VT Cape Wrath Focus Fund 30 November 2016

Summary Investment Objective Key Facts

The investment objective of the Fund is to generate capital growth over the long term. It Structure NURS OEIC will aim to meet its objective by principally investing in a concentrated portfolio of UK listed equities. The Fund follows a value philosophy, looking for situations in which investors Domicile UK (FCA Authorised) have over-reacted to events and valuations no longer reflect company fundamentals. The AUM £2.8m best opportunities often are found after a period of disappointment has created emotional reasons not to invest. Every investment requires a clear catalyst, which impacts on Holdings 9 earnings, or the multiple the market applies to those earnings. The Fund typically invests Launch date 3 October 2016 in 10 – 20 holdings on an unconstrained, absolute return basis. The sector weightings result from stock-selection, and are often counter-cyclical. Share type Net accumulation TER cap 0.45% Top Ten Equity Holdings Portfolio by Size Performance 20% versus

fee rate benchmark (with HWM) Large 1 Enquest 11.2% Cap Class A MSCI UK IMI Net 2% benchmark* Dividends Reinvested 2 Enterprise Inns 8.8% Class B 3 Gulf Marine Services 8.7% Cash + 8% annual return Cash Mid benchmark* 4 Premier Foods 7.2% Eq Cap *Refer to prospectus for full details 42% 5 DX Group 7.1% 40%

6 Chemring Group 6.4% Dealing information

7 Aggreko 4.9% Small Frequency Daily Cap 8 Tullow Oil 3.2% Valuation point 12 noon (UK) 16% 9 Rolls Royce 2.3% Dealing line +44 (0)1343 880344 Small cap smaller than £250m, 10 -- -- Class A ISIN GB00BYQLQR34 Mid cap from £250m to £3,000m, TOTAL 59.7% Large cap more than £3,000m Class B ISIN GB00BYQLQV79

Portfolio Weight by Sector Portfolio Characteristics

Portfolio vs iShares MSCI United Kingdom ETF* Data will be available after 12 months

Consumer Discretionary Alpha -- Consumer Staples Energy Beta -- Financials Information ratio -- Health Care VT Cape Wrath Focus Fund Industrials Tracking error -- Over / underweight Information Technology Portfolio standard deviation -- Materials Index standard deviation -- Real Estate Telecommunication Services R-squared -- Utilities Cash + Cash Eq

-25% -15% -5% 5% 15% 25% 35% 45% *The Fund does not subscribe to constituent data from MSCI so the iShares MSCI United Kingdom ETF has been used as a comparable proxy Performance

Class A GBP Net Accumulation vs MSCI UK IMI (TR) (rebased to 100) 3 October – 30 November 2016

102 101 VT Cape Wrath Focus Fund 100 99 98 97 1 month Inception Class A GBP Net Acc 3.4% 1.4% MSCI UK IMI (TR) 96 MSCI UK IMI (TR) -1.7% -2.4% 95

Past performance is not indicative of future results

Cape Wrath Capital Limited is an Appointed Representative of Valu-Trac Investment Management Limited (Valu-Trac), which is authorised and regulated by the Financial Conduct Authority, registration number 145168. Valu-Trac is incorporated in England and Wales, company number 2428648, Level 13, Broadgate Tower, 20 Primrose Street, London, EC2A 2EW

VT Cape Wrath Focus Fund

Disclaimer Fund Advisor

Cape Wrath Capital is an Appointed Representative for Valu-Trac Investment Management Limited. Adam Rackley, CFA After working as an The information in this Report is presented by Valu-Trac using all reasonable skill, care analyst at the Alliance and diligence and has been obtained from or is based on third party sources believed to Trust, Adam joined be reliable but is not guaranteed as to its accuracy, completeness or timeliness, nor is it Montanaro Asset a complete statement or summary of any securities, markets or developments referred Management, where he to. The information within this Report should not be regarded by recipients as a managed a smallcap income fund. Leaving substitute for the exercise of their own judgement. the City in 2010, he taught the CFA qualification at BPP before setting-up The information in this Report has no regard to the specific investment objectives, Curzon Financial Training, which provides financial situation or particular needs of any specific recipient and is published solely for practical training for asset management informational purposes and is not to be construed as a solicitation or an offer to buy or companies. In 2015, Adam set-up Cape sell any securities or related financial instruments. In the absence of detailed information Wrath Capital. He has degrees in about you, your circumstances or your investment portfolio, the information does not in Philosophy, Politics & Economics; and any way constitute investment advice. If you have any doubt about any of the Finance & Financial Law. When not information presented, please consult your stockbroker, accountant, bank manager or investing, or teaching others about other independent financial advisor. investing, Adam enjoys running and rock climbing. He has served as a platoon Value of investments can fall as well as rise and you may not get back the amount you commander with the 1st Battalion Black have invested. Income from an investment may fluctuate in money terms. If the Watch, once took six months off to write a investment involves exposure to a currency other than that in which acquisitions of the book, and in 2010 spent 11 weeks rowing investments are invited, changes in the rates of exchange may cause the value of the across the Atlantic Ocean. investment to go up or down. Past performance is not necessarily a guide to future performance. Cape Wrath Capital Limited Moor Place Any opinions expressed in this Report are subject to change without notice and Valu- 1 Fore Street Trac is not under any obligation to update or keep current the information contained London herein. Sources for all tables and graphs herein are Valu-Trac unless otherwise EC2Y 5EJ indicated. +44 (0)20 7101 4407 The information provided is "as is" without any express or implied warranty of any kind [email protected] including warranties of merchantability, non-infringement of intellectual property, or www.capewrathcapital.com fitness for any purpose. Because some jurisdictions prohibit the exclusion or limitation of liability for consequential or incidental damages, the above limitation may not apply to Investment Manager / ACD you. Users are therefore warned not to rely exclusively on the comments or conclusions within the Report but to carry out their own due diligence before making their own Valu-Trac Investment Management Limited decisions. Orton Moray Unless otherwise stated Equity Market price indices used within this publication are IV32 7QE sourced or derived from data supplied by MSCI Inc 2016. Administrator Valu-Trac Investment Management Limited and its affiliated companies, employees of Valu-Trac Investment Management Limited and its affiliated companies, or individuals Valu-Trac Administration Services Limited connected to them, may have or have had interests of long or short positions in, and Orton may at any time make purchases and/or sales as principal or agent in, the relevant Moray securities or related financial instruments discussed in this Report. IV32 7QE

© 2016 Valu-Trac Investment Management Limited. Authorised and regulated by the Depositary Financial Conduct Authority (FCA), registration number 145168. This status can be checked with the FCA on 0845 730 0104 or on the FCA website. All rights reserved. No National Westminster Bank Plc part of this Report may be reproduced or distributed in any manner without the written Trustee & Depositary Services permission of Valu-Trac Investment Management Limited. Valu-Trac™ is a registered Younger Building trademark. 1st Floor, 3 Redheughs Avenue Edinburgh EH12 9RH

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