LOWLAND INVESTMENT COMPANY PLC (LWI) ISIN: GB00BNXGHS27

Factsheet - at 31 July 2025

Marketing Communication

Discrete year performance (%)	Share price (total return)	NAV (total return)
30/6/2024 to 30/6/2025	24.2	16.4
30/6/2023 to 30/6/2024	15.2	16.7
30/6/2022 to 30/6/2023	4.5	5.5
30/6/2021 to 30/6/2022	-9.4	-5.4
30/6/2020 to 30/6/2021	44.6	41.9
n/a	n/a	n/a

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

Source: at 31/07/25. © 2025 Morningstar, Inc. All rights reserved. The information 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 predict future returns.

Commentary at a glance

Performance In the month under review the Company's NAV total return was 1.8% and the FTSE All-Share Index total return was 4.0%.

Contributors/detractors

The overweight position in more domestic smaller companies versus the FTSE All-Share Index benchmark detracted from relative performance in a month where UK economic data disappointed.

Outlook

UK equities, and particularly smaller UK-listed businesses, trade at a valuation discount relative to their history and relative to overseas peers. In our view, this presents a value opportunity.

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.

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.

NAV (cum income)	161.3p
NAV (ex income)	159.0p
Share price	144.5p
Discount(-)/premium(+)	-10.4%
Yield	4.5%
Net gearing	14%
Net cash	-
Total assets Net assets	£403m £355m
Market capitalisation	£318m
Total voting rights	219,972,265
Total number of holdings	112
Ongoing charges (year end 30 Sep 2024)	0.66%

How to invest

Go to www.janushenderson.com/howtoinvest

Find out more Go to www.lowlandinvestment.com

LOWLAND INVESTMENT COMPANY PLC (LWI) ISIN: GB00BNXGHS27

to rounding.

Factsheet - at 31 July 2025

Marketing Communication

Top 10 holdings	(%)
HSBC	3.9
M&G	2.6
Barclays	2.6
Shell	2.6
BP	2.5
GSK	2.3
Aviva	2.2
FBD	2.1
International Personal Finance	2.1
Phoenix Group	2.0

How to invest

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

The above geographical breakdown may not add up to 100% due

10 year total return of £1,000

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.

Sector breakdown (%)

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

Key information

LWI

AIC UK Equity Income
FTSE All-Share Index
Conventional (Ords)
1963
30-Sep
January, April, July, October
0.5% of average net chargeable assets up to £325m and 0.4% in excess thereof.
No
(See Annual Report & Key Information Document for more information)
UK
James Henderson 1990 Laura Foll 2016

James Henderson Portfolio Manager

Go to www.janushenderson.com/howtoinvest

Customer services 0800 832 832

Factsheet - at 31 July 2025

Marketing Communication

Fund Manager commentary

Investment environment

The UK equity market continued its recent strong performance in July. However, in a reversal of the trend seen in recent months, it was the largest UK companies in the FTSE 100 Index that outperformed.

In our view, the outperformance of larger, more international businesses was due to a number of weaker data points around the UK economy (which typically have a greater impact on smaller, more domestically focused companies where this portfolio holds more than its benchmark). For example, the UK economy modestly contracted in May (a second consecutive month of contraction) and public sector borrowing figures came in disappointingly high, leading to speculation of further tax rises come the autumn.

In the context of a moderately weaker domestic economic backdrop we would expect to see further interest rate cuts in the months ahead.

Portfolio review

The largest positive contributor to performance during the month was overseas consumer lender IPF, which reported encouraging first half results alongside a recommended takeover offer for the group at a roughly 25% premium to the undisturbed share price. This continues a trend of takeover activity that we have seen in recent months, with other takeover offers in portfolio holdings in chain manufacturer Renold and pawnbroker H&T.

The largest three detractors from relative performance during the month were large index weights not held in the portfolio and which performed well, such as AstraZeneca, British American Tobacco and Rolls-Royce. The largest actively held detractor was free-to-air broadcaster STV, which reported a slowdown in advertising revenues in July and a difficult commissioning environment for its Studios business (which makes shows for the likes of the BBC and Channel 4).

During the month we reduced a number of positions that had performed well, including Babcock, BT and Tesco. We used the proceeds to fund additions to existing holdings in bathroom supplier Norcros and textile rental firm Johnson Service Group. Norcros announced an acquisition of a Norwegian supplier of bathroom wall panels, giving the company an entry into Europe in products adjacent to what it already supplies, at what we thought was a sensible valuation. We added to the position in Johnson Service Group due to share price weakness following a tougher trading environment in its hospitality business (which provides linens to hotels and restaurants). On a medium-term time horizon, we took the opportunity to add to a market leading, well invested business, trading on a lower than historic average valuation.

Manager outlook

In the current uncertain global backdrop, we think the best protection at the portfolio level comes from investing in a genuinely diverse list of stocks, trading at what we see as reasonable valuations, run by experienced teams and with conservative balance sheets. This portfolio was trading on a price-to-earnings (P/E) ratio of 11.7x 12 month historic earnings as at the end of July. This was lower than the UK market P/E of 13.3x, and the UK market was itself trading at a discount to many overseas markets - most materially the US market, which continued to trade on around 20x earnings.

LOWLAND INVESTMENT COMPANY PLC (LWI) ISIN: GB00BNXGHS27

Factsheet - at 31 July 2025

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

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.
Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
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.
A persistent reduction in dividend income from investee companies could adversely affect the Company's ability to maintain its record of paying a growing dividend each year.
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.
The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
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.
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.

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), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority), Tabula Investment Management Limited (reg. no. 11286661 at 10 Norwich Street, London, United Kingdom, EC4A 1BD and regulated by the Financial Conduct Authority) and Janus Henderson Investors Europe S.A. (reg no. B22848 at 78, Avenue de la Liberté, L-1930 Luxembourg, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).

AI Terminal

LOWLAND INV CO PLC

5180_rns_2025-08-20_13cea8a4-5301-4ba1-b0e6-9baf0739062a.pdf