WhatSupplement February 2021 Investment TRUST

A ONCE IN A LIFETIME CHANCE Nine opportunities to pick up promising trusts that you will not want to miss out on

Gresham House’s Richard Staveley talks investment philosophy; and TEMIT’s Chetan Sehgal on innovative EMs THINK: GROWTH If you’re thinking about your future, • 3 long-term growth trends drive our research think Martin Currie Global Portfolio Trust. • World-class sustainability ratings Our specialist team hand pick stocks with a focus on Find out more at martincurrieglobal.com long-term growth drivers, offering investors access to a Capital at risk. Values can go up and down. We do not target diversified portfolio of between 25 and 40 of the world’s particular sustainability outcomes. leading companies.

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Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Registered office: Saltire Court, 20 Castle Terrace, Edinburgh EHES. Authorised and regulated by the Financial Conduct Authority. Please note that calls to the above number may be recorded. Tel: 0808 100 2125 www.martincurrie.com © 2020 Morningstar, Inc. All rights reserved. Morningstar Rating as of 22-12-20.

GPTpressAds2021.indd 2 05/01/2021 10:47 THINK: GROWTH If you’re thinking about your future, • 3 long-term growth trends drive our research think Martin Currie Global Portfolio Trust. • World-class sustainability ratings Our specialist team hand pick stocks with a focus on Find out more at martincurrieglobal.com long-term growth drivers, offering investors access to a Capital at risk. Values can go up and down. We do not target > diversified portfolio of between 25 and 40 of the world’s particular sustainability outcomes. >| CONTENTS: FEBRUARY 2021 | LEADER leading companies.

Sustainability Rating: 4 COVER STORY BUYING INTO NEW MANAGEMENT Nine opportunities you will Lawrence Gosling is on the lookout for not want to miss out on managers applying old skills to new trusts

Back in December our Investment Trust supplement was 10 EMERGING MARKETS titled Trusts for 2021 and beyond. In that edition, we selected a EMs have had a ‘good group of investment companies which we thought provided very good long-term buying opportunities. pandemic’, offering resilience, Many of these suggestions were based on the big discounts the trusts were opportunity and leading-edge trading on, which essentially allows investors to buy in cheaply in the hope or expectation that the discount will narrow. innovation For readers who are still not too familiar or comfortable with this strategy, it is the same as buying shares in a single company because you believe the 12 INTERVIEW share price is currently depressed for a reason; but the long-term outlook is very good. Gresham House’s Richard With an investment trust although you are buying a single share in the Staveley answers questions trust, the trust owns shares in dozens of other companies and each of those is not always fully valued. So you are buying shares in the sum of the parts about his investment cheaper than the true value should be. philosophy and outlook Looking back at some of those recommendations two of the trusts have reduced their discount already. The former Patient Capital Trust managed by Woodford Investment Management, which has been renamed as the 14 ASIA Schroder UK PPT, has seen one of its holdings getting a bid which has seen a nice rise in the share price. A beacon of stability in a Equally the very different India Capital Growth fund, a trust which invests world of disruption in small and mid-cap companies in India, has seen its discount come in from around 40% in the summer of last year to around 10% or less currently. In this supplement we are looking at trusts where the discount is not 16 DATA the big driver for buying into the trusts, it is the long-term skill of the fund managers and their track records which will be applied to new trusts they Morningstar data covering the have taken over. performances of investment Two of the trusts are managed by the excellent Troy Asset Management. Troy Income & Growth Investment Trust has an excellent long-term record trusts over six months, one and is very suited to the investing environment we are in; while Securities year, three years and 10 years Trust of Scotland is a trust it only took over the management of in the autumn of last year, so investors would be buying into the recovery cheaply. RWC, an excellent boutique, took over the Temple Bar investment trust at a similar time and there has been a good uplift in the share price and narrowing of the discount to the point where the shares have traded at a narrow premium. Murray Income, managed by Aberdeen Standard Investments, subsumed the Perpetual Income & Growth Investor late last year, which is a good trigger to look at the enlarged trust. We also asked the manager of the Wise Multi- Asset Growth trust for his suggestions, one of which, Odyssean, is a trust we like. We hope you find the selections of interest. T Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Registered office: Saltire Court, 20 Castle Terrace, Edinburgh EHES. Lawrence Gosling is the editor-in-chief of What Investment. Authorised and regulated by the Financial Conduct Authority. Please note that calls to the above number may be recorded. Tel: 0808 100 2125 www.martincurrie.com www.whatinvestment.co.uk What Investment TRUST February 2021 3 © 2020 Morningstar, Inc. All rights reserved. Morningstar Rating as of 22-12-20.

GPTpressAds2021.indd 2 05/01/2021 10:47 >| COVER STORY

THE FALLOUT FROM COVID-19 HAS CREATED ‘ONCE IN A LIFETIME’ BUYING OPPORTUNITIES. WE IDENTIFY NINE OF THESE OVER THE NEXT FOUR PAGES DON’T MISS OUT

By Lawrence Gosling This gives Odyssean a varied management, for the Temple Bar collection of investments where Investment Trust the catalyst is For the purpose of this piece we normally it gets into a holding quite simply a change of fund like five investment trusts which early and has to wait for some manager. I think are worth investors activity to realise that value. The The management was taken looking at, not just as short-term last 12 months has seen more over by Ian Lance and Nick investments but realistically for than normal, but there is clearly Purves of RWC Partners back at least the rest of this decade. more to come. in November and immediately In their own way each of the shares saw a considerable them is worth consideration Murray Income bounce, partly because of the because, in the words of our At the other end of the scale is announcement of the first other contributor, Vincent Murray Income, managed very covid-19 vaccine but also Ropers, who is the co-manager successfully by Charles Luke at because professional investors of the Wise Multi Asset Growth Aberdeen Standard Investments. like the value style of investing fund, they offer an “exceptional It is worth looking at now the pair have used successfully opportunity”. because back in the autumn over the last two decades. His selections are also based it took over the Perpetual There is much debate about on the discounts of the shares Income & Growth Trust value versus growth businesses to the value of the assets; ours which significantly increased and the pair employ a very are not as cheap, but, equally, the combined trusts’ under simple analysis of what the quality is sometimes more management to over £1bn. intrinsic value of a company expensive, but over the long The advantage here is that might be. A great example in the term is worth paying for. it means more index funds trust is Royal Mail, where the have to buy shares and some shares hit £1.20 at the low yet in Odyssean of the bigger wealth managers early January were £3.50. One trust we agree with Ropers have been buying shares as an Lance had bought last year, about is Odyssean’s UK smaller alternative to one or two of the not at the low but when the companies trust which we other comparable trusts. market cap was £1.6bn; and touched on in the early Luke has a very yet by Temple Bar’s analysis its part of last year before simple, understandable European parcel business was covid-19 took hold of style of looking for worth considerably more than markets. In that time the good quality companies that. trust has had bid activity Quality is sometimes at a decent price and Lance talks about the for six of its companies more expensive, but he tends not to be a rotation from growth towards which is a great example big trader. Looking at value companies in the main of fund manager Stuart over the long term is Murray Income’s longer magazine and I tend to agree Widdowson’s approach. worth paying for term performance is a with him. We are starting a long- He analyses good way to see how term appetite for these kind of companies with his the enlarged trust could companies. colleague using the perform over the next metrics which private five to 10 years. Troy equity firms use – essentially To show the difference in seeing how cash a business Temple Bar opinion between funds it’s fair to generates and looking at what If Murray Income is worth say Troy invests quite differently their future opportunities might considering because it has but is equally appealing. be. increased its assets under There is something very

4 What Investment TRUST February 2021 www.whatinvestment.co.uk

>| COVER STORY

reassuring about the way Troy Asset Management manages money which resonates with the environment we find ourselves in. BARGAIN The fund managers do not get bogged down in economic discussions or predictions, or value companies versus BUYS growth businesses. Instead they are, in the words of one of FIVE TRUSTS TRADING AT their senior managers James DRAMATIC DISCOUNTS TO NET Harries “business selectors not stockpickers”. ASSET VALUE Troy now manages three investment trusts: Personal By Vincent Ropers, co-manager of Assets, Troy Income & Growth more than 35% discount) but also the Wise Multi-Asset Growth fund. (TIGT); and Securities Trust of performance catalysts – avoiding Scotland (STS), which James Covid-19 has created a once-in- dreaded value traps. Harries and his team took over a-decade opportunity to pick-up What is particularly interesting management of late last year. exceptional investment trusts at in the context of the strong In early January I spoke to bargain levels. The pandemic’s tech rally is AVI has managed Harries about STS and separately meteoric impact on economic to get exposure to this theme to his colleague Hugo Ure, one and market sentiment has caused without paying hefty valuations. of the three senior investors a number of trust discounts to For example, one of its large leading the management of TIGT, dramatically widen. With many investments is in Softbank and the commonality of thought trusts now trading far below their the worth of which, despite process between the two is very net asset value, investors can now all the headlines, remains reassuring as is the sharing of access attractive entry points in predominantly made up of its good investment ideas. the event of a re-rating. large stake in Alibaba, the listed A great example of the latter An above normal discount Chinese e-commerce giant. is the adding of Fever-Tree to is enticing but it is important to Softbank trades at a more than both trusts at different points look before you leap. A re-rating 50% discount to its net asset value last year when they thought the is not inevitable, but we look and has, this year, announced a shares had got cheap on some to access exceptional managers more than 20% share buyback short-term concerns but they benefitting from the combination program, providing support to felt the market was missing the of macroeconomic and valuations the share price. Another example long-term opportunity the firm tailwinds. It is our conviction would be its investment in Prosus, has in the global market which that this will lead to longer-term the largest consumer internet is worth something like $12bn outperformance. From under-the company in Europe: its value lies annually in sales. radar technology, to undervalued mainly in its holding in Tencent Both trusts are worth buying resources, we identify five and it trades at a 35% discount. for different reasons. TIGT had a trusts we believe currently offer It is likely to be included in a top solid year in 2020 with its share exceptional value. European index shortly, which losing less than the market, and should bring attention to this Ure is honest enough to admit AVI Global Trust company and help tighten its he was a little disappointed it AVI is a global equity manager anomalous discount. did not perform better as it has specialising in family-controlled AVI Global Trust done in previous periods when holding companies and closed- Market cap: £805m the markets overall have done ended funds. The manager Discount: 10.6% poorly. focuses on special situations and Constituent of MAG fund: 7.0% As I said I think investors currently has significant exposure could buy shares in both trusts to cash rich and positive cash- Oakley Capital and achieve a good long-term flow generating companies in return, but if you want a pick Japan, under pressure from the Investments between the two I would go for government to become more Oakley Capital, the private STS because of the momentum shareholder friendly. Each of equity trust founded by internet it has achieved in a short space the positions in the trust offers entrepreneur Peter Dubens, is of time since Troy took on the not only value (the underlying a consumer-focused portfolio management. T portfolio currently trades at a increasingly investing in

6 What Investment TRUST February 2021 www.whatinvestment.co.uk >| COVER STORY

companies utilising online Unlike larger companies, like Herald. That said, in a market delivery platforms, such as one of the main attractions of driven by momentum, it can be software solutions and digital small caps is their potential to dangerous to sit completely on infrastructure services. It grow exponentially (it is easier the side-lines. This trust allows us also targets well-established, to grow in the early stages than to get exposure to the tech sector profitable businesses, rather once one represents a significant via one of the most experienced than turnarounds. The main proportion of market share investors in this field, away from themes are consumption with already) and their prospects the most headline-grabbing a digital angle, education and of being acquired by a larger performers, with great growth technology, and media and competitor. Mergers and potential and at a 18% discount to telecommunications. acquisitions is thus an important net asset value. Around 70% of the theme for this strategy and can Herald Investment Trust portfolio companies operate a offer a substantial return to Market cap: £1.2bn subscription-based or recurring investors. Discount: 11.5% revenue business model, more Over the past 12 months, Constituent of MAG fund: 2.9% resilient to declines in customer three holdings in the Odyssean demand. These types of business portfolio of between 15 and 20 Baker Steel Resources models are potentially less positions have received such Although we focused above on vulnerable to disruptions caused bids from competitors. This is some of our holdings that invest by the pandemic compared with testament to the team’s ability in technology companies at the broader economy. Portfolio to find undiscovered value discounted prices, our portfolio holdings include gift voucher opportunities. The most recent is comprised of many managers platform Seven Miles and high- example is SDL, the trust’s top looking for undiscovered growth end Italian homeware brand holding, which specialises in opportunities. Given current Alessi, as well as digital and language translation software, valuations, most of them find education businesses. which received an offer from those outside of the tech sector The trust just announced the RWS at a 52% premium. and our multi-asset approach sale of Casa.it, one of the leading Odyssean Investment Trust allows us to go beyond the online real estate classifieds Market cap: £92m traditional asset classes. groups in Italy, at a 50% premium, Discount: 5.0% Baker Steel Resources is highlighting the kind of value that Constituent of MAG fund: 2.5% a good such example. The can be created by niche specialist managers invest predominantly investors away from headlines. Herald Investment Trust in unlisted companies in the Oakley Capital Investments This trust was launched in 1994 natural resources sector. All the Market cap: £472m and has been managed by the managers had on-the-ground Discount: 28.9% same manager, Katie Potts, since mining experience before turning Constituent of MAG fund: 2.8% its inception. We believe that to investing, giving them a such experience is invaluable in significant edge in this niche. Odyssean Investment today’s environment and is one of Not only do early-stage mining the best ways to protect us from companies offer outsize potential Trust some of the follies we can observe returns in themselves, their Odyssean is a UK small currently in the tech space. specialist approach allows the companies investor applying Another level of protection managers to get exposure directly a private equity approach to is provided by the trust’s focus to an array of commodities - listed markets. This translates on smaller quoted companies many of them linked directly to into a concentrated portfolio globally, a sub-sector of global growth and themes such of influencing stakes, taken technology which, while still as the rise of electric vehicles and with a long-term mindset. relatively expensive, is trading batteries. This differentiated approach at cheaper valuations than the Baker Steel Resources is often welcome by company larger peers. In addition, smaller Market cap: £65m management which allows companies offer the potential Discount: 19.6% Odyssean to engage with them to benefit of being targeted by larger Constituent of MAG fund: 3.0% find the best pathway to generate competitors. Finally, half of the growth. This is a time-consuming trust is currently exposed to UK Discounts are as at 11 November and specialist approach, which is tech where the manager finds a 2020, so they will have changed why the managers concentrate lot of relative value. since then. The MAG is the Wise on the niches they are experts in, Despite all these mitigating Multi-Asset Growth fund, and refers namely TMT, services, healthcare factors, valuations can still feel the percentage the fund holds in the and industrials. uncomfortable, even in a trust individual trusts. T

