ASSET ALLOCATION RISK GRADE Fixed Interest 44.97

COMPLETE FINANCIAL SOLUTIONS INTRODUCING THE PARTNERSHIP

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Our Philosophy The Marlborough Funds

As our client, you are the one and only Marlborough’s Irish-domiciled fund priority. Our advisors are dedicated to of funds range provides you with providing an unparalleled service that comprehensive risk-graded investment puts you, your needs and your ambitions solutions in a UCITS structure. at the forefront of every stage of They are expertly managed ‘all-in-one’ decision-making. portfolios constructed using a blend Our common aim is to secure a of active and passive funds. We use prosperous future for you and your actively managed funds in areas where family. By combining our expertise with a we believe they can add real value personalised approach to your finances, and select managers with exceptional we can help you to achieve your goals. track records, including those running Marlborough’s award-winning single- Our Commitment strategy funds.

We are committed to developing As stablemates in the Marlborough lifelong relationships with our clients Group, we can access the expertise – ones based on integrity, trust and a and resources of these highly respected clear understanding of your personal managers at institutional rates, which circumstances. We believe this is the key helps to keep costs for our investors as to successful financial planning. low as possible. We work exclusively for and with our clients and so all consultations are treated in the strictest confidence between you and your advisor. As our client, you can count on us to keep to our commitment. Fund performance and awards

60 % Marlborough 55 %

50 % CAUTIOUS

45 % Investment Growth 40 % 01/07/2016 to 30/06/2021 35 % Marlborough 38.4% 30 % Cautious Fund Z 25 % Source: Morningstar Direct, mid-mid, 20 % net income reinvested.

15 %

10 % Investment Objective

5 % To generate capital growth

0 % over the longer term (5 years +) by gaining exposure -5 % to a medium risk balanced -10 % mix of asset classes. 12/2016 06/2017 12/2017 06/2018 12/2018 06/2019 12/2019 06/2020 12/2020 06/2021

Cautious – % Change

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2017 0.9 2.5 0.5 0.6 2.5 -0.9 1.4 1.6 -1.3 1.8 -0.5 1.5 11.0 2018 -0.3 -1.0 -1.9 1.9 1.4 -0.2 0.8 0.3 -0.6 -3.7 -0.6 -2.5 -6.3 2019 3.3 0.6 1.2 3.1 -0.6 1.6 2.5 -1.4 0.5 -1.2 1.9 1.9 14.2 2020 0.4 -1.7 -13.8 7.0 3.2 1.4 0.6 1.1 0.9 -0.9 4.3 1.4 2.4 2021 -0.5 -0.5 1.3 2.4 0.1 0.9 3.7

60 % Marlborough 55 % BALANCED 50 %

45 % Investment Growth 40 % 01/07/2016 to 30/06/2021 35 % Marlborough 59.7% 30 % Balanced Fund Z 25 % Source: Morningstar Direct, mid-mid, 20 % net income reinvested.

15 % Investment Objective 10 % To generate capital growth 5 % over the longer term (5 0 % ars +) by gaining exposure -5 % to a medium risk balanced

-10 % mix of asset classes. 12/2016 06/2017 12/2017 06/2018 12/2018 06/2019 12/2019 06/2020 12/2020 06/2021

Balanced – % Change

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2017 1.4 2.8 1.1 1.2 3.3 -1.3 1.9 1.9 -1.2 2.9 -0.6 1.4 15.8 2018 0.5 -1.2 -2.7 2.6 2.1 -0.3 1.1 0.6 -0.5 -6.2 -0.4 -4.3 -8.6 2019 4.2 0.5 1.2 4.5 -1.0 2.1 3.3 -2.7 1.2 -1.4 2.8 2.6 18.4 2020 -0.2 -3.0 -17.5 9.8 4.8 1.6 1.5 2.1 0.6 -1.2 5.8 2.7 4.5 2021 -0.3 0.6 1.4 3.6 -0.3 1.5 6.6

