INVESTMENTINSPIRING & INFORMING INVESTMENT PROFESSIONALS FOR 25 YEARS investmentweek.co.uk WEEK 3 May 2021 Worst-case scenario off ers bright outlook for post-pandemic UK dividends

BY JAMES BAXTER-DERRINGTON strong dividend growth in the UK dividends full year basis (inc. special dividends) coming years.” Investors are anticipating the return of bumper special 130 Impact of special dividends dividends and payouts from £bn Many other sectors are set to pay the banking sector amid an 110 better than expected dividends improving outlook for income in for the coming year, with media, 90 the UK equities market. insurance, telecoms, building The worst-case scenario for 70 materials, utilities and mining the UK dividend market in 2021 all exceeding Link Group’s initial now sees payouts rising by at 50 predictions. Mining payouts are least 0.9% this year, with the looking particularly strong with best-case envisioning a rise of 30 commodity prices driven higher 5.6%, according to the latest Link 2015 2016 2017 2018 2019 2020 2021 2021 by the global economic recovery Group UK Dividend Monitor. best case worst case and the big miners utilising Only last quarter, Link was still special dividends to “pass on anticipating a decline of 0.6% in declaring dividends in line with Q2 will see HSBC distribute bumper profits”. the worst case, but with plenty our best-case scenario as the roughly £2.2bn to investors, more BHP Group shelled out of companies paying best-case economy comes back to life and than twice as much as all the enough in Q1 to rank as the third predictions over the first quarter, constraints on payouts are lifted,” other banks combined, and from largest payer, while Rio Tinto is the gap has narrowed between said Ian Stokes, managing director 2022 the global banking giant will anticipating distributing close to the top and bottom forecasts. of corporate markets, EMEA at update its policy to pay between £800m back to shareholders in Q2. As this gap continues to Link Group. 40% and 50% of profits each year A combination of reduced close and the UK emerges from as a dividend. demand for energy and large lockdown restrictions, the group Return of banking While the return of banking special dividends has seen Royal hopes to entirely do away with the The coming quarter will see dividends is welcome, Stokes Dutch Shell lose its dividend best- and worst-case scenarios one of the most important noted that they will only register crown for the first time in more and resume its single forecast payout constraints lifted as the between 25% and 40% of their than half a decade, with the oil for UK payouts by the end of Q2, banking sector returns to paying pre-pandemic levels as some company slipping to eighth spot, highlighting the greater clarity and dividends, although Investec has regulatory constraints remain replaced by Tesco as the top payer. predictability in the market. already blazed a trail, dishing out in place, keeping 2021 payouts The supermarket is unlikely “Companies are increasingly its dividend in Q1. from the sector lower than to be seen in this spot again as “initially hoped”. the “enormous” one-off payment John Teahan, portfolio was issued as a result of Tesco Q1 dividends top companies manager of the RWC Partners offloading its Asian operations, Equity Income fund, said the but the sale boosted UK Q1 Rank 15Q1 16Q1 17Q1 18Q1 19Q1 20Q1 21Q1 “precautionary approach” to special dividends to their second- Royal Dutch Royal Dutch Royal Dutch Royal Dutch Royal Dutch Royal Dutch 1 Shell Shell Shell Shell Shell Shell Tesco bank dividends during 2020 was highest total on record, with the right move and saw the sector £6.1bn distributed. 2 AstraZenecaAstraZenecaAstraZenecaAstraZeneca BHP Group AstraZenecaAstraZeneca play a very different role to 2008. Adam Vettese, analyst at eToro, 3 BP BP BP BP AstraZeneca BP BHP Group “Banks in this crisis have been said that despite Shell’s share firefighters, rather than being price sitting “significantly lower British British Vodafone Vodafone Vodafone Vodafone part of the problem. They were than two years ago, at barely 4 Group Group Group Group BP American American Tobacco Tobacco very much part of the efforts to half the value”, the oil major’s British Vodafone Vodafone protect jobs and businesses, first quarter was a positive one, 5 GlaxoSmithKline GlaxoSmithKline GlaxoSmithKline American BHP Group Tobacco Group Group both as a conduit for government reporting earnings ahead of support and through their own expectations and raising its Subtotal £6.6 £7.5 £8.7 £7.8 £10.1 £8.6 £10.6 (£bn) forbearance actions,” he said. quarter-on-quarter dividend. % of total 48% 51% 54% 45% 50% 50% 56% “We are now seeing dividends dividends

SOURCE: LINK UK DIVIDEND MONITOR DIVIDEND UK LINK SOURCE: troughing and look forward to Continued on page five

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0002-003_IW_030521.indd02-003_IW_030521.indd 2 229/04/20219/04/2021 111:461:46 3rd May 2021 Volume XXVI Issue  Tel: Unless specified, prefix numbers with 020 7484... Email: [email protected] INVESTMENT editorial Editor-in-chief Katrina Lloyd 9838 Editor WEEK Lauren Mason 9942 Deputy editor (maternity leave) Beth Brearley 9761 Acting news editor Mike Sheen 9966 Senior asset management correspondent Pedro Gonçalves 020 3727 9937 Asset management correspondent James Baxter-Derrington 9771 Bumpy year for EM favourites production Production editor Rachel Bird 9760 After a short spell at the tail markets at a time of uncertainty.” Art editor/infographics Rachel Steele 9905 end of last year where investors Despite the fact onshore Digital production editor predicted a change in fortune for Chinese equities are Ravi Meah 9820 Advertising production manager emerging market equities, market underrepresented in global Maria Pelton 9823 participants have arguably been left indices, and are largely avoided by media advisers disappointed in 2021 so far. equity investors, according to 7IM’s Head of sales Mick Hrabe 9889 According to data from FE Ben Kumar, “most of the world’s Account manager fundinfo, the MSCI World index has economic expansion over the next Naomi Howell 9259 Key account manager comfortably quadrupled the returns few decades will be in China”. Julia O’Brien 9913 of the MSCI China and India indices “The companies will not be circulation year-to-date, which are up just 0.6% familiar to those in the West, but with Please contact subscriptions on 20 7484 9800 and 1.5% respectively. This comes 0 or email Lauren Mason a potential consumer market of [email protected] despite the fact China was one of the 1.4 billion people, they do not need Editor uk/wholesale events few economies to achieve positive to be to make money,” he pointed out Commercial director Natasha Buckle 9791 growth last year thanks to an earlier on page 21. events recovery from the coronavirus pandemic. Another equity market that has long been Events managing director But perhaps this is due to investors’ attention favoured for its growth prospects, but struggled this Simone Broadhurst 9798 Head of marketing and delegate relations being focused elsewhere for the time being, year, is India. Elena Simmons 9972 with previously-cheap UK equities experiencing The country, which originally appeared to be Head of event operations Zara Bailey 9920 a bounceback due to greater Brexit-related relatively unscathed by Covid, is suffering a torrid

general certainty and a successful ongoing vaccine second wave of the illness, with its death toll now CEO roll-out programme. surpassing 200,000, while it has recorded more Jonathon Whiteley 9745 Managing director There are also push factors rather than pull Covid cases than anywhere else in the world over Kevin Sinclair 9891 factors at play, according to Tavistock’s CIO John the last seven days. Email [email protected] Leiper on page 23 of this week’s magazine. As can be seen on page 5, however, Mobius Subscriptions “China is at a different point of the economic UK £200, Europe £220, ROW £240 Capital Partners’ Mark Mobius remains positive Reprint and e-prints cycle,” he reasoned. “Having handled the pandemic on the country’s long-term growth story, with a Richard Coury, Media Licensing Co, The Grange, 3 Waverley Road, Farnham, far better than many of its peers, policymakers are number of his portfolio’s holdings benefitting from Surrey, GU9 8BB. Tel: 020 3773 9320 now normalising monetary policy at a faster rate the pandemic over the last year, particularly those Email: [email protected] than elsewhere, sapping liquidity from markets.” in the healthcare sector. Published by Incisive Business Media Ltd New London House, 172 Drury Lane, Expectations for less accommodative “Frankly, I think the news about India’s Covid London, WC2B 5QR. Investment Week is registered with the Post Office as monetary policy in the country were likely situation has probably been overdone – as has a newspaper. © Incisive Business Media (IP) Limited. Circulation figures: 44,000 daily newsletter, 5,800 digital compounded by its latest Q1 GDP growth figures, the Covid situation globally – people are in panic edition, 4,815 print edition, as at February 2021 which jumped from 6.5% to 18.3% year-on-year mode,” he said following last week’s Mobius – its highest-ever level of growth. investment trust AGM. “I think the news about “Beijing has indicated that stimulus measures India may be more lurid and expansive than the will be withdrawn gradually to keep supporting reality on the ground [where] life goes on.” growth,” Close Brothers Asset Management’s CIO Robert Alster has pointed out. “This message, set against a backdrop of a very achievable 6% growth e: [email protected] target for 2021, will provide comfort to world t: @LaurenMason_IW

Contents

5 News Scott Spencer, BMO GAM 16 Comment 19 Comment Mobius IT sticks to guns on Communities that work Japan: How investors get India despite Covid-19 surge 11 The Big Question together have the most ESG in world’s third-largest What fund is set to benefit resilience economy wrong 8 Profile: Tyndall IM from an economic recovery? Fighting the homogenisation 18 Comment 20 Deep Dive into Chinese equities of asset management 14 Feature How committees view Clear as mud? ESG info has a crypto’s ‘Tinkerbell Effect’ 24 Consistent 50 10 ESG Investment Influencers long way to go

3 MAY 2021 3

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Your call may be recorded for training or monitoring purposes. Issued and approved by Baillie Gifford & Co Limited, whose registered address is at Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, United Kingdom. Baillie Gifford & Co Limited is the authorised Alternative Investment Fund Manager and Company Secretary of the Trust. Baillie Gifford & Co Limited is authorised and regulated by the Financial Conduct Authority. The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised and regulated by the Financial Conduct Authority. Find us on LinkedIn @InvestmentWeek News Mobius Investment Trust sticks to its guns on India despite Covid-19 surge

BY MIKE SHEEN they are currently vaccinating almost 2 million people a day. The Mobius investment “Over the next couple of Trust has retained its bullish months, we will see a strong stance on Indian equities improvement in this situation.” despite the surging Covid-19 Also speaking after the infection rate currently AGM, Mark Mobius agreed that engulfing the country, with the most recent Covid-19 surge many of the company’s had not derailed the bull case holdings performing strongly for India. throughout the crisis. Mark Mobius of the Mobius Carlos Hardenberg of the Mobius “India has got incredible With a 28% allocation, India Investment Trust Investment Trust potential... and now we are in a represents the largest geographic situation where the country is exposure in Mobius IT’s really taking off,” he said. portfolio, far surpassing the 10% disruption in the country, but stronger business when things “Covid-19 is not going weighting of its MSCI Emerging its equity market has been settle down,” he added. to interrupt that at all, in Market Mid Cap index. mostly untouched and is up Hardenberg said Mobius my view. They will sort out Three Indian stocks sit within marginally year-to-date. Capital Partners has been in this problem.” its top five holdings and account Speaking after the trust’s contact with partners and Mobius IT has had a strong for 25.5% of total exposure. AGM on Wednesday (28 April) consultants on the ground in start to the year with a Q1 NAV India accounted for 38% of portfolio manager Carlos India in recent weeks, and the and share price performance the 5.7 million coronavirus Hardenberg said Mobius IT’s firm is confident the country of 6.9% and 6% respectively, cases reported globally in mid- Indian holdings “have actually will soon get past the crisis. according to Bloomberg data, April, according to the World utilised this volatility to further “I am not trying to play down compared to a peer average Health Organisation, with at gain market share, to consolidate the human tragedy, which of of 2.4% for NAV performance least 300,000 people testing their market position and to win course is very large, but [the and 1.5% for share price positive each day and a total of new, larger orders”. Indian government] are not performance. more than 200,000 dying since “The situation in India, ‘doing nothing’,” he explained. the start of the pandemic. especially for the companies “The Indian government The most recent surge we invest in, is one where you is sparing no effort to expand e: [email protected] has caused significant can actually come out as a the roll-out of vaccinations… t: @michaeljsheen Worst-case scenario offers bright outlook for UK dividends “In fact, although dividends permanently” were forced to on the quality.” Continued from page one in Q1 2021 declined by c.27% reset their dividends to “more Link Group anticipates that on an underlying basis, if you sustainable levels”, according to 2025 is the earliest realistic “While the world is changing and include specials, the headline Willis Owen’s Adrian Lowcock. point that UK dividends will becoming greener, we are simply figure showed c. 8% growth,” “2020 was an eye-opener recover to their 2019 levels. not going to stop using fossil he explained. which highlighted the fact that “Despite the greater fuels overnight, and Shell and its “We believe it is critical to many companies’ yields were clarity, 2025 still looks like peers are well placed to benefit as look beyond any short-term too high and unsustainable,” a realistic moment for UK we continue to recover from the volatility to identify longer-term he explained. “From here the dividends to finally match their pandemic,” he said. sustainable sources of income quality in equity income in the 2019 underlying high point,” Special dividends have and income growth, and to be UK is much improved - some said Stokes. skewed the concentration of able to have flexibility across companies have reset their “If the recovery is stronger payouts more heavily to FTSE the market cap spectrum to find dividends to manageable levels, than we anticipate we will hope 100 companies than before, attractive underlying long-term whilst other sectors should return to bring this target forward in according to Brendan Gulston, dividend paying stocks.” now the political and economic future editions of the Link Group co-manager of the LF Gresham pressure is easing. UK Dividend Monitor.” House Multi Cap Income fund, Sustainable dividends “While it may take a few years who noted the top five dividend Prior to the coronavirus for yields to get back to 2019 e: james.baxter-derrington@ payers in Q1 2021 represented pandemic, many firms that levels, investors should be able to incisivemedia.com 56% of all UK dividends. had been “over-distributing recover more quickly by focusing t: @jamesbaxterd

3 MAY 2021 5

0005_IW_030521.indd05_IW_030521.indd 5 229/04/20219/04/2021 115:315:31 Briefing 26 April to 30 April 2021

This week’s winners Standard Life Unit Trusts: top 10 funds over one year % Morningstar rating 1 Premier Miton UK Smaller Companies 130.02 QQQQ Aberdeen rebrand 2 Legg Mason RY US SmCp Opp 115.75 QQ 3 VT De Lisle America 90.66 QQQ 4 VT Cape Wrath Focus 90.56 Q Standard Life Aberdeen is set to rebrand as Abrdn as 5 Wells Fargo (Lux) WF US Sel Eq 90.48 part of efforts in “reshaping” the business and its growth 6 Marlborough Nano Cap Growth 89.55 QQQQQ strategy. The Abrdn brand, which the firm said is 7 Baillie Gifford American 87.25 QQQQQ pronounced as “Aberdeen”, will be accompanied by a new 8 Janus Henderson European Smaller Companies 86.20 QQQQQ “visual identity” from this summer and progress 9 Marlborough European Multi-Cap 86.04 QQQQ throughout 2021. When the name change becomes 10 TM Stnhg Flm AIM 84.44 QQQQ effective, Abrdn will also announce a revised stock ticker, Performances calculated bid to bid, net income re-invested, GBP to 26/04/2021. Source: ©Morningstar which is expected to take place prior to the publication of Unit Trusts: top 10 funds over three years its half-year results in August. % Morningstar rating 194.84 Under the updated FCA 1 Baillie Gifford American QQQQQ 190.58 complaints scheme, any 2 Harris Associates US Equity Fund compensatory payment should 3 MS INVF US Growth 166.15 QQQQQ normally be made only in 4 Baillie Gifford Positive Change 147.78 QQQQQ circumstances in which an 5 AB International Tech 138.40 QQQQQ individual has “suffered a 6 Fidelity Global Technology 135.20 QQQQQ quantifiable financial loss 7 Lord Abbett Innovation Growth 125.55 QQQQ caused solely or primarily 8 MS INVF US Advantage 122.58 QQQQQ by the actions or inaction of 9 L&G Global Technology Index 120.05 the FCA” and that payment QQQQQ 119.58 will not, “typically”, cover the 10 Premier Miton US Smaller Companies QQQQQ full loss. Performances calculated bid to bid, net income re-invested, GBP to 26/04/2021. Source: ©Morningstar In an open letter to Randell, Gina Miller of True & Fair Campaign the Millers say the FCA is IA sector returns (%) to 26/04/21 avoiding compensating victims where the regulator was itself 3-mth return 6-mth return 1-yr return 3-yr return at fault. -1.60 1.06 6.34 15.04 True & Fair calls “It is almost inconceivable IA £ Corporate Bond that the FCA could ever be IA £ Strategic Bond -0.24 3.11 10.35 13.94 for FCA chair considered the sole cause of IA Asia Pacific Excluding Japan -2.59 15.18 41.70 37.22 loss since the financial loss IA Europe Excluding UK 6.06 16.75 40.82 26.75 resignation will necessarily involve a third- IA Global 3.97 14.84 37.51 44.80 Gina and Alan Miller of party firm/individual,” the IA Global Bonds -1.49 -0.97 4.43 12.26 the True & Fair Campaign letter stated. IA Global Emerging Markets -3.52 14.76 41.07 24.71 are calling for the resignation IA North America 6.17 14.85 37.88 60.32 of Charles Randell, chair of 7.93 24.24 37.04 13.49 the Financial Conduct IA UK All Companies 7.75 25.09 32.59 7.00 Authority (FCA) over the FCA wants to IA UK Equity Income compensation scheme for Performances calculated bid to bid, net income re-invested, GBP to 26/04/2021. Source: ©Morningstar victims of financial loss. ‘reduce burden’ The consumer champions claim the FCA has taken “anti- on small caps In a consultation paper were “onshored” into the consumer and potentially The Financial Conduct published last week, the FCA country’s own regulatory regime. unlawful steps” in relation to Authority (FCA) is considering said it intended to amend The FCA is proposing compensating victims. scrapping MiFID rules on rules “that are not achieving to change the existing research for companies with their objectives in an efficient inducement rules relating to COMMODITIES a market cap of less than way”, amid its continued work research to broaden the list of DAILY MARKET PRICE £200m as part of a package with HM Treasury on capital what are considered “minor of proposals designed to markets reform. non-monetary benefits” to BRENT GOLD “reduce the burden” on smaller Following the UK’s exit include research on SMEs with CRUDE investment firms and improve from the European Union, a market cap below £200m,

$1,781.80 $66.11 the competitiveness of UK large amounts of European so that it will not be subject to financial services. regulation, including MiFID, inducement rules.

6 3 MAY 2021

0006_IW_030521.indd06_IW_030521.indd 6 229/04/20219/04/2021 112:482:48

Feature Profile Tyndall Investment Management Fighting the homogenisation of asset management CEO of Tyndall Investment Management Alex Odd and manager of the Tyndall Real Income fund Simon Murphy talk to Mike Sheen about their vision for taking on the established order of the UK asset management industry

lex Odd founded Tyndall there and are prepared to be judged on Investment Management in that,” says Odd. A2017 in response to growing While none of Tyndall’s three funds frustrations with the way in currently have more than £60m in AUM, which the UK asset management industry all three are top quartile performers in had developed in recent years. their sectors over three years, according After nearly a decade with M&G and to FE fundinfo data. 20 years in the industry, Odd witnessed a rising tide of “homogenisation, Shaking up UK equity income sector indexation and consolidation”, and For the firm’s most recent recruit Simon set about launching a firm with a Alex Odd Simon Murphy Murphy, who previously worked with different approach. Odd at M&G, Tyndall represented “There is now such a high level of “People running money should be the opportunity to have “one last commonality, people have almost accountable for the money that they proper swing of the bat” managing a forgotten what the point of our industry run. The more people involved in that differentiated fund on his own terms. is, which is to make money for clients,” the process, the greater that accountability “One of the big problems my previous CEO says. is diluted and the more likely the funds suffered from at Merian was they Tyndall began as a “very simple outcome is going to be the lowest were designed to be core funds - middle idea”, the former manager of the M&G common denominator. of the range, did not have much risk and Dividend fund explains; a “single “A camel is a horse designed by they were not particularly volatile,” the product, single person firm”, which would committee, and that seems to be the former manager of the Merian UK Equity offer high conviction, high active share direction much of the industry has been fund says. fund management. determined to go with.” “Over the years, it became very Since then, however, it has “evolved What this means for Tyndall as obvious the direction of travel in which more quickly than expected”, with three a business hoping to continue its the industry was going in terms of the strategies under its belt, as well as the growth trajectory is the firm “has to emergence of passive investing. launch of a partnerships business and a be demonstrably better” than and “If you are going to set your stall private clients unit. “demonstrably different” from its peers. out to be a genuine active manager, “Tyndall was set up in response to “Frankly, that means performance you need to take sufficient active the direction of travel of the industry,” has to be good,” adds Odd. “We knew risk. In my view, the vast majority of Odd says. “But the reasons why the that at the outset, and everybody who active managers today still do not take firm was set up turned out to be more joins the business knows that.” sufficient active risk in their portfolios engaging than perhaps even we thought Fund launches at Tyndall are to deliver the sorts of post-fee returns at the outset.” effectively determined by the talent the that clients that buy active funds firm is able to recruit. are expecting. A horse designed by committee Since launch, Tyndall has hired “You need to be prepared to accept Tyndall places a great deal of personal Felix Wintle from Neptune Investment higher degrees of volatility in the short accountability on the shoulders of its Management to manage its North term, potentially, with the aim of portfolio managers, but this is balanced American fund, ex-Crux Asset delivering a better outcome.” by the removal of other responsibilities Management Richard Scrope to run its For a new offering in the and requirements a fund manager Global Select fund, and Merian Global “homogenised” UK equity income might expect to have to deal with when Investors’ Simon Murphy to manage the sector, this meant shunning some of employed by larger firms. Real Income fund. the favourites held by the peer group’s “If the investment process becomes “We look for like-minded largest funds. too involved with committees or risk individuals, who share a common “I genuinely believe there is a better mitigation, then the ultimate loser in philosophy and mindset, but have a way of delivering diversified income that is the underlying client,” says Odd. willingness to put their own ideas out across the UK market,” Murphy says.

8 3 MAY 2021

0008_IW_030521.indd08_IW_030521.indd 8 229/04/20219/04/2021 112:012:01

Follow us on Instagram Interview ESG Investment Influencers @InvestmentWeek ESG is about enhancing investment knowledge not product labelling Th is week, Katrina Lloyd speaks to Scott Spencer, investment manager in the BMO Global Asset Management Multi-Manager Solutions team

Where do you think the industry have allocated every fund that we is on the journey to ESG becoming own our own ESG score or award mainstream? level to help determine that fund’s I think we are still quite early on. If approach and focus on ESG. These you look at AUM on funds in the IA scores are recorded within our fund responsible sector, it is still only 4% note database, and are checked and of the total IA industry. So that would maintained as part of our regular tell you it is growing and it has had contact with the manager at least two good years of rapid growth, but it every six months. is still very much early days. It is my An important point to note is we do view all good fund managers should not apply any kind of negative screens be doing some form of ESG analysis on on both our fund ranges. We are happy security selection, not just for certain to have tobacco or gambling exposure responsible type funds. ESG is about via our managers but we want to assess enhancing investment knowledge and the manager has looked at those names it is not about product labelling. So and judged them worthy, based on their ESG research is important for all active own ESG criteria. CV - Scott Spencer managers to help improve returns and Scott is a member of the ten-strong BMO reduce risk. Looking at the funds that were Global Asset Management Multi-Manager already in your portfolios, were team and has over 20 years’ experience in How have you integrated ESG you surprised by the scoring? researching funds. Prior to joining the group considerations into your Multi- We were more positively surprised in July 2014, he was a senior investment Manager fund range? manager at Aberdeen Asset Management, than we thought when doing where he was responsible for a number It is something we have always done the initial scoring. Most decent of retail and institutional multi-manager but we have made it more official active managers have been doing portfolios. Prior to that he was a member of over the past two years. Based on ESG for years, they just have not the Credit Suisse Asset Management multi- certain criteria and approaches, we been shouting about it. We were manager team. pleasantly surprised, especially on the governance side of ESG, as we found a lot of managers have done a lot of types of products. work there. They tended to be ahead We are very aware that lots of of where a lot of the criteria, even these funds tend to own the same today, states they need to be. names and when you are trying to What we have seen recently is more build portfolios, what you want is Who are the fund houses get better at promoting diversification. that message, but that does not mean Lots of these funds have similar ESG Investment Infl uencers? the funds have changed or they have style biases. For example, it would be We have identifi ed individuals who not only control changed their process. They have got very hard to find a sustainable value the allocation of fund fl ows and decide ratings, but a bit smarter about talking about the fund in the onshore marketplace, are respected by asset managers for the depth of metrics of their portfolios when it because sustainability tends to be their knowledge, the honesty of their views, their comes to ESG. focused towards growth. We would professionalism in analysing and selecting funds, like to see a wider breadth of different and the responsibility with which they manage Where are the gaps in terms of clients’ assets. types of sustainable funds. product development in this area? In partnership with What we have seen recently is a lot of IN DEPTH Fidelity International is delighted to partner with funds come out that are quite similar. Investment Week to support the ESG Investment Infl uencer Obviously, we all know the names of investmentweek.co.uk series: ‘In an increasingly complex and changing world of those who have been leaders in this sustainable investing, gaining insight from the industry’s field for a while. They have taken For the full video interview with leading infl uencers is crucial in helping us shape how we communicate and evidence our active engagement approach.’ a lot of money, and there are now Scott Spencer managers or houses launching similar

10 3 MAY 2021

0010_IW_030521.indd10_IW_030521.indd 1010 228/04/20218/04/2021 114:584:58 For more responses visit investmentweek.co.uk The Big Question Feature What fund is set to benefit from an economic recovery? Fund selectors talk to Lauren Mason about the funds they are backing to perform well as the economy starts to recover from the pandemic

Nick Wood Richard Curling head of fund research at manager of the Jupiter Monthly Juliet Schooling Latter Quilter Alternative Income fund research director at Chelsea Schroder Recovery Secure Income REIT Financial Services Schroder Recovery is one fund I believe Secure Income REIT could Ninety One Global Special combining two areas that remain do well as the economy recovers. The Situations relatively cheap despite recent owner of several properties, such We hold this deep value fund in turnarounds in fortune – the UK and the as Travelodge budget hotels, which our managed portfolios to balance value segment of the market. closed during the crisis, the company our style risk. While it has been a We believe the fund provides was hit hard by the pandemic when tough period – it was one of the strong balance for portfolios to offset many properties had difficulty paying worst performing funds in the those things that did so well last year, rent, and had to negotiate temporary sell-off last year – it is up 52% since given it is true to its value credentials rent relief. the first vaccine announcements in and primed to take advantage of the As the economy recovers, these October and fifth out of 438 funds, economic recovery. properties will reopen and start the average of which returned 16%. Managers Nick Kirrage and paying rent again –full payments are This highlights why we continue to Kevin Murphy have many years of likely to be back to normal by the start hold a bit of each style rather than experience in the space and the of 2022. The underlying businesses trying to time the market and/or style broader value team at Schroders is are strong and are well positioned to rotations. More often than not, the one the largest and have delivered flourish again as normal life resumes. biggest returns are made in a very reasonable results in markets that I own Secure Income REIT in short space of time. have not necessarily favoured them the Jupiter Monthly Alternative If investors believe in the over the past ten years. Income fund. It is run by a savvy economic recovery and that inflation The fund has already shown management team with a great track will continue to rise, this fund could significant outperformance in the record who have a lot of their own continue to do very well. It has about recent value rally, and the prospect money invested. a third of its portfolio invested in of the opening up of the economy, for Their objective is to provide long- financial, industrial and consumer which the UK appears to be some way term inflation protected income, discretionary stocks and has an ahead. In addition, rising bond yields which I think will continue to be overweight to the UK which is under- and the prospect of higher inflation attractive to investors. After being loved but good value still and ahead as a result of the release of pent-up blown off course by the Covid crisis, I of the curve in terms of vaccine demand all point to a sustained believe the company will likely return roll-out. positive environment for the fund. to full health.

3 MAY 2021 11

0011-013_IW_035021USE.indd11-013_IW_035021USE.indd 1111 228/04/20218/04/2021 114:054:05 Feature The Big Question

Laith Khalaf Ayesha Akbar financial analyst Chris Bell portfolio manager at at AJ Bell Fidelity Investments portfolio manager at Man GLG Income Ravenscroft Man GLG Japan Core Alpha

Man GLG Income’s fund manager AVI Global Trust One fund our team expects to perform Henry Dixon invests across the strongly during a sustained period of market-cap spectrum looking for AVI Global Trust has a long history economic recovery is Man GLG Japan unfashionable companies that he that dates back to 1889; its previous Core Alpha. thinks the market has undervalued, name, British Empire Trust, may be This fund has a strong and consistent and which are paying a sustainable more familiar to readers. track record, investing in large-cap dividend to investors. The trust has been wrongly value companies in Japan, with a focus One of the attractions of the UK tagged as a pure contrarian, ‘value’ on long-term contrarian names and a market, and indeed the cyclical play, whereas the manager Joe deep-value tilt. sectors within it, is that companies Bauernfreund and team used the This value tilt has driven often come with a healthy dividend Covid-19 crisis in 2020 to reduce underperformance over the past year stream attached, which can be cyclical exposure and boost the versus the broad Japanese large-cap drawn as income or rolled up for growth profile. This has played out market, but we believe this could further compounding. into a strong performance in recent change over the coming months as Clearly last year saw dividends months, significantly outperforming the global recovery becomes more chopped as the pandemic hit the MSCI ACWI index. entrenched, supported by Covid-19 company profits, but in the event The philosophy has always tried to vaccine roll-out and continued of an economic recovery, which is identify valuation anomalies and this accommodative policy. looking increasingly assured, the can lead to investing in situations at a Japan is significantly geared towards dividends of these companies can significant discount to net asset value. the cyclical global recovery, and within be expected to rise, as can their Asset Value Investors will then, in its equity market we see a number of share prices. certain cases, formulate an ‘activist’ opportunities where potential cyclical Investors should not bet the house approach to that investment. winners are significantly undervalued. on an economic recovery, there are A good example of this is the near In an environment of persistent still downside risks, but they may 15% of the current portfolio invested recovery and with a degree of inflation find their portfolios distinctly lacking in Japanese special situations. (which we believe is likely to rise, albeit in cyclical areas of the market, after It takes time in this area to get unlikely to move above 2%), we believe these stocks have spent such a long results but adds an element of GLG’s well-established investment spell out in the cold. It could therefore latent value to what is an already process should generate alpha over the be a good time for a bit of rebalancing. attractive proposition. long term. THE BIG BACKGROUND

Until the tail end of last year, to stretch ever further into funds with a bias towards the distance as economic growth stocks and high-quality drivers remained in place, assets enjoyed several years of until February 2020 when the positive performance due to a coronavirus pandemic derailed combination of loose monetary economies and stockmarkets. policy, low interest rates and With the throes of the technological disruption. pandemic behind us – at least, The market cycle appeared across developed economies

12 3 MAY 2021

0011-013_IW_035021USE.indd11-013_IW_035021USE.indd 1212 228/04/20218/04/2021 114:054:05 For more responses visit investmentweek.co.uk

Ben Yearsley Jason Hollands Sam Dickens co-founder of MD, business development & portfolio manager Fairview Investing Ltd communications at Tilney at IG R&M UK Smaller Companies Fidelity Special Values Mercantile Investment Trust (MRC) With the mother of all recoveries set for I think Alex Wright’s Fidelity Special The current economic climate lends this year, there will be many beneficiaries. Values investment trust should itself to active management in the However, in my view, the UK is perform well during the recovery mid-cap space, with new industry particularly well placed to benefit. phase. The trust takes a multi-cap winners likely to emerge in our much- The UK has been unloved and under- approach to UK equities but has a changed economy. owned for much of the last five years, but large skew towards mid caps and As such, consider Mercantile now with a world beating vaccination smaller companies. Investment Trust (MRC), which invests campaign and an economy coiled and Wright pursues a value approach, in around 75 medium and smaller- ready to spring back, my suggestion has targeting unloved companies with sized UK companies. to be a UK one. re-rating potential as they go through With a greater weighting towards Following that logic, if the UK is well a period of positive change. consumer discretionary stocks, which placed to benefit, then smaller companies This approach should benefit are set to benefit as economic activity will be a prime beneficiary, which is why from any continued rotation away rebounds, MRC is a more attractive I would choose River & Mercantile UK from long-duration assets into more choice than a FTSE 250 ETF, which Equity Smaller Companies. cyclical names, as well as parts of tracks the index as a whole. This fund, managed by Dan Hanbury, the market – such as financials – that Further, the fund has no exposure is not an out-and-out recovery fund are more resilient to rising inflation. to energy stocks or the real estate (R&M has one of those), but more of a The portfolio is notably overweight sector, both of which have a far less balanced fund with elements of growth, insurers, with top ten positions in attractive outlook. value and recovery. Legal & General, Aviva and Phoenix. It The fund’s annual cost of 0.44% With a big cyclical recovery on the also owns a number of domestically- is also low compared to other active way, it would have been easy to just focused retailers such as Halfords funds. A high proportion of shares are plump for the out-of-favour re-opening and Dixons Carphone. Also in the owned by institutional investors - a trade stocks and funds. However, I want portfolio are B&Q owner Kingfisher signal of their confidence in MRC’s exposure to long-term growth stocks and motor dealership Inchcape. ability to deliver future excess returns. as well. I will sacrifice some short-term These stocks should benefit from MRC has outperformed its FTSE 250 underperformance in favour of not consumers spending the excess benchmark on a risk-adjusted basis having to change funds when the initial saving that they have built up during too, with a higher Sharpe ratio over recovery spurt has ended. the lockdowns. both a three and five-year period.

– following vaccination almost doubling the gains of the number of value-biased programmes and prolonged the MSCI World IMI Growth mandates have dwindled over periods of social distancing, with a total return of 11.6% the years as underperformance it appears that a recovery is year to date, according to has led to manager departures underway. This is evident data from FE fundinfo. But and fund closures. in the outperformance of for those who believe we are Therefore, IW’s Lauren Mason value stocks relative to their set for a sustained economic asked professional fund selectors growth counterparts, with the recovery, or who are looking to their preferred choices of funds MSCI World IMI Value index diversify their style exposure, to hold amid a global recovery.

