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July 2021

Monthly roundup | Investment companies Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments

Winners and losers in June

The old adage that what goes up must come down and vice versa appears to ring true this month as interestingly, the commodities & natural resources sector, which was the best performing in May, was the worst performing in June. The sector has backtracked on its 2021 rally as easing supply worries grow stronger along with monetary policy uncertainty. This has particularly affected gold and silver. The timetable for US interest rate rises appeared to move up despite the Federal Reserve saying that it thought inflation was transitory. This together with a rising dollar and China’s efforts to slow inflation meant some materials have also taken a hit. Similarly, the technology & media sector, which was the worst performing in May, was the best in June. Tech stocks led the way in June with the Nasdaq and S&P 500 hitting all-time highs towards the end of the month, as investors expect a robust earnings season while interest rates remain low. Meanwhile, emerging market names such as those in Latin America and India have performed well as central banks have been proactive in raising rates and sounding more hawkish tones which has helped lessen inflation concerns (see Appendix 1 for a breakdown of how all the sectors have performed this year).

June’s median total share price return was 1.3% (the average was 1.4%) which compares with 0.4% in May. Readers interested in the most recent briefings from the industry can click here to access our economic and political roundup.

Best performing sectors in June 2021 by total price return Median share Median NAV total Median discount Median sector Number of price total return return 30/06/21 market cap companies in the (%) (%) (%) 30/06/21 (£m) sector

Technology & Media 7.1 8.2 (5.5) 1,166 3 Latin America 6.8 6.0 (12.6) 89 2 China / Greater China 5.3 5.4 (0.0) 551 3 Country Specialist 4.7 5.1 (15.3) 294 5 India 4.6 3.9 (12.8) 224 4 Source: Morningstar, Marten & Co. Note: inclusive of sectors with at least two companies. Note: many alternative asset sector funds release NAV performance on a quarterly basis

Worst performing sectors in June 2021 by total price return Median share Median NAV total Median discount Median sector Number of price total return return 30/06/21 market cap companies in the (%) (%) (%) 30/06/21 (£m) sector

Commodities & Natural Resources (8.3) 0.0 0.8 101 9 UK All Companies (3.3) (1.0) (0.6) 272 10 European Smaller Companies (0.7) 0.8 (7.9) 619 4 Private Equity (0.2) 0.0 (21.1) 309 21 Debt – Loans & Bonds 0.0 0.8 (2.0) 100 15 Source: Morningstar, Marten & Co. Note: inclusive of sectors with at least two companies. *many alternative asset sector funds release NAV performance on a quarterly basis

Investment companies monthly roundup – July 2021 1

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Winners and losers continued…

Best performing funds in total NAV (LHS) and price (RHS) terms over June 2021 Fund Sector (%) Fund Sector (%)

UIL Flexible Investment 16.1 Growth Capital 20.0

Baillie Gifford US Growth North America 14.7 Mobius Investment Trust Global Emerging Markets 16.1

Mobius Investment Trust Global Emerging Markets 12.3 NB Distressed Debt Debt - Loans & Bonds 15.8

Scottish Mortgage Global 11.8 Baillie Gifford US Growth North America 14.4 NB Distressed Debt Debt - Loans & Bonds 10.3 Gresham House Strategic UK Smaller Cos 12.9

Keystone Positive Change Global 9.7 Scottish Mortgage Global 11.6 Polar Capital Technology Technology & Media 9.6 Tufton Oceanic Assets Leasing 11.1

BB Healthcare Biotechnology & Healthcare 8.4 Alpha Real Trust Property - Debt 10.6

AVI Japan Opportunity Japanese Smaller Companies 8.3 CIP Merchant Capital Flexible Investment 10.4 Allianz Technology Technology & Media 8.2 Oakley Capital Investments Private Equity 10.3 Source: Morningstar, Marten & Co. Note: excludes trusts with market caps below £15m at 30/06/21

Worst performing funds in total NAV (LHS) and price (RHS) terms over June 2021 Fund Sector (%) Fund Sector (%)

Golden Prospect Precious Metal Commodities & Natural (11.8) Secured Income Debt - Direct Lending (20.6) Resources Scottish Investment Trust Global (6.7) Golden Prospect Precious Commodities & Natural (17.2) Metal Resources CQS Natural Resources Growth Commodities & Natural (5.4) Augmentum Fintech Technology & Media (12.8) & Income Resources Odyssean Investment Trust UK Smaller Companies (4.8) Henderson Opportunities UK All Companies (12.6) BlackRock World Mining Trust Commodities & Natural (4.7) Symphony International Private Equity (10.8) Resources Geiger Counter Commodities & Natural (3.8) CQS Natural Resources Commodities & Natural (10.5) Resources Growth & Income Resources Ruffer Investment Company Flexible Investment (2.4) FastForward Innovations Private Equity (10.3)

Miton UK Microcap UK Smaller Companies (2.3) BlackRock Energy and Commodities & Natural (9.4) Resources Resources Hipgnosis Songs Royalties (2.2) Geiger Counter Commodities & Natural (8.5) Resources JPMorgan Mid Cap UK All Companies (2.1) Miton UK Microcap UK Smaller Companies (7.6) Source: Morningstar, Marten & Co. Note: excludes trusts with market caps below £15m at 30/06/21

After a short blip, the flavours of the month for June were once again tech and growth, and relevant trusts such as Baillie Gifford US Growth, Scottish Mortgage, Polar Capital Technology and Allianz Technology delivered some of the best returns in both NAV and share price terms. Investors are piling back into tech-oriented growth stocks on diminishing worries about runaway inflation – though inflation is certainly still a concern on people’s minds. UIL’s NAV increase is largely down to a change in the way it values its investment in Somers. Meanwhile, Gresham House Strategic made gains after it committed to a strategic review and Mobius Investment Trust‘s focus on high quality and sustainable stocks meant it outperformed in COVID-

Investment companies monthly roundup – July 2021 2

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hit emerging markets. AVI Japan Opportunities has been busy engaging with a number of investee companies. Sentiment towards Tufton Oceanic may have been benefiting from rising charter rates for ships.

On the other hand, as highlighted previously, the rally in commodities appears to have come to a halt and many of the top performing funds in May, which sit in the commodities & natural resources sector, made losses in June. Golden Prospect Precious Metal, CQS Natural Resources and Geiger Counter were among the worst performers in both share price and NAV terms for June. Crude oil prices are holding onto gains but gold and palladium slumped while copper on the metal Exchange saw its biggest weekly loss since March 2020. Other laggards in June included Miton UK MicroCap while Secure Income saw its share price fall in June by 20% after taking a knife to the valuations of its film financing portfolio. Augmentum Fintech fell after it announced a significant fundraise (see below).

Moves in discounts and premiums

More expensive (LHS) and cheaper (RHS) relative to NAV Fund Sector 30 31 May Fund Sector 30 June 31 May June (%) (%) (%) (%)

Chrysalis Investments Growth Capital 19.3 (0.6) Secured Income Debt - Direct (26.8) (6.0) Lending Gresham House Strategic UK Smaller (4.8) (14.3) Augmentum Fintech Technology & 7.0 22.7 Companies Media Residential Secure Income Property - UK 4.1 (5.2) Henderson UK All Companies (13.4) (1.2) Residential Opportunities Phoenix Spree Property - 0.1 (8.3) BlackRock Energy Commodities & (9.4) 1.8 Deutschland Europe and Resources Natural Resources Oakley Capital Private Equity (9.7) (18.0) Jupiter Green Environmental (7.2) 3.6 Source: Morningstar, Marten & Co. Note: excludes alternative asset funds where there was no recorded change to the NAV over the month

Chrysalis Investments enjoyed a huge turnaround from a small discount at the end of May to a premium just shy of 20% by the end of June. It announced a £75m investment in leading retirement platform Smart Pension, but the price move reflects hopes of an uplift in its end June NAV (the last published is as at 31 March). It is a similar story for Oakley Capital, which has had a run of good news recently. Gresham House Strategic also became more expensive last month as it saw its discount narrow – after seeing it swing out in May – likely on the back of the commitment to a strategic review, as mentioned earlier.

Meanwhile, Secured Income has become a lot cheaper on the bad news about its film finance portfolio. In addition, its chief investment officer, Dawn Kendall took a temporary leave of absence, which was announced in May. She was due to return in mid-July but this has been extended to September. The bounce in UK stocks that began following November’s good news on vaccines may have paused, as is reflected in Henderson Opportunities’ widening discount. Augmentum Fintech’s high premium of 22% became cheaper in June, though is still trading higher than its NAV at 7%. The company revealed excellent results for the year to 31 March 2021 while also sharing details of an amendment to its investment policy and plans to raise £40m at 135.5p, then a 3.9% premium to NAV. Jupiter Green is back trading on a meaningful discount for the first time since last October. The board is supposed to keep this under control.

Investment companies monthly roundup – July 2021 3

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Money raised and returned over June

Money raised (LHS) and returned (RHS) over June in £m Fund Sector £m Fund Sector £m raised returned

Digital 9 Infrastructure Infrastructure 190.0 Scottish Mortgage Global (73.0) Cordiant Digital Infrastructure 187.0 Global (21.4) Infrastructure Polar Capital Global Financials 122.0 UK Mortgages Debt - Structured Finance (19.3) Financials Aquila Energy Efficiency Renewable energy 100.0 Witan Global (14.7) infrastructure HgCapital Trust Private Equity 37.1 Vietnam Enterprise Country Specialist (10.8) Source: Morningstar, Marten & Co. Note: excludes trusts with market caps below £15m at 30/06/21. *Note: based on the approximate value of shares at 30/06/21

June was a bumper month for fundraising with one new listing and a number of existing funds raising substantial additional capital. Many more funds announced fundraising plans including a couple of new issues. Approximately £757m of net new money was raised in June in total. New trusts on the block, Digital 9 Infrastructure and Cordiant Digital Infrastructure raised £375m between them – making £1bn in total raised for these trusts this year. Both companies have substantial pipelines of new assets and we could easily see them come back again for more money later in the year. Polar Capital Global Financials capped a remarkable turnaround in its fortunes since last year’s cash exit opportunity. Investors are backing banks once again and the sector is outperforming. Aquila Energy Efficiency was this month’s new issue. It is the third of these funds to launch but is differentiated by its European focus. Hg Capital heads a long list of funds tapping stock out in response to demand.

Not on the list is Literacy Capital, another new entrant to the sector but it didn’t raise any fresh capital at launch – although some existing investors sold shares. It currently has a market cap of about £116m. One fund that didn’t make it was Liontrust ESG Trust. Private investors were supportive but professional investors seem to have been put off by its size – saying it was too small.

Share buybacks were led by Scottish Mortgage, Alliance Trust, UK Mortgages, Witan and Vietnam Enterprise.

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Major news stories and QuotedData views over June

Portfolio developments Corporate news • Bluefield Solar bought a new UK based wind portfolio • BlackRock North American Income revealed a revised objective and • HgCapital’s manager agreed the sale of its Allocate holding name change to BlackRock Sustainable American Income • Chrysalis bought a leading retirement tech platform provider • Activist Investor publicised plans to block the continuation of Crystal Amber • NextEnergy Solar invested in its sister fund NextPower III • Round Hill Music Royalty announced a new C share placing • Taylor Maritime completed deployment of its IPO proceeds • Literacy Capital announced its intention to float • Hipgnosis announced plans to raise £150m and acquired producer Joel Little’s catalogue • FastForward Innovations proposed a name change • Apax X invested in CyberGrants • New space fund Seraphim Space issued an intention to float and published its prospectus • JLEN made its first investment into large-scale biomass combined heat and power plant • JPMorgan European Smaller Companies officially relaunched as JPMorgan European Discovery • Oakley Capital acquired controlling stakes in e-commerce names Afterbuy and DreamRobot • Augmentum Fintech revealed plans to amend its investment policy • Octopus Renewables bought a Scottish wind farm • Requisition notice withdrawn for Gresham House Strategic • Triple Point Energy Infrastructure bought CHP+ company • BH Macro and BH Global agreed heads of terms for its proposed Spark Steam combination • Caledonia sold long-term holding Deep Sea Electronics • BBGI Global Infrastructure secured a £230m revolving credit facility

