LOWLAND INV CO PLC

Fund Information / Factsheet • Aug 27, 2024

Factsheet - at 31 July 2024

Marketing Communication

Share price performance	Performance over (%)	6m	1y	3y	5y	10y	Commentary at a glance	Company overview
(total return) Price (rebased) Benchmark NAV (cum income) 140 120 100 80 60	Share price (Total return)	18.1	16.4	10.3	26.3	45.6	Performance In the month under review the Company's NAV total	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.
	NAV (Total return)	17.0	19.7	22.3	35.6	64.4	return was 5.7% and the FTSE All-Share Index total return was 3.1%.
	Benchmark (Total return)	12.3	13.5	27.1	32.4	83.9	Contributors/detractors The Company benefitted from an overweight position
	Relative NAV (Total return)	4.7	6.1	-4.8	3.2	-19.5	relative to the benchmark in small- and medium-sized businesses, which generally outperformed during July.	Highlights portfolio of mainly UK equities and a strong dividend track record.	A growth and income company with a diversified
40 20		Outlook We think the political certainty following the general					Company information
0	Discrete year	Share price NAV performance (%) (total return) (total return)			election has the potential to remove the negative overhang that has been persistent in UK equities since the Brexit vote.	NAV (cum income)	150.4p
Jul 19 Jul 20 Jul 21 Jul 22 Jul 23 Jul 24						NAV (ex income)	149.1p
Dividend history	30/6/2023 to		15.2		16.7			Share price	132.0p
(pence/share)	30/6/2024						See full commentary on page 3.	Discount(-)/premium(+)	-12.3%
7.0	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.	Yield	4.8%
Income 6.0	30/6/2021 to							Net gearing	12%
5.0	30/6/2022		-9.4		-5.4			Net cash	-
4.0	30/6/2020 to 30/6/2021		44.6		41.9			Total assets Net assets	£452m £406m
3.0	30/6/2019 to		-24.2					Market capitalisation	£357m
2.0	30/6/2020			-23.1				Total voting rights	270,185,650
1.0	n/a	n/a n/a All performance, cumulative growth and annual growth data is						Total number of holdings	120
0.0 04 06 08 10 12 14 16 18 20 22	sourced from Morningstar. Source: at 31/07/24. © 2024 Morningstar, Inc. All rights reserved. The information							Ongoing charges (year end 30 Sep 2023)	0.60%
Please note that this chart could include dividends that have been declared but not yet paid.		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						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.

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 July 2024

Marketing Communication

Top 10 holdings	(%)
HSBC	2.6
BP	2.5
Shell	2.4
Standard Chartered	2.3
Aviva	2.2
Barclays	2.1
GSK	2.0
Irish Continental Group Plc	1.9
M&G	1.9
FBD	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 (%)

Technology 1.8% The above sector breakdown may not add up to 100% due to rounding.

Consumer Staples 6.3% Energy 6.2% Real Estate 4.4% Health Care 3.2% Utilities 2.9% Telecomms 2.4%

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
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

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.

How to invest

Go to www.janushenderson.com/howtoinvest

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Factsheet - at 31 July 2024

Marketing Communication

Fund Manager commentary Investment environment

July was a positive month for UK equities, particularly among small- and medium-sized companies listed on the FTSE Small-Cap Index and FTSE 250 Index, which outperformed larger companies listed on the FTSE 100 Index.

The outcome of the UK general election gave the Labour party a substantial majority and provided some certainty around the domestic political backdrop. This may have boosted sentiment towards UK equities at a time when the political backdrop overseas - across other areas of Europe, for example - is less clear.

In terms of inflation, UK equities may also have benefitted from expectations for an imminent interest rate cut, as inflation hit the Bank of England (BoE)'s 2% target for the second month running.

Portfolio review

At a higher level, the Company benefitted from holding more than its FTSE All-Share Index benchmark in smalland medium-sized companies, which outperformed in July.

The best-performing stocks during the month tended to be those more meaningfully exposed to the domestic economy, and in particular those sensitive to the Labour government's intention to increase housebuilding volumes.

These included building materials companies Ibstock and Marshalls.

The worst performers tended to be for stock-specific reasons. For example, audio visual equipment distributor Midwich reported results for the first half of the year that showed a challenging end-market backdrop, particularly in the UK.

During the month we added to a number of existing holdings which tended to be in the smaller company area, including packaging distributor Macfarlane, equipment rental firm Speedy Hire, and language translator RWS.

Manager outlook

UK equities have traded at a valuation discount to their overseas peers for a long while now, with this valuation discount beginning with the Brexit vote in 2016. The logic for this was a higher 'risk premium' being allocated to UK equities as a result of political uncertainty and an uncertain trading backdrop with the EU. Arguably these issues have now been resolved, therefore the question becomes whether we have reached a point where the additional 'risk premium' that has been negatively impacting UK equities for so long can be steadily removed. July was encouraging in that respect, as the areas that have been weakest up to this point - such as domestic, smaller companies - performed best during the month. This might well suggest there is a renewed willingness from investors to look at these areas.

Factsheet - at 31 July 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.

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 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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