4.6%) Main investment fund Barclays (4.2%) JOHCM UK Equity Income Glencore (3.8%) Professional background Aviva (3.6%) ITV (3.3%) Investment strategy Standard Life Aberdeen (3.2%) Joined JO Hambro in 2004. Vodafone (3.2%) Value investing strategy, Phoenix Group (3.2%) using fundamental Equity Investment Director, James Lowen analysis. Analyst & Head of AAA-rated Fund Manager Charges Corporate Governance. Newton Investment JOHCM UK Equity Income Management. ISIN:GB00B03KR500. Class: A AUM (JOHCM UK Equity Income) Management charge; 0.75% GBP 3,070,000,000 Performance fee: 15% Profile 10 Main Holdings (JOHCM UK Equity income) Academic background Current company 30 November 2019 J O Hambro Capital Management Degree in Economics. (www.johcm.com) BP (7%) Shell (6.4%) University of Nottingham. Lloyds Baking (4.6%) Main investment fund Barclays (4.2%) JOHCM UK Equity Income Glencore (3.8%) Aviva (3.6%) Professional background ITV (3.3%) Investment strategy Standard Life Aberdeen (3.2%) Vodafone (3.2%) Value investing strategy, Clive Beagles Phoenix Group (3.2%) Joined JO Hambro in 2004. using fundamental AAA-rated Fund Manager analysis. Fund Manager. Newton. Charges

JOHCM UK Equity Income ISIN:GB00B03KR500. Class: A AUM (JOHCM UK Equity Income) Management charge; 0.75% GBP 3,070,000,000 Performance fee: 15% Profile

10 Main Holdings Academic background (JOHCM UK Growth) Current company 30 November 2019 J O Hambro Capital Management Degree in Industrial (www.johcm.com) Associated British Foods (3.8%) Economics. University of First Derivatives (3.3%) Warwick. Main investment fund Standard Chartered (3.2%) Rolls Royce (3.2%) JOHCM UK Growth Just Retirement (3.1%) Professional background Sigma (3.1%) Volex (3.1%) Investment strategy BP (3%) Identify mispriced growth Severfield (2.7%) Mark Costar Joined JO Hambro in 2001. using fundamental analysis Greham Computing (2.2%) AAA-rated Fund Manager

Fund Manager. Clerical Medical Group. Charges JOHCM UK Growth AUM (JOHCM UK Growth) ISIN:IE0033009345. Class: A

Management charge; 0.75% GBP 239,000,000 Performance fee: 15% Profile

10 Main Holdings Academic background (JOHCM UK Growth) Current company 30 November 2019 J O Hambro Capital Management Degree in Accounting & (www.johcm.com) Associated British Foods (3.8%) Finance. London School of First Derivatives (3.3%) Economics. Main investment fund Standard Chartered (3.2%) Roll Royce (3.2%) JOHCM UK Growth Just Retirement (3.1%) Professional background Sigma (3.1%) Volex (3.1%) Investment strategy BP (3%) Identify mispriced growth Severfield (2.7%) Equity Research Analyst. using fundamental analysis Greham Computing (2.2%) ABN Amor Vishal Bhatia, CFA AAA-rated Fund Manager Charges Equity Research Analyst. JOHCM UK Growth Merrill Lynch. AUM (JOHCM UK Growth) ISIN:IE0033009345. Class: A Management charge; 0.75% GBP 239,000,000 Performance fee: 15% Profile

10 Main Holdings Academic background (JOHCM UK Opportunities) Current company 30 November 2019 J O Hambro Capital Management Bachelor’s degree, Law & (www.johcm.com) Shell (5.1%) Politics. Keele University. Vodafone (3.4%) Main investment fund Next (3.4%) GSK (3.4%) JOHCM UK Opportunities Associated British Foods (3.3%) Professional background Morrisons (3.3%) Smiths (3.2%) Investment strategy Direct Line (3.2%) Quality growth strategy Tesco (3.2%) Fund Manager. Deutsche Michael Ulrich, CFA using fundamental analysis Johnson Matthey (3.1%) Asset Management. AAA-rated Fund Manager

Fund Manager. F&C Charges

JOHCM UK Opportunities AUM (JOHCM UK Opportunities) ISIN:GB00B0LLB641. Class: A

Management charge; 0.75% GBP 413,400,000 Performance fee: 15% Profile

10 Main Holdings Academic background (JOHCM UK Opportunities) Current company 30 November 2019 J O Hambro Capital Management Degree in Geograpjy. (www.johcm.com) Shell (5.1%) University of Oxford. Vodafone (3.4%) Main investment fund Next (3.4%) GSK (3.4%) JOHCM UK Opportunities Associated British Foods (3.3%) Professional background Morrisons (3.3%) Smiths (3.2%) Investment strategy Joined J O Hambro in 2012. Direct Line (3.2%) Tesco (3.2%) Quality growth strategy Global Investment using fundamental analysis Johnson Matthey (3.1%) Rachel Reutter, CFA Research. Goldman Sachs. AA-rated Fund Manager

Charges Analyst. Stifel Financial.

JOHCM UK Opportunities Risk & Portfolio Manager. AUM (JOHCM UK Opportunities) ISIN:GB00B0LLB641. Class: A RBS.

Management charge; 0.75% GBP 413,400,000 Performance fee: 15% Profile 10 Main Holdings (JPMorgan ASEAN Equity) Academic background

Current company 30 November 2019

J.P. Morgan Bank Central Asia (6.5%) Bachelors degree in (www.am.jpmorgan.com) DBS (5.9%) Accounting. Nanyang United Overseas Bank (4.5%) Technological University, Main investment fund Bank Rakyat Indonesia (4.3%) Singapore. JPMorgan ASEAN Equity CP All (4%) Oversea-Chinese Banking (3.8%) Certified Public Telekomunikasi Indonesia (3.2%) Accountant. Investment strategy Singapore Telecommunications (3.1%) Airports of Thailand (3%) Value investing strategy, Public Bank (2.9%) Professional background Pauline Ng, CFA using fundamental AA-rated Fund Manager analysis. Charges Portfolio Manager AllianzDresdner. JP Morgan ASEAN Equity AUM (JPMorgan ASEAN Equity) ISIN: LU0441851648. Class: C

Ongoing charges USD 852,710,000 0.96%% Profile 10 Main Holdings (JPMorgan ASEAN Equity) Current company Academic background 30 November 2019 J.P. Morgan (www.am.jpmorgan.com) Bank Central Asia (6.5%) DBS (5.9%) United Overseas Bank (4.5%) B.Sc. In Economics (suma Main investment fund Bank Rakyat Indonesia (4.3%) cum laude). Singapore JPMorgan ASEAN Equity CP All (4%) Management University. Oversea-Chinese Banking (3.8%) Telekomunikasi Indonesia (3.2%) Investment strategy Singapore Telecommunications (3.1%) Airports of Thailand (3%) Value investing strategy, Professional background Public Bank (2.9%) using fundamental Chang Qi Ong analysis. AA-rated Fund Manager Analyst. Temasek. Charges

JP Morgan ASEAN Equity AUM (JPMorgan ASEAN Equity) ISIN: LU0441851648. Class: C

Ongoing charges USD 852,710,000 0.96%% Profile 10 Main Holdings (JPMorgan Asian Smaller) Current company Academic background 30 November 2019 J.P. Morgan (www.am.jpmorgan.com) Techtronic Industries (4.5%) B.A. (Hons) in Natural Voltronic Power Tech (3.2%) Sciences. Downing College, Main investment fund BOC Aviation (2.8%) Cambridge University. Realtek Semiconductor (2.5%) JPMorgan Asian Smaller Chailease Holding (2.4%) Chartered Accountant. Parade Technologies (2.2%) Investment strategy Eciat Text ile (2.1%) Dr. Lal PathLabs (2%) Professional background Value investing strategy, Hangzhou Tigermed (2%) Joanna Kwok using fundamental Setlla International (1.9%) AAA-rated Fund Manager analysis. Joined JPMorgan in 2002.

Charges Senior Associate. PwC.

JP Morgan Asian Smaller AUM (JPMorgan Asian Smaller) ISIN: HK0000055647. Class: Acc HKD

USD 154,100,000 Management fee: 1.5% Profile 10 Main Holdings (JPMorgan Asia Pacific Equity) Academic background Current company 30 November 2019 J.P. Morgan B.A. (Joint Hons) in History (www.am.jpmorgan.com) Alibaba (6.5%) and German. University of Taiwan Semiconductor (5.5%) Manchester. Main investment fund Samsung Electronics (5.5%) M.Sc. In International JPMorgan Asia Pacific Equity Tencent (4.7%) AIA (3.3%) Political Economy. London CSL (3%) School of Economics. Investment strategy Ping An Insurance (2.6%) Housing Development Finance (2.4%) Value investing strategy, BHP Group (1.9%) Professional background using fundamental HDF Bank (1.8%) Marc Davids, CFA analysis. AAA-rated Fund Manager Joined JPMorgan in 1997. Charges European Commission. AUM (JPMorgan Asia Pacific JP Morgan Asia Pacific ISIN: LU0441854584. Class: C Equity) Ongoing charges USD 1,049,500,000 0.96%% Profile 10 Main Holdings (JPMorgan Asia Pacific Equity) Academic background Current company 30 November 2019

J.P. Morgan Alibaba (6.5%) (www.am.jpmorgan.com) Taiwan Semiconductor (5.5%) B.Sc. (Hons) in Psychology. Samsung Electronics (5.5%) University of Manchester. Main investment fund Tencent (4.7%) JPMorgan Asia Pacific Equity AIA (3.3%) CSL (3%) Ping An Insurance (2.6%) Professional background Investment strategy Housing Development Finance (2.4%) BHP Group (1.9%) Value investing strategy, HDF Bank (1.8%) using fundamental Oliver Cox Joined JPMorgan in 2007. analysis. A-rated Fund Manager Charges Equity Research Analyst.

JP Morgan Asia Pacific Macquarie Seurities Japan. AUM (JPMorgan Asia Pacific ISIN: LU0441854584. Class: C Equity) Ongoing charges USD 1,049,500,000 0.96%% Profile 10 Main Holdings (JPMorgan Emerging Markets) Current company Academic background 30 November 2019 J.P. Morgan (www.am.jpmorgan.com) Alibaba (5.7%) B.A. in Economics. Cornell Taiwan Semiconductor (5.3%) University. Main investment fund AIA (4.5%) JPMorgan Emerging Markets HDFC Bank (4.4%) Housing Development Finance (4.4%) Tencent (3.8%) Investment strategy Samsung Electronics (3.8%) Professional background Sberbank of Russia (2.8%) Value investing strategy, Ping An Insurance (2.4%) Leon Eidelman, CFA using fundamental Budweiser Brewing (2%) AA-rated Fund Manager analysis. Joined JP Morgan in 2002 Charges AUM (JPMorgan Emerging JP Morgan Emerging Markets Markets) ISIN: LU0441854584. Class: C

USD 7,942,200,000 Ongoing charges: 1.06% Profile 10 Main Holdings (JPMorgan Emerging Markets Small Cap) Current company Academic background 30 November 2019 JP Morgan B.Sc (Hons) in (www.am.jpmorgan.com) Clicks Group (3%) Mathematics. Kings College Advantech (2.4%) London. Main investment fund Vanguard International Semic. (2.2%) Moscow Exchange (2.2%) JPMorgan Emerging Markets Professional background Small Cap Silergy (2%) BID (1.9%) Equity Research Analyst & Investment strategy Zhejiang Supor (1.9%) Spar (1.8%) Portfolio Manager. Prusik Investment Management. Value investing strategy,Grupo Aeroportuario del Sureste (1.8%) Amit Mehta, CFA Atlantis Investment using fundamental Hanon Systems (1.8%) AA-rated Fund Manager analysis. Management.

Charges Analyst. Aviva Investors

AUM (JPMorgan Emerging JP Morgan Emerging Markets Small Investment Consultant. Markets Small Cap) ISIN: LU0318933214. Class: C Mercer. Ongoing charges: 1.06% USD 1,520,000,000 Profile

10 Main Holdings (JPMorgan Euroland Dynamic Fund) Current company Academic background 30 November 2019 J.P. Morgan (www.am.jpmorgan.com) Allianz (4.9%) M.Eng in Metallurgy and SAP (4.2%) Science of Materials. Main investment fund LV M H ( 3 . 7 % ) Oxford University. JPMorgan Euroland Sanofi (3.6%) Dynamic Fund Tot al (3.5%) Safran (2.9%) Investment strategy Deutsche Telekom (2.9%) Enel (2.8%) Professional background Jonathan Ingram, CFA Value investing strategy, BNP Paribas (2.6%) using fundamental Linde (2.6%) AA-rated Fund Manager analysis. Joined JP Morgan in 2000.

Charges AUM (JPMorgan Euroland JP Morgan Euroland Dynamic Dynamic Fund) ISIN: LU0661986264. Class: C Ongoing charges: 0.95% € 246,600,000 Profile

10 Main Holdings (JPMorgan Euroland Dynamic Fund) Current company Academic background 30 November 2019 J.P. Morgan BA. University College (www.am.jpmorgan.com) Allianz (4.9%) Cork, Ireland. SAP (4.2%) Main investment fund LV M H ( 3 . 7 % ) Associate of the Institute Sanofi (3.6%) JPMorgan Euroland of Investment Management Tot al (3.5%) Dynamic Fund & Research. Safran (2.9%) Investment strategy Deutsche Telekom (2.9%) Enel (2.8%) Professional background Value investing strategy, BNP Paribas (2.6%) John Baker using fundamental Linde (2.6%) AA-rated Fund Manager analysis. Joined JP Morgan in 1994.

Charges AUM (JPMorgan Euroland JP Morgan Euroland Dynamic Dynamic Fund) ISIN: LU0661986264. Class: C Ongoing charges: 0.95% € 246,600,000 Profile 10 Main Holdings (JPMorgan Europe Dynamic Small Cap) Current company Academic background 30 November 2019 J.P. Morgan BSc in Economics & (www.am.jpmorgan.com) Games Workshop (2.9%) Development. London JD Sports (2.7%) School of Economics. Main investment fund Intermediate Capital (2.6%) Future (2.5%) JPMorgan Europe Dynamic Avast (2.1%) Small Cap SIG Combibloc (1.7%) SPIE (1.6%) Professional background Investment strategy Sopra Steria (1.6%) Value investing strategy, Ipsos (1.6%) Joined JP Morgan in 1998. using fundamental IMCD (1.6%) Francesco Conte analysis. AAA-rated Fund Manager Lead Analyst. Schroder Charges Securities.

