Report as of 27 Sep 2021

Ninety One UK Alpha I GBP Inc

Morningstar® Category Morningstar® Benchmark Fund Benchmark Morningstar Rating™ UK Large-Cap Equity FTSE All Share TR GBP FTSE AllSh TR GBP QQQQ Used throughout report

Investment Objective Performance

The Fund aims to provide capital growth (to grow the value 160 of your investment) and income over at least 5 years. The 145 Fund invests primarily (at least two-thirds) in the shares of 130 UK companies (those incorporated in, domiciled in, or that 115 have significant economic exposure to, the UK). 100 85

2016 2017 2018 2019 2020 2021-08 8.84 12.72 -9.33 21.23 -4.86 6.90 Fund 16.75 13.10 -9.47 19.17 -9.82 14.66 Benchmark 13.11 11.63 -9.82 19.35 -9.10 15.22 Category

Risk Measures Trailing Returns % Fund Bmark Cat Quarterly Returns % Q1 Q2 Q3 Q4 3Y Alpha -1.06 3Y Sharpe Ratio 0.20 3 Months -2.07 1.04 1.57 2021 2.56 5.02 - - 3Y Beta 0.94 3Y Std Dev 15.99 6 Months 4.91 7.80 8.99 2020 -20.52 11.13 -3.04 11.10 3Y R-Squared 90.00 3Y Risk bel avg 1 Year 20.66 28.88 28.36 2019 10.89 3.90 2.15 3.00 3Y Info Ratio -0.25 5Y Risk Low 3 Years Annualised 2.51 2.98 3.34 2018 -5.74 10.73 -0.84 -12.40 3Y Tracking Error 5.15 10Y Risk Avg 5 Years Annualised 5.26 5.67 5.16 2017 5.74 3.10 1.09 2.28 Calculations use FTSE All Share TR GBP (where applicable) 10 Years Annualised 10.77 7.85 8.57 Data as of 27/09/2021

Portfolio 31 Jul 2021

Asset Allocation % Net Equity Style Box™ Mkt Cap % Fund Bmark America Europe Asia Large Size Stocks 96.85 Giant 24.94 35.62

Bonds 0.00 Mid Large 33.13 34.42 Cash 3.15 Medium 29.28 23.51 Other 0.00 Small Small 12.51 5.67

Value Blend Growth Micro 0.15 0.77 Style

Average Mkt Cap (Mil) Fund Bmark Ave Mkt Cap GBP 15,498.01 22,714.89 <25 25-50 50-75 >75 Top Holdings Stock Sector Weightings % Fund Bmark World Regions % Fund Bmark Holding Name Sector % hCyclical 40.26 41.26 Americas 11.24 5.53 Ascential PLC i 4.40 rBasic Materials 12.34 11.61 United States 11.24 5.37 BP PLC o 3.49 tConsumer Cyclical 8.35 10.58 Canada 0.00 0.04 GlaxoSmithKline PLC d 3.43 yFinancial Services 19.57 16.32 Latin America 0.00 0.13 Reckitt Benckiser Group PLC 3.02 Real Estate - 2.76 s u Greater Europe 88.76 93.26 Royal Dutch Shell PLC B o 2.94 jSensitive 35.41 28.47 United Kingdom 86.62 88.62 Lloyds Banking Group PLC y 2.93 iCommunication Services 10.14 6.47 Eurozone 2.14 1.95 Fevertree Drinks PLC s 2.82 oEnergy 8.95 7.83 Europe - ex Euro 0.00 2.19 ConvaTec Group PLC d 2.81 pIndustrials 11.88 11.52 Europe - Emerging 0.00 0.25 BT Group PLC i 2.76 aTechnology 4.43 2.64 Africa 0.00 0.07 Unilever PLC s 2.75 Middle East 0.00 0.17 kDefensive 24.32 30.27 Assets in Top 10 Holdings % 31.34 sConsumer Defensive 14.25 16.39 Greater Asia 0.00 1.21 Total Number of Equity Holdings 49 dHealthcare 10.07 10.73 Japan 0.00 0.22 Total Number of Bond Holdings 0 fUtilities - 3.15 Australasia 0.00 0.04 Asia - Developed 0.00 0.30 Asia - Emerging 0.00 0.65

© 2021 Morningstar. All Rights Reserved. The information, data, analyses and opinions (“Information”) contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2) may not be copied or redistributed except as specifically authorised;(3) do not constitute investment advice;(4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up. Page 1 of 2 Report as of 27 Sep 2021

Ninety One UK Alpha I Inc

Operations

Fund Company Ninety One Fund Share Class Size (mil) 54.91 GBP Minimum Initial Purchase 1,000,000 GBP Managers UK Limited (27/09/2021) Minimum Additional Purchase 250,000 GBP Phone +44-2039382000 Domicile United Kingdom Total Expense Ratio - Website www.ninetyone.com Currency GBP Ongoing Charge 0.83% Inception Date 22 Apr 2003 UCITS Yes Performance Fee - Manager Name - Inc/Acc Inc Manager Start Date 12 Jan 2015 ISIN GB0032558966 NAV (27/09/2021) GBX 367.72 Total Net Assets (mil) (31 1,796.47 GBP Jul 2021)

© 2021 Morningstar. All Rights Reserved. The information, data, analyses and opinions (“Information”) contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2) may not be copied or redistributed except as specifically authorised;(3) do not constitute investment advice;(4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up. Page 2 of 2