June 2021 for Professional and Institutional Investors Only Open-Ended Investment Company
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In 2019, Montanaro Asset Management Limited became a certified B Corporation LF Montanaro UK Income Fund 30 June 2021 For Professional and Institutional investors only Open-Ended Investment Company Fund Objective Key Information To invest at least 00H of the 1und in the sha es of small and medium siJed UK companies, including REITs (Real Estate Fund Launch Janua y 2020 Investment T usts a e companies that aim to gene ate an income and/o p ofit f om investing in p ope ty), that have a ACD Lin4 1und Solutions ma2imum ma 4et capitalisation (the total value of the company) of I10 billion. The 1und may also invest up to 20H in Depositary BNY Mellon small, medium and la ge siJed companies, including REITs in the Eu opean Union (e2cluding the UK), Iceland, No 3ay and Lin4 1und Administ ato s S3itJe land. Transfer Agent Limited Legal Status OEIC Performance Domicile UK Valuation Time Daily 12pm (London) Rolling Returns Dealing Cut-Off Time Daily 11.59am (London) YTD 1M 3M 6M 12M 3Y 5Y 10Y Launch Accumulation Fund Facts 13.2H 0.8H 9.8H 13.2H 29.0H N/A N/A N/A 5.2H (£) Lead Fund Manager 9uido Dacie-Lomba do Income Co Fund Manager Cha les Montana o 13.2H 0.8H 9.8H 13.2H 29.7H N/A N/A N/A 5.2H (£ TR†) Comparator Benchmark IA UK E5uity Income Secto IA: UK Equity 12.1H -0.5H 5.0H 12.1H 25..H N/A N/A N/A 2.8H Income (£ TR) Fund Size I27.0 million No.of Holdings 50 Median Mkt Cap I1,022 million Cash 1.8H Calendar Year Returns Forecast Yield 21F* 2.9H 7Calculated as the 3eighted ave age fo ecast yield on the Po tfolio. E2penses a e paid out of capital. Accumulation (£) ESG Income Carbon Intensity 33.0 (£ TR†) Water Intensity n/a IA: UK Equity Waste Intensity n/a Income (£ TR) Fund ESG Score* n/a *The Fund ESG Score is the weighted average of Montanaro's proprietary company ESG Checklist scores (0-10; 10 is best). Risk & Reward Profile Cumulative Performance Since Inception 10H Accumulation Class 0H ●This indicator shows how much a fund has risen and fallen in the past, and therefore how much a fund's returns have varied. It is a measure of a fund's volatility. As the fund has less than 5 years price history, this calculation incorporates the volatility of an appropriate benchmark index. The higher a fund's past volatility the higher the number on the -10H scale and the greater the risk that investors in that fund may have made lossesas well as gains. ●The fund has been classed as 6 because its volatility has been measured as above average. ●This indicator is based on historical data and may not be a reliable -20H indicationof the future risk profile of this fund. ●The risk and reward profile shown is not guaranteed to remain the same and may shift over time. Number 1 on the scale does not mean thata fundis risk free. -30H Important Information Jan :20 Ap :20 Jul :20 Oct :20 Jan :21 Ap :21 Past performance is not a reliable indicator of future results. All investments are subject to risk and the value of shares and the income Accumulation NAV (I) IA UK E5uity Income (I Total Retu n) from them can fall as well as rise due to stock market and currency movements.You may not get back as much as you originallyinvested. Source: Montanaro, Bloomberg, FE Analytics. NAV to NAV. For further information please see the Prospectus and Key Investor † Dividends reinvested at ex date. Dividend rates used are esBmates 3he e Cnal Cgu es a e not available. Information Document (KIID) available on the Link website (www.linkfundsolutions.co.uk). T ansfe Agent D Contact Lin4 1und Administ ato s Limited Tel: E3.5 922 00.. Email: investo se vices6lin4g oup.co.u4 Montana o Asset Management Limited, 53 Th eadneedle St eet, London, EC2R 8AR Tel: 020 7448 8600 Fax: 020 7448 8601 www.montanaro.co.uk [email protected] LF Montanaro UK Income Fund 30 June 2021 Top 10 Holdings* Portfolio Analysis* Market Capitalisation Allocation* Marshalls 3.6% Price / Earnings 21F 20.4 I0 - I250m 0H NCC Group 3.4% EPS Growth 21F** 27.0% Big Yellow Group 3.3% Dividend Growth 21F** 98.0% I250 - I500m 0H LondonMetric Property 3.2% Return on Equity 21F 14.4% I500 - I1bn 10H Brewin Dolphin 3.1% EV/EBITDA 21F 16.4 I1bn - I2.5bn .2H Vistry Group 3.1% EBIT Margin 21F 25.4% XP Power 3.0% Net Debt/Equity 21F 20.9% I2.5bn - I5bn 20H Taylor Wimpey 3.0% I5bn - I10bn 1.H FDM Group 3.0% I10bn and ove 0H Discoverie Group 2.8% 31.6% 0H 10H 20H 30H .0H *Source: Montanaro, Factset as at 30/06/21 *Source: Montanaro, Bloomberg as at 30/06/21 **Based on Bloomberg forecasts, overlaid with Montanaro adjustments *Source: Montanaro, Bloomberg as at 30/06/21 Sector Allocation* Country Allocation (Top 10)* Technology 10H UK 92H Telecoms 0H S3eden 3H Oealth Ca e 2H No 3ay 1H 1inancials 18H Belgium 1H Real Estate 12H S3itJe land 1H Cons Disc etiona y 10H Spain 0H Cons Staples 7H Po tugal 0H Indust ials 20H Nethe lands 0H Basic Mate ials 0H Italy 0H Ene gy 0H Utilities 7H I eland 0H 0H 10H 20H 30H 0H 20H .0H 00H 80H *Source: Montanaro, Bloomberg as at 30/06/21 *Source: Montanaro, Bloomberg as at 30/06/21 Share Class Information Ongoing Annual Perf Initial Minimum Ticker ISIN SEDOL Launch NAV Hurdle SRRI Charge AMC Fee Charge Investment Accumulation LFMUIAS LN GB00BJRCFW88 BJRCFW8 31/01/2020 105.17p 0.80% 0.75% Nil N/A N/A £1,000 0 Income LFMUIAI LN GB00BJRCFQ29 BJRCFQ2 31/01/2020 102.92p 0.80% 0.75% Nil N/A N/A £1,000 0 Platforms 7IM ♦ AJ Bell ♦ Aviva ♦ FNZ Wealth ♦ Novia ♦ Pershing Nexus ♦ Transact ♦ Zurich ♦ Embark ♦ Ascentric ♦ Hargreaves Lansdown Important Information This report is issued monthly by Montanaro Asset Management Limited (MAM), the fund manager, who is Authorised and Regulated in the UK by the Financial Conduct Authority (FCA). It may not be copied or distributed or otherwise made available to any recipientwithout the express written consent of MAM. This material constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 (the "Act"). The material included in this report has been prepared by MAM and is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in the Fund. Such investments can only be made by completing the application forms that accompany the Fund’s Prospectus. This report is for Institutional Investors Only; MAM is not authorisedto market directly to retail investors. Retail investors should seek independent financial advice before making any investment decisions. Informationand opinionspresented in this material have been obtainedor derived from sourcesbelievedby MAM to be reliable. MAM makes no representationas to their accuracy or completeness. It is the responsibilityof all users of this informationto be informed and observeall applicablelaws and regulations of any relevant jurisdictions where they reside..