Share price performance (total return)

Dividend history (pence/share)

Please note that this chart could include dividends that have been declared but not yet paid.

Performance over (%)	6m	1y	3y	5y	10y
Share price (Total return)	21.9	-1.5	63.8	7.7	59.9
NAV (Total return)	16.1	-0.4	61.2	8.1	63.9
Benchmark (Total return)	12.3	2.9	47.4	27.8	75.9
Relative NAV (Total return)	3.8	-3.3	13.8	-19.7	-12.0

Discrete year performance (%)	Share price (total return)	NAV (total return)
31/3/2022 to 31/3/2023	-1.5	-0.4
31/3/2021 to 31/3/2022	14.1	9.9
31/3/2020 to 31/3/2021	45.9	47.2
31/3/2019 to 31/3/2020	-29.8	-29.6
31/3/2018 to 31/3/2019	-6.3	-4.8

n/a n/a n/a All performance, cumulative growth and annual growth data is sourced from Morningstar.

Source: at 31/03/23. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns.

Commentary at a glance

Performance

The Company underperformed the FTSE All-Share Index during the month.

Contributors/detractors

The Company's holdings in banks Standard Chartered, Barclays and NatWest were detrimental to returns over the month as investors grew worried about the banking system following the collapse of US Silicon Valley Bank and the takeover of Credit Suisse by UBS. Conversely, the Company's holding in supermarket Tesco was beneficial to returns. Supermarkets performed well over the month. Food retailers tend to outperform during recessionary periods as more people opt for in-home consumption and uncertainty around the consumer environment has driven good recent share price performance.

Outlook

The failure of Silicon Valley Bank caused concerns across global equity markets. The immediate worry was contagion for other banks, and once that passed the worry was that it would impede global economic growth. By the end of the month it was generally felt that the loss of confidence was misplaced, as overall the banking system is very well capitalised. Generally, company results have been up to expectations and there is growing confidence from corporate management teams that problematic issues such as supply issues are behind them. This leaves equities on historically very low valuations.

See full commentary on page 3.

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Please refer to glossary for definition of share price total return.

Company overview

Objective

The Company aims to give shareholders a higher than average return with growth of both capital and income over the medium to long-term, by investing in a broad spread of predominantly UK companies. The Company measures its performance against the FTSE All-Share Index Total Return.

Highlights

2022)

A growth and income company with a diversified portfolio of mainly UK equities and a strong dividend track record.

NAV (cum income)	132.1p
NAV (ex income)	131.5p
Share price	124.3p
Discount(-)/premium(+)	-5.9%
Yield	4.9%
Net gearing	15%
Net cash	-
Total assets Net assets	£408m £357m
Market capitalisation	£336m
Total voting rights	270,185,650
Total number of holdings	109
Ongoing charges (year end 30 September	0.60%

How to invest Go to www.janushenderson.com/howtoinvest

Find out more Go to www.lowlandinvestment.com

Top 10 holdings	(%)
Shell	3.1
BP	3.1
Vanquis Banking Group	2.3
HSBC	2.3
FBD	2.3
National Grid	2.2
GSK	2.1
Standard Chartered	2.0
Aviva	2.0
M&G	2.0

Premium/(discount) of share price to

The above sector breakdown may not add up to 100% due to rounding.

10 year total return of £1,000

Key information

Stock code	LWI
AIC sector	AIC UK Equity Income
Benchmark	FTSE All-Share Index
Company type	Conventional (Ords)
Launch date	1963
Financial year	30-Sep
Dividend payment	January, April, July, October
Risk rating (Source: Numis)	Average
Management fee	0.5% of average net chargeable assets up to £325m and 0.4% in excess thereof.
Performance fee	No
	(See Annual Report & Key Information Document for more information)
Regional focus	UK
Fund manager appointment	James Henderson 1990 Laura Foll 2016

All performance, cumulative growth and annual growth data is sourced from Morningstar. Share price total return is calculated using mid-market share price with dividends reinvested.

How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832

Fund Manager commentary Investment environment

UK equities fell over the month with the FTSE All-Share Index returning -2.8% as there were unexpected rises in inflation and investors worried about the health of the global banking system. Despite this, the economic outlook became a bit brighter as the Bank of England (BoE) said it did not anticipate that the UK economy would fall into a technical recession, as it had done previously.

Portfolio review

The Company returned -6.0% and underperformed the FTSE All-Share Index benchmark which returned -2.8%.