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90 % 90 % Marlborough 85 % ADVENTUROUS 80 % 75 % Investment Growth 70 % 65 % 01/07/2016 to 30/06/2021 60 % 55 % Marlborough 90.2% 50 % Adventurous Fund Z 45 % Source: Morningstar Direct, mid-mid, 40 % net income reinvested. 35 % 30 % 25 % Investment Objective 20 % To generate capital 15 % growth over the longer 10 % term (5 years +) by gaining 5 % exposure to a medium to 0 % high risk adventurous mix -5 % of asset classes. 12/2016 06/2017 12/2017 06/2018 12/2018 06/2019 12/2019 06/2020 12/2020 06/2021

Adventurous – % Change

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2017 0.9 4.0 0.7 -1.0 2.8 -0.3 1.5 2.4 -1.7 3.4 -0.1 1.6 14.9 2018 0.6 -0.6 -4.0 3.1 3.5 -0.1 2.0 2.0 -0.2 -6.9 1.0 -6.6 -6.6 2019 4.7 1.2 1.9 4.4 -2.1 4.3 5.3 -3.5 1.1 -1.9 3.2 2.5 22.4 2020 0.2 -4.6 -16.3 11.7 5.9 1.8 1.4 3.2 0.8 -1.5 7.8 3.0 10.9 2021 0.1 1.3 2.2 4.4 -1.1 2.8 10.0

Past performance up to and including 01/05/2019 is simulated based on the actual performance of the underlying portfolio instruments (or instruments that are substantially the same as the portfolio instruments), including estimated annual management charges, audit, transaction and custodian fees. The simulated performance has been rebalanced back to the original target percentages on a quarterly basis.

AWARDS for Marlborough’s funds

Marlborough Global Bond Marlborough UK Micro-Cap Growth UK Refinitiv Lipper Fund Awards 2020 Thomson Reuters Lipper Fund Awards 2019 Best Global Bond Fund over Ten Years Best Fund over Ten Years, Equity UK Small Money Observer Fund Awards 2018 & Mid Cap Best Global Bond Fund Marlborough Multi-Cap Growth Marlborough European Multi-Cap Thomson Reuters Lipper Fund Awards 2018 Thomson Reuters Lipper Fund Awards 2019 Best Fund over Ten Years, Equity UK Best Fund over Five Years, Equity Europe ex-UK Marlborough Fund Managers Citywire UK Awards 2018 Best Fund Manager, Equity Europe ex-UK Citywire UK Awards 2018 Group Winner: Global Bond Money Observer Fund Awards 2018 Group Winner: Equity Europe ex-UK Best Europe Fund

Past performance is not a reliable indicator of future performance. Investments and the income derived from them can fall as well as rise and the investor may not get back the amount originally invested. Marlborough UCITS Fund of Funds Range

Marlborough CAUTIOUS

FUND ASSET ALLOCATION RISK GRADE Fixed Interest 44.97

UK Equity 14.53 MODERATE International Equity 33.61

Cash 3.94 100% Cautious Other 2.95

Total 100.0% 60% MAX EQUITY

FUND HOLDINGS %

iShares £ Ultrashort Bond UCITS 8.79 Marlborough Multi Cap Income 6.74 Legg Mason IF Brandywine 6.34 iShares Edge MSCI World Quality 4.93 Allianz Strategic Bond Fund I Acc 4.92 Marlborough Global Bond 4.92 iShares UK Dividend UCITS ETF 4.70 Vanguard Global Credit Bond 4.43 iShares Core MSCI Japan ETF 4.36 iShares Core S&P 500 UCITS ETF 4.05 Marlborough UK Micro-Cap Growth 3.92 Marlborough Bond Income 3.92 WELLS FARGO INV GRD I INC 3.02 Artemis Funds (Lux) – Global Select 3.00 Marlborough US Multi-Cap Income 3.00 Fidelity Emerging Markets Focus 2.52 Schroder Asian Opportunities 2.23 Fidelity Asia Pacific Opportunities 2.23 Marlborough European Multi-Cap 2.20 ISHARES EDGE MSCI ETF 2.17 M&G Glb Macro Bond 1.98 Marlborough Multi-Cap Growth 1.96 ISHS CR GBP BOND ETF 1.95 M&G LUX GLOBAL LIST C ACC 1.93 X IE PHYSICAL GOLD ETC 1.92 iShares Core FTSE 100 1.9 WisdomTree Long GBP Short USD 3x Daily 1.03 Man GLG Pan-European Equity Growth 0.99

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Top holdings

iShares £ Ultrashort Bond UCITS % Marlborough Multi Cap Income % BLK ICS Ster Leaf Agency Dist 2.52 Polar Capital Holdings PLC 3.88 KFW MTN RegS 1.63 Big Yellow Group PLC 3.42 Barclays Bank UK PLC MTN RegS 1.45 Intermediate Capital Group PLC 3.35 Santander UK PLC RegS 1.38 Strix Group PLC 3.09 Nordrhein-Westfalen Land of MTN RegS 1.31 Safestore Holdings PLC Ordinary Shares 2.78

Legg Mason IF Brandywine % iShares Edge MSCI World Quality % DISH Network Corporation 3.38% 2.29 Facebook Inc A 3.79 Petroleos Mexicanos 5.35% 2.02 Microsoft Corp 3.57 Federal National Mtg Association 2.46% 1.74 Apple Inc 3.55 American Credit Acceptance Receivables Trust 1.54 Nike Inc B 2.34 Federal National Mtg Association 2.89% 1.40 Johnson & Johnson 2.27

Allianz Strategic Bond Fund I Acc % Marlborough Global Bond % South Africa (Republic of) 8% 3.15 United States Treasury Bonds 2.25% 2.35 Ministerio de Hacienda y Credito 7.25% 2.55 UK and Northern Ireland 4.5% 1.71 Canada (Government of) 0.25% 2.53 U.S. Treasury Security Stripped Interest 0.85 Germany (Federal Republic Of) 0% 2.44 Sainsbury (J) plc 2.88% 0.75 Russian Federation 7.65% 2.33 EDP Finance B.V. 8.62% 0.75

iShares UK Dividend UCITS ETF % Vanguard Global Credit Bond % GlaxoSmithKline PLC 5.47 United States Treasury Notes 0.12% 2.48 Imperial Brands PLC 5.25 United States Treasury Notes 1.12% 1.48 British American Tobacco PLC 5.10 IE2 Holdco, S.A.U. 2.88% 1.24 BP PLC 4.61 Credit Suisse AG London Branch 1.12% 1.22 National Grid PLC 4.54 United States Treasury Notes 0.12% 1.17

iShares Core MSCI Japan ETF % iShares Core S&P 500 UCITS ETF % Toyota Motor Corp 3.86 Apple Inc 6.06 Sony Group Corp 2.63 Microsoft Corp 5.69 Keyence Corp 2.05 Amazon.com Inc 4.29 SoftBank Group Corp 1.74 Facebook Inc A 2.30 Recruit Holdings Co Ltd 1.42 Alphabet Inc A 2.07

Data provided is as at 1 July 2021 and may change as a result of the active day to day management of each underlying fund.

Risk Warnings Capital is at risk. The value and income from investments can go down as well as up and are not guaranteed. An investor may get back significantly less than they invest. Past performance is not a reliable indicator of current or future performance and should not be the sole factor considered when selecting funds. Marlborough UCITS Fund of Funds Range