JP Morgan Euroland Dynamic AUM (JPMorgan European Analyst. Ermgassen & Co. ISIN: LU0129450945. Class: C Dynamic Small Cap) Ongoing charges: 1.01% € 621,200,000 Profile 10 Main Holdings (JPMorgan Europe Equity Plus) Current company Academic background 30 November 2019 J.P. Morgan (www.am.jpmorgan.com) Nestle (4.8%) Roche (3.7%) BSc (Hons) in Economics. Main investment fund Royal Dutch Shell (3.6%) London School of JPMorgan European Dynamic Novartis (3.5%) Economics and Political Small Cap Unilever (2.8%) Science. LV M H ( 2 . 4 % ) Investment strategy GlaxoSmithKline (2.4%) Allianz (2.3%) Professional background Value investing strategy, Zurich Insurance (1.9%) Michael Barakos, CFA using fundamental Enel (1.9%) AAA-rated Fund Manager analysis.

Charges Joined JP Morgan in 1999. AUM (JPMorgan Europe Equity JP Morgan Europe Equity Plus ISIN:LU0982976267. Class: C Plus) Ongoing Charge: 1.01% € 2,400,900,000 Profile

10 Main Holdings (JPMorgan Europe Equity Plus) Current company Academic background 30 November 2019 J.P. Morgan BSM in Finance and (www.am.jpmorgan.com) Nestle (4.8%) International Relations. Roche (3.7%) Tu l a n e University. Main investment fund Royal Dutch Shell (3.6%) Novartis (3.5%) MSc in Politics of the World JPMorgan European Dynamic Economy. London School of Small Cap Unilever (2.8%) LV M H ( 2 . 4 % ) Economics. Investment strategy GlaxoSmithKline (2.4%) Allianz (2.3%) Professional background Value investing strategy, Zurich Insurance (1.9%) Nicholas Horne, CFA using fundamental Enel (1.9%) AA-rated Fund Manager analysis.

Joined JP Morgan in 2006. Charges AUM (JPMorgan Europe Equity JP Morgan Europe Equity Plus Plus) ISIN:LU0982976267. Class: C Ongoing Charge: 1.01% € 2,400,900,000 Profile

10 Main Holdings (JPMorgan Global Healthcare) Current company Academic background 30 November 2019 J.P. Morgan (www.am.jpmorgan.com) Johnson & Johnson (7%) B.A. in Economics. UnitedHealth (6.3%) Princeton. Main investment fund Roche (5.5%) JPMorgan Global Healthcare Novartis (4.1%) M.B.A. INSEAD Bristol-Myers Squibb (3.5%) Cigna (3.2%) Investment strategy AstraZeneca (3.1%) Novo Nordisk (3.1%) Professional background Value investing strategy, Pfizer (3.1%) Anne Marden, CFA using fundamental Thermo Fisher Scientific (3%) AA-rated Fund Manager analysis.

Joined JP Morgan in 1986. Charges AUM (JPMorgan Global JP Morgan Europe Equity Plus Healthcare) ISIN:LU0432979887. Class: C Ongoing Charge: 1% USD 2,544,000,000 Profile

10 Main Holdings (JPMorgan Pacific Equity) Current company Academic background 30 November 2019 J.P. Morgan (www.am.jpmorgan.com) Taiwan Semiconductor (5.8%) B.A. in Environmental Tencent (5.6%) Information. Keio Main investment fund Alibaba (4.6%) University, Japan. JPMorgan Pacific Equity AIA (4.1%) Keyence (3.9%) HDFC Bank (3.3%) Investment strategy Recruit (3.3%) Toyot a Mot or (3.1%) Professional background Value investing strategy, CSL (2.9%) using fundamental Ping an Insurance (2.7%) Aisa Ogoshi analysis. AA-rated Fund Manager

Joined JP Morgan in 1998. Charges

JP Morgan Europe Equity Plus AUM (JPMorgan Pacific Equity) ISIN: LU0129471941. Class: C

Ongoing Charge: 0.96% $ 969,300,000 Profile

10 Main Holdings (JPMorgan Pacific Equity) Current company Academic background

J.P. Morgan 30 November 2019 (www.am.jpmorgan.com) Taiwan Semiconductor (5.8%) B.A. in Literature and Tencent (5.6%) Linguistics. University of Main investment fund Alibaba (4.6%) Montana, U.S. JPMorgan Pacific Equity AIA (4.1%) Keyence (3.9%) HDFC Bank (3.3%) Professional background Investment strategy Recruit (3.3%) Toyot a Mot or (3.1%) Value investing strategy, CSL (2.9%) Joined JP Morgan in 2005. using fundamental Ping an Insurance (2.7%) Robert Lloyd analysis. AA-rated Fund Manager Investment Analyst. UBS.

Charges Collateral Analyst. Deutsche Bank. JP Morgan Europe Equity Plus AUM (JPMorgan Pacific Equity) ISIN: LU0129471941. Class: C $ 969,300,000 Ongoing Charge: 0.96% Profile

10 Main Holdings (JPMorgan UK Smaller) Current company Academic background 30 November 2019 J.P. Morgan (www.am.jpmorgan.com) Games Workshop (3.5%) M.A. in Classics. Oxford OneSavings Bank (3.1%) University. Main investment fund Future (2.9%) Diploma in Law. City JPMorgan UK Smaller Softcat (2.9%) Marshalls (2.8%) University, London. Dart (2.7%) Investment strategy Ei (2.5%) 4Imprint (2.4%) Value investing strategy, Dunelm (2.2%) Professional background Georgina Brittain using fundamental Spirent Communications (2.1%) AAA-rated Fund Manager analysis.

Joined JP Morgan in 1995. Charges

AUM (JPMorgan UK Smaller) JP Morgan Europe Equity Plus ISIN:GB00B2359L95. Class: B GBP 184,400,000 Ongoing Charge: 1.11% Profile 10 Main Holdings (JPMorgan US Smaller Companies Investment Trust) Current company Academic background J.P. Morgan 30 November 2019 (www.am.jpmorgan.com) Toro (2.9%) Douglas Dynamics (2.6%) B.S. in Finance. Wharton Main investment fund Pool (2.6%) School. University of JPMorgan US Smaller Performance Food Group (2.3%) Pennsylvania. Companies Investment Trust AptarGroup (2.3%) West Pharmaceutical Services (2.2%) Catalent (1.9%) Professional background Investment strategy Brady (1.7%) Encompass Health (1.7%) Value investing strategy, Brunswick (1.7%) using fundamental Don San Jose, CFA analysis. Joined JP Morgan in 2000. AAA-rated Fund Manager

Charges Equity Research Associate. AUM (JPMorgan US Smaller JP Morgan US Smaller Companies ING Baring Furman Selz. Investment Trust Companies Investment Trust) ISIN:GB00BJL5F346. GBP 211,900,000 Ongoing Charge: 1.26% Profile 10 Main Holdings (JPMorgan US Smaller Companies Investment Trust) Current company Academic background J.P. Morgan 30 November 2019 (www.am.jpmorgan.com) Toro (2.9%) Douglas Dynamics (2.6%) B.S. in Economics. Main investment fund Pool (2.6%) Georgetown University’s Walsh School of Foreign JPMorgan US Smaller Performance Food Group (2.3%) Service. Companies Investment Trust AptarGroup (2.3%) West Pharmaceutical Services (2.2%) Catalent (1.9%) Professional background Investment strategy Brady (1.7%) Encompass Health (1.7%) Value investing strategy, Daniel Percella, CFA Brunsick (1.7%) using fundamental Joined JP Morgan in 2008. AA-rated Fund Manager analysis. Equity Research Analyst. Bear Stearns, Bank of Charges AUM (JPMorgan US Smaller America, Citigroup. JP Morgan US Smaller Companies Companies Investment Trust) Investment Trust ISIN:GB00BJL5F346. GBP 211,900,000 Ongoing Charge: 1.26% Profile 10 Main Holdings (Jupiter European Current company Special Situations) Academic background

Jupiter Asset Management 30 November 2019

SAP (4%) Main investment fund Degree in International Essilor (3.8%) Business Administration. Jupiter European Vinci (3.7%) Sorbonne. Special Situaitons Essity (3.6%) Novo Nordisk (3.5%) Investment strategy Unilever (3.5%) Heineken (3.3%) Professional background Value investing strategy, Fresenius Medical Care (3.3%) using fundamental Safran (3.1%) Cédric de Fonclare analysis. RELX (3%) AAA-rated Fund Manager Joined Jupiter in 1999. AUM (Jupiter European Special Charges Situations) Jupiter European Special Situations ISIN: GB00B60WTT90. Class: I Acc

GBP 371,000,000 Ongoing charges: 1.02% Profile 10 Main Holdings (Jupiter India Fund) Academic background Current company 30 November 2019 Jupiter Asset Management Godfrey Phillips India (8.2%) Chartered Accountant. Hindustan Petroleum (6.9%) Biocon (5.6%) Professional background Main investment fund Interglobe Aviation (4.7%) Jupiter India Fund Bharat Petroleum (4.3%) State Bank of India (4%) Trustee of Pratham (UK), a ICICI Bank (3.9%) charity focused on HDFC Bank (3.6%) children’s education in Investment strategy Fortis Healthcare (3.4%) India. Value investing strategy, Nestle India (3.1%) Avinash Vazirani using fundamental CIO (South Asia and Africa). AAA-rated Fund Manager analysis. BNP Paribas Asset Charges Management.

Jupiter India Fund ISIN: GB00B4TZHH95. Class: I Acc GEM Dolphin Investment AUM (Jupiter India Fund) Management. CEO GBP 709,000,000 Ongoing charges: 1.07% Profile

10 Main Holdings Current company (Jupiter Financial Opportunities) Academic background

Jupiter Asset Management 30 November 2019 n/a

Global Payments (5.4%) Main investment fund Partners Group (4.8%) Euronet Worldwide (4.7%) Professional background Jupiter Financial Opportunities Ping an Insurance (4%) Citigroup (3.8%) Mastercard (3.7%) Investment strategy LSE Group (3.7%) Returned to Jupiter in 3i Group (3.6%) 2010. Value investing strategy, Fidelity National Info (3.5%) Guy de Blonay using fundamental Fiserv (3.3%) Fund Manager. New Star AAA-rated Fund Manager analysis. (which was subsequently taken over by Henderson) Charges AUM (Jupiter Financial Jupiter Financial Opportunities Joined Jupiter in 1995. Opportunities) ISIN:GB00B5LG4657. Class: I Acc GBP 553,000,000 Ongoing charges: 1% Profile

10 Main Holdings Current company (Jupiter European) Academic background

Jupiter Asset Management 30 November 2019 Degree in Chemistry. Durham University. Relx (7.3%) Amadeus (7.1%) Main investment fund Chartered Accountant. Adidas (6.9%) Jupiter European Novo Nordisk (6%) Dassault Systemes (5.3%) Grifols (5.1%) Professional background Investment strategy Experian (4.8%) Deutsche Boerse (4.7%) Value investing strategy, Fund Manager. Columbia Edenred (4.6%) Mark Heslop using fundamental Pernod-Ricard (4.3%) Threadneedle AA-rated Fund Manager analysis. Research Analyst. Citi. Charges Auditor. PwC. AUM (Jupiter European) Jupiter European ISIN: GB00B5STJW84. Class: I Acc

GBP 4,917,000,000 Ongoing charges 1.02% Profile

10 Main Holdings Academic background (Lazard Smaller Companies) Current company 30 November 2019 Lazard Asset Management BA (suma cum laude). Aroundtown (2.7%) University of Texas, Aust in. Kinepolis (2.4%) Main investment fund Volution (2.1%) MBA. New York University. Lazard Smaller Companies Dermapharm (2.1%) Polypipe (1.8%) Clinigen (1.8%) Professional background JTC (1.8%) Investment strategy Kamov Group (1.8%) Royal Unibrew (1.7%) Ford Foundation. New York. Value investing strategy, Patricia Biggers Van Lanschot Kempen (1.7%) using fundamental Zurich Scudder AAA-rated Fund Manager analysis. Investments. Charges AUM (Lazard Smaller Deutsche Asset Lazard Smaller Companies Management. Companies) ISIN: GB00B88ZX473. Class: C Acc GBP 254,290,000 Management fee: 1.5% Profile

10 Main Holdings Academic background Current company (Lazard Smaller Companies) BA (Hons) degree in 30 November 2019 Lazard Asset Management Economics. Newcastle University. Aroundtown (2.7%) Kinepolis (2.4%) Associate of the Chartered Main investment fund Volution (2.1%) Institute of Management Lazard Smaller Companies Dermapharm (2.1%) Accountants. Polypipe (1.8%) Clinigen (1.8%) JTC (1.8%) Investment strategy Kamov Group (1.8%) Professional background Royal Unibrew (1.7%) Value investing strategy, Alan Clifford Van Lanschot Kempen (1.7%) using fundamental Joined Lazard in 2002. AAA-rated Fund Manager analysis. Portfolio Manager. Legal & Lazard Smaller Companies AUM (Lazard Smaller ISIN: GB00B88ZX473. Class: C Acc General. Companies) Charges GBP 254,290,000 Management fee: 0.8% Profile 10 Main Holdings (Lazard Smaller Companies) Academic background Current company 30 November 2019 Lazard Asset Management Aroundtown (2.7%) BA. Columbia College. Kinepolis (2.4%) Main investment fund Volution (2.1%) MBA. University of Chicago. Dermapharm (2.1%) Lazard Smaller Companies Polypipe (1.8%) Clinigen (1.8%) JTC (1.8%) Professional background Investment strategy Kamov Group (1.8%) Royal Unibrew (1.7%) Value investing strategy, Van Lanschot Kempen (1.7%) Edward Rosenfeld using fundamental Joined Lazard in 2001. AA-rated Fund Manager analysis. Charges Analyst. J.P. Morgan AUM (Lazard Smaller Lazard Smaller Companies ISIN: GB00B88ZX473. Class: C Acc Companies) Management fee: 0.8% GBP 254,290,000 Profile 10 Main Holdings (Legal & General Academic background Current company Growth Trust) Degree in Philosophy and Legal & General Growth Trust 30 November 2019 Economics. University College, London. Helios Towers (4.5%) Professional background Main investment fund Ocado (4.5%) RWS Holdings (4.3%) Legal & General Portfolio Manager. Jupiter. Growth Trust Aston Martin Lagonda (4.3%) Coca-Cola HBC (4.2%) Fever Tree (4.2%) Global Equity Research Investment strategy Boohoo (4.1%) Analyst. BlueBay Asset Just Eat (4.1%) Management. Value investing strategy, Gavin Launder ASOS (4.1%) using fundamental Experian (4%) Portfolio Manager. UBS AA-rated Fund Manager analysis. O’Connor.

Charges AUM (Legal & General Sell-side Analyst. SW Legal & General Growth Trust Warburg (now part of UBS). Growth Trust) ISIN: GB00B28PVN01. Class: I Acc Goldman Sachs. GBP 222,500,000 Ongoing charges: 0.78%

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10 Main Holdings Academic background Current company (Legg Mason IF Japan Equity Fund)

Legg Mason November 2019 Degree in Economics. (www.leggmason.com) Guilford College, Nihon M&A Center (9.71%) Greensboro. M3 Inc (9.42%) Main investment fund Peptidream Inc (7.68%) Legg Mason IF Japan Equity Don Quijote Holdings (6.06%) Professional background Fund SMS Co (5.44%) Benefit One (4.47%) Investment strategy En Japan Inc (4.05%) GMO Payment Gateway (4.03%) A high-conviction growth fund Founder. Shiozumi Asset Nintendo Co. (3.63%) investing in companies Management. benefitting from a changing Welcia Holdings Co (3.38%) Hideo Shiozumi Japan. Focus is on rapidly Investment Analyst. Robert AAA-rated Fund Manager growing Japanese companies Fleming. that can exploit opportunities created by the enormous Legg Mason IF Japan Equity Fund changes in Japan’s economic ISIN: GB00B8JYLC77. Class: X Acc and social structure. Ongoing charges 1.02% AUM (Legg Mason IF Japan Equity Fund) GBP 988,650,000 Profile

10 Main Holdings Current company (LF Lightman European) Academic background 30 November 2019 Lightman (www. lightmanfunds.com) ING Group (3.77%) Societe Generale (3.77%) Degree in Politics, Main investment fund E.ON (3.57%) Philosophy and Economics. GAM Golding (3.36%) LF Lightman European Oxford. Erste Group (3.29%) RWE (3.17%) Commerzbank (3.03%) Professional background Investment strategy Intesa Sanpaolo (3.02%) KBC Groep (3.02%) Value investing strategy, Voelia Environment (3.01%) Rob Burnett using fundamental AAA-rated Fund Manager Fund Manager. Neptune analysis. Asset Mangement. Charges LF Lightman European AUM (LF Lightman European) ISIN: GB00BGPFJN79 (Class: R) Ongoing charges: GBP 26,000,000 0.8% Profile 10 Main Holdings (LF Lindsell Train UK Equity) Academic background

Current company 30 November 2019 BA honours degree in Lindsell Train RELX (10%) Modern History. Queen’s (www.lindselltrain.com) Diageo (9.6%) College, Oxford. London Stock Exchange (9.4%) Main investment fund Unilever (9.4%) Professional background LF Lindsell Train UK Equity Mondelez (8.5%) Burberry (8.4%) Schroders (7.9%) Co-founded Lindsell Train Hargreaves Lansdown (7.4%) Investment strategy Limited in 2000. Sage (7%) Value investing strategy, Heineken (5.2%) Head of Global Equities. Nick Train using fundamental M&G Investment AAA-rated Fund Manager analysis. Management. Charges Director. GT Management. AUM (LF Lindsell Train UK LF Lindsell Train UK Equity ISIN: GB00B18B9X76 (Class: Acc) Equity) Ongoing charges GBP 6,650,000,000 0.65% 10 Main Holdings Profile (Lindsell Train Japanese Equity) Academic background 30 November 2019 Current company BSc honours degree in Lindsell Train Nintendo (9.7%) Zoology. Bristol University. (www.lindselltrain.com) Kao (9.5%) Shiseido (6.8%) OBIC Business Consultant (6.7%) Main investment fund Astellas Pharmaceutical (6.4%) Professional background LF Lindsell Train Japanese Mibon (5.2%) Equity Square Enix (5.1%) Mandom (4.9%) Co-founded Lindsell Train Investment strategy Hoqy (4.8%) Limited in 2000. Japan Exchange Group (4.8%) Value investing strategy, CIO. GT Management. Michael Lindsell using fundamental AAA-rated Fund Manager analysis. Charges Director and Head of Japanes fund management. Lindsell Train Japanese Equity Mercury Asset Management. AUM (LF Lindsell Train ISIN: IE00B11DWM09 (Class: B Acc) Japanese Equity) Ongoing charges: 0.73% GBP 501,000,000 Profile 10 Main Holdings (Lindsell Train Global Equity)

Current company 30 November 2019 Academic background

Lindsell Train Diageo (7.9%) (www.lindselltrain.com) Unilever (7.9%) Masters degree in Physics. Heineken (7.5%) University of Oxford. Main investment fund Pearson (6.9%) London Stock Exchange (6.1%) Investment Management LF Lindsell Train Global Equity Kao (5.1%) Certificate. Walt Disney (5%) Mondelez (4.9%) Investment strategy Intuit (4.8%) Shiseido (4.7%) Professional background Value investing strategy, using fundamental James Bullock analysis. A-rated Fund Manager Charges Joined Lindsell Train in 2010. Lindsell Train Global Equity AUM (LF Lindsell Train ISIN: IE00B3NS4D25 (Class: B Acc) Global Equity) Ongoing charges: 0.65% GBP 1,414,800,000 Profile 10 Main Holdings (Liontrust UK Smaller Companies) Academic background Current company 30 November 2019 Liontrust (www.liontrust.co.uk) Yougov (3.6%) Degree in Poliics. Exeter Gamma Communications (3%) University, PayPoint (2.9%) Main investment fund RWS Holdings (2.9%) Liontrust UK Smaller Companies Judges Scientific (2.4%) Iomart Group (2.4%) Professional background Mortgage Avice Bureau (2.3%) Investment strategy DotDigital (2.2%) Imimobile (2.1%) Joined Liontrust in 1997. Value investing strategy, Brooks Macdonald (2.1%) using fundamental Anthony Cross analysis. AAA-rated Fund Manager Charges Schroder Investment Management. AUM (Liontrust UK Smaller Liontrust UK Smaller Companies ISIN: GB00B8HWPP49. Class: I Acc Companies) Ongoing charges GBP 1,046,900,000 1.39% Profile

10 Main Holdings Academic background Current company (Liontrust UK Smaller Companies) Degree in Jurisprudence. Liontrust 30 November 2019 Merton College, Oxford. (www.liontrust.co.uk) Yougov (3.6%) Gamma Communications (3%) Professional background Main investment fund PayPoint (2.9%) Joined Liontrust in 2008. Liontrust UK Smaller Companies RWS Holdings (2.9%) Judges Scientific (2.4%) Fund Manager. Saracen Iomart Group (2.4%) Growth Fund. Investment strategy Mortgage Avice Bureau (2.3%) DotDigital (2.2%) Head of the investment Value investing strategy, Imimobile (2.1%) department. Scottish Julian Fosh using fundamental Brooks Macdonald (2.1%) Friendly Assurance Society AAA-rated Fund Manager analysis. Limited. Charges AUM (Liontrust UK Smaller Scottish Amicable Liontrust UK Smaller Companies Investment Managers. Companies) ISIN: GB00B8HWPP49. Class: I Acc GBP 1,046,900,000 Ongoing charges 1.39% Profile

10 Main Holdings Academic background Current company (Liontrust UK Smaller Companies)

Double 1st, Manufacturing Liontrust 30 November 2019 (www.liontrust.co.uk) Engineering & Commerce. The University of Yougov (3.6%) Birmingham. Main investment fund Gamma Communications (3%) Liontrust UK Smaller Companies PayPoint (2.9%) RWS Holdings (2.9%) Judges Scientific (2.4%) Professional background Iomart Group (2.4%) Investment strategy Mortgage Avice Bureau (2.3%) DotDigital (2.2%) Value investing strategy, Joined Liontrust in 2003. Matthew Tonge Imimobile (2.1%) using fundamental A-rated Fund Manager Brooks Macdonald (2.1%) analysis. Transaction Manager. Barclay Capital Asset Charges Management. AUM (Liontrust UK Smaller Liontrust UK Smaller Companies Companies) ISIN: GB00B8HWPP49. Class: I Acc Ongoing charges GBP 1,046,900,000 1.39% Profile

10 Main Holdings Academic background Current company (Liontrust UK Smaller Companies)

Degree in Modern Liontrust 30 November 2019 (www.liontrust.co.uk) Languages. University of Oxford. Yougov (3.6%) Main investment fund Gamma Communications (3%) Liontrust UK Smaller Companies PayPoint (2.9%) RWS Holdings (2.9%) Professional background Judges Scientific (2.4%) Iomart Group (2.4%) Investment strategy Mortgage Avice Bureau (2.3%) Joined Liontrust in 2015. DotDigital (2.2%) Victoria Stevens Value investing strategy, Imimobile (2.1%) using fundamental Deputy Head of Corporate A-rated Fund Manager Brooks Macdonald (2.1%) analysis. Broking. FinnCap Ltd.

Charges Senior Reporter. City AM. AUM (Liontrust UK Smaller Liontrust UK Smaller Companies Companies) ISIN: GB00B8HWPP49. Class: I Acc Ongoing charges GBP 1,046,900,000 1.39% Profile

10 Main Holdings Academic background Current company (Liontrust UK Ethical) Degree in Economics. The University of Manchester. Liontrust 30 November 2019 (www.liontrust.co.uk) MSc. Development Kingspan (5.5%) Economics. SOAS University Main investment fund London Stock Exchange (5.1%) of London. Legal & General (5.1%) Liontrust UK Ethical Compass Group (4.5%) Professional background Smurfit Kappa (4.4%) Prudential 84.2%) Joined Liontrust in 2017. Investment strategy National Express Group 84.1%) Paragon (3.8%) Value investing strategy, SRI Investment Manager. Intertek (3.8%) Neil Brown using fundamental Alliance Trust. Softcat (3.1%) AA-rated Fund Manager analysis. SRI Fund Manager. Aviva Charges Investors.

AUM (Liontrust UK Ethical) Liontrust UK Ethical ISIN: GB00B8HCSD36. Class: 2 Acc Equity Analyst. Aviva. GBP 554,800,000 Ongoing charges 0.84% Profile Academic background 10 Main Holdings Current company (Liontrust UK Ethical) MA, Physics. University of Oxford. Liontrust 30 November 2019 (www.liontrust.co.uk) MSc, Energy and Kingspan (5.5%) Enivronment Engineering. Main investment fund London Stock Exchange (5.1%) University of Sussex. Legal & General (5.1%) Liontrust UK Ethical Compass Group (4.5%) PhD, Environmental Smurfit Kappa (4.4%) Economics. University of Prudential 84.2%) Surrey. Investment strategy National Express Group 84.1%) Professional background Paragon (3.8%) Value investing strategy, Intertek (3.8%) Joined Liontrust in 2017. using fundamental Peter Michaelis Softcat (3.1%) analysis. Head of Sustainable AAA-rated Fund Manager Investment. Allianz Trust. Charges

AUM (Liontrust UK Ethical) Liontrust UK Ethical Head of Sustainable ISIN: GB00B8HCSD36. Class: 2 Acc Investment. Aviva. GBP 554,800,000 Ongoing charges 0.84% Profile

10 Main Holdings Current company (Liontrust Global Equity Fund) Academic background

Neptune Investment 30 November 2019 Management (www.liontrust.co.uk) Liontrust Global Tech Fund (6.04%) Master’s degree, English Apple (5.39%) Language and literature. Main investment fund Amazon (5.31%) Oxford University. Liontrust Global Equity Microsoft (5.24%) Visa (5.21%) Alphabet (5.12%) Professional background Investment strategy Palo Alto Netwokrs (3.62%) Brown Forman (3.62%) Value investing strategy, Robin Geffen CME Group (3.56%) Founded Neptune in 2002. AAA-rated Fund Manager using fundamental Mandarin Oriental (3.38%) analysis. Charterhouse J Rothschild. Eagle Star. Tork Trust plc. Charges AUM (Liontrust Global Equity Scottish Equitable. Orbitex Liontrust Global Equity Fund investments. Fund) ISIN:GB00B60T5L45. Class: C Acc GBP 161,900,000 Ongoing charges: 0.96% Profile

10 Main Holdings Current company (Liontrust UK Mid Cap Fund) Academic background

Liontrust Investment 30 November 2019 Management (www.liontrust.co.uk) Morgan Advanced Materials (9%) Degree in Classics. Oxford Senior (8.71%) University. Main investment fund Devro (8.13%) Synthomer (5.55%) Liontrust UK Mid Cap Fund PageGroup (4.9%) Professional background Vesuvius (4.89%) Investment strategy S Three (4.87%) Tyman (4.8%) Mark Martin Value investing strategy, Joined Neptune in 2008. Elementis (4.78%) AAA-rated Fund Manager using fundamental Consort Medical (4.72%) analysis. Solicitor. Allen & Overy..

