WAVERTON REAL ASSETS FUND FUND FACTSHEET - AS AT 31 MARCH 2020

OBJECTIVES

FUND AIM INVESTMENT STYLE The investment objective of Waverton Real Assets Fund is to generate a The Fund's exposure to Real Assets may be obtained via direct and positive real return through a combination of capital growth and income indirect investments in equities, government and corporate debt securities, via investment of up to 100 per cent. of its assets in a diversified portfolio structured products, asset-backed securities, deposits, cash, money market giving exposure to real assets. Real assets include, but are not limited to, instruments, ETFs, exchange traded notes and collective investment real estate, infrastructure, commodities, asset financing, and specialist schemes. lending. 107.24 104.50 104.72 106.69 PERFORMANCE 104.29 105.40 105.81 101.14 102.26 103.14 106.88 PERFORMANCE100.42100.90 SINCE INCEPTION103.07 103.68 104.88 105.75 106.53 102.19 103.27 103.90 100.00 100.77101.30 102.81 104.41 110.00110 102.26 103.48 102.77 Risk Warning: Past performance is no guide to 100.00 100.00 101.04 future performance. The value of holdings may 105.0010598.89 fall as well as rise and investors may not get back their initial investment. 100 Important information: Performance displayed 100.00 is for the P Share Class. Performance is calculated on a NAV to NAV basis and does 95.0095 88.06 not take into account any initial fees. Performance is displayed net of fees and 90.0090 assumes income is reinvested.

85.0085 Nov 18 Jan 19 Mar 19 May 19 Jul 19 Sep 19 Nov 19 Jan 20 Mar 20 Fund Benchmark

Period 1 Month 3 Months YTD 1 Year Inception Nov 18 Portfolio (%) -15.7 -17.5 -17.5 -12.9 -11.9 Benchmark (%) 0.3 1.1 1.1 5.5 6.9

DISCRETE CALENDAR YEAR PERFORMANCE Period 2019 Fund (%) 7.9 Benchmark (%) 5.3

STANDARDISED PERFORMANCE Period 1 year to 31/03/2020 Fund (%) -12.9 PORTFOLIO SUMMARY

ASSET ALLOCATION TOP 10 HOLDINGS Atlas Global Infrastructure 'B' £ Hedged Inc 4.5% Projected Asset % Yield (%) Invesco Physical Gold ETC 4.2% Infrastructure 31.0% 3.8% Starwood European Real Estate Finance Limited 3.7% Property 30.5% 5.5% Twelve Capital Cat Bond GBP Hgd Dist 3.4% Specialist Lending 21.3% 9.1% Semper Total Return I GBP Hedged Inc 3.3% Asset Finance 5.4% 6.6% Regional REIT Limited 3.2% Hedging 4.7% 0.0% GCP Student Living Plc Ord 1p 3.1% Cash 4.1% 0.0% Supermarket Inc Reit Plc Ord GBP 0.01 2.9% Commodity 3.1% 0.0% Sequoia Economic Infrastructure Debt 2.8% Total 100.0% 5.1% 3i Infrastructure 2.8% Total 34.0%

