TB Saracen UK Alpha Fund

July 2017

Fund Overview FOR PROFESSIONAL INVESTORS ONLY

 Objective: to achieve a higher rate of return than the MSCI UK All Cap Index by Retail investors should consult their financial advisers investing in a portfolio of primarily UK equity securities with the potential for long term growth. FUND DETAILS  The portfolio usually has a bias towards small and medium sized companies and (as at 31 July 2017) a high active share compared to the benchmark. Fund size: £28m  Since launch in March 1999, the fund has outperformed its benchmark in 14 out Launch date: 05/03/99 of 18 years and in 6 out of the last 8 calendar years.

 A concentrated portfolio of 30-40 holdings, with a focus on capital growth, backed No. of holdings: 32 by the Saracen research process. Active share: 91%

Source: Factset as at 31/07/17

Performance Chart* TB Saracen UK Alpha Fund B Acc 5 Year Performance (%) MSCI UK All Cap Index (TR) Denomination: GBP Valuation point: 12 noon

210.00 Fund prices: A Accumulation: 438.55p 190.00 B Accumulation: 706.33p

170.00 Policy is not to charge a dilution levy except in exceptional circumstances.

150.00 ACD: 130.00 T. Bailey Fund Services Limited

110.00 Scott McKenzie Fund Manager

90.00 03/08/12 03/08/13 03/08/14 03/08/15 03/08/16

*Source: Factset, as at 31.7.17 Total Return, Bid to Bid, GBP terms. Past performance is not a reliable indicator of future results. The value of your investment and the income derived from it can go down as well as up and you may not get back the money you invested.

Cumulative Performance after all ongoing charges to 31st July 2017

1 6 Since Scott McKenzie joined Saracen in 1 year 3 years 5 years August 2014. month months launch* TB Saracen UK 2.6% 12.2% 25.0% 34.1% 99.2% 609.0% Scott has been deputy manager of Alpha B Acc the fund since 2014 and was MSCI UK All appointed lead manager in July 1.3% 7.1% 14.9% 24.5% 62.7% Cap Index (TR) 2017. He has over 25 years’ experience managing UK equity Sector Average 1.2% 8.0% 16.6% 27.7% 73.3% 168.2% funds Quartile 1 1 1 2 1 1 Ranking

Source: Financial Express; *launch date 05 March 1999 Sector: IA Sector ((UK All Companies)

TB Saracen UK Alpha Fund

July 2017

Fund Breakdown by Market Capitalisation July – Attribution Analysis*

Top Contributors Positive 70% RPC Group +0.93% MJ Gleeson +0.69% 60% Galliford Try +0.49% FDM Group +0.40% 50% Rio Tinto +0.35% Top Detractors Negative 40% -0.13% Moneysupermarket.com -0.14% 30% Greencore Group -0.19% Eurocell -0.21% 20% Dialight -0.24% *Source: Factset as at 31/07/17 10%

0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 Fund Breakdown Large Mid Small Top 10 Holdings Data as of 31 July 2017, Source: Saracen Fund Managers MJ Gleeson 6.2% RPC Group 4.9% Monthly Commentary 4.8% STV Group 4.5% Performance Restore 4.4% After a poor June the MSCI UK All Cap index rose by 1.2% during July. The fund had a strong month, Rio Tinto 4.3% rising 2.5%. We continue to benefit from our high exposure to mid and smallcap, with the FTSE250 up GKN 4.2% 2.4% and the FT SmallCap increasing by 2.2%. In a very busy month of corporate results the FTSE100 Victoria 3.9% index lagged, rising by only 0.9%, with large sectors such as tobacco and pharmaceuticals seeing Prudential 3.5% meaningful declines. Hill & Smith 3.3%

Positives Our holding in FDM Group was a star turn, rising 21% on excellent results. After some recent turmoil our large holding in RPC Group recovered by 19% on a trading update and proposed share buyback. Sector breakdown Rio Tinto benefitted from rising commodity prices and a weaker dollar whilst Victoria continues to Consumer Services 20.7% successfully consolidate the UK carpet market whilst delivering strong profits growth. The shares rose Industrials 18.7% by 10%. Housebuilding was a notable positive for the fund with Galliford Try rising 17%, MJ Gleeson Consumer Goods 16.4% 11% and Berkeley Homes 8% - all three companies issued reassuring statements in July. Financials 15.6% Basic Materials 14.8% Negatives Oil & Gas 2.8% Our small position in Dialight was impacted by profit taking and fell 18%. Eurocell also slipped 13% on Telecoms 2.7% concerns about UK building activity. Both shares had been strong performers prior to this. Greencore Healthcare 2.4% fell 9% on what was a fairly uneventful update whilst Moneysupermarket lost 6% as its energy switching business disappointed investors. Technology 2.1% Utilities 0.0% Portfolio Activity We rebalanced some risk in the portfolio, taking profits from large positions in Berkeley, RPC Group and MJ Gleeson. All three remain core holdings. Smaller holdings in Dialight and Eurocell were added to after recent weakness in their share prices. The Fund has started to build a position in Allied Irish Bank after its recent IPO. The business has been significantly restructured post the financial crisis and has a high market share in a recovering Irish economy as well as a very robust capital position.

Initial Annual Ongoing ** ISIN SEDOL Bloomberg EMX Charge Charge Charge B Acc Shares GB0005711196 0571119 SFMGRBA LN SARGFB 0% 1.00% 1.24% ** Source: T Bailey Fund Services Ltd

To place a deal or for further information contact:

T. Bailey Fund Services Limited (TBFS) General Enquiries: 0115 988 8200 64 St. James’s Street Dealing Line: 0115 988 8274 Nottingham E-mail Dealing: [email protected] NG1 6FJ (Phone and email deals will only be accepted on completion of initial account set up and by prior agreement with TBFS)

T. Bailey Fund Services Limited is authorised and regulated by the Financial Conduct Authority (No. 190293).

Platform Partners

Important information:

This information should not be construed as an invitation, offer or recommendation to buy or sell investments, shares or securities or to form the basis of a contract to be relied on in any way and is by way of information only. Taxation levels, benefits and reliefs may all vary depending on individual circumstances and are subject to change. This document represents the views of Saracen Fund Managers Limited at the time of writing. Subscriptions will only be received and shares issued on the basis of the current Prospectus, Key Investor Information Document (KIID) and Supplementary Information Document (SID). These are available, in English, together with information on how to buy and sell shares, on-line at: www.tbaileyfs.co.uk.

Risk factors you should consider before investing:

The value of investments and the income from them may go down as well as up and you may get back less than the amount invested. Past performance is not a guide to future performance. A full list of the risks applicable to this Fund can be found in the Prospectus. All fund performance figures calculated on a single price basis. This Fund may not be appropriate for investors who plan to withdraw their money in the short-term (within 5 years). The Fund should be viewed as a medium to long-term investment only.

Investment Manager:

Saracen Fund Managers Ltd, 19 Rutland Square, Edinburgh, EH1 2BB. Tel: 0131 202 9100 and on-line at www.saracenfundmanagers.com. Saracen Fund Managers Limited is authorised and regulated by the Financial Conduct Authority. Registered in Scotland No. 180545.

Issued by Saracen Fund Managers Limited. Please note that Saracen Fund Managers Limited do not provide financial advice. If you have any doubt whether the TB Saracen UK Alpha Fund is suitable for you and you wish to receive advice you should contact your Financial Adviser.

Regulatory Status: FCA Recognised: Yes Scheme Type: OEIC (UCITS)

Issue date – 31 July 2017