Property news Managers and fees • Urban Logistics announced a fundraising • Montanaro European Smaller Companies confirmed its split share plans • LXI REIT revealed plans to raise £75m through new shares • Third Point Investors proposed an exchange facility • Tritax EuroBox acquired its first asset in the Nordics • Ewan Markson-Brown, co-manager of top-performing Pacific Horizon • UK Residential REIT published its prospectus trust left Baillie Gifford • Sigma Capital Group reached an agreement on its takeover • Lindsell Train updated its benchmark and performance fee • Lar Espana Real Estate extended its IMA with Grupo Lar by five years on a reduced fee • Home REIT invested the remainder of its IPO proceeds

QuotedData views • Chinese private equity – 25 June • Space! – the not so final frontier – 11 June • Office needs to Flex muscles – 25 June • Not all industrial is equal – 11 June • Is property still a good hedge against inflation? – 18 June • REIT IPO to get excited about – 4 June • Step off the train? – 18 June • On drugs – 4 June

Visit www.quoteddata.com for more on these and other stories plus in-depth analysis on some funds, the tools to compare similar funds and basic information, key documents and regulatory news announcements on every investment company quoted in London

Investment companies monthly roundup – July 2021 5

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Upcoming events

Have you signed up for QuotedData’s Property webinar series? – 7th, 14th and 22nd and 28th July

Here is a selection of what is coming up. Please refer to the Events section of our website for updates between now and when they are scheduled:

• JPMorgan Multi-Asset Growth & Income AGM 2021, 6 July • India Capital Growth AGM 2021, 14 July • JZ Capital Partners AGM 2021, 6 July • Jupiter Emerging & Frontier Income webinar, 15 July • Downing Strategic Micro-Cap AGM 2021, 7 July • Axiom European Financial Debt AGM 2021, 19 July • JPMorgan European AGM 2021, 8 July • HarbourVest Global Private Equity AGM 2021, 21 July • Third Point Investors AGM 2021, 8 July • Blackstone Loan Financing AGM 2021, 23 July • TwentyFour Select Monthly Income AGM 2021, 8 July • Gresham House Strategic AGM 2021, 26 July • Worldwide Healthcare AGM 2021, 8 July • BlackRock North American EGM 2021, 29 July • Montanaro UK Smaller Cos AGM 2021, 12 August • Infrastructure AGM 2021, 8 July • AGM 2021, 22 September • Gabelli Value Plus+ AGM 2021, 12 July

Interviews

Have you been listening to our weekly news round-up shows? Every Friday at 11 am, we run through the more interesting bits of the week’s news and we usually have a special guest or two answering questions about a particular investment company.

Friday The news show Special Guest Topic

8 January Review of 2020 Andrew McHattie Review of 2020 15 January GVP, SUPP, SBO James Robson RM Secured Lending 22 January SONG, JGC, RMMC Adam Khanbhai Strategic Equity Capital 29 January SLPE, FSFL, RSE Philip Kent GCP Infrastructure 5 February RHM, IPOs Dean Orrico Middlefield Canadian Income 12 February RTW, UKW, SEC, GVP Alan Gauld Standard Life Private Equity 19 February JLEN, KKV, BH Global, EBOX/BOXE Matthew Tillett Brunner 26 February LWDB, TIGT, BRFI, RDI Nalaka De Silva Aberdeen Diversified Inc. & Growth 5 March Review of February, CMHY, SEC, Nick Brind Polar Capital Global Financials GSF, APAX 12 March HOME, LXI, BBOX Stuart Young Phoenix Spree Deutschland 19 March CSH, APX, SUPR Richard Moffitt Urban Logistics REIT 26 March MATE, CHRY, DGI9, SYNC Ross Teverson Jupiter Emerging and Frontier Income 9 April Review of March, CBA, SEC, SEIT, Neil Hermon Henderson Smaller Companies SUPP 16 April BLND, PSDL, SBO Hugo Ure Troy Income & Growth 23 April AEWU, AIF, GSF, MNTN James Harries Securities Trust of Scotland