www.whatinvestment.co.uk What Investment TRUST February 2021 7 PARTNER CONTENT

China’s structural shifts gather speed The swift revival in China’s economic activity creates a fertile backdrop for its corporate sector. Dale Nicholls, portfolio manager of Fidelity China Special Situations PLC, examines the investment opportunities ahead and explains how he is focusing on the structural trends accelerated by covid-19

Are you optimistic about the year ahead? based IPO mechanism. Definitely. Decisive action on the The registration-based IPO covid-19 virus has supported mechanism was launched economic recovery in China. last July on the STAR Board Various localised outbreaks (the science and technology have been dealt with deftly innovation board of the Shanghai and without denting economic Stock Exchange) and is now momentum. This is reflected being employed on ChiNext. In in forward-looking economic these markets, listing criteria are statistics (such as Purchasing also more flexible, and we believe Managers’ Indices), which have this will encourage more tech recovered well ahead of other and new economy companies to Asian and Western peers.* list on the A-share market. Good performance from the Looking ahead, we believe services and exports sectors further expansion of these buoyed economic growth in Many consumer goods in China have reforms to the broader the June to September period, A-share markets would be with GDP rising 4.9%. In the real capacity for growth and we see a trend positive for Chinese markets. fourth quarter, laggard sectors towards upgrading and buying premium We have already seen more such as travel and leisure had brands IPOs of A-shares and Red also started to gain ground. Dale Nicholls, Fidelity Chip companies this year and Government stimulus has there could be more to come helped, but overall has been Which risks are you monitoring most given more flexible listing more restrained and targeted closely? requirements and some interest than measures seen in most Geopolitics and capital market from US companies Western economies. This gives reform are two areas to monitor. That said, as always, we the Chinese government some Throughout the year we have do need to follow regulatory remaining firepower if the continued to see tensions rise developments closely. Recently covid-19 crisis reignites. between the US and China. we have seen draft regulation in Chinese markets have These tensions are entrenched, the fintech space that delayed the ticked higher as investors but a more measured approach hotly-anticipated Ant IPO, plus have recognised the country’s from the US side is likely under there are some anti-trust rules stronger economic performance. the new administration. While brewing in the technology area. Nevertheless, share prices the portfolio is largely focused We don’t sense that these will continue to be at a significant on opportunities supported change the outlook significantly discount to the US markets, by ongoing structural shifts in for the large technology despite arguably better growth China’s domestic economy, this is companies, but developments prospects. The return to a useful backdrop. certainly need to be monitored. “normality” in China should Capital market reforms in mean lower risks relative to those China include the loosening What themes, sectors or regions stand countries still struggling to get the of short-selling restrictions, out as offering opportunities in a post virus under control. We still see the lowering of foreign covid-19 world? many companies left behind by investment restrictions and the Our focus is firmly on ‘New’ markets offering significant value. implementation of a registration- China. That means steering the

8 What Investment TRUST February 2021 www.whatinvestment.co.uk PARTNER CONTENT

portfolio towards sectors that will manage risks and it has the meet our criteria more often grow their share of the economy potential to enhance returns We among smaller companies. As over time, particularly among the integrate Environmental, Social long as these companies can consumer-related, technology and Governance (ESG) issues execute well and deliver on their and healthcare sector. In many of into our research and investment promises, growing earnings over these areas, covid-19 has super- decision-making process. time, this should ultimately be charged structural trends already We favour engaging reflected in stronger share prices underway in China. with companies to improve over time. E-commerce is a particularly their behaviour, rather than As well as those companies compelling theme. Many excluding companies from geared to China’s long-term consumer goods in China have the portfolio. This can bring structural growth story we real capacity for growth and we long-term changes, adding mention above, we are also see a trend towards upgrading value for companies, our finding opportunities is in the and buying premium brands. investors and society. Our materials space in China. This Within financials, we are recent ESG engagements have incorporates several sectors particularly interested in included areas such as supply that are still fragmented, but insurance. ‘Protection’ type life chain sustainability and how where signs of consolidation are insurance is only lightly used and companies can improve their underway. We are focused on we believe demand will naturally reporting on sustainability issues. the leaders emerging from this rise with higher incomes. Based on our internal ESG process. Examples would be in Covid-19 could accelerate ratings, around three-quarters of areas such as paint and floor demand as people look at ways the portfolio is currently invested tiles. to protect themselves and their in companies that rate highly More generally, given the families from future crises. This from a sustainability perspective. strong run in markets – notably would benefit areas such as While most of the remainder in technology, healthcare health insurance. are not rated, this portion has and staples sectors – value been falling as our ESG research is becoming harder to find, Sustainability is becoming increasingly coverage expands. but there are still overlooked important for investors. Is it possible to opportunities, especially among invest sustainably in China? And how is Within your portfolio, where do you have small-cap companies. For this reflected in your portfolio? strongest conviction and, in contrast, example, many healthy, fast- Chinese companies are which areas are you avoiding? growing Hong Kong-listed small- improving their sustainability We judge the underlying caps still at single-digit PE ratios. footprint all the time. Sustainable value of companies through We see real opportunities ahead investing remains a core part of an assessment of their as China emerges from this crisis. our investment process and we growth prospects, underlying believe that high standards of competitive strengths and the Sources: * Bloomberg News as at corporate responsibility make quality of management teams. 30.11.2020; † Fortune.com as at good business sense. It helps We tend to find companies that 19.10.20.

Important information: The value of investments and the income from them can go down as well as up, so you may get back less than you invest. Past performance is not a reliable indicator of future returns. Investors should note that the views expressed may no longer be current and may have already been acted upon. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser. Overseas investments will be affected by movements in currency exchange rates. The Fidelity China Special Situations Investment Trust invests in emerging markets which can be more volatile than other more developed markets. This trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. This trust uses financial derivative instruments for investment purposes, which may expose it to a higher degree of risk and can cause investments to experience larger than average price fluctuations. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility. The latest annual reports, key information documents (KID) and factsheets can be obtained from our website at www.fidelity. co.uk/its or by calling 0800 41 41 10. The full prospectus may also be obtained from Fidelity. Fidelity Investment Trusts are managed by FIL Investments International. Issued by Financial Administration Services Limited, authorised and regulated by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. UKM0121/32974/SSO/0321.

www.whatinvestment.co.uk What Investment TRUST February 2021 9 >| EMERGING MARKETS LEADING-EDGE INNOVATION BY AND LARGE, EMERGING MARKET ECONOMIES HAVE HAD A ‘GOOD PANDEMIC’, OFFERING RESILIENCE AND OPPORTUNITY

By Chetan Sehgal, TEMIT lead India. While the Indian governance has been an portfolio manager. economy was in a cyclical important driver of share prices. low as the pandemic struck, Emerging markets have evolved economic indicators are now Covid-19 away from commodities and showing signs of recovery, while Key emerging markets, including are now heavily weighted in the younger demographics China, Taiwan, and Korea, have technology, giving exposure to are beneficial due to a lower been highly effective in managing leading-edge innovation which is susceptibility to covid-19. the crisis with health outcomes in turn reshaping the industrial The large population provides drastically superior to the West. landscape across emerging opportunity from both a TEMIT has been conservative markets. consumer penetration and in its expectations of the Emerging markets are premiumisation perspective, as recovery: the assumptions consequently expected to be the growing middle class has an were that it will not be until driven by e-commerce, internet appetite for higher end products Q4 2021 that there would be a services, artificial intelligence, and services. return to more normality across robotics, high performance most of these economies. There computing, and cloud Brazil. Brazil has had a lot should however be much more computing, with household thrown at it in the last two-to- economic activity earlier next names like Samsung, TSMC, three decades and remained year driven by the roll out of Tencent, and e-commerce giants resilient. The country is not the vaccines and the increased Alibaba delivering significant seeing a second wave of virus adaptability to and effectiveness growth. cases and so is well place for in handling covid-19. recovery over the next six to 12 Regional outlook months. Structurally declining Post-Trump China. The political consequences interest rates are encouraging Biden himself is very much seen of the Biden election a shift in consumer as an establishment globalist, cannot be ignored. A savings. which means that his election review of US policy Chinese consumers could signal a potential US towards China would be have already emerged Russia. Russia is one return to the Paris Accord, to welcomed by markets. of the least leveraged the Transpacific Partnership To a large extent, from the pandemic countries globally with and possibly even the Obama Chinese consumers have and there is already a government debt-to- Iranian deal. already emerged from very large middle class GDP lower even than Overall, emerging markets the pandemic and there looking to spend their South Korea. Households have been extremely resilient is already a very large money on better things are also typically under to the macro environment middle class looking leveraged. There is an and continue to present to spend their money inherent resilience significant opportunities. There on better things, better to Russia that people is a continued valuation gap experiences, better products, and underestimate and there are between developed market better services. far more common interests equities and emerging market between the US and Russia equities, and the asset class South Korea. South Korea also than people realise. continues to evolve, moving presents an opportunity with a Where the Biden away from commodities and number of companies leveraging administration takes its towards technology. growth online as well as in relationship with Russia will Finally, there are the multiple technology hardware. We see be key. The country has some catalysts outlined previously structural growth in these areas, excellent businesses in the that will drive the performance supported by attractive valuations energy, technology and financial of emerging market stocks at companies such as Samsung. sectors and improving corporate through 2021. T

10 What Investment TRUST February 2021 www.whatinvestment.co.uk To find quality, we dive deeper.

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GRESHAM HOUSE STRATEGIC IS AN AIM-LISTED, CLOSED-END INVESTMENT COMPANY WITH A GOOD TRACK RECORD, OUTPERFORMING THE AIC UK SMALL COMPANY SECTOR OVER THE LAST FIVE YEARS. HERE, ELLIOTT BERSTOCK OF EDISON GROUP CHATS WITH LEAD FUND MANAGER RICHARD STAVELEY ‘TAKING THE OPPORTUNITIES OF A LIFETIME’

Interview by Elliott Berstock. involved in the actual capital restructuring that takes out First, can you explain what strategic a lot of risk to that recovery. public equity is; and also your We also get involved in board investment philosophy? changes to help businesses. Strategic public equity investing Recently Stephen Yapp joined is really trying to deploy a range the board of Northbridge of private equity techniques to Industrial Services after we publicly listed companies. introduced him to the company. Private equity groups Earlier this year Sir Roy Gardner typically try and buy 100% of became chairman of Pressure the companies they are involved Technologies, one of our with and have total control. significant holdings. That is impossible in public And we also help the markets, so instead we seek businesses through corporate to take influential minority advisory work, introducing and significant stakes in those The biggest determinant of future them and helping them meet businesses, usually between people in our network that we 5% and 25%. Alongside that, returns is entry valuation and UK think can help enhance the we look to develop a positive equities are very good value relative to business and how it engages and constructive relationship history, to other markets and to other with the market. with the management teams asset classes and boards of those companies. So what is exciting about current Often we will suggest board opportunities? candidates who really Usually at that point the shares Currently we think that our understand shareholder value or are pretty out of favour or de- stocks are undervalued. people we think can really help rated, and that process all seems Materially the UK and small that business going forward. too much like hard work for caps are out of favour, and we many investors. have been deploying significant So what is your overall approach when But for us it is an opportunity, amounts of capital during this looking to invest? where we see the opportunities crisis. What we are looking to do for rating expansion and also One of my favourite phrases is target profit recovery and eventual profit recovery, cash in the market is: “Taking the accelerated earnings growth, ie generation, and often significant opportunities of a lifetime in the a company that has fallen on de-gearing. We try and identify lifetime of the opportunity.” So either strategic difficulties; the catalysts and de-risk that whole we have deployed 36% of the management is changing or process. portfolio over the last 12 months need to change and to produce We get involved on a range into some fantastic stocks that better operational performance. of things, so we might be we think will all at least double

12 What Investment TRUST February 2021 www.whatinvestment.co.uk >| INTERVIEW

And what are your views on the overall and, hopefully, grow quite a lot cleaning up. The chair, who market outlook going forward? more than that. was one of the founders of the We have 13% in cash and business, was based abroad and Einstein said: “In the middle of bonds. That means we are well- so we developed a connection difficulty lies opportunity”; and financed and have the ability to UK-facing institutions. And that is where we are right now. to deploy this when we think we helped them with investor It is clearly a difficult situation more companies are going to relations and indeed there was for markets, for governments, need financing support. We also an adviser change. and for many individuals. But have gone through the five-year The business has gone on to the biggest determinant of anniversary and a number of explain itself much more clearly, future returns is entry valuation the holdings are coming into a execute better and, during our and UK equities are very good phase where we are expecting period of ownership, it re-rated value relative to history, to exits either to trade or to go into from 6x ev/ebitda to 12x ev/ other markets and to other asset other interests which should ebitda. And we have now locked classes. drive net asset value growth. in an internal rate of return of The small companies’ Finally, I think the portfolio 23.7%. effect over the long term is itself has no distress. So we I think these are important outstanding; but actually the have not got anything that is in points when considering an exit discount, particularly under serious trouble. from Augean in illiquid small cap £100m, widened out last year. markets as IMI is a good example It is large in historical terms Which of your investments epitomises of a company we have managed and we expect that to come in your investment approach? to exit in the secondary market and that would supercharge I think I definitely need to talk without impacting negatively that returns. Its underperformance about Augean. Representing 26% re-rating of the business. is stretched versus history, of the portfolio, some investors Just finally, a note on piling which could further add fuel to will be thinking it is a significant and foundation company, Van the fire. amount. But as the market Elle, which we have helped We think that the structural leader in hazardous waste in the refinance this year. We are factors that support this strategy, UK, with about a 40% market backing a new management this lack of interest sub-£100m is share, Augean is now making team that we have high hopes for, actually intensifying post MiFID 22% operating margins. When led by Mark Cutler, ex-Balfour II, meaning there are even more we got involved in the stock Beatty. He has come in to help opportunities for us to look at; three years ago, profitability professionalise the operations and and, because of covid-19, there was much lower. We were the way it goes about business is significant market dislocation. involved with a management internally; improve its capital So our pipeline, basically, is full change and a de-risking of the allocation decision-making; and, of opportunities. business. Management has done hopefully, drive organic growth Although society is going to an outstanding job and Augean over the medium term. We have have this debt burden for some now makes very high returns on also got a new finance director time, which we all have to be capital. who has joined the business as cognisant of, the UK remains I think the other stock that well – an outstanding individual very vibrant and a much more would probably be a good already massively improving entrepreneurial place than it example would be technology Van Elle’s internal management was 20-30 years ago. So there company, IMImobile (IMI). Those information and financial is a great opportunity set going that have followed Gresham position. forward in the UK. T House Strategic over a longer As one of the leading period will know that IMI was companies in foundation even bigger than Augean is now, and piling for construction GRESHAM HOUSE in fact it got up to over 40% of development in the UK, Van Elle the portfolio at one point. We specialises in rail which really STRATEGIC PLC have now fully exited IMI and excites us because HS2 has been Ticker: GHS redeployed that money into signed off; and there is also Total Assets: £49m fantastic covid-19-distressed Network Rail’s CP6 electrification Dividend Yield: 1.67% positions. programme going on. That will 2020 final dividend: 12.10p per share IMI had a number of things create quite a lot of opportunities (10.10p in 2019) which we felt were holding for this business, alongside wider 2020 interim dividend: 12.80p per it back. They had quite a infrastructure spending which we share (11.10p in 2019) complicated share structure expect to pick up over the next As at 12 January 2021. Source: HL which we helped advise on few years.

www.whatinvestment.co.uk What Investment TRUST February 2021 13 >| ASIA A BEACON OF STABILITY HOW ASIA HAS FARED DURING THE COVID-19 PANDEMIC

By Mike Kerley, fund manager of products while also gaining immunisation program. the Henderson Far East Income market share from mainland With equity markets at all- investment trust. China in products subject to US time highs there is not a lot of restrictions. room for disappointment, while In the 13 years I have been Aside from the covid-19 a return to normality would manager of Henderson Far East pandemic, the US election and ultimately see less government Income I have never had to the deteriorating relationship and central bank support which comment on a year like the one between the US and China would remove the fuel that has we have just had. The global dominated headlines. The stoked the equity market fire. pandemic, trade wars and restrictions imposed by We are positive on Asia on political uncertainty are the US on Huawei and an absolute and relative basis just a few of the factors other leading Chinese as the region’s economies have that the world has had to Some equity markets tech companies in been less impacted by the virus, deal with – any of which are trading above August on the grounds making corporate earnings and would have been more the levels of a year of national security has dividends more predictable than enough to unsettle ago after staging a undone some of the than elsewhere while being financial markets in promise brought about less susceptible to changes in normal times. remarkable recovery by the signing of a Phase monetary or fiscal policy. But normal times these following the covid-19 1 trade deal in January are not, and some equity induced sell-offs 2020. Dividends markets are trading above Relations between the Dividends in Asia Pacific the levels of a year ago US and China are likely to have been more resilient than after staging a remarkable remain fraught for many elsewhere. There have been recovery following the covid-19 years to come as China’s wealth some notable dividend cuts and induced sell-offs in March. grows and the point at which omissions from HSBC, as well as it usurps the US as the world’s Australian and Singapore banks Markets largest economy draws nearer. and companies exposed to the On the whole, Asia Pacific has The change of US president will energy and travel related sectors, proved more resilient than not alter this policy direction but on the whole dividends have most other regions despite the but hopefully the process will be been paid as expected. pandemic originating there. more transparent and systematic This is partly due to the fact As a result, the economies are going forward. that some markets (China, well on their way to recovery and, With covid-19 cases rising in Taiwan and Hong Kong) paid in fact, some will still show GDP the US, the relations with China dividends based on 2019 growth in 2020. Not everywhere will not be president Biden’s earnings; but also reflects has been a success; India and first priority and the bigger risk the high levels of cash flow Indonesia in particular are still lies with anti-China measures generation and low levels of struggling with containment implemented by president Trump debt that Asian companies which will result in their in his final days, which are being have. With China and Taiwan economies taking longer to heal. labelled by some as a ‘trap’ for expected to have positive The best performing market the new president and will be earnings growth in 2020, we over the period was China, difficult to reverse. do not expect dividends to driven by strong returns from be impacted in 2021 when Tencent, Alibaba and other Equities distributions are made on 2020’s internet and e-commerce We expect markets to remain earnings. related names. Taiwan was a volatile in the short-term as Asia is well positioned to significant outperformer as the investors weigh the human and weather these impending storms technology sector was viewed economic impact of a second with an income story that as a beneficiary of the demand wave of the virus against the shines like a beacon of stability for work from home computer ultimate benefits of a successful compared to other regions. T

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> Unit Trusts 1 | >| The Last Word | Peter Elston

behaviour of, say, numbers or Hubris is the greatest challenge planets or elementary particles or rocks or plants or people. Our new columnist argues that being a non- Successful investing, on the other conformist and not following the crowd can be hand, necessitates disagreement. For me to give myself a chance uncomfortable but can also produce good returns of beating my competitors, and thus the market, the last thing I should do is agree with them. I I am not exactly sure how I have one was just lucky. Probably seek out where they are huddled ended up as a chief investment best to assume you were lucky. together, such as government officer. Looking forward at the There is no downside to doing Unit Trusts bond positioning currently, investment landscape, I generally this, and it does not and do precisely the Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield only see potential for things to cost anything - what opposite. go wrong. Looking back at my a great investment! It “It is possible £ £ £ £ £ % % £ £ £ £ £ % % This however requires career, my investment mistakes is possible that there FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD that there was one to be completely Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk dominate my memories. Many, was skill involved, but £ £ £ £ £ % % £ £ £ £ £ % % skill involved, but comfortable being apart perhaps even most, of them were let this inflate your FTSE 100 99 - 103 - 117 - 137 - 180 - - - Old Mutual Asian Equity Inc R GBP Acc 104 29 108 80 140 61 132 70 - - 0.94 - from the crowd. This a long time ago, but they still portfolio not your head. let this inflate is hard, as it is human FTSE All Share 99 - 104 - 119 - 142 - 190 - - - Old Mutual Invesco Perpt Asian U2 GBPAcc 103 37 119 29 169 5 - - - - - 1.29 haunt me, both in my waking The uncertainty in your portfolio not nature to want to conform Old Mutual Pacific Equity R GBP Acc 104 33 108 82 139 63 150 40 - - 1.02 - hours and in my sleep. I’m a investing manifests itself your head” (IA) ASIA PACIFIC EXCLUDING JAPAN and be part of a group. worrier - managing people’s hard in the largely random Pictet-Asian Equities Ex Japan I USD 106 14 127 9 163 13 187 8 222 32 1.08 - There is a famous saying Aberdeen Asia Pac Eq Enh Idx B GBP Acc 102 49 115 45 ------2.50 earned savings is an austere and movement of stock Principal Asian Equity I Acc USD 102 47 121 25 153 25 155 35 236 22 1.74 - in Japanese, Deru kugi great responsibility, second only prices. It can however Aberdeen Asia Pacific Equity I 101 62 113 59 132 79 133 68 239 18 1.12 1.05 wa utareru, which means ‘A Robeco Asian Stars Equities F £ 103 40 115 48 ------1.01 - to undertaking. also relate to something equally Aberdeen Global Asia Pac Eq X Acc GBP 101 63 113 63 132 80 133 69 229 27 1.27 - protruding nail gets hammered Furthermore, my career fundamental – no one can agree Royal London Asia Pac ex Jpn Tracker Z 101 68 109 77 140 58 142 53 211 41 1.05 2.69 down’ - a stern warning to non- Aberdeen Global Asn Smllr Coms X Acc GBP 99 83 107 84 122 89 117 75 297 6 1.42 - progression has hardly been whether investing is an art or a Santander Pacific Basin (Ex Jpn) Eqs A 103 43 113 61 148 33 165 21 215 39 1.05 1.91 conformists. You will also find Allianz Total Return Asian Equity C Inc 99 86 120 28 138 64 165 22 237 21 1.24 1.25 conventional. Although I spent science. Some say it is one, some that many animals operate in Schroder Asian Alpha Plus Z Acc 105 23 125 14 162 16 171 18 334 1 0.96 0.85 long stints at two big firms, I the other, some both. Some Aviva Investors Apac Eq MoM 1 2 GBP Inc 102 54 113 56 139 62 145 48 178 52 1.31 1.23 groups too, while the dissidents Schroder Asian Income Maximiser Z Acc 100 80 107 83 138 65 140 58 - - 0.96 7.13 also spent a number of years in even say it is neither! I perish. AXA Rosenberg Asia Pacific ex Japan Z 102 55 115 47 142 48 142 52 226 29 1.09 1.58 between on an Indonesian island challenge you to think Schroder Asian Income Z Acc 100 76 110 71 142 50 154 37 333 2 0.95 3.70 I think I have my father to Baillie Gifford Pacific B Acc 108 6 132 2 155 22 187 7 261 13 0.79 0.38 trying to build a food business. of another pursuit Schroder Instl Pacific I Acc 101 58 109 78 137 68 135 64 249 14 0.51 2.74 thank for any humility I might How can such neuroticism and where there is such Baring ASEAN Frontiers I GBP Acc 113 1 122 21 142 52 135 65 - - 1.25 - have and my school boarding Scottish Widows Pacific Growth A 102 51 113 57 141 54 143 49 202 46 1.65 1.37 wanderlust constitute suitable uncertainty. Baring Eastern I GBP Inc 110 3 134 1 169 6 192 4 235 23 1.02 0.15 house for turning me into SLI Asian Pacific Growth Plat 1 Acc 103 42 116 41 146 38 164 24 241 16 - 1.21 CIO material? For what it is something of a rebel. Boarding BGF Asian Dragon D2 104 28 117 36 158 18 185 9 - - 1.09 - When the editor and I were worth, I think SLI Pacific Basin Trust 104 31 118 33 146 40 161 26 232 25 0.86 1.16 schools generally are horrific BlackRock Asia D Acc GBP 104 35 117 38 152 26 - - - - - 0.90 discussing this opportunity to investing is ‘art’ not Smith & Williamson Oriental Growth B 107 7 127 8 173 1 178 16 - - - 1.22 institutions – it is I believe pen The Last Word column, he ‘science’. Science BlackRock Asia Special Situations D Acc 101 59 117 39 162 15 - - - - - 1.03 completely wrong for children SSgA Asia Pacific ex-Japan Eq Tracker 101 67 109 79 141 56 137 63 218 33 0.90 - recalled a presentation at which involves broad Emerise Pacific Rim Equity R/A USD 104 27 109 73 130 84 114 76 154 56 1.80 - to be apart from their parents Stewart Investors Asia Pacific B Acc GBP 100 71 105 90 134 72 165 23 300 5 1.04 1.05 a well-known and respected agreement – but they can also nurture F&C Pacific Growth 2 100 78 110 70 144 45 156 34 167 54 1.10 1.81 fund manager was asked to about the T. Rowe Price Asian ex-Japan Eq Q GBP 104 32 119 31 146 37 157 33 235 24 1.17 - traits that are useful in certain Fidelity Asia Focus W-Acc-GBP 105 15 123 19 156 20 159 28 237 20 1.19 - name what he thought was the T. Rowe Price Asian Opps Eq Q GBP 106 13 123 20 158 19 - - - - 1.17 - professions. I learned at the age biggest challenge investors faced. Fidelity Asia Pacific Opps W GBP Acc 104 30 116 43 167 10 - - - - - 0.93 of thirteen to despise my lazy Templeton Asian Growth W(acc)GBP 101 61 110 67 130 85 125 74 201 47 1.34 - Inflation? Growth? Valuations? Fidelity Asia W Acc 105 20 124 17 165 12 183 12 279 9 - 0.89 and nasty boarding masters. Threadneedle Asia Z Acc GBP 104 25 122 22 150 29 170 19 216 37 0.91 1.43 Politics? “Hubris”, came the Ever since, I have had what I Fidelity Asian Dividend W Acc 103 44 110 69 145 42 - - - - - 1.82 simple and immediate response. I Vanguard Pac ex-Jpn Stk Idx GBP Acc 100 81 105 92 133 76 131 71 - - 0.30 4.18 think is a healthy disdain for Fidelity Asian Special Sits A-Dis-GBP 102 48 120 26 158 17 182 13 279 10 1.93 - could not agree more. Veritas Asian A GBP 106 11 126 10 173 2 204 2 303 4 1.17 0.55 authority, whether the authority There is so much uncertainty Fidelity Emerging Asia W Acc 104 26 121 24 154 24 188 6 - - - 0.47 that is embedded in the crowd Veritas Asian A GBP 106 11 126 10 173 2 204 2 303 4 1.17 0.55 in the world of investing that 105 21 124 16 152 27 180 15 - - 1.21 - or otherwise. At other times, I Fidelity Emerging Asia W-Acc-GBP Waverton Asia Pacific A USD 97 91 111 65 142 47 148 43 208 44 1.51 0.64 it is foolish to think you have have completely accepted it – my Fidelity Index Pacific ex Japan P Acc 99 84 104 93 132 77 - - - - - 2.79 it sussed. In Ancient Rome, a Average/Total 102 97 116 97 146 91 156 78 234 57 1.15 1.81 prison record, or rather lack of it, slave would whisper repeatedly, Fidelity Instl Pacific ex Japan 101 60 105 89 132 78 145 47 227 28 0.90 1.41 speaks for itself! (IA) ASIA PACIFIC INCLUDING JAPAN “Remember, you are mortal”, in Fidelity Instl South East Asia 102 56 115 44 149 30 159 30 283 7 0.94 1.53 Perhaps it is this unusual the ears of victorious generals Aberdeen Asia Pacific and Japan Eq I Acc 103 5 112 6 135 7 140 7 239 4 - 0.75 and somewhat contradictory First State Asia All-Cap B Acc GBP 103 36 114 53 ------0.56 returning to Rome and its combination that has made First State Asia Focus B Acc GBP 105 19 118 34 ------0.81 Baillie Gifford Developed As Pac B Acc 109 1 115 4 159 4 186 3 243 3 0.73 0.91 adoring crowds. A few years of me feel lucky in my chosen GAM Star Asia-Pacific Eq Instl EUR Acc 105 4 111 7 147 6 163 6 175 6 1.76 - good investment performance GAM Multistock Asia Focus Equity USD B 107 8 123 18 169 8 183 11 - - 1.90 - profession. GAM Star Asian Equity Instl GBP Acc 98 89 113 62 140 59 141 55 164 55 1.32 - IP Pacific Z Acc 106 3 117 3 160 3 194 1 307 1 - 1.05 or a run of good stock picks can JPM Pacific Equity A (dist) GBP 103 6 119 2 164 2 184 4 237 5 1.80 0.04 make one feel invincible, while Peter Elston is the chief investment GlobalAccess Pacific Rim exJpn M Acc GBP 109 5 130 4 142 51 - - - - - 0.82 the reality may well be that officer of Seneca Investment GS Asia Equity R Acc USD 109 4 128 6 166 11 184 10 216 38 1.15 - Matthews Asia Funds Asia Dividend I GBP 102 7 114 5 153 5 168 5 - - 1.22 - Guinness Asian Equity Income Y GBP Acc 100 73 115 46 156 21 ------Smith & Williamson Far East Inc&Gr B 108 2 122 1 174 1 194 2 289 2 - 1.70 The views expressed are those of Peter Elston at the time of writing and are subject to change without notice. They are not necessarily the views of Seneca Average/Total 105 7 116 7 156 7 176 7 249 6 1.38 0.89 Investment Managers Limited and do not constitute investment advice. Whilst Seneca Investment Managers has used all reasonable efforts to ensure the accuracy Halifax Far Eastern C 102 53 114 49 144 44 148 44 213 40 1.57 1.86 of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content. This communication provides information for professional use only and should not be relied upon by retail investors as the sole basis for investment. Seneca Investment Managers Limited (0151 Hermes Asia Ex Japan Equity F GBP Acc 102 52 119 30 169 7 233 1 - - 0.85 - (IA) CHINA/GREATER CHINA 906 2450) is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at 10th Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP18/107 HSBC Asian Growth Retail Acc 102 45 117 37 148 31 148 42 186 50 1.79 0.36 Aberdeen Global Chinese Eq X Acc GBP 106 23 116 35 145 33 134 32 216 11 1.24 - HSBC Pacific Index Accumulation C 101 64 109 75 141 57 141 56 216 36 0.31 2.45 Allianz China Equity RT GBP 105 34 120 31 153 28 177 24 - - - - 82 WhatInvestment May 2018 www.whatinvestment.co.uk Invesco Asia Consumer Demand A USD SD 106 10 125 11 147 36 160 27 - - 2.02 0.06 Baillie Gifford Greater China B Acc 106 21 136 3 189 2 229 3 - - 1.13 0.70 Investec Asia ex Japan I Acc Net 103 38 125 13 154 23 176 17 280 8 1.00 1.20 Baring China Select I GBP Inc 105 31 120 32 154 26 168 27 - - 1.44 0.01 IP Asian Equity Income Z Acc 98 90 106 87 131 81 140 61 - - - 3.75 Baring Hong Kong China I GBP 106 26 126 24 156 23 178 23 198 15 1.23 - IP Asian Z Acc 103 39 120 27 171 4 191 5 303 3 - 1.21 Fidelity China Consumer W Acc 107 17 129 15 165 15 218 5 - - - 0.56 iShares Pacific ex Jpn Eq Idx (UK) D Acc 101 66 109 74 141 53 142 51 - - 0.19 2.77 Fidelity China Focus Y-Dis-GBP 105 27 123 30 167 14 210 7 - - 1.16 1.09 Janus Henderson Asian Div Inc UT I Acc 100 72 111 64 137 66 143 50 217 34 1.11 5.32 First State All China B Acc USD 113 1 ------Janus Henderson AsiaPac Cptl Gr I Acc 101 69 117 40 146 39 159 29 238 19 1.08 0.82 First State Greater China Gr B Acc GBP 110 9 125 25 163 17 187 18 340 1 1.06 1.05 Janus Henderson Instl APexJpn IdOpp IAcc 100 75 108 81 140 60 139 62 217 35 0.83 2.47 GAM Multistock China Evolution Eq USD B 107 16 128 19 188 3 - - - - 1.92 - JOHCM Asia ex-Japan A GBP Inc 96 94 110 72 136 69 157 32 - - 1.01 0.91 GAM Star China Equity Instl GBP Acc 105 33 123 29 156 22 179 22 - - 1.04 - JOHCM Asia ex-Japan Sm & Md-Cp A £ I 93 96 97 96 124 88 149 41 - - 1.21 0.48 GS China Opportunity Equity R Inc GBP 109 12 130 12 162 19 189 16 - - 1.15 0.63 JPM Asia Growth C Net Acc 105 16 130 5 172 3 181 14 248 15 0.93 - Guinness Best of China X GBP Acc 105 32 125 27 ------1.24 - Jupiter Asia Pac Inc L GBP Q Inc 95 95 104 94 125 86 134 66 - - 1.94 4.13 HSBC Chinese Equity Retail Acc 104 36 126 22 152 29 173 25 194 18 1.78 0.19 Jupiter Asian I Acc 100 79 107 85 137 67 151 39 202 45 - 0.68 Each month you’ll receive: HSBC GIF Chinese Equity AD 105 29 128 18 156 24 184 19 198 16 1.91 0.33 Jupiter Asian Income I GBP Acc 96 92 105 91 ------3.91 Invesco PRC Equity A USD AD 112 2 137 2 177 6 193 13 224 9 2.21 - L&G Asian Income Trust I Acc 99 85 106 88 134 71 140 60 239 17 - 3.97 IP HK & China Z Acc 106 22 129 16 164 16 207 9 276 4 - 0.91 L&G Pacific Index Trust I Acc 101 65 109 76 141 55 142 54 225 31 0.38 2.92 Janus Henderson China Opps I Acc 110 8 135 6 179 5 230 2 271 5 1.09 0.82 Legg Mason IF MC Asia Pac X Acc £ 100 77 113 55 148 32 147 46 208 43 - 1.26 Janus Henderson Hrzn China A2 USD 111 7 134 7 177 9 221 4 332 2 1.95 - Legg Mason MC Asia L-T Uncons MGBPDis(A) 99 87 110 68 133 73 147 45 - - 1.20 1.19 JPM Greater China A (dist) USD 109 13 133 8 163 18 192 14 268 6 1.78 0.13 l Legg Mason MC Asia Pacific X USD Dis(A) 101 70 114 54 144 43 140 59 186 51 1.25 1.26 Expert jargon-freeJPM Hong Kong A (dist) USD 106guidance25 125 26 151 30 168 28 217 10 1.80 0.91 on investing for growth or income LF Canlife Asia Pacific C Acc 105 22 118 35 130 83 134 67 200 48 0.89 1.18 Jupiter China I Acc 107 19 119 33 147 32 169 26 197 17 1.02 1.04 Liontrust Asia Income I Inc 102 57 110 66 142 49 154 38 - - 1.25 4.52 Legg Mason IF MC China X Acc £ 107 20 131 10 172 12 188 17 - - - 0.40 M&G Asian GBP I Acc 99 88 106 86 133 74 141 57 226 30 0.99 1.45 Legg Mason MC Greater China A USD Dis(A) 105 28 127 20 169 13 190 15 215 12 1.60 - Marlborough Far East Growth P Inc 103 41 114 50 163 14 158 31 210 42 - 1.94 Matthews Asia Funds China Div I USD Acc 109 11 124 28 177 7 201 11 - - 1.50 - Matthews Asia Fds As Ex Jp Div I GBP Acc 112 2 128 7 ------1.50 - Matthews Asia Funds China I GBP 112 4 135 4 175 10 182 21 - - 1.50 - Matthews Asia Funds Asia Small Co I GBP 102 50 113l60 130 82 - - - - 1.72 - Matthews Asia Funds China Sm Coms I Acc 111 5 132 9 186 4 218 6 - - 1.71 - Matthews Asia Funds Pacific Tiger I GBP 105 24 116 42 145 41 168Our20 - - 1.34 - Neptuneselection China C Acc GBP 107 18 127 21 158 21 162 29 208 of13 - 0.84 the best-performing funds MFS® Meridian Asia Pacific ex-Jpn W1 USD 100 74 114 51 148 34 154 36 231 26 0.94 - Neuberger Berman China Eq USD A Acc 112 3 144 1 190 1 235 1 - - 2.11 - Mirabaud Equities Asia ex Japan A USD 104 34 121 23 151 28 163 25 175 53 2.21 - New Capital China Equity GBP Ord Acc 110 10 130 13 115 34 149 30 - - 1.37 - Mirae Asset Asia Great Consumer Eq R GBP 107 9 132 3 143 46 - - - - 0.96 - Old Mutual Henderson China Opps U2 £ Acc 111 6 135 5 177 8 - - - - - 0.68 Mirae Asset Asia Sector Leader Eq R GBP 105 17 125 15 147 35 - - - - 0.97 - Pictet-Greater China I GBP 106 24 129 14 160 20 183 20 241 8 1.05 - New Capital As Pac Eq Inc GBP Ord Inc 106 12 119 32 115 90 111 77 - - 1.31 3.84 Schroder ISF Greater China C Acc USD 105 30 126 23 174 11 205 10 289 3 1.32 - Newtonl Asian Income Instl W Acc 96 93 103 95 125 87 129 73 273 11 0.83 4.52 SLI China Equities A Acc GBP 108 14 129 17 153 27 193 12 - - 2.06 - Newton Oriental Inst WNews Acc 100 82 114 52 133 75 129of72 187 49 0.89 0.72the latest alternative investment opportunities © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may Old Mutual Aberdeen Asia Pac U2 GBP Acc 102 46 113 58 135 70 - - - - - 1.26 not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. Old Mutual Asia Pacific R GBP Acc 105 18 125 12 168 9 196 3 267 12 1.01 1.31 Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. SUBSCRIBE FOR £29.99*l – SAVINGOur 45% pick ON THE SHOPof PRICEthe most promising shares To take advantage of this offer, visit

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ALL DATA AS AT Investment Trusts 31 DECEMBER 2020

Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEAR Rnk 3Val YEARS Rnk Val 5 YEARS Rnk 10Val YEARS Rnk YIELD DISC FUND 6 MONTHSVal Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk 5Val YEARS Rnk 10Val YEARS Rnk YIELD DISC £££££%% £££££%% ASIA PACIFIC COUNTRY SPECIALIST: EUROPE - EX UK Aberdeen New Dawn 134 3 128 5 142 3 235 4 216 7 1.28 -11.63 JPMorgan Russian Securities 109 1 92 1 146 1 279 1 126 1 5.20 -11.59 Asia Dragon 134 2 129 4 145 2 231 5 230 6 0.86 -10.11 Average/Total 109 1 92 1 146 1 279 1 126 1 5.20 -11.59 Invesco Asia 133 5 126 6 130 6 223 6 274 5 3.59 -11.72 DEBT - DIRECT LENDING Pacific Assets 121 7 117 7 126 7 179 7 275 4 0.90 -5.73 Alternative Credit Investments plc 122 4 111 3 127 2 115 4 - - 5.52 -5.25 Pacific Horizon 157 1 229 1 239 1 437 1 454 1 0.03 8.60 BioPharma Credit 96 10 103 5 117 4 - - - - 7.07 -0.80 Schroder Asian Total Return Inv. Company 133 4 136 2 142 4 280 2 288 3 1.27 1.08 GCP Asset Backed Income 107 7 90 9 107 5 117 3 - - 6.81 -8.41 Schroder AsiaPacific 133 6 135 3 140 5 251 3 321 2 1.22 -4.34 Honeycomb Investment Trust 131 1 106 4 103 7 132 2 - - 8.29 -4.36 Average/Total 135 7 143 7 152 7 262 7 294 7 1.31 -4.84 RDL Realisation 113 6 137 1 123 3 106 5 - - 35.60 -40.18 ASIA PACIFIC INCOME Riverstone Credit Opportunities Income 91 11 75 11 ------4.65 -30.84 Aberdeen Asian Income 129 1 112 2 120 2 181 2 206 3 3.95 -9.73 RM Secured Direct Lending 118 5 95 7 106 6 - - - - 7.47 -5.47 Henderson Far East Income 106 4 96 4 105 4 154 4 171 4 6.76 1.74 RM Secured Direct Lending ZDP 2021 100 8 102 6 ------2.30 JPMorgan Asia Growth & Income plc 124 2 128 1 152 1 270 1 256 1 3.07 2.35 Secured Income Fund 100 9 94 8 99 8 105 6 - - 12.78 -14.85 Schroder Oriental Income 120 3 106 3 115 3 179 3 240 2 3.75 -5.87 SME Credit Realisation Fund 123 3 81 10 74 9 84 7 - - 8.54 -23.68 Average/Total 120 4 111 4 123 4 196 4 218 4 4.38 -2.88 VPC Specialty Lending Investments 127 2 113 2 139 1 135 1 - - 9.94 -13.40 ASIA PACIFIC SMALLER COMPANIES Average/Total 112 11 101 11 111 9 113 7 - - 10.67 -13.59 Aberdeen Standard Asia Focus 123 2 111 1 117 1 171 2 213 2 1.53 -8.44 DEBT - LOANS & BONDS Fidelity Asian Values 132 1 104 2 112 2 183 1 225 1 1.99 -5.28 Axiom European Financial Debt Fund 104 7 101 6 102 6 118 8 - - 6.78 -7.48 Scottish Oriental Smaller Cos 121 3 99 3 96 3 140 3 181 3 0.11 -13.46 City Merchants High Yield 110 4 102 3 112 1 137 3 191 3 5.23 -1.62 Average/Total 125 3 105 3 108 3 165 3 207 3 1.21 -9.06 CQS New City High Yield 114 1 94 8 106 5 136 4 182 4 8.54 7.10 BIOTECHNOLOGY & HEALTHCARE CVC Credit Partners Euro Opps EUR 102 8 106 1 98 8 142 2 - - 4.97 -5.67 CVC Credit Partners Euro Opps GBP 109 5 101 5 98 9 121 7 - - 4.73 -5.49 Adams 54 9 135 3 152 3 68 6 - - - 70.42 Henderson Diversified Income 112 2 103 2 111 2 133 6 211 2 4.77 -1.30 BB Healthcare 111 3 129 5 166 2 - - - - 3.27 0.98 Invesco Enhanced Income 111 3 100 7 108 4 144 1 267 1 6.84 -4.55 Biotech Growth 127 1 168 1 199 1 213 2 931 1 - -0.02 M&G Credit Income Investment 92 11 90 10 ------4.16 -9.10 International Biotechnology 110 4 136 2 150 5 181 4 669 2 3.39 0.41 NB Distressed Debt Inv Extended Life 90 13 63 13 55 12 66 12 - - 1.76 -37.91 Polar Capital Glb Healthcare 103 7 103 8 122 7 152 5 292 4 0.79 -10.98 NB Distressed Debt New Glb 92 12 65 12 60 11 76 11 - - 1.57 -22.56 Polar Capital Glb Healthcare ZDP 2024 101 8 100 9 105 8 ------1.00 NB Distressed Debt 99 10 83 11 69 10 78 10 86 5 - -14.59 RTW Venture 118 2 133 4 ------41.61 NB Global Monthly Income Fund Ltd GBP 102 9 93 9 100 7 112 9 - - 5.18 -11.96 Syncona 106 5 119 7 132 6 215 1 - - 0.87 31.27 TwentyFour Select Monthly Income 107 6 101 4 110 3 135 5 - - 6.80 0.15 Worldwide Healthcare 103 6 120 6 151 4 200 3 600 3 0.64 1.26 Average/Total 103 13 92 13 94 12 117 12 187 5 5.11 -8.84 Average/Total 104 9 127 9 147 8 171 6 623 4 1.79 14.88 DEBT - STRUCTURED FINANCE COMMODITIES & NATURAL RESOURCES Blackstone/GSO Loan Financing 103 6 95 6 96 4 137 2 - - 8.89 -19.21 Baker Steel Resources 135 6 136 5 157 2 510 1 94 2 - 4.81 Chenavari Toro Income Fund Limited 132 3 105 1 116 1 144 1 - - 13.64 -21.30 BlackRock Energy and Resources Income 145 4 119 7 122 6 193 6 88 3 4.65 -9.98 EJF Investments 102 7 74 8 92 5 - - - - 9.15 -28.66 BlackRock World Mining Trust plc 141 5 147 4 156 3 390 2 106 1 3.72 0.61 EJF Investments ZDP 2022 101 8 101 4 115 2 ------1.28 CQS Natural Resources G&I 162 2 154 3 124 5 201 5 57 4 4.10 -8.39 EJF Investments ZDP 2025 100 9 ------1.75 Geiger Counter 172 1 179 1 124 4 231 4 25 6 - 13.97 Fair Oaks Income 2017 133 2 96 5 85 7 128 3 - - 15.32 5.50 Global Resources IT 100 8 73 8 30 8 43 8 - - - 90.97 Marble Point Loan Financing 126 4 81 7 ------10.48 -9.77 Golden Prospect Precious Metal 103 7 170 2 169 1 285 3 46 5 - -7.35 TwentyFour Income 108 5 101 3 105 3 127 4 - - 6.12 -6.82 Riverstone Energy 79 9 72 9 24 9 38 9 - - - -35.27 UK Mortgages 140 1 103 2 90 6 90 5 - - 6.84 -19.11 Tiger Royalties and Investments 156 3 127 6 70 7 67 7 12 7 - 226.32 Average/Total 116 9 95 8 100 7 125 5 - - 10.06 -11.38 Average/Total 132 9 131 9 109 9 217 9 61 7 4.16 30.63 ENVIRONMENTAL COUNTRY SPECIALIST: ASIA PACIFIC - EXCLUDING JAPAN Impax Environmental Markets 134 2 129 2 171 1 278 1 357 1 0.67 2.61 Aberdeen New India 132 7 114 10 115 8 166 7 199 7 0.04 -12.34 Jupiter Green 150 1 137 1 149 2 205 2 315 2 0.82 7.67 Aberdeen New Thai 107 12 91 12 96 9 158 8 224 6 4.11 -14.40 Menhaden 118 3 103 3 147 3 130 3 - - 0.39 -23.94 Ashoka India Equity Investment 139 5 126 7 ------2.95 Average/Total 134 3 123 3 155 3 205 3 336 2 0.63 -4.55 Baillie Gifford China Growth 154 3 156 4 167 3 253 4 296 5 1.35 10.22 Fidelity China Special 138 6 169 2 170 2 286 3 361 4 1.06 -0.91 EUROPE India Capital Growth 158 1 119 8 72 11 138 9 136 9 - -16.55 Baillie Gifford European Growth Tst 138 1 165 1 163 2 229 1 337 2 0.24 3.10 JPMorgan China Growth & Income plc 155 2 196 1 234 1 435 1 448 1 3.10 5.76 BlackRock Greater Europe 127 2 132 2 165 1 223 2 333 3 1.15 -1.13 JPMorgan Indian 126 10 94 11 91 10 137 10 143 8 - -14.07 European Opportunities Trust 105 8 91 8 103 6 128 7 299 5 0.47 -10.95 Vietnam Enterprise 131 9 115 9 123 7 ------10.98 Fidelity European Trust 111 7 113 4 138 3 187 3 322 4 2.23 -4.23 VietNam Holding 125 11 146 5 129 6 218 5 406 2 - -19.22 Henderson European Focus Trust 120 4 108 5 113 5 151 5 294 6 2.14 -9.36 VinaCapital Vietnam Opp Fund 131 8 131 6 138 5 290 2 390 3 1.91 -6.05 Henderson EuroTrust 123 3 129 3 133 4 184 4 355 1 1.69 -7.26 Weiss Korea Opportunity 146 4 163 3 141 4 208 6 - - 1.58 -1.51 Average/Total 137 12 135 12 134 11 229 10 289 9 1.88 -6.42 © 2018 Morningstar, Inc. 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SUBSCRIBE FOR £39.99* – 12 ISSUES FOR THE PRICE OF 10 To take advantage of this offer, visit www.whatinvestment.co.uk/ subscribe or call 020 7250 7037. Please use coupon What Investment code: wi-first-year-offer 16 What Investment TRUST February 2021 www.whatinvestment.co.uk >| DATA

Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS YIELD DISC FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS YIELD DISC £££££%% £££££%% Utilico Emerging Markets 112 11 86 12 97 10 139 10 166 6 3.82 -11.91 JPMorgan European Growth Pool 114 6 105 6 99 7 134 6 227 7 2.84 -12.44 Average/Total 119 14 106 14 112 13 180 11 164 10 2.73 -9.82 JPMorgan European Income Pool 118 5 93 7 92 8 122 8 225 8 4.99 -12.72 Average/Total 119 8 117 8 126 8 170 8 299 8 1.97 -6.87 GLOBAL EQUITY INCOME Henderson International Income 107 7 92 6 101 6 150 6 - - 3.85 -7.79 EUROPEAN SMALLER COMPANIES Invesco Perp Select Glo Eq Inc 116 4 99 4 111 4 155 5 245 4 3.31 -5.07 European Assets 128 4 117 4 112 4 148 4 362 3 5.75 -9.84 JPMorgan Global Growth & Income 117 2 116 1 131 3 216 1 286 1 3.30 2.88 JPMorgan European Smaller Comp 143 2 128 3 121 2 179 3 322 4 1.37 -10.84 Majedie Investments 119 1 91 7 86 7 100 7 175 6 4.96 -16.07 Montanaro European Smaller 139 3 149 1 208 1 294 1 410 1 0.55 1.64 Murray International 117 3 95 5 103 5 172 4 186 5 4.60 -2.59 TR European Growth 154 1 136 2 114 3 216 2 377 2 1.66 -11.57 Scottish American 114 5 112 2 138 1 208 2 273 3 2.51 3.31 Average/Total 141 4 133 4 139 4 209 4 368 4 2.33 -7.65 Securities Trust of Scotland 110 6 103 3 132 2 192 3 277 2 2.67 -0.46 FARMLAND & FORESTRY Average/Total 114 7 101 7 115 7 170 7 240 6 3.60 -3.68 Cambium Global Timberland 96 1 50 1 63 1 102 1 10 1 - -38.94 GLOBAL HIGH INCOME Average/Total 96 1 50 1 62 1 102 1 10 1 - -38.94 Blue Planet Investment Trust 99 1 71 1 60 1 103 1 - - 10.00 -38.01 FINANCIALS Average/Total 99 1 71 1 60 1 103 1 - - 10.00 -38.01 Polar Capital Global Financials 133 2 101 2 108 1 161 1 - - 2.96 1.08 GLOBAL SMALLER COMPANIES Trian Investors 1 136 1 121 1 ------0.42 -14.11 BMO Global Smaller Companies 126 4 101 5 108 4 154 4 298 4 1.14 -8.37 Average/Total 135 2 111 2 108 1 161 1 - - 1.69 -6.52 Edinburgh Worldwide 142 2 188 1 242 1 397 1 632 1 - 1.97 FLEXIBLE INVESTMENT Herald 146 1 152 2 192 2 301 2 467 2 - -6.53 Aberdeen Diversified Income & Growth 111 10 95 18 94 18 95 17 121 15 5.67 -14.47 North Atlantic Smaller Cos 135 3 109 4 140 3 168 3 351 3 0.79 -19.09 BMO Managed Portfolio Growth 121 5 117 2 130 2 173 4 253 2 - 0.53 Smithson Investment Trust 116 5 132 3 ------3.58 BMO Managed Portfolio Income 111 11 96 17 106 13 136 12 201 7 4.55 0.69 Average/Total 133 5 136 5 171 4 255 4 437 4 0.96 -5.69 Caledonia Investments 111 12 94 19 109 11 139 9 196 8 2.11 -18.74 GROWTH CAPITAL Capital Gearing 106 20 108 5 121 3 148 5 165 11 0.89 2.22 Adamas Finance Asia 77 4 113 3 37 1 20 2 3 1 - -65.62 CIP Merchant Capital 104 21 100 12 50 21 ------23.82 Chrysalis Investments Limited 164 1 153 1 ------8.09 Hansa Investment Company Ltd 'A' Class A 130 2 110 4 109 10 145 7 123 14 1.51 -30.32 Schiehallion Fund 96 3 113 2 ------12.64 Hansa Investment Company Ltd 131 1 111 3 103 15 141 8 120 16 1.51 -31.45 Schroder UK Public Private Tst plc 122 2 81 4 37 2 31 1 - - - -30.67 Invesco Perp Select Balanced Risk Alloc 115 9 106 8 110 9 131 14 - - - -4.86 Average/Total 115 4 115 4 37 2 26 2 3 1 - -18.89 Investment Company 108 17 87 21 101 17 99 16 195 9 1.38 -10.68 HEDGE FUNDS JPMorgan Global Core Real Assets 92 24 98 14 ------3.09 6.42 JPMorgan Multi-Asset 107 18 91 20 ------4.46 -14.14 Alternative Liquidity Fund 78 10 65 10 40 10 195 2 - - - -58.31 JZ Capital Partners 89 25 26 25 17 22 22 19 28 17 - -75.69 BH Global GBP 104 5 127 4 141 4 150 7 178 6 - 1.44 JZ Capital Partners ZDP 2022 129 4 76 24 77 20 89 18 - - - -26.11 BH Global USD 97 7 124 6 149 3 171 4 217 3 - 0.30 Livermore Investments 101 23 82 22 89 19 146 6 319 1 8.94 -40.77 BH Macro GBP 100 6 135 1 176 2 174 3 213 4 - 9.68 Miton Global Opportunities 130 3 108 7 103 16 189 2 231 3 - -3.14 BH Macro USD 85 9 127 3 180 1 200 1 259 2 - 9.11 New Star Investment Trust 117 8 106 9 115 5 176 3 158 12 1.12 -26.01 Boussard & Gavaudan EUR 112 4 119 7 104 7 152 6 186 5 - -20.36 Personal Assets 103 22 108 6 115 4 139 10 168 10 1.23 0.80 Boussard & Gavaudan GBP 120 3 115 8 103 8 132 8 174 7 - -22.02 RIT Capital Partners 117 7 100 13 111 7 134 13 206 6 1.69 -3.43 Gabelli Merger Plus+ Trust 92 8 88 9 85 9 - - - - 6.49 -24.03 Ruffer Investment Company 109 16 118 1 114 6 131 15 144 13 0.69 -0.59 Highbridge Tactical Credit Fund 123 2 129 2 108 6 123 9 139 8 - -6.88 Seneca Global Income & Growth Trust 120 6 96 16 105 14 139 11 215 5 3.98 -2.81 Third Point Investors USD 131 1 126 5 127 5 171 5 330 1 - -16.70 UIL 110 13 80 23 133 1 224 1 218 4 3.64 -40.16 Average/Total 104 10 115 10 121 10 163 9 212 8 6.49 -12.78 UIL ZDP 2022 107 19 102 10 108 12 - - - - - 3.20 INFRASTRUCTURE UIL ZDP 2024 110 15 102 11 110 8 ------1.70 3i Infrastructure 107 4 108 2 155 1 204 1 360 1 3.15 21.95 UIL ZDP 2026 110 14 97 15 ------4.65 BBGI Global Infrastructure 109 2 109 1 141 2 168 2 - - 4.16 33.10 Average/Total 112 25 97 25 101 22 137 19 180 17 2.90 -14.39 GCP Infrastructure Investment 100 7 88 6 102 6 124 6 192 4 6.47 6.62 GLOBAL HICL Infrastructure PLC 103 6 107 3 128 3 147 4 247 2 4.80 15.12 All Active Asset Capital Limited 569 1 4125 1 413 1 106 16 - - - 1017.86 Infrastructure India 146 1 49 7 50 7 9 7 3 5 - -92.86 Alliance Trust 116 11 109 10 128 11 192 9 302 8 1.55 -4.37 International Public Partnerships 104 5 107 4 125 4 153 3 233 3 4.34 19.61 AVI Global Trust 130 3 116 8 129 9 213 7 227 12 1.86 -8.53 Sequoia Economic Infrastructure Inc 109 3 100 5 115 5 140 5 - - 5.69 9.41 Bankers 112 13 114 9 134 8 197 8 345 5 1.90 1.50 Average/Total 111 7 95 7 116 7 135 7 207 5 4.77 1.85 Brunner 114 12 97 14 120 13 183 11 272 10 2.31 -15.99 INFRASTRUCTURE SECURITIES EP Global Opportunities 106 14 94 15 95 15 134 15 183 14 2.10 -10.00 Ecofin Global Utilities & Infra 117 2 121 2 159 1 - - - - 3.28 3.61 F&C Investment Trust 116 10 105 12 128 10 191 10 313 6 1.43 -4.91 Premier Miton Glb Renewables Tst 145 1 131 1 139 2 178 1 212 1 5.98 -10.94 JPMorgan Elect Managed Growth 121 7 106 11 124 12 166 13 258 11 1.73 -4.17 Average/Total 131 2 126 2 149 2 178 1 212 1 4.63 -3.66 Lindsell Train 125 6 125 4 186 3 283 4 790 2 2.80 23.54 INSURANCE & REINSURANCE STRATEGYIES Manchester & London 100 15 118 7 149 7 296 3 217 13 2.35 -6.53 CATCo Reinsurance Opps C 103 1 109 2 52 1 - - - - 10.23 -14.39 Martin Currie Global Portfolio 117 9 124 5 158 5 226 5 363 4 1.11 0.13 CATCo Reinsurance Opps 97 2 95 3 29 2 27 1 52 1 11.78 -15.16 Mid Wynd International Inv Tr PLC O Inc 118 8 120 6 151 6 221 6 308 7 0.82 1.60 Life Settlement Assets A 91 3 111 1 ------11.36 Monks 129 4 142 3 179 4 324 2 406 3 0.18 2.73 Life Settlement Assets B 71 4 85 4 ------36.09 Scottish Investment Trust 95 16 87 16 89 16 137 14 180 15 3.21 -12.04 Average/Total 91 4 100 4 40 2 27 1 52 1 11.00 -19.25 Scottish Mortgage 148 2 210 2 275 2 452 1 958 1 0.25 2.19 Witan 127 5 103 13 115 14 167 12 284 9 2.31 -5.67 JAPAN Average/Total 146 16 368 16 161 16 218 16 360 15 1.73 61.08 Aberdeen Japan 123 4 127 3 128 4 174 4 282 4 1.86 -7.10 GLOBAL EMERGING MARKETS Baillie Gifford Japan 142 1 135 2 135 3 236 3 562 1 0.40 6.81 CC Japan Income & Growth 118 5 91 6 94 6 147 5 - - 3.11 -12.11 Aberdeen Emerging Markets 131 3 122 4 127 5 199 5 159 7 3.08 -11.52 Fidelity Japan Trust 125 3 125 4 146 2 254 2 385 3 - -7.35 Africa Opportunity 81 14 80 14 63 13 78 11 69 10 3.82 -27.65 JPMorgan Japanese 136 2 161 1 172 1 258 1 445 2 0.69 -0.89 Barings Emerging EMEA Opportunities 109 12 83 13 103 8 188 6 109 9 3.42 -14.45 Schroder Japan Growth 118 6 104 5 95 5 142 6 254 5 2.41 -13.19 BlackRock Frontiers 123 8 92 11 84 11 141 9 156 8 4.20 -2.92 Average/Total 127 6 124 6 128 6 202 6 386 5 1.69 -5.64 Fundsmith Emerging Equities Trust 129 4 129 1 108 7 149 7 - - 0.22 -4.84 Genesis Emerging Markets Fund 126 5 114 6 131 4 211 3 173 4 1.42 -8.95 JAPANESE SMALLER COMPANIES Gulf Investment Fund 106 13 103 8 159 1 146 8 220 2 2.19 -12.77 Atlantis Japan Growth 134 3 130 3 138 3 217 3 388 3 3.01 -7.94 JPMorgan Emerging Markets 133 2 125 3 155 2 258 2 238 1 1.04 -2.79 AVI Japan Opportunity 109 4 99 4 ------0.81 -0.73 JPMorgan Global Emerg Mkts Inc 135 1 112 7 121 6 207 4 186 3 3.38 -3.38 Baillie Gifford Shin Nippon 138 1 149 1 150 2 287 1 834 1 0.01 7.76 Jupiter Emerging & Frontier Income 120 9 96 10 98 9 - - - - 4.23 -8.01 JPMorgan Japan Small Cap G&I 137 2 143 2 153 1 243 2 462 2 3.20 -0.75 Mobius Investment Trust 119 10 127 2 ------2.63 Nippon Active Value 108 5 ------4.59 ScotGems 124 7 102 9 78 12 ------16.20 Average/Total 125 5 130 4 147 3 249 3 561 3 1.76 -1.25 Templeton Emerging Mkts Invmt Tr TEMIT 124 6 117 5 133 3 260 1 168 5 1.91 -9.43

www.whatinvestment.co.uk What Investment TRUST February 2021 17 >| DATA

Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARS Rnk YIELD DISC FUND 6 MONTHSVal Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk 5Val YEARS Rnk 10Val YEARS Rnk YIELD DISC £££££%% £££££%% LATIN AMERICA Average/Total 110 4 82 4 49 3 48 3 47 3 - -49.37 Aberdeen Latin American Income 125 1 92 1 99 2 179 1 95 1 5.85 -9.86 PROPERTY - UK COMMERCIAL BlackRock Latin American 123 2 88 2 102 1 178 2 79 2 4.28 -8.45 AEW UK REIT 123 4 87 7 102 7 116 3 - - 10.08 -12.50 Average/Total 124 2 90 2 101 2 179 2 87 2 5.06 -9.16 Alternative Income REIT PLC 117 7 89 6 72 14 - - - - 8.20 -24.83 LEASING BMO Commercial Property Trust 129 3 72 15 67 16 74 12 122 5 3.49 -32.57 BMO Real Estate Investments 112 11 77 12 70 15 79 10 144 3 5.48 -34.01 Amedeo Air Four Plus 103 4 47 5 40 6 49 4 - - - -73.70 Custodian REIT 99 15 81 9 89 9 109 5 - - 4.29 -7.06 Doric Nimrod Air One 127 3 70 3 56 4 59 3 87 1 23.68 -47.74 Drum Income Plus REIT 62 18 41 18 38 18 38 13 - - 16.00 -50.86 Doric Nimrod Air Three 140 2 75 2 66 2 71 1 - - 19.19 -9.61 Ediston Property Investment Company 134 1 85 8 77 11 87 8 - - 5.98 -22.13 Doric Nimrod Air Two 145 1 70 4 58 3 62 2 - - 21.95 -42.18 LXI REIT 108 12 89 5 131 3 - - - - 4.77 2.13 DP Aircraft I 37 8 8 8 7 8 9 6 - - - -90.39 Regional REIT 121 5 79 11 102 6 115 4 - - 8.05 -20.98 KKV Secured Loan Fund C 62 6 42 6 44 5 - - - - 0.02 -47.80 Schroder Real Estate Invest 132 2 74 13 73 13 81 9 176 1 5.48 -32.43 KKV Secured Loan Fund 55 7 22 7 24 7 23 5 - - 0.04 -51.52 Secure Income REIT 114 9 73 14 95 8 148 2 - - 5.38 -17.29 Tufton Oceanic Assets 95 5 93 1 107 1 - - - - 7.29 2.73 Standard Life Inv. Prop. Inc. 102 14 70 16 76 12 92 7 170 2 4.84 -24.45 Average/Total 96 8 53 8 50 8 45 6 87 1 12.03 -45.03 Supermarket Income REIT 98 16 103 4 125 5 - - - - 5.43 9.96 LIQUIDITY FUNDS The Local Shopping REIT 64 17 64 17 65 17 75 11 36 6 - -37.42 Invesco Perp Select Liquidity 100 2 100 2 102 2 101 2 103 2 0.78 -3.49 Tritax Big Box 118 6 118 1 129 4 164 1 - - 3.70 10.85 JPMorgan Elect Managed Cash 100 1 100 1 103 1 104 1 106 1 0.39 -1.06 UK Commercial Property REIT 117 8 80 10 88 10 100 6 140 4 0.34 -18.48 Average/Total 100 2 100 2 102 2 103 2 105 2 0.58 -2.28 Urban Logistics REIT plc 107 13 103 3 138 1 - - - - 4.91 0.34 NORTH AMERICA Warehouse REIT 112 10 114 2 136 2 - - - - 5.23 3.04 Baillie Gifford US Growth 155 1 233 1 ------3.41 Average/Total 109 18 83 18 93 18 98 13 131 6 5.98 -17.15 BlackRock North American 113 5 91 5 118 2 178 2 - - 4.78 -9.46 PROPERTY - UK HEALTHCARE Gabelli Value Plus+ Trust 131 2 110 3 111 3 150 5 - - 0.68 -3.03 Impact Healthcare REIT 117 1 107 1 127 1 - - - - 5.82 4.29 JPMorgan American 121 3 121 2 149 1 223 1 395 1 1.09 -5.32 Target Healthcare REIT 107 2 104 2 121 2 141 1 - - 5.86 8.73 Middlefield Canadian Income 117 4 98 4 107 4 160 4 168 3 5.43 -13.94 Average/Total 112 2 106 2 124 2 141 1 - - 5.84 6.51 North American Income Trust 105 6 84 6 102 5 174 3 255 2 3.92 -10.15 PROPERTY - UK RESIDENTIAL Average/Total 123 6 123 6 117 5 177 5 273 3 3.18 -6.42 Civitas Social Housing 98 5 121 2 108 3 - - - - 5.08 -0.24 NORTH AMERICAN SMALLER COMPANIES GCP Student Living 117 1 75 6 111 2 127 1 - - 0.69 -16.66 JPMorgan US Smaller Companies 135 1 115 1 136 1 225 1 446 1 0.59 0.55 Ground Rents Income Fund Plc 92 6 84 5 71 6 76 2 - - 6.09 -41.86 Jupiter US Smaller Companies 127 2 105 2 133 2 196 2 280 2 - -8.61 KCR Residential REIT 72 7 ------46.63 Average/Total 131 2 110 2 135 2 211 2 363 2 0.59 -4.03 PRS REIT 106 3 88 4 86 5 - - - - 5.19 -14.86 PRIVATE EQUITY Residential Secure Income 104 4 96 3 102 4 - - - - 5.49 -15.25 3i 141 6 109 6 142 5 290 2 511 3 2.99 31.44 Triple Point Social Housing REIT 117 2 131 1 125 1 - - - - 4.73 4.69 Apax Global Alpha 141 5 119 4 156 4 220 7 - - 4.94 -6.35 Average/Total 101 7 99 6 100 6 101 2 - - 4.54 -18.69 BMO Private Equity Trust 99 17 86 15 103 13 157 12 354 9 4.86 -17.52 PROPERTY SECURITIES Dunedin Enterprise 128 11 91 14 123 10 213 8 263 10 1.52 -15.29 TR Property 125 1 88 1 115 1 159 1 338 1 3.47 -7.19 Electra Private Equity 147 3 72 18 68 16 107 14 243 11 - -21.81 Average/Total 125 1 88 1 115 1 159 1 338 1 3.47 -7.19 EPE Special Opportunities 154 2 143 1 113 11 227 4 736 1 - -37.96 RENEWABLE ENERGY INFRASTRUCTURE FastForward Innovations Limited 168 1 105 9 59 17 50 17 89 15 - -6.42 Aquila European Renewables Income Fund 106 3 108 4 ------3.76 9.70 HarbourVest Global Priv Equity 124 13 108 8 156 3 213 9 589 2 - -17.99 Bluefield Solar Income Fund 100 9 98 9 133 2 171 1 - - 5.95 18.21 HgCapital Trust 130 9 122 2 186 2 317 1 401 5 1.49 8.20 Foresight Solar 97 12 87 13 113 6 136 6 - - 6.68 9.46 ICG Enterprise Trust 131 8 100 11 129 9 188 11 403 4 2.45 -16.03 Gore Street Energy Storage Fund 111 1 116 1 ------6.64 13.61 JPEL Private Equity 94 18 84 16 78 14 129 13 126 13 - -29.81 Greencoat Renewables 99 11 109 3 130 3 - - - - 5.18 16.43 LMS Capital 92 19 78 17 70 15 47 18 74 16 2.98 -44.77 Greencoat UK Wind 96 13 94 11 127 4 162 3 - - 5.27 13.87 NB Private Equity ZDP 2022 103 16 101 10 105 12 ------1.25 Gresham House Energy Storage 106 2 111 2 ------6.17 13.78 NB Private Equity ZDP 2024 104 14 99 12 ------2.72 JLEN Environmental Assets Group 99 10 99 8 124 5 148 4 - - 5.77 22.33 Oakley Capital Investments 134 7 109 7 187 1 222 6 219 12 1.56 -18.02 NextEnergy Solar 103 7 92 12 113 7 137 5 - - 6.60 9.47 Origo Partners 86 21 71 19 16 21 17 19 1 19 - -83.15 Octopus Renewables Infrastructure 103 6 108 5 ------2.64 17.92 Pantheon International Ord PLC 129 10 97 13 135 6 190 10 401 6 - -16.88 Renewables Infrastructure Grp 104 5 97 10 139 1 169 2 - - 5.32 15.65 Princess Private Equity 127 12 119 5 131 7 239 3 375 7 5.08 -12.33 SDCL Energy Efficiency Income 103 8 104 6 ------5.12 6.90 Reconstruction Capital II 78 22 65 20 44 19 74 16 20 17 - -39.97 US Solar Fund 104 4 101 7 ------5.19 12.98 St Peter Port Capital 87 20 50 22 30 20 15 20 4 18 - -82.31 Average/Total 102 13 102 13 126 7 154 6 - - 5.41 13.87 Standard Life Private Eq 142 4 120 3 130 8 225 5 375 8 3.54 -22.70 Symphony International Holding 103 15 54 21 52 18 84 15 111 14 6.87 -39.36 ROYALTIES Average/Total 120 22 96 22 105 21 161 20 279 19 3.48 -22.41 Hipgnosis Songs 109 1 117 1 ------4.36 -3.27 PROPERTY - DEBT Average/Total 109 1 117 1 ------4.36 -3.27 Drumz PLC 88 5 49 5 32 5 13 4 19 2 - 85.02 TECHNOLOGY & MEDIA ICG-Lgbow Senior Sec. UK Prop Debt Inv 128 1 98 1 102 1 115 1 - - 6.90 -7.21 Allianz Technology Trust 132 1 180 1 254 1 460 1 907 1 - 0.33 Real Estate Credit Investments 113 2 86 3 99 3 113 2 297 1 8.76 -5.72 Augmentum Fintech 127 2 131 3 ------14.83 Starwood Eurpn Real Estate Finance 108 3 92 2 100 2 111 3 - - 6.10 -12.87 Polar Capital Technology 113 3 145 2 203 2 368 2 614 2 - -4.47 TOC Property Backed Lending 100 4 84 4 95 4 - - - - 1.74 3.66 Sure Ventures 100 4 86 4 ------6.47 Average/Total 108 5 82 5 86 5 88 4 158 2 5.88 12.58 Average/Total 118 4 136 4 228 2 414 2 760 2 - 4.29 PROPERTY - EUROPE UK ALL COMPANIES Aberdeen Standard Eurpn Logistics Inc 106 4 127 1 119 2 - - - - 4.46 5.90 Artemis Alpha Trust 146 3 116 2 139 1 176 1 151 10 1.32 -9.28 Alpha Real Trust 96 6 89 6 123 1 216 2 304 1 2.49 -20.57 Aurora 123 10 90 10 106 7 144 6 100 12 1.91 -3.06 Gblworth Real Estate Investments 118 2 86 7 96 4 186 3 - - 8.66 -18.70 Baillie Gifford UK Growth 127 9 113 3 138 2 167 2 230 8 2.68 2.12 Phoenix Spree Deutschland 108 3 102 3 86 5 227 1 - - 2.02 -28.94 Fidelity Special Values 131 8 90 9 103 9 136 8 262 6 2.31 1.74 Schroder European Real Estate Inv Trust 145 1 98 4 112 3 115 4 - - 5.03 -23.49 Henderson Opportunities 156 1 117 1 126 4 158 3 344 2 1.97 -9.34 Tritax EuroBox Euro 102 5 108 2 ------4.00 -11.56 Independent 132 6 93 7 83 11 143 7 292 5 1.49 -10.42 Yew Grove REIT 96 7 94 5 ------6.18 -13.01 Invesco Perp Select UK Equity 116 12 91 8 97 10 113 10 255 7 3.94 -3.78 Average/Total 110 7 101 7 108 5 186 4 304 1 4.69 -15.77 JPMorgan Mid Cap 132 7 87 11 104 8 120 9 346 1 2.55 -11.01 PROPERTY - REST OF WORLD Jupiter UK Growth 122 11 75 12 76 12 83 12 126 11 2.31 -1.43 Keystone 138 4 99 4 106 6 112 11 208 9 3.26 -4.06 Aseana Properties 88 4 67 3 62 1 76 1 71 1 - -36.00 Mercantile 132 5 98 5 125 5 156 4 310 4 2.65 -2.89 Ceiba Investments 131 1 119 1 ------18.98 Schroder UK Mid Cap 148 2 96 6 126 3 149 5 337 3 2.13 -9.04 Dolphin Capital Investors 108 3 78 2 49 2 23 3 8 3 - -80.29 Average/Total 134 12 97 12 111 12 138 12 247 12 2.38 -5.04 Macau Property Opportunities 112 2 62 4 38 3 44 2 62 2 - -62.22

18 What Investment TRUST February 2021 www.whatinvestment.co.uk >| DATA

Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS YIELD DISC FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS YIELD DISC Val £££££%%Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val £££££%%Rnk Val Rnk Val Rnk Val Rnk Val Rnk UK EQUITY & BOND INCOME British Smaller Companies VCT 113 9 103 19 120 13 140 8 257 6 6.20 -8.25 British Smaller Companies VCT2 113 10 100 24 116 16 130 18 188 23 7.29 -5.14 Acorn Income Fund (Split) ZDP 2022 103 3 101 1 104 1 119 1 - - - -2.00 Calculus VCT 97 41 105 16 90 35 - - - - 5.33 -5.20 Acorn Income Fund 134 1 86 2 83 3 105 3 313 1 6.87 -7.99 Crown Place VCT 103 29 101 22 130 6 152 4 219 16 6.85 -3.85 Henderson High Income 106 2 82 3 93 2 108 2 206 2 6.43 -7.24 Downing Four Generalist Shs 100 33 74 41 60 38 - - - - 4.35 -6.05 Average/Total 114 3 90 3 93 3 111 3 260 2 6.65 -5.74 Downing Four VCT DP67 88 44 65 43 98 30 85 33 96 28 - -4.89 UK EQUITY INCOME Downing Four VCT DSO 1 D 100 33 100 25 163 1 137 12 - - 0.09 2.80 Aberdeen Standard Equity Inc Trust 119 11 80 24 77 23 85 24 154 23 6.20 -8.96 Downing ONE VCT 105 27 80 40 79 37 83 34 95 29 7.41 -6.74 BlackRock Income and Growth 106 24 86 19 91 18 109 20 166 20 4.00 -12.25 Downing Three VCT 'F' 100 33 94 34 121 12 88 32 - - 33.33 -18.92 BMO Capital & Income 115 16 86 20 98 15 133 8 188 14 3.84 -0.64 Downing Three VCT 'H' 85 45 57 45 33 42 36 38 - - 66.67 -20.21 BMO UK High Income B Share 115 18 95 9 103 9 130 10 168 19 5.66 -10.81 Downing Three VCT 'J' 95 42 68 42 40 40 40 37 - - 40.00 -9.42 BMO UK High Income 115 15 94 10 101 12 127 12 178 17 5.69 -11.22 Downing Two VCT 'F' 100 33 82 39 86 36 69 35 - - - -17.55 BMO UK High Income Units 115 17 95 8 102 11 129 11 184 15 5.74 -13.64 Downing Two VCT 'G' 88 43 64 44 50 39 50 36 - - 9.09 -35.48 British & American 219 1 84 22 74 25 66 25 137 24 8.06 50.90 Downing Two VCT 'K' 73 46 49 46 34 41 - - - - 9.43 -22.29 Chelverton UK Dividend Trust 137 2 84 23 76 24 110 19 300 2 6.01 -1.62 Draper Esprit VCT 115 8 97 30 95 33 102 30 195 22 6.54 -5.17 Chelverton UK Dividend Trust ZDP 2025 109 22 103 4 ------0.17 Foresight 4 VCT 111 13 92 37 103 27 130 17 90 30 7.62 -8.85 City of London 112 19 88 16 97 16 120 15 196 12 4.95 3.59 Foresight VCT 104 28 91 38 101 29 113 27 180 24 5.55 -13.52 Diverse Income Trust 123 6 109 2 107 6 124 13 - - 3.62 -5.13 Kings Arms Yard VCT 107 18 97 32 110 20 138 9 397 2 5.75 -3.55 Dunedin Income Growth 116 14 104 3 129 1 162 3 211 6 4.29 -4.69 Maven Income & Growth VCT 3 106 23 101 21 102 28 121 21 248 12 7.84 -9.03 Edinburgh Investment 119 10 92 12 90 20 94 23 183 16 4.21 -9.84 Maven Income & Growth VCT 4 107 20 100 23 109 21 123 20 209 19 6.35 -8.80 Finsbury Growth & Income 107 23 99 5 120 3 164 2 344 1 1.85 0.38 Maven Income & Growth VCT 5 112 12 106 10 121 11 137 13 308 5 3.33 -7.72 Invesco Income Growth 120 8 96 7 104 8 118 16 210 7 4.26 -8.51 Maven Income & Growth VCT 103 30 99 26 107 23 112 28 249 11 41.38 -7.73 JPMorgan Claverhouse 117 12 88 17 101 13 132 9 205 11 4.30 -3.55 Mobeus Income & Growth 2 VCT 120 7 113 4 140 5 157 3 450 1 34.21 -2.21 JPMorgan Elect Managed Inc 112 20 89 15 92 17 113 17 175 18 4.79 -3.92 Mobeus Income & Growth 4 VCT 123 6 116 3 145 3 161 2 246 13 17.39 -4.58 Law Debenture Corporation 137 3 114 1 126 2 169 1 277 3 3.72 1.50 Mobeus Income & Growth VCT 123 5 117 2 152 2 174 1 327 4 27.83 -7.73 Lowland 128 4 89 14 90 19 108 21 209 8 4.96 -5.26 Northern 2 VCT 133 2 109 7 117 15 138 10 251 8 5.93 -8.24 Merchants Trust 120 7 86 21 107 7 137 6 188 13 5.74 -1.32 Northern 3 VCT 133 3 106 15 111 18 135 15 254 7 4.62 -7.59 Murray Income Trust 112 21 98 6 120 4 155 4 206 10 4.05 -4.45 Northern Venture Trust 135 1 108 8 116 17 135 14 249 10 6.25 -6.16 Schroder Income Growth 117 13 93 11 107 5 134 7 215 5 4.38 0.17 Octopus Apollo VCT 110 14 106 11 108 22 120 23 158 27 5.58 -5.29 Shires Income 103 25 87 18 100 14 150 5 218 4 5.14 -2.11 Octopus Titan VCT 109 17 104 18 110 19 119 24 251 9 5.92 -4.26 Temple Bar 127 5 69 26 83 21 111 18 160 21 3.94 -8.37 Pembroke VCT B 105 26 104 17 123 10 128 19 - - 2.87 -2.43 Troy Income & Growth 102 26 89 13 103 10 121 14 207 9 2.66 -1.66 ProVen Growth and Income VCT 106 22 92 36 95 34 106 29 170 26 6.37 -5.20 Value And Income 120 9 73 25 79 22 100 22 157 22 6.34 -21.52 ProVen VCT 106 21 92 35 104 26 120 22 196 21 6.45 -5.78 Average/Total 121 26 91 26 99 25 124 25 202 24 4.74 -3.20 Puma VCT 11 100 33 98 29 95 32 95 31 - - 7.14 0.20 UK SMALLER COMPANIES Puma VCT 12 113 11 113 5 97 31 - - - - 3.41 8.63 Aberdeen Smaller Companies Inc 121 18 95 17 119 9 171 10 331 10 2.59 -10.90 The Income & Growth VCT 127 4 118 1 144 4 152 5 345 3 9.02 -5.08 Aberforth Smaller Companies 137 10 84 22 103 14 121 15 262 12 2.55 -7.60 Triple Point Income VCT C 102 32 111 6 ------4.67 -9.86 Aberforth Split Level Income 151 4 77 24 81 19 - - - - 6.11 -7.70 Triple Point Income VCT D 98 40 106 9 ------9.43 -9.56 Aberforth Split Level Income ZDP 2024 102 24 100 12 99 16 ------2.32 Triple Point VCT 2011 A 100 33 106 13------128.35 -6.35 Athelney Trust 132 14 97 14 90 18 109 16 270 11 4.33 -19.20 Triple Point VCT 2011 B 100 33 102 20 ------5.41 -4.77 BlackRock Smaller Companies 138 8 104 8 142 5 194 4 420 6 1.90 -3.34 Average/Total 107 46 97 46 106 42 119 38 229 30 14.09 -7.54 BlackRock Throgmorton Trust plc 137 9 113 6 169 4 230 1 489 2 1.33 0.33 VCT GENERALIST PRE-QUALIFYING Chelverton Growth Trust 90 26 67 26 41 25 58 20 147 15 - -26.47 Puma Alpha VCT ord 100 4 ------4.17 Crystal Amber 113 21 77 25 56 23 74 18 133 16 4.90 -24.24 Puma VCT 13 100 4 92 4 ------23.83 Downing Strategic Micro-Cap Inv. Trust 115 20 81 23 63 22 - - - - 2.63 -21.88 Seneca Growth Capital VCT B 102 2 98 3 ------3.57 -5.51 Gresham House Strategic plc 131 15 110 7 174 2 181 5 - - 2.00 -4.56 Triple Point 2011 Venture Shares 103 1 99 2 ------4.40 Henderson Smaller Companies 139 7 99 13 128 8 173 9 457 4 2.29 -6.94 Triple Point Income VCT E 102 3 109 1 ------7.47 -9.67 Invesco Perpetual UK Smaller 136 11 85 21 110 10 160 12 382 7 3.72 -12.00 Average/Total 101 5 100 4 ------5.52 -7.76 JPMorgan Smaller Companies 165 1 116 4 176 1 224 2 438 5 1.57 -2.87 VCT SPECIALIST: ENVIRONMENTAL Marwyn Value Investors 105 23 102 10 70 21 59 19 124 17 - -30.88 Foresight Solar & Technology VCT plc 86 9 79 9 82 9 86 9 110 5 8.76 -2.42 Marwyn Value Investors Realisation 96 25 95 18 79 20 ------15.91 Gresham House Renewable Energy VCT 1 100 4 98 6 106 7 117 7 - - 5.57 -4.33 Miton UK Microcap 145 5 133 2 109 12 126 14 - - 0.12 -7.71 Gresham House Renewable Energy VCT 2 100 4 97 7 105 8 117 8 - - 5.63 -4.18 Montanaro UK Smaller Companies 140 6 104 9 139 6 161 11 261 13 3.83 -7.19 Ventus VCT 2 C 100 6 99 3 118 3 170 1 206 4 6.78 -4.92 Odyssean Investment Trust 134 12 114 5 ------3.33 Ventus VCT 2 D 102 1 104 1 114 6 138 6 - - 3.94 -9.22 Oryx International Growth 155 3 140 1 170 3 204 3 556 1 - -2.25 Ventus VCT 2 95 8 99 5 122 2 140 4 209 3 7.09 -6.50 Rights & Issues Investment Trust 122 17 96 15 102 15 179 6 460 3 1.55 -10.58 Ventus VCT C 100 6 99 3 118 3 169 2 217 2 6.78 -3.52 River and Mercantile UK Micro Cap 161 2 127 3 107 13 178 8 - - - -16.96 Ventus VCT D 102 1 104 1 114 5 138 5 - - 3.94 -8.10 Standard Life UK Smaller Co. 132 13 101 11 133 7 179 7 349 9 1.60 -3.13 Ventus VCT 100 3 93 8 122 1 155 3 256 1 8.12 -2.86 Strategic Equity Capital 119 19 95 16 99 17 108 17 364 8 0.54 -19.72 Average/Total 98 9 97 9 111 9 137 9 200 5 6.29 -5.12 SVM UK Emerging 130 16 89 19 109 11 132 13 153 14 - -20.88 Worsley Investors Limited 113 22 87 20 47 24 50 21 64 18 - -26.39 VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY Average/Total 129 26 100 26 109 25 146 21 314 18 2.56 -12.10 Downing Four Healthcare Shs 100 2 83 2 67 2 - - - - 3.91 -1.84 Seneca Growth Capital VCT 147 1 189 1 199 1 170 1 171 1 33.33 -26.38 VCT AIM QUOTED Average/Total 123 2 136 2 133 2 170 1 171 1 18.62 -14.11 Amati AIM VCT 141 1 136 1 143 1 225 1 368 1 4.11 -7.64 Hargreave Hale AIM VCT 130 2 125 2 125 3 144 4 232 5 4.59 -5.60 VCT SPECIALIST: MEDIA, LEISURE & EVENTS New Century AIM 2 VCT 114 7 89 7 85 7 89 7 112 7 7.82 -24.22 Edge Performance VCT 'H' 321 1 321 1 329 1 187 1 - - 3.40 -25.63 New Century AIM VCT 125 4 98 6 99 6 112 6 145 6 1.95 -13.02 Edge Performance VCT 'I' 76 2 81 2 39 2 20 2 - - - -24.66 Octopus AIM VCT 2 124 5 121 4 122 4 149 2 237 4 5.03 -7.33 Average/Total 199 2 201 2 184 2 103 2 - - 3.40 -25.14 Octopus AIM VCT 123 6 118 5 118 5 143 5 242 3 8.11 -7.27 VCT SPECIALIST: TECHNOLOGY Unicorn AIM VCT 126 3 122 3 133 2 146 3 264 2 3.71 -15.20 BlackFinch Spring VCT 93 5 ------2.01 Average/Total 126 7 115 7 118 7 144 7 229 7 5.05 -11.47 Oxford Technology VCT 2 100 1 85 2 94 1 162 1 124 2 7.50 -17.70 VCT GENERALIST Oxford Technology VCT 3 100 1 72 4 67 4 78 2 104 3 - -29.58 Albion Development VCT 106 24 99 27 128 8 146 7 221 15 5.73 -4.92 Oxford Technology VCT 4 100 1 87 1 76 3 59 4 96 4 27.78 -37.50 Albion Enterprise VCT 107 19 98 28 129 7 150 6 226 14 5.21 -3.83 Oxford Technology VCT 100 1 82 3 80 2 72 3 143 1 - -25.41 Albion Technology & Gen VCT 105 25 96 33 124 9 130 16 171 25 3.10 -16.02 Average/Total 99 5 82 4 79 4 93 4 117 4 17.64 -22.44 Albion VCT 102 31 97 31 119 14 137 11 204 20 6.57 -4.94 Baronsmead Second Venture Trust 110 16 106 14 107 24 118 26 210 18 8.84 -4.02 Baronsmead Venture Trust 110 15 106 12 106 25 118 25 217 17 19.16 -1.26

www.whatinvestment.co.uk What Investment TRUST February 2021 19 THE MONKS INVESTMENT TRUST

We look to the future. To meet your aspirations.

Our annual research agenda outlines key themes we intend to focus our attention on over the year ahead. We use it as our guide to hunt for unrecognised growth opportunities. We believe looking forward rather than backwards helps us find those companies that will shape the future. And we believe it’s a better way to deliver returns you can look forward to. Over the last five years theMonks Investment Trust has delivered a total return of 200.0% compared to 96.3% for the index*.

Standardised past performance to 30 September* 2016 2017 2018 2019 2020 MONKS INVESTMENT TRUST 37.9% 35.6% 19.1% 7.8% 24.9% FTSE WORLD INDEX 31.2% 15.4% 14.2% 7.9% 5.2%

Past performance is not a guide to future returns. Please remember that changing stock market conditions and currency exchange rates will affect the value of the investment in the fund and any income from it. Investors may not get back the amount invested.

Find out more by watching our film at monksinvestmenttrust.co.uk A Key Information Document is available. Call 0800 917 2112.

Actual Investors

*Source: Morningstar, share price, total return in sterling as at 30.09.20. 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 (FCA). The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised and regulated by the Financial Conduct Authority.