LOWLAND INV CO PLC

Fund Information / Factsheet • Feb 23, 2024

Factsheet - at 31 January 2024

Marketing Communication

Share price performance (total return) Dividend history (pence/share) 0 20 40 60 80 100 120 140 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Price (rebased) Benchmark NAV (cum income) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 04 06 08 10 12 14 16 18 20 22 Income Performance over (%) 6m 1y 3y 5y 10y Share price (Total return) -1.4 -1.3 17.5 6.2 23.9 NAV (Total return) 2.3 -0.6 25.5 17.3 42.4 Benchmark (Total return) 1.1 1.9 27.5 30.4 71.2 Relative NAV (Total return) 1.2 -2.5 -2.0 -13.1 -28.8 Discrete year performance (%) Share price (total return) NAV (total return) 31/12/2022 to 31/12/2023 9.1 8.8 31/12/2021 to 31/12/2022 -5.2 -5.7 31/12/2020 to 31/12/2021 16.3 23.9 31/12/2019 to 31/12/2020 -11.0 -15.1 31/12/2018 to 31/12/2019 14.2 16.9 n/a n/a n/a All performance, cumulative growth and annual growth data is sourced from Morningstar. Source: at 31/01/24. © 2024 Morningstar, Inc. All rights reserved. The information Commentary at a glance Performance In the month under review the Company's NAV total return was -2.4% and the FTSE All-Share Index total return was -1.3%. Contributors/detractors In a more risk averse market, some financials and industrials holdings detracted from performance. Two takeover offers (for Wincanton and Elementis) were among the largest positive contributors. Outlook While equity markets were weaker in January, UK economic data and company trading updates have been largely supportive. We continue to see value in the UK equity market. 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 note that this chart could include dividends that have been declared but not yet paid.

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

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

Company information

NAV (cum income)	131.6p
NAV (ex income)	130.8p
Share price	114.8p
Discount(-)/premium(+)	-12.8%
Yield	5.4%
Net gearing	13%
Net cash	-
Total assets Net assets	£396m £356m
Market capitalisation	£310m
Total voting rights	270,185,650
Total number of holdings	113
Ongoing charges (year end 30 Sep 2023)	0.60%
Benchmark	FTSE All-Share Index

Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used.

Please note that the total voting rights in the Company do not include shares held in Treasury.

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 the glossary for the definition of share price total return.

predict future returns.

contained herein: (1) is proprietary to Morningstar and/or its content providers; (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

How to invest Go to www.janushenderson.com/howtoinvest Find out more Go to www.lowlandinvestment.com

Factsheet - at 31 January 2024

Marketing Communication

Top 10 holdings	(%)
BP	2.9
HSBC	2.6
Shell	2.3
GSK	2.3
M&G	2.3
Aviva	2.2
Standard Chartered	2.0
FBD	2.0
Serica Energy	1.9
Irish Continental	1.8

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.

Premium/(discount) of share price to NAV at fair value (%)

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.

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 the glossary for the definition of share price total return.

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
James Henderson

Health Care 2.9% Utilities 2.4% Telecomms 2.0% Technology 1.6%

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

10 year total return of £1,000

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

Factsheet - at 31 January 2024

Marketing Communication

Fund Manager commentary Investment environment

UK equities fell during January, retracing some of their gains from November and December.

This weakness was likely caused by a paring back of expectations for interest rate cuts this year, following modestly higher-than-expected inflation numbers in the US and the UK.

Outside of inflation ticking up slightly from 3.9% to 4%, UK economic data has largely surprised positively. Consumer confidence, for example, continued to improve from low levels and purchasing managers' index (PMI) data suggests the UK service sector is back in modest growth.

Portfolio review

Among the weakest performers during the month was the holding in international lender Standard Chartered. The company has sizeable exposure to Hong Kong, where loan growth has been disappointing as the economy has not recovered to the degree it was hoped it would after Covid. Aerospace components producer Senior was also one of the main detractors following the news that Boeing (one of Senior's customers) had to ground a subset of its 737 Max planes.

Among the largest positive contributors to performance were two companies subject to takeover offers. The first, for third-party logistics provider Wincanton, is being

recommended by the Board. The other, for speciality chemicals firm Elementis, has been turned down. Following the recommended cash takeover offer for Wincanton from a European peer at a 50% premium, we sold the position.

Elsewhere, we added a new position in insurer Beazley, which writes insurance across a range of end markets such as cyber and property. At the time of purchase its shares were trading on a lower than historic average valuation and its management has suggested there is surplus capital on the balance sheet - some of which has the potential to come back to shareholders (via either dividends or share buybacks). We also added to existing positions including Babcock, Midwich and Inchcape.

Manager outlook

While January was a weaker month for equity markets, UK economic data has been generally supportive and the companies held that have reported on trading so far this year (such as M&S and Tesco) have been largely reporting in line with expectations. We continue to think there is pent up value in the UK equity market when we compare it to overseas markets, and the two takeover bids we have seen so far this year lend support to this view.

Factsheet - at 31 January 2024

Marketing Communication

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

Share price multiplied by the number of shares in issue, excluding treasury shares, at month end. Shares typically priced mid-market at month-end closing.

Net Asset Value (NAV)

The total value of a Company'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/engb/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 of several within a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested in this Company.
• Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance 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.
• 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.
• If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio that is diversified across more countries.
• Some of the investments in this portfolio are in smaller company shares. They may be more difficult to buy and sell, and their share prices may fluctuate more than those of larger companies.
• The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred 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.

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