Charges AUM (Liontrust UK Mid Cap Liontrust UK Mid Cap Fund) ISIN: GB00B909H085. Class: C Acc GBP 149,100,000 Ongoing charges: 0.88% Profile

10 Main Holdings Current company (Liontrust Japan Opportunities) Academic background

Liontrust Investment 30 November 2019 Management Degree in Physiological (www.liontrust.co.uk) SUMCO (5.99%) Sciences. Oxford Nintendo (4.88%) Main investment fund University. Keyence (4.7%) Liontrust Japan Bandai Namco (4.39%) Opportunities Nippon Paint (3.06%) Professional background Toyot a Mot or (2.86%) Investment strategy Haseko (2.75%) ORIX (2.74%) Value investing strategy, Joined Neptune in 2004. Chris Taylor Kansai Paint (2.66%) AAA-rated Fund Manager using fundamental Fujitsu (2.57%) analysis. Managing Director. Fuji Investment Management. Charges AUM (Liontrust Japan Liontrust Japan Opportunities Opportunities) ISIN: GB00B3Z0Y815. Class: C Acc

GBP 107,000,000 Ongoing charges: 0.94% Profile

10 Main Holdings Academic background (Majedie UK Equity) Current company Master of Arts degree in Ecnomics. Jesus College, Majedie Asset Management 30 November 2019 Cambridge. (www.majedie.com) BP (6.5%) ASIP Qualification. Main investment fund ROYAL Dutch Shell (5.8%) GlaxoSmithKline (5.1%) Majedie UK Equity Associate Member of the Tesco (5%) CFA Society, UK Associated British Foods (2.8%) Electrocomponents (2.8%) Investment strategy Pearson (2.5%) Professional background Legal & General (2.5%) Value investing strategy, Co-founded Majedie in Wm Morrison (2.4%) James de Uphaugh using fundamental 2002. BAE Systems (2.3%) AAA-rated Fund Manager analysis. Managing Director & Charges Chairman of the UK AUM (Majedie UK Equity) Majedie UK Equity. Investment Group. Mercury ISIN: GB00B88NK732. Class: X Acc Asset Management. GBP 2,600,000,000 Ongoing charges: 0.77% Profile

10 Main Holdings Academic background Current company (Majedie UK Equity) ASIP Qualification. Majedie Asset Management 30 November 2019 (www.majedie.com) Associate Member of the BP (6.5%) CFA Society, UK. Main investment fund ROYAL Dutch Shell (5.8%) Majedie UK Equity GlaxoSmithKline (5.1%) Tesco (5%) Professional background Associated British Foods (2.8%) Electrocomponents (2.8%) Co-founded Majedie in Investment strategy Pearson (2.5%) 2002. Legal & General (2.5%) Value investing strategy, Chris Field Wm Morrison (2.4%) using fundamental Director & member of the AAA-rated Fund Manager BAE Systems (2.3%) analysis. UK UK Investment Group. Mercury Asset Management. Charges

AUM (Majedie UK Equity) Majedie UK Equity. ISIN: GB00B88NK732. Class: X Acc GBP 2,600,000,000 Ongoing charges: 0.77% Profile 10 Main Holdings (MAN GLG Continental European Academic background Growth Fund) Current company 30 November 2019 Man GLG BA (Hons) in Modern (www.glgpartners.com) SAP (8.5%) History. Trinity College, Ryanair (6.5%) Oxford Unviersity Main investment fund Ferrari (6.2%) Man GLG Continental European CHR Hansen (5.5%) Growth Fund LV M H ( 5 . 4 % ) ASML (5%) Professional background L’Oreal (4.7%) Investment strategy Essilorluxottica (4.3%) Adyen (4.1%) Founder Powe Capital Rory Powe Value investing strategy, Delivery Hero (4%) using fundamental Management. AA-rated Fund Manager analysis. Charges Global Partner. Fund Manager. Invesco AUM (Man GLG Continental MAN GLG Continental European Growth Fund. ISIN: European Growth Fund) GB00B0119487(Class: C Acc) GBP 1,388,500,000 Ongoing charges: 0.9% Profile

Academic background 10 Main Holdings Current company (MAN GLG Iberian Opportunities) BSc. Universidade Católica Man GLG 30 November 2019 Portuguesa. (www.glgpartners.com) Logista (6.19%) MSc in Finance and Real Main investment fund Grifols (5.75%) Estate. New York Iberdrola (5.62%) University. Man GLG Iberian Opportunities Indra (5.52%) BME (5.37%) MBA. Insead.

Professional background Investment strategy Firmino Morgado Value investing strategy, Co-founder. W4i. AAA-rated Fund Manager using fundamental analysis. Charges Capital Group. Goldman MAN GLG Iberian Opportunities Sachs. F-Tu ri s mo Ve n t u re AUM (Man GLG Iberian Fund. ISIN: GB00B0119487 Capital. Opportunities) (Class: C Acc) Ongoing charge: 1.2% € 19,815,007 Profile

Academic background 10 Main Holdings Current company (MAN GLG Undervalued Assets)

Man GLG 30 November 2019 (www.glgpartners.com) First Class Degree in Royal Dutch Shel (4.46%) Politics and History. British American Tobacco (3.81%) Main investment fund Cambridge University. GlaxoSmithKline (3.37%) Man GLG Undervalued Assets Imperial Brands (3.08%) Qinetiq (2.7%) HSBC (2.64%) Professional background Investment strategy Bellway (2.59%) IAG (2.52%) Value investing strategy, Ryanair (2.45%) Henry Dixon Portfolio Manager & using fundamental Barclays (2.4%) AA-rated Fund Manager Founder. Matterley. analysis.

MAN GLG Undervalued Assets. ISIN: New Star. The Family AUM (Man GLG Undervalued GB00BFH3NC99 (Class: C Acc) Charities Ethical Trust. Assets) Charges

GBP 1,352,063,000 Ongoing charge: 0.9% Profile

Academic background 10 Main Holdings Current company (MAN GLG Undervalued Assets)

Man GLG 30 November 2019 (www.glgpartners.com) First Class Degree in Royal Dutch Shel (4.46%) Politics and History. British American Tobacco (3.81%) Main investment fund Cambridge University. GlaxoSmithKline (3.37%) Man GLG Undervalued Assets Imperial Brands (3.08%) Qinetiq (2.7%) HSBC (2.64%) Professional background Investment strategy Bellway (2.59%) IAG (2.52%) Value investing strategy, Ryanair (2.45%) Jack Barrat, CFA UBS. using fundamental Barclays (2.4%) AA-rated Fund Manager analysis. Matterley. Charges AUM (Man GLG Undervalued MAN GLG Undervalued Assets. ISIN: Assets) GB00BFH3NC99 (Class: C Acc) GBP 1,352,063,000 Ongoing charge: 0.9% Profile

10 Main Holdings Current company (Marlborough Special Situations) Academic background

Marlborough 30 November 2019 (www.marlboroughfunds.com) S4 Capital (2.2%) n/a Main investment fund CVS Group (1.8%) SDL (1.7%) Marlborough Special JD Sports Fashion (1.7%) Situations Future (1.6%) Aptitude Software group (1.6%) Professional background Investment strategy XP Power Ltd (1.5%) Genus (1.4%) Value investing strategy, Restore (1.4%) Giles Hargreaves using fundamental Hilton Food Group (1.4%) Joined Marlborough in 1998 AAA-rated Fund Manager analysis.

Charges AUM (Marlborough Special Marlborough Special Situations Situations) ISIN:GB00B907GH23. Class: P Acc Ongoing charges: GBP 1,369,300,000 0.78% Profile

10 Main Holdings Current company (Marlborough Special Situations) Academic background

Marlborough 30 November 2019 (www.marlboroughfunds.com) S4 Capital (2.2%) Graduate of Harvard Main investment fund CVS Group (1.8%) Univerity. SDL (1.7%) Marlborough Special JD Sports Fashion (1.7%) Situations Future (1.6%) Aptitude Software group (1.6%) Professional background Investment strategy XP Power Ltd (1.5%) Genus (1.4%) Value investing strategy, Restore (1.4%) Eustace Barbara, CFA using fundamental Hilton Food Group (1.4%) AA-rated Fund Manager analysis. Joined Marlborough in 2013 from Close Brothers. Charges AUM (Marlborough Special Marlborough Special Situations Situations) ISIN:GB00B907GH23. Class: P Acc Ongoing charges: GBP 1,369,300,000 0.78% Profile 10 Main Holdings (Marlborough UK Current company Micro-Cap Growth) Academic background 30 November 2019 Marlborough (www.marlboroughfunds.com) Imimobile (2%) Ab Dynamics (1.9%) Graduate of Oxord Main investment fund Games Workshop (1.9%) University. Marlborough UK Micro-Cap S4 Capital (1.9%) Growth Discoverie Group (1.8%) Future (1.8%) IG Design (1.7%) Professional background Investment strategy Augean (1.6%) Alpha FX (1.5%) Value investing strategy, Duke Royalty (1.4%) using fundamental Guy Feld analysis. Joined Marlborough in AA-rated Fund Manager Charges 2003.

AUM (Marlborough UK Micro- Marlborough UK Micro-Cap Growth Cap Growth) ISIN: GB00B8F8YX59. Class: P Acc Ongoing charges: GBP 1,180,000,000 0.78% Profile 10 Main Holdings (Marlborough UK Current company Multi-Cap Growth) Academic background

Marlborough 30 November 2019 (www.marlboroughfunds.com) Homeserve (3.8%) n/a Main investment fund JD Sports (3.8%) Genus (3.6%) Marlborough UK Multi-Cap Experian (3.4%) Growth Craneware (3.3%) Rentokil (3.3%) Professional background Investment strategy Fidelity Ntional Info (3.2%) London Stock Exchange (3.1%) Richard Hallett Value investing strategy, Scottish Mortgage Investment (3.1%) Joined Marlborough in using fundamental AAA-rated Fund Manager Aveva Group (3.1%) 2005. analysis.

Charges Uk Equity Fund Manager Singer & Friedlander. AUM (Marlborough UK Multi Marlborough UK Multi-Cap Growth Cap Growth) ISIN: GB00B8CQP956. Class: P Inc

Ongoing charges: GBP 272,900,000 0.8% Profile 10 Main Holdings (Marlborough UK Current company Multi-Cap Income) Academic background

Marlborough 30 November 2019 (www.marlboroughfunds.com) Polar Capital (2.8%) Degree in Economics. Main investment fund Big Yellow (2.7%) Edinburgh University. Phoenix Group (2.6%) Marlborough UK Multi-Cap Paragon Banking (2.6%) Income Intermediate Capital (2.4%) Telecom Plus (2.4%) Professional background Investment strategy Princess Private Equity (2.2%) Smith (DS) (2.1%) Siddarth Chand Lall Value investing strategy, Mondi (2%) Joined the team in 2007. using fundamental AA-rated Fund Manager Safestore Holdings (2%) analysis. Equity Research Analyst. Charges DSP. AUM (Marlborough UK Multi Marlborough UK Multi-Cap Income Cap Income) ISIN: GB00B907VX32. Class: P Acc

Ongoing charges: GBP 1,537,400,000 0.8% Profile

10 Main Holdings Current company (Marlborough European Multi-cap) Academic background 30 November 2019 Marlborough (www.marlboroughfunds.com) Enea (2.6%) First Class degree in Sesa (2.5%) Economics. Cambridge Main investment fund Swedol (2.3%) University. Marlborough European Multi- Crayon Group (2.2%) cap Roche (2.1%) Harvia (1.9%) H & H Intl (1.9%) Professional background Investment strategy Loomis (1.9%) Eckert & Ziegler (1.9%) Value investing strategy, David Walton Sbanken (1.7%) Joined Marlborough in using fundamental AA-rated Fund Manager 2013. analysis. Charges Fund Manager. Baillie Marlborough UK Multi-Cap Income Gifford. AUM (Marlborough European ISIN: GB00B90VHJ34. Class: P Inc Multi-cap) Ongoing charges: GBP 296,800,000 0.82% Profile

10 Main Holdings (Matthews Pacific Tiger) Current company Academic background 30 November 2019 Matthews Asia Bachelor of Technology. (www.matthewsasia.com) Alibaba (5.3%) Institute of Technology, China Resources (4.5%) Varanasi, India. Main investment fund NAVER (4.4%) Ping An Insurance (4.3%) MBA. Indian Institute of Matthews Pacific Tiger Tencent (4.2%) Management, Calcuta. AIA Group (3.7%) Samsung Electronics (3.3%) Professional background Investment strategy China Resources Beer (3.3%) Housing Development Finance (3.2%) Value investing strategy, Sharat Shroff, CFA DKSH Holding (2.9%) using fundamental AA-rated Fund Manager Equity Reseach Associate. analysis. Morgan Stanley. Charges

Matthews Pacific Tiger AUM (Matthews Pacific Tiger) ISIN: LU0491816475. Class: I Acc Ongoing charges: USD 960,700,000 1.11% Profile 10 Main Holdings (McInroy & Wood Current company Smaller Companies) Academic background

McInroy & Wood 30 September 2019 (www.mcinroy-wood.co.uk) US Physical Therapy (3.2%) Degree in Mechanical Ossur (3.2%) Engineering. Bristol Main investment fund Watsco (2.9%) University. McInroy & Wood Smaller Belimo (2.9%) Companies Proto Labs (2.9%) Asahi Intecc (2.9%) Professional background Investment strategy Sonova (2.8%) Craneware (2.8%) Value investing strategy, AptarGroup (2.7%) Tim Wood, CFA using fundamental Bapcor (2.7%) Joined McInroy & Wood in analysis. 2000. AAA-rated Fund Manager Charges Analyst. London Stock AUM (Marlborough Special Mcinroy & Wood Smaller ISIN: GB00B8NC4D98. Class: P Inc Exchange. Situations) Ongoing charges: GBP 142,200,000 1.16% Profile 10 Main Holdings (McInroy & Wood Current company Emerging Markets) Academic background

McInroy & Wood 30 September 2019 Degree in Mechanical (www.mcinroy-wood.co.uk) Engineering. Bristol Anta Sports (3.9%) University. Main investment fund Jeronimo Martins (3.9%) Localiza Rent A Car (3.7%) McInroy & Wood Thai Beverage (3.6%) Professional background Emerging Markets Vitasoy (3.5%) WEG (3.4%) Investment strategy Shandong Weigao (3.2%) Joined McInroy & Wood in Marico (3.2%) 2002. Value investing strategy, Compron Greaves (3.2%) Francis Seymour using fundamental Universtal Robina (3.1%) Founding Director. Guinness AAA-rated Fund Manager analysis. Flight Global Asset Charges Management. AUM (McInroy & Wood Ongoing charges: Analyst. Guinness Mahon. Emerging Markets) 1.3% Mcinroy & Wood Smaller GBP 80,000,000 ISIN: GB00B7SKS407. Class: P Inc Profile

10 Main Holdings Current company (Merian Global Equity) Academic background 30 November 2019 Merian Global Investors (www.merian.com) MA in Chemistry. University Apple (2.7%) of Oxford. Microsoft (2.1%) Main investment fund Facebook (1.4%) PhD in medicinal chemistry. Merian Global Equity Amazon (1.2%) University of Edinburgh Visa (1.1%) Merck & Co (1%) Roche (1%) Investment strategy Novartis (1%) Alphabet (1%) Ian Heslop Value investing strategy, Professional background using fundamental Cisco (1%) AAA-rated Fund Manager analysis. Charges Joined the team in 2000. Merian Global Equity. ISIN: GB00B1XG9821 . Class: R Acc AUM (Merian Global Equity) Ongoing charges: GBP 1,170,100,000 1% Profile

10 Main Holdings Academic background Current company (Merian Global Equity) Beng in Robotics. University of Plymouth. Merian Global Investors 30 November 2019 (www.merian.com) MSc in Computer Science. Apple (2.7%) PhD in Computational Main investment fund Microsoft (2.1%) Finance. University of Facebook (1.4%) Merian Global Equity Essex. Amazon (1.2%) Visa (1.1%) Merck & Co (1%) Professional background Investment strategy Roche (1%) Novartis (1%) Joined the company in Value investing strategy, Alphabet (1%) 2000. Amadeo Alentorn, CFA using fundamental Cisco (1%) AAA-rated Fund Manager analysis. Risk Analyst. Bank of England. Charges Merian Global Equity. Software Developer. CAD ISIN: GB00B1XG9821 . Class: R Acc AUM (Merian Global Equity) systems. Ongoing charges: GBP 1,170,100,000 1% Profile

10 Main Holdings Academic background Current company (Merian Global Equity)

Merian Global Investors 30 November 2019 MA in Physics. University of (www.merian.com) Oxford. Apple (2.7%) Main investment fund Microsoft (2.1%) Facebook (1.4%) Merian Global Equity Professional background Amazon (1.2%) Visa (1.1%) Merck & Co (1%) Investment strategy Roche (1%) Joined the company in Novartis (1%) 2004. Value investing strategy, Mike Servent Alphabet (1%) using fundamental AA-rated Fund Manager Cisco (1%) Senior Consultant. Barra analysis. International.