Holdings in banks Standard Chartered, Barclays and NatWest were detrimental to returns over the month as investors grew worried about the banking system following the collapse of US Silicon Valley Bank and the takeover of Swiss bank Credit Suisse by UBS.

Conversely, the Company's holding in supermarket Tesco was beneficial to returns. Supermarkets performed well over the month. Food retailers tend to outperform during recessionary periods as more people opt for in-home consumption and uncertainty around the consumer environment has driven good recent share price performance. Industry data suggests that UK supermarket trading has remained robust and that Tesco has been gaining market share.

the company is well positioned to benefit from the shift from defined benefit to defined contribution pension schemes. The current economic weakness provided us with what we saw as an attractive entry point and the company pays a substantial dividend. This was funded by exiting the position in health care company Bristol Myers Squibb following a period of strong performance.

Manager outlook

The failure of Silicon Valley Bank caused concerns across global equity markets. The immediate worry was contagion for other banks, and once that passed the worry was that it would impede global economic growth. The financial stocks and those thought to be economically sensitive experienced share price falls. By the end of the month it was generally felt that the loss of confidence was misplaced, as overall the banking system is very well capitalised. Generally, company results have been up to expectations and there is growing confidence from corporate management teams that problematic issues such as supply issues are behind them. This leaves equities on historically very low valuations.

We initiated a new position in Legal and General. We believe

Glossary

Discount/Premium

The amount by which the price per share of an investment company is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share.

Gearing

The effect of borrowing money for investment purposes (financial gearing). The amount a company can "gear" is the amount it can borrow in order to invest. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. This Company can also use synthetic gearing through derivatives and foreign exchange hedging and/or other non-fully funded instruments or techniques.

Leverage

The Company's leverage is the sum of financial gearing and synthetic gearing. Details of the Company's leverage limits can be found in both the Key Information Document and Annual Report. Where a company utilises leverage, the profits and losses incurred by the company can be greater than those of a company that does not use leverage.

Market capitalisation

Month end closing mid-market share price multiplied by the number of shares outstanding at month end.

Net asset value (NAV)

The total value of a fund's assets less its liabilities.

NAV (Cum Income)

The value of investments and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

NAV (Ex Income)

The value of investments and cash, excluding current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

NAV total return

The theoretical total return on shareholders' funds per share reflecting the change in Net Asset Value (NAV) assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/premiums.

Net assets

Total assets minus any liabilities such as bank loans or creditors.

Net cash

A company's net exposure to cash/cash equivalents expressed as a percentage of shareholders' funds, after any offset against its gearing. This is only shown for companies that have gearing in place.

Net gearing

A company's total assets (less cash/cash equivalents) divided by shareholders' funds expressed as a percentage.

Ongoing charges

The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100.

Risk rating

The key measure used to assess risk is volatility of returns, using historic net asset value (NAV) performance of the company over 1 and 3 years. In this instance volatility measures how much a company's NAV fluctuates over time in relation to the UK Equity market. The higher a volatility figure, the more the NAV has fluctuated (both up and down) over time. Please note that risk categorisations are indicative and based principally on historic data and should not be solely relied upon when making investment decisions.

Share price

Closing mid-market share price at month end.

Share price total return

The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex-dividend. Transaction costs are not taken into account.

Total assets

Cum Income NAV multiplied by the number of shares, plus prior charges at fair value.

Yield

Calculated by dividing the current financial year's dividends per share (this will include prospective dividends) by the current price per share, then multiplying by 100 to arrive at a percentage figure.

For a full list of terms please visit:

https://www.janushenderson.com/en-gb/investor/glossary/

Source for fund ratings/awards Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5.

Company specific risks

This Company is suitable to be used as one component in several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this Company.
Active management techniques that have worked well in normal market conditions could prove ineffective or detrimental at other times.
The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio diversified across more countries.
The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result losses (or gains) may be higher or lower than those of the Company's assets.
Some of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell and their share price may fluctuate more than that of larger companies.
The Company may use gearing as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incured by the Company can be greater than those of a Company that does not use gearing.

Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor's particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.

Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and services are provided by Janus Henderson Investors International Limited (reg no. 3594615), Janus Henderson Investors UK Limited (reg. no. 906355), Janus Henderson Fund Management UK Limited (reg. no. 2678531), Henderson Equity Partners Limited (reg. no.2606646), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority) and Janus Henderson Investors Europe S.A. (reg no. B22848 at 2 Rue de Bitbourg, L-1273, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).

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