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30 April AGT, DIG, HOME, GWIini Nick Montgomery Schroder Real Estate 7 May JLG, JLIF, SIGB, SMP Helen Steers 14 May NPSN, RMDL Stuart Widdowson Odyssean 21 May AIF, CORD, SBO Georgina Brittan JPMorgan Smaller Companies 28 May GHE, SEC Matthew Potter Honeycomb 4 Jun ARR, BHGG, BHGU, BHME, BHMG, Ben Ritchie Dunedin Income Growth BHMU, LTI, SCIN, WWH 11 Jun CORD, DGI9, PHI Stephanie Sirota RTW Ventures 18 Jun AUGM, LTI, MTE Stephen Inglis Regional REIT 25 June AEMC, CRS, BOOK Michael O’Brien Fundsmith Emerging Equities 2 July GSS, PCFT, SHED, BSIF David Conlon GCP Asset Backed Income

Coming up 9 July BEMO Matthias Siller Baring Emerging EMEA Opportunities 16 July Nick Wood Quilter Cheviot 23 July PCGH Gareth Powell Polar Capital Global Healthcare

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Research notes published recently

In both total net asset value (NAV) and share price return terms, Jupiter Emerging & Frontier Income (JEFI) has been the pacesetter within its peer group since the November 2020 vaccine announcements. Manager Ross Teverson and the team’s long-held view that stocks were priced more attractively outside of China has been paying off, led by its Taiwan-based holdings in particular.

Though India’s second coronavirus wave – which started in March 2021 and saw as many as 414,000 recorded daily cases as recently as 6 May – has been described as one of the worst in the world, Gaurav Narain, India Capital Growth’s (IGC’s) investment adviser, believes the peak in infections has now passed. The number of new daily cases appears to be falling and the country’s vaccine rollout is ramping up after a temporary slowdown following production constraints.

Bluefield Solar Income Fund (BSIF)’s ambition to expand beyond its narrow focus on solar power generation looks close to fruition, with the announcement of a deal to buy a portfolio of 109 wind turbines, located across the UK. This is the first in a series of transactions aimed at diversifying BSIF’s asset base. The target is to have 25% of its portfolio in assets other than solar within 18 months.

In recent months, despite its attractive dividend yield (6.9% at the time of publication), GCP Infrastructure (GCP)’s shares moved to trade on a small discount to its net asset value, which is unusual both for funds in the infrastructure sector (where GCP sits) and the renewable energy sector, which is a better match for the majority of GCP’s portfolio. As the figures on page 18 show, even today, when GCP’s shares have recovered to trade at a small premium to asset value, it remains one of the cheapest funds in both sectors.

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Guide

Our independent guide to quoted investment companies is an invaluable tool for anyone who wants to brush up on their knowledge of the investment companies’ sector. Please register on www.quoteddata.com if you would like it emailed to you directly.

Investment companies monthly roundup – July 2021 9

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Appendix 1 – median performance by sector, ranked by YTD total price returns

YTD Sector Share price NAV TR Share NAV Disc. Disc. Chan Market Number of Rank TR YTD YTD price TR 30/06/21 31/05/21 ge in cap companies TR June disc. 30/06/21 in the June sector (%) (%) (%) (%) (%) (%) (%) (£m)