Marlborough BALANCED

FUND ASSET ALLOCATION RISK GRADE Fixed Interest 26.51

18.43 UK Equity MODERATE/HIGH International Equity 52.25

Cash 2.05 100% Balanced Other 0.76

Total 100.0% 85% MAX EQUITY

FUND HOLDINGS %

iShares Edge MSCI World Quality 7.03 iShares UK Dividend UCITS ETF 6.97 Marlborough Multi Cap Income 6.48 iShares Core MSCI Japan ETF 5.43 Marlborough US Multi-Cap Income 5.04 iShares £ Ultrashort Bond UCITS 5.00 iShares Core S&P 500 UCITS ETF 4.03 Allianz Strategic Bond Fund I Acc 4.02 iShares Core FTSE 100 3.99 Artemis Funds (Lux) – Global Select 3.99 Marlborough Multi-Cap Growth 3.98 Marlborough UK Micro-Cap Growth 3.98 Wells Fargo US All Cap Growth 3.49 iShares Core MSCI EM IMI UCITS ETF 3.01 Fidelity Emerging Markets Focus 3.01 Legg Mason IF Brandywine 3.00 Marlborough European Multi-Cap 2.99 Vanguard Global Credit Bond 2.51 SPDR MSCI EM Asia UCITS ETF 2.26 Fidelity Asia Pacific Opportunities 2.25 ISHARES EDGE MSCI ETF 2.24 Man GLG Pan-European Equity Growth 2.00 Schroder Asian Opportunities 2.00 Marlborough Global Bond 2.00 Xtrackers S&P Europe Ex UK UCITS ETF 1.99 Marlborough Bond Income 1.51 ISHS CR GBP BOND ETF 1.50 M&G LUX GLOBAL LIST C ACC 1.49 WisdomTree Long GBP Short USD 3x Daily 0.76

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Top holdings

iShares Edge MSCI World Quality % iShares UK Dividend UCITS ETF % Facebook Inc A 3.79 GlaxoSmithKline PLC 5.47 Microsoft Corp 3.57 Imperial Brands PLC 5.25 Apple Inc 3.55 British American Tobacco PLC 5.10 Nike Inc B 2.34 BP PLC 4.61 Johnson & Johnson 2.27 National Grid PLC 4.54

Marlborough Multi Cap Income % iShares Core MSCI Japan ETF % Polar Capital Holdings PLC 3.88 Toyota Motor Corp 3.86 Big Yellow Group PLC 3.42 Sony Group Corp 2.63 Intermediate Capital Group PLC 3.35 Keyence Corp 2.05 Strix Group PLC 3.09 SoftBank Group Corp 1.74 Safestore Holdings PLC Ordinary Shares 2.78 Recruit Holdings Co Ltd 1.42

Marlborough US Multi-Cap Income % iShares £ Ultrashort Bond UCITS % Broadridge Financial Solutions Inc 6.80 BLK ICS Ster Leaf Agency Dist 2.52 Microsoft Corp 6.20 KFW MTN RegS 1.63 WR Berkley Corp 5.44 Barclays Bank UK PLC MTN RegS 1.45 Sherwin-Williams Co 5.00 Santander UK PLC RegS 1.38 Cogent Communications Holdings Inc 4.78 Nordrhein-Westfalen Land of MTN RegS 1.31

iShares Core S&P 500 UCITS ETF % Allianz Strategic Bond Fund I Acc % Apple Inc 6.06 South Africa (Republic of) 8% 3.15 Microsoft Corp 5.69 Ministerio de Hacienda y Credito 7.25% 2.55 Amazon.com Inc 4.29 Canada (Government of) 0.25% 2.53 Facebook Inc A 2.30 Germany (Federal Republic Of) 0% 2.44 Alphabet Inc A 2.07 Russian Federation 7.65% 2.33

iShares Core FTSE 100 % Artemis Funds (Lux) – Global Select % AstraZeneca PLC 5.96 Apple 2.70 Unilever PLC 5.83 Thermo Fisher Scientific 2.60 HSBC Holdings PLC 4.43 Equinix 2.50 Diageo PLC 4.15 Alphabet 2.40 GlaxoSmithKline PLC 3.69 Amazon 2.40

Data provided is as at 1 July 2021 and may change as a result of the active day to day management of each underlying fund.

