LOWLAND INV CO PLC

Fund Information / Factsheet • Mar 21, 2024

Factsheet - at 29 February 2024

Marketing Communication

Share price performance	Performance over (%)	6m	1y	3y	5y	10y	Commentary at a glance
(total return) Price (rebased)	Share price (Total return)	3.2	-6.2	12.8	7.4	11.6	Performance In the month under review the Company's NAV total
Benchmark NAV (cum income) 140	NAV (Total return)	4.7	-2.9	19.2	16.0	35.8	return was 0.1% and the FTSE All-Share Index total return was 0.2%.
120	Benchmark (Total return)	3.9	0.6	25.2	27.7	63.0	Contributors/detractors Key positive contributors during the month were
100 80 60	Relative NAV (Total return)	0.7	-3.4	-6.0	-11.7	-27.1	companies subject to mooted corporate activity, specifically Direct Line and DS Smith. Halfords was a key detractor following disappointing trading.
40 20 0 Feb 19 Feb 20 Feb 21 Feb 22 Feb 23	Discrete year Feb 24 performance (%)		Share price (total return)		NAV (total return)		Outlook The lower valuation of the UK equity market (versus both overseas peers and its own history) makes us positive on the outlook for UK equities.
Dividend history	31/12/2022 to 31/12/2023		9.1		8.8		See full commentary on page 3.
(pence/share) 7.0	31/12/2021 to 31/12/2022		-5.2		-5.7		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
Income 6.0 5.0	31/12/2020 to 31/12/2021		16.3		23.9		Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.
4.0	31/12/2019 to 31/12/2020		-11.0		-15.1
3.0 2.0	31/12/2018 to 31/12/2019		14.2		16.9
1.0 0.0	n/a All performance, cumulative growth and annual growth data is sourced from Morningstar.	n/a		n/a
04 06 08 10 12 14 16 18 20 Please note that this chart could include dividends that have been	22 Source: at 29/02/24. © 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2)

declared but not yet paid.

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

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.

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)	131.7p
NAV (ex income)	130.7p
Share price	113.5p
Discount(-)/premium(+)	-13.8%
Yield	5.5%
Net gearing	13%
Net cash	-
Total assets Net assets	£397m £356m
Market capitalisation	£307m
Total voting rights	270,185,650
Total number of holdings	114
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.

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

Factsheet - at 29 February 2024

Marketing Communication

Top 10 holdings	(%)
BP	2.8
HSBC	2.6
GSK	2.5
Shell	2.3
M&G	2.3
Standard Chartered	2.2
Rolls-Royce	2.2
Aviva	2.2
FBD	2.1
Irish Continental Group Plc	1.8

References made to individual securities do not constitute a n/a n/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 (%)

Sector breakdown (%)

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

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.

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 Fund Manager

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

Factsheet - at 29 February 2024 Marketing Communication

Fund Manager commentary Investment environment

UK equities finished February approximately unchanged. However, small- and medium-sized companies underperformed (represented by the FTSE Small Cap Index and the FTSE 250 Index) when compared to large companies (represented by the FTSE 100 Index).

Takeover activity within the UK market continued, with an offer for insurