136.29 WAVERTON UK FUND A136.06 GBP FUND FACTSHEET - AS AT 31 AUGUST 2018 135.63 142.32 125.84 134.41139.67 125.43 134.33139.52 146.63 OBJECTIVES 125.24 133.26138.07 144.96 110.19 120.50 116.88 124.90 FUND107.81 AIM 132.56 INVESTMENT137.86141.13144.74 STYLE 109.50 114.95 115.38 122.64 107.17 132.39135.60136.78 139.22144.04 The investment110.17 objective109.24114.77 of 119.35the Fund113.54 is to achieve long122.04 term capital The Fund has a stock driven approach focused on identifying and investing 106.68 130.90 134.31135.68 143.04 growth and109.64 income through108.99113.90 diversified116.96 investment111.51 in UK equities.121.87 in leading UK companies. Through rigorous bottom up stock analysis, the 105.71 130.29 135.13 142.68 109.43 108.15113.86116.26 110.58 113.71121.77 Fund will seek to achieve higher growth and returns by selecting 105.56 130.29 135.03 142.48 108.14 112.65115.46 110.54111.42 121.58 attractively valued UK companies with both global and domestic exposure. 105.49 129.94 133.57 141.11 107.91 111.85115.37 109.04111.30117.27121.20 The Fund will not concentrate investments in any one industrial or 105.15 129.93 126.68economic132.47 sector or companies of a particular market capitalisation. 107.62 111.63115.20108.96 109.41110.80116.93120.42 105.14 126.57 130.72 PERFORMANCE107.39 111.50 114.35108.86110.23116.77120.27 104.72110.31 125.33 125.51126.59 107.15109.81113.58108.38 109.05112.57120.02 ROLLING104.49109.66 PERFORMANCE 124.71 125.16 126.14 106.92108.83 112.75 108.00110.60119.84129.39 103.89108.73 124.09 125.33 150.00150 106.78108.12 112.69107.28 109.01119.67 128.27 Risk Warning: Past performance is no guide to 103.28108.15 122.94 123.88 106.39 107.15 110.24 107.02108.40 119.57123.61 future performance. The value of holdings may 101.57 107.79 122.29 fall as well as rise and investors may not get 140.00140 106.04 110.10105.72 107.08119.03 120.62 101.11 107.74 120.68 122.80 back their initial investment. 106.00 108.30105.69 118.60 130.00100.76130 106.82104.88 106.46 105.03 116.11 106.73 Important information: Performance displayed 100.00 104.08 104.15 is for the A Share Class. Performance is 120.00120 100.00 105.78 103.46 103.44 calculated on a NAV to NAV basis and does 100.00 not take into account any initial fees. 110.00110 Performance is displayed net of fees and 100.00100 assumes income is reinvested. Aug 13 Feb 14 Aug 14 Feb 15 Aug 15 Feb 16 Aug 16 Feb 17 Aug 17 Feb 18 Aug 18 Fund Benchmark Average peer group Period 1 Month 3 Months YTD 1 Year 3 Years 5 Years Inception Mar 07 Portfolio (%) -2.7 -3.0 -3.1 -1.0 11.4 22.8 68.4 Benchmark (%) -2.8 -1.7 0.1 4.5 33.8 42.5 84.1 Morningstar Peer Group (%) -1.9 -1.3 1.3 5.2 30.3 41.4 86.1 Quartile 4 4 4 4 4 4 3 DISCRETE CALENDAR YEAR PERFORMANCE Period 2017 2016 2015 2014 2013 Fund (%) 3.3 6.3 6.0 0.9 27.6 Benchmark (%) 13.1 16.8 1.0 1.2 20.2 STANDARDISED PERFORMANCE Period 1 year to 31/08/2018 31/08/2017 31/08/2016 31/08/2015 31/08/2014 Fund (%) -1.0 1.9 10.5 2.9 7.1 PORTFOLIO SUMMARY MARKET CAP SECTOR TOP 10 HOLDINGS MSCI Large Cap 47.1% Industrials 22.4% Royal Dutch Shell Plc ©B© ?0.07 (UK list) 8.5% MSCI Small Cap 25.3% Energy 14.9% BP p.l.c. 6.4% MSCI Mid Cap 24.3% Consumer Staples 14.3% GlaxoSmithKline 5.3% Cash 3.3% Materials 11.3% Diageo plc 5.3% Total 100.0% Information Technology 10.3% British American Tobacco p.l.c. 4.9% Health Care 9.5% Halma plc 4.7% Financials 7.9% Tesco PLC 4.2% Consumer Discretionary 4.5% Shire Ord 5p 4.1% Real Estate 1.5% Ferguson Plc Ord 10.8030303p 4.1% Cash 3.3% Melrose Industries Plc Ord 6.85714p 4.0% Total 100.0% Total 51.6% Sources: Waverton Investment Management, Morningstar. COMMENTARY The fund slightly outperformed the declining UK market during August. Significant positive (relative) contributions came FUND MANAGER from our underweight position in HSBC, and our overweight positions in Beazley and Sophos. Significant negative contributions came from our overweight positions in Rio Tinto, Moneysupermarket and Inmarsat. Focus during the month has been to increase exposure to stocks with attractive future cash flow growth opportunities at reasonable valuations. New names include Bunzl,. Ferguson and Mondi. Holdings in HSBC, Lloyds, Standard Chartered, Inmarsat, Moneysupermarket and Vodafone were sold. Tineke Frikkee FUND MANAGER Alexandra Buchan FUND DETAILS FUND FACTS RISK STATISTICS Launch Date 30th March 2007 3Y Annualised Morningstar Category UK Large Cap Blend Equity Fund Volatility (%) 10.8 Benchmark MSCI UK All Cap Index Index Volatility (%) 8.9 Fund Size £15.2m Sharpe Ratio 0.3 No. of Holdings 27 Information Ratio -0.9 Domicile Ireland Tracking Error 7.4 Sedol B1RMZK0 Alpha (%) -6.7 Bloomberg Code WAVUKAG ID Beta 0.9 Fund Type OEIC Active Share (% - Current) 68.6 Base Currency GBP Other Currencies None Ex Dividend Dates 30th April and 31st October FUND INFORMATION Share class ISIN Minimum investment AMC INC/ACC NAV Historic yield (%) Ongoing charge (%) A GBP IE00B1RMZK07 1,500 GBP 1.00% INC 13.59 2.04% 1.31% The benchmark was FTSE 100 TR from inception to 31st May 2013. From 1st June 2013 the benchmark for the Waverton UK Fund is FTSE Allshare TR. CONTACT DETAILS MARKETING CONTACT ADMINISTRATOR Jonno Ross RBC Investor Services [email protected] [email protected] +44 (0)20 7484 7491 www.waverton.co.uk Risk Warning: past performance is no guide to future performance. The value of holdings may fall as well as rise. All financial investments involve an element of risk. The level of income from the investment may fluctuate in value. Currency movements may also affect the value of the investment. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency. For full details of investment risks please refer to the Prospectus. A copy of the full prospectus and the KIID is available from Waverton Investment Management or Administrator, RBC Investor Services (Ireland). Sources: Waverton, Morningstar. Issued by Waverton Investment Management Limited. Registered in England No 2042285. Registered Office: 16 Babmaes Street, London, SW1Y 6AH. Authorised and Regulated by the Financial Conduct Authority..