Charges Analyst. COR Risk AUM (Merian Global Equity) Merian Global Equity. Solutions. ISIN: GB00B1XG9821 . Class: R Acc

GBP 1,170,100,000 Ongoing charges: 1% Profile

10 Main Holdings Academic background Current company (Merian UK Smaller) Degree in Modern and 30 November 2019 Merian Global Investors Medieval Languages. (www.merian.com) University of Cambridge. OneSavings (4.3%) Boohoo (4.1%) Main investment fund IIMR qualified. Clinigen (2.7%) Merian UK Smaller Ascential 82.4%) Professional background Workspace (2.3%) Smart Metering Systems (2.3%) Investment strategy Gamma Communications (2.2%) Joined the company in Liontrust (2.1%) 2004. Value investing strategy, Savills (2.1%) Dan Nickols using fundamental Helical (2.1%) Equity Research Analyst. AAA-rated Fund Manager analysis. Albert E Sharp. Charges Deloitte & Touche. Morgan Merian UK Smaller. AUM (MerianUK Smaller) ISIN:GB00B1XG9599. Class: R Acc Stanley. Ongoing charges: GBP 1,239,400,000 1.03% Profile

10 Main Holdings Academic background Current company (Old Mutual UK Smaller Focus) 30 November 2019 Merian Global Investors Ba in Economics. Durham (www.merian.com) Onesavings (7%) University. Boohoo (4.%) Main investment fund Alpha fx (4%) Old Mutual UK Smaller Focus Clinigen (3.9%) Professional background Gamma Communications (3.3%) Workspace (2.8%) Aptitude Software (2.7%) Joined the company in Investment strategy Bellway (2.7%) 2008. Kinghts Group (2.6%) Value investing strategy, Nick Williamson, CFA Helical (2.5%) using fundamental Sell-side Analyst. A-rated Fund Manager analysis. Citigroup. Charges Analyst. Credit Lyonnais. AUM (Old Mutual UK Smaller Merian UK Smaller. ISIN: IE00BLP58G83. Class: R Acc Focus) Ongoing charges: GBP 347,000,000 0.84% Profile

10 Main Holdings Academic background Current company (Merian UK Mid Cap)

Merian Global Investors 30 November 2019 Degree in Mathematical (www.merian.com) Sciences. University of Boohoo (9.7%) Oxford. Main investment fund Ashtead (5%) Ascential (4.9%) Merian UK Mid Cap Workspace (4.6%) Professional background Onesavings (4.4%) Homeserve (4.1%) Investment strategy Rentokil (3.8%) Joined the company in GVC Holdings (3.6%) 2002. Value investing strategy, Richard Watts, CFA JD Sports (3.2%) using fundamental AAA-rated Fund Manager SSP Group (3%) Equity Analyst. Orbis analysis. Investment Advisory. Charges Senior Associate, PwC. AUM (Merian UK Mid Cap) Merian UK Mid Cap ISIN:GB00B1XG9482. Class: R Acc GBP 3,246,900,000 Ongoing charges: 0.85% Profile

10 Main Holdings Academic background Current company (Merian UK Dynamic)

Merian Global Investors 30 November 2019 BA in Chemistry. University (www.merian.com) of Oxford. Boohoo (8.6%) Main investment fund Onesavings Bank (6.4%) ACA qualified. Homeserve (4.7%) Merian UK Dynamic GVC Holdings (4.3%) DCC (3.9%) Professional background The Hut (3.5%) Investment strategy Clinigen (3.4%) Persimmon (3.4%) Luke Kerr, CFA Value investing strategy, Joined the company in Ascential (2.9%) AAA-rated Fund Manager using fundamental 2001. Smart Metering (2.9%) analysis. Consusltant. Arthur Charges Andersen. Merian UK Dynamic AUM (Merian UK Dynamic) ISIN: IE00BLP59769. Class: R Inc Ongoing charges: GBP 509,400,000 1.07% Profile 10 Main Holdings (Mirabaud Equities Current company Swiss Small and Mid) Academic background

Mirabaud (www.Mirabaud- 30 November 2019 am.com) Degree in Law. University Partners Group (6%) of Zurich. Main investment fund Schindler (5.6%) Logtech (5.6%) Mirabaud Equities Vifor Pharma (5.5%) Swiss Small and Mid Clariant (4.4%) Professional background Sonova (4.3%) Investment strategy Kuehne & Nagel (4.2%) Joined Mirabaud in 2015. Baloise-Hlding (3.9%) Value investing strategy, Lindt (3.8%) using fundamental Head of Swiss Equities. Paul Schibili Temenos (3.2%) A-rated Fund Manager analysis. Deutsche Asset and Wealth Management. Charges AUM (Mirabaud Equities Mirabaud Equities Swiss Small & Mid Zurich Insurance, UBS. Swiss Small and Mid) ISIN:LU1425341697. Class: D Acc Swiss Trust Company. Ongoing charges: CHF 1,076,570,000 1.05% Profile 10 Main Holdings (Mirae Asset India Academic background Current company Sector Leader) 30 November 2019 Mirae Asset Global investments Master of Finance & (www.am.miraeasset.com) Control, University of ICICI Bank (9%) Delhi. Housing Development (7.3%) Main investment fund Reliance Industries (6.8%) Professional background Mirae Asset India Axis Bank (4.9%) Sector Leader Infosys (4.9%) SBI Life Insurance (4.2%) Joined Mirae in 2006. HDFC Bank (4.1%) Investment strategy State Bank of India (4%) Senior Research Analyst. ICICI Prudential Life (3.4%) Standard Chartered Muutal Value investing strategy, Rahul Chadha Bharti Airtel (2.7%) Funds. using fundamental AAA-rated Fund Manager analysis. Senior Research Analyst. Charges Aviva Mirae Asset India Sector Leader AUM (Mirae Asset India ISIN: LU0336298004. Class: I Acc Research Analyst. Dundee Sector Leader) Investment Management. Ongoing charges: 1.32% USD 181,280,000 10 Main Holdings Profile (LF Miton European Opportunities) Academic background Current company 30 November 2019 Miton Bachelor of Engineering. (www.mitongroup.com) Finecobank (3.7%) ASML (3.6%) Design, Manufacture and Homeserve (3.4%) Management. University of Main investment fund Sika (2.9%) Cambridge. LF Miton European Qiagen (2.9%) Opportunities Amplifon (2.9%) Professional background Interroll (2.8%) Koninklijke Philips (2.7%) Investment strategy Kongsberg Gruppen (2.7%) Equity Fund Manager. JO Hambro Value investing strategy, Ferrari (2.6%) Carlos Moreno using fundamental A-rated Fund Manager Portfolio Manager. Thames analysis. Charges River Capital.

LF Miton European Opportunities Equity Analyst. Fidelity AUM (LF Miton European ISIN: GB00BZ2k2M84. Class: B Acc Worldwide Investments. Opportunities) Ongoing charges: 0.84% GBP 849,400,000 10 Main Holdings Profile (LF Miton European Opportunities) Academic background

Current company 30 November 2019 Meng, Chemical Engineering. University of Miton Nottingham. (www.mitongroup.com) Finecobank (3.7%) ASML (3.6%) Homeserve (3.4%) Professional background Main investment fund Sika (2.9%) Investment Manager, LF Miton European Qiagen (2.9%) Mitsubishi UFJ Asset Opportunities Amplifon (2.9%) Management. Interroll (2.8%) Koninklijke Philips (2.7%) Investment strategy Consultant Analyst. Scoggin Kongsberg Gruppen (2.7%) Capital Management. Value investing strategy, Ferrari (2.6%) Thomas Brown, CFA using fundamental A-rated Fund Manager Investment Director. JMH analysis. Charges Capital.

LF Miton European Opportunities Fund Manager. Thames AUM (LF Miton European ISIN: GB00BZ2k2M84. Class: B Acc River Capital. Opportunities) Ongoing charges: 0.84% GBP 849,400,000 10 Main Holdings Profile (LF Miton UK Academic background Value Opportunities) Current company 30 November 2019 BA (Hons) Business Studies, Miton Accounting. (www.mitongroup.com) Dart Group (3.4%) Pets At Home (3.1%) MA Finance & Investment. Main investment fund Future (3.1%) University of Exeter. discoverIE Group (2.8%) 10 Main Holdings Bellway (2.7%) Professional background (LF Miton UK Ashtead (2.6%) Value Opportunities) Intermediate Capital (2.3%) Fund Manager. TT Electronics (2.3%) Ecclesiastical Investment Smurfit Kappa (2.3%) Investment strategy Management. Andrew Jackson ITV (2.2%) Value investing strategy, AAA-rated Fund Manager using fundamental Fund Manager. SGAM. Hill analysis. Charges Samuel Asset Management. Lloyds Investment LF Miton UK Value Opportunities ISIN: GB00B8QW1M42. Class: B Acc Managers. Canada Life. AUM (LF Miton UK Value Opportunities) Ongoing charges: 0.88% Analyst. Olliff & Partners. GBP 430,500,000 Profile

10 Main Holdings Academic background (Nomura Asia Ex Japan Current company High Conviction ) Bachelor of Electrical Nomura Asset Management 30 November 2019 Engineering. Indian (www.nomura.com) Institute of Technology, Alibaba (8.9%) Bombay. Main investment fund Taiwan Semiconductor (8.89%) Tencent (7.93%) MBA. Indian Institute of Nomura Asia Ex Japan High Samsung Electronics (6.36%) Management. Conviction AIA (5.68%) Ping An Insurance (4.53%) Professional background Investment strategy HDFC Bank (4.48%) New Oriental (3.8%) Joined Nomura Asset Value investing strategy, Shezhou International (3.36%) Management in 2006. Vipin Kapoor using fundamental SK Hynix (3.25%) A-rated Fund Manager analysis. Investment Banking Analyst. JP Morgan India. Charges AUM (Nomura Asia Ex Asia Ex Japan High Conviction Consultant. Stern Stewart ISIN: IE00BBT37X86. I Acc India. Japan High Conviction ) Ongoing charges: GBP 41,900,000 1.21% Profile

10 Main Holdings Academic background Current company (Nomura India Equity Fund) 30 November 2019 Master of Management Nomura Asset Management Studies, Finance and (www.nomura.com) HDFC Bank (8.99%) Financial Management. ICICI Bank (8.36%) JBIMS Main investment fund Hindustan Unilever (7.32%) Bajaj Finance (6.09%) Professional background Nomura India Equity Fund Larsen & Toubro (5.22%) Housing Development Finance (4.81%) Joined Nomura Asset Infosys (4.73%) Management in 2004. Investment strategy Bandhan Bank (4.19%) Maruti Suzuki India (4.1%) Senior Portfolio Manager. Value investing strategy, AU Small Finance Bank (4.02%) OCBC Asset Management. Vipul Mehta using fundamental AAA-rated Fund Manager analysis. Charges Portfolio Manager. India Nomura India Equity Fund Magnum. ISIN: IE00BG869P98. Class: ID Acc AUM (Nomura India Ongoing charges: Equity Fund) 1.13% USD 725,300,000 Profile

Academic background 10 Main Holdings Current company (Nomura Japan High Conviction) Nomura Asset Management 30 November) 2019 (www.nomura.com) Degree in Law. Keio Nidec (7.24%) University, Japan. Main investment fund Unicharm Corp. (5.92%) Daikin Industries (5.67%) Nomura Japan High Keyence (5.47%) Conviction Smc Corp. (4.78%) M3 Inc (4.52%) Professional background Investment strategy Pigeon Corp. (4.38%) Fast Retailing (4.17%) Value investing strategy, Suzuki Motor (4.04%) Shintaro Harada using fundamental Murata Manufacturing (3.55%) AA-rated Fund Manager Joined Nomura Asset analysis. Management in 1993. Charges Nomura Japan High Conviction AUM (Nomura Japan High ISIN: IE00BBT37X86. Class: I Acc Conviction) Ongoing charges: 1.17% USD 120,140,000 Profile Main Holdings Academic background (Odey European Focus) Current company 30 November 2019 Odey Asset Management Orange (9.54%) (www.odey.com) Degree in Economics and Ericsson (6.81%) Politics. Bristol University. Main investment fund Flutter (5.64%) Aker BP (4.81%) Odey European Focus Tesco (4.71%) Deutsche Telekom (4.06%) TGS-Nopec (3.69%) Professional background Investment strategy

Value investing strategy, using fundamental Oliver Kelton, CFA analysis. Joined Odey in 2015. AA-rated Fund Manager Commissions Fund Manager. Waverton. Odey European Focus AUM (Odey European Focus) ISIN: IE00BWZMLG78. Clas: I Acc Ongoing costs: EUR 508,480,000 0.92% Profile

10 Main Holdings Academic background Current company (Perinvest Asia Dividend Equity) Perinvest 30 November 2019 (www.perinvest.co.uk) Firtst Class degree in Philosophy and China Suntien (5.6%) Mathematics. University of Main investment fund Accordia Golf (5.4%) Edinburgh. Perinvest Asia Dividend Equity KWG Group (4.8%) China Resources (4.6%) Yuzhou Properties (4.2%) Professional background Investment strategy

Value investing strategy, James Morton using fundamental Fund Manager. Rathbone AAA-rated Fund Manager analysis. Unit Trust Management.

Charges AUM (Perinvest Asia Perinvest Asia Dividend Equity Dividend Equity) ISIN:LU0338621724. Clas: B Acc Management fee: 1.5% USD 57,000,000 Performance fee: 15% HWM 10 Main Holdings Profile (Aurora Investment Trust) 31 December Academic background Current company Sports Direct (14.5%) n/a Phoenix Asset Management Easyjet (13.1%) (www.phoenixassetmanagement.com) Bellway (8.3%) Lloyds Banking (6.7%) Professional background Main investment fund Randall & Quilter (6.6%) Dignity (6.3%) Phoenix UK Fund Phoenix SG (Stanley Gibbons (5.5%) Co-Head of Equity and Redrow (5.4%) Equity Derivatives Trading. GlaxoSmithKline (4.8%) Nomura. Investment strategy Hornby (4.2%) Global Equity Derivative Gary Channon Value investing strategy, Charges Products Trading. Goldman using fundamental AAA-rated Fund Manager Aurora Investment Trust Sachs. analysis. ISIN: GB0000633262 Fixed Income Trading. Management fees: none Nikko Securities Europe. AUM (Aurora Investment Performance fee: One third Trust) of returns in excess of the market. GBP 155,000,000 Profile

10 Main Holdings Academic background Current company (Pictet Security) Degree in Economics. Pictet Asset Management 30 November 2019 University of Geneva. (www.am.pictet.com) Thermo Fisher Scientific (4.66%) Professional background Main investment fund Fiserv (4.52%) Global Payments (4.33%) Pictet Security Equinix (4.04%) Joined Pictet in 2000. Fidelity National Info (4.02%) Visa (3.77%) Launched the Pictet Investment strategy Palo Alto Networks (3.51%) Security Fund in 2006. Johnson Controls (3.26%) Yves Kramer Value investing strategy, Ecolab (3.13%) Financial Analyst. Banque using fundamental Norton Lifelock (2.75%) Privée Edmond de AAA-rated Fund Manager analysis. Rothschild.

Charges US Financial Analyst.. Pictet Security Union Bancaire Privée. AUM (Pictet Security) ISIN: LU0270904351. Class: I Acc

Ongoing charges: USD 4,919,000,000 1.2% Profile

10 Main Holdings Academic background Current company (Pictet Indian Equities) MBA. Indian Institute of Pictet Asset Management 30 November 2019 Management Ahmedabad.. (www.am.pictet.com) HDFC Bank (9.41%) B Tech, Chemical Engg. Torrent Pharmaceuticals (7.8%) IIT Bombay. Main investment fund HCI Tenologies (5.91%) Pictet Indian Equities Kotak Mahindra (5.72%) Infosys (4.87%) Professional background Cognizant Tech (4.32%) Icici Prudential (4.24%) Investment strategy Prashant Kothari Intrglobe Aviation (4.21%) Joined Pictet in 2012. Value investing strategy, Housing Dev. Finance (4.21%) AAA-rated Fund Manager using fundamental HDFC Life Insurance (3.54%) Senior Fund Manaager. ICICI analysis. Prudential AMC. Charges AUM (Pictet Indian Pictet Indian Equities Equities) ISIN:LU0180457029. Class: I Acc Ongoing charges: USD 346,000,000 1.07% Profile

Academic background 10 Main Holdings Current company (Polar Biotechnology Fund) BA (Hons), Human Sciences, 31 December 2019 First Class. Lady Margaret Polar Capital Partners Hall, Oxford University. (www.polarcapital.co.uk) arGEN-X BV (7.9%) Alexion Pharmaceuticals (5.9%) Professional background Main investment fund NanoString Technologies (4.2%) Joined Polar Capital in Polar Capital Regeneron Pharmaceuticals (4.1%) Amgen (4.1%) 2013. Seattle Genetics (4%) Fund Mangaer. SV Life Investment strategy Vertex Pharmaceuitcals (4%) Stemline Therapeutics (3.9%) Sciences. Value investing strategy, Dermira (3.4%) David Pinniger, CFA using fundamental Novo Nordisk (3.2%) Equity Research Anayst – analysis. Healthcare. Abingworth AA-rated Fund Manager Management. Charges

AUM (Polar Polar Biotechnology Fund Equity Research Analyst – Biotechnology Fund) ISIN: IE00B42Z4531. Class: I Inc. Healthcare. Morgan Stanley. Ongoing charges: USD 545,700,000 Class I: 1.19% Profile Academic background 10 Main Holdings BSc, Econometrics and Current company (Polar Global Insurance Fund) Mathematical Economics, First. LSE. Polar Capital Partners 31 December 2019 (www.polarcapital.co.uk) Chartered Accountant. Arch Capital (8.7%) Marsh & McLennan (7.3%) Main investment fund Co Author. The InsurTECH Chubb (7%) Polar Global Insurance Book. Alleghany (4.7%) RenaissanceRe Holdings (4.4%) Professional background Berkshire Hathaway (4.4%) Investment strategy Markel (4.3%) Joined Polar Capital in Essent Group (4.2%) 2013. Value investing strategy, Faifax Financial Holdings (4.2%) Nick Martin using fundamental AAA-rated Fund Manager Intact Financial Corp (4.1%) Associate Partner and analysis. Mentor. FinTech Innovation Charges Lab London. AUM (Polar Polar Global Insurance Fund Global Insurance) ISIN: IE00B5339C57. Class: I Acc. Fund Manager. HIM Capital. USD 1,552,400,000 Ongoing charges: 0.87% Profile Academic background 10 Main Holdings Current company (Polar Global Technology Fund) Degree in Economics. Hull Polar Capital Partners 31 December 2019 University. (www.polarcapital.co.uk) Apple (8.5%) Main investment fund Microsoft (8.2%) Alphabet (7.1%) Polar Global Technology Professional background Alibaba (3.9%) Faceboook (3.7%) Samsung (3.6%) Joined Polar Capital in Investment strategy TSMC (2.8%) 2007. Advanced Micro Devices (2.8%) Value investing strategy, Nick Evans Zendesk (2.3%) Fund Manager. AXA using fundamental AAA-rated Fund Manager Qualcomm (2%) Framlington. analysis. Charges Analyst. Hill Samuel Asset AUM (Polar Polar Global Technology Fund Management. Global Technology) ISIN: IE00B42NVC37. Class: I Inc. USD 3,650,600,000 Ongoing charges: 1.15% Profile Academic background 10 Main Holdings Current company (Polar Global Technology Fund) Degree in Economics. Hull Polar Capital Partners 31 December 2019 University. (www.polarcapital.co.uk) Apple (8.5%) Main investment fund Microsoft (8.2%) Alphabet (7.1%) Polar Global Technology Alibaba (3.9%) Facebook (3.7%) Professional background Samsung (3.6%) Investment strategy TSMC (2.8%) Advanced Micro Devices (2.8%) Joined Polar Capital in Value investing strategy, Zendesk (2.3%) 2003. Ben Rogoff using fundamental Qualcomm (2%) AAA-rated Fund Manager analysis. Analyst. Aberdeen Fund Charges Managers. CMI. AUM (Polar Polar Global Technology Fund Global Technology) ISIN: IE00B42NVC37. Class: I Inc. USD 3,650,600,000 Ongoing charges: 1.15% Profile

10 Main Holdings Academic background Current company (Rathbone Global Opportunities)

Rathbones 30 November 2019 (rathbonefunds.com) Bachelor of Arts (B.A.). Amazon (2.78%) Cornwell University, New Main investment fund Adobe (2.63%) York. Mastercard (2.48%) Rathbone Global Visa (2.35%) Opportunities Professional background Global Payments (2.31%) PayPal (2.29%) Investment strategy S&P global (2.01%) Intuit (1.97%) Value investing strategy, Match Group (1.94%) Joined Rathbones in 2000. James Thomson using fundamental Autodesk (1.91%) analysis. AAA-rated Fund Manager

Charges AUM (Rathbone Global Rathbone Global Opportunities Fund. Opportunities) ISIN:GB00B7FQLN12. Class: I Acc USD 1,824,270,000 Ongoing charges: 0.78% Profile

10 Main Holdings Academic background Current company (R&M UK Equity High Alpha)

River and Mercantile 30 November 2019 BSc (Econ), Economic and (www.riverandmercantile.com) Business History. London BP (4%) School of Economics and Royal Dutsche Shell (3.7%) Main investment fund Political Science. HSBC (3.5%) Lloyds Bank 2.9%) R&M UK Equity High Alpha GlaxoSmithKline (2.5%) Prudential (2.3%) Professional background Investment strategy British American Tobacco (2.2%) Barclays (1.9%) Value investing strategy, Anglo American (1.6%) Head of UK Equities. SG Hugh Sergeant Asset Management. using fundamental Vodafone (1.6%) AAA-rated Fund Manager analysis. Head of UK Equities. UBS Charges AUM (R&M UK Equity R&M uk Equity High Alpha ISIN: GB00B3D79W34. Class: B Acc High Alpha) Ongoing charges: GBP 86,700,000 0.87% Profile

10 Main Holdings Academic background Current company (R&M UK Equity Smaller)

River and Mercantile 30 November 2019 Beng 1st Class (hons), (www.riverandmercantile.com) Mechanical Engineering. Smart Metering Systems (3.6%) Loughborough University. Main investment fund Gamma Communications (3.1%) Strix (3.1%) OneSavings Bank (3.1%) R&M UK Equity Smaller Professional background Diversified Gas & Oil (2.7%) Codemasters (2.4%) Investment strategy Ascential (2.3%) Learning Techologies (2.2%) Value investing strategy, Ibstock (2.1%) Joined R&M in 2006. Dan Hanbury using fundamental Supermarket Income REIT (2%) AAA-rated Fund Manager analysis. Fund Manager. Investec. Charges AUM (R&M UK Equity Analyst. Schroders. R&M UK Smaller Companies Smaller) ISIN: GB00B1DSZS09. Class: B Acc

Ongoing charges: GBP 419,800,000 0.87% Profile 10 Main Holdings (Royal London Sustainable Academic background Current company Leaders Trust)

Royal London 30 November 2019 (www.rlam.co.uk) Chartered Accountant. Astrazeneca (5.1%) Ernst & Young. SSE (4.4%) Main investment fund Rentokil Initial (4.2%) Royal London Sustainable Experian Group (4.2%) Leaders Trust Sage (4.1%) Professional background Relx (4%) Smith & Nephew (3.9%) Investment strategy Head of Equities. Co- GlaxoSmithKlie (3.7%) operative Banking Group Value investing strategy, London Stock Exchange (3.6%) Mike Fox Limited. using fundamental Unilever (3.5%) AAA-rated Fund Manager analysis. Fund Manager, Co-operative Charges Asseet Management Sustainable Funds. AUM (Royal London Royal London Sustainable Leaders Trust. Sustainable Leaders Trust) ISIN: GB00B7V23Z99. Class: C Acc Ongoing charges: 0.76% GBP 924,350,000 Profile

10 Main Holdings Academic background Current company (Royal London UK Equity Income)

Royal London 30 November 2019 (www.rlam.co.uk) BA, Mathematics. Royal Dutch Shell 5.8%) Durham University. Astrazeneca (4.9%) Main investment fund Glaxosmithkline (4.6%) Royal London UK BP (4.2%) Equity Income HSBC (3.5%) Professional background Land Securities (.3%) British American Tobacco (2.8%) Investment strategy Joined Royal London n Rio Tinot (2.7%) 2005. Value investing strategy, Close Bros (2.6%) Martin Cholwill using fundamental ITV (2.5%) Fund Manager. AXA AAA-rated Fund Manager analysis. Investment Managers. Charges AUM (Royal London Royal London UK Equity Income. UK Equity Income) ISIN: GB00B8Y4ZB91. Class: M Acc Ongoing charges: 0.72% GBP 2,091,260,000 Profile

10 Main Holdings Academic background Current company (Royal London UK Smaller) 30 November 2019 Royal London (www.rlam.co.uk) MA, Economics and GB Group (2.9%) Geograpy. Edinburgh Globaldata (2.7%) University. Main investment fund Consort Medical (2.6%) Royal London UK Restore (2.5%) Smaller Discoveie Group (2.5%) Professional background Gamma Communications (2.4%) Oxford Instruments (2.2%) Investment strategy The Gym Group (2.1%) Joined Royal London in 2016. Value investing strategy, Genus (2.1%) using fundamental Dechra Pharmaceuticals (2%) Henry Lowson Fund Manager. AXA analysis. AA-rated Fund Manager Investment Managers. Charges AUM (Royal London Royal London UK Smaller ISIN: GB00B3NQHL55. Class: M Acc UK Smaller) Class M: 0.77% GBP 302,520,000 Profile 10 Main Holdings (Schroder European Academic background Current company Alpha Income) 30 November 2019 Schroders (www.schroders.com) Degree in Natural Sciences. AXA (4.9%) St John’s College, Sanofi (4.4%) Cambridge. Main investment fund Catalana Occidente (3.6%) Schroder European Alpha IPSOS (3.4%) Borr Drilling (3.2%) Professional background TOTAL (3.1%) KBC Group (2.9%) Investment strategy Bankinter (2.8%) Salmar (2.8%) Value investing strategy, Fund Manager. Cazenove James Sym, CFA ABN AMRO Bank (2.8%) using fundamental Capital Management. AAA-rated Fund Manager analysis. Charges

