MI Chelverton UK Equity Growth Fund

Monthly Manager Commentary Monthly Fact Sheet After a sustained period of positive post pandemic re-opening trade newsflow, the macro indicators have become more mixed, with the economic rebound causing supply chain issues and generating inflationary 31 July 2021 pressures in raw materials, freight and from labour shortages. At the corporate level newsflow has been generally supportive with companies for the most part beating conservatively set forecasts, with management teams not wanting to be held hostage to fortune until they’re confident trading conditions Launch Date 20 October 2014 have normalised. July saw a raft of new issuance and fund raising activity at the Mid and Small Cap end of the market. We have also seen, countering this to some extent, a steady stream of takeover activity, Fund Size £1,653m particularly from Private Equity. Indeed the two highest contributors to performance last month, and Restore, were both the subject of bid approaches. Elsewhere, Future and Liontrust Asset Historic Yield* 0.06% Management performed strongly on the back of positive trading updates. On the negative tack, two of the Fund’s Healthcare holdings, Angle and Amryt Pharma, gave up ground in the absence of any newsflow. Share Price (as at 31.07.21) The Fund had a particularly active month from a trading perspective, supporting a fund raising to finance Hotel Chocolat’s accelerated growth strategy. This business has performed well throughout the pandemic, Shares Income Accumulation successfully shifting its primary sales channel from retail to online, making its ambitious growth plans B Shares 370.78p 392.03p less capital intensive and therefore more attractive to the Fund. We also participated in a number of IPOs, supporting issues for Big Technologies (prisoner tagging), Revolution Beauty (a challenger cosmetics brand with a strong ecommerce presence), Seraphine (an online maternity wear business) and CMO Investment Objective and Policy Stores (an online builders’ merchant). A theme across most of the IPOs we have supported is the strength of their ecommerce offerings, as online buying habits by both businesses and consumers have accelerated The objective of the Fund is to achieve long- during the pandemic. Finally, we started a holding in Purplebricks, the market leading online estate agency, where new management are in the process of changing the business model to drive market term capital growth by investing primarily in share. On the sell side, we exited from on valuation grounds and top-sliced holdings in Future, a portfolio of small and medium sized fully Volution, Bytes, Liontrust and Dotdigital, which had all performed strongly. listed and AIM traded UK equities. Performance Since Launch (%)

Fund Managers 300 275 250 James Baker 225 a history graduate from 200 175 Cambridge University, has 150 over 30 years of equity 125 100 market experience on 75 both buy and sell sides, 50 25 specialising for all of his 0 career in UK Small and Mid -25 caps stock selection. He has Jul 15 Jul 16 Jul 17 Jul 18 Jul 19 Jul 20 Jul 21 worked for several organisations over the years, but most notably spent 11 years from 1999 to n Fund - B Acc GBP n IA UK All Companies 2011 as part of the ABN Amro, Small Mid cap sales team, which was consistently top ranked Source: Morningstar, NAV to NAV, B Shares Acc, Total Return to 31.07.2021 by Extel. Prior to joining Chelverton he worked as the Assistant fund manager on the Rathbone Cumulative Performance UK Recovery Fund. Since 1 m 3 m 1 yr 3 yrs 5 yrs Launch Edward Booth Fund (%) 1.91 3.82 61.70 76.69 189.76 292.43 graduated from the School of Economics with a Rank in sector 75/234 64/232 7/230 1/223 1/212 1/201 degree in Economics with Quartile 2nd 2nd 1st 1st 1st 1st Economic History, and IA UK All Companies (%) 1.30 2.64 32.00 11.56 41.22 64.82 qualified as a Chartered Accountant at Deloitte, Source: Morningstar, NAV to NAV, B Shares Acc, Total Return to 31.07.2021 where he focused on the Insurance sector. Prior to Calendar Year Performance (%) joining Chelverton, he worked as a Business YTD 2020 2019 2018 2017 2016 Analyst for Barclays, focusing on a number of areas including Investment Bank Revenue and Fund 25.59 15.93 40.58 -8.91 33.35 19.26 Group Capital performance. IA Sector (%) 13.11 -6.17 22.37 -11.15 14.05 11.04 Source: Morningstar, NAV to NAV, B Shares Acc, Total Return to 31.07.2021 *The historic yield reflects distributions over the past 12 months as a percentage of the bid price of the B share class as at the date shown. It does not include any initial charge and investors may be subject to tax on their distributions.

