Monthly Factsheet 31 March 2021

TM Tellworth UK Select Fund

Investment Objective & Policy The objective of the Fund is to achieve positive real returns with Key Facts lower volatility than the All-Share Index. The Fund will seek to Fund Launch Date 17 December 2014 achieve returns that exceed one month SONIA (SONIA 1M IR), after Fund Type UCITS IV fees, though there is no guarantee that it will do so. Strategy Long/Short Equities The portfolio will consist principally of listed equity securities issued Fund size (£m) £2.5m by companies established or operating in the UK and derivative instruments which may give either long or short exposure to listed IA Sector Targeted Absolute Return equity securities. Currencies GBP BennBridge took over as investment manager of the Fund on 12 Hurdle rate SONIA 1M IR December 2019 Share Price End of 1.07 Month (GBP)

Return History - Cumulative Fund Manager Seb Jory & John Warren

1m 3m 6m 1yr 3yr 5yr Managed fund since 12 December 2019 Fund 1.37% 3.11% 5.79% 11.33% 15.01% 1.28%

Calendar Year Performance – Cumulative Essential Statistics over 3 years Annual Volatility (%) 2014 2015 2016 2017 2018 2019 2020 YTD 6.63% Fund 0.20% 3.30% 0.40% 12.60% 4.90% -3.30% 12.67% 3.11% Sharpe Ratio 2.26% Performance since inception 10% Fund renamed to TM Tellworth UK Select Fund on 12 December 2019 5%

0%

-5%

-10%

-15%

Jul15 Jul16 Jul17 Jul18 Jul19 Jul20

Jan 21 Jan Jan15 Jan16 Jan17 Jan18 Jan19 Jan20

Jun20 Jun15 Jun16 Jun17 Jun18 Jun19

Oct19 Oct15 Oct16 Oct17 Oct18 Oct20

Apr18 Apr15 Apr16 Apr17 Apr19 Apr20

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

Dec18 Dec14 Dec15 Dec16 Dec17 Dec19 Dec20

Aug15 Aug16 Aug17 Aug18 Aug19 Aug20

Nov18 Nov15 Nov16 Nov17 Nov19 Nov20

Mar 19 Mar Mar15 Mar16 Mar17 Mar18 Mar20 Mar21

May 18 May May15 May16 May17 May19 May20 Past performance is no guide to future returns Returns quoted are net of fees on the A share class as of 31 March 2021 Source: Landy Tech, Bloomberg, FE Analytics

Fund Managers Contact Tellworth Tellworth Investments Seb Jory joined Tellworth in 108-110 Jermyn Street January 2018. Prior to this, Seb was Head of Strategy and London SW1Y 6EE Stock Selection at Liberum. E-mail: [email protected] www.tellworth.co.uk John Warren launched Tellworth Investments in October 2017. He joined from Schroders and has over 18 years of investment experience.

For professional investors only Portfolio Structure & Attribution Sector % Fund No. of positions % of NAV iShares Core FTSE 100 Index 4.18% Long 48 61.7% PLC Information Technology 2.44% Short 37 -54.4% QinetiQ Group PLC Industrials 2.23% Net 7.3% PLC Consumer Discretionary 2.10% Gross 116.1% Communication Services 1.77% Performance Attribution 1M PLC Consumer Discretionary 1.71% Long 3.49% Industrials 1.68% Short -1.56% Jewel UK Midco Ltd Consumer Discretionary 1.61% Index Communications PLC Information Technology 1.50% Utilities Sage Group Information Technology 1.48% Real Estate Materials Market Cap Long Short Net Gross Information Technology Industrials Micro 1.1% 1.1% 1.1% Health Care Small -0.3% -0.3% 0.3% Financials Mid 33.8% -33.9% 0.0% 67.7% Energy Consumer Staples Large 26.7% -20.2% 6.6% 46.9% Consumer Discretionary Communication Services Data as at 31 March 2021 -40% -30% -20% -10% 0% 10% 20% 30% Past performance is not indicative of future results. Net Position Long Short Summary

For an observer of the UK economy over at least the last We have had to start work in Covid-proofing our Thermostat 10 years, its current position seems quite alien. With one indicators because the 1yr YoY comparisons have fast become of the strongest vaccine programmes globally, some of the meaningless as they begin to comp against the shutdown. This most creative and timely crisis policy, and now the only will also be the new reporting normal for companies over the money supply that is re-accelerating into Q2, we have a coming months, particularly those challenged by difficult 2020 currency that has strengthened and every chance that in comparisons – online retail, home improvers, pet suppliers, the very short-term we see the strongest re-opening brokers, gamers – and gauging a sense of run-rates in the final response from consumers here, particularly those with act of this saga, the (hopefully) final time when we see big sea- higher incomes, than anywhere else in the changes in consumer behaviour, will be critical to our stock- developed world. Makes a change from the Brexit perma- picking. We firmly believe that this highly dispersed market with gloom. plenty of trends should continue to be a fillip for the Select model of focused stock selection. We think this environment continues to suggest a small bias to domestic companies in our research and particularly those in cyclical end-markets on lower multiples. Share class information

Share class ISIN SEDOL Annual charge Performance Fee Ongoing charge 1 Minimum Investment A Acc GBP GB00BNY7YM73 BNY7YM7 0.75% 15% of return above SONIA 1M IR 1.25% £20,000 A Inc GBP GB00BNY7YL66 BNY7YL6 0.75% 15% of return above SONIA 1M IR 1.25% £20,000 A Acc EUR Hdg GB00BVFCTT93 BVFCTT9 0.75% 15% of return above SONIA 1M IR 1.25% € 20,000 A Inc EUR Hdg GB00BVFCTS86 BVFCTS8 0.75% 15% of return above SONIA 1M IR 1.25% € 20,000 F Acc GBP GB00BTC2N411 BTC2N41 0.50% 10% of return above SONIA 1M IR 1.00% £5 million F Inc GBP GB00BTC2N296 BTC2N29 0.50% 10% of return above SONIA 1M IR 1.00% £5 million A Acc GBP GB00BNY7YM73 BNY7YM7 0.75% 15% of return above SONIA 1M IR 1.25% £20,000 A Inc GBP GB00BNY7YL66 BNY7YL6 0.75% 15% of return above SONIA 1M IR 1.25% £20,000

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

1. Including the management fee and excluding the performance fee

For professional investors only Disclaimer

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

For professional investors only