AUM (Schroder European Schroder European Alpha Income Alpha Income) ISIN: GB00B75ZTX45. Class: C Acc Ongoing charges: GBP 851,710,000 1.17% Profile 10 Main Holdings Academic background (Schroder European) Current company 30 November 2019 Schroders (www.schroders.com) Roche (4.8%) Degree in Natural Sciences. SAP (4.3%) St John’s College, Main investment fund Deutsche Wohnen (3.7%) Cambridge. Sanofi (3.5%) Schroder European Danone (3.3%) Professional background Carrefour (3.3%) Galapagos (3%) Investment strategy RWE (2.9%) BillerudKorsnas (2.8%) Value investing strategy, Neste Oyj (2.7%) Fund Manager. Cazenove Martin Skanberg using fundamental Capital Management. AAA-rated Fund Manager analysis. Charges Schroder European AUM (Schroder European) ISIN:GB00B76V8C37. Class: Z Acc

Ongoing charges: GBP 1,477,150,000 0.92%

AAA-rated Fund Manager Profile 10 Main Holdings Academic background (Schroder Recovery Fund) Current company 30 November 2019 Schroders (www.schroders.com) Standard Chartered (5.4%) Master of Engineering Royal Bank of Scotland (5.1%) (Meng), Aeronautical Main investment fund Anglo American (5%) Engineering, 1st. BP (4.8%) Schroder Recovery Fund Barclays (4.5%) Professional background South32 (4.1%) Wm Morrison Supermarkets (3.9%) Investment strategy TP ICAP (3.8%) Pearson (3.8%) Value investing strategy, Nick Kirrage Lloyds Banking (3.7%) Joined Schroders in 2001. using fundamental AAA-rated Fund Manager analysis. Charges Schroder Recovery Fund AUM (Schroder Recovery Fund) ISIN: GB00B3VVG600. Class: Z Acc Ongoing charges: GBP 1,152,900,000 0.91% Profile 10 Main Holdings (Schroder UK Smaller Companies) Academic background Current company 30 November 2019 Schroders (www.schroders.com) Aptitude Software (3.4%) Degree in Economics. Liontrust Asset Management (3.3%) University of Manchester. Avon Rubber (3.3%) Main investment fund MJ Gleeson (3.2%) Schroder UK Smaller RM (3.2%) Companies) Cohort (3%) Professional background SDL (2.7%) Investment strategy GlobalData (2.6%) Games Workshop (2.5%) Value investing strategy, Photo-Me International (2.4%) Joined Schroder in 1987. Andrew Brough using fundamental AAA-rated Fund Manager analysis. Charges AUM (Schroder UK Smaller Schroder UK Smaller Companies ISIN: GB0007220360 . Class: Z Acc Companies) Ongoing charges: GBP 481,400,000 0.91% Profile 10 Main Holdings (Schroder ISF Asian Total) Academic background

Current company 30 November 2019 Schroders Samsung Electronics (5.7%) (www.schroders.com) MA in Economics. Edinburgh TSMC (5.7%) University. Alibaba (4.9%) Main investment fund HDFC Bank (4.3%) Schroder ISF Asian Tencent (4.1%) AIA (3.9%) Professional background Jardine Strategic (3.6%) Techtronic Industries (3.2%) Investment strategy Galaxy Entertainment (3.1%) BHP Group (2.9%) Value investing strategy, Joined Schroders in 1990. Robin Parbrook using fundamental AAA-rated Fund Manager analysis. Charges

Schroder ISD Asian Total AUM (Schroders ISF Asian) ISIN: LU0326949186. Class: C Acc

USD 4,242,090,000 Ongoing charges: 1.3% Profile

10 Main Holdings Academic background Current company (Slater Growth Fund)

Slater Investments 30 November 2019 (www.slaterinvestments.com) MA in History. Cambridge Future (8.38%) University. Main investment fund Entertainment One (5.28%) Hutchison China (4.25%) Slater Growth Fund Alliance Pharma (4.16%) Professional background IWG (3.82%) CVS (3.79%) Investment strategy Codemasters (3.51%) Walt Disney (3.26%) Co-founded Slater Mark Slater Growth at a reasonable Investments in 1994. Liontrust (3.04%) AAA-rated Fund Manager price Prudential (2.98%) Financial journalist. Analyst plc. Investor’s Charges Chronicle. AUM (Slater Growth Fund) Slater Growth Fund ISIN: GB00B8YPGL91. Class: B Acc Ongoing charges: GBP 584,060,000 1.06% Profile 10 Main Holdings (Smith & Williamson Academic background Current company UK Equity Growth)

Smith & Williamson December 2019 (www.smithandwilliamson.com) BA (Hons), Bristol Business AstraZeneca (6%) School. Main investment fund Rio Tinto (5.5%) Royal Dutch Shell (4.6%) Smith & Williamson UK Equity Diageo (4.4%) Growth Professional background Future (4.2%) Ashtead Group (4%) Investment strategy JD Sports (3.7%) 3i (3.2%) Rupert Fleming Value investing strategy, Intermediate Capital (3.2%) Joined Smith & Williamson using fundamental London Stock Exchange (3.1%) in 2005. AAA-rated Fund Manager analysis. Charges Fund Manager. Leopold Joseph / Bank of AUM (Smith & Williamson Smith & Williamson UK Equtiy Growth Butterfield. UK Equity Growth) ISIN:GB00B43KQL71. Class: B Inc Ongoing charges: GBP 23,900,000 0.73% Profile 10 Main Holdings (Smith & Williamson Academic background Current company UK Equity Growth)

Smith & Williamson December 2019 (www.smithandwilliamson.com) n/a AstraZeneca (6%) Main investment fund Rio Tinto (5.5%) Royal Dutch Shell (4.6%) Smith & Williamson UK Equity Diageo (4.4%) Growth Professional background Future (4.2%) Ashtead Group (4%) Investment strategy JD Sports (3.7%) 3i (3.2%) Mark Boucher Value investing strategy, Intermediate Capital (3.2%) Fund Manager. US multi- AAA-rated Fund Manager using fundamental London Stock Exchange (3.1%) strategy hedge fund. analysis. Fund Manager Leopold Charges Joseph & Sons. AUM (Smith & Williamson Smith & Williamson UK Equtiy Growth UK Equity Growth) ISIN:GB00B43KQL71. Class: B Inc

Ongoing charges: GBP 23,900,000 0.73% Profile 10 Main Holdings Academic background (Stewart Asia Pacific Sustainability) Current company 30 November 2019 Degree in Economics. Stewart Investors Cambridge University. (www.steartinvestors.com) Tech Mahindra (5.2%) CSL (4.5%) MSc in Investment Analysis. Unicharm (3.9%) Main investment fund Stirling University. Stewart Asia Pacific Tat a Cosultancy (3.8%) Sustainability Vitasoy International (3.5%) Oversea-Chinese Banking (3.2%) Investment strategy Kotak Mahindra (3.1%) Hoya Corp. (3%) Professional background Value investing strategy, Mahindra & Mahindra (2.9%) David Gait using fundamental Housing Development Finance (2.8%) AAA-rated Fund Manager analysis. Joined the team in 1997.

Charges AUM (Stewart Asia Pacific Stewart Asia Pacific Sustainability Sustainability) ISIN:GB00B0TY6V50. Class: B Acc GBP 317,500,000 Ongoing charges: 0.96% Profile 10 Main Holdings Academic background (Stewart Asia Pacific Sustainability) Current company 30 November 2019 Bachelor of Engineering. Stewart Investors National Institute of (www.steartinvestors.com) Tech Mahindra (5.2%) Technology, Trichy. CSL (4.5%) Main investment fund Unicharm (3.9%) MBA. Schulich School of Business, York University. Stewart Asia Pacific Tat a Cosultancy (3.8%) Sustainability Vitasoy International (3.5%) Oversea-Chinese Banking (3.2%) Professional background Investment strategy Kotak Mahindra (3.1%) Hoya Corp. (3%) Value investing strategy, Mahindra & Mahindra (2.9%) using fundamental Housing Development Finance (2.8%) Sashi Reddy analysis. Joined the team in 2007. AA-rated Fund Manager Charges Analyst. Irevna Research.

AUM (Stewart Asia Pacific Stewart Asia Pacific Sustainability Sustainability) ISIN:GB00B0TY6V50. Class: B Acc GBP 317,500,000 Ongoing charges: 0.96% Profile 10 Main Holdings Academic background (Stonehage Fleming Current company Global Best Ideas) Hons B.Com. University of Stonehage Fleming 30 November 2019 Stellenbosch and the (www.stonehagefleming.com) University of South Africa. Visa (6.5%) Microsoft (5.5%) Main investment fund PSM qualification. Business Zoetis (5.3%) School of the University of Stonehage Fleming Accenture (4.7%) Stellenbosch. Global Best Ideas PayPal (4.7%) Alphabet (4.6%) Professional background Investment strategy Estée Lauder (4.3%) Nike (4.3%) Valuation conscious 25 years’ investment Gerrit Smit EssilorLuxottica (3.9%) strategy, using experience as Equity Intuitive Surgical (3.8%) AA-rated Fund Manager fundamental analysis. Analyst, Chief Investment Strategist and Chief Investment Officer. Charges Sanlam, London. AUM (Stonehage Fleming Stonehage Fleming Global Best Global Best Ideas) Ideas. ISIN: IE00BCLYMC02 (Class: B Acc) £1,203,900,000 Ongoing charges: 0.86% Profile 10 Main Holdings Academic background (SVM UK Opportunities Fund) Current company 30 November 2019

SVM Asset Management Ryanair (5.6%) (www.svmonline.co.uk) Norcros (5.5%) Degree in Economics. Lloyds Banking Group (5.2%) University of Aberdeen. Main investment fund Jadestone Energy (5.1%) SVM UK Opportunities Fund Prudential (5%) Informa (5%) Professional background DCC (5%) Tesco (4.9%) Investment strategy Synthomer (4.4%) Investment Manager. GVC Holdings (4.2%) Kempen Capital Value investing strategy, Management UK. Neil Veitch using fundamental AAA-rated Fund Manager analysis. Investment Analyst. HLS Charges Asset Management. SVM UK Opportunities Fund AUM (SVM UK ISIN: GB0032084815. Opportunities Fund) Class: B Acc GBP 133,400,000 Ongoing charges: 1.05% Profile 10 Main Holdings Academic background (SVM All Europe SRI Fund) Current company 30 November 2019 SVM Asset Management Prudential (5.4%) (www.svmonline.co.uk) BA in Public Norcros (5%) Administration. Smurfit Kappa (4.7%) Main investment fund DCC (4.6%) SVM All Europe SRI Fund AXA (4.5%) Melrose (3.8%) Professional background Forterra (3.7%) Synthomer (3.7%) Investment strategy Legal & General (3.5%) Investment Manager. Kempen Capital. Hugh Cuthbert Value investing strategy, Menzies (3.4%) AAA-rated Fund Manager using fundamental Fund Manager. Henderson. analysis. Charges SVM All Europe SRI Fund AUM (SVM All Europe SRI ISIN: GB00B1FL7V46. Fund) Class: B Acc GBP 23,200,000 Ongoing charges: 1.23% Profile 10 Main Holdings Academic background (SVM UK Growth) MA Honours, Economcs & 30 November 2019 Current company Statistics. The University of Glasgow. SVM Asset Management Unite Group (4.6%) (www.svmonline.co.uk) AB Dynamics (4%) Mba, with Distinction. JD Sports Fashion (3.6%) University of Glasgow. Kerry Group (3.5%) Main investment fund Beazley (3.4%) Professional background SVM UK Growth Johnson Service Group (3.4%) London Stock Exchange (3.3%) Co-founded SVM in 1990. AstraZeneca (3%) Investment strategy Keystone Law (2.9%) Director. CFA UK. Experian (2.8%) Value investing strategy, CEO Europe. Templet on. Colin Mclean using fundamental AAA-rated Fund Manager analysis. Charges Head of Investment. SVM UK Growth Scottish Provident. ISIN: GB0032084708. AUM (SVM UK Growth) Class: I Acc Deputy General Manager & CIO: FS Assurance. GBP 170,400,000 Ongoing charges: 1.03% Profile 10 Main Holdings Academic background (SVM UK Growth) Current company 30 November 2019 BSc (Hons) Economics. SVM Asset Management Unite Group (4.6%) University of Strathclyde. (www.svmonline.co.uk) AB Dynamics (4%) JD Sports Fashion (3.6%) Assoicate of the Institute Main investment fund Kerry Group (3.5%) of Investment Beazley (3.4%) Professionals. SVM UK Growth Johnson Service Group (3.4%) London Stock Exchange (3.3%) AstraZeneca (3%) Investment strategy Keystone Law (2.9%) Professional background Experian (2.8%) Value investing strategy, Margaret Lawson using fundamental AAA-rated Fund Manager analysis. Charges Co-founded SVM in 1990. SVM UK Growth Invstment Manager. FS ISIN: GB0032084708. AUM (SVM UK Growth) Assurance. Class: I Acc

GBP 170,400,000 Ongoing charges: 1.03% Profile 10 Main Holdings (SWMC European Fund) Academic background Current company 30 November 2019 Degree in Medieval History. S.W. Mitchell Capital Soitec (6.1%) University of St. Andrews. (www.swmitchellcapital.com) SAP (5.9%) STMicroelecronics (5.9%) Graduate of the Main investment fund Edenred (5%) Owner/President Management programme. SWMC European Fund Intesa Sanpaolo (4.6%) Essilor (4.5%) Harvard Business School. Kering (4.5%) Legrand (4.1%) Professional background Investment strategy GSK (4%) VW (3.9%) Founded SWMC in 2005. Value investing strategy, using fundamental Stuart Mitchell Director and Head of AAA-rated Fund Manager analysis. Charges Specialist Equities. J O Hambro. SWMC European Fund ISIN: IE00B4LH9995. Class: B Acc AUM (SWMC European Fund) Fund Manager- Morgan Grenfell Asset Management. GBP 172,000,000 Ongoing charges: 1.5% Profile

10 Main Holdings Academic background Current company (TB Evenlode Income)

Evenlode Investments 30 November 2019 (www.evenlodeinvestment.com) Firtst Class degree in Unilever (8.5%) Philosophy and RELX (6.1%) Main investment fund Mathematics. University of Reckitt Benckiser (5.5%) Edinburgh. TB Evenlode Income Sage (5.1%) Diageo (4.6%) Smiths Group (4.1%) Professional background Investment strategy GlaxoSmithKline (3.8%) Informa (3.5%) Hugh Yarrow Value investing strategy, Bunzl (3%) using fundamental WPP (2.8%) Fund Manager. Rathbone AA-rated Fund Manager analysis. Unit Trust Management. Charges

TB Evenlode Income AUM (TB Evenlode ISIN: GB00BD0B7C49. Class: B Acc Income) Ongoing charges: 0.9% GBP 3,560,000,000 Profile

10 Main Holdings Academic background (TB Evenlode Income) Current company Bachelor of Science (BSc). 30 November 2019 Evenlode Investments Astrophysics. 1st Class. (www.evenlodeinvestment.com) University College London. Unilever (8.5%) RELX (6.1%) MSc. Theoretical Physics. Main investment fund Reckitt Benckiser (5.5%) Imperial College London. TB Evenlode Income Sage (5.1%) Diageo (4.6%) Dphil. Physics, Chemistry Smiths Group (4.1%) Biochemistry. Unviersity of GlaxoSmithKline (3.8%) Investment strategy Oxford. Informa (3.5%) Value investing strategy, Bunzl (3%) Professional background Ben Peters using fundamental WPP (2.8%) AA-rated Fund Manager analysis.