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Monthly Fact Sheet Top 20 Holdings Holding Sector % of Portfolio 31 July 2021 1. Future Media 2.5 2. Sigmaroc Construction 2.2 3. Big Technologies Technology 1.9 4. Brooks MacDonald Financials 1.5 ACD Maitland Institutional Services Limited 5. RWS Holdings Support Services 1.4 6. Consumer 1.3 Investment Advisor Chelverton Asset Management Limited 7. Construction 1.3 8. Restore Support Services 1.3 Administrator Maitland Administration Services Ltd 9. Clinigen Healthcare 1.2 10. Vesuvius Industrials 1.1 11. Consumer 1.1

Income Paid Annually 12. Craneware Technology 1.1 13. Renew Holdings Support Services 1.1 XD Dates 31 December 14. Ultra Electronics Aerospace & Defence 1.1 Valuation 12 Noon 15. Liontrust Asset Management Financials 1.1 16. Augean Support Services 1.1 17. Inchcape Support Services 1.0 18. Mattioli Woods Financials 1.0 Codes (B Shares) 19. Communications Technology 1.0 Income Accumulation 20. Foresight Group Financials 1.0 Sedol BP85595 BP855B7 Source: Chelverton Asset Management Limited ISIN GB00BP855954 GB00BP855B75

Sector Breakdown Market Cap Breakdown % of Portfolio % of Portfolio No. of Stocks Initial Charge (%) B Shares 5.0* Technology 17.4 Above £1bn 22.1 26 Support Services 15.5 £500m - £1bn 29.5 36 Consumer 11.7 £250m - £500m 20.6 34 Annual Management Fee (%) B Shares 0.75 Financials 10.9 £100m - £250m 20.7 51 Healthcare 9.6 Below £100m 4.3 27

Minimum Investment Construction 9.0 Cash and Income 2.8 N/A B Shares £1,000 Media 8.0 Total 100.0 174 Industrials 7.6

Ongoing Charge (%) Resources 3.6 B Shares 0.87 Aerospace & Defence 2.2

*or any such lower amount agreed with the Telecoms 0.9 ACD Property 0.8 Cash 2.8

Source: Chelverton Asset Management Limited Dealing Line 0345 305 4217 Disclaimer: This fund invests in smaller companies and carries a higher degree of risk than funds investing in larger companies. The shares of smaller companies may be less liquid Dealing Fax 0845 280 0188 and their performance more volatile over shorter time periods. The fund can also invest in smaller companies listed on the Alternative Investment Market (AIM) which also carry the risks described above. Fund performance figures are net of the ongoing charges and portfolio transaction costs unless otherwise stated. This document is provided for information purposes only and should not be interpreted as investment advice. If you have any doubts as to the suitability of an investment, please consult your financial adviser. The information contained in this document has been obtained from sources that Chelverton Asset Management Limited FURTHER INFORMATION (“CAM”) considers to be reliable. However, CAM cannot guarantee the accuracy or completeness Please contact Spring Capital Partners, of the information provided, and therefore no investment decision should be based solely on this in the first instance. data. Past performance is not a guide to future performance. This document is issued by CAM, Tel +44 (0)20 3195 0076 authorised and regulated by the Financial Conduct Authority. This document does not represent a recommendation by CAM to purchase shares in this Fund. The contents of this document are Email [email protected] intended for Professional Investors and Eligible Counterparties only. We recommend private Visit springcapitalpartners.com investors seek the services of a Financial Adviser. Maitland Institutional Services Limited are the Authorised Corporate Director of this fund and prospectuses for the fund are obtainable directly from them. Please email [email protected] or call +44 (0)345 305 4217.