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0011-013_IW_035021USE.indd11-013_IW_035021USE.indd 1313 228/04/20218/04/2021 114:054:05 Feature ESG Clear as mud? ESG info has a long way to go Given the well-documented rapid growth in the market for ESG funds in recent years, what further steps need to be taken to frame them more effectively so investors can have an easier time choosing the right ones for their needs? Mark Battersby reports.

he industry has made London Asset Management, centres progress in how it presents around the developing ESG regulatory Tinformation on ESG funds – a regime. “We are looking for more challenging space to make clarity from the FCA on whether and complete sense of, and compare like how they will implement regulations with like – but there is more to do. related to sustainable finance in the As Laith Khalaf, financial analyst UK following the adoption of SFDR at AJ Bell, explains: “I think for most [the Sustainable Finance Disclosure funds the information is already Regulation] in the EU,” she explains. there – it can just be quite difficult to It is the case that firms will have to find. Instead of having to dig through review their key investor information the prospectus it would documents (KIIDs) probably be easier for as a result of SFDR investors if ESG funds and incoming FCA issued a short statement It is not enough guiding principles. The of responsible investment to simply badge SFDR draft regulatory principles, which sets out technical standards the approach in respect your fund as require a supplementary of key issues that ESG ‘responsible document to be provided investors are concerned alongside KIIDs, about. or ‘ethical’. specifically for ESG and To put some context on this “That way investors Investors want sustainability-themed point, in November 2019 the IA could match up their own products. launched the first industry-wide ethical preferences with to know how framework to categorise the most funds that are aligned. you’re walking Trade body common approaches to responsible Increasingly it is not expectations investment, including terms such enough to simply badge the walk as At a UK level, the as: ESG integration, stewardship, your fund as ‘responsible’, well as talking Investment Association impact investing, exclusions, and ‘ethical’ or ‘socially (IA) is expecting the sustainability focus. The aim of responsible’. Investors the talk FCA to publish guiding this was to bring greater clarity and want to know how you are principles on ESG fund consistency to this area of the market walking the walk as well as talking disclosure, design and delivery in to help customers better navigate the the talk.” the coming months, and firms will range of available products. A concern here for Ashley have to review their fund literature, Over at the Association of Hamilton Claxton, head of including KIIDs, to ensure it meets Investment Companies (AIC), responsible investment at Royal the requirements. communications director Annabel

14 3 MAY 2021

0014-015_IW_030521.indd14-015_IW_030521.indd 1414 228/04/20218/04/2021 12:3112:31 Follow us on Twitter @InvestmentWeek

investors’ ESG requirements.” EU ESG regulations The Non-Financial Reporting Directive has required Categorisation companies with more than 500 staff to report on their social Although clear categorisation is one environmental challenges since 2017. The Commission’s key part of the navigation process for updated reporting guidance increases the focus on climate- investors, some in the industry have related business risks and opportunities. asked if we need new standalone ESG focused sectors and possibly The Sustainability-Related Disclosures Regulation requires investment firms and asset owners to make even new platforms dedicated to this disclosures on the integration of ESG risks and to consider significant area. adverse impacts on their investment processes and At the IA, the starting point for remuneration policies. Firms will also be required to disclose adding or amending sectors is always ESG factors and impacts on their products, including any type considering how investors want to of investment fund, insurance-based investment product find and compare funds, including and personal pension products. Most of these rules come into whether to invest in shares, bonds, or force in March or June 2021, and by end-2022 investment a mix of different investment types, funds must additionally disclose adverse impacts. as well as how they want to invest in a The Taxonomy Regulation sets out a common responsible and sustainable way. classification system for economic activities to be considered It is therefore not as simple as environmentally-sustainable with focus on sectors that play simply creating an ESG sector. a key role in climate change mitigation and adaptation. It also Investors and advisers will also requires that the economic activities do no significant harm want to consider the different types with respect to five other environmental objectives. of ESG characteristics that funds ‘Suitability’ rules have been amended to require a client’s are deploying, including applying ESG preferences to be taken into account by investment different types of stock or bond advisers and insurance intermediaries. These amendments exclusions, pursuing a sustainability will take effect with the disclosures regulation. focus or adopting an impact investing approach, where the fund The Benchmarks Regulation has been amended to measures its impact on societal and create two new benchmarks –EU Climate Transition and EU environmental change. Paris-aligned –to help increase transparency and prevent AJ Bell’s Khalaf accepts that the greenwashing. Different aspects of these rules take effect on dates from April 2020 to January 2022. difficulty with a standalone sector is that ESG funds invest across all sorts Stress testing rules for banks The Commission is of different asset classes, and so doing developing tools and mechanisms to integrate ESG factors a sector performance comparison into the EU banking prudential framework, banks’ business would become meaningless, making strategies, investment policies and risk management fund selection much harder for processes. investors. Eco-label for retail investment products The Commission “I also suspect that you would have is drawing up proposals for an eco-label for certain financial to keep the sector door pretty tightly products, such as ‘sustainability funds’ and ‘green bonds’, monitored for funds trying to make to enable investors more easily to direct their monies into their way in even though their ESG sustainable investments.

framework is pretty light,” he adds. KPMG SOURCE: “I cannot see why you need a platform specifically dedicated to see much more ESG and responsible ESG, as existing platforms already investment information going into give you access to investments factsheets and other key documents which allow investors to construct in the future.” a portfolio entirely of ESG funds if There is a difference between a Brodie-Smith says: “ESG is complex, that is what they want, as well as the fund’s prospectus and KIID, which are dynamic and personal to investors, option to mix and match ethical and documents required by legislation, so we don’t believe ESG choices can non-ethical investments.” and fund factsheets and other be boiled down to a one-to-five ESG marketing materials, which are not. rating. That is why the AIC will be Fit for purpose? This means there are no rules about publishing free-form disclosures As for factsheets and shareholder what ESG information asset managers of members’ ESG strategies on our reports, there is an ongoing debate are required to include. website in the second quarter of as to whether these are fit for the As AJ Bell’s Khalaf concludes: this year.” purpose to enable investors to make “There is a variety in the quality of She adds: “This is an important first informed ESG-related decisions. information provided, but overall, step but we know we do not have all “They need to evolve with there’s a lot more that fund providers the answers on ESG disclosure. There regulations and expectations for could do to make their investment will be a process where investors disclosure,” says Royal London’s approach clearer and more accessible assess the disclosure available Hamilton Claxton. “More clarity from to investors, but that applies equally and feed back to us, and we as an the FCA is required before factsheets to traditional funds as it does to industry will need to respond to meet can be updated, but I expect we will ESG funds.”

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0014-015_IW_030521.indd14-015_IW_030521.indd 1515 228/04/20218/04/2021 12:3112:31 Comment Nick Parsons Find us on LinkedIn @InvestmentWeek Communities that work together have the most resilience fter a long cold winter in The biggest countries in Europe co-operate, using the technologies Europe, made much worse have made significant progress of today and not those of 70 years Aby the pain of lockdown £11.4trn in reducing CO2 emissions by ago to help Asia achieve the same and the distress of yet more decommissioning coal-fired power transformation without reliance on pandemic deaths, spring is finally in the stations, building energy-efficient fossil fuel. Five of the countries in our air. Temperatures are rising, trees are in Collective GDP homes and offices, embracing electric study each have a population greater of the Big Four blossom, and birds are busy building – Germany, vehicles and recycling than 100 million – two of nests. It is a time of hope and renewal, UK, France waste wherever possible. them have more than a and of making plans for the future. and Italy Of course there is more to billion – and all ten in As we marvel at nature’s enduring do, but we are moving in aggregate have a total strength, we should remember too our the right direction. population of 3.6 billion; own obligations to ensure a healthy Our research shows that almost half the total of the environment, clean air and fresh % the four largest countries entire world. water. By our own actions, we have 7 – Germany, UK, France One of the clear the power to enhance or destroy this and Italy – have a collective lessons of the pandemic natural beauty. gross domestic product is that communities Global CO2 Looking back over the terrible emissions fell (GDP) of $11.4trn, a little which work together are times of the past 12 months, one in 2020 over half the size of the US more resilient, better able of the very few positives to emerge and three-quarters that to defend themselves, from the pandemic has been the of China. Using CO2 data and well-positioned to environmental impact of lower from Global Carbon Atlas, emerge stronger than levels of economic activity, factory we calculate the carbon before. We must apply shutdowns, drastically reduced air cost of economic output this local experience of transport and restrictions on personal for the Big Four of 151.7 co-operation as we seek a mobility. According to recently million tonnes of CO2 per global solution to climate published research, global CO2 trillion dollars of GDP. change and sustainable emissions fell around 7% in 2020. In the United States, the development. There is The decrease in emissions appears comparable figure is 247 We must only one planet and we more pronounced in the US, EU, million tonnes, whilst in all breathe the same air. and India, partly due to pre-existing China it is a staggering 710 engage and This global solution trends, but much less evident in China million tonnes. co-operate, cannot emerge without where restriction measures associated China is not alone. transformation and with Covid-19 occurred early in the Repeating the exercise using the investment in Asia. year and lockdown measures were for ten of the largest technologies Public and private sector more time-limited. economies in Asia, we find investments are required While the environmental that every one of them has of today and at scale and at pace. With improvements are welcome, it is a carbon cost per trillion not those of a welcoming attitude to immediately obvious that permanent dollars of GDP greater foreign capital across recession – with all the job losses, than any major country in 70 years ago much of the region, mental anguish and family insecurity Western Europe. Indeed, the investment and that brings – is not a viable future nine of them have a carbon partnership opportunities policy goal. Economic growth floats all cost at least double that of the largest are enormous. boats. It has lifted hundreds of millions nation in Europe and the average of The scale of the task is matched of people out of poverty, providing all ten countries is 567 million tonnes. only by the size of the prize: a more funds for health and social care, It is wrong to point the finger of rapid transition to sustainable and education and housing, and raising life blame at Asia. Their economies are in cleaner economic growth. Realising expectancy around the world. the transformative stage of economic sustainable values from which the The challenge we face is not to go development which made Europe so whole world can enjoy the economic, backwards, but to embrace a future powerful in the 20th century. Think of environmental and social gains. We where we can do things differently. Germany’s Rhine and Ruhr regions or are proud to play our part and eager A future in which economic the infamous London fog of the 1950s. to do even more. development can co-exist with The economic strength we enjoy environmental protection, harnessing today was founded on production and proven technologies to deliver pollution over many decades. Who are sustainable growth and build we to deny Asia that same prosperity? Nick Parsons is head of research and ESG policy at back better. Instead, we must engage and ThomasLloyd

16 3 MAY 2021

0016_IW_030521.indd16_IW_030521.indd 1616 228/04/20218/04/2021 10:3510:35 CHALLENGING THINKING THINKING LIKE A CHALLENGER

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FFSF-225x297-Advert-IW.inddSF-225x297-Advert-IW.indd 1 223/04/20213/04/2021 115:085:08 Comment JB Beckett Follow us on Instagram @InvestmentWeek If a tree falls... How committees view crypto’s ‘Tinkerbell Eff ect’

write my latest entry while Top cryptocurrencies Release Current market Quantity of tokens Maximum amount of listening to the excellent Fund Boards cap ($m) issued (million) tokens issued (million) ICouncil iNED Bootcamp event. Bitcoin 2009 1,074,598 18 21 What can I draw from these Ethereum 2015 207,791 112 Not limited insights? Some common denominators Cardano 2017 32,996 31,100 45,000 include appreciating that diversification Binance Coin 2017 39,808 154 154 remains key to asset allocation; the schism Tether 2015 38,528 30,300 N/A in bond markets; that the appreciation of risk is generational post the Global Source: Marion Laboure, ‘Part III. Bitcoins: Can the Tinkerbell Eff ect Become a Self-Fulfi lling Prophecy?’, Deutsche Bank, p.5 Financial Crisis; and that allocators are now facing new forms of assets such as issues arising from ESG, cyber risk, dark that prices will remain “ultra-volatile”. crypto. Safe in our asset management web and sustainability. Meanwhile, Chris Skinner’s Finanser bubble, it would be easy to remain aloof As an early proponent of blockchain, blog continues to challenge my thinking to the seismic shifts we have my views of its errant offspring, crypto, on crypto: “What if you believed in digital, seen in finance, be it Reddit have soured as I observe what appears to the network and the democratisation uprisings or the soaring prices be mass herding behaviour. Nonetheless, of the world? So, I finally get it: of bitcoin. Investment I have recently been challenged on my cryptocurrencies are not a scam, but As we head into committees preconceptions of the future value of are about what people believe in. Now, our second year of the crypto, mindful that my biases then with Bitcoin’s meteoric rise as a currency Assessment of Value process, and boards influence my responses on committees system in the past year, it looks like the indications post-year one now have and boards on this subject. world believes in cryptocurrencies.” are not promising. Survey results suggest adviser the very Will Tinkerbell save bitcoin? Belief and perception create network engagement is very low. In a real reality Deutsche Bank economist Marion effects (or bubbles depending on where world where the FCA hopes Laboure writes that mass adoption is you stand). Essentially, we are confronted that end investors engage, of facing not enough for bitcoin. She explains by three realities with crypto: not even their advisers are primary and that bitcoin has to date been buoyed reading reports. by a “Tinkerbell” effect, a recognised O The sheer capitalisation of bitcoin now We may have achieved the secondary economic term stating that the more exceeds most companies in the world; it letter of what the FCA asked exposures to people believe in something, the likelier is too large to simply go away easily, and for, but not the spirit. it is to happen based on Peter Pan’s will proliferate the capital model crypto assertion that Tinkerbell existed because O It remains an onion and an easy An undiscovered children believed she existed. vehicle for tax evasion, criminality and country? In the Journal of Consciousness Studies laundering terrorism and its future Putting that vanilla blancmange aside, in 2002, Frank H. Durgin first set out the value today is based on the assumed imagine assessing the value of the idea in his study The Tinkerbell Effect: network effects of the blockchain complex world of cryptocurrency and Motion Perception and Illusion. tomorrow. tokenisation. How would we even start? Laboure writes: “If we compare its Investment committees and boards value in circulation to that of major fiat As it grows, its value is expected to now have the very real reality of facing currencies, bitcoin would be mostly in the grow. Yet its value is not stable like primary and secondary exposures to top five depending on the live exchange a mature currency. What many are crypto, be it held by their investment rates, but its liquidity is actually close to watching for is whether the velocity of managers, through funds, in crypto that of the Thai baht. Other authorities crypto expands through the economy. index-tracking ETFs or belying holdings are accelerating research on their own As velocity rises, does its store of value that in turn invest their own assets into central-bank digital currencies and stabilise? Does crypto move from Bitcoin and other crypto. launching pilot projects. Tinkerbell can speculation to exchange? This likelihood is increasing as do only so much; the future of bitcoin is in Until then, we will struggle to define committees read reports that the their hands.” what crypto is or what it should do inside diversification effect of the traditional Crypto advocates point to a a portfolio. Yet very soon, boards and ‘60:40’ allocation has been severely “dependable store of value and they committees are going to be asked to compromised. As strategists milk the continue to believe bitcoin will provide assess its value, to understand the risks last out of big tech equities, they look to the opportunity for better returns and and potentially approve its use. crypto as an undiscovered country. NEDs preserve the value of our capital over will need to assess not only the value and time, compared to holding cash”. Yet at JB Beckett is an iNED and author of conventional risks of the digi-sphere, but the same time, commentaries are noting #newfundorder

18 3 MAY 2021

0018_IW_030521.indd18_IW_030521.indd 1818 228/04/20218/04/2021 113:343:34 Follow us on Twitter @InvestmentWeek Richard Kaye Comment Japan: How investors get ESG in world’s third-largest economy wrong

reenwashing is a persistent of their companies, they have a real Daikin manufactures the world’s most and growing problem in the stake in their business. environmentally friendly air conditioners. GESG landscape. However, many 7% A very succinct expression of Japanese It uses efficient refrigerants, keeps companies in Japan suffer from companies’ social purpose is to be emissions low and also ranks well in this issue in reverse and we believe their found in the pay differential between the terms of water usage. Comgest considers Q1 2021 total ESG ratings are often significantly worse return of the nation’s CEOs and their employees. it an ESG leader in its field, but the than they deserve. ESG minded investors MSCI Japan While US or German CEOs make over company sharply divides opinion with who might be thinking about avoiding ESG Leaders 100 times more money than their average some rankings even blacklisting Daikin, Japanese companies should take note: all index employee, Japan has one of the lowest- for example because of past labour issues may be not what it seems. paid CEO cohorts (as shown below). How in China. In our view, direct engagement The biggest hurdle is the relative lack does the third-largest economy motivate with the company to improve any issues of thorough analyst coverage of Japanese people? The answer seems to be that the should be the way to go, rather than just stocks (there are less than seven analysts $2.2trn people at the top have been preaching throwing up the sponge. for each listed stock in Japan, compared and acting for a long time a purpose Pigeon, a producer of babycare to more than 40 in the US). Language Sustainable beyond the next paycheck. products, is another company subject and cultural differences with the West assets under Japan has its share of ESG failings. to significant misconceptions. Comgest only compound the problem. Japanese management Common complaints are board gives it a good ranking but elsewhere its companies are far better at actually in Japan independence, external director scores are at best average on account carrying out ESG activities than reporting count, shareholder returns, emissions of past criticism around the chemical them. The language barrier in particular disclosure, female representation and content of its baby care products. The is underestimated; it takes Japanese a lack of English investor materials. company is always keen to engage with companies much longer to carry out Governance in particular is commonly investors to discuss hiring, remuneration ESG reporting in English than Western said to lag Western standards, and the and it also expends great effort to counterparts and many only have ongoing Toshiba problems are said to make childcare easier in addition to Japanese versions of ESG reports. Cultural epitomise that. Investors are asking using sustainable (solar) energy in differences also play an underappreciated whether there are enough naysayers on manufacturing its products. It has a role; Japanese executives are inclined the board and whether the company strong social conscience and in our to humility and are not always good at will respond to (foreign) bids objectively view the good outweighs the bad to a advertising their successes. in the best interests of shareholders. significant and underappreciated degree. Yet Japan does have something to Nonetheless, Japan overall has in our view Finally, automobile company Suzuki 2014 boast about when it comes to ESG. a rougher deal in conventional indices, has a red MSCI rating for a number of Japanese companies tend to be very metrics and the media than it deserves. reasons which Comgest has raised and is resource-conscious, due to a lack Three stocks that illustrate how working with the board on. of natural resources and previous Japanese companies do not always get a We believe that due weight needs to be environmental disasters in the fair shake from mainstream ESG analysis given to Suzuki’s role as one of the leaders country’s history. As many Japanese and how ESG ratings often miss the wood in EV production for India, one of the executives are the founders and owners for the trees are Daikin, Pigeon and Suzuki. world’s fastest developing car markets. The company has sunk a lot of resources in the EV market, partnering It pays to be a CEO in the US with Toyota to work on developing new products and its work on behalf of the environment should count for much US Switzerland more than it currently does. Germany In our view, Japanese companies Spain and Japan as a whole need to be seen Czech Republic France in a different light. The lesson for ESG Australia conscious investors should be to look Sweden beyond what analyst rankings, the media UK Israel and any rumours say about Japanese Japan companies. Thorough research and Norway on the ground expertise in the country Portugal makes all the difference when selecting Denmark Ratio between CEO and avg worker pay Austria the right companies for their portfolios. Poland 0 50 100 150 200 250 300 350 400 Richard Kaye is an analyst and portfolio manager

SOURCE: ‘HOW MUCH (MORE) SHOULD CEOS MAKE? A UNIVERSAL DESIRE FOR MORE EQUAL PAY’ PAY’ EQUAL MORE FOR DESIRE UNIVERSAL A MAKE? CEOS SHOULD (MORE) MUCH ‘HOW SOURCE: with Comgest Japan Strategy

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0019_IW_030521.indd19_IW_030521.indd 1919 228/04/20218/04/2021 12:2312:23 CHINESE EQUITIES Deep Dive

Sharukh Malik Fund Manager ‘Consumption likely to evolve’

n 2020, with the onset of Covid- As incomes continue to grow, these opportunities into investment 19, Chinese markets were clear households’ consumption patterns are returns. We think it is sensible to focus outperformers relative to other 2.3% likely to evolve in a relatively predicable on the companies in these structural major markets. This was due to way. For example, households are growth areas that can grow while Ithe Chinese government’s eventual likely to consume more dairy, to start already earning a high return on capital. effective containment of the virus, China’s GDP buying higher-end kitchen appliances This requirement means we do not which meant life broadly returned to growth in and to spend more on educational need to focus on what management 2020, the normal in the country. China was the only major services for their children. Another say they will do – instead it means we only major economy to grow last year, economy to theme is sustainability, where Chinese judge management on what they have with GDP growth of 2.3%, and the grow last year policymakers recognise that they must already achieved. This requirement also IMF predicts the economy will grow act to tackle climate change. gives us confidence that 8.4% in 2021. Positives include strong Here, the opportunities management are good at growth in exports, manufacturing and are diverse, ranging from making capital allocation industrial profits. On the other hand, renewable energy to China remains decisions, which is a key to support this growth China’s debt-to- 30% electric vehicles and waste driver of shareholder GDP ratio likely rose by another 30%. reduction. Other areas of a compelling returns. Consumption growth has also lagged interest include healthcare, However, markets To support area to invest which has put a dent in policymakers’ GDP growth manufacturing upgrades can get very excited aim to rebalance the economy. China’s debt- and financial services. in because of about these growth This year, Chinese markets did well to-GDP ratio Identifying these its numerous opportunities and so until mid-February, again outpacing grew by 30% structural growth themes valuations must, of other major markets. However at this gives us more confidence interesting course, be considered. point concerns rose over rising bond that companies in these structural This is especially so yields in the US and tighter monetary areas can grow their in the mainland A-share policy in China. This led to a sharp earnings over time. growth market where many sell-off of higher growth stocks which However, simply existing themes companies are trading had done well over the past 12 months. Worldin Healthcare a growing area does not at valuations well above Thing Something else However, there are still plenty of areas necessarily translate into their historic averages. which we think offer growth as well as investment returns. For example, the We saw in the recent sell-off that Thing offering upside over the longer term. Chinese solar panel industry built up even the possibility of a moderate We think China remains a significant overcapacity after the Global tightening of monetary policy can compellingThing area to invest in because Financial Crisis, leading to investment lead to a sharp derating in valuation of its numerous interesting structural returns collapsing despite strong multiples. We often find that though growthThing themes. One such theme is the demand. Today, there are companies a company is an interesting industry, rise of the middle class – 730 million in industries that are expected to grow the market price can be justified only people are now in China’s middle class, but in many cases these companies if management executes their strategy according to2017 data from 2017McKinsey.2017 2017 2017have yet2017 to prove that they can translate perfectly without any mistakes. Alternatively, the market price may imply an unprecedented profit Forecast 2021 GDP growth growth rate which we deem unlikely in for example, the case of a stable 10% consumer staple company. Ultimately, in these cases a modest derating can offset earnings 8% growth, potentially leading to poor shareholder returns despite the 6% earnings growth coming through. We think the best approach is to focus on investing in companies in 4% structural growth industries where, even if valuations do moderately fall, 2% there is still upside present.

0% Germany Japan France UK US China Sharukh Malik is manager of the Guinness Best of

AS AT APRIL 2021. SOURCE: IMF WORLD ECONOMIC OUTLOOK ECONOMIC WORLD IMF SOURCE: 2021. APRIL AT AS China fund

20 3 May 2021 NOTES

020-023_IW_030521.inddHorizontal 20 and vertical axis and axis label lines 0.5pt stroke BLACK 28/04/2021 15:20 Zero line NON-dashed 0.5 stroke WHITE All other lines 0.25 stroke 60% BLACK Background colour BACKGROUND Lines 2pt curved corners/caps. In IW RED or IW DARK BLUE, if more colours are needed use COLOUR GUIDE to get tints of the IW RED and IW DARK BLUE swatches Area graph shape (if comparing 2 lines that dont cross) – Colours IW DARK BLUE and 60% BLACK

what happened here? lorem ipsum text blah blah who big spike oops Point of interest Main point SOHO STD BOLD CONDENSED 8pt in IW RED. Extra text SOHO STD MEDIUM CONDENSED 8pt in BLACK. WHITE rectangle background with WHITE drawn triangle arrow. Group all objects and apply drop shadow (Mode: multiply, Opacity: 25%, X o˜set: 1mm, Y o˜est: 1mm, Blur: 1mm) World Healthcare Something else Area Legend Text 7pt SOHO STD BOLD CONDENSED in BLACK. BACKGROUND colour box on background. Grouped and brought to front Deep Dive

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Ben KumarThing Multi Asset ‘New experienceThing for investors’ 2017 2017 2017 2017 2017 2017

hina has not followed the traditional route of capitalism we have observed Comparison of economic size vs equity index size over the last century or so – Cand this scares investors. 80% Roughly, the association in our heads is that as a country develops GDP weight and engages with the world, it grows 60% MSCI ACWI weight in size and importance. Normally this is hand-in-hand with aspects such as democratic 40% governments, free markets and two-way foreign investment – all of which have been shown to result in 20% good things. We also have an idea as investors about what doesn’t help. Closed 0% markets, state interventions and UK US Europe Japan China Other autocracies do not result in successful global economies; we know the fact, with a total equity market size of Much of the world’s economic stories of the Soviet Union, North $11trn, the Chinese onshore market expansion over the next few decades Korea and Zimbabwe. £11NOTEStrn is the second-largest equity market in will be in China, and the best way This is why China still surprises the world, bigger than the next two – to get exposure is through Chinese and baffles most Western investors. HorizontalJapan and and vertical the UK axis – combined.and axis label lines 0.5ptcompanies. stroke BLACK The companies will not be China went from being 4% of the China’s Zerototal line NON-dashedAt the moment, 0.5 stroke foreign WHITE investors familiar to those in the West, but with equity market global economy in 1990 to just under All otherown lines just 0.25 3.5% stroke of 60%the Chinese BLACK onshore a potential consumer market of 1.4 20% at the end of last year , yet didn’t size – the equity market. In most of the billion people, they do not second largestBackground colour BACKGROUND follow the playbook to get there; equity market big global markets, foreign need to be to make money. it didn’t really open up to foreign in the worldLines 2ptownership curved corners/caps. is up towards In IW RED 50% or IW DARK BLUE, if Investors need to work capital, democracy remains absent more coloursof the are market. needed use COLOUR GUIDE to get tintsEven of the out what it is they want. and the market economy is still IW RED and WeIW DARK would BLUE expect swatches to investors If it is just general closely controlled by the state. see this begin to happen exposure to the Chinese Area graph shape (if comparing 2 lines that dont cross) – Colours Now, that is starting to change. 3.5% in China too – as foreign who are not equity market, passive China is beginning to open up, and IW DARKinvestors BLUE and 60% seek BLACK new growth allocating products will provide that investors are becoming interested. opportunities and portfolio – although be prepared There are indeed several interesting whatForeign happened here?diversification, while explicitly for volatility and the themes to think about. ownershiplorem ipsum in text blahChinese businesses look to to China unexpected. theblah Chinese who big spike oopsexpand theirPoint sources of interest Main point SOHO STD BOLD In theory, active Opportunities abound equity market of capital. CONDENSED 8pt in IW RED.will Extra start text SOHO STDmanagers should have a Firstly, there is the simple matter of Importantly,MEDIUM even CONDENSED 8ptto in see BLACK. their WHITE rectanglebetter chance to outperform underrepresentation. Once investors investors whobackground are not with WHITE drawn triangle arrow. inGroup a less efficient market, but have acknowledged that China is an allocating explicitly all objects to and apply dropexposures shadow (Mode: multiply, as with any active manager, important global player, global equity China will startOpacity: to see 25%, their X o˜set: 1mm,increase Y o˜est: 1mm, there is a lot of work involved indices start to look a bit odd. exposures increaseBlur: 1mm) as large in partnering with the It is reasonably well known that the index providers start to raise right one. At the moment, World Healthcare US equity market is disproportionately Something elsethe Areaproportion Legend of Text Chinese 7pt SOHO STD BOLD we believe that general weighted as part of global indices such shares.CONDENSED The MSCI in BLACK. and BACKGROUND colour box on background.exposure is more important as the MSCI ACWI; comprising nearly FTSEGrouped have andalready brought taken to front – underweight to China 60% of the “world” equity index, despite some steps here by beginning to put A-shares is the thing to correct first, the US economy being only one quarter onshore Chinese equities into the before looking to add alpha. of global GDP (see chart above). broad emerging market indices – and Much of this disparity is due to it is a trend that is only going one way. the number of emerging economies Finally, aside from the that have reasonable economic size, underrepresentation and the but no equity market to speak of. technical correction of it, there is the

SOURCE: IMF/MSCI SOURCE: However, China is not one of those. In issue of future growth. Ben Kumar is a senior investment strategist at 7IM

3 May 2021 21

020-023_IW_030521.indd 21 28/04/2021 15:20 CHINESE EQUITIES Deep Dive

Kathrine Husvaeg Fund Buyer ‘Engine of global growth’

he Chinese market posted manufacturing and innovation. services-oriented economy. stellar returns in 2020, having 2020 was a prime example of how However, the onshore market is held up well relative to other 18.3% differently China can perform relative dominated by retail investors, so equity markets globally in to other equity markets, making it an it is characterised by short-term Tthe sell-off as the Covid-19 virus effective diversifier for investors. investment horizons and momentum- developed into a global pandemic. China’s Q1 Earlier gradual inclusion of China’s chasing, which results in investors Being the first country to face the GDP growth domestic markets in global indices was crowding in similar names or sectors. increase when virus outbreak, a strict lockdown compared a welcome move, following successful This unique dynamic creates a fertile within China at the start of the with the same capital market reform, enabling foreign ground for skilled active stockpickers pandemic allowed it to be at the quarter investors easy access. to take advantage of the inefficiencies forefront in reopening its economy, Investors can get exposure to and beat the market. being one of few countries to post China through stocks listed on the The much-discussed dominance positive GDP growth in 2020. mainland exchanges of Shanghai and of mega-cap technology stocks in Subsequent GDP growth numbers Shenzhen, or in Chinese companies global indices is also a notable feature for Q1 2021 show an 18.3% increase listed offshore, predominantly in where Tencent, Alibaba and Meituan when compared with the same Hong Kong and the US. account for a third of quarter last year, putting it well on The composition of this the MSCI China index. track to return to normal levels of domestic market is, Unique Skilled active investors economic activity this year. however, very different can construct well- While Chinese capital markets have from the offshore listings. dynamic diversified portfolios to faced recent headwinds, the long-term Offshore-listed stocks creates a fertile avoid such concentration investment case remains intact. China offer a constrained exposure risk, particularly at the continues to shift from a low-cost to sectors suffering from ground for present time following a manufacturing-led economy to one that high concentration in very skilled active year of strong tailwinds for is consumer-focused and tech-led. large names and heavily these companies’ returns Short-term volatility presents an dominated by tech, internet stockpickers as the key beneficiaries of attractive entry point for investors, and financial companies. lockdown. although investing in China is On the other hand, There are also attractive for investors looking for onshore-listed stocks offer a deeper significant downside risks with big long-term returns. It has become and broader opportunity set compared tech companies facing increasing the engine of global growth, with a to offshore-listed ones, namely to regulatory scrutiny globally. large population and a rising middle sectors such as healthcare, consumer In looking for China-focused class. Key investment opportunities discretionary and consumer staples. products, investors have a lot of are highly linked to the long-term These provide a more direct access choices and it can sometimes be hard structural theme of domestic to attractive structural themes, such as to disentangle what they are actually consumption growth and the shift in domestic disposable income growth invested in: some focus on the focus to higher-quality, high-value and the shift to a consumer and onshore opportunity set, others on Chinese companies listed in the US and Hong Kong. Composition of domestic market vs offshore Investors sourcing China exposure from their global, emerging or regional allocations may only get a taste of this Sectors MSCI China (%) MSCI China: Offshore part (%) MSCI China A Onshore (%) market, focusing on the best-known Communication Services 20.5 23.0 1.9 companies that are somewhat crowded Consumer Discretionary 33.9 37.5 9.3 by foreign investors. The best approach Consumer Staples 4.4 2.4 14.7 to China is therefore to allocate to a Energy 1.2 1.2 1.2 “pan-China” strategy, investing across Financials 14.9 14.1 20.7 the markets indiscriminately to find the Healthcare 6.7 6.1 10.5 most attractive growth opportunities. Industrials 4.2 3.0 13.1 Information Technology 6.0 5.2 14.9 Materials 2.2 1.4 9.5 Real Estate 4.0 4.2 2.6 Utilities 2.0 2.0 1.7 Kathrine Husvaeg is portfolio manager of the As at 31 March 2021. Source: FactSet, MSCI, Russell Investments Russell Investments China Equity fund

22 3 May 2021

020-023_IW_030521.indd 22 28/04/2021 15:20 Next week, we dive into… Deep Dive Property

200 180 160 140 John Leiper120 Economist 100 80 60 ‘Tide may40 be about to turn’ 20 0 he narrative of 2020 equity 2017 2017 2017 2017 2017 2017 market losers becoming 2021 winners has played out so far China vs EM ex China relative performance this year with the rotation out Tof growth stocks and into value and 30 60 more cyclical parts of the market. This 25 MSCI China / MSCI EM IMI Index 50 MSCI China Ex Asia / MSCI EM IMI Index theme is also evidenced by China’s 20 40 notable reversal of fortunes. Since mid-February, the CSI 300 index of 15 30 Shanghai- and Shenzhen-listed stocks 10 20 has fallen 12%, three times the MSCI 5 Emerging Market index which has 10 lost 4% over the same period. That is 0 0 a far cry from the 50% absolute/20% -5 -10 relative return achieved over the prior 12-month rolling period. -10 -20 This pivot can be attributed to -15 -30 several factors. First and foremost 2004 2006 2008 2010 2012 2014 2016 2018 2020 China is at a different point of the economic cycle. Having handled we think recent volatility may have Finally, we think investors could the pandemic far better than many created an attractive entry point. Our also benefit from a potential currency of its peers, policymakers are now -12% preferred way to play this theme is tailwind. As the US ramps up public normalising monetary policy at a via Chinese technology companies, spending, Beijing’s relative fiscal faster rate than elsewhere, sapping which comprise the bulk of the MSCI prudence could prove renminbi- liquidity from markets. Percentage China index. bullish, contributing to a rise in Asian NOTESfall in the In addition, the recent regulatory the CSI 300 Recent Q4 earnings for companies currencies more broadly. crackdown on China’s domestic indexHorizontal of such and verticalas Tencent axis and and Pinduoduo axis label lines have 0.5pt stroke Bottom BLACK line, a continuation of the tech giants, such as Jack Ma’s Ant Shanghai- and Zero line NON-dashedcome in strong, 0.5 stroke suggesting WHITE growth-value rotation will Group and Alibaba, has weighed on Shenzhen- the shift to online spending continue to hurt technology listedAll stocks other lines 0.25 stroke 60% BLACK investor sentiment. This has been since mid- has continued even as the stocks. However, unlike compounded by a technical event, FebruaryBackgroundpandemic colour BACKGROUND has receded. Recent US mega-cap tech stocks, catalysed by the hedge fund Archegos Lines 2pt curvedThis corners/caps. is consistent In IW with RED or IW DARKregulatory BLUE, if we see further upside in Capital Management, which led to more coloursthe are People’s needed use Bank COLOUR of China’s GUIDE to get tints of the countries such as China additional selling pressure of Chinese supposed strategic direction crackdown whose economy continues IW RED and IW DARK BLUE swatches internet companies following a given recent pilot programs on China’s to transition from an margin call on its long position in Area graphtrialling shape the(if comparing digital RMB, 2 lines or that dont cross) – Colours industrial export-led ViacomCBS. IW DARK BLUEeCNY, and across 60% BLACK several domestic domestic model towards services. However, there are growing signs cities. Indeed, it is telling tech giants This growth in the service the tide may be about to turn. As that a number of internet sector economy should what happened here? shown in the chart above, there is a lorem ipsum text blah firms, such as Ant’s MYbank has weighed re-accelerate towards clear inverse relationship between blah who big spike oopsand Tencent’sPoint WeBank, of interest have Main pointon SOHOinvestor STD BOLD its prior trend as the the MSCI China and MSCI Emerging participatedCONDENSED in the roll-out 8pt in ofIW RED. Extra text SOHO STD coronavirus recedes into Markets Ex-China indices, which these programmes.MEDIUM CONDENSED 8pt insentiment BLACK. WHITE rectanglethe background, driven tends to move in cycles and does so While thebackground recent with WHITE drawn triangle arrow. Groupby growing domestic with remarkable symmetry over time. regulatory all action objects remains and apply a drop shadow (Mode: multiply,consumption via the well- If historical correlations hold true, the cause for concern and we could see known impact of ongoing rural-to relative performance of Chinese equities additionalOpacity: fines hit 25%, the X sector, oœset: 1mm, like thatY oœest: urban 1mm, migration and rising internet to emerging markets in general may be imposed onBlur: Alibaba, 1mm) much of the bad penetration rates, which offer about to bottom and could rebound and World HealthcarenewsArea may Legend already Text 7ptbe pricedSOHO STD in. BOLD significant upside potential versus the outperform going forward. Something else In fact, Alibaba shares rebounded saturated levels of many developed CONDENSED in BLACK. BACKGROUND colour box on background. China’s GDP soared 18.3% in Q1, strongly following the announcement market peers. from a very low base one year prior, ofGrouped said fine. and brought to front and an increasing number of analysts Moreover, ongoing regulatory remain bullish for the country’s impact could prove muted as US-China prospects over the rest of 2021. technological and geopolitical rivalry John Leiper is chief investment officer at Tavistock

SOURCE: BLOOMBERG , TAVISTOCK WEALTH LIMITED WEALTH TAVISTOCK , BLOOMBERG SOURCE: Against that positive background, continues to escalate. Wealth

3 May 2021 23

020-023_IW_030521.indd 23 28/04/2021 15:20 The Consistent 50 A unique assessment of unit trusts/OEICs over three years to 23 April 2021

THIS CONSISTENCY AVERAGE 3-YEAR DISCRETE 1-yr RTURNS OVER 3-yrs 3-YEAR 3-YEAR GENERAL WEEK’S SCORE DECILE RETURN GAIN/ VOLATILITY SECTOR RANK RANK IN 17-18 18-19 19-20 LOSS OWN IMA % chg % chg % chg SECTOR

1 MFS Meridian European Smlr Coms IH1 USD 1 4.35 43.08 21.27 -2.48 20.98 1.9 4.52 European Smaller Companies 30.61 Peter F Fruzzetti 453.26 2 MGTS St Johns High Income Property Acc 2 4 8.43 3.08 2.5 2.63 9.74 0.21 UK Direct Property -4.42 Not Disclosed 148.2 3 T. Rowe Price US Smlr Cm Eq CAccGBP 2 4.86 81.07 19.85 0.15 50.87 2.44 5.26 North American Smaller Comp QQQQ 60.14 Ryan Burgess 170.85 4 T. Rowe Price US Smlr Cm Eq Q GBP 2 4.78 81.55 20.21 0.04 50.98 2.44 5.27 North American Smaller Comp QQQQQ 60.14 Curt J Organt 2523.93 5 NB EM Dbt Sust Invms Grd Blnd USD I Acc 2.5 4.97 17.69 11.55 4.45 1.01 1.57 2.75 Global Emerging Markets Bond QQQQ 4.48 Rob Drijkoningen 27.06 6 Vanguard Global Credit Bond Inv GBPH Acc 2.5 4.32 21.85 5.29 7.82 7.33 2.4 1.71 GEM Bonds QQQQQ 12.91 318.97 7 Fidelity Global Dividend W Inc 3 4.65 42.91 16.53 2.68 19.43 2.25 3.3 Global Equity Income QQQQ 30.42 Daniel Roberts 2122.24 8 FP Octopus UK Micro Cap Growth P Acc 3 4.19 80.23 1.68 -0.41 77.99 2.34 5.68 UK Smaller Companies QQQQQ 34.78 Richard Power 267.99 9 ASI European Smaller Companies I Acc 4.5 4.22 53.24 8.32 -5.47 49.66 1.81 5.34 European Smaller Companies QQQQ 30.61 Andrew Paisley 73.95 10 Fidelity Mlt Asst Allctr Defesv W Acc 4.5 4.76 17.64 5 4.22 7.5 2.38 1.4 Mixed Investment 0-35% Shs QQQQ 11.24 Chris Forgan 111.81 11 Premier Miton UK Multi Cap Inc B Acc Ins 5 4.92 28.03 -2.47 -9.48 45.02 1.63 4.47 UK Equity Income QQQQQ 7.44 Gervais Williams 994.4 12 Royal London Sustainable Leaders C Acc 5 4.22 38.3 10.52 3.14 21.32 1.9 3.94 UK All Companies QQQQQ 15.69 Mike Fox 2725.87 13 ASI UK Income Equity I Acc 5 4.24 21.62 8.03 -8.82 23.47 1.48 4.41 UK Equity Income QQQQ 7.44 Charles Luke 172.01 14 L&G UK Property Feeder I Acc 5 3.03 9.06 4.69 -0.26 4.45 3.07 0.6 UK Direct Property -4.42 Michael Barrie 2259.84 15 L&G UK Property I Acc 5 3 9.19 4.69 -0.26 4.57 3.07 0.6 UK Direct Property -4.42 Michael Barrie 2259.84 16 FSSA Greater China Growth B GBP Acc 5 4.41 59.13 11.25 0.04 42.98 2.03 4.44 China/Greater China QQQQQ 40.2 Martin Lau 693.38 17 L&G Global Inflation Linked Bd Idx I Acc 5 4.7 13.03 0.81 5.48 6.29 2.14 1.11 GEM Bonds QQQQ 7.64 Not Disclosed 1341.21 18 Threadneedle European Sel Ins Acc USD H 5.5 3.89 56.24 18.05 7.44 23.19 2.15 3.98 Europe Excluding UK 26.5 Benjamin Moore 1873.59 19 Eaton Vance Intl(IRL)EmMktsDbtOpps SAcc$ 5.5 4.19 19.95 6.62 1.39 10.95 1.73 3.18 Global Emerging Markets Bond QQQQQ 4.48 97.23 20 Threadneedle Pan Eurp Focus Z Acc GBP 5.5 4.54 54.96 12.48 5.42 30.68 2.14 3.94 Europe Including UK QQQQ 24.36 Frederic Jeanmaire 87.01 21 Wellington Pan Eurp Sm Cp Eq N GBP AccUh 5.5 4.32 45.5 4.29 -5.81 48.1 1.76 5.07 European Smaller Companies QQQQ 30.61 Anna Lunden 84.81 22 Morgan Stanley Glb Brands Eq Inc I Inc 5.5 4.54 53.63 22.09 8.01 16.5 2.18 3.52 Global Equity Income QQQ 30.42 William D Lock 53.17 23 AB American Gr Ptf I Acc 5.5 4.24 94.11 26.62 14.29 34.14 3.12 4.08 North America QQQQ 57.76 Frank V Caruso 4568.52 24 Artemis US Smaller Companies I Acc GBP 5.5 4.73 85.23 18.39 -3.99 62.96 2.25 6.11 North American Smaller Comp QQQQ 60.14 Cormac Weldon 1093.39 25 Vanguard LifeStrategy 20% Eq A Grs Acc 6 4.81 17.59 5.3 5.2 6.15 2.24 1.42 Mixed Investment 0-35% Shs QQQQQ 11.24 Not Disclosed 2272.37 26 Threadneedle Eurp Smlr Coms Z Acc GBP 6 4.97 41.74 2.87 -6.08 46.7 1.67 5.07 European Smaller Companies QQQQQ 30.61 Mine Tezgul 465.93 27 Nomura Fds Emerging Market LC Debt I USD 6.5 4.68 2.44 4.42 -1.97 0.08 1.02 3.04 GEM Bonds QQQQ -4.6 Recai Gunesdogdu 73.49 28 T. Rowe Price Cont Eurp Eq Qh USD 7 3.84 47.31 17.22 0.18 25.44 2.16 4.07 Europe Excluding UK 26.5 Dean Tenerelli 99.65 29 ASSII-Eu SmlComp D Acc EUR 7 4.3 51.24 4.7 -9.62 59.82 1.77 5.54 European Smaller Companies QQQQ 30.61 Andrew Paisley 1305.15 30 ASC Phoenix B Income 7 4.78 22.39 7.05 1.24 12.93 2.09 1.88 Mixed Investment 20-60% Shs QQQQQ 14.65 Ben Ward 163.4 31 Vanguard LifeStrategy 40% Equity A Acc 7 4.97 22.21 6.55 1.84 12.63 2.11 1.94 Mixed Investment 20-60% Shs QQQQQ 14.65 Not Disclosed 7609.75 32 PIMCO GIS Glb Bd Instl GBPH Acc 7.5 4.95 12.27 2.77 4.32 4.72 2.38 0.96 GEM Bonds QQQQQ 9.55 Andrew Thomas Balls 11327.19 33 Liontrust UK Micro Cap I Acc 7.5 3.95 70.82 7.59 -0.89 60.19 2.1 6.05 UK Smaller Companies QQQQQ 34.78 Julian E C Fosh 129.45 34 Royal London UK Government Bond M Acc 7.5 4.78 11.49 3.28 14.21 -5.49 1.39 1.98 UK Gilts QQQ 7.5 Paul Rayner 976.14 35 Santander Sterling Government Bond IA 7.5 4.05 12.18 3.89 14.38 -5.6 1.42 1.99 UK Gilts QQQ 7.5 Robert McElvanney 287.36 36 LF Gresham House UK Micro Cap C Acc 8 4.81 51.37 4.17 -6.48 55.37 1.88 5.77 UK Smaller Companies QQQQQ 34.78 Ken Wotton 361.03 37 FSSA All China B USD Acc 8 3.7 76.28 10.88 10.22 44.24 2.28 4.79 China/Greater China QQQQQ 40.2 Winston Ke 49.59 38 FSSA Asia Focus B GBP Acc 8 4.95 39.42 9.34 -3.74 32.47 2.09 3.74 Asia Pacific Excluding Japan QQQQQ 34.16 Martin Lau 1176.35 39 Capital Group EM Lcl Ccy Dbt(LUX) Z 8 4.03 6.03 3.54 -1.68 4.16 1.09 3.26 GEM Bonds QQQQQ -4.6 Robert H. Neithart 700.43 40 SLI UK Real Estate Platform 1 Acc 8 4.92 -1.56 3.1 -4.87 0.36 0.8 0.59 UK Direct Property -4.42 George Shaw 228.29 41 ARC TIME Commercial Long Inc A Gross Acc 8 3.19 3.78 4.78 4.12 -4.87 1.58 0.8 UK Direct Property -4.42 Nigel Ashfield 399.77 42 PIMCO GIS Glb Hi Yld Bd E USD Inc 8 4.86 17.04 13.94 0.72 1.98 1.79 2.29 GEM Bonds QQQ 12.79 Andrew Jessop 3901.97 43 TB Guinness Global Equity Inc Y GBP Inc 8.5 4.57 39.61 15.92 -1.41 22.16 2 3.41 Global Equity Income QQQQQ 30.42 Matthew Page 3.45 44 Muzinich EM Mkt Corp Dbt HUSD Acc H 8.5 4.08 21.86 13.28 1.07 6.44 1.81 2.92 GEM Bonds QQQQ 8.4 Warren Hyland 335.63 45 LF Gresham House UK Mlt Cap Inc C £ Acc 8.5 4.24 30.97 5.54 -4.22 29.57 1.67 4.91 UK Equity Income QQQQQ 7.44 Ken Wotton 90.13 46 Legg Mason CB US Eq Sust Ldrs X $ Dis(A) 8.5 3.57 89.82 23.35 8.82 41.42 2.95 4.15 North America QQQ 57.76 Mary Jane McQuillen 665.69 47 T. Rowe Price Em Lcl Mkts Bd Q EUR 9 4.43 3.14 1.33 -2.71 4.63 1.02 3.24 GEM Bonds QQQQ -4.6 Andrew J Keirle 107.04 48 Schroder ISF Greater China C Acc USD 9 4.11 67.55 9.65 4.62 46.06 2.13 4.77 China/Greater China QQQQQ 40.2 Louisa Lo 3094.23 49 Legg Mason IF CB Glb Infras Inc X Inc 9 4.3 50.15 23.06 1.65 20.03 2.28 3.81 Global Equity Income QQQQQ 30.42 Charles Hamieh 801.85 50 Royal London Global Index Linked M Inc 9 4.86 14.95 2.71 6.86 4.73 1.74 1.53 GEM Bonds QQQQ 7.64 Paul Rayner 316.92

24 3 May 2021

024-025_IW_030521.indd 24 28/04/2021 15:02 The Consistent 50 A unique assessment of unit trusts/OEICs over three years to 23 April 2021

3-YEAR GENERAL 3-YEAR SECTOR PORTFOLIO FUND VOLATILITY SECTOR MORNING AVERAGE MANAGER SIZE (£m) STAR How we do it RATINGtm In the first step, all funds without a 1 MFS Meridian European Smlr Coms IH1 USD 1 4.35 43.08 21.27 -2.48 20.98 1.9 4.52 European Smaller Companies 30.61 Peter F Fruzzetti 453.26 three-year track record are excluded. In order to ensure statistical validity, 2 MGTS St Johns High Income Property Acc 2 4 8.43 3.08 2.5 2.63 9.74 0.21 UK Direct Property -4.42 Not Disclosed 148.2 sectors with less than 20 funds are 3 T. Rowe Price US Smlr Cm Eq CAccGBP 2 4.86 81.07 19.85 0.15 50.87 2.44 5.26 North American Smaller Comp QQQQ 60.14 Ryan Burgess 170.85 also excluded, as are those that do not 4 T. Rowe Price US Smlr Cm Eq Q GBP 2 4.78 81.55 20.21 0.04 50.98 2.44 5.27 North American Smaller Comp QQQQQ 60.14 Curt J Organt 2523.93 allow like-for-like comparison, such as Specialist, Guaranteed/Protected and 5 NB EM Dbt Sust Invms Grd Blnd USD I Acc 2.5 4.97 17.69 11.55 4.45 1.01 1.57 2.75 Global Emerging Markets Bond QQQQ 4.48 Rob Drijkoningen 27.06 Money Market. 6 Vanguard Global Credit Bond Inv GBPH Acc 2.5 4.32 21.85 5.29 7.82 7.33 2.4 1.71 GEM Bonds QQQQQ 12.91 318.97 The fund consistency score is then 7 Fidelity Global Dividend W Inc 3 4.65 42.91 16.53 2.68 19.43 2.25 3.3 Global Equity Income QQQQ 30.42 Daniel Roberts 2122.24 calculated by measuring the average 8 FP Octopus UK Micro Cap Growth P Acc 3 4.19 80.23 1.68 -0.41 77.99 2.34 5.68 UK Smaller Companies QQQQQ 34.78 Richard Power 267.99 decile ranking (ADR) of quarterly performance periods rolling back on 9 ASI European Smaller Companies I Acc 4.5 4.22 53.24 8.32 -5.47 49.66 1.81 5.34 European Smaller Companies QQQQ 30.61 Andrew Paisley 73.95 a month-by-month basis over three 10 Fidelity Mlt Asst Allctr Defesv W Acc 4.5 4.76 17.64 5 4.22 7.5 2.38 1.4 Mixed Investment 0-35% Shs QQQQ 11.24 Chris Forgan 111.81 years. 11 Premier Miton UK Multi Cap Inc B Acc Ins 5 4.92 28.03 -2.47 -9.48 45.02 1.63 4.47 UK Equity Income QQQQQ 7.44 Gervais Williams 994.4 The better a fund performs against 12 Royal London Sustainable Leaders C Acc 5 4.22 38.3 10.52 3.14 21.32 1.9 3.94 UK All Companies QQQQQ 15.69 Mike Fox 2725.87 its peers over a single period, the 13 ASI UK Income Equity I Acc 5 4.24 21.62 8.03 -8.82 23.47 1.48 4.41 UK Equity Income QQQQ 7.44 Charles Luke 172.01 higher up the ranks it sits and the lower its decile rank. An average of a 14 L&G UK Property Feeder I Acc 5 3.03 9.06 4.69 -0.26 4.45 3.07 0.6 UK Direct Property -4.42 Michael Barrie 2259.84 fund’s decile rank as measured over 15 L&G UK Property I Acc 5 3 9.19 4.69 -0.26 4.57 3.07 0.6 UK Direct Property -4.42 Michael Barrie 2259.84 the multiple time periods provides an 16 FSSA Greater China Growth B GBP Acc 5 4.41 59.13 11.25 0.04 42.98 2.03 4.44 China/Greater China QQQQQ 40.2 Martin Lau 693.38 indication of how much it moves up or 17 L&G Global Inflation Linked Bd Idx I Acc 5 4.7 13.03 0.81 5.48 6.29 2.14 1.11 GEM Bonds QQQQ 7.64 Not Disclosed 1341.21 down the ranks relative to its peers. The bottom 60% of the funds across 18 Threadneedle European Sel Ins Acc USD H 5.5 3.89 56.24 18.05 7.44 23.19 2.15 3.98 Europe Excluding UK 26.5 Benjamin Moore 1873.59 all sectors are then excluded based on 19 Eaton Vance Intl(IRL)EmMktsDbtOpps SAcc$ 5.5 4.19 19.95 6.62 1.39 10.95 1.73 3.18 Global Emerging Markets Bond QQQQQ 4.48 97.23 the average decile rank. The remaining 20 Threadneedle Pan Eurp Focus Z Acc GBP 5.5 4.54 54.96 12.48 5.42 30.68 2.14 3.94 Europe Including UK QQQQ 24.36 Frederic Jeanmaire 87.01 40% of funds across all qualifying IA 21 Wellington Pan Eurp Sm Cp Eq N GBP AccUh 5.5 4.32 45.5 4.29 -5.81 48.1 1.76 5.07 European Smaller Companies QQQQ 30.61 Anna Lunden 84.81 sectors are then sorted according to how they rank against their peers in 22 Morgan Stanley Glb Brands Eq Inc I Inc 5.5 4.54 53.63 22.09 8.01 16.5 2.18 3.52 Global Equity Income 30.42 William D Lock 53.17 QQQ terms of volatility and Gain/Loss profile 23 AB American Gr Ptf I Acc 5.5 4.24 94.11 26.62 14.29 34.14 3.12 4.08 North America QQQQ 57.76 Frank V Caruso 4568.52 (with those funds with lower volatility 24 Artemis US Smaller Companies I Acc GBP 5.5 4.73 85.23 18.39 -3.99 62.96 2.25 6.11 North American Smaller Comp QQQQ 60.14 Cormac Weldon 1093.39 being rewarded and equal weighting 25 Vanguard LifeStrategy 20% Eq A Grs Acc 6 4.81 17.59 5.3 5.2 6.15 2.24 1.42 Mixed Investment 0-35% Shs QQQQQ 11.24 Not Disclosed 2272.37 given to both measures) The top 50 funds are shortlisted to make the 26 Threadneedle Eurp Smlr Coms Z Acc GBP 6 4.97 41.74 2.87 -6.08 46.7 1.67 5.07 European Smaller Companies 30.61 Mine Tezgul 465.93 QQQQQ Consistent 50. 27 Nomura Fds Emerging Market LC Debt I USD 6.5 4.68 2.44 4.42 -1.97 0.08 1.02 3.04 GEM Bonds QQQQ -4.6 Recai Gunesdogdu 73.49 All data is calculated on a bid-to-bid, 28 T. Rowe Price Cont Eurp Eq Qh USD 7 3.84 47.31 17.22 0.18 25.44 2.16 4.07 Europe Excluding UK 26.5 Dean Tenerelli 99.65 net income re-invested, sterling basis. 29 ASSII-Eu SmlComp D Acc EUR 7 4.3 51.24 4.7 -9.62 59.82 1.77 5.54 European Smaller Companies QQQQ 30.61 Andrew Paisley 1305.15 30 ASC Phoenix B Income 7 4.78 22.39 7.05 1.24 12.93 2.09 1.88 Mixed Investment 20-60% Shs QQQQQ 14.65 Ben Ward 163.4 Definitions 31 Vanguard LifeStrategy 40% Equity A Acc 7 4.97 22.21 6.55 1.84 12.63 2.11 1.94 Mixed Investment 20-60% Shs QQQQQ 14.65 Not Disclosed 7609.75 Average Decile Rank is the funds average decile 32 PIMCO GIS Glb Bd Instl GBPH Acc 7.5 4.95 12.27 2.77 4.32 4.72 2.38 0.96 GEM Bonds QQQQQ 9.55 Andrew Thomas Balls 11327.19 ranking of quarterly performance periods rolling 33 Liontrust UK Micro Cap I Acc 7.5 3.95 70.82 7.59 -0.89 60.19 2.1 6.05 UK Smaller Companies QQQQQ 34.78 Julian E C Fosh 129.45 back on a month by month basis over three years. The closer the rank to one, the more consistent the fund. 34 Royal London UK Government Bond M Acc 7.5 4.78 11.49 3.28 14.21 -5.49 1.39 1.98 UK Gilts QQQ 7.5 Paul Rayner 976.14 Gain/Loss Ratio is the sum of positive percentage 35 Santander Sterling Government Bond IA 7.5 4.05 12.18 3.89 14.38 -5.6 1.42 1.99 UK Gilts QQQ 7.5 Robert McElvanney 287.36 fund returns divided by the sum of negative 36 LF Gresham House UK Micro Cap C Acc 8 4.81 51.37 4.17 -6.48 55.37 1.88 5.77 UK Smaller Companies QQQQQ 34.78 Ken Wotton 361.03 percentage fund returns over the chosen calculation period. The higher the resultant ratio, the greater the 37 FSSA All China B USD Acc 8 3.7 76.28 10.88 10.22 44.24 2.28 4.79 China/Greater China QQQQQ 40.2 Winston Ke 49.59 proportion of positive returns versus negative returns, 38 FSSA Asia Focus B GBP Acc 8 4.95 39.42 9.34 -3.74 32.47 2.09 3.74 Asia Pacific Excluding Japan QQQQQ 34.16 Martin Lau 1176.35 therefore the better the fund’s performance. 39 Capital Group EM Lcl Ccy Dbt(LUX) Z 8 4.03 6.03 3.54 -1.68 4.16 1.09 3.26 GEM Bonds -4.6 Robert H. Neithart 700.43 Volatility is the standard deviation of the fund’s QQQQQ monthly returns over the past 36-months. The greater 40 SLI UK Real Estate Platform 1 Acc 8 4.92 -1.56 3.1 -4.87 0.36 0.8 0.59 UK Direct Property -4.42 George Shaw 228.29 the volatility figure the greater the deviation in a 41 ARC TIME Commercial Long Inc A Gross Acc 8 3.19 3.78 4.78 4.12 -4.87 1.58 0.8 UK Direct Property -4.42 Nigel Ashfield 399.77 funds monthly returns. Volatility can be used as a measure of risk. 42 PIMCO GIS Glb Hi Yld Bd E USD Inc 8 4.86 17.04 13.94 0.72 1.98 1.79 2.29 GEM Bonds QQQ 12.79 Andrew Jessop 3901.97 The Morningstar RatingTM is calculated based 43 TB Guinness Global Equity Inc Y GBP Inc 8.5 4.57 39.61 15.92 -1.41 22.16 2 3.41 Global Equity Income QQQQQ 30.42 Matthew Page 3.45 on a fund’s total returns, adjusted for risk and sales charges, relative to other funds in its Morningstar 44 Muzinich EM Mkt Corp Dbt HUSD Acc H 8.5 4.08 21.86 13.28 1.07 6.44 1.81 2.92 GEM Bonds QQQQ 8.4 Warren Hyland 335.63 Category. The Overall Morningstar Rating published 45 LF Gresham House UK Mlt Cap Inc C £ Acc 8.5 4.24 30.97 5.54 -4.22 29.57 1.67 4.91 UK Equity Income QQQQQ 7.44 Ken Wotton 90.13 here is based on a weighted average of a fund’s 3-, 5-, 46 Legg Mason CB US Eq Sust Ldrs X $ Dis(A) 8.5 3.57 89.82 23.35 8.82 41.42 2.95 4.15 North America 57.76 Mary Jane McQuillen 665.69 and 10-year ratings, depending on the length of its QQQ record. 47 T. Rowe Price Em Lcl Mkts Bd Q EUR 9 4.43 3.14 1.33 -2.71 4.63 1.02 3.24 GEM Bonds QQQQ -4.6 Andrew J Keirle 107.04 3-Year Sector Average is the average performance 48 Schroder ISF Greater China C Acc USD 9 4.11 67.55 9.65 4.62 46.06 2.13 4.77 China/Greater China QQQQQ 40.2 Louisa Lo 3094.23 of all funds in the IA sector over three years. Comparing the fund’s cumulative three-year 49 Legg Mason IF CB Glb Infras Inc X Inc 9 4.3 50.15 23.06 1.65 20.03 2.28 3.81 Global Equity Income QQQQQ 30.42 Charles Hamieh 801.85 performance to the sector average highlights how the 50 Royal London Global Index Linked M Inc 9 4.86 14.95 2.71 6.86 4.73 1.74 1.53 GEM Bonds QQQQ 7.64 Paul Rayner 316.92 fund has performed against its peers. DATA SOURCE: © 2021 MORNINGSTAR, INC. ALL RIGHTS RESERVED RIGHTS ALL INC. MORNINGSTAR, 2021 © SOURCE: DATA

3 May 2021 25

024-025_IW_030521.indd 25 28/04/2021 15:02 Unit Trusts/OEICS Key Fund Data THIS WEEK How we do it UK Equities, Smaller Companies, Funds data supplied by Morningstar. Performance over one, three and five years on a cumulative bid-to-bid Satellite and Investment Trusts basis with income re-invested net of basic-rate tax. Figures based on NEXT WEEK closing price valuations available prior to 20 April 2021. Bonds, Major Markets and Managed Funds

1 3 5 Fund 1 3 5 Fund year year year Mstar Size year year year Mstar Size % Rnk % Rnk % Rnk Rating (£m) % Rnk % Rnk % Rnk Rating (£m) UK Equities - ES R&M UK Equity High Alpha Fund B Acc 57.37 25 20.92 83 64.09 33 QQQQ 100 - ES R&M UK Recovery Fund B Inc 62.04 16 23.40 65 74.84 21 QQQQ 203 UK All Companies - Family Asset Trust 26.84 189 6.90 190 28.09182 QQ 52 - Family Charities Ethical Tr Inc 27.90 172 7.02 189 25.92189 QQ 241 lAegon Ethical Equity GBP B Acc 34.53 112 23.23 71 39.23107 QQQ 589 - Fidelity FAST UK Y-ACC-GBP 26.22 198 27.49 45 53.68 60 QQQQQ 26 - Aegon UK Equity GBP B Acc 33.13 121 17.49 97 36.44134 QQQ 185 lFidelity Index UK P Acc 28.08 166 12.35 135 38.57114 QQQQ 3,082 - Aegon UK Opportunities GBP B Acc 34.78 109 30.17 34 50.60 64 QQQ 145 - Fidelity Instl UK Acc 29.53 151 14.34 123 30.64175 QQQQ 164 - Allianz UK Mid Cap C Acc 62.84 15 23.63 64 58.66 45 QQ 48 lFidelity Special Situations W Acc 48.49 45 9.04 171 39.12109 QQQ 2,862 - Allianz UK Opportunities C Acc GBP 60.11 21 28.71 38 73.10 24 QQQ 136 - Fidelity UK Opportunities W Acc 52.90 37 25.81 54 60.38 39 QQQQ 580 - Ardevora UK Equity B GBP Acc 6.61 234 16.70 105 50.40 67 QQQQ 78 - Fidelity UK Select W Acc 31.31 137 24.19 60 46.51 82 QQQQ 521 - Artemis SmartGARP UK Eq Fd I Acc GBP 51.39 42 20.47 86 55.14 56 QQQQ 283 - FP Octopus UK Equity B Acc 35.69 103 10.88 158 33.97149 QQQ 17 - Artemis UK Select I Acc 69.20 7 33.97 23 73.26 22 QQQQ 1,194 - FP Russell Invsmts UK Growth Assts C Acc 46.92 49 14.44 121 40.40102 Q 57 lArtemis UK Special Situations I Acc 54.30 33 26.99 49 46.08 84 QQQ 627 - Franklin UK Managers' Focus W Acc 33.85 116 19.59 87 47.78 77 QQQQ 335 - AS SICAV I UK Eq X SInc GBP 27.45 178 31.35 31 56.55 50 QQQQ 37 lFranklin UK Mid Cap W Acc 39.30 83 17.87 93 56.01 54 QQQ 1,101 - ASI UK All Share Tracker C Acc 28.00 168 11.66 146 37.01129 QQQ 1,719 - Franklin UK Opportunities W Acc 22.27 223 12.06 142 27.66185 QQQ 44 - ASI UK Equity Enhanced Index B Acc 28.22 164 9.07 170 34.58144 QQQ 480 - Franklin UK Rising Dividends W Acc 23.83 216 19.52 88 43.26 93 QQQQ 142 - ASI UK Equity I Acc 27.63 174 32.34 27 58.79 44 QQQQ 466 - GlobalAccess UK Opportunities M Acc GBP 34.02 115 17.48 98 49.04 73 QQQQ 399 - ASI UK Equity Index Managed B Acc 23.08 220 7.91 183 32.06167 QQQ 78 - GVQ Opportunities A GBP Inc 35.80 101 -0.22 217 13.25209 Q 6 lASI UK Ethical Equity P1 Acc 44.09 62 18.32 92 52.62 61 QQQ 297 - GVQ UK Focus I GBP Inc 36.33 100 1.10 214 17.14204 QQ 217 - ASI UK Growth Equity P1 Acc 26.35 197 6.43 193 28.86180 QQ 99 - Halifax Special Situations C 34.98 106 12.94 129 33.92150 QQ 131 - ASI UK High Alpha Equity P1 Acc 34.81 108 -0.29 218 23.28196 QQ 87 - Halifax UK FTSE 100 Idx Track C 22.42 222 6.13 196 28.07183 QQ 1,129 - ASI UK Impact Employ Opprt Eq P1 Acc 42.91 68 32.43 26 - - QQQQ 0 - Halifax UK FTSE AllSh Idx Track C 27.30 180 9.29 167 32.61163 QQQ 1,461 - ASI UK Mid-Cap Equity I Acc 45.73 54 48.54 8 92.74 8 QQQQQ 204 - Halifax UK Growth C 25.55 202 2.43 210 24.35193 QQ 3,760 - ASI UK Opportunities Equity P1 Acc 46.01 52 27.33 46 84.54 13 QQ 82 - HL Multi-Manager UK Growth A Acc 38.82 86 10.60 159 36.37135 QQ 183 - ASI UK Responsible Equity I Acc 36.48 97 42.65 12 83.14 14 QQQQQ 58 - HL Select UK Growth A Acc 25.68 200 32.16 28 - - QQQQQ 317 - ASI UK Unconstrained Equity P1 Acc 78.92 4 4.42 203 30.66174 QQ 298 lHSBC FTSE 100 Index Accumulation C 23.41 218 9.17 169 33.74151 QQQ 1,055 - Aviva Investors UK Index Tracking 2 £Inc 29.22 156 12.10 140 37.63120 QQQQ 810 lHSBC FTSE 250 Index C Acc 41.07 75 22.54 73 50.54 65 QQQQ 1,562 - Aviva Investors UK Lstd Eq Hi Alp2GBPAcc 66.48 10 11.65 147 32.68162 QQ 199 lHSBC FTSE All Share Index C Acc 26.71 192 12.40 134 38.35115 QQQ 1,865 - Aviva Investors UK Lstd Eq Uncons2GBPAcc 63.80 14 32.71 25 59.06 42 QQQQQ 216 - HSBC UK Focus R Acc 26.61 194 6.01 198 14.18208 QQ 3 - Aviva Investors UK Lstd S&M Cap2 GBP Acc 64.69 12 40.97 15 81.02 15 QQQQ 219 - HSBC UK Growth & Income C Acc 28.56 161 4.53 202 15.70207 Q 308 - AXA Framlington UK Growth Z GBP Acc 27.93 170 30.63 32 49.72 70 QQQQQ 134 - HSBC UK Multi-Factor Eq Instl A Inc 27.92 171 11.55 149 36.53133 QQQ 35 - AXA Framlington UK Mid Cap Z GBP Acc 39.55 81 28.63 39 58.63 46 QQQQQ 550 - IFSL CAF UK Equity A Acc 36.36 99 11.64 148 34.16147 QQQ 100 lAXA Framlington UK Select Opps ZI Acc 33.76 117 16.67 106 33.66152 QQQ 1,073 - Invesco UK Companies UK Z Acc 29.18 158 0.89 216 19.94203 QQQ 148 - AXAWF Fram UK F Cap GBP 36.73 96 22.80 72 52.45 62 QQQ 386 - Invesco UK Enhanced Index UK Z Acc 26.75 190 8.08 181 38.03119 QQQQ 626 - Baillie Gifford UK Equity Alpha B Acc 42.77 69 42.47 13 95.87 5 QQQQQ 966 lInvesco UK Eq High Inc UK Z Acc 25.44 206 -16.11 224 -11.10212 Q 3,235 - Baillie Gifford UK Equity Core B Acc 39.57 79 21.55 81 - - QQQ 315 lInvesco UK Equity Inc UK Z Acc 27.34 179 -14.00 223 -9.94211 Q 1,403 - Baillie Gifford UK Equity Focus B GBPAcc 52.22 40 43.31 9 - - QQQQQ 215 - Invesco UK Opports (UK) Z (Acc) 38.18 89 8.84 175 36.21136 QQQQ 775 - Barclays UK Alpha R Acc GBP 39.20 84 8.73 177 32.82160 QQQ 454 - iShares 100 UK Equity Index (UK) D Acc 24.16 211 9.46 166 34.59143 QQQ 1,821 - Barclays UK Alpha S2 R Acc GBP 39.98 78 9.47 165 34.28146 QQ 45 - iShares Mid Cap UK Equity Idx (UK) D Acc 43.36 66 21.62 79 49.91 69 QQQ 654 - Barclays UK Core R Acc GBP 30.84 140 7.11 187 31.25170 QQ 256 liShares UK Equity Index (UK) D Acc 28.36 163 12.52 133 38.79110 QQQ 10,926 - Barclays UK Lower Cap R Acc GBP 57.29 27 23.28 67 65.42 32 QQQ 60 - Janus Henderson Instl Hi Alp UK Eq I Acc 21.71 225 8.31 180 27.81184 QQQ 13 - Barclays UK Opportunities R Acc GBP 33.48 119 15.52 115 47.63 79 QQQQ 70 - Janus Henderson Instl MainstrmUKEq I Acc 21.58 226 8.96 173 29.64178 QQQ 191 lBlackRock UK D Acc 33.04 124 31.75 30 67.82 28 QQQQQ 570 - Janus Henderson Instl UK Eq Trck A Inc 26.72 191 9.00 172 31.24171 QQQ 73 - BlackRock UK Equity D Acc 29.19 157 21.86 76 53.79 59 QQQQQ 516 - Janus Henderson Instl UK Idx Opps I Acc 28.41 162 13.83 126 40.33103 QQQQ 835 lBlackRock UK Special Situations D Acc 37.85 91 23.88 62 70.13 27 QQQ 593 - Janus Henderson UK Alpha I Acc 46.90 50 15.42 116 54.07 58 QQ 394 - BMO FTSE All-Share Tracker 2 Inc 28.09 165 11.42 150 36.60132 QQQ 405 lJOHCM UK Dynamic A Acc 41.23 73 4.36 205 40.78101 QQQ 1,346 lBMO Responsible UK Equity 2 Acc 32.37 129 21.59 80 55.47 55 QQQQ 501 lJOHCM UK Growth GBP A Inc 64.35 13 27.56 44 63.26 34 QQQ 476 - BMO Select UK Equity 2 Acc 25.56 201 6.39 194 20.59202 QQ 49 - JOHCM UK Opportunities A GBP Acc 25.51 204 21.17 82 31.48169 QQQQ 309 - BMO UK Mid-Cap C Acc 47.93 46 3.97 207 32.40165 QQ 29 - JPM UK Dynamic C Net Acc 37.53 92 4.07 206 33.15158 QQQ 80 - BNY Mellon UK Equity Inst W Acc 23.44 217 17.24 99 32.54164 QQQQ 695 - JPM UK Equity Core E Net Acc 28.99 159 12.24 139 39.41105 QQQQ 1,631 - BNY Mellon UK Opportunities Inst W Acc 25.75 199 16.93 102 32.18166 QQQQ 287 - JPM UK Equity Growth C Net Acc 34.59 111 22.07 75 55.09 57 QQQQ 189 - CFP SDL Free Spirit General Acc 45.74 53 55.07 5 - - QQQQQ 94 - JPM UK Equity Index E Acc 31.85 133 - - - - - 38 - CFP SDL UK Buffettology General Income 34.68 110 36.95 20 96.23 4 QQQQ 1,660 - JPM UK Equity Plus C Net Acc 29.27 153 17.72 96 56.07 53 QQQQQ 111 - Consistent Opportunities Unit Trust Inc 80.66 3 38.80 17 43.67 91 Q 15 - JPM UK Equity Value C Net Acc 44.92 58 5.54 201 33.33155 QQ 57 lDimensional UK Core Equity GBP Acc 35.39 104 14.27 124 42.31 96 QQQQ 603 - Jupiter Growth & Income I Acc 30.16 146 1.59 212 11.33210 QQ 39 - Dimensional UK Value Acc 47.06 48 3.74 209 37.57122 Q 411 - Jupiter Responsible Inc I Acc 31.13 138 13.14 128 27.62186 QQQ 48 - EdenTree Responsible & Sust UK Eq Opps B 44.48 60 25.12 58 59.21 41 QQQQ 155 lJupiter UK Alpha I GBP Acc 42.39 72 16.82 104 46.14 83 QQQQ 848 - EdenTree Responsible and Sust UK Eq B 29.24 155 18.46 89 37.31123 QQQQ 166 - Jupiter UK Dynamic Equity Fund I GBP Inc 59.37 22 29.82 35 88.98 9 QQQQ 443 - ES R&M UK Dynamic Equity B Acc 35.72 102 16.58 107 46.87 80 QQQQ 85 - Jupiter UK Growth I Acc 23.90 215 -19.98 225 -14.23213 Q 520

26 3 May 2021

026-035_IW_030521.indd 26 28/04/2021 11:10 Morningstar analyst ratings l Œ l „ l ´ l ‰ l ˆ l Á

1 3 5 Fund 1 3 5 Fund year year year Mstar Size year year year Mstar Size % Rnk % Rnk % Rnk Rating (£m) % Rnk % Rnk % Rnk Rating (£m) lJupiter UK Mid Cap I GBP Acc 65.62 11 28.25 41 84.99 12 QQQQ 3,613 - SVM UK Growth Instl 51.94 41 26.97 50 59.01 43 QQQQ 180 lJupiter UK Special Situations I Acc 39.56 80 11.04 155 42.38 95 QQQQ 2,078 - SVM UK Opportunities Instl 58.21 24 27.02 47 59.25 40 QQQQ 174 - L&G (N) Tracker I Acc 28.02 167 12.26 138 38.06118 QQQQ 1,750 - SVS Church House UK Equity Growth A Acc 29.69 149 23.25 69 49.13 72 QQQ 87 - L&G Future World ESG UK Index I £ Acc 24.08 213 - - - - - 320 - TB Evenlode Income B Inc 15.98 233 27.02 48 57.26 48 QQQQQ 3,579 - L&G Growth I Acc 52.40 39 38.91 16 75.02 20 QQQ 291 - TB Saracen UK Alpha B Acc 68.77 8 33.89 24 73.24 23 QQQ 14 lL&G UK 100 Index I Acc 22.99 221 8.88 174 34.12148 QQQ 1,151 - Threadneedle UK Equity Opps Z Inc GBP 33.08 123 5.82 199 27.26188 QQ 77 - L&G UK 350 Index A Acc 26.93 187 10.43 161 32.88159 QQQ 132 - Threadneedle UK Extnd Alpha Ins Acc GBP 28.95 160 12.28 137 31.20172 QQQ 125 lL&G UK Index I Acc 27.26 182 11.92 145 38.62111 QQQ 6,533 - Threadneedle UK Growth & Inc Z Inc 29.99 148 16.04 113 37.12127 QQQQ 243 - L&G UK Mid Cap Index I Acc 45.14 57 17.08 101 - - QQ 406 - Threadneedle UK Institutional Ins Acc 31.70 134 9.54 164 33.54154 QQQ 1,045 - L&G UK Select Equity I Acc 46.36 51 15.93 114 43.83 90 QQQ 346 - Threadneedle UK Mid 250 Z Acc GBP 52.66 38 24.10 61 52.44 63 QQQ 71 - L&G UK Special Situations I Acc 37.93 90 -6.27 222 16.24205 QQ 155 - Threadneedle UK Select Z Inc GBP 24.07 214 7.42 186 21.73200 QQQ 286 - Lazard UK Omega C Acc 36.95 95 6.20 195 34.44145 QQQ 299 - Threadneedle UK Sustainable Eq Z Acc 31.93 131 26.33 52 48.61 74 QQQ 127 - Legg Mason IF QS UK Equity X Acc 33.20 120 16.82 103 25.54190 QQ 31 lThreadneedle UK Z Inc GBP 31.46 135 10.10 162 30.61176 QQQ 1,912 - LF Canlife UK Equity C Acc 33.54 118 7.58 184 23.66195 Q 665 - TM CRUX UK Core Fund B Inc 27.27 181 20.86 84 44.39 89 QQQQQ 74 - LF IM UK Growth A Inc 27.13 184 18.41 90 43.30 92 QQQQQ 26 - TM CRUX UK Special Situations I GBP Acc 82.54 2 - - - - - 88 lLF Lindsell Train UK Equity Acc 18.18 230 28.48 40 62.00 35 QQQQQ 6,725 - TM Stonehg Flm Opps B Inc 74.20 6 27.88 42 60.55 38 QQ 120 - LF Majedie UK Equity X Acc 33.11 122 8.48 178 32.76161 QQQQ 976 - TM UBS (UK) - UK Eq C Acc 25.24 210 8.40 179 30.38177 QQQ 10 - LF Majedie UK Focus X Acc 36.47 98 16.48 108 45.52 87 QQQQQ 913 - Unicorn Outstanding British Co Instl 17.14 232 8.74 176 28.47181 QQQ 143 - LF Purisima UK Total Return A PCG 26.53 195 16.31 111 39.41106 QQQ 6 - Unicorn UK Growth A 62.03 17 29.42 36 87.20 11 QQ 118 - Liontrust MA UK Equity S Acc 30.16 145 14.35 122 35.53141 QQQ 120 - Vanguard Active UK Equity A Acc 38.45 87 - - - - - 36 lLiontrust Special Situations I Inc 30.45 142 30.39 33 72.91 25 QQQQQ 6,119 - Vanguard FTSE 100 Idx Unit Tr £ Acc 25.38 208 9.26 168 - - QQQ 557 - Liontrust Sust Fut UK Gr 2 Net Acc 40.42 77 42.16 14 87.45 10 QQQQQ 985 lVanguard FTSE UK All Shr Idx Unit Tr£Acc 30.04 147 11.93 144 38.59112 QQQQ 13,134 - Liontrust UK Ethical 2 Net Acc 44.75 59 48.63 7 92.81 7 QQQQQ 859 - Virgin UK Idx Tracking Trust 29.27 154 10.01 163 33.27156 QQQ 1,980 lLiontrust UK Growth I Inc 20.97 227 15.22 117 45.88 85 QQQQ 710 - VT Cape Wrath Focus GBP A Net Acc 91.32 1 38.01 18 - - Q 8 - M&G Index Tracker GBP A Acc 27.03 185 11.22 154 36.65131 QQQ 519 - VT Castlebay UK Equity A Accumulation 23.19 219 35.28 21 61.53 36 QQQQQ - lM&G Recovery GBP I Acc 48.56 44 -1.41 221 25.42191 Q 1,625 - VT Downing Unique Opportunities A Acc 56.03 28 - - - - - 31 - M&G UK Select GBP I Acc 32.92 126 23.23 70 47.93 76 QQQQ 552 - VT Garraway UK Equity Mrkt F GBP net Acc 30.36 143 6.46 192 22.59198 Q 16 lMan GLG Undervalued Assets Profl Acc C 37.40 94 -0.55 219 41.48 99 QQ 1,382 - VT Munro Smart Beta UK A Acc Retail 25.53 203 1.04 215 23.99194 Q 5 - Marks & Spencer UK 100 Comp Acc 26.85 188 7.45 185 29.53179 QQQ 260 - VT Sorbus Vector A 49.91 43 53.22 6 - - QQQQ 76 - Marks & Spencer UK Selection Acc 32.75 128 3.81 208 15.89206 Q 98 - Wesleyan UK Growth X Acc 31.88 132 5.76 200 - - QQ 62 - Marlborough Multi-Cap Growth P Inc 39.09 85 28.79 37 80.69 16 QQQQQ 294 - Peer Group Median 33.76 - 16.04 - 39.23 - QQQ 278 - MFM UK Primary Opportunities P Inc 42.39 71 27.83 43 67.55 30 QQQQ 26 UK Equity Income - MFS Meridian UK Equity W1 GBP 27.19 183 16.21 112 37.59121 QQQQ 20 - MGTS AFH DA UK Multi-Cap Gr I GBP Acc 27.54 176 10.96 157 - - QQQ 46 - Aegon UK Equity Income GBP B Inc 27.67 59 10.22 42 26.68 41 QQQ 50 - MI Brompton UK Recovery Trust Acc 40.87 76 14.53 120 48.33 75 QQQ 11 - Allianz UK Equity Income C Inc 42.83 13 23.62 7 54.21 3 QQQQ 75 - MI Charles Stanley Equity A Acc 19.44 229 26.78 51 45.29 88 QQQ 19 lArtemis Income I Inc 34.22 31 15.78 22 42.81 9 QQQQQ 4,804 - MI Chelverton UK Equity Growth B Acc 77.57 5 74.59 1 175.00 1 QQQQQ 1,420 - ASI UK High Income Equity P1 Acc 32.34 39 -1.72 70 15.48 66 QQ 329 - Mirabaud UK Equity High Alpha A GBP Acc 55.76 29 34.38 22 67.64 29 QQQ 33 - ASI UK Income Equity I Acc 23.31 78 25.05 5 42.67 10 QQQQ 169 - Montanaro UK Income GBP 34.96 107 23.40 66 56.15 52 QQQQQ 792 lASI UK Income Unconstrained Eq P1 Acc 35.21 28 -4.60 78 8.14 75 QQ 753 - NFU Mutual UK Growth C 30.32 144 23.25 68 57.95 47 QQQQQ 395 - Aviva Investors UK Listed Eq Inc 2 £ Acc 37.08 24 17.15 16 37.49 17 QQQQ 1,136 lNinety One UK Alpha I Inc 21.96 224 15.11 118 35.93138 QQQQ 1,936 - AXA Framlington Monthly Income Z GBP Inc 39.95 18 14.36 25 39.17 14 QQQQ 267 - Ninety One UK Equity Income I Acc 17.24 231 20.80 85 41.77 97 QQQQQ 138 - AXA Framlington UK Equity Income Z £ Acc 24.19 75 16.10 21 33.77 22 QQQQ 70 lNinety One UK Special Situations I Acc 54.38 32 17.16 100 37.25125 QQ 401 - Barclays UK Equity Income R Acc GBP 39.55 19 5.08 57 27.57 38 QQQ 58 - Barclays UK Equity Income S2 R Acc GBP 39.20 20 4.43 58 26.93 40 104 - Ninety One UK Sustainable Equity I £ Acc 31.12 139 - - - - - 77 QQQ - Ocean UK Equity B Acc 26.71 193 - - - - 9 - BlackRock UK Income D Acc 26.39 66 16.12 20 33.53 24 QQQQ 409 - - BMO Responsible UK Income 2 Inc 23.36 77 11.28 37 29.27 34 430 - OneFamily Stockmarket 100 Trust RA 25.33 209 8.02 182 31.71168 316 QQQQ QQQ - BMO UK Equity Income 2 Inc 27.40 60 12.40 32 33.53 25 49 - Polar Capital UK Value Opports I GBP Acc 43.48 65 14.76 119 - - 1,394 QQQ Q - BNY Mellon Equity Income Bster Inst WAcc 27.14 62 -3.27 75 17.95 60 QQ 71 - Premier Miton Ethical C Inc 53.14 34 43.05 10 79.95 17 224 QQQQQ - BNY Mellon Equity Income Inst W Acc 25.20 72 -0.08 68 23.16 49 QQ 145 - Premier Miton UK GrC Inc 57.35 26 63.70 2 94.60 6 QQQQQ 237 - BNY Mellon UK Income Inst W Acc 26.39 65 17.56 15 32.12 30 QQQQ 1,118 - Premier Miton UK Value Opps B Instl Acc 68.28 9 37.54 19 70.77 26 QQ 661 - CFP Castlfd B.E.S.T. Sust Inc Gen Inc 21.03 81 6.48 53 10.88 71 QQ 22 - Quilter Inv UK Eq Opports U2 (GBP) Acc 52.95 36 24.91 59 43.11 94 QQ 373 - Courtiers UK Equity Income Retl R 61.39 2 25.90 3 57.09 1 QQQQ 24 - Quilter Investors Equity 1 A (GBP) Acc 60.22 18 22.14 74 76.37 18 QQQQ 66 - ES Ardevora UK Income Instl Net Acc 27.01 64 6.58 52 18.52 58 QQQ 5 - Quilter Investors UK Eq Gr U2 (GBP) Acc 25.51 205 16.46 109 46.64 81 QQQ 320 - ES R&M UK Equity Income Fund B Inc 28.23 57 16.59 18 39.80 13 QQQQ 145 - Quilter Investors UK Eq Idx U2 (GBP) Acc 27.57 175 12.03 143 37.21126 QQQ 348 - Fidelity Enhanced Income W Inc 15.89 84 5.24 56 9.07 73 QQQ 264 - Quilter Investors UK Equity U2 (GBP) Acc 32.94 125 - - - - - 304 lFidelity MoneyBuilder Dividend W INC 17.08 83 7.98 47 14.28 68 QQQQ 725 - Rathbone UK Opportunities I Inc 45.36 55 21.76 77 50.54 66 QQQQ 61 - FP Octopus UK Multi Cap Income S GBP Acc 43.74 12 - - - - - 51 - RBS UK Equity 1 Acc 27.52 177 - - - - - 272 lFranklin UK Equity Income W Acc 25.79 68 13.36 27 37.21 19 QQQQ 900 - Royal London FTSE 350 Tracker Z Acc 26.48 196 11.26 153 36.91130 QQQ 6,587 - GAM UK Equity Income Instl Acc 47.00 8 11.92 35 - - QQQ 163 lRoyal London Sustainable Leaders C Acc 20.84 228 43.00 11 76.15 19 QQQQQ 2,740 - Halifax UK Equity Income C 25.55 69 0.99 65 22.46 51 QQ 1,855 - Royal London UK All Share Tracker Z Acc 27.99 169 12.62 132 38.57113 QQQQ 597 - HL Multi-Manager Income & Growth A Acc 33.32 36 2.16 63 18.06 59 QQQ 2,153 - Royal London UK Dividend Growth M 39.40 82 26.29 53 61.07 37 QQQQQ 975 - HL Select UK Income Shares A Acc 22.17 80 16.56 19 - - QQQQQ 154 - Royal London UK Equity M Acc 24.14 212 12.88 130 38.31116 711 - HSBC Income Accumulation C 28.23 56 3.70 59 16.15 64 QQ 138 QQQQ - Invesco Income & Growth UK Z Acc 24.57 74 12.11 33 24.67 48 377 - Royal London UK FTSE4Good Tracker 25.40 207 12.08 141 33.24157 QQQ 127 QQQ - Janus Henderson UK Eq Inc&Gr I Inc 40.31 17 -2.43 71 12.67 70 QQ 212 - Royal London UK Growth 32.85 127 18.36 91 41.39100 QQQQ 1,157 - Janus Henderson UK Responsible Inc I Inc 30.70 45 20.61 10 37.95 15 310 - Royal London UK Mid-Cap Growth Instl M 41.16 74 23.76 63 56.35 51 452 QQQQQ QQQQ lJOHCM UK Equity Income A GBP Acc 51.76 5 5.67 54 40.92 12 QQQ 2,161 - Royal London UK Opportunities M Acc 47.57 47 17.82 94 35.56140 QQ 863 - JPM UK Equity Income C Net Acc 30.32 47 15.06 24 - - QQQ 292 - Sanlam Active UK A GBP 30.63 141 13.99 125 37.29124 QQQ 133 lJupiter Income Trust I Acc 36.15 26 2.35 62 26.43 43 QQQ 1,471 - Santander UK Equities A 38.22 88 17.81 95 39.21108 QQQ 265 - L&G UK Equity Income I Acc 38.72 22 0.59 67 17.83 61 QQ 244 - Santander UK Growth RA Acc 44.22 61 25.67 55 49.54 71 QQQ 901 - Lazard Multicap UK Income A Acc 34.75 30 9.34 46 32.97 26 QQQ 66 - Schroder Core UK Equity Z Acc 34.33 113 11.39 152 33.62153 QQQ 50 - LF ASI Income Focus C Sterling Acc 27.88 58 -30.41 81 - - Q 176 - Schroder MM UK Growth Z Acc 43.69 63 12.34 136 30.91173 QQQ 12 - LF Canlife UK Equity Income C Acc 28.85 54 7.38 49 22.59 50 QQQ 246 - Schroder Prime UK Equity I Acc 37.43 93 16.33 110 45.71 86 QQQQ 241 - LF Gresham House UK Mlt Cap Inc C £ Acc 29.01 53 31.69 1 - - QQQQQ 91 lSchroder Recovery Z Acc 55.27 31 6.64 191 39.87104 QQQ 1,179 - LF Majedie UK Income X Acc 24.64 73 -2.43 72 17.33 62 QQ 101 - Schroder Responsible Value UK Eq I Acc 43.48 64 7.05 188 38.08117 QQQQ 55 - LF Montanaro UK Income A GBP Acc 36.54 25 - - - - - 22 - Schroder UK Alpha Plus Z Acc 42.55 70 21.68 78 41.73 98 QQQQ 580 - Liontrust Income C Acc GBP 29.57 52 16.59 17 43.40 8 QQQQ 2 - Schroder UK Equity Z Acc 35.24 105 1.18 213 23.13197 QQ 376 - M&G Dividend GBP I Acc 32.04 41 10.52 39 20.87 53 QQQ 1,060 - Schroder UK Mid 250 Z Acc 60.19 19 13.34 127 50.06 68 Q 1,022 - M&G Equity Investment for Chrts GBP Inc 30.80 44 13.21 29 36.25 21 QQQQ 995 l - Schroder UK Opportunities Z Acc 34.13 114 -0.86 220 21.50201 QQQ 94 Man GLG Income Professional Acc C 34.00 33 9.50 45 47.62 5 QQQ 1,798 - Scottish Friendly UK Growth 60.12 20 31.84 29 57.10 49 - - Marlborough Multi Cap Income P Acc 31.62 43 10.20 43 26.37 44 QQ 1,111 QQQ - Merian UK Equity Income I GBP Acc 45.29 9 13.94 26 31.96 31 43 - Scottish Widows UK All Share Track I Acc 31.41 136 11.40 151 35.89139 QQQ 229 QQQ - MI Chelverton UK Equity Income B Acc 49.87 6 7.00 51 37.38 18 QQQQ 511 - Scottish Widows UK Growth A 29.55 150 1.96 211 22.27199 Q 2,196 - NFU Mutual UK Equity Income C 29.73 50 9.84 44 27.88 37 194 - Scottish Widows UK Select Gr A 45.33 56 25.52 56 47.69 78 30 QQQ QQ - Premier Miton Inc C Inc 23.21 79 -3.41 76 10.17 72 QQ 197 - Scottish Widows UK Tracker G Acc 27.00 186 6.12 197 27.42187 QQ 200 - Premier Miton Mly Inc C Inc 20.31 82 -4.99 79 8.56 74 QQ 269 - Slater Growth P Acc 58.33 23 58.90 4 103.88 3 QQQQ 971 - Premier Miton Optimum Inc C Inc 25.28 71 -4.03 77 13.14 69 Q 64 - Slater Recovery P Acc 55.47 30 61.83 3 129.21 2 QQQQ 203 - Premier Miton UK Multi Cap Inc B Acc Ins 47.19 7 30.01 2 54.29 2 QQQQQ 991 - SLI UK Equity General Trust Retl Acc 29.38 152 4.37 204 25.15192 Q 598 - Quilter Inv UK Eq Lrg-Cp Inc U2 GBP Acc 32.51 38 13.34 28 36.85 20 QQQQ 514 - Smith & Williamson UK Equity Gr B Inc 53.09 35 25.45 57 66.21 31 QQQQ 25 - Quilter Inv UK Eq Lrg-Cp Val U2 GBP Acc 26.07 67 17.80 14 32.82 27 QQQQ 20 - SPW Multi-Manager UK Eq Focus A Acc 32.32 130 11.02 156 37.11128 QQQ 1,575 - Quilter Investors UK Eq Inc U2 (GBP) Acc 45.19 10 - - - - - 106 - SPW Multi-Manager UK Eq Growth A Acc 43.05 67 12.88 131 35.21142 QQ 89 lRathbone Income I Inc 30.52 46 12.62 31 26.62 42 QQQQ 842 - Stt Strt AUT UK Scrn(ex Cont&CW)Idx Eq 27.74 173 10.50 160 36.00137 QQQ 174 lRoyal London UK Equity Income M 27.21 61 10.95 38 33.70 23 QQQQ 1,674

3 May 2021 27

026-035_IW_030521.indd 27 28/04/2021 11:10 Unit Trusts/OEICS

1 3 5 Fund 1 3 5 Fund year year year Mstar Size year year year Mstar Size % Rnk % Rnk % Rnk Rating (£m) % Rnk % Rnk % Rnk Rating (£m) - RWC Enhanced Income Fund R GBP Acc 41.24 15 15.70 23 26.09 45 QQQ 103 - Schroder Instl UK Smaller Cos I Acc 73.51 9 40.22 21 103.05 14 QQQQ 776 - Santander Enhanced Income II 32.05 40 22.99 8 43.55 7 QQQQ 56 - Schroder UK Dynamic Smaller Coms Z Acc 63.24 19 31.44 33 84.69 29 QQQQ 270 - Santander Equity Income R Inc 40.53 16 22.69 9 41.33 11 QQQQ 130 - Schroder UK Smaller Companies Z Acc 80.02 6 42.50 19 96.58 20 QQQQ 606 lSchroder Income Fd Z Acc 42.02 14 1.50 64 32.81 28 QQQ 1,598 - Scottish Widows UK Smlr Coms A 51.67 37 9.05 46 54.07 41 Q 47 - Schroder Income Maximiser Z Acc 34.92 29 -0.82 69 25.02 47 QQQ 752 lTB Amati UK Smaller Companies B 61.44 23 48.99 13 137.37 6 QQQQ 855 - Schroder UK Alpha Income Z Inc 33.80 35 10.41 41 25.61 46 QQQQ 104 - Threadneedle UK Smaller Coms Z Inc 62.86 22 44.12 17 101.72 15 QQQQ 294 - Scottish Widows UK Equity Income A Acc 29.89 49 0.70 66 20.66 55 QQ 388 - TM Stnhg Flm AIM B 83.48 3 71.10 4 210.33 1 QQQQ 129 - Slater Income P Inc 36.05 27 5.66 55 22.01 52 QQ 78 - TM Tellworth UK Smaller Companies R Acc 60.50 25 - - - - - 437 - SPW Multi-Manager UK Eq Income A Acc 34.02 32 10.44 40 28.41 36 QQQ 522 - Unicorn UK Smaller Companies A 58.43 28 26.34 39 70.45 36 QQ 48 - SVS Albion Olim UK Equity Income Acc 23.37 76 -2.72 74 14.39 67 QQQ 8 - VT Teviot UK Smaller Companies Net Acc 80.61 5 60.59 6 - - QQQQ 116 - TB Guinness UK Eq Inc Y Clean Income 31.66 42 7.02 50 - - 0 QQQ - Peer Group Median 60.32 - 36.83 - 94.36 - QQQ 289 - TB Saracen UK Income B Acc 54.86 4 19.76 11 47.83 4 QQQ 2 lThreadneedle UK Eq Inc Z Inc GBP 29.66 51 18.93 12 37.95 16 QQQQQ 3,764 - Threadneedle UK Equity Alpha Inc Z Inc 28.35 55 18.60 13 31.08 32 QQQQQ 327 European Smaller Companies - Threadneedle UK Monthly Inc Z Inc 25.32 70 12.10 34 20.70 54 QQQQ 392 lASI Europe ex UK Smaller Comp P1 Acc 55.44 15 43.92 6 93.99 8 42 - TM RWC UK Equity Income R Acc 57.26 3 - - - - 355 QQQQ - - ASI European Smaller Companies I Acc 49.42 19 56.86 2 126.62 2 QQQQ 73 lTrojan Income O Acc 10.69 85 11.56 36 19.17 57 QQQQ 2,984 lASSII-Eu SmlComp D Acc EUR 58.32 12 50.43 3 109.83 4 QQQQ 1,219 - UBS UK Equity Income C Acc Net 38.70 23 -8.78 80 27.30 39 QQ 233 l - Unicorn UK Ethical Income B Inc 33.88 34 7.50 48 28.50 35 73 Barings Europe Select I GBP Inc 45.94 21 37.63 8 91.42 10 QQQQ 1,393 QQQ - BMO European Smaller Coms R Acc EUR 58.47 11 34.42 11 59.74 18 12 - Unicorn UK Income B Inc 38.73 21 13.04 30 32.60 29 QQQQ 608 QQQ - Invesco European Smlr Coms UK Z Acc 80.94 2 30.76 15 70.15 15 167 - Vanguard FTSE UK Eq Inc Idx £ Acc 27.04 63 3.04 60 19.68 56 QQQ 1,022 QQ - VT Downing Monthly Income Acc 33.29 37 -2.55 73 17.32 63 QQ 44 - Janus Henderson European Smr Coms I Acc 89.25 1 67.64 1 159.79 1 QQQQQ 371 - VT Tyndall Real Income GBP A Acc 62.90 1 24.70 6 29.98 33 - 8 - JPM Europe Dynamic Sm Cp A perf(dist)EUR 59.17 10 28.70 17 86.79 12 QQQ 403 - WS Charteris Premium Income I Acc 45.12 11 25.49 4 44.17 6 QQQ 8 - JPM Europe Small Cap A (dist) GBP 62.58 7 23.74 19 76.12 14 QQQ 641 - WS Kleinwort Hambros Eq Inc A Acc 29.98 48 2.71 61 16.05 65 QQ 45 - JPM Europe Smaller Companies C Acc 60.04 9 36.75 9 98.20 6 QQQ 223 - Peer Group Median 31.62 - 10.41 - 27.57 - QQQ 212 lJupiter Europe (ex UK) SmlComs I GBP Acc 50.94 18 12.88 20 53.38 19 Q 19 - Jupiter European Smaller Coms I GBP Acc 52.42 16 - - - - - 26 UK Equity and Bond Income - Lazard European Smaller Coms C Acc 58.27 13 31.90 14 80.56 13 QQ 263 - Lazard Pan-European Small Cap C Acc EUR 58.00 14 - - - - - 78 - HSBC Monthly Income C Acc 21.16 2 6.40 3 19.71 3 Q 112 - M&G Pan Eurp Sel Smllr Coms GBP I Acc 69.31 4 24.70 18 68.41 17 QQ 148 - LF Canlife UK Equity and Bond Inc C Acc 18.73 3 10.37 2 29.23 2 QQ 19 - MFS Meridian European Smlr Coms W1 EUR 32.01 22 33.31 12 69.11 16 QQQQ 453 - Threadneedle Mthly Etr Inc Z Inc GBP 21.81 1 17.84 1 36.26 1 QQQ 224 - Mirabaud - Discovery Europe D GBP Acc 70.18 3 35.36 10 95.11 7 QQQ 95 - Peer Group Median 21.16 - 10.37 - 29.23 - QQ 112 - Mirabaud-Discovery Eur ex UK D GBP Acc 62.27 8 33.04 13 90.77 11 QQ 39 - Schroder European Sm Cos Z Acc 65.75 6 30.02 16 93.41 9 QQQ 167 Smaller Companies - T. Rowe Price Eurp Smlr Cm Eq Q GBP 67.65 5 42.27 7 119.13 3 QQQQ 232 - Threadneedle Eurp Smlr Coms Z Acc GBP 47.75 20 45.80 5 106.04 5 QQQQQ 467 UK Smaller Companies - Wellington Pan Eurp Sm Cp Eq N GBP AccUh 51.09 17 49.01 4 - - QQQQ 84 - Peer Group Median 58.39 - 34.89 - 91.42 - QQQ 167 - Aberforth UK Small Companies Acc 73.09 11 13.92 45 54.71 40 Q 201 - Aegon UK Smaller Companies GBP B Acc 47.19 44 31.00 34 73.85 34 QQ 285 lArtemis UK Smaller Companies I Acc 46.99 45 16.64 43 68.46 38 QQ 452 North American Smaller Companies - ASI (AAM) UK Smaller Companies I Acc 49.98 41 36.16 26 93.92 25 QQQ 99 lAlger Small Cap Focus I US 42.07 22 101.58 2 248.82 1 QQQQQ 849 l ASI UK Smaller Companies P1 Acc 39.74 48 44.27 16 105.82 12 QQQ 1,436 - Alger Weatherbie Specialized Gr I3 US 64.35 10 - - - - - 6 - Aviva Investors UK Smaller Coms 2 £ Acc 65.54 17 50.89 11 94.08 24 QQQ 49 - Artemis US Smaller Companies I Acc GBP 59.45 13 92.96 5 182.32 3 QQQQ 1,080 - AXA Framlington UK Smlr Coms Z GBP Acc 73.46 10 40.74 20 96.51 21 QQQQ 244 - AS SICAV I NA SmComs X Acc GBP 61.57 12 - - - - - 354 - Baillie Gifford British Smlr Coms B Acc 72.90 13 35.20 28 74.25 33 QQQ 327 - BMO US Smaller Companies C Inc 75.21 5 50.85 16 96.52 14 QQQ 59 lBlackRock UK Smaller Companies D Acc 53.98 33 35.30 27 104.07 13 QQQ 551 - Brown Advisory US Small Cap Blend B $ 59.01 15 52.34 15 105.52 11 QQQ 169 - BMO UK Smaller Companies 2 Acc 51.36 40 20.42 41 69.52 37 QQQ 30 - Brown Advisory US SmlrComs Dollar B Acc 56.41 16 80.30 9 150.76 5 QQQQQ 524 - CFP Castlfd B.E.S.T Sust UK SmCo Gen Inc 47.57 43 37.27 23 93.05 26 QQQ 22 - Federated Hermes US Smid Eq F GBP Acc 48.20 21 49.23 17 84.83 15 QQ 634 - Dimensional UK Smlr Coms Acc 52.12 36 21.72 40 49.78 43 QQ 411 - GlobalAccess US Sm & Md Cp Eq M Acc GBPH 74.66 6 39.47 19 84.23 16 - 88 - ES R&M UK Equity Smaller Coms Fd B Acc 63.81 18 50.24 12 99.97 18 QQQQQ 424 - GS US Sm Cp CORE Eq R Inc GBP Snap 59.40 14 42.53 18 102.21 13 QQQ 161 - Fidelity UK Smaller Companies W Acc 76.17 8 32.93 30 75.81 32 QQQ 378 lJanus Henderson US Venture A2 USD 52.58 17 58.87 12 117.08 9 QQQQ 208 - FP Octopus UK Micro Cap Growth P Acc 78.39 7 80.86 2 179.29 2 QQQQQ 258 - JPM US Small Cap Growth C Acc 64.98 9 93.96 4 230.78 2 QQQQ 530 lFranklin UK Smaller Companies W Acc 54.73 31 36.46 25 83.71 31 QQQ 309 lLegg Mason IF Royce US Smlr Coms X Acc 72.34 7 54.05 13 108.13 10 QQ 225 - Halifax Smaller Coms C 45.46 46 8.32 47 50.86 42 Q 142 lLegg Mason RY US SmCp Opp X USD Acc 116.37 1 65.56 11 149.87 6 QQ 1,202 - Invesco UK Smaller Coms Eq UK Z Acc 52.60 35 38.19 22 96.61 19 QQQQ 720 lNeuberger Berman US Sm Cap USD Instl Acc 48.69 20 67.26 10 125.69 8 QQQQ 640 - Janus Henderson UK Smaller Coms I Acc 60.14 26 37.20 24 92.99 27 QQQ 433 - New Capital US Small Cp Gr GBP UnHInsAcc 79.14 3 95.04 3 - - QQQQ 158 - JPM UK Smaller Companies C Acc 63.08 20 47.14 14 94.64 23 QQQ 239 - Premier Miton US Smaller Companies B Acc 83.46 2 133.62 1 - - ÙÙÙÙÙ 372 - Jupiter UK Smaller Companies Eq I Acc 70.69 15 32.55 31 130.05 8 QQQ 265 lSchroder US Smaller Comp Z Acc 62.25 11 53.89 14 105.00 12 QQQ 842 lJupiter UK Smaller Companies I GBP Acc 55.97 29 31.59 32 101.35 17 QQQQ 1,405 - T. Rowe Price US Smlr Cm Eq CAccGBP 51.28 18 87.25 6 - - QQQQ 170 lJupiter UK Sml Coms Focus I GBP Inc 66.03 16 34.74 29 143.54 5 QQQQ 331 - T. Rowe Price US Smlr Cm Eq Q GBP 50.91 19 85.71 8 155.80 4 QQQQQ 2,486 - L&G UK Smaller Companies I Acc 44.31 47 17.98 42 43.73 44 QQ 280 - Threadneedle AmerSmlrComs(US) Z Acc GBP 77.77 4 87.25 7 148.29 7 QQQQ 490 - Lazard UK Smaller Companies C Inc 59.13 27 28.64 37 65.70 39 QQ 12 - Wells Fargo (Lux) WF Sm Cp In Z GBP Acc 71.69 8 - - - - - 6 - LF Gresham House UK Micro Cap C Acc 54.92 30 52.16 9 110.85 11 QQQQQ 352 - Peer Group Median 61.91 - 67.26 - 121.39 - QQQQ 363 - LF Gresham House UK Smaller Coms C Acc 72.61 14 - - - - - 5 - Liontrust UK Micro Cap I Acc 60.94 24 67.20 5 144.08 4 QQQQQ 125 Japanese Smaller Companies lLiontrust UK Smaller Companies I Inc 51.61 38 55.34 7 129.51 9 QQQQQ 1,526 - M&G Smaller Companies GBP I Acc 49.70 42 29.79 35 71.14 35 QQ 305 - AS SICAV I Jpn SmlrComs X Acc GBP 27.03 7 26.93 5 77.24 6 QQQQ 413 - Marlborough Nano Cap Growth P Acc 103.60 2 82.80 1 175.43 3 QQQQQ 309 - Baillie Gifford Japan Small Co B Acc 43.17 2 35.74 1 110.74 1 QQQQQ 1,066 - Marlborough Special Situations P Acc 72.94 12 42.86 18 101.44 16 QQQQ 1,529 - BGF Japan Small & MidCap Opps D2 27.47 6 17.11 6 71.75 7 QQQ 179 - Marlborough UK Micro Cap Growth P Acc 81.95 4 54.55 8 132.27 7 QQQQQ 1,494 - BNY Mellon Jpn Sm Cp Eq Foc GBP W Acc 41.21 3 29.36 2 92.34 3 QQQQ 126 - MGTS AFH DA UK Smaller Coms I GBP Acc 52.68 34 29.73 36 - - QQQ 147 - Invesco Japanese Smlr Coms UK Z Acc 34.93 4 15.04 7 79.52 4 QQQ 53 - MI Downing UK Micro-Cap Growth B 26.38 49 -22.02 48 -5.55 46 Q 1 lJanus Henderson Hrzn Jpn Smr Coms H2 USD 33.92 5 27.65 3 77.49 5 QQQQ 246 - MI Sterling Select Companies Inc 54.13 32 26.95 38 84.34 30 QQQ 50 - M&G Japan Smaller Companies GBP I Acc 64.66 1 26.94 4 94.93 2 QQQQ 100 - Ninety One UK Smaller Companies I Inc 62.89 21 51.33 10 95.21 22 QQQ 322 - Peer Group Median 34.93 - 26.94 - 79.52 - QQQQ 179 - Premier Miton UK Smaller Companies B Acc 135.44 1 71.91 3 122.80 10 QQQQ 220 - Royal London UK Smaller Companies M 51.41 39 46.27 15 86.19 28 QQQQ 377 Satellite - Sarasin UK Thematic Smaller Co P Acc 26.23 50 16.13 44 33.97 45 42 QQQ Asia Pacific excluding Japan Don’t miss a thing - AB Asia Ex-Japan Eq I GBP Acc 33.79 81 24.21 88 - - QQ 254 - Allianz Total Return Asian Equity C Inc 56.74 8 67.48 7 129.55 15 QQQQ 78 For more on Investment Week’s - Alquity Asia USD Y 43.28 47 14.04 97 - - Q 32 lAS SICAV I Asia Pac Eq X Acc GBP 41.14 54 47.14 26 99.83 35 QQQQ 2,254 interactive market briefing events - AS SICAV I Asn Smllr Coms X Acc GBP 32.52 84 20.58 93 51.90 91 QQQ 645 featuring a number of funds - ASI (SLI) Asian Pacific Grth Eq P1 Acc 41.25 53 44.05 33 101.28 31 QQQQ 33 across asset classes go to - ASI Asia Pacific Equity Enh Index B Acc 38.54 66 37.56 51 95.62 44 QQQ 216 lASI Asia Pacific Equity I Acc 41.34 52 46.63 29 100.46 33 QQQQ 1,158 - AXA Rosenberg Asia Pacific ex Japan Z 36.91 69 28.53 77 80.70 65 QQQ 188 - Baillie Gifford Pacific B Acc 76.54 1 94.66 1 207.98 1 QQQQQ 2,826 investmentweek.co.uk - Barings ASEAN Frontiers I GBP Acc 47.16 26 25.70 85 65.69 80 QQQQQ 326 - Barings Eastern I GBP Inc 60.82 5 60.90 9 147.26 6 QQQQQ 170

28 3 May 2021

026-035_IW_030521.indd 28 28/04/2021 11:10 Morningstar analyst ratings l Œ l „ l ´ l ‰ l ˆ l Á

1 3 5 Fund 1 3 5 Fund year year year Mstar Size year year year Mstar Size % Rnk % Rnk % Rnk Rating (£m) % Rnk % Rnk % Rnk Rating (£m) lBGF Asian Dragon D2 34.23 79 34.82 64 96.10 42 QQQ 981 - Waverton Asia Pacific A USD 62.19 4 48.19 24 94.12 47 QQQ 106 lBlackRock Asia D Acc GBP 34.65 77 37.24 53 101.97 30 QQQ 136 - Wellington Asian Opps N Uhdg GBP Acc 46.55 32 - - - - - 424 lBlackRock Asia Special Situations D Acc 43.92 43 36.39 58 99.92 34 QQQ 90 - Peer Group Median 41.34 - 37.89 - 94.36 - QQQ 209 - BMO Asia Pacific Equity 2 Acc 27.93 98 33.29 67 86.52 59 QQQ 51 - BNY Mellon Asian Income Instl W Acc 29.11 93 36.00 60 62.09 84 QQQQ 1,040 Asia Pacific including Japan - BNY Mellon Oriental Inst W Acc 62.96 3 79.01 2 130.86 13 148 QQQQ lASI Asia Pacific and Japan Eq I Acc 35.16 7 43.40 4 92.06 5 134 - Comgest Growth Asia ex Japan EUR I Acc 28.17 96 24.69 87 81.47 63 QQQ 87 QQQQ - Baillie Gifford Developed Asia Pac B Acc 46.22 2 50.99 3 103.31 2 QQQQQ 246 - Comgest Growth Asia Pac ex Jpn GBP U Acc 27.94 97 24.15 89 80.35 66 QQQ 374 - Invesco Pacific UK Z Acc 42.00 3 36.53 6 100.10 3 QQQQQ 278 - Federated Hermes Asia exJpn Eq F GBP Acc 44.94 39 31.94 68 90.41 52 QQ 2,156 lJPM Pacific Equity A (dist) GBP 38.45 5 55.78 2 127.82 1 QQQQQ 1,660 lFidelity Asia Pacific Opps W GBP Acc 48.91 22 78.13 3 149.43 5 QQQQQ 1,246 lMatthews Asia Dividend Fund I GBP Acc 37.75 6 33.12 7 75.10 6 QQQQ 151 lFidelity Asia W Acc 41.51 50 49.65 22 130.31 14 QQQQ 4,427 - Stewart Inv APAC and Jpn Sstby B GBP Acc 40.25 4 22.83 8 53.85 7 - 482 - Fidelity Asian Dividend W Inc 26.65 101 37.34 52 83.65 60 QQQQ 65 l - SVS BambuBlack Asia Inc&Gr B 30.80 8 37.20 5 96.24 4 QQQQQ 57 Fidelity Asian Special Sits A-Dis-GBP 39.08 63 35.87 62 100.68 32 QQQQ 2,821 - TM Cerno Pacific B Acc 61.50 1 90.46 1 - - 91 lFidelity Emerging Asia W Acc 44.30 41 52.44 20 122.46 21 107 QQQQQ QQQQ - Peer Group Median 39.35 - 40.30 - 96.24 - QQQQQ 199 lFidelity Emerging Asia W-Acc-GBP 31.66 89 28.53 78 90.03 55 QQQ 535 - Fidelity Index Pacific ex Japan P Acc 32.26 87 30.08 73 65.09 81 QQQ 539 - Fidelity Instl Pacific ex Japan Acc 22.28 103 17.49 95 47.53 92 QQ 10 Global Emerging Markets - Fidelity Instl South East Asia Acc 29.30 92 37.09 54 92.98 49 QQQQ 165 - AB Em Mkts Low Volatil Eq I GBP H Acc 43.62 54 10.74 99 - - - 694 lFidelity Sustainable Asia Eq W-Acc-GBP 42.58 48 49.06 23 122.11 22 QQQQ 2,833 - AB Emerging Markets Gr I Acc 45.43 41 27.52 62 85.66 48 QQQQ 599 - FSSA Asia All-Cap B GBP Acc 36.13 73 31.80 69 76.10 74 QQ 211 - Alger Emerging Markets I US 44.75 45 38.28 31 92.38 41 QQQQ 9 lFSSA Asia Focus B GBP Acc 32.98 83 43.75 34 99.43 36 QQQQQ 1,157 - Allianz Emerging Markets Equity C Acc 44.11 49 31.44 45 87.74 45 QQQ 173 - GAM Multistock Asia Focus Equity GBP R 47.06 27 - - - - - 188 - Alquity Future World USD Y 39.31 82 6.75 104 - - Q 26 - GAM Star Asian Equity Instl GBP Acc 49.92 13 55.30 13 111.02 27 QQQ 31 - American Century Em Mkts Eq I USD 41.36 66 31.15 47 95.89 33 QQQQ 276 - GlobalAccess Asia Pac (ex-Jpn)M Acc GBPH 57.55 7 27.56 81 82.82 61 - 74 - American Cntry EM Sust Impct Eq F USD 42.99 57 - - - - - 77 - GS Asia Equity R Acc USD 46.55 31 54.10 14 128.57 16 QQQQ 182 - Artemis SmartGARP Glb EM Eq I Acc GBP 38.08 87 24.95 68 85.48 49 QQQQ 383 - Guinness Asian Equity Income Y GBP Dist 36.83 71 26.58 82 76.95 73 QQQQ 150 lAS SICAV I Em Mkts Eq X Acc GBP 49.31 24 39.31 27 75.55 62 QQQQ 1,559 - Guinness Best of Asia Y GBP Acc 55.00 9 36.52 57 - - QQQ 1 - AS SICAV I EM Smlr Coms X Acc GBP 54.38 14 33.44 41 59.37 79 QQQ 246 - Halifax Far Eastern C 30.15 91 27.96 80 79.96 68 QQ 208 - ASI (SLI) Emerging Markets Equity P1 Acc 41.26 67 33.50 40 93.38 37 QQQQ 94 - HSBC Pacific Index Accumulation C 46.86 30 43.49 35 94.38 45 656 - ASI Emerging Markets Eq Enh Index B Acc 35.65 96 27.27 64 81.28 54 QQQ 117 QQQ l - Invesco Asia Consumer Demand A USD SD 26.84 100 30.50 71 90.38 53 836 ASI Emerging Markets Equity I Acc 48.84 25 39.24 28 75.37 65 QQQQ 1,183 QQQ - ASI Emerging Markets Income Eq P1 Acc 41.67 65 35.48 37 100.43 27 326 - Invesco Asian Equity Inc UK Z Acc 41.75 49 40.11 44 79.46 70 QQQQ 45 QQQQ l - Aubrey Global Emerging Markets Opps IC2$ 47.05 30 54.15 12 133.43 4 QQQQQ 293 Invesco Asian UK Z Acc 49.62 15 41.14 41 123.94 19 QQQQ 1,665 - Aviva Investors Glb EM Eq Uncons 2GBPAcc 43.12 56 - - - - 24 liShares Pacific ex Jpn Eq Idx (UK) D Acc 47.46 24 44.43 31 95.92 43 1,462 - QQQ - Aviva Investors Glb EMs Eq Uncons Zh GBP 58.27 9 - - - - - 7 - Janus Henderson Asian Div Inc UT I Acc 18.35 104 17.93 94 56.06 88 QQQ 122 - AXA Framlington Emerging Mkts Z GBP Acc 39.75 80 33.68 39 80.14 57 QQQQ 101 - Janus Henderson AsiaPac Cptl Gr I Acc 38.70 64 43.19 36 105.93 28 QQQQ 227 - Baillie Gifford Em Mkts Lead Coms B Acc 52.27 19 65.19 4 150.78 2 QQQQQ 1,046 - Janus Henderson Instl APexJpn IdOpp IAcc 47.78 23 47.19 25 98.69 38 QQQ 127 - Baillie Gifford Emerging Mkts Gr B Acc 52.57 17 55.89 8 138.10 3 QQQQQ 1,641 - JOHCM Asia ex-Japan A GBP Inc 48.95 20 46.74 28 87.85 56 QQQ 92 - Barings Global Emerging Mkts I GBP Acc 30.75 117 27.66 60 91.64 43 QQQ 475 - JOHCM Asia ex-Japan Sm & Md-Cp A £ I 45.77 37 38.95 46 54.37 89 QQQ 4 lBlackRock Emerging Markets D Acc 44.26 46 54.28 11 129.59 7 QQQQQ 797 lJPM Asia Growth C Net Acc 44.09 42 67.56 6 170.05 2 QQQQQ 2,012 - BMO Emerging Markets Equity 2 Acc 31.32 115 17.94 87 54.75 84 QQQ 15 - JPM Asia Pacific Equity C Acc 49.24 16 - - - - - 61 - BMO LGM Glbl EmMkts Gr and Inc B USD Acc 33.31 108 19.46 81 56.34 82 QQQ 305 - Jupiter Asia Pac Inc L GBP Q Inc 33.87 80 38.68 47 62.03 85 QQQ 7 - BNY Mellon Emerging Income Inst W Acc 29.71 119 16.34 92 42.33 94 Q 80 - Jupiter Asian I Acc 43.39 45 31.05 70 68.24 78 QQQ 53 - BNY Mellon Global Emerging Mkts Int WAcc 65.74 5 69.11 3 131.32 6 QQQQQ 305 - Jupiter Asian Income I GBP Acc 34.68 76 41.73 40 78.00 71 QQQQ 824 - Candriam Eqs L Em Mkts C EUR Cap 48.37 27 33.27 42 100.66 26 QQQQ 1,711 - Jupiter Merian Asia Pacific I GBP Acc 46.18 36 37.89 49 120.59 23 QQQQQ 349 - Carmignac Emergents A EUR Acc 61.22 7 64.46 5 97.64 29 QQQQQ 1,059 - Jupiter Pacific Equity Fund I GBP Acc 47.01 28 38.23 48 92.95 50 QQQ 53 - Carmignac Pf Emerg Discv W GBP Acc 34.27 102 16.72 90 49.74 87 QQQ 158 - L&G Asian Income I Acc 28.64 95 15.10 96 53.79 90 QQQ 277 - Carmignac Pf Emergents W GBP Acc 75.14 2 82.42 2 122.35 11 QQQQQ 320 lL&G Pacific Index I Acc 46.42 34 43.13 37 93.50 48 1,209 - Comgest Growth Emerging Mkt Pl U GBP Acc 34.27 104 - - - - - 205 QQQ - Comgest Growth Emerging Mkts Flx € I Acc 11.17 125 -1.73 107 20.25 96 3 - Legg Mason IF MC Asia Uncons A Acc £ 29.06 94 - - - - - 80 Q lComgest Growth Emerging Mkts GBP U Acc 29.13 121 17.16 89 56.13 83 QQQ 3,162 - Legg Mason MC Asia L-T Uncons MGBPDis(A) 26.11 102 26.05 84 67.81 79 QQ 60 lComgest Growth GEM Promis Coms USD I Acc 29.02 122 -21.61 108 2.92 97 19 - LF Canlife Asia Pacific C Acc 43.51 44 45.07 30 103.96 29 112 Q QQQ lDimensional Emerging Mkts Core Eq Acc 42.83 58 24.00 71 73.35 67 QQQ 1,431 - Liontrust Asia Income I Inc 39.63 60 33.36 66 79.91 69 QQQQ 99 - Eaton Vance Intl(IRL) Pr EM I Acc GBP U 32.83 111 6.06 106 39.61 95 Q 171 - M&G Asian GBP I Acc 40.44 56 30.11 72 71.08 76 QQ 175 - Federated Hermes GEMs SMID Eq F GBP Acc 52.64 16 - - - - - 262 - Marlborough Far East Growth P Inc 34.97 75 25.16 86 81.67 62 QQ 40 - Federated Hermes Glb Em Mkts F GBP Acc 42.42 62 40.41 26 111.65 17 QQQQQ 5,567 - Matthews Asia Ex Japan Div I GBP Acc 53.30 10 63.18 8 153.30 4 QQQQQ 193 lFidelity Emerging Mkts Foc W-Inc-GBP 50.73 21 - - - - - 646 - Matthews Asia Small Coms I GBP Acc 47.23 25 50.91 21 97.79 39 QQQQ 12 lFidelity Index Emerging Markets P Acc 36.75 92 28.74 53 81.63 52 QQQ 590 lMatthews Pacific Tiger Fund I GBP Acc 43.38 46 40.50 43 86.99 57 QQQQ 356 lFidelity Instl Emerg Mkts W Acc 53.24 15 46.96 15 103.85 22 QQQQQ 3,260 - Merian Asian Equity Income I GBP Acc 39.88 58 28.78 76 80.74 64 QQ 20 - FP Carmignac Emerging Discv A GBP Acc 28.82 123 - - - - - 23 - MFS Meridian Asia Ex-Japan W1 USD 36.32 72 39.91 45 97.39 40 - 52 - FP Carmignac Emerging Markets A GBP Acc 75.30 1 - - - - - 26 - Mirabaud Equities Asia ex Japan A USD 34.32 78 26.31 83 75.80 75 QQ 148 - FP Henderson Rowe FTSE RAFI Em Mkt B 36.14 94 23.41 72 81.15 55 QQQ 38 - Natixis Pacific Rim Equity R/A USD 35.96 74 23.83 90 60.16 86 QQ 142 - FSSA Global Emerging Mkts Foc B GBP Acc 39.00 84 20.70 80 - - QQ 64 - New Capital Asia Future Ldrs USD InstAcc 64.78 2 - - - - - 513 - GAM Multistock EM Equity GBP C 46.60 32 27.73 58 93.61 36 QQQQ 753 - GAM Star Emerging Equity Instl GBP Acc 45.03 43 24.59 70 92.94 38 11 - Ninety One Asia Pacific Franchise I Acc£ 33.18 82 53.40 18 136.01 10 QQQQ 350 QQ - Nomura Fds Asia ex Japan High Cnv I USD 49.71 14 56.88 12 145.40 7 112 - GlobalAccess Emerging Mkt Eq M Acc GBP H 56.11 12 18.10 85 62.82 75 - 499 QQQQ lGQG Partners Emerging Mkts Eq R GBP Acc 40.14 75 41.73 21 - - 1,371 - Pictet-Asian Equities Ex Japan I USD 49.13 17 53.14 19 135.20 11 1,758 QQQQQ QQQQ - GS EM CORE Eq R Inc GBP Close 46.20 37 29.92 50 92.49 40 2,171 - Pictet-Pacific Ex Japan Index I GBP 32.15 88 29.02 75 63.73 83 217 QQQQ QQQ lGS Emerging Markets Eq R Inc GBP 46.48 34 42.64 19 108.99 21 QQQQQ 3,537 - Polar Capital Asian Stars I Acc 49.03 19 - - - - 51 - - Guinness Emerging Mkts Eq Inc Y GBP Dist 32.89 110 16.45 91 - - QQ 3 - Quilter Inv APAC ex Jpn LC Eq U2 GBP Acc 49.08 18 40.72 42 120.26 24 QQQQ 257 - HSBC GIF Global Emerging Mkts Eq AD 41.12 69 32.43 43 87.16 46 QQQ 246 - Quilter Inv Asia Pac ex Jpn Eq U2 GBPAcc 50.12 12 69.16 5 132.35 12 QQQQQ 247 - Invesco Global Emerg Mkts UK Z Acc 60.05 8 43.39 18 100.85 24 QQQQQ 261 - Quilter Investors Asia Pac U2 (GBP) Acc 46.21 35 - - - - - 52 - iShares Emerging Mkts Eq Idx (UK) D Acc 34.23 105 29.26 51 78.30 60 QQQ 3,368 - Robeco Asian Stars Equities F £ 48.92 21 33.85 65 - - QQQ 24 - Janus Henderson Emerg Mkts Opps I Acc 45.48 40 26.55 65 66.90 71 QQQ 140 - Royal London Asia Pac ex Jpn Tracker Z 46.45 33 44.14 32 94.36 46 QQQ 1,282 lJOHCM Global Emerging Mkts Opps GBP A 37.28 91 30.49 48 83.83 51 QQQQ 240 - Santander Pacific Basin (Ex Jpn) Eqs A 38.58 65 36.09 59 92.73 51 QQQ 27 - JPM Em Mkts Small Cap A (dist) perf GBP 45.33 42 28.82 52 78.74 59 QQQQ 1,506 lSchroder Asian Alpha Plus Z Acc 46.91 29 53.69 17 137.89 8 QQQQQ 1,728 lJPM Emerging Markets B Net Acc 45.51 39 55.75 9 126.20 9 QQQQQ 3,191 - Schroder Asian Income Maximiser Z Acc 27.63 99 21.54 92 58.01 87 QQQQ 248 lJPM Emerging Markets Income C Net Acc 40.46 73 39.19 29 86.21 47 QQQQ 573 lSchroder Asian Income Z Acc 41.39 51 37.61 50 86.70 58 QQQQQ 1,424 - JPM Emerging Mkts Opps C (dist) GBP 39.86 78 40.52 24 112.57 15 QQQQQ 4,165 - Schroder Institutional Pacific I Acc 40.38 57 42.66 39 90.21 54 QQQQQ 422 - Jupiter Global Emerging Markets I Acc 44.19 48 12.07 97 58.93 80 QQ 44 - Scottish Widows Pacific Growth A 31.28 90 28.22 79 77.76 72 QQ 30 - Jupiter Global EMs Focus I GBP Acc 46.41 35 27.65 61 78.96 58 QQQQ 144 l - SLI Pacific Basin Trust 36.89 70 36.53 56 97.04 41 QQQ 2,218 L&G Global Emerging Markets Index I Acc 34.54 100 28.51 54 76.14 61 QQQ 1,125 - SttStrt AUTAPACExJPNScrn(exCont&CW)IdxEq 44.65 40 34.85 63 80.09 67 QQ 1,433 - Lazard Developing Markets C Acc 43.13 55 30.48 49 91.92 42 QQQQ 45 - SVSBambuBlackAsiaexJpnAllCapB Cl AccShrs 37.35 67 46.86 27 117.34 25 41 - Lazard Developing Markets Eq C Inc USD 44.01 51 35.65 35 100.84 25 QQQQ 23 QQQQ lLazard Emerging Markets A Acc 31.71 112 8.32 102 48.10 90 551 lT. Rowe Price Asian ex-Jap Eq Q GBP 39.58 61 53.85 15 112.51 26 QQQQ 895 QQ lLazard Emerging Markets Eq A Inc USD 31.59 113 6.49 105 44.44 92 QQ 229 - T. Rowe Price Asian Opp Eq CAccGBP 39.09 62 58.60 10 - - QQQQQ 283 - Lazard Emerging Mrkts Core Eq A Acc USD 34.70 99 18.85 84 68.59 69 9 - T. Rowe Price Asian Opp Eq Q GBP 39.79 59 57.76 11 127.71 17 410 QQQ QQQQ - Lazard Emerging World C Acc GBP 49.71 23 42.03 20 95.87 34 QQQQ 17 - Templeton Asian Growth W(acc)GBP 40.69 55 36.63 55 99.20 37 QQQ 2,477 - Legg Mason IF MC Emerg Mkts X Acc £ 44.09 50 41.66 22 124.30 10 QQQQ 34 - Threadneedle Asia Z Acc GBP 45.09 38 53.79 16 123.61 20 QQQQ 814 - Legg Mason QS Em Mkts Eq A USD Acc ------Q 1 - TT Asia-Pacific Equity H GBP 57.73 6 42.96 38 136.34 9 QQQQ 163 - Liontrust Emerging Markets C Acc GBP 41.14 68 23.29 73 97.10 30 QQQ 24 lVanguard Pac exJpn Stk Idx £ Acc 32.50 85 29.56 74 64.67 82 QQQ 2,888 lM&G Global Emerging Markets GBP I Acc 45.81 38 22.59 74 66.60 72 QQQ 586 lVeritas Asian A GBP Inc 51.41 11 69.53 4 158.21 3 QQQQQ 5,789 - Magna Emerging Markets B EUR Acc 38.64 86 15.21 95 - - QQ 141 - Vontobel mtx Sust AsLdrs ExJpn I USD 32.38 86 35.93 61 126.72 18 QQQQ 1,317 - Magna Emerging Markets Div B GBP Inc 40.96 71 21.07 79 67.07 70 QQQ 246 - VT Halo Global Asian Cnsmr B £ Net Acc 37.29 68 21.67 91 68.58 77 QQ 67 - Marlborough Emerging Markets Trust P Inc 35.48 97 19.23 82 65.99 73 QQ 7