Marlborough ADVENTUROUS

FUND ASSET ALLOCATION RISK GRADE Fixed Interest 0.61

9.79 UK Equity HIGH International Equity 85.77

Cash 3.20 100% Adventurous Other 0.63

Total 100.0% 100% MAX EQUITY

FUND HOLDINGS %

iShares Edge MSCI World Quality 12.90 Marlborough US Multi-Cap Income 11.75 Wells Fargo US All Cap Growth 8.20 iShares Core S&P 500 UCITS ETF 7.22 Artemis Funds (Lux) – Global Select 6.99 Vanguard S&P 500 ETF 6.97 iShares Core MSCI Japan ETF 6.84 ISHARES EDGE MSCI ETF 5.35 Marlborough UK Micro-Cap Growth 4.91 Marlborough Multi-Cap Growth 4.88 SPDR MSCI EM Asia UCITS ETF 3.00 Schroder Asian Opportunities 2.50 Fidelity Asia Pacific Opportunities 2.49 Marlborough European Multi-Cap 2.43 Fidelity Emerging Markets Focus 2.01 iShares Core MSCI EM IMI UCITS ETF 1.99 Man GLG Pan-European Equity Growth 1.97 Xtrackers S&P Europe Ex UK UCITS ETF 1.96 M&G LUX GLOBAL LIST C ACC 1.20 WisdomTree Long GBP Short USD 3x Daily 0.63 iShares £ Ultrashort Bond UCITS 0.61

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Top holdings

iShares Edge MSCI World Quality % Marlborough US Multi-Cap Income % Facebook Inc A 3.79 Broadridge Financial Solutions Inc 6.80 Microsoft Corp 3.57 Microsoft Corp 6.20 Apple Inc 3.55 WR Berkley Corp 5.44 Nike Inc B 2.34 Sherwin-Williams Co 5.00 Johnson & Johnson 2.27 Cogent Communications Holdings Inc 4.78

Wells Fargo US All Cap Growth % iShares Core S&P 500 UCITS ETF % Amazon.com Inc 8.52 Apple Inc 6.06 Microsoft Corp 6.41 Microsoft Corp 5.69 Alphabet Inc A 6.02 Amazon.com Inc 4.29 Apple Inc 3.51 Facebook Inc A 2.30 Facebook Inc A 3.17 Alphabet Inc A 2.07

Artemis Funds (Lux) – Global Select % Vanguard S&P 500 ETF % Apple 2.70 Apple Inc 5.52 Thermo Fisher Scientific 2.60 Microsoft Corp 5.29 Equinix 2.50 Amazon.com Inc 3.88 Alphabet 2.40 Facebook Inc A 2.22 Amazon 2.40 Alphabet Inc A 1.99

iShares Core MSCI Japan ETF % ISHARES EDGE MSCI ETF % Toyota Motor Corp 3.86 AT&T Inc 7. 36 Sony Group Corp 2.63 Intel Corp 6.40 Keyence Corp 2.05 Micron Technology Inc 3.29 SoftBank Group Corp 1.74 General Motors Co 3.23 Recruit Holdings Co Ltd 1.42 Cisco Systems Inc 2.92

Marlborough UK Micro-Cap Growth % Marlborough Multi-Cap Growth % S4 Capital PLC 2.63 Future PLC 4.69 Impax Asset Management Group PLC 2.57 JD Sports Fashion PLC 3.95 discoverIE Group PLC 2.17 Dechra Pharmaceuticals PLC 3.34 SCA Investments Lts 2.15 Ashtead Group PLC 3.14 Future PLC 2.15 Genus PLC 2.78

Data provided is as at 1 July 2021 and may change as a result of the active day to day management of each underlying fund.

Investment Process: Investment Process: ASSET ALLOCATION FUND SELECTION

At the heart of our investment process Once the asset allocation has been is asset allocation, which is based on determined, the investment team detailed analysis of how different assets will select the funds to construct the have performed over the long term. portfolios.

