Specialist

31 August 2021 Pension Fund SW Artemis UK Smaller Companies Pension (Series 1)

Asset Allocation (as at 30/07/2021) This document is provided for the purpose of UK Equities 98.5% information only. This factsheet is intended for individuals who are familiar with investment Money Market 1.5% terminology. Please contact your financial adviser if you need an explanation of the terms used. This material should not be relied upon as sufficient information to support an investment decision. The portfolio data on this factsheet is updated on a quarterly basis. Fund Aim The fund aims for long-term growth by investing in UK smaller companies. Investment is solely through the Artemis UK Smaller Companies Unit Trust. Sector Breakdown (as at 30/07/2021) Other 24.2% Basic Fund Information Industrials 18.7% Series 1 Unit Launch 19/09/2001 Date Financial Services 11.4% Fund Size £67.8m Building & Construction 9.5% Sector ABI UK Smaller Software 9.3% Companies Travel 6.9% ISIN GB0030834625 Retailers - General 5.7% MEX ID SWAS3P Biotechnology/Medical 5.4% SEDOL 3083462 Media 4.5% Aerospace & Defence 4.3% Manager Name Mark Niznik, William Tamworth Regional Breakdown (as at 30/07/2021) Manager Since 22/10/2007, 31/03/2016 Top Ten Holdings (as at 30/07/2021) NCC GROUP 3.0% BROOKS MACDONALD GROUP PLC 2.9% COMMON STOCK GBP 1 MEARS GROUP 2.7% 2.5% The composition of asset mix and asset allocation may change at any time and exclude cash unless otherwise stated RPS GROUP 2.5% MEDICA GROUP 2.4% EUROMONEY INSTL INVESTOR PLC 2.4% GROUP 2.4% MONEYSUPERMARKET.COM 2.4% 2.1% TOTAL 25.3%

Page 1 Past Performance Fund Rating Information 150% Overall Morningstar ** Rating Morningstar Analyst 100% Rating FE fundinfo Crown Rating 50% The FE fundinfo Crown Rating relates to this fund. However, the Morningstar ratings are based on the underlying fund. These are 0% supplied by the respective independent ratings agencies and are the latest available at the Sep 16 Dec 17 Mar 19 Jun 20 Sep 21 time this factsheet was issued. Past 31/08/2016 - 31/08/2021 Powered by data from FE fundinfo performance is not a reliable indicator of future SW Artemis UK Smaller Companies Pension Series 1 results. ABI UK Smaller Companies Other Information Past performance is not a guide to future performance. Investment value and income from it may The views, opinions and forecasts expressed fall as well as rise, as a result of market and currency movements. You may not get back the in this document are those of the fund amount originally invested. manager. Investment markets and conditions can change rapidly and as such the views Discrete Performance expressed should not be taken as statement of 30/06/2020 - 30/06/2019 - 30/06/2018 - 30/06/2017 - 30/06/2016 - fact, nor should reliance be placed on these 30/06/2021 30/06/2020 30/06/2019 30/06/2018 30/06/2017 views when making investment decisions.

SW Artemis UK Smaller 47.6% -18.2% -9.1% 18.1% 38.5% Scottish Widows Companies Pension 69 Morrison Street (Series 1) Edinburgh EH3 1HL ABI UK Smaller 50.6% -6.6% -6.6% 14.9% 37.6% Companies Not all products have access to this fund, please refer to the relevant product literature. Information is shown as unavailable if prior to the launch of fund. Full terms and conditions are available on request from us using the contact details Cumulative Performance provided. Charges, terms and the selection of 31/07/2021 - 31/05/2021 - 31/08/2020 - 31/08/2018 - 31/08/2016 - funds we make available may change. 31/08/2021 31/08/2021 31/08/2021 31/08/2021 31/08/2021 Information on the general and specific risks associated with investing in this fund is SW Artemis UK Smaller 4.4% 5.4% 58.7% 20.0% 71.8% available in the relevant fund guide, or KIID Companies Pension where applicable. We may change the (Series 1) investment approach rating for the fund. All ABI UK Smaller 4.8% 7.5% 53.1% 40.7% 96.3% information is sourced from Scottish Widows or Companies the relevant fund management group unless otherwise stated. Quartile 3 4 1 4 4 Source: FE fundinfo as at 31/08/2021

Performance figures are in £ Sterling on a single pricing basis, with income (where applicable) reinvested net of UK tax and net of total annual fund charges. These figures do not include any initial charge or other product charge(s) that may be applicable.

Quarterly Fund Manager Review We added to our holdings in Moneysupermarket, Serco, Halfords, Euromoney and . Most of these businesses are seeing strong and improving trading which we do not believe is reflected in their current share prices. Moneysupermarket and Euromoney continue to be hurt by restrictions on travel but we expect trading to recover and we believe the current valuations are attractive on our three-to-five year view. Both businesses have net cash. We started a new position in oil and gas producer Jadestone. We have relatively little oil exposure in the fund and felt the free cash flow generation was compelling with the oil price at $60 per barrel (i.e. well below its current level). We also like the option value that the business has developed through its M&A record. We trimmed our holdings in Future, Morses, RPS and Volution all of which have seen their share prices rise very strongly recently. We also reduced our holding in SSP as we felt the shares were pricing in a recovery in travel that is taking longer to come about. Revolution Bars’ shares fell 20% as it raised an additional £21 million in equity to mitigate the impact of the prolonged lockdown. Although this was done at a substantial (40%) discount to the prevailing share price, it leaves the business with a robust balance sheet and therefore well placed to capitalise on the opportunity as restrictions are eased. We took part in the placing having previously reduced our holding at higher levels partly in anticipation of the need for this placing.

Mark Niznik, William Tamworth 30/06/2021 The views, opinions and forecasts expressed in this document are those of the fund management house. Investment markets and conditions can change rapidly and as such the views expressed should not be taken as statements of fact, nor should reliance be placed on these views when making investment decisions.

Scottish Widows Limited. Registered in and Wales No. 3196171. Registered Office in the at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655. Page 2