3 May 2021 29

026-035_IW_030521.indd 29 28/04/2021 11:10 Unit Trusts/OEICS

1 3 5 Fund 1 3 5 Fund year year year Mstar Size year year year Mstar Size % Rnk % Rnk % Rnk Rating (£m) % Rnk % Rnk % Rnk Rating (£m) - MFS Meridian Emerging Mkts Eq WH1 GBP 47.01 31 11.01 98 59.63 77 - 109 lSchroder ISF Greater China C Acc USD 45.16 5 69.08 7 168.33 6 QQQQQ 3,046 - MI Somerset Emerg Mkts Div Gr A Acc 34.98 98 9.49 101 43.84 93 QQQ 256 - Templeton China W(acc)GBP 30.40 26 46.78 19 115.64 17 - 414 - MI Somerset Emerg Mkts Sm Cp B Acc 40.23 74 12.96 96 49.68 88 QQQ 15 - Threadneedle China Opps Z Acc GBP 27.10 28 38.32 22 114.01 19 QQQQ 58 - MI Somerset Emerging Mkts Disc A GBP Acc 31.21 116 - - - - - 10 - Wells Fargo (Lux) WF China Eq Z GBP Acc 41.19 12 46.90 18 117.91 15 QQQQ 16 - MI Somerset Glbl Em Mkts Screened A Acc£ 33.62 107 21.22 78 - - QQ 55 - Peer Group Median 34.58 - 46.84 - 114.04 - QQQQ 175 lMI Somerset Global Emerg Mkts B Acc 34.27 103 22.29 75 69.27 68 QQQQ 319 - Mirabaud Equities Glbl Em Mkts D GBP Acc 37.89 88 27.81 57 84.64 50 QQQ 66 UK Direct Property - Multipartner Baron Em Mkt Eq B GBP Acc 42.75 60 25.22 66 75.40 63 QQQQ 2 - Nedgroup Inv Funds Global EM Eq D GBP 40.98 70 - - - - - 64 - Aberdeen UK Property Feeder UT I Acc -8.61 22 -16.66 23 -11.96 17 - 470 - Neuberger Berman Em Mkts Eq GBP I Acc 43.91 52 8.01 103 54.49 85 - 384 - Aberdeen UK Property I Acc -8.75 23 -16.71 24 -12.00 18 - 111 - NFU Mutual Global Emerging Markets C ------23 - Aegon Property Inc Feeder(Acc) GBP B Acc -9.81 25 -15.67 22 -8.97 16 - 157 - Ninety One Emerg Markets Equity I Acc 40.55 72 31.40 46 88.36 44 QQQQ 179 - Aegon Property Income GBP B Gross Acc -9.21 24 -13.67 21 -5.21 15 - 164 - Nordea 1 - Emerging Stars Equity BC GBP 48.63 26 56.12 7 128.97 8 QQQQQ 4,521 - ARC TIME Commercial Lng Inc Fdr I NetAcc -5.43 17 1.77 10 10.18 5 - 146 - PGIM Jennison Emerging Mkts Eq USD I Acc 69.83 3 87.28 1 158.76 1 QQQQQ 138 - ARC TIME Commercial Long Inc A Gross Acc -4.85 16 3.80 9 14.25 4 - 400 - PGIM QMA Em Mkts All Cap Eq I USD Acc 40.00 77 24.81 69 - - QQQ 29 - ARC TIME Social Long Inc Fdr Tr I NetAcc 3.78 6 11.74 2 - - - 63 - Pictet-Emerging Markets I USD 52.43 18 48.18 14 103.01 23 QQQQ 322 - ARC TIME Social Long Income A Gross Acc 4.65 3 14.39 1 - - - 109 - Pictet-Emerging Markets Index I GBP 37.62 90 27.51 63 80.78 56 QQQ 680 - Aviva Inv UK Prpty Fdr Acc 1 GBP Acc -13.58 27 -20.59 27 -17.55 23 - 167 - Pictet-Emerging Mkts High Div I dm GBP 47.41 29 46.20 16 92.82 39 QQQQ 78 - Aviva Inv UK Prpty Fdr Inc 1 GBP Inc -13.67 28 -20.46 26 -17.20 22 - 95 - Pictet-Quest Emerg Sust Eq I GBP 29.31 120 18.07 86 52.00 86 QQ 46 - Aviva Investors UK Property 2 GBP Acc -13.40 26 -19.83 25 -15.89 21 - 105 - Polar Capital Em Mkts Stars I USD Acc 47.48 28 - - - - - 322 - BMO UK Property 2 Inc -5.70 19 -5.13 14 3.36 8 - 320 - Polar Capital Emerging Markets Inc I Acc 30.10 118 16.01 94 49.03 89 QQQ 32 - BMO UK Property Feeder 1 Acc -5.47 18 -6.23 15 1.01 9 - 237 - Quilter Inv Em Mkts Eq Gr U2 (GBP) Acc 46.51 33 59.29 6 133.36 5 QQQQQ 205 - Janus Henderson UK Pty PAIF Feeder I Acc 1.25 8 4.49 8 10.09 7 - 1,037 - Quilter Inv Em Mkts Eq Inc U2 (GBP) Acc 39.78 79 - - - - - 153 - Janus Henderson UK Pty PAIF I Acc 1.25 9 4.52 7 10.16 6 - 234 - Quilter Inv Em Mkts Eq U2 (GBP) Acc 46.41 36 - - - - - 129 - L&G UK Property Feeder I Acc 4.20 5 9.16 4 21.10 2 - 2,260 lRobeco Em. Markets Eqs I $ 42.38 63 34.05 38 98.15 28 QQQQ 1,075 - L&G UK Property I Acc 4.31 4 9.27 3 21.23 1 - 2,260 lRobeco Emerging Stars Equities F £ 39.60 81 28.37 55 - - QQQ 1,587 - LF Canlife UK Property ACS I Acc -1.95 13 -6.45 16 - - - 327 lRobeco QI Emerging Cnsrv Eqs F £ 20.43 124 10.55 100 44.66 91 QQ 2,063 - M&G Feeder of Property GBP I Acc -6.07 20 -12.48 19 -12.88 19 - 1,417 - Royal London EM ESG Ldrs Eq Trkr Z £ Acc 40.14 76 - - - - - 2,497 - M&G Property Portfolio GBP I Acc -6.14 21 -12.55 20 -12.93 20 - 2,151 - Russell Inv Emerging Markets I 39.14 83 22.23 76 74.75 66 QQQ 1,472 - MGTS St Johns High Income Property Acc 2.63 7 8.42 5 18.60 3 - 148 - RWC Global Emerging Markets R GBP Acc 67.18 4 38.07 32 120.02 12 QQQQ 1,470 - MGTS St Johns Property Athrsd Tr GBP Acc 7.61 1 - - - - - 5 - Schroder Global Emerg Mkt Z Acc 42.75 59 41.20 23 110.61 19 QQQQ 972 - SLI UK Real Estate Acc Feeder P 1 Acc 0.35 11 -1.65 13 -1.00 12 - 626 - Schroder ISF QEP Glbl EM Z Acc GBP 36.27 93 19.14 83 64.25 74 QQ 162 - SLI UK Real Estate Inc Feeder P 1 Inc 0.39 10 -1.59 12 -0.82 10 - 285 - Schroder QEP Glbl EMM Z GBP Acc 32.93 109 17.22 88 60.85 76 QQ 87 - SLI UK Real Estate Platform 1 Acc 0.34 12 -1.58 11 -0.91 11 - 228 - Scottish Widows Emerg Markets A 34.49 101 25.19 67 75.39 64 QQQ 4 - Threadneedle UK Prpty Authrsd GBP InsInc -3.05 15 -7.99 17 -1.50 13 - 508 - T. Rowe Price EM Discv Eq CAccGBP 44.26 47 - - - - - 3 - Threadneedle UK Prpty Authrsd Invmt INI -3.03 14 -8.03 18 -1.54 14 - 667 - T. Rowe Price EM Discv Eq Qdn GBP 9 57.05 10 - - - - - 135 - VT Redlands Prpty A GBP Acc 5.74 2 4.71 6 - - - 102 lT. Rowe Price EM Eq Q GBP 33.94 106 31.87 44 95.78 35 QQQQ 2,213 - Peer Group Median -3.04 - -5.13 - -1.00 - - 236 lTempleton Em Mkts Smlr Coms W(acc)GBP 56.34 11 16.34 93 59.63 78 QQQ 363 - Templeton Global Emerging Markets W Acc 43.83 53 44.60 17 112.51 16 QQQ 44 Property Other - Threadneedle Global EM Eq Z Acc GBP 54.39 13 55.27 10 96.48 32 QQQQ 494 - AMP Cap Glb Real Estate Secs I USD Acc 20.63 18 34.08 8 36.43 18 QQQQ 6 - TT Emerging Markets Equity H GBP Acc 50.10 22 36.11 34 119.07 13 QQQQQ 810 - ASI European Real Estate Share I Acc 22.01 14 26.82 17 52.14 7 QQQQ 105 - TT Emerging Markets Uncons H GBP Acc 62.82 6 48.46 13 - - QQQQ 615 - ASI Global Real Estate P1 Acc -0.46 39 9.96 32 22.40 28 - 468 - UBS Global Emerging Markets Equity C Acc 44.95 44 38.28 30 111.28 18 QQQQ 755 - ASI Global Real Estate Share P1 Acc 25.97 6 18.85 25 14.18 33 Q 31 - UBS Global Emerging Mkts Opp Q GBP 42.33 64 36.13 33 109.63 20 QQQQQ 2,658 - ASI Global REIT Tracker B 32.11 1 - - - - - 128 lVanguard Em Mkts Stk Idx £ Acc 37.72 89 27.69 59 81.45 53 9,789 QQQ - ASI UK Real Estate Share I Acc 23.45 12 31.54 11 54.90 5 - 336 - Vanguard Global Emerging Markets A Acc 51.05 20 40.52 25 - - 245 QQQQ lAXAWF Fram Global Rl Est Secs F Cap EUR 18.50 25 28.22 14 34.83 19 QQQQ 253 - Vontobel mtx Sust EmMkts Ldrs N GBP 31.45 114 35.59 36 116.05 14 7,250 QQQQQ - BMO European Real Estate Scs B Acc GBP 26.40 5 21.45 24 48.80 8 - 46 - Wellington Em Mkts Rsrch Eq N GBP UH Acc 42.52 61 28.16 56 96.81 31 1,362 QQQQ - BMO Global Real Estate Securities 3 Acc 21.53 15 31.50 12 37.41 16 QQQQ 28 - Wells Fargo (Lux) WF EM Eq Inc ZGBP Acc 35.84 95 21.95 77 56.47 81 QQ 120 - BMO Property Growth & Income I Acc 18.42 26 9.75 33 23.38 26 422 - Wells Fargo (Lux) WF EM Eq Z GBP Acc 38.87 85 - - - - 319 QQQ - - Cohen & Steers Glbl Rl Estt Sec I USD 24.50 10 34.33 6 45.44 10 QQQQ 37 - Peer Group Median 42.38 - 28.51 - 85.48 - QQQQ 246 - Cohen & Steers SICAV Eurp Rl Estt Sec IX 28.18 3 33.83 10 76.67 1 QQQQQ 70 China/Greater China - Fidelity Global Property W Acc 11.52 34 27.15 15 38.04 15 QQQQQ 240 - First Sentier Asian Prpty Secs B GBP Acc 15.66 31 13.96 28 28.00 25 QQQ 7 - AB SICAV I China A Shares Eq I GBP Acc 24.21 33 - - - - - 190 lFirst Sentier Glbl Prpty Secs B GBP Acc 18.74 24 34.57 4 41.73 12 QQQQQ 248 - Allianz All China Equity WT GBP 42.83 7 - - - - - 1,243 - HSBC Global Property C Acc 17.34 29 12.20 30 17.33 30 QQQ 179 - Allianz China A-Shares Equity C 39.01 14 95.07 1 194.21 4 QQQQQ 138 liShares Glb Prpty Secs Eq Idx (UK) D Acc 22.38 13 26.29 20 32.12 22 QQQQ 5,303 - AQR China A Equity UCITS IDG4F 23.27 36 - - - - - 120 - Janus Henderson Hrzn AsPac Pty IncH2USD 16.20 30 26.52 19 39.39 14 QQQQ 29 - AS SICAV I All China Equity X Acc GBP 35.12 19 52.49 15 109.43 22 QQQQ 492 - Janus Henderson Hrzn GlblPtyEqsH2USD 19.07 21 43.92 2 57.84 4 QQQQQ 1,013 - ASI China A Share Equity I 42.48 8 - - - - - 16 - Janus Henderson Hrzn PanEurpPtyEqs H2EUR 28.31 2 33.90 9 67.70 2 QQQQQ 436 - ASSII-SLI China Eqs A Acc GBP 21.77 38 22.58 33 83.07 31 QQQ 1 - Kempen (Lux) Global Property J 19.97 19 22.84 22 32.22 21 QQQ 166 - Baillie Gifford China B Acc 48.94 3 70.75 6 194.88 3 - 750 lL&G Global Real Estate Div Index I Acc 21.02 16 25.76 21 31.60 23 QQQ 725 - Barings China A Share A USD Acc 45.36 4 73.04 5 126.98 14 QQQQ 10 lMS INVF Global Property IX 19.05 22 8.18 34 15.91 32 QQ 348 - Barings Hong Kong China I GBP Acc 44.56 6 66.79 8 147.37 9 QQQQ 1,729 lNedgroup Inv Funds Glbl Prpty C USD Acc 9.38 36 26.68 18 - - QQQQ 192 lComgest Growth China GBP U Acc 30.91 24 29.55 30 105.69 24 QQQ 283 - Neuberger Berman Glb RE Secs USD I Acc 11.81 33 34.33 7 43.78 11 QQQQ 8 - Fidelity China Consumer W Acc 34.58 21 53.44 13 133.75 13 QQQQ 352 - Neuberger Bm US Rel Est Sec USD I Acc 11.18 35 48.14 1 52.23 6 QQQQQ 328 lFidelity China Focus Y-Dis-GBP 13.64 41 12.09 35 71.25 34 QQQ 1,772 - PGIM Global Sel RE Scrts GBP I Dis 18.96 23 34.38 5 36.98 17 QQQQ 246 - FSSA All China B USD Acc 41.65 10 74.57 4 - - QQQQQ 49 - Premier Miton Pan Eurp Prpty Shr C acc 27.84 4 17.27 27 32.98 20 QQQ 181 lFSSA Greater China Growth B GBP Acc 41.36 11 61.45 10 139.57 10 QQQQQ 691 - Principal Glb Propty Secs I Acc USD 19.18 20 28.95 13 41.10 13 QQQQ 467 - GAM Multistock China Evolution Eq GBP R 40.85 13 54.80 12 216.29 1 QQQQQ 101 - Quilter Inv Glbl Prpty Scs R GBP HPt Inc 24.23 11 13.02 29 18.66 29 - 36 - GAM Star China Equity Instl GBP Acc 23.52 34 28.24 31 82.65 32 QQQ 191 - Sarasin IE Sust Glb Rl Est Eq GBP P Acc 11.90 32 11.67 31 16.15 31 QQ 65 - GS China Opportunity Equity R Inc GBP 34.78 20 50.50 16 134.63 12 QQQQ 72 - Schroder Glbl Cities Real Estt Inc Z Acc 24.95 9 21.94 23 23.29 27 QQ 61 - Guinness Best of China X GBP Acc 35.65 17 30.79 29 103.34 26 QQQ 7 - Schroder Global Cities Real Estt Z Acc 17.61 28 37.63 3 46.13 9 QQQQQ 1,294 - HSBC GIF Chinese Equity AD 30.98 23 38.96 21 108.27 23 QQQ 958 - SKAGEN m2 A 17.69 27 17.68 26 58.96 3 QQQQ 134 - Invesco China Equity Fund UK Z Acc 22.46 37 49.72 17 113.65 20 QQQQQ 484 - SPW Multi-Manager Glb RE Sec A Inc 20.82 17 26.97 16 30.51 24 QQQ 570 - TM Home Investor D Unbnd Net 1.13 37 4.84 35 11.10 34 64 - Invesco PRC Equity A USD AD 21.15 39 21.32 34 84.31 30 QQQ 342 - - TM Home Investor Feeder Retail Unbnd Acc 1.09 38 4.42 36 9.86 35 12 lJanus Henderson China Opps I Acc 26.62 29 34.63 26 117.59 16 QQQQ 768 - - VT Gravis UK Listed Prpty Fdr F £ UnHAcc 25.47 8 - - - - 24 - Janus Henderson Hrzn Opps CHN A2 USD 25.31 31 26.17 32 98.68 28 QQ 105 - - VT Gravis UK Listed Prpty PAIF A GBP Acc 25.52 7 - - - - 43 lJPM Greater China A (dist) USD 49.75 2 85.01 3 186.18 5 QQQQQ 2,171 - - Peer Group Median 19.18 - 26.60 - 36.43 - 166 - Jupiter China Equity Fund U1 GBP Acc 30.83 25 43.10 20 114.04 18 QQQQ 43 QQQQ - Jupiter China I Acc 19.13 40 3.70 36 39.66 35 Q 92 Specialist - Liontrust China C Acc GBP 33.21 22 36.81 24 104.65 25 QQQ 1 - Matthews China Dividend Fund I USD Acc 25.88 30 36.56 25 97.92 29 QQQ 13 - AB Alternative Risk Pre I GBP H 8.12 184 -2.82 173 - - - 44 - Matthews China Fund I GBP Acc 35.62 18 57.90 11 163.57 7 QQQQ 76 - AB International HC I GBP Acc 13.77 161 - - - - - 1,244 - Matthews China Small Coms Fd I USD Acc 36.41 16 90.12 2 208.09 2 QQQQQ 223 lAB Select Abs Alpha I GBP H Acc 20.68 134 21.57 94 35.56118 - 610 - Neuberger Berman China Eq USD I Acc 28.13 27 37.62 23 138.41 11 QQQQ 524 - ACUMEN Capital Protection Portfolio AGBP -0.47 209 - - - - - 136 - New Capital China Equity GBP Ord Acc 65.38 1 53.14 14 99.14 27 - 109 - ACUMEN ESG Protection A GBP 1.43 207 - - - - - 49 - Nomura Fds China I USD 23.51 35 31.11 28 79.75 33 QQ 14 - ACUMEN Income-Protection Portfolio A GBP 2.25 204 - - - - - 73 - Pictet-China Equities I GBP 42.09 9 66.15 9 149.89 8 QQQQ 559 - Alger Dynamic Opportunities I-3US 33.95 89 75.46 4 118.92 9 - 101 - Polar Capital China stars I USD Acc 37.23 15 - - - - - 32 lAllianz Income and Growth RM H2 GBP 39.84 65 39.29 51 70.84 57 QQQQQ 24,421 - Quilter Investors China Eq U2 (GBP) Acc 24.64 32 31.43 27 112.27 21 QQQ 175 - Alquity Africa GBP Y 25.33 120 -14.61 191 2.92172 QQQ 6

30 3 May 2021

026-035_IW_030521.indd 30 28/04/2021 11:10 Morningstar analyst ratings l Œ l „ l ´ l ‰ l ˆ l Á

1 3 5 Fund 1 3 5 Fund year year year Mstar Size year year year Mstar Size % Rnk % Rnk % Rnk Rating (£m) % Rnk % Rnk % Rnk Rating (£m) - Alquity Indian Subcontinent USD Y 50.86 24 -5.83 179 - - Q 19 - Invesco India Equity A USD AD 43.37 53 8.73 142 59.89 80 QQQ 162 - ARC TIME UK Infrastructure Income C Acc 6.16 192 21.91 92 - - - 41 - Invesco Latin American UK Z Acc 30.94 100 -14.67 192 13.19161 QQ 80 lAS SICAV I Indian Equity X Acc GBP 35.79 82 22.37 90 60.14 78 QQQQ 905 - Janus Henderson Diversified Alts Y Acc 18.16 147 20.59 96 43.01107 - 80 - ASI Diversified Growth R Acc 17.97 148 8.10 145 21.83144 QQ 724 - Janus Henderson Global Fncls I Acc 34.06 88 39.29 52 90.56 29 QQQQ 68 - ASI Dynamic MA Gr P1 Acc 20.37 137 15.02 122 30.16126 - 137 - Janus HndrsnLatin American H2 EUR 41.78 59 -8.95 186 29.34129 QQQ 25 - ASI Eastern European Equity I Acc 31.01 99 33.05 61 53.90 92 QQQQQ 17 - JPM Africa Equity A perf (dist) GBP 30.47 102 -6.78 182 21.67145 QQQQ 103 - ASI Financial Equity I Inc 29.80 106 32.31 65 82.52 39 QQQQ 50 - JPM Brazil Equity A (dist) USD 33.38 92 -0.49 168 42.76109 QQQQ 107 lASI Latin American Equity I Acc 33.77 91 -6.17 180 33.79121 QQQQ 89 lJPM Emerging Europe Equity C Net Acc 22.21 126 24.39 83 54.60 90 QQQQ 53 - ASI Multi-Manager Ethical I Acc 44.03 48 44.21 43 82.13 40 QQQQ 71 - JPM Emerging Middle East Eq A (dist) USD 30.06 104 27.88 75 51.49 93 QQQQ 69 - ASSII-Emg Mks Foc Eq Z Acc GBP 44.95 44 34.78 57 95.21 25 QQQQ 0 lJPM India A (dist) USD 35.97 79 -2.11 170 22.23143 Q 382 - Atlantic House Defined Returns B GBP Acc 25.24 121 21.66 93 49.73 95 - 1,397 lJPM Korea Equity A (dist) USD 79.71 3 55.28 18 119.42 8 QQQQ 627 - AXA Framlington Biotech GBP Z Acc 14.46 159 47.96 31 71.93 54 QQQQ 480 lJPM Latin America Equity A (dist) USD 38.36 69 0.04 166 32.91123 QQQQQ 441 - AXA Framlington FinTech Z GBP Acc 46.89 33 65.01 13 131.81 4 - 90 lJPM Natural Resources C Net Acc 48.09 32 22.67 89 85.88 34 QQQ 634 - AXA Framlington Health Z Inc 16.89 152 55.91 17 70.18 58 QQQ 581 lJPM Russia A (dist) USD 26.37 116 47.14 37 90.76 27 QQQ 319 - AXAWF Fram Robotech F Cap USD 52.31 18 82.01 3 - - QQQ 1,424 - Junior Gold P Acc 88.60 1 44.45 42 46.91 99 Q 23 - Barings Australia I GBP Acc 44.02 49 40.76 48 58.22 83 QQ 55 - Jupiter Emerging European Opps I Acc 19.50 143 13.69 125 54.83 89 QQQ 76 - Barings Eastern Europe I GBP Acc 25.76 118 15.54 117 54.13 91 QQQ 524 - Jupiter Financial Innovt D GBP Acc 43.95 50 53.88 23 113.30 14 QQQQQ 70 - Barings German Growth I GBP Acc 46.22 39 12.10 128 59.90 79 QQQQ 323 - Jupiter Financial Opportunities I Acc 33.90 90 48.36 29 102.15 20 QQQQQ 592 - Barings Global Agriculture I GBP 57.57 12 54.37 22 88.68 32 QQQQ 55 - Jupiter Global Financial Innovt I Acc 44.25 47 54.86 20 115.10 12 QQQQQ 55 - Barings Global Resources I GBP Acc 45.08 43 9.15 138 37.23116 QQQ 248 - Jupiter Gold & Silver Fund I GBP Acc 50.11 28 67.80 9 91.17 26 QQQQ 873 - Barings Korea I GBP Acc 78.93 4 32.32 64 75.93 49 QQQ 88 lJupiter India I Acc 31.13 98 -7.73 184 20.07149 QQ 465 - Barings Latin America I GBP Acc 34.63 86 -3.56 176 23.43139 QQQQ 156 - Jupiter India Select D USD Acc 31.92 96 -8.38 185 21.64146 QQ 97 - BGF Emerging Europe D2 41.48 61 23.08 87 64.19 68 QQQQ 548 - Jupiter Monthly Alternative Income I Acc 19.44 144 16.25 114 41.82111 QQQ 210 - BGF India D2 43.44 52 18.91 104 66.88 62 QQQ 279 - L&G Future World Sustainable Opps I £Acc 13.87 160 - - - - - 65 lBGF Latin American D2 27.73 113 -12.41 189 25.86134 QQQ 623 - LF Bentley USD Balanced Acc 2.11 205 16.07 116 24.74135 QQ 85 - BGF Nutrition D2 42.14 57 47.59 36 72.24 52 QQQ 151 - LF Canlife Global Infrastructure C Acc 13.08 166 14.87 124 33.26122 QQ 21 - BGF Sustainable Energy D2 70.42 6 91.27 2 142.41 3 QQQQ 4,496 - LF Waverton Alternatives II B Inc 3.52 201 1.42 162 -1.36175 - 32 lBGF World Energy D2 29.86 105 -21.80 196 -8.23177 QQQ 1,617 - Liontrust India C Acc GBP 61.03 9 7.08 147 44.99101 QQ 42 - BGF World Mining D2 76.32 5 67.76 10 165.79 1 QQQQ 5,392 - Liontrust Latin America C Acc GBP 35.86 81 -3.25 175 50.05 94 QQQQ 28 - BlackRock Dynamic Allocation D GBP Acc 13.76 162 18.10 107 26.91133 QQQ 469 - Liontrust MA Diversified Rl Assts A Acc 10.41 175 10.31 133 18.13152 QQ 287 - BlackRock Dynamic Diversified Gr D Acc 15.67 156 18.77 105 28.05131 QQQ 2,090 - Liontrust Russia C Acc GBP 26.85 115 52.06 25 126.36 7 QQQQQ 188 - BlackRock ESG Strategic Growth D GBP Acc 17.46 150 - - - - - 37 - LO Funds Cmdty Risk Premia USD NA 22.14 127 3.30 156 23.37140 - 127 lBlackRock Gold and General D Acc 11.00 174 65.84 12 64.67 66 QQQQ 1,103 - Loomis Sayles Strat Alpha Bd H-N/D GBP 13.54 164 7.25 146 14.61159 - 20 - BlackRock Managed Volatility I C 8.52 181 15.16 121 29.65127 QQQ 993 - Magna MENA G EUR Acc 34.73 85 19.93 98 89.41 30 QQQQ 50 - BlackRock Managed Volatility II C 11.26 172 17.38 109 36.07117 QQQQ 235 - Matthews India Fund I GBP Acc 54.30 15 17.29 110 61.22 74 QQQ 15 - BlackRock Managed Volatility III C 13.65 163 19.43 99 42.06110 QQQQ 72 - McInroy & Wood Emerging Mkts Pers Inc 27.50 114 16.78 112 43.06106 QQQ 87 - BlackRock Ntrl Resources Gr & Inc D Acc 50.03 29 23.33 85 62.40 71 QQQ 296 - MFS Meridian Latin American Eq WH1 GBP 41.21 63 -11.17 188 21.37147 - 3 - Blackrock UK Managed Volatility I C £Acc 2.03 206 9.30 136 14.07160 QQ 60 - MFS Meridian Managed Wealth WH1 GBP -2.71 213 -7.18 183 -1.52176 - 8 - Blackrock UK Managed Volatility II C£Acc 3.92 199 4.47 152 9.85166 Q 118 lMFS Meridian Prudent Wealth W1 GBP 5.00 196 36.31 54 61.03 76 QQQQ 3,581 - Blackrock UK Managed Volatility IIIC£Acc 4.08 198 -0.43 167 10.71165 Q 35 - MS INVF Global Balanced Income IR 8.90 179 6.36 148 23.01141 QQQ 218 - BMO Diversified Monthly Income 1 Inc 15.42 157 6.25 149 11.96163 Q 51 - Neuberger Berman AbsRetMltStrt USD I Acc -0.81 211 17.11 111 23.80137 - 41 - BMO Overseas Equity-Linked UK Gilt 3 Acc 28.59 110 47.72 34 103.72 19 - 66 - Neuberger Berman Glb Eq Idx PW GBP I Acc 25.93 117 11.64 130 - - - 13 - BMO Overseas Equity-Linked UK Infl 3 Acc 39.62 67 46.76 38 114.10 13 - 369 - Neuberger Berman US Eq Idx PW GBP AccUnH 20.04 139 34.08 59 - - - 203 - BMO Responsible Glb Em Mkts Eq R Acc GBP 28.05 112 23.05 88 - - QQQQ 473 - Ninety One Diversified Gr I Acc 19.60 142 10.56 132 19.78150 QQ 1,508 - BMO UK Equity-Linked Gilt 3 Acc 12.34 167 19.20 101 55.18 88 - 50 - Ninety One Global Gold I Acc £ 8.76 180 67.55 11 78.21 45 QQQQ 277 - BMO UK Equity-Linked Inflation 3 Acc 22.07 128 19.05 102 63.54 69 - 157 - Ninety One MA Protector 2 I Acc 6.89 189 4.60 150 21.20148 - 91 - BNY Mellon 50/50 Global Eq Expt 1 Acc 38.24 70 40.30 50 61.70 73 QQ 117 - Ninety One MA Protector A Acc 5.45 195 1.54 160 15.74156 - 121 - BNY Mellon Brazil Equity GBP W Acc 25.44 119 1.13 163 66.12 64 QQQQQ 44 - Nomura Fds India Equity I USD 46.19 40 16.10 115 95.79 23 QQQQ 97 - Brown Advisory Latin American B USD Inc 6.33 191 -37.07 197 -17.49178 Q 78 - Pictet - Emerging Europe P dy GBP 39.73 66 32.78 63 80.36 41 QQQQ 93 - Candriam Eqs L Australia C AUD Cap 59.41 10 40.50 49 78.87 44 QQQ 103 - Pictet TR - Atlas I GBP 13.36 165 29.81 72 - - - 1,434 lCandriam Eqs L Biotech C USD Cap 3.07 202 42.05 47 76.08 48 QQQQ 1,432 - Pictet-Biotech I dy GBP 11.51 170 47.86 32 72.05 53 QQQQ 1,676 lCapital Group Cptl Inc Bldr(LUX) Z 12.26 168 24.43 82 41.32112 QQQ 204 - Pictet-Health I dy GBP 14.92 158 49.66 27 62.22 72 QQQ 550 lCapital Group New World (LUX) Z 41.67 60 47.82 33 97.69 22 QQQQQ 303 - Pictet-India Index I GBP 43.04 55 25.61 80 66.41 63 QQQ 33 - Carmignac Pf Green Gold W GBP Acc 62.72 8 9.03 139 48.19 97 - 328 - Pictet-Indian Equities I GBP 44.26 46 22.21 91 75.50 50 QQQQ 288 - Cohen & Steers Glb Pref Secs I USD 4.28 197 - - - - - 280 - Pictet-Nutrition I dy GBP 37.02 74 44.11 44 83.70 37 QQQQQ 864 - Cohen & Steers SICAV Dvrs Rl Asts FX GBP 20.81 133 - - - - - 29 - Pictet-Russia Index I GBP 22.91 124 44.98 40 90.74 28 QQ 37 - Colchester Alpha USD Acc I -3.20 214 8.45 143 15.08158 - 8 - Pictet-Russian Equities I GBP 37.58 73 55.10 19 126.50 6 QQQQ 743 - Comgest Growth India EUR I Acc 49.31 31 19.35 100 61.09 75 QQQ 98 - Pictet-Timber I dy GBP 79.74 2 38.81 53 107.74 18 QQQQQ 835 - Comgest Growth Latin America USD I Acc 30.29 103 -5.15 178 16.63154 QQQQ 19 - PIMCO GIS Cmdty Real Ret Instl GBP H Acc 50.58 26 1.88 159 - - - 419 - Eaton Vance Intl(IRL) PrGl DefEq I Acc£H 19.94 140 17.73 108 - - - 154 - PIMCO GIS Dynamic Bd Instl GBP H Acc 9.54 177 8.73 141 18.29151 QQQ 2,477 - EF WM Global Trend B Acc GBP 11.94 169 4.27 154 22.50142 QQ 11 - PIMCO GIS Infl Strat Ins GBP Prtly H Acc 21.14 132 12.63 127 16.42155 Q 52 - ES Baker Steel Gold&Precious Mtls A Acc 21.63 129 9.57 134 43.51104 Q 10 - PIMCO Sel Dynamic Bd Ret GBP Acc 6.88 190 4.08 155 7.63168 QQ 196 - Fidelity Emerg Eur Mid East&Africa W Acc 65.15 7 31.33 70 69.62 59 - 100 - Polar Capital Biotech I Inc 32.27 94 74.92 5 161.91 2 QQQQQ 1,024 lFidelity India Focus Y-GBP 43.74 51 29.19 73 80.10 42 QQQQ 1,357 - Polar Capital Financial Opports R Inc 50.59 25 14.90 123 55.34 87 QQQ 9 - Fidelity Instl Pre-Ret Bd W Acc -0.74 210 16.29 113 30.85125 QQQQ 0 lPolar Capital Global Ins R Acc 23.51 123 32.90 62 71.59 55 QQQ 1,764 - Fidelity Latin America W-Acc-GBP 46.28 37 -2.95 174 37.87114 QQQQ 551 - Polar Capital Healthcare Opports I Inc 20.62 136 56.86 16 95.30 24 QQQQQ 1,549 - FP Foresight UK Infras Inc A GBP Acc 8.38 182 31.83 68 - - QQQQ 593 - Polar Capital Hlthcare Blue Chip I Acc 11.12 173 47.72 35 71.44 56 QQQ 71 - FP Octopus Dynamic Mixed Asset B Acc 15.71 155 20.01 97 37.41115 QQQQ 31 - Quilter Inv Natrl Res Eq U2 (GBP) Acc 53.52 16 31.67 69 101.16 21 QQQQ 95 - FP SCDavies Global Alts A Acc GBP 6.95 188 -0.88 169 0.81174 - 4 - Quilter Investors PM Eq U2 (GBP) Acc 8.14 183 61.38 15 58.35 82 QQQ 317 lFranklin India W(acc)GBP 44.39 45 18.94 103 59.32 81 QQQ 956 - Robeco FinTech F GBP 46.27 38 74.76 6 - - QQ 1,360 - FSSA Indian Subcontnn All-Cap B GBP Acc 41.21 64 15.31 118 63.32 70 QQQQ 8 - RWC Income Opportunities Fund R GBP Acc 51.08 22 30.52 71 47.69 98 QQQ 4 - GAM Star Alpha Technology USD Inc 22.64 125 61.42 14 111.39 15 - 60 - Sanlam Artificial Intelligence Z GBP 50.34 27 125.37 1 - - QQQQQ 673 - GAM Systematic Alt Rsk Pre GBP Acc 1.08 208 0.40 164 2.55173 - 21 - Sanlam Real Assets A GBP Inc 19.68 141 - - - - - 358 lGS India Equity R Inc GBP 51.84 20 25.10 81 82.92 38 QQQQ 1,358 - Sarasin Food & Agriculture Opps P Acc 35.26 84 31.95 66 76.50 47 QQQQ 336 - GS NA Engy & Engy Infras Eq R Acc USD 42.18 56 -9.72 187 7.38170 QQQ 35 - Schroder Diversified Growth I Acc 20.36 138 15.27 119 30.94124 QQQ 4,741 - GS Strat Abs Ret Bd I R Inc GBP Hdg 3.63 200 4.51 151 7.03171 - 449 - Schroder GAIA Egerton Equity A Dis GBP 21.29 130 18.18 106 56.62 84 - 850 - GS Strat Abs Ret Bd II R Inc GBP Hdg 5.71 194 4.38 153 7.60169 - 87 - Schroder India Equity Z 36.04 78 - - - - - 30 - GS US RlEstt Bal R Acc USD 15.84 154 34.72 58 56.15 85 - 156 lSchroder ISF Asian Ttl Ret C Acc USD 46.61 34 49.44 28 115.69 11 QQQQQ 4,705 - GSF II GS Balanced Allc R USD Inc 11.37 171 31.91 67 48.33 96 QQQQ 109 - Schroder ISF Emerging Europe C Acc EUR 34.12 87 25.95 79 86.77 33 QQQQQ 836 - HL Multi-Mgr Asia and Emerging Mkt A Acc 41.28 62 27.26 76 64.80 65 QQ 227 - Schroder ISF Eurp Div Mxmsr Z Acc EUR 21.28 131 -12.50 190 12.05162 Q 306 - HSBC GIF Brazil Equity AD 18.27 146 -20.97 195 15.29157 QQ 116 - Schroder ISF Glb Div Mxmsr Z Dis GBP Q 39.10 68 8.93 140 42.88108 QQ 1,236 - HSBC GIF BRIC Markets Equity AD 30.58 101 23.10 86 84.89 35 QQQ 90 - Schroder ISF Glb Em Mkt Opps C Acc USD 46.12 41 43.25 46 117.69 10 QQQQ 1,376 - HSBC GIF GEM Debt Total Return M1D 2.81 203 9.54 135 10.79164 QQ 266 - Schroder ISF Indian Equity C Acc USD 37.89 71 20.73 95 67.98 61 QQQQ 196 - HSBC GIF Indian Equity AD 46.42 36 9.25 137 55.46 86 QQ 845 - Schroder ISF Latin American C Acc USD 42.11 58 1.50 161 44.11102 QQQQ 175 - HSBC GIF Russia Equity AD 36.86 76 51.78 26 109.13 16 QQQ 109 - Schroder Small Cap Discovery Z Acc 56.37 13 27.13 77 60.59 77 QQQ 202 - Invesco Emerging European UK Z Acc 35.64 83 26.94 78 79.53 43 QQQQQ 12 - Scottish Widows Latin Amer A Acc 45.44 42 2.67 158 44.04103 QQQQ 6 - Invesco Global Fincl Cptl UK Z Acc 31.83 97 8.10 144 37.89113 - 23 - SKAGEN Vekst A 51.96 19 34.81 56 72.71 51 QQQ 667 - Invesco Global Hlth Care Innovt A USD AD 9.97 176 54.82 21 64.21 67 QQQ 263 - Smith & Williamson Global Gold & Res B 6.06 193 45.06 39 43.06105 QQQ 47

3 may 2021 31

026-035_IW_030521.indd 31 28/04/2021 11:10 Morningstar analyst ratings l Œ l „ l ´ Unit Trusts/OEICS l ‰ l ˆ l Á