1 UK Smaller Companies 20.5 19.8 0.8 0.1 (8.4) (8.1) (0.2) 152 24 2 Commodities & Natural 19.7 16.6 (8.3) 0.0 (4.2) 0.8 (5.0) 101 9 Resources 3 Property - UK Logistics 19.0 0.0 (0.3) 0.0 20.4 20.8 (0.4) 3,376 1 4 Country Specialist 17.7 27.9 4.7 5.1 (16.7) (15.3) (1.4) 312 5 5 Property - UK Commercial 17.6 3.2 0.2 0.0 (13.3) (12.4) (0.9) 205 16 6 UK Equity & Bond Income 17.3 17.3 1.5 1.3 (8.1) (8.9) 0.8 140 2 7 North America 14.5 16.5 2.3 3.0 (6.5) (4.6) (1.9) 279 6 8 Asia Pacific Smaller 14.2 15.5 3.7 4.7 (7.8) (12.4) 4.6 365 3 Companies 9 North American Smaller 14.2 13.4 2.7 3.4 (3.0) (2.3) (0.7) 227 2 Companies 10 Debt - Structured Finance 13.6 3.5 1.7 0.0 (9.7) (9.5) (0.2) 138 7 11 India 13.3 13.7 4.6 3.9 (12.5) (12.8) 0.3 236 4 12 Property - UK Residential 12.8 2.6 0.0 0.0 0.0 0.0 0.0 272 9 13 UK Equity Income 12.1 11.4 0.0 (0.2) (1.0) (1.9) 0.8 215 27 14 Property - Europe 12.0 0.0 1.3 0.0 0.0 (1.2) 1.2 313 7 15 Financials 11.7 8.6 0.9 0.0 0.0 0.0 0.0 306 3 16 Private Equity 11.5 5.2 (0.2) 0.0 (19.5) (21.1) 1.7 309 21 17 UK All Companies 11.5 11.0 (3.3) (1.0) (3.7) (0.6) (3.1) 272 10 18 Property - Debt 10.3 2.4 3.4 0.0 (10.2) (12.6) 2.4 224 4 19 European Smaller 10.2 12.9 (0.7) 0.8 (8.9) (7.9) (1.0) 619 4 Companies 20 Europe 10.0 12.8 0.7 2.3 (8.3) (7.3) (0.9) 447 8 21 Flexible Investment 9.8 8.0 1.2 0.2 (3.0) (4.0) 1.0 95 23 22 Global 8.3 9.7 1.4 3.1 (5.7) (3.9) (1.8) 438 18 23 China / Greater China 7.9 8.3 5.3 5.4 2.7 (0.0) 2.8 605 3 24 Growth Capital 7.9 14.1 2.9 0.0 (2.5) (4.4) 1.8 304 5 25 Debt - Direct Lending 7.3 3.4 0.9 0.0 (4.9) (5.6) 0.8 93 10 26 Global Equity Income 7.3 10.6 1.5 2.3 (1.9) (0.6) (1.2) 326 7 27 Global Emerging Markets 6.6 9.0 2.6 3.9 (8.5) (7.3) (1.2) 280 14 28 Environmental 4.5 6.1 1.7 3.3 (3.6) 1.6 (5.2) 70 4 29 Property - UK Healthcare 4.5 3.9 0.3 0.0 3.6 3.8 (0.3) 490 2 30 Global Smaller 4.1 13.8 3.7 4.8 (10.0) (6.8) (3.2) 1,415 5 Companies 31 Debt - Loans & Bonds 3.8 4.5 0.0 0.8 (4.1) (2.0) (2.1) 100 15 32 Asia Pacific 3.6 6.1 1.7 2.4 (7.8) (6.6) (1.2) 599 6 33 Technology & Media 2.7 9.3 7.1 8.2 (5.5) (5.5) 0.0 1,258 3

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Rank Sector Share price NAV TR Share NAV Disc. Disc. Chan Market Number of TR YTD YTD price TR 30/06/21 31/05/21 ge in cap companies TR June disc. 30/06/21 in the June sector (%) (%) (%) (%) (%) (%) (%) (£m) 34 Infrastructure Securities 2.6 3.5 1.5 2.4 (5.2) (4.5) (0.8) 105 2 35 Royalties 2.4 (1.3) 1.7 0.8 4.8 3.4 1.4 786 2 36 Hedge Funds 2.2 1.2 0.8 1.3 (11.5) (14.3) 2.8 55 11 37 Insurance & Reinsurance 0.0 0.0 0.0 0.0 0.0 (11.9) 11.9 0 5 Strategies 37 Infrastructure 0.0 1.6 0.2 0.0 8.9 8.2 0.8 1,168 9 39 Leasing (0.7) 3.4 1.9 0.0 (43.8) (43.1) (0.7) 96 8 40 Renewable Energy (0.7) 0.1 1.0 0.0 7.6 7.2 0.4 457 16 Infrastructure 41 Latin America (1.0) 4.9 6.8 6.0 (12.2) (12.6) 0.4 97 2 42 Property - Rest of World (1.8) (0.5) 0.2 0.0 (45.9) (45.4) (0.6) 44 4 43 Japan (2.3) 2.1 1.0 3.4 (7.9) (6.8) (1.1) 273 6 44 Biotechnology & (3.6) (4.6) 2.4 7.1 (0.2) 1.5 (1.7) 827 6 Healthcare 45 Japanese Smaller (13.9) (4.2) 3.1 6.5 (2.6) (2.2) (0.4) 148 5 Companies MEDIAN 7.9 6.1 1.4 0.8 (5.2) (4.6) (0.3) 272.6 6 Source: Morningstar, Marten & Co

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