Sources: Waverton Investment Management, Morningstar. PORTFOLIO HOLDINGS

Security Classification Currency % total Yield*

Infrastructure Sequoia Economic Infrastructure Debt Economic GBP 2.8% 6.6% SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Economic GBP 2.6% 2.7% Brookfield Infrastructure Corp Sub Shares Class 'A' Economic CAD 0.2% 0.0% 3i Infrastructure Economic GBP 2.8% 3.8% Brookfield Infrastructure Partners LP Economic CAD 2.3% 5.6% Atlas Global Infrastructure 'B' £ Hedged Inc Listed Infrastructure Equity GBP 4.5% 0.0% Orsted A/S DKK10 Renewable DKK 1.1% 1.6% US Solar Fund Plc Ord $0.01 Renewable USD 1.9% 0.0% The Renewables Infrastructure Group Renewable GBP 1.1% 5.4% Greencoat UK Wind Ord 1p Renewable GBP 1.0% 5.4% Brookfield Renewable Partners LP (Canadian Listing) Renewable CAD 2.7% 5.1% HICL Infrastructure Ord 0.01p Social GBP 1.1% 5.5% SDCL Energy Efficiency Income Trust Plc Ord 1p Social GBP 2.4% 5.5% BBGI SICAV SA Ord NPV Social GBP 2.2% 3.6% GCP Infrastructure Ord 1p Social GBP 2.2% 6.7% Total Infrastructure 31.0% 3.8% Commodity Ishares V Plc Producers Gold UCITS ETF Gold GBP 2.2% 0.0% Wisdomtree Metal S Physical Platinum Precious Metal USD 0.9% 0.0% Total Commodity 3.1% 0.0% Property Urban Logistics REIT plc Commercial GBP 1.9% 5.3% Regional REIT Limited Commercial GBP 3.2% 9.9% Iberdrola SA €0.75 (ES quote) Commercial EUR 1.0% 3.6% TR Property Investment Trust Ord 25p Commercial GBP 1.4% 4.4% Primary Health Property Ord 12.5p Healthcare GBP 2.6% 3.8% Target Healthcare REIT Ltd Ord £1 Healthcare GBP 2.7% 6.6% Kempen (Lux) Global Property Fund J GBP Dis Listed Real Estate Equity GBP 1.8% 0.0% Link Real Estate Investment Trust Listed Real Estate Equity HKD 1.4% 4.4% LXI REIT Ord Long Lease GBP 2.5% 5.5% Secure Income Reit Plc Ord 10p Long Lease GBP 2.6% 5.5% Supermarket Inc Reit Plc Ord GBP 0.01 Long Lease GBP 2.9% 5.3% PRS REIT Ord Residential GBP 1.8% 6.5% Stenprop Limited Special Situations GBP 1.6% 7.1% GCP Student Living Plc Ord 1p Student GBP 3.1% 4.8% Total Property 30.5% 5.5% Asset Finance GCP Asset Backed Income Ords Diversified Assets GBP 2.3% 8.2% Syncona Ltd Life Science GBP 1.5% 1.1% Tufton Oceanic Assets Ltd Shipping USD 1.7% 9.0% Total Asset Finance 5.4% 6.6% Specialist Lending Twelve Capital Cat Bond GBP Hgd Dist Catastrophe Insurance GBP 3.4% 5.1% Semper Total Return I GBP Hedged Inc Debt Asset Backed GBP 3.3% 4.6% TwentyFour Income Fund £ Inc Debt Asset Backed GBP 2.6% 7.4% Fair Oaks Income Ltd. Debt CLO USD 0.8% 31.1% BioPharma Debt Healthcare USD 2.5% 8.2% Starwood European Real Estate Finance Limited Debt Real Estate GBP 3.7% 8.2% Real Estate Credit Investments Ltd Debt Real Estate GBP 1.9% 12.1% VPC Speciality Lending Investments Plc Ord 1p Special Situations GBP 1.3% 16.5% Oaktree Speciality Lending Corporation Com US$0.01 Special Situations USD 1.7% 12.3% Total Specialist Lending 21.3% 9.1% Hedging Invesco Physical Gold ETC Gold USD 4.2% 0.0% Goldman Sachs 1-Year US$ Floored Steepener Warrant 24/09/2020 Hedging USD 0.0% 0.0% Protection Strategy WPS GBP 0.4% 0.0% Total Hedging 4.7% 0.0% PORTFOLIO HOLDINGS - CONTINUED

Security Classification Currency % total Yield*

Cash Total Cash 4.1% 0.0%

TOTAL PORTFOLIO 100.0% 5.1% *Figures represent the projected yield of underlying holdings which may rise or fall. Where currency is referenced as "Other", underlying holdings have multiple currency exposures in the respective region.

ASSET ALLOCATION

Long Lease 26.4% % of total Commercial 24.6% Core 60.0% Healthcare 17.2% Cyclical 26.8% Exposures Property Listed Real Estate Equity 10.3% Hedging and Cash 8.7% 100.0% 30.5% Student 10.2% Special Situations 4.6% Residential 6.0% 100% Special Situations 5.3% 100%

% of total Economic 34.9% Diversified Assets 41.7% Social 25.4% Infrastructure Asset Finance Shipping 31.6% Renewable 25.1% 31.0% 5.4% Life Science 26.7% Listed Infrastructure Equity 14.5% 100% 100%

Debt Asset Backed 27.7% Debt Real Estate 26.6% Gold 72.3% Catastrophe Insurance 16.1% Commodity Specialist Lending Precious Metal 27.7% Special Situations 13.8% 3.1% 21.3% 100% Debt Healthcare 11.9% Debt CLO 3.8% 100%