Charges Director. Electropic Ltd. TB Evenlode Income AUM (TB Evenlode ISIN: GB00BD0B7C49. Class: B Acc

Income) Ongoing charges: 0.9% GBP 3,560,000,000 Profile 10 Main Holdings (Global Focused Growth Equity) Academic background

Current company 30 November 2019 T Rowe Price Alphabet (3%) (www.troweprice.com) Firtst Class degree in Charles Schwab (2.9%) Philosophy and Netflix (2.7%) Mathematics. University of Main investment fund Samsung Electronics (2.7%) Edinburgh. Global Focused Growth Equity Alibaba (2.6%) Tencent (2.5%) Intuitive Surgical (2.3%) Investment strategy London Stock Exchange (2.3%) Professional background Advanced Micro Devices (2.2%) Value investing strategy, Danaher (2.1%) using fundamental Fund Manager. Rathbone David J. Eiswert analysis. Charges Unit Trust Management. AA-rated Fund Manager

Global Focused Growth Equity AUM (Global Focused ISIN: LU0143563046. Class: I Acc Growth Equity) Ongoing charges: 0.79% $ 1,860,500,000 Profile

10 Main Holdings Academic background Current company (Trojan Income Fund) 30 November 2019 Troy Asset Management (www.taml.co.uk) MA in Politics. Edinburgh Unilever (5.1%) University. Lloyds (4.5%) Main investment fund Royal Dutch Shell (4.1%) GlaxoSmithKline (4.1%) (Trojan Income Fund) BP (4%) Compass (3.7%) Experian (3.4%) Professional background Investment strategy National Grid (3.3%) AstraZeneca (3.3%) Value investing strategy, Francis Brooke RELX (3.2%) using fundamental Director. Merril Lynch AAA-rated Fund Manager analysis. Investment Managers. Charges Director. Foreign & Trojan income Fund AUM ISIN: GB00B01BP176. Class: O Acc Colonial Management. (Trojan Income Fund) Ongoing charges: Class O: 1.02% GBP 3,339,000,000 Profile 10 Main Holdings (Unicorn Outstanding Academic background Current company British Companies) Unicorn 31 December 2019 (www.unicornam.com) RWS Holdings (4.6%) N/A Shaftesbury (4.4%) Main investment fund Keystone Law (4.2%) Unicorn Outstanding Spirax-Sarco Engineering (3.7%) British Companies Smith & Nephew (3.6%) Dechra Pharmaceuticals (3.6%) Tristel (3.6%) Professional background Value investing strategy, Curtis Banks Group (3.5%) using fundamental Victrex (3.5%) analysis. Chris Hutchinson James Fisher & Sons (3.4%) Joined Unicorn in 2006. Investment strategy AAA-rated Fund Manager Charges Fund Manager. Montanaro. AUM (Unicorn Unicorn Outstanding British Companies. ISIN: GB00B1GGDH66. Outstanding Class. B Acc

British Companies) Ongoing charges: 0.84% GBP 118,000,000 Profile

10 Main Holdings Academic background Current company (Unicorn UK Income Fund)

Unicorn 31 December 2019 University of St. Andrews. (www.unicornam.com) Bachelor of Science (BSc), Cineworld (5.3%) Economics and Management. Main investment fund BBA Aviation (5.2%) Londonmetric Property (5%) Unicorn UK Income Fund Phoenix Group (4.2%) Primary Health Properties (3.9%) Professional background Marshalls (3.3) Value investing strategy, Telecom Plus (3.3%) Joined Unicorn Asset using fundamental 4imprint (3.1%) Management in 2008. analysis. Polar Capital (3%) Hill & Smith (2.8%) Financial Accountant. F&C Fraser Mackersie Investment strategy Asset Management. AA-rated Fund Manager Charges AUM (Unicorn UK Income Accountant. Geoghegans, Unicorn UK Income Fund. Chartered Accountants. Fund) ISIN: GB00B00Z1R87. Class. B Acc GBP 620,000,000 Ongoing charges: 0.81% Profile

10 Main Holdings Academic background Current company (Unicorn UK Income Fund) 31 December 2019 Unicorn Bachelor of Science, (www.unicornam.com) Archaeology. University of Cineworld (5.3%) Liverpool. BBA Aviation (5.2%) Main investment fund Londonmetric Property (5%) Unicorn UK Income Fund Phoenix Group (4.2%) Primary Health Properties (3.9%) Professional background Marshalls (3.3) Telecom Plus (3.3%) Joined Unicorn Asset Value investing strategy, 4imprint (3.1%) Management in 2008. using fundamental Polar Capital (3%) analysis. Hill & Smith (2.8%) Simon Moon Research Analyst. J M Finn Investment strategy AA-rated Fund Manager & Co. Charges Graduate Finance Trainee. AUM (Unicorn UK Income Unicorn UK Income Fund. NHS. Fund) ISIN: GB00B00Z1R87. Class. B Acc GBP 620,000,000 Ongoing charges: 0.81% Profile

10 Main Holdings Academic background Current company (Veritas Asia Fund)

Veritas Asset Management 30 November 2019 (www.vamllp.com) BA (Nankai University, Alibaba (6.7%) China). Main investment fund TSMC (6.6%) Kweichow Moutai (5.9%) MA (Nankai University, Veritas Asia Fund CSL Limited (5%) China). HDFC Bank (4.9%) Tencent (4.5%) Professional background Investment strategy Samsung Electronics (4.3%) CSPC Pharmaceutical (3.7%) Value investing strategy, Ping A Insurance (2.9%) Ezra Sun Joined Veritas in 2004. using fundamental AIA Group (2.9%) AAA-rated Fund Manager analysis. Investment Manager. Asia Charges Newton Investment AUM (Veritas Asia Fund) Veritas Asian Fund Maangement ISIN: IE00B02T6J57. Class: A

EUR 2,685,900,000 Ongoing charges: 1.13% Profile

10 Main Holdings Academic background Current company (Veritas Global Focus)

30 November 2019 Veritas Asset Management Chartered Accountant. (www.vamllp.com) Charter Communications (7.7%) Alphabet (6.6%) Main investment fund BAE Systems (4.9%) Professional background Veritas Global Focus Thermo Fisher Scientific (4.5%) Facebook (4.3%) Unilever (4.2%) Joined Veritas in 2003. Investment strategy UnitedHealth (3.5%) Reckitt Benckiser (3.3%) Portfolio Manager. WP Value investing strategy, Canadian Pacific Railway (3.3%) Stewart. Andrew Headley using fundamental Microsoft (3.2%) AAA-rated Fund Manager analysis. Portfolio Manager. Newton Investment Management. Charges AUM (Veritas Global Veritas Global Focus Tax Consultant. PwC. ISIN:IE0034106280. Class: A Acc Focus) Ongoing charges: 1.11% EUR 3,122,000,000 Profile

10 Main Holdings Academic background Current company (Veritas Global Focus)

Veritas Asset Management 30 November 2019 (www.vamllp.com) MA, MBA, FCSI. Charter Communications (7.7%) Main investment fund Alphabet (6.6%) BAE Systems (4.9%) Veritas Global Focus Thermo Fisher Scientific (4.5%) Professional background Facebook (4.3%) Unilever (4.2%) Investment strategy UnitedHealth (3.5%) Reckitt Benckiser (3.3%) Fund Manager. Newton Charles Richardson Value investing strategy, Canadian Pacific Railway (3.3%) Investment Management. AAA-rated Fund Manager using fundamental Microsoft (3.2%) analysis. Director and Head of UK Equities, County NatWest Charges Investments. AUM (Veritas Global Veritas Global Focus ISIN:IE0034106280. Class: A Acc Focus) Ongoing charges: 1.11% EUR 3,122,000,000 Profile

10 Main Holdings Academic background Current company (Vontobel mxt Sustainable Emerging Markets Leaders) Vontobel 30 November 2019 (www.vontobel.com) MA, Business Taiwan Semiconductor (6.1%) Administration and Main investment fund Alibaba (5.6%) Finance. University of Zurich. Vontobel mxt Sustainable Tencent (4.4%) Emerging Markets Leaders Oil Company Lukoil (3.6%) Ping An Insurance (3.3%) B3 SA – Brasil Bolsa Balcao (3%) Professional background Investment strategy Samsung Electronics (2.9%) China Gas (2.8%) Value investing strategy, Portfolio Manager. Goldman Roger Merz, CFA Lg Household & Health Care (2.8%) using fundamental Sachs. AA-rated Fund Manager CNOOC Shs (2.7%) analysis. Analyst. Morgan Stanley. Charges AUM (Vontobel mxt Vontobel mxt Sustainable Emerging Analyst. Credit Suisse First Sustainable Emerging Market Leaders Boston. ISIN: LU0571085686. Class: I Acc Markets Leaders) USD 4,716,260,000 Ongoing charges: 1.16% Profile

10 Main Holdings Academic background (Vontobel mxt Sustainable Current company MBA with a specialization Emerging Markets Leaders) in China Business. Hong Vontobel 30 November 2019 Kong University of Science (www.vontobel.com) & Technology. Taiwan Semiconductor (6.1%) Main investment fund Alibaba (5.6%) Bachelor of Science in Vontobel mxt Sustainable Tencent (4.4%) Accounting & Finance. Emerging Markets Leaders Oil Ccompany Lukoil (3.6%) University of Applied Ping An Insurance (3.3%) Sciences. Basel. B3 SA – Brasil Bolsa Balcao (3%) Investment strategy Samsung Electronics (2.9%) Professional background China Gas (2.8%) Value investing strategy, Joined Vontobel in 2009. Thomas Schaffner, CFA Lg Household & Health Care (2.8%) using fundamental CNOOC Shs (2.7%) AA-rated Fund Manager analysis. Equity Research Analyst. Charges Lombard Odier. AUM (Vontobel mxt Vontobel mxt Sustainable Emerging Portfolio Manager. Credit Sustainable Emerging Market Leaders Suisse. Markets Leaders) ISIN: LU0571085686. Class: I Acc Ongoing charges: 1.16% USD 4,716,260,000 Profile

10 Main Holdings Academic background Current company (Waverton European Capital Growth) Waverton Investment Management 30 November 2019 (www.waverton.co.uk) Degree in Business Nestle (6.6%) Administration. London Main investment fund Novartis (5.1%) Guildhall University. Waverton European Capital Novo Nordisk (4.6%) Growth Air Liquide (4.5%) Linde (4.4%) Deutsche Telekom (3.9%) Professional background Investment strategy Bayer (3.7%) Loomis (3.6%) Chris Garsten Value investing strategy, Swedish Match (3.4%) AAA-rated Fund Manager using fundamental Cofounder. 2CG Limited. AA-rated Fund Manager Munich Reinsurance (3.4%) analysis. Director. Credit Suisse Charges Equities Europe ex-UK. Waverton European Capital Growth AUM (Waverton European ISIN: IE00BF5KTG81. Class: I Acc Capital Growth) Ongoing charges:0.95% € 228,100,000 Profile 10 Main Holdings Academic background (Wellington Durable Current company Companies) Wellington Asset Management 30 November 2019 (www.wellingtonfunds.com) Intact Fincl (5.4%) Firtst Class degree in American Tower (4.1%) Philosophy and Main investment fund Fortive Corp (3.5%) Mathematics. University of Vinci (3.4%) Edinburgh. Wellington Durable Fidelity Nat Info (3.4%) Companies Novartis (3.3%) HCA Healthcare (3.1%) Professional background Investment strategy Canadian Natl Railway (3.1%) Rubis (3.1%) Value investing strategy, AIA Group (3.1%) Daniel Pozen using fundamental Fund Manager. Rathbone A-rated Fund Manager analysis. Unit Trust Management. Charges Management fee: 0.6% AUM (Wellington Durable Performance fee: 10%, with Companies) high water mark. Wellington Durable Companies USD 496,700,000 ISIN: IE00BRK94Q94. Class: S Acc 280 VADEVALOR TALENT [COMING SOON…]

Talent category requirements

- Fund manager with les than 5 years of experience as investment director and less than €50M AUM or less than 3 years as investment director.

- Invest mostly in equities (the higher the percentage in equities the better). They’ve always invested more than 70% of their portfolio in equities. “Know what you own and why you - It is very positive if they also have their own money or own it” – Peter their family’s money invested in the fund they manage. Lynch Additional category criteria: 281

- Investment philosophy. All investments Communication. Very important, because a must be properly researched with an fund manager who is a good communicator, adds additional value. If investors don’t approximation of their intrinsic value. understand their fund managers or don’t trust them, there could be a big difference - Portfolio. Once we know that the fund between fund manager returns and investor returns. manager uses an investment philosophy that matches the principles that we consider fundamental to outperform the market in the long term, we check the portfolio to see whether it is consistent with the philosophy they explain.

- Academic and professional background. We consider valuable that the fund manager (in order of importance): has been a proactive learner, is passionate (perhaps self-taught in certain areas), has worked as a financial analyst before becoming a fund manager, has experience managing a portfolio with a good track record ( even family or friends’ wealth), has a certificate in financial analysis (CFA) or has a degree in the field of finance. 282

“All intelligent investing is value investing – acquiring more than you are paying for” – Charlie Munger 283

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