The investment team have modelled They use a blend of expertly selected returns over 20 years from a range of low-cost passive investments and asset classes – including different equity actively managed funds, including markets, bonds, property and alternatives those in Marlborough’s award-winning such as commodities. single-strategy range. As part of the Marlborough Group, we can access the Back-dating performance over two expertise and resources of the highly decades means their data covers a range respected managers of these funds at of different market conditions and avoids institutional rates, which helps us keep excessive emphasis on the impact of any costs for our investors as low as possible. single market event. The result is a carefully blended portfolio Using this analysis, they have created of funds, built around a risk-graded long- a range of asset allocations designed term asset allocation and designed to to achieve the best possible returns for achieve the best possible returns for the different investor risk profiles. level of risk taken. The team do not make tactical asset allocation calls, believing it is difficult to consistently make such short-term market calls correctly and that they do not fit with their careful risk management process.

Instead, they focus on their long-term modelling of asset class performance to construct portfolios that are carefully calibrated to investors’ risk profiles.

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The review process overseen Investment Process: by the Investment Committee MONITOR AND REVIEW is illustrated below:

The Marlborough investment team have a robust and disciplined monitoring and review process in place to ensure MONITOR portfolios continue to hold the right balance of assets to achieve the best • Portfolio performance against risk objective possible returns for investors. • Market conditions that may impact asset allocation • The long-term asset allocations are assessed quarterly to ensure the optimal risk and reward profiles.

• Funds in the portfolios are reviewed quarterly and rebalanced where necessary to ensure the asset allocation REVIEW is maintained. • Asset allocation to ensure it continues to • The suitability and performance of the meet risk objectives underlying funds is monitored daily and • Underlying funds continue to meet then formally assessed monthly. selection criteria

• The investment team are overseen by Marlborough’s Investment Committee, which meets monthly.

The frequency of assessment may increase if investment conditions change, ADJUST for example during periods of heightened volatility. • When necessary rebalance assets in portfolio to ensure long-term asset allocation is maintained Fund Information

Fund Class Inc /Acc Currency ISIN Code MARLBOROUGH CAUTIOUS Marlborough Cautious V Acc GBP IE00BMT7HH16

Marlborough Cautious V Acc USD IE00BMT7HJ30

Fund Class Inc /Acc Currency ISIN Code MARLBOROUGH BALANCED Marlborough Balanced V Acc GBP IE00BMT7HC60

Marlborough Balanced V Acc USD IE00BMT7HD77

Fund Class Inc /Acc Currency ISIN Code MARLBOROUGH ADVENTUROUS Marlborough Adventurous V Acc GBP IE00BMT7HF91

Marlborough Adventurous V Acc USD IE00BMT7HG09

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Risk warnings Regulatory information

Capital is at risk. The value and income from This material is for distribution to professional investments can go down as well as up and advisers only and should not be distributed to are not guaranteed. An investor may get back or relied upon by any other persons. significantly less than they invest. It’s provided for general information purposes Past performance is not a reliable indicator only and is not personal advice to anyone to of current or future performance and should invest in any fund or product. not be the sole factor considered when The Key Investor Information Documents and selecting funds. the Prospectuses for all funds are available, in Our funds invest for the long-term and may English, free of charge and can be obtained not be appropriate for investors who plan to directly using the contact details in this take money out within five years. document. They can also be downloaded from www.marlboroughfunds.com. An investor must Tax treatment depends on individual always read these before investing. circumstances and may change in the future. Information taken from trade and other sources is believed to be reliable, although we don’t represent this as accurate or complete and it shouldn’t be relied upon as such.

Calls may be recorded for training and monitoring purposes.

Issued by IFSL International Limited, authorised by Central bank of Ireland and incorporated in Ireland as a limited company with company no. 616854 Directors: Darren Freemantle (British), Raymond O’Neill (Irish), Wayne Green (British) and Graham Bentley (British) Registered office: IFSL International Limited, 7/8 Mount Street Upper, Dublin 2, Ireland. ci-associates.com ireland.marlboroughfunds.com