Sources: Waverton Investment Management, Morningstar QUARTERLY COMMENTARY

The first three months of 2020 have been extremely testing for the Waverton Real Assets fund. The fund fell 17.5% over FUND MANAGER the quarter, versus the MSCI ACWI which fell 16%, FTSE All Share which fell 25.1% and UK Gilts which rose 7%. While the fund had performed well in previous periods of market stress, March 2020 was extremely challenging given the severity of the equity market declines. Liquidity driven, broad indiscriminate selling resulted in sharp falls in many UK listed investment companies and REITS. The FTSE 250 was one of the worst performing developed markets, falling 30%, its worst quarter on record, and many investments held in the fund are contained within the index. Property performed poorly, as the sector braced itself for the economic fallout from country ‘lock downs’ with resultant negative impact on rental income. Discounts across the investment company sector widened to levels not seen since the GFC in the space of a few days. While the hard economic data may well be exceptionally weak for sometime, and volatility is likely to continue, many of the James Mee - CFA underlying assets held in the fund should be insulated from the weakness in short term economic data. Only in the bleakest of economic scenarios are companies such as these permanently impaired, while from these levels many holdings offer very FUND MANAGER attractive long term potential. We had reduced our cyclical energy exposure earlier in the quarter through the sale of Shell and the PIMCO MLP and Energy Infrastructure fund given increasing concerns on the oil market supply and demand dynamics, which was fortuitous timing prior to the resulting oil price collapse. The funds property and consumer focused specialist lending exposure was especially weak over the quarter. Property has been at the epicentre of the storm and share prices declined sharply in March across the sector. Following extensive bottom up research we increased our holdings in Regional REIT, Secure Income REIT and Starwood European Real Estate, where we felt the share price declines appeared an overreaction to the long term prospects of these businesses. The market volatility has allowed us to upgrade the quality of the portfolio and we initiated new positions in three Core Luke Hyde-Smith - CFA infrastructure names trading at attractive valuations, GCP Infrastructure, BBGI and HICL, while adding to our holding in Sequoia Economic Infrastructure. Many trusts now look extremely compelling value, trading on double digit discounts, but the deep value in high quality names was only on offer briefly. Real Assets continue to remain an appealing prospect in a low interest rate environment, while offering attractive long term inflation protection. We marginally increased the funds exposure to gold miners, which continue to look very attractive in light of the reduction in central bank base rates, falling government bond yields and the unprecedented policy response to the crisis. As we consider the outlook for the remainder of the year, it is extremely challenging to predict the short term direction of markets given economic fundamentals, earnings and thus investor sentiment will be dependent on how the Coronavirus evolves globally. Notwithstanding the uncertainties, we estimate the fund has a prospective double digit IRR, an underlying portfolio yield over 5% and weighted average discount to NAV over 6%, which we believe appears an attractive prospect in the current market environment. FUND DETAILS FUND FACTS Launch Date 30th November 2018 Morningstar Sector GBP Moderate Allocation Benchmark CPI + 4%* Fund Size £120.2m No. of Holdings 46 Domicile Ireland Sedol BF5KV17 Bloomberg Code WAVRPGI Fund Type OEIC Base Currency GBP Other Currencies None Ex Dividend Dates Jan 31st, Apr 30th, Jul 31st and Oct 31st *UK Consumer Price Index plus 4 per cent FUND INFORMATION Share class ISIN Minimum investment AMC INC/ACC NAV Historic yield (%) Ongoing charge (%) A GBP IE00BF5KTZ70 1,500 GBP 1.00% INC 8.33 5.09 1.46% B GBP IE00BF5KV063 1,500 GBP 0.75% INC 8.36 5.08 1.21% P GBP IE00BF5KV170 1,500 GBP 0.40% INC 8.4 5.07 0.85% Note: The Waverton Real Assets Fund P share class is only available through Financial Advisers CONTACT DETAILS MARKETING CONTACT ADMINISTRATOR Mark Barrington RBC Investor Services [email protected] [email protected] +44 (0) 20 7484 2058 www.waverton.co.uk Risk Warning: Past performance is no guide to future performance. The value of holdings may fall as well as rise. All financial investments involve an element of risk. Clients should note that yields on investments may fall or rise dependent on the performance of the underlying investment and more specifically the performance of financial markets. As such, no warranty can be given that the expressed yields will consistently attain such levels over any given period. Currency movements may also affect the value of the investment. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency. For full details of investment risks please refer to the Prospectus. A copy of the full prospectus and the KIID is available from Waverton Investment Management or Administrator, RBC Investor Services (Ireland). Sources: Waverton, Morningstar. Issued by Waverton Investment Management Limited. Registered in England No 2042285. Registered Office: 16 Babmaes Street, London, SW1Y 6AH. Authorised and Regulated by the Financial Conduct Authority.