1 3 5 Fund 1 3 5 Fund year year year Mstar Size year year year Mstar Size % Rnk % Rnk % Rnk Rating (£m) % Rnk % Rnk % Rnk Rating (£m) lStewart Inv APAC Ldrs Sstby B GBP Acc 36.86 75 44.66 41 76.67 46 QQQQ 7,125 - BNY Mellon Absolute Ret Bd EUR X Acc 5.48 70 -0.74 78 10.12 53 - 382 lStewart Inv Asia Pac Sustnby B GBP Acc 37.82 72 48.12 30 88.88 31 QQQQQ 545 - BNY Mellon Absolute Ret Eq GBP U Acc 5.07 75 -2.89 84 1.85 68 - 145 lStewart Inv Glbl Em Mkts Ldrs B GBP Acc 28.40 111 -2.62 172 23.89136 QQQ 732 lBNY Mellon Global Absolute Ret Inst WAcc 12.31 33 7.17 53 17.47 34 - 646 lStewart Inv Glbl EM Sustnby B GBP Acc 29.74 107 28.27 74 68.25 60 QQQQ 487 - BNY Mellon Global Dynamic Bd Inst Inc 4.80 80 7.61 49 11.19 51 QQ 2,219 - Stewart Inv Global Emerg Mkts B GBP Acc 32.16 95 0.27 165 28.83130 QQQ 115 - BNY Mellon Mlt-Asst Divers Ret Inst WAcc 28.15 5 25.81 5 48.42 2 QQQQQ 425 lStewart Inv Indian Sbctnt Sustnby B GBP 51.63 21 36.03 55 84.19 36 QQQQQ 305 lBNY Mellon Real Return Inst W Acc 17.78 19 26.70 3 25.65 21 - 5,617 - Stewart Inv Latin America B GBP Acc 28.92 109 -6.41 181 29.42128 QQQQQ 44 - BNY Mellon Sus Real Return Ins W Acc 19.63 14 - - - - - 493 lT. Rowe Price Frontier Mkts Eq Q GBP 35.97 80 -2.58 171 46.37100 QQQQ 69 - BNY Mellon Sust Glb Dyn Bd Instl W Acc 4.71 81 - - - - - 144 - T. Rowe Price Glb Nat Res Eq CAccGBP 49.32 30 12.81 126 - - QQQ 3 - CFP Castlfd Real Return Gen Inc 19.80 13 12.48 29 18.35 30 - 37 - T. Rowe Price Glb Nat Res Eq Q GBP 46.58 35 11.25 131 35.47119 QQ 85 - Eaton Vance Intl(IRL) Glb Mac I Acc GBPH 11.17 38 - - - - - 76 - TB Guinness Global Energy I Acc 43.30 54 -18.96 194 9.85167 QQQ 46 - Federated Hermes Abs Ret Crdt F GBP AccH 7.85 57 8.24 47 11.39 50 - 250 - Templeton BRIC A(acc)USD 33.20 93 33.75 60 109.08 17 QQQQ 456 - FP Octopus Global Strategies B 6.01 69 -0.06 75 2.87 65 - 31 - Threadneedle Latin America Z Acc GBP 36.33 77 -3.59 177 27.86132 QQQ 303 - FP Pictet Multi Asset Portfolio A Acc 20.43 12 11.99 32 27.53 19 QQ 175 - TM Fulcrum Diversified Liqd Alts CGBPAcc 17.25 151 - - - - - 17 - GAM Multistock Abs Ret Eurp Eq GBP Rh 3.70 86 -1.39 82 -2.96 75 - 81 - UTI India Dynamic Equity USD RDR 57.98 11 43.54 45 - - QQQQQ 576 - GAM Star (Lux) - Convert Alpha I EUR Acc 13.69 30 0.79 72 19.63 28 Q 34 - Vontobel Clean Technology N GBP 55.34 14 69.00 7 - - QQQQ 1,150 - GAM Star (Lux) - European Alpha I GBP 5.26 74 -0.74 79 -0.65 73 - 97 - VT Global Total Return Fund F Acc 20.63 135 15.23 120 17.87153 - 4 - GAM Star Emerging Market Rts Instl £ Inc 4.92 78 8.87 41 14.98 40 - 139 - VT Gravis UK Infras Inc C GBP Acc 7.72 187 24.02 84 34.70120 QQQ 745 - GAM Star Global Rates GBP Acc 33.36 4 21.35 8 12.28 46 - 101 - VT Protean Capital Elder I Net Acc 17.69 149 - - - - - 82 - GS Global Absolute Ret R Inc GBP Hdg 10.54 42 2.49 67 4.88 62 - 183 - Vt Protean Capital Procsi Core A GBP Acc 8.02 185 - - - - - 47 - H2O Multireturns N/D GBP 38.35 2 11.58 34 42.13 3 - 93 - VT RM Alternative Income Retail GBP Acc 18.61 145 - - - - - 89 - IFSL Brooks Macdonald Def Cap A Acc 23.72 7 16.88 16 30.73 13 - 487 - VT SG UK Defined Return Assets A Acc 24.89 122 11.73 129 - - - 42 - Insight Absolute Insight Ccy B3p GBP -0.99 104 -3.99 86 -8.98 78 - 4 - WAY Global Momentum E Acc 16.67 153 3.28 157 23.60138 QQ 10 - Invesco Global Targeted Inc UK Z Acc 0.06 100 -1.29 81 - - - 35 - Wellington EM Development N GBP UnH 52.33 17 52.08 24 128.18 5 QQQQQ 251 lInvesco Global Tgtd Rets UK Z Acc -1.64 106 -1.28 80 1.11 70 - 4,236 - Wellington FinTech N GBP Unhedged Acc 51.00 23 - - - - - 571 - Janus Henderson Abs Ret Fxd Inc I GBPAcc 1.14 99 - - - - - 235 - Wells Fargo (Lux) WF At Rk Pr I GBPH Acc -2.13 212 - - - - - 25 lJanus Henderson Absolute Return I Acc 5.00 76 7.79 48 12.48 45 - 1,394 - Wells Fargo (Lux) WF Glb L/SEq ZPGBPAcc 7.97 186 - - - - - 104 - Janus Henderson Eurp Abs Ret I Acc 16.34 25 21.04 9 29.63 15 - 20 lWinton Diversified UCITS I GBP Inc -6.72 215 -16.99 193 - - - 84 - Janus Henderson Mlt-Ast AbsRet I Acc 9.32 45 9.13 39 13.99 44 - 107 - Winton Trend UCITS I GBP Acc 9.12 178 - - - - - 36 - JPM Global Macro C Net Acc 7.62 60 4.52 62 11.80 49 - 104 - WS Charteris Gold and Prec Mtls B Acc 29.24 108 68.14 8 - - QQ 29 lJPM Global Macro Opportunities C Net Acc 13.43 31 15.49 21 32.29 10 - 1,865 - Peer Group Median 29.24 - 19.43 - 54.83 - QQQ 121 - JPM Unconstrained Bond C Grs Acc 8.69 50 8.79 44 16.00 35 QQQ 493 - Jupiter Absolute Return I Acc -5.37 110 -22.83 91 -22.07 79 - 85 Technology and Telecoms - Jupiter Merian Glb Eq AbsRet I GBP H Acc 11.47 36 -11.72 89 0.31 71 - 1,277 - Jupiter Merlin Real Return I GBP Acc 12.27 34 - - - - - 8 - AB International Tech C Acc 69.46 2 138.87 2 292.50 2 1,090 QQQQQ - Jupiter Strategic Abs Ret Bd F2 GBP HAcc 9.41 44 13.42 27 18.15 32 - 135 - AS SICAV I Global Inno Eq X Acc GBP 50.80 11 117.13 8 194.34 11 313 QQQ - Jupiter UK Opportunities I GBP Acc 1.88 97 1.45 70 -5.79 76 - 10 - AXA Framlington Global Technology Z Acc 52.88 8 124.03 4 278.87 4 QQQQ 1,469 - Jupiter UK Specialist Equity I GBP ACC 10.14 43 16.34 19 - - - 471 - Close FTSE TechMark X Acc 37.43 15 57.15 16 83.37 13 QQ 46 - L&G Multi-Asset Target Return I Acc 14.86 28 12.10 31 29.46 17 - 493 - Fidelity Global Technology W-Acc-GBP 63.69 3 136.31 3 286.82 3 QQQQQ 10,315 - Lazard Rathmore Alternative A Acc USD 18.29 17 - - - - - 780 - Herald Worldwide Technology B 37.07 16 95.76 13 245.86 7 QQQ 58 - LF Brook Absolute Return Sterling I Acc 71.97 1 57.14 1 41.88 4 - 486 - Janus Henderson Glb Tech Leaders I Acc 50.90 10 106.62 11 238.44 9 QQQQ 1,309 - Liontrust GF Absolute Ret Bd C5 Acc GBP 3.77 85 - - - - - 104 - L&G Global Technology Index I Acc 51.90 9 123.53 5 258.30 5 QQQQQ 1,113 - Liontrust GF EurpStratEq C3 H Instl Acc£ 35.28 3 19.97 12 37.04 6 - 48 - Liontrust Global Technology C GBP Acc 48.70 12 108.40 10 253.08 6 QQQQ 88 - M&G Absolute Return Bond GBP I Acc 9.02 47 8.85 43 - - - 28 - Marlborough Technology Fund P 103.80 1 159.70 1 239.24 8 QQQ 80 - M&G Global Target Return GBP I Acc 7.93 56 3.34 64 - - - 71 - Pictet - RoboticsI GBP 63.59 4 101.50 12 236.00 10 QQQQ 6,978 - Man Dyn Allc Professional C Acc 6.51 66 - - - - - 6 - Pictet-Digital I dy GBP 43.35 14 71.58 14 166.50 12 QQQ 4,167 - Man GLG Absolute Value Profl CX £ Acc 6.41 67 17.67 15 - - - 358 l Polar Capital Global Tech I Inc 46.53 13 123.14 6 318.10 1 QQQQQ 6,900 - Man GLG Alpha Select Alt IL GBP Acc 2.46 94 15.70 20 37.97 5 - 1,011 l T. Rowe Price Glb Tech Eq CAccGBP 61.65 6 120.45 7 - - QQQQ 408 - MI Activus Investment Z GBP Acc 24.07 6 25.95 4 - - - - l T. Rowe Price Glb Tech Eq Qd GBP 63.31 5 116.43 9 - - QQQQ 1,037 lMuzinich LongShortCreditYld HGBP Acc E 8.50 52 15.00 23 18.27 31 - 718 - Wellington Asia Technology N UnH GBP Acc 57.71 7 69.41 15 - - QQ 292 - New Capital Global Alpha GBP Inst Acc 16.88 23 14.81 24 - - QQQ 96 - Peer Group Median 52.39 - 116.78 - 245.86 - QQQQ 1,064 - Newton Managed Targeted Ret Inst W Acc 16.42 24 22.67 7 31.12 11 - 105 - Nordea 1 - GBP Diversified Return BC GBP 6.72 64 14.65 25 15.88 36 QQ 2,998 Targeted Absolute Return - Orbis OEIC Global Cautious Std GBP 13.39 32 - - - - - 16 - 7IM Real Return C Acc 10.79 40 6.49 56 21.00 27 QQQ 75 - OYSTER Absolute Return GBP R GBP D ------QQQ 23 - Absolute Insight Credit B2p2 GBP 6.62 65 3.00 65 12.22 47 - 47 - Polar Capital Global Abs Rt I USD Acc 16.91 22 - - - - - 31 - Absolute Insight W 4.61 82 -3.12 85 0.01 72 - 32 - Premier Miton Defensive GrC Inc 9.30 46 0.66 74 3.46 63 - 77 - Aegon Absolute Return Bond GBP B Acc 5.38 73 4.90 61 7.47 58 - 391 - Premier Miton Multi-Asset Abs Ret C acc 13.72 29 8.49 45 14.20 42 - 142 - Aegon Global Eq Mkts Netrl GBP B Acc 19.52 15 20.90 10 - - - 98 - Quilter Inv Glbl Eq Abs Ret U2 (GBP) Acc 11.60 35 - - - - - 342 - Aegon UK Equity Absolute Ret GBP B Acc 3.06 88 11.69 33 2.90 64 - 36 - Quilter Investors Abs Rt Bd U2 GBP Acc 2.32 95 - - - - - 705 - Allianz Fixed Income Macro E GBP Acc 2.88 90 - - - - - 458 - Royal London Abs Ret Govt Bd M GBP Acc 2.65 92 2.68 66 2.73 66 - 1,135 lAQR Mgd Futures UCITS F GBP -1.39 105 -1.86 83 -7.48 77 - 533 - Royal London Diversified ABS Fund Z Acc 8.18 54 7.38 51 21.81 26 QQ 193 - AQR Style Premia UCITS C GBP -3.38 109 -34.02 92 -27.84 80 - 463 - Sanlam High Income Real Ret A GBP Inc 22.82 10 8.42 46 24.93 23 - 37 - AQR Systematic Total Return UCITS C1 10.78 41 -19.96 90 - - - 141 - Sanlam Multi Strat A GBP Acc 14.94 27 19.92 13 33.53 9 - 436 - Artemis Target Return Bond I GBP Acc 8.03 55 - - - - - 59 - Schroder Absolute Return Bond Z GBPAcc 6.76 63 2.03 69 8.97 56 Q 65 - Artemis US Absolute Return I Hdg Acc GBP -1.76 107 0.79 71 6.14 60 - 241 lSchroder ISF Asn Bd TR Z Acc USD -0.80 103 20.14 11 25.87 20 QQQ 155 lASI Global Absolute Ret Strat P1 Acc 7.82 58 8.95 40 9.42 55 - 1,555 - Schroder ISF EM Dbt Abs Rt Z Acc EUR H 8.59 51 -5.23 87 8.70 57 Q 1,936 - ASI Target Return Bond I Acc 2.95 89 4.99 60 9.78 54 - 9 - Schroder Multi-Asset Total Return Z Acc 11.32 37 0.76 73 - - - 102 - ASSII-AbRtGblBdStr A Acc GBP 2.75 91 2.32 68 1.74 69 - 11 - Schroder UK Dynamic Abs Ret P2 GBP Acc 17.54 20 10.79 35 35.68 8 - 139 - Aviva Investors Mlt-Strat Trgt Inc 2£Inc 4.60 83 -0.53 77 -1.82 74 - 524 - Smith & Williamson Defensive Growth B 19.16 16 15.37 22 30.16 14 QQQ 60 - Aviva Investors Mlt-Strat Trgt Ret 2£Acc 5.42 72 5.82 58 7.17 59 - 3,955 - Smith & Williamson Enterprise C 7.15 61 4.19 63 15.33 38 - 69 - Baillie Gifford Diversified Gr B1 Acc 15.68 26 9.65 38 25.14 22 QQQ 6,168 - SVS Church House Tenax AbsRt Strts A Acc 7.78 59 7.28 52 14.74 41 - 492 - Baillie Gifford Multi Asset Gr B1 Acc 17.79 18 12.63 28 30.84 12 QQQ 2,288 - Threadneedle Dynamic Rl Ret Z Acc 17.32 21 16.71 18 28.71 18 QQQ 123 - Barings Multi Asset I GBP Acc 23.35 8 12.43 30 29.48 16 QQQ 101 lTM Fulcrum Divers Cor Abs Ret C GBP Acc 6.90 62 10.04 37 15.13 39 - 201 - BlackRock Absolute Return Bond D Acc 8.32 53 6.77 55 11.96 48 - 2,496 - TM Fulcrum Diversified Abs Ret C GBP Acc 8.98 48 10.55 36 15.86 37 - 821 lBlackRock European Absolute Alpha D Acc 3.34 87 16.80 17 19.09 29 - 607 - TM Fulcrum Income C GBP Inc 8.85 49 6.83 54 - - - 76 - BlackRock Systematic Glbl L/S Eq D Acc 1.87 98 5.02 59 14.12 43 - 8 - TM Neuberger Berman Absolute Alpha F Acc 23.00 9 - - - - - 29 lBlackRock UK Absolute Alpha D 2.64 93 6.14 57 10.60 52 - 219 - TM Tellworth UK Select A Acc 10.84 39 14.45 26 2.51 67 - 4 - TMI Diversified Assets GBP Acc Hdg 20.52 11 23.86 6 35.92 7 - 74 - Trium ESG Emissions Impact F EUR Acc -6.28 111 - - - - - 51 investmentweek.co.uk - Uni-Global Cross Asset Navigator RA-USD -0.49 102 8.85 42 24.67 24 QQ 118 lVeritas Global Real Return A Inc GBP 6.09 68 34.04 2 53.54 1 - 278 - Vontobel Ttfr Abs Ret Crdt G GBP 4.83 79 7.59 50 17.92 33 QQQQ 2,397 Deep Dive into Absolute Return - Vontobel TwentyFour Sust S/T Bd Inc NG £ 4.03 84 - - - - - 179 - VT Argonaut Absolute Return R GBP Acc 2.20 96 18.69 14 23.76 25 - 35 In 2020 the global economy saw monetary policy easing of - VT Clear Peak Cptl UK L/S Eq A GBP Acc 4.95 77 - - - - - 3 $7.5trn and fiscal support of $12trn in response to the coronavirus - VT Woodhill UK Equity Strat Net Inc GBP 5.44 71 -0.41 76 5.83 61 - 24 - Wellington Glbl Ttl Ret GBP N Acc H -0.05 101 - - - - - 52 pandemic - Polina Kurdyavko, BlueBay Asset Management - Winton Absolute Return Futures I GBP Acc -2.51 108 -7.10 88 - - - 21 - Peer Group Median 7.93 - 8.42 - 14.98 - QQQ 139

32 3 May 2021

026-035_IW_030521.indd 32 28/04/2021 12:36 Investment Trusts

1 3 5 Fund Ltst 1 3 5 Fund Ltst year year year Size Ltst NAV year year year Size Ltst NAV % Rnk % Rnk % Rnk (£m) Disc (£) % Rnk % Rnk % Rnk (£m) Disc (£) Asia Pacific Aberdeen New Dawn Ord 45.02 5 48.75 3 116.04 4 395 -10.61 3.31 Environmental Asia Dragon Ord 44.62 6 48.01 4 108.54 5 722 -8.03 5.34 Impax Environmental Markets Ord 69.62 1 77.45 1 142.61 1 1,230 7.72 4.78 Pacific Assets Ord 45.11 4 41.26 6 83.04 6 420 -6.93 3.29 Jupiter Green Ord 49.75 2 44.52 3 83.20 2 56 2.02 2.69 Pacific Horizon Ord 110.02 1 112.46 1 263.89 1 639 6.85 8.07 Menhaden Ord 35.04 3 60.05 2 81.74 3 113 -27.96 1.01 Schroder Asian Total Return Inv. Company 54.38 2 59.12 2 142.57 2 517 1.45 5.08 Peer Group Median 49.75 - 60.05 - 83.20 - 113 2.02 2.69 Schroder AsiaPacific Ord 49.00 3 47.89 5 132.86 3 1,121 -6.61 6.41 Peer Group Median 47.06 - 48.38 - 124.45 - 578 -6.77 5.21 Europe Baillie Gifford European Growth Trust 72.46 1 60.41 2 116.79 2 539 1.94 1.50 Asia Pacific Income BlackRock Greater Europe Ord 59.60 2 79.60 1 139.21 1 493 2.98 5.86 Aberdeen Asian Income Ord 40.12 4 30.81 4 70.07 4 445 -9.03 2.34 European Opportunities Trust 9.40 8 18.65 7 55.44 7 903 -11.96 7.35 Henderson Far East Income Ord 18.58 5 14.92 5 49.79 5 472 1.57 3.32 Fidelity European Trust Ord 33.01 7 44.55 4 91.60 4 1,290 -6.22 2.96 Invesco Asia Ord 57.77 1 52.27 1 123.14 2 276 -7.32 3.78 Henderson European Focus Trust Ord 43.60 5 41.55 5 82.94 5 356 -7.34 15.50 JPMorgan Asia Growth & Income plc 41.22 3 49.88 2 136.24 1 471 2.28 5.03 Henderson EuroTrust Ord 43.76 4 51.38 3 103.43 3 345 -9.18 14.95 Schroder Oriental Income Ord 41.69 2 36.09 3 83.00 3 779 -0.29 2.94 JPMorgan European Growth Pool Ord 42.10 6 23.89 6 66.84 6 283 -10.04 3.43 JPMorgan European Income Pool Ord 44.39 3 11.51 8 51.99 8 149 -9.84 1.51 Peer Group Median 41.22 - 36.09 - 83.00 - 471 -0.29 3.32 Peer Group Median 43.68 - 43.05 - 87.27 - 425 -8.26 4.65 Asia Pacific Smaller Companies European Smaller Companies Aberdeen Standard Asia Focus 2025 CULS ------444 2.06 1.26 European Assets Ord 68.65 3 48.61 3 86.97 4 529 -7.18 1.30 Aberdeen Standard Asia Focus Ord 49.99 2 27.84 2 64.66 2 444 -6.90 13.00 JPMorgan European Smaller Comp Ord 65.93 4 34.44 4 95.91 3 884 -10.51 5.02 Fidelity Asian Values Ord 54.41 1 29.25 1 73.22 1 346 2.15 4.87 Montanaro European Smaller Ord 73.47 2 99.09 1 192.35 1 303 0.08 17.35 Scottish Oriental Smaller Cos Ord 30.87 3 6.84 3 33.21 3 318 -11.85 10.20 TR European Growth Ord 105.76 1 57.00 2 143.61 2 811 -7.64 14.75 Peer Group Median 49.99 - 27.84 - 64.66 - 395 -2.42 7.53 Peer Group Median 71.06 - 52.81 - 119.76 - 670 -7.41 9.89 Biotechnology & Healthcare Financials BB Healthcare Ord 42.52 2 93.92 1 - - 994 4.82 2.01 Polar Capital Global Financials Ord 56.86 1 27.35 1 70.86 1 259 3.12 1.63 Biotech Growth Ord 32.82 3 93.58 2 105.76 1 573 0.99 14.26 International Biotechnology Ord 12.61 6 46.17 5 71.34 3 302 -1.03 7.34 Peer Group Median 56.86 - 27.35 - 70.86 - 259 3.12 1.63 Polar Capital Glb Healthcare Ord 14.69 5 51.30 4 66.58 4 382 -11.71 2.58 Polar Capital Glb Healthcare ZDP 2024 3.00 7 9.27 6 - - 382 0.45 1.13 Flexible Investment RTW Venture Ord 66.62 1 - - - - 271 10.22 1.62 Worldwide Healthcare Ord 17.01 4 60.63 3 99.30 2 2,358 1.48 37.70 Aberdeen Diversified Income & Growth Ord 8.70 18 3.33 19 10.39 16 356 -16.46 0.96 Peer Group Median 24.92 - 60.63 - 85.32 - 382 0.99 2.58 Bailiwick Investments 23.03 11 9.66 18 48.57 11 76 - - BMO Managed Portfolio Growth Ord 45.49 3 44.36 2 89.12 2 104 1.58 2.83 BMO Managed Portfolio Income Ord 33.68 8 26.41 8 52.99 9 65 1.11 1.42 China/Greater China Caledonia Investments Ord 24.99 10 28.64 5 49.61 10 2,165 -26.73 26.45 Baillie Gifford China Growth Ord 38.23 3 32.76 3 72.53 3 269 6.22 4.87 Capital Gearing Ord 15.30 15 27.49 7 43.22 12 652 1.92 48.25 Fidelity China Special Ord 78.61 1 74.55 2 168.10 2 2,219 -1.48 4.29 CIP Merchant Capital Ord 18.81 13 -10.78 21 - - 46 -34.83 0.54 JPMorgan China Growth & Income plc 63.91 2 104.06 1 235.08 1 525 1.72 6.53 Hansa Investment Company Ltd 'A' Class A 33.90 7 21.76 13 59.04 7 382 -33.43 2.09 Peer Group Median 63.91 - 74.55 - 168.10 - 525 1.72 4.87 Hansa Investment Company Ltd Ord 35.00 5 22.76 12 60.35 6 382 -35.00 2.07 Invesco Select Balanced Risk Alloc Ord 26.76 9 19.48 15 39.41 14 7 -2.53 1.62 Investment Company Ord 13.51 16 0.40 20 7.64 17 16 -4.09 3.03 Commodities & Natural Resources JPMorgan Global Core Real Assets Ord -5.96 23 - - - - 184 7.55 - BlackRock Energy and Resources Income 75.53 4 47.05 3 103.33 2 109 -1.43 0.95 JPMorgan Multi-Asset Growth & Income Ord 21.36 12 18.33 16 - - 90 -5.11 1.02 BlackRock World Mining Trust plc 84.09 3 72.21 2 193.05 1 1,080 2.09 6.34 Miton Global Opportunities Ord 55.23 1 25.73 10 85.88 3 92 -0.13 3.40 CQS Natural Resources G&I Ord 117.45 2 40.76 4 76.70 3 109 -9.04 1.48 Momentum Multi-Asset Value Trust Ord 53.63 2 26.21 9 55.57 8 66 -1.56 1.85 Geiger Counter Ord 136.03 1 84.30 1 54.63 4 32 16.07 0.39 Personal Assets Ord 10.46 17 23.81 11 33.85 15 1,484 1.26 468.00 Riverstone Energy Ord 5.81 5 -68.45 5 -58.74 5 285 -40.55 2.97 RIT Capital Partners Ord 45.09 4 46.88 1 80.02 4 3,986 -2.88 24.00 Peer Group Median 84.09 - 47.05 - 76.70 - 109 -1.43 1.48 Ruffer Investment Company Ord 18.18 14 27.77 6 40.31 13 538 7.22 2.89 Schroder BSC Social Impact Trust Ord ------74 4.84 1.03 Tetragon Financial Ord 5.93 20 38.38 4 61.95 5 1,669 -62.11 - Country Specialist UIL Ord 34.17 6 40.37 3 96.15 1 417 -30.97 2.36 UIL ZDP 2022 6.23 19 19.93 14 - - 417 3.40 1.39 Aberdeen New Thai Ord 14.84 6 -14.23 6 19.52 5 79 -12.46 4.40 UIL ZDP 2024 4.74 22 14.93 17 - - 417 -1.64 1.16 JPMorgan Russian Securities Ord 35.12 5 61.79 2 125.15 2 314 -13.43 6.58 UIL ZDP 2026 4.98 21 - - - - 417 -2.73 1.13 Vietnam Enterprise Ord 64.22 2 24.31 4 - - 1,535 -10.25 6.32 Peer Group Median 22.19 - 25.73 - 51.30 - 369 -2.53 2.07 VietNam Holding Ord 52.97 3 6.48 5 60.80 4 116 -21.74 2.12 VinaCapital Vietnam Opp Fund Ord 45.99 4 25.88 3 131.46 1 870 -9.09 4.60 Weiss Korea Opportunity Ord 112.42 1 76.81 1 124.82 3 226 -0.07 2.70 Global Peer Group Median 49.48 - 25.09 - 124.82 - 270 -11.36 4.50 Alliance Trust Ord 42.81 6 47.01 7 98.15 9 3,272 -5.39 9.81 AVI Global Trust Ord 62.37 2 48.10 6 116.88 6 1,128 -5.27 10.14 Debt - Direct Lending Bankers Ord 31.76 11 45.55 9 100.45 7 1,480 1.23 1.16 Brunner Ord 38.15 7 39.76 11 87.59 10 461 -13.97 9.30 BioPharma Credit Ord -0.27 6 33.14 2 - - 992 -2.07 - EP Global Opportunities Ord 15.63 14 4.31 14 37.81 14 115 -7.49 2.94 GCP Asset Backed Income 9.06 4 21.81 4 40.03 3 442 -1.40 0.91 F&C Investment Trust Ord 37.86 8 46.82 8 99.34 8 4,756 -5.48 8.46 Honeycomb Investment Trust 9.35 3 30.16 3 52.10 2 359 -5.36 - JPMorgan Elect Managed Growth Ord 44.79 5 41.32 10 86.44 11 298 -3.77 10.20 Riverstone Credit Opportunities Income -2.56 8 - - - - 63 -14.71 0.50 Keystone Positive Change Investment Ord 20.18 13 -9.89 15 1.02 15 193 -0.15 3.18 RM Secured Direct Lending 17.33 2 18.68 5 - - 110 -5.87 0.87 Lindsell Train Ord 27.98 12 74.43 3 192.29 2 229 20.14 1,467.50 Secured Income Fund Ord -1.91 7 2.83 6 12.56 5 35 -10.17 - Martin Currie Global Portfolio Ord 33.07 10 72.01 4 122.35 5 318 1.18 3.83 SME Credit Realisation Fund 1.26 5 -0.51 7 13.39 4 137 -23.91 0.64 Mid Wynd International Inv Tr PLC O Inc 36.10 9 63.49 5 123.13 4 431 2.77 7.56 VPC Specialty Lending Investments Ord 28.65 1 72.87 1 72.20 1 321 -15.31 - Monks Ord 59.05 3 83.88 2 179.87 3 3,152 3.13 14.12 Peer Group Median 5.16 - 21.81 - 40.03 - 229 -8.02 0.75 Scottish Investment Trust Ord 9.91 15 8.40 13 43.51 13 564 -9.05 7.76 Scottish Mortgage Ord 99.77 1 189.37 1 379.52 1 17,782 -2.31 12.45 Witan Ord 46.38 4 32.50 12 78.04 12 1,987 -7.09 2.37 Debt - Loans & Bonds Peer Group Median 37.86 - 46.82 - 99.34 - 564 -3.77 8.46 Axiom European Financial Debt Fund 36.54 2 22.34 3 58.00 2 98 -3.23 0.98 City Merchants High Yield Ord 22.32 7 20.62 5 45.26 4 197 -1.55 1.99 CQS New City High Yield Ord 21.47 8 10.29 7 33.00 7 223 4.31 0.54 Global Emerging Markets CVC Credit Partners Euro Opps EUR 27.66 4 6.45 9 38.07 5 285 -2.18 0.84 Aberdeen Emerging Markets Ord 50.49 2 36.75 5 90.44 3 380 -15.40 7.08 CVC Credit Partners Euro Opps GBP 30.44 3 9.62 8 32.97 8 285 -4.39 1.02 Barings Emerging EMEA Opportunities Ord 33.28 10 15.07 9 62.80 6 101 -11.66 7.46 Henderson Diversified Income Ord 13.34 9 21.02 4 37.14 6 174 -3.59 0.91 BlackRock Frontiers Ord 46.31 7 -6.15 12 40.63 9 233 1.93 1.28 Invesco Enhanced Income Ord 24.40 6 25.65 2 56.58 3 132 -3.74 0.73 Fundsmith Emerging Equities Trust 26.88 12 21.02 8 46.77 8 377 -4.38 13.70 M&G Credit Income Investment Ord 13.23 10 - - - - 146 -8.67 - Genesis Emerging Markets Fund 36.80 8 33.52 6 82.00 5 1,177 -6.86 9.24 NB Distressed Debt Inv Extended Life -0.16 12 -13.97 10 2.42 10 50 -44.69 0.34 Gulf Investment Fund Ord 35.68 9 53.91 1 53.09 7 61 -8.84 1.06 NB Distressed Debt New Glb -12.87 13 -37.70 12 -18.58 12 23 -50.99 0.28 JPMorgan Emerging Markets Ord 49.73 3 53.58 2 120.35 2 1,623 -1.58 1.36 NB Distressed Debt Ord 9.30 11 -20.09 11 -11.30 11 10 -18.06 0.52 JPMorgan Global Emerg Mkts Inc Ord 47.40 6 37.05 4 87.06 4 466 -4.86 1.51 NB Global Monthly Income Fund Ltd GBP 24.90 5 15.59 6 26.86 9 243 -10.32 0.86 Jupiter Emerging & Frontier Income Ord 47.73 5 21.78 7 - - 92 -5.50 1.03 TwentyFour Select Monthly Income Ord 37.29 1 27.43 1 64.76 1 183 3.52 0.96 Mobius Investment Trust Ord 51.88 1 - - - - 125 -4.92 1.15 Peer Group Median 21.90 - 15.59 - 35.07 - 174 -3.74 0.85 ScotGems 32.87 11 -2.57 11 - - 49 -15.66 0.78 Templeton Emerging Mkts Invmt Tr TEMIT 48.10 4 48.62 3 128.09 1 2,553 -7.16 10.36 Utilico Emerging Markets Ord 26.68 13 5.40 10 32.71 10 512 -12.78 2.03 Debt - Structured Finance Peer Group Median 46.31 - 27.65 - 72.40 - 377 -6.86 1.51 Blackstone Loan Financing Limited 23.29 6 31.45 1 57.41 3 358 -10.94 0.57 Chenavari Toro Income Fund Limited 27.06 4 17.85 4 50.75 4 195 -24.83 - EJF Investments Ord 9.30 7 15.84 5 - - 125 -23.64 1.26 Global Equity Income EJF Investments ZDP 2022 5.73 9 18.26 2 - - 125 4.28 1.03 Henderson International Income Ord 31.31 5 29.81 5 65.49 4 347 -6.63 1.67 EJF Investments ZDP 2025 ------125 1.21 1.02 Invesco Select Glo Eq Inc Ord 45.35 1 30.81 4 72.37 3 56 -3.00 2.27 Fair Oaks Income 2017 Ord 92.62 2 5.57 9 62.55 1 234 1.50 0.48 JPMorgan Global Growth & Income Ord 43.50 2 57.09 1 119.43 1 626 3.14 4.32 Marble Point Loan Financing Ord 122.21 1 15.31 6 - - 116 -10.36 0.46 Majedie Investments Ord 28.82 6 4.05 7 24.74 7 158 -17.29 2.44 TwentyFour Income Ord 25.80 5 18.21 3 48.98 5 583 -3.59 1.11 Murray International Ord 32.65 3 22.69 6 57.55 6 1,493 3.97 12.26 UK Mortgages 6.08 8 11.28 7 15.27 6 165 -9.26 - Scottish American Ord 32.63 4 47.73 2 97.35 2 783 4.31 4.87 Volta Finance Ord 50.07 3 7.46 8 60.85 2 218 -13.54 5.20 Securities Trust of Scotland Ord 24.18 7 34.50 3 65.28 5 210 -0.74 2.08 Peer Group Median 26.43 - 15.58 - 54.08 - 180 -9.81 1.03 Peer Group Median 32.63 - 30.81 - 65.49 - 347 -0.74 2.44

