LOWLAND INV CO PLC

Fund Information / Factsheet • Jul 22, 2024

Factsheet - at 30 June 2024

Marketing Communication

Share price performance	Performance over (%)	6m	1y	3y	5y	10y	Commentary at a glance
(total return) Price (rebased) Benchmark NAV (cum income) 140	Share price (Total return)	2.6	15.2	9.1	19.5	34.8	Performance In the month under review the Company's NAV total return was -2.7% and the FTSE All-Share Index total return was -1.2%.
	NAV (Total return)	7.9	16.7	16.4	27.0	53.3
120 100	Benchmark (Total return)	7.4	13.0	23.9	30.9	77.8	Contributors/detractors (for the quarter) Performance was helped by takeover offers during June. The fund's overweight position to small- and medium-sized companies and the holding in Serica Energy detracted.
80 60	Relative NAV (Total return)	0.5	3.7	-7.5	-3.9	-24.5
40 20 0						Outlook The UK election could prove a 'clearing event' to lift some of the additional risk premium on UK equities.
Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24	Discrete year performance (%)		Share price (total return)		NAV (total return)		This would likely be more material for domestically focused equities.
Dividend history	30/6/2023 to 30/6/2024		15.2		16.7		See full commentary on page 3.
(pence/share) 7.0 Income	30/6/2022 to 30/6/2023		4.5		5.5		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.
6.0 5.0	30/6/2021 to 30/6/2022		-9.4		-5.4
4.0 3.0 2.0	30/6/2020 to 30/6/2021		44.6		41.9
	30/6/2019 to 30/6/2020		-24.2		-23.1
1.0 0.0	n/a n/a n/a All performance, cumulative growth and annual growth data is sourced from Morningstar.
04 06 08 10 12 14 16 18 20 22	Source: at 30/06/24. © 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2)

Please note that this chart could include dividends that have been

declared but not yet paid.

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.

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

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)	142.3p
NAV (ex income)	141.0p
Share price	124.0p
Discount(-)/premium(+)	-12.8%
Yield	5.2%
Net gearing	12%
Net cash	-
Total assets Net assets	£437m £384m
Market capitalisation	£335m
Total voting rights	270,185,650
Total number of holdings	118
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.

Find out more

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

Go to www.lowlandinvestment.com

Factsheet - at 30 June 2024

Marketing Communication

Top 10 holdings	(%)
BP	2.7
HSBC	2.7
Shell	2.5
Standard Chartered	2.2
Aviva	2.2
GSK	2.1
Irish Continental Group Plc	2.0
Barclays	2.0
FBD	2.0
M&G	1.9

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.

Sector breakdown (%)

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

10 year total return of £1,000

return is calculated using mid-market share price with dividends reinvested.

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
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 Portfolio Manager

Laura Foll, CFA Portfolio Manager

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.

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

Factsheet - at 30 June 2024 Marketing Communication

Fund Manager commentary Investment environment

June was a weaker month for UK equities as political risk from the upcoming French election overshadowed European equities in general. We continue to see the political risk surrounding the UK election as comparatively low.

From an economic perspective, UK economic data was modestly positive. For example, UK retail sales rebounded in May while there was an upward revision to UK economic growth in the first quarter (showing that the UK economy has exited the shallow recession from the second half of last year).

Takeover activity continued in the UK market, with a confirmed offer from private equity for Alpha Financial Markets Consulting (which we hold in this portfolio), as well as bids for investment platform Hargreaves Lansdown and soft drinks producer Britvic (not held in this portfolio).

Portfolio review

The best performers in June tended to be companies subject to takeover offers. These included DS Smith (which has agreed to a takeover by US listed International Paper) and Alpha Financial Markets Consulting. Shares in pensions consultant XPS Pensions also performed well after the company reported encouraging organic growth and margin expansion in its full-year results.

North Sea oil and gas producer Serica Energy was among the largest detractors from relative performance due to uncertainties surrounding the tax regime in the North Sea under a potential Labour government.

From a broader perspective, small- and medium-sized companies in the UK underperformed in June relative to large companies. This was a drag on relative fund performance given we hold comparatively more than its FTSE All-Share benchmark in small- and medium-sized companies.

In terms of portfolio activity, we took some profits in existing positions including M&S and some of our bank holdings such as NatWest. These were used to fund additions to positions in building materials company Ibstock, equipment hire company Speedy Hire and translation services provider RWS.

Manager outlook

Since the Brexit vote, UK equities that are domestically focused have materially underperformed UK equities that predominantly receive their earnings from overseas. This could be seen as a higher 'risk premium' being put on the domestic earners as a result of political uncertainty. With the upcoming general election, we think we could start to see this additional 'risk premium' being gradually unwound in a stable UK political backdrop (and potentially with some favourable overseas comparisons relative to, for example, the French election). A gradual easing of this risk premium could provide a more favourable outlook for domestically-focused equities at a time when the UK economy is already showing signs of modest progress.

Factsheet - at 30 June 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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