3 may 2021 33

026-035_IW_030521.indd 33 28/04/2021 11:10 Investment Trusts

1 3 5 Fund Ltst 1 3 5 Fund Ltst year year year Size Ltst NAV year year year Size Ltst NAV % Rnk % Rnk % Rnk (£m) Disc (£) % Rnk % Rnk % Rnk (£m) Disc (£) Global High Income North America Blue Planet Investment Trust 54.06 1 2.31 1 16.77 1 17 -15.27 0.30 Baillie Gifford US Growth Ord 103.20 1 221.86 1 - - 952 6.55 3.40 Peer Group Median 54.06 - 2.31 - 16.77 - 17 -15.27 0.30 BlackRock North American Ord 31.33 4 42.12 3 83.46 2 155 2.84 2.02 JPMorgan American Ord 50.55 2 73.74 2 132.98 1 1,306 -5.15 6.43 Middlefield Canadian Income Ord 34.92 3 30.31 4 55.09 4 124 -12.46 1.03 Global Smaller Companies North American Income Trust Ord 27.30 5 27.99 5 71.23 3 413 -7.32 2.72 BMO Global Smaller Companies Ord 54.93 3 36.49 3 83.62 3 1,000 -4.53 1.66 Peer Group Median 34.92 - 42.12 - 77.34 - 413 -5.15 2.72 Edinburgh Worldwide Ord 77.54 1 133.70 1 256.37 1 1,362 2.38 3.62 Herald Ord 68.44 2 84.15 2 187.44 2 1,647 -7.83 23.45 Smithson Investment Trust Ord 39.10 4 - - - - 2,637 1.60 17.42 North American Smaller Companies Peer Group Median 61.68 - 84.15 - 187.44 - 1,504 -1.46 10.52 JPMorgan US Smaller Companies Ord 69.07 1 57.11 1 124.58 1 274 2.98 4.53 Jupiter US Smaller Companies 63.60 2 56.72 2 101.86 2 175 -4.06 14.00 Growth Capital Peer Group Median 66.34 - 56.92 - 113.22 - 225 -0.54 9.27 Chrysalis Investments Limited Ord 66.36 1 - - - - 989 12.86 1.88 Schiehallion Fund Ord 30.34 2 - - - - 507 22.81 1.31 Private Equity Schroder British Opportunities Ord ------79 -4.58 1.01 Apax Global Alpha Ord 33.15 1 57.36 3 92.95 6 1,050 -5.72 1.93 Schroder UK Public Private Trust plc -24.09 3 -60.16 1 -62.18 1 318 -3.31 0.31 BMO Private Equity Trust Ord 24.63 4 55.57 4 96.74 4 357 -15.17 3.08 Peer Group Median 30.34 - -60.16 - -62.18 - 412 4.77 1.16 Dunedin Enterprise Ord 11.33 8 13.54 11 51.20 12 85 -15.44 3.36 Electra Private Equity Ord -5.13 16 -34.86 15 -14.38 13 135 11.77 1.83 HarbourVest Global Priv Equity Ord 7.08 11 53.26 5 96.94 3 1,859 -14.26 - Hedge Funds HgCapital Trust Ord 28.79 3 68.89 2 135.52 1 1,292 9.76 - Alternative Liquidity Fund -25.36 11 -41.50 11 -66.02 10 18 -59.28 0.05 ICG Enterprise Trust Ord 10.08 9 38.65 9 90.30 8 851 -15.65 - BH Global GBP Ord 4.64 7 32.55 6 44.44 6 440 -1.94 19.50 JPEL Private Equity Ord 5.09 13 13.21 12 53.47 11 110 -33.16 - BH Global USD Ord -4.86 10 41.25 5 55.15 5 440 0.89 14.75 LMS Capital Ord 8.49 10 -15.79 14 -29.03 14 48 -43.56 0.30 BH Macro GBP Ord 4.66 6 56.27 4 60.26 4 564 -2.60 33.20 NB Private Equity Partners Ord 17.97 7 39.70 8 84.24 9 842 -18.87 - BH Macro USD Ord -4.86 9 66.78 2 78.63 3 564 -0.65 25.20 NB Private Equity ZDP 2022 3.99 15 12.49 13 - - 842 0.22 1.16 Boussard & Gavaudan EUR Ord 21.63 4 13.11 9 35.92 7 306 -19.16 18.65 NB Private Equity ZDP 2024 4.23 14 - - - - 842 0.64 - Boussard & Gavaudan GBP Ord 19.62 5 10.85 10 24.60 9 306 -23.21 18.00 Oakley Capital Investments Ord 18.33 6 70.16 1 117.47 2 724 -22.40 2.87 Gabelli Merger Plus+ Trust Ord 2.63 8 25.21 7 - - 74 -24.71 5.35 Pantheon International Ord PLC 6.47 12 36.70 10 77.14 10 1,674 -13.72 - Highbridge Tactical Credit Fund Ord 27.26 3 21.90 8 35.64 8 48 -5.87 - Princess Private Equity Ord 29.87 2 41.98 7 96.23 5 802 -7.22 - Pershing Square Holdings Ord 52.64 1 233.93 1 219.99 1 7,182 -24.68 25.73 Standard Life Private Eq Ord 24.38 5 42.32 6 90.74 7 780 -12.14 - Third Point Investors USD Ord 45.61 2 58.15 3 105.25 2 720 -15.93 17.85 Peer Group Median 10.71 - 39.70 - 90.52 - 822 -13.99 1.93 Peer Group Median 4.66 - 28.88 - 44.44 - 440 -15.93 18.32 Property – Debt India ICG-Longbow Senior Sec. UK Prop Debt Inv 8.09 2 18.89 2 37.53 2 119 -10.24 - Aberdeen New India Ord 42.02 3 22.00 1 64.70 1 342 -11.79 5.24 Real Estate Credit Investments Ord 13.72 1 17.51 3 36.76 3 347 -7.08 1.39 Ashoka India Equity Investment Ord 54.22 2 - - - - 116 1.45 1.45 Starwood European Real Estate Finance 7.73 3 24.13 1 38.46 1 427 -15.82 - India Capital Growth Ord 70.41 1 -3.69 3 47.21 2 117 -12.10 0.94 TOC Property Backed Lending Ord 1.04 4 -1.08 4 - - 22 4.33 0.86 JPMorgan Indian Ord 40.47 4 2.42 2 34.56 3 607 -12.39 7.09 Peer Group Median 7.91 - 18.20 - 37.53 - 233 -8.66 1.12 Peer Group Median 48.12 - 2.42 - 47.21 - 229 -11.94 3.35 Infrastructure Property – Europe Aberdeen Standard European Logistics Inc 6.97 4 18.02 3 - - 268 16.07 1.07 3i Infrastructure Ord 3.77 5 37.55 1 82.38 1 2,269 16.11 2.90 Phoenix Spree Deutschland Ord 9.87 3 29.75 1 199.24 1 424 -19.20 3.17 BBGI Global Infrastructure Ord 6.24 3 27.31 2 63.86 2 892 28.16 1.74 Cordiant Digital Infrastructure Ord ------363 1.63 0.99 Schroder European Real Estate Inv Trust 14.96 1 27.54 2 58.53 2 179 -25.08 1.01 Cordiant Digital Infrastructure S Share ------363 - - Tritax EuroBox Euro Ord 12.72 2 - - - - 681 -3.64 0.86 Digital 9 Infrastructure Ord ------262 5.00 1.00 Peer Group Median 11.30 - 27.54 - 128.88 - 346 -11.42 1.04 GCP Infrastructure Investment Ord -1.67 6 3.03 6 36.41 6 903 3.99 1.03 HICL Infrastructure PLC Ord 6.78 2 20.69 4 41.06 5 2,943 14.09 1.66 International Public Partnerships Ord 5.03 4 20.05 5 43.84 3 2,325 17.84 1.70 Property – Rest of World Sequoia Economic Infrastructure Inc Ord 15.48 1 23.93 3 42.71 4 1,819 5.06 1.04 Ceiba Investments Ord -17.09 2 - - - - 137 -18.77 0.65 Peer Group Median 5.64 - 22.31 - 43.28 - 903 9.58 1.35 Macau Property Opportunities Ord -14.21 1 -36.44 1 -23.41 1 97 -55.10 0.69 Peer Group Median -15.65 - -36.44 - -23.41 - 117 -36.93 0.67 Infrastructure Securities Ecofin Global Utilities & Infra Ord 31.57 2 64.16 1 - - 191 1.55 1.93 Property – UK Commercial Premier Miton Glb Renewables Trust Ord 78.76 1 59.03 2 69.71 1 47 1.68 1.81 AEW UK REIT Ord 12.29 3 27.83 3 47.06 1 149 -0.61 0.78 Premier Miton Glb Renewables ZDP 2025 ------47 4.54 1.07 BMO Commercial Property Trust -3.53 11 -8.45 12 5.55 10 936 -33.16 0.80 Peer Group Median 55.17 - 61.59 - 69.71 - 47 1.68 1.81 BMO Real Estate Investments Ord 1.18 9 4.45 8 22.98 7 234 -18.15 0.61 Channel Islands Property Ord 7.22 4 23.26 4 24.12 5 152 - - Insurance & Reinsurance Strategies Custodian REIT Ord 1.43 8 8.60 6 30.29 2 405 2.15 0.88 Drum Income Plus REIT Ord -8.78 14 -10.47 14 3.10 12 28 -25.34 0.31 CATCo Reinsurance Opps C -11.43 2 -42.09 1 - - 41 -1.03 - Ediston Property Investment Company -4.68 12 -8.64 13 6.06 9 185 -15.00 0.70 CATCo Reinsurance Opps Ord -4.20 1 -61.20 2 -70.60 1 33 -16.84 - LXI REIT Ord 4.90 5 35.39 1 - - 766 8.57 1.19 Peer Group Median -7.82 - -51.65 - -70.60 - 37 -8.94 - Regional REIT Ord -7.21 13 14.40 5 28.23 4 414 -12.08 0.83 Schroder Real Estate Invest Ord 0.15 10 -4.36 10 13.53 8 286 -30.04 0.39 Japan Standard Life Inv. Prop. Inc. Ord 3.04 7 7.50 7 29.56 3 325 -18.44 0.60 Supermarket Income REIT Ord 15.42 1 31.09 2 - - 831 10.81 1.07 Aberdeen Japan Ord 29.97 5 29.83 4 67.71 5 110 -10.83 7.45 UK Commercial Property REIT 3.19 6 4.28 9 23.34 6 1,133 -11.87 0.69 Baillie Gifford Japan Ord 53.35 2 41.49 3 126.31 2 980 3.81 11.18 Value and Indexed Property Income Ord 13.21 2 -8.33 11 4.69 11 119 -15.66 2.18 CC Japan Income & Growth Ord 34.05 4 19.17 5 73.28 4 215 -8.60 1.47 Fidelity Japan Trust Ord 53.80 1 54.60 1 131.83 1 323 -6.59 2.32 Peer Group Median 2.23 - 5.97 - 23.16 - 306 -15.00 0.78 JPMorgan Japanese Ord 38.01 3 54.20 2 110.19 3 1,096 -3.28 6.72 Schroder Japan Growth Ord 28.33 6 13.65 6 57.48 6 281 -9.67 2.18 Property – UK Healthcare Peer Group Median 36.03 - 35.66 - 91.73 - 302 -7.60 4.52 Impact Healthcare REIT 8.60 1 29.39 1 - - 344 6.47 1.09 Target Healthcare REIT 6.54 2 24.04 2 44.09 1 544 10.88 1.14 Japanese Smaller Companies Peer Group Median 7.57 - 26.72 - 44.09 - 444 8.68 1.12 Atlantis Japan Growth Ord 34.15 3 34.40 3 106.18 2 124 -10.92 2.60 AVI Japan Opportunity Ord 19.09 4 - - - - 145 1.96 1.15 Baillie Gifford Shin Nippon Ord 52.64 1 44.25 1 134.87 1 749 3.02 2.50 Property – UK Logistics JPMorgan Japan Small Cap G&I Ord 36.78 2 38.53 2 98.88 3 315 -7.44 5.34 Tritax Big Box 16.18 1 35.30 3 76.97 2 2,864 13.79 1.68 Nippon Active Value Ord 18.75 5 - - - - 123 -4.42 1.16 Urban Logistics REIT plc 5.61 3 35.50 2 85.61 1 353 8.07 1.43 Peer Group Median 34.15 - 38.53 - 106.18 - 145 -4.42 2.50 Warehouse REIT Ord 12.98 2 35.97 1 - - 490 17.98 1.11 Peer Group Median 12.98 - 35.50 - 81.29 - 490 13.79 1.43 Latin America Aberdeen Latin American Income Ord 26.91 2 -7.80 1 29.93 2 35 -7.31 0.58 Property – UK Residential BlackRock Latin American Ord 42.49 1 -9.36 2 33.67 1 161 -9.37 3.72 Civitas Social Housing Ord 5.41 2 18.73 4 - - 664 5.60 1.05 Peer Group Median 34.70 - -8.58 - 31.80 - 98 -8.34 2.15 GCP Student Living Ord 1.22 5 27.84 1 50.84 1 774 5.88 1.43 Home REIT Ord ------236 17.32 1.00 Leasing PRS REIT Ord 5.62 1 14.56 5 - - 472 -1.26 0.77 Residential Secure Income 2.90 4 21.60 2 - - 180 -8.43 0.89 Amedeo Air Four Plus 20.26 2 70.48 1 162.37 1 656 -82.52 0.33 Triple Point Social Housing REIT Ord 3.48 3 19.27 3 - - 419 0.31 1.12 Doric Nimrod Air Three Ord 41.33 1 -5.91 3 30.09 2 107 -9.90 0.34 Peer Group Median 3.48 - 19.27 - 50.84 - 445 2.96 1.02 DP Aircraft I Ord -42.28 5 -18.48 4 0.32 3 97 -94.62 0.12 KKV Secured Loan Fund C -31.90 4 -22.91 5 - - 78 -32.35 0.57 KKV Secured Loan Fund Ord -49.16 6 -57.74 6 -51.82 4 111 -26.26 0.32 Property Securities Tufton Oceanic Assets -3.08 3 18.34 2 - - 186 4.07 0.68 Peer Group Median -17.49 - -12.19 - 15.20 - 109 -29.30 0.33 TR Property Ord 31.05 1 25.92 1 54.34 1 1,400 -5.63 4.24 Peer Group Median 31.05 - 25.92 - 54.34 - 1,400 -5.63 4.24 Liquidity Funds Invesco Select Liquidity Ord 3.08 1 4.40 1 4.30 1 2 -3.80 1.02 Renewable Energy Infrastructure JPMorgan Elect Managed Cash Ord 1.26 2 2.60 2 4.04 2 8 -0.65 1.03 Aquila European Renewables Income Fund 0.36 12 - - - - 269 5.87 0.95 Peer Group Median 2.17 - 3.50 - 4.17 - 5 -2.23 1.02 Bluefield Solar Income Fund 9.13 4 27.59 2 60.10 2 469 13.79 1.30

34 3 May 2021

026-035_IW_030521.indd 34 28/04/2021 11:10 Morningstar analyst ratings l Œ l „ l ´ Investment Trusts l ‰ l ˆ l Á

1 3 5 Fund Ltst 1 3 5 Fund Ltst year year year Size Ltst NAV year year year Size Ltst NAV % Rnk % Rnk % Rnk (£m) Disc (£) % Rnk % Rnk % Rnk (£m) Disc (£) Downing Renewables & Infrastructure Ord ------120 -1.53 1.00 Ecofin US Renewables Infrastructure ------88 3.57 0.76 VCT AIM Quoted Foresight Solar Ord 4.30 8 9.55 7 31.57 6 572 6.52 1.03 Amati AIM VCT Ord 71.71 3 50.39 2 147.01 1 261 -8.24 2.00 Gore Street Energy Storage Fund Ord 14.25 1 - - - - 143 8.86 1.04 Hargreave Hale AIM VCT Ord 72.98 2 43.54 3 75.02 3 228 -5.76 0.91 Greencoat Renewables 2.59 10 25.10 3 - - 631 20.87 1.05 Octopus AIM VCT 2 52.22 4 33.54 4 64.36 4 128 -2.41 0.91 Greencoat UK Wind 3.57 9 23.26 4 53.52 3 2,302 7.09 1.34 Octopus AIM VCT Ord 52.05 5 30.81 5 60.92 5 184 -2.29 1.20 Gresham House Energy Storage Ord 6.51 6 - - - - 345 18.74 1.13 Unicorn AIM VCT Ord 98.11 1 70.57 1 89.74 2 368 -19.04 1.98 JLEN Environmental Assets Group Ord 7.35 5 19.37 5 39.50 5 524 19.31 1.14 Peer Group Median 71.71 - 43.54 - 75.02 - 228 -5.76 1.20 NextEnergy Solar Ord 9.16 2 16.22 6 44.95 4 581 1.68 1.07 Octopus Renewables Infrastructure Ord 2.50 11 - - - - 340 16.41 1.14 Renewables Infrastructure Grp 6.41 7 33.31 1 61.18 1 2,165 9.85 1.28 VCT Generalist SDCL Energy Efficiency Income Ord 9.13 3 - - - - 681 12.85 1.09 Albion Development VCT Ord 10.73 25 23.48 9 53.39 7 84 -3.63 0.74 Triple Point Energy Efficiency Infra ------98 4.59 1.03 Albion Enterprise VCT Ord 12.92 19 22.59 12 54.53 4 77 -3.96 1.05 US Solar Fund Ord -6.17 13 - - - - 138 7.81 0.79 Albion Technology & Gen VCT Ord 3.35 37 34.54 5 33.37 16 92 -3.89 0.65 VH Glob Sustainable Energy Opp Ord ------238 4.08 1.01 Albion VCT Ord 11.65 23 17.77 18 55.83 2 72 -5.35 0.67 Peer Group Median 6.41 - 23.26 - 49.23 - 345 7.81 1.05 Baronsmead Second Venture Trust Ord 35.35 5 18.99 16 28.02 19 236 -4.31 0.77 Baronsmead Venture Trust Ord 31.43 8 16.18 19 26.58 21 215 -6.64 0.74 British Smaller Companies VCT Ord 21.29 13 22.84 10 39.76 15 107 -4.89 0.65 Royalties British Smaller Companies VCT2 Ord 20.47 14 24.53 8 31.30 18 78 -5.05 0.48 Calculus VCT Ord 1.08 38 -10.72 36 -18.51 35 20 -7.18 - Hipgnosis Songs Ord 5.78 1 - - - - 1,256 5.30 1.23 Crown Place VCT Ord 7.78 27 21.02 14 41.65 12 68 -3.13 0.29 Round Hill Music Royalty Ord ------230 6.12 0.77 Downing Four Generalist Shs 12.83 20 -27.10 38 - - 32 -8.07 - Peer Group Median 5.78 - - - - - 743 5.71 1.00 Downing Four VCT DP67 -2.13 39 -40.67 39 -23.72 36 2 -4.89 0.18 Downing Four VCT DSO 1 D -10.83 40 -6.68 35 8.97 29 1 -20.56 0.11 Downing ONE VCT 5.36 33 -21.74 37 -15.43 34 101 -6.01 - Technology & Media Draper Esprit VCT 24.87 10 10.34 23 2.28 31 77 -5.21 0.50 Allianz Technology Trust Ord 65.69 1 143.53 1 361.46 1 1,282 -0.52 30.20 Foresight 4 VCT Ord 7.70 28 -2.57 31 1.56 32 111 -8.85 0.50 Augmentum Fintech Ord 2.76 4 20.51 3 - - 168 40.61 1.20 Foresight VCT Ord 16.43 17 8.82 24 10.88 27 152 -11.13 0.60 Polar Capital Technology Ord 50.86 2 122.08 2 301.33 2 3,418 -5.68 23.86 Kings Arms Yard VCT Ord 13.49 18 10.98 22 54.49 5 93 -2.82 0.19 Sure Ventures Ord 3.36 3 3.91 4 - - 5 14.92 0.93 Maven Income & Growth VCT 3 Ord 6.25 31 3.53 29 10.13 28 44 -3.93 - Peer Group Median 27.11 - 71.29 - 331.40 - 725 7.20 12.53 Maven Income & Growth VCT 4 Ord 12.81 21 -6.15 34 11.01 26 78 -7.58 0.63 Maven Income & Growth VCT 5 Ord 8.53 26 8.53 25 23.33 23 60 -6.46 0.32 Maven Income & Growth VCT Ord 6.90 29 6.23 27 17.95 25 58 -4.53 - UK All Companies Mobeus Income & Growth 2 VCT Ord 46.19 1 34.64 4 51.16 9 64 0.32 0.76 Mobeus Income & Growth 4 VCT Ord 42.23 2 45.77 2 54.44 6 68 1.23 0.69 Artemis Alpha Trust Ord 66.26 3 30.55 3 73.48 4 182 -7.11 4.42 Mobeus Income & Growth VCT Ord 37.46 4 54.44 1 68.10 1 85 -1.54 0.58 Aurora Ord 58.04 7 22.49 7 58.62 7 179 1.73 2.35 Northern 2 VCT Ord 34.53 6 21.62 13 45.58 10 107 -4.84 0.62 Baillie Gifford UK Growth 44.93 9 27.21 5 54.20 8 360 3.83 2.47 Northern 3 VCT Ord 33.97 7 20.78 15 41.27 14 107 -4.71 0.89 Fidelity Special Values Ord 67.40 2 14.77 9 51.14 9 828 0.13 2.81 Northern Venture Trust Ord 28.75 9 22.59 11 44.52 11 112 -3.98 0.65 Henderson Opportunities Ord 89.53 1 40.86 1 81.81 2 126 -0.69 15.90 Octopus Apollo VCT Ord 20.10 15 15.80 20 22.46 24 200 -4.99 0.48 Independent Ord 51.09 8 8.74 10 82.81 1 340 -9.99 5.80 Octopus Titan VCT Ord 22.92 12 25.36 7 41.40 13 1,164 -4.95 0.98 Invesco Select UK Equity Ord 44.36 10 15.06 8 36.35 10 45 -6.43 1.75 ProVen Growth and Income VCT Ord 16.58 16 5.24 28 24.11 22 152 -5.83 - JPMorgan Mid Cap Ord 64.69 4 24.02 6 65.45 6 332 -4.14 14.15 ProVen VCT Ord 22.97 11 12.51 21 33.36 17 144 -5.02 - Mercantile Ord 58.68 6 35.17 2 75.64 3 2,336 -3.24 2.76 Puma VCT 11 3.92 35 -3.39 32 -1.27 33 29 0.20 0.75 Schroder UK Mid Cap Ord 61.53 5 29.11 4 65.50 5 259 -3.83 7.20 Puma VCT 12 5.85 32 -3.41 33 - - 32 8.63 0.88 Peer Group Median 60.11 - 25.62 - 65.48 - 296 -3.53 3.61 Puma VCT 13 11.22 24 - - - - 29 -23.83 0.85 The Income & Growth VCT Ord 40.38 3 40.71 3 51.53 8 94 0.42 0.67 Triple Point Income VCT C 6.72 30 30.15 6 54.58 3 11 -9.92 0.75 UK Equity & Bond Income Triple Point Income VCT D 11.82 22 -1.60 30 5.06 30 8 -9.49 0.53 Acorn Income Fund (Split) ZDP 2022 3.84 3 12.01 2 23.25 3 99 -0.52 1.61 Triple Point VCT 2011 A 3.84 36 18.65 17 27.99 20 5 -5.05 0.49 Acorn Income Fund Ord 50.10 1 5.51 3 34.58 2 99 -8.98 3.71 Triple Point VCT 2011 B 4.13 34 6.61 26 - - 7 -5.00 0.93 Henderson High Income Ord 29.60 2 16.78 1 34.97 1 227 -2.99 1.74 Puma VCT 13 11.22 11 - - - - 27 -23.83 0.85 Peer Group Median 39.85 - 12.01 - 34.58 - 99 -2.99 1.74 The Income & Growth VCT Ord 20.45 4 39.27 3 49.58 6 94 0.42 0.67 Triple Point Income VCT C -22.52 39 33.00 4 51.72 3 11 -9.92 0.75 Triple Point Income VCT D -43.41 46 -1.41 30 5.78 30 8 -9.49 0.53 UK Equity Income Triple Point VCT 2011 A 3.84 25 18.65 15 27.99 20 5 -5.05 0.49 Aberdeen Standard Equity Inc Trust Ord 40.37 9 -4.37 25 11.74 24 183 -5.32 3.66 Triple Point VCT 2011 B 4.13 23 6.61 24 - - 7 -5.00 0.93 BlackRock Income and Growth Ord 28.33 19 11.77 19 30.91 17 44 -8.00 1.70 Peer Group Median 12.82 - 15.80 - 29.66 - 77 -4.97 0.65 BMO Capital & Income Ord 40.87 8 15.60 11 50.80 6 347 -1.28 3.22 BMO UK High Income B Share Ord 37.46 12 16.86 9 37.26 12 254 -10.22 0.94 VCT Generalist Pre Qualifying BMO UK High Income Ord 37.43 13 16.84 10 37.24 13 254 -10.27 0.94 BMO UK High Income Units 33.82 15 13.77 16 33.63 14 254 -10.27 3.74 Puma Alpha VCT ord ------11 -4.17 - British & American Ord 18.96 22 17.60 8 31.44 15 6 20.55 0.34 Seneca Growth Capital VCT B 30.54 1 - - - - 12 -4.88 0.94 British&American 2025 3.5% ------6 - - Triple Point 2011 Venture Shares 3.78 3 - - - - 18 -5.48 - Chelverton UK Dividend Trust Ord 117.76 1 14.64 13 42.31 10 62 1.49 2.26 Triple Point Income VCT E 6.95 2 8.66 1 - - 28 -9.76 0.87 Chelverton UK Dividend Trust ZDP 2025 3.94 25 12.35 18 - - 62 0.99 1.15 Peer Group Median 6.95 - 8.66 - - - 15 -5.18 0.90 City of London Ord 26.18 21 9.50 20 27.79 19 1,687 2.72 3.96 Diverse Income Trust Ord 47.67 5 28.54 4 51.95 5 408 1.75 1.18 VCT Specialist - Environmental Dunedin Income Growth Ord 29.65 17 34.09 1 60.48 3 471 -4.18 3.07 Edinburgh Investment Ord 39.43 10 5.01 22 14.54 23 1,131 -5.46 6.24 Gresham House Renewable Energy VCT 1 Ord 1.43 6 2.40 7 8.24 8 26 -4.33 1.02 Finsbury Growth & Income Ord 17.52 23 28.13 5 64.85 2 2,017 0.78 9.07 Gresham House Renewable Energy VCT 2 Ord 1.34 7 2.22 8 13.43 7 26 -4.18 1.01 Invesco Income Growth Ord 29.43 18 13.85 15 27.13 20 175 -8.20 2.80 Ventus VCT 2 C Ord 2.41 3 16.01 6 44.36 3 14 12.01 1.22 JPMorgan Claverhouse Ord 44.15 7 15.26 12 46.50 9 433 -2.40 7.14 Ventus VCT 2 D Ord 2.12 5 18.78 3 21.56 5 3 9.36 1.28 JPMorgan Elect Managed Inc Ord 34.49 14 9.25 21 31.04 16 81 -3.65 1.02 Ventus VCT 2 Ord 1.20 8 21.83 1 38.74 4 18 6.10 0.75 Law Debenture Corporation Ord 50.69 4 29.84 2 69.28 1 926 1.85 7.54 Ventus VCT C Ord 2.41 2 16.56 5 45.53 2 14 13.65 1.23 Lowland Ord 46.19 6 2.04 24 28.79 18 381 -7.59 12.95 Ventus VCT D Ord 2.22 4 18.45 4 20.66 6 3 10.71 1.28 Merchants Trust Ord 53.61 3 19.51 7 49.59 7 646 0.45 5.23 Ventus VCT Ord 3.19 1 19.13 2 46.22 1 17 9.96 1.04 Murray Income Trust Ord 26.20 20 29.17 3 53.74 4 1,062 -3.02 8.91 Peer Group Median 2.17 - 17.51 - 30.15 - 15 9.66 1.13 Schroder Income Growth Ord 37.48 11 13.77 17 38.40 11 210 -0.44 3.09 Shires Income Ord 31.79 16 20.23 6 49.54 8 83 -6.35 2.57 VCT Specialist: Healthcare & Biotechnology Temple Bar Ord 58.14 2 2.89 23 26.38 21 794 -2.55 11.66 Troy Income & Growth Ord 11.95 24 14.24 14 25.08 22 253 -1.36 0.75 Downing Four Healthcare Shs 6.76 2 -23.15 2 - - 14 -3.00 - Peer Group Median 37.43 - 14.44 - 37.26 - 254 -2.55 3.09 Seneca Growth Capital VCT 190.71 1 91.99 1 62.23 1 3 -21.73 0.34 Peer Group Median 98.73 - 34.42 - 62.23 - 9 -12.36 0.34 UK Smaller Companies VCT Specialist - Technology Aberdeen Smaller Companies Inc Ord 45.14 17 26.88 11 85.72 10 87 -10.93 3.48 Aberforth Smaller Companies Ord 79.37 5 15.23 14 57.84 14 1,428 -5.10 15.38 Oxford Technology VCT Ord -19.02 1 -30.92 1 -36.94 1 2 -24.03 0.28 Aberforth Split Level Income Ord 104.38 2 8.16 17 - - 227 -11.48 0.81 Peer Group Median -19.02 - -30.92 - -36.94 - 2 -24.03 0.28 Aberforth Split Level Income ZDP 2024 3.59 21 11.21 16 - - 227 -2.32 1.11 Athelney Trust Ord 38.17 19 15.07 15 49.28 15 6 -12.45 2.15 BlackRock Smaller Companies Ord 63.51 8 40.07 7 114.49 4 970 -4.87 18.92 BlackRock Throgmorton Trust plc 77.35 6 60.57 2 144.35 2 786 1.56 8.63 Data Source: © 2021 Morningstar, Inc. All Rights Reserved. The Crystal Amber Ord 53.62 13 -30.32 22 -3.01 17 113 -20.76 - information contained herein: (1) is proprietary to Morningstar and/ Downing Strategic Micro-Cap Inv. Trust 47.21 16 2.47 18 - - 46 -11.97 0.79 or its content providers; (2) may not be copied or distributed; and (3) is Gresham House Strategic plc -6.73 23 -7.81 20 13.72 16 36 -7.28 14.40 not warranted to be accurate, complete or timely. Neither Morningstar Henderson Smaller Companies Ord 71.56 7 41.50 6 103.96 6 955 -2.57 12.48 nor its content providers are responsible for any damages or losses arising from any use of this information. Past Invesco Perpetual UK Smaller Ord 53.77 12 38.04 8 94.04 7 221 -9.39 5.96 performance is no guarantee of future results. The overall Morningstar Rating™ published here is based on a JPMorgan Smaller Companies Ord 82.12 4 63.13 1 127.70 3 318 -1.13 3.92 weighted average of a fund’s 3-, 5-, and 10-year ratings. 3-year volatility can be used as a measurement of risk. It Marwyn Value Investors Ord 23.47 20 -1.27 19 -11.92 18 101 -36.99 1.13 is the standard deviation of the fund’s monthly returns over the past 36 months. Fund size is the latest fund size Miton UK Microcap 114.15 1 54.33 3 90.90 8 114 -1.92 1.00 available to Morningstar at the time of calculation. Montanaro UK Smaller Companies Ord 40.31 18 31.64 9 66.28 11 269 -1.61 1.58 Morningstar Analyst Rating™ for funds: A summary expression of our forward-looking analysis of a fund. It is Odyssean Investment Trust Ord 55.22 11 - - - - 129 -1.75 1.43 based on Morningstar research analysts’ investigation of five key pillars: people, process, parent, performance, Rights & Issues Investment Trust Ord 57.42 10 20.14 12 87.12 9 201 -10.25 23.90 and price. Investment trust performance data is supplied by Morningstar. Data Source: © 2021 Morningstar, River and Mercantile UK Micro Cap Ord 83.74 3 53.53 4 151.68 1 140 -8.51 2.79 Inc. All Rights Reserved. All data is calculated to (or is the most recent available at 20/04/21 on a mid-to-mid, Standard Life UK Smaller Co. Ord 51.63 15 44.62 5 110.38 5 696 -7.58 6.48 net income re-invested, sterling basis. Fund size, latest discount, latest gearing and latest NAV are provided by Strategic Equity Capital Ord 51.64 14 29.11 10 59.38 13 210 -14.38 2.91 Morningstar as a guide only and are based on NAV estimates on a cum income basis with debt valued at fair. SVM UK Emerging Ord 58.34 9 18.23 13 65.19 12 8 -24.07 1.00 Fund size: the net assets of the fund, being the total value of all assets held, less all liabilities. Worsley Investors Limited 3.45 22 -27.46 21 -40.42 19 13 -27.55 0.27 Discount: the discount or premium at which the share trades relative to its net asset value. Gearing: the gross Peer Group Median 53.77 - 26.88 - 85.72 - 201 -8.51 2.85 gearing of the fund, being the ratio of total assets to net assets, rebased to 100.

3 may 2021 35

026-035_IW_030521.indd 35 28/04/2021 11:10 22 – 25 June 2021 | Live

REGISTER NOW PROGRAMME ANNOUNCED! The fully interactive festival - which will contain over 40 hours of content and more than 60 expert speakers - will address the key sustainable investment issues for fund selectors, pension trustees, schemes and financial advisers. The agenda is split into four content specific days and delegates who register will get full access to the entire agenda so they can choose which streams are best suited to them. Take a look at www.sustainableinvestmentfestival.co.uk

Multi-channel sponsor: Festival partner: Executive sponsors:

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www.sustainableinvestmentfestival.co.uk #SustainableInvestmentFestival

SIF21-225x297-IW-STD_02.indd 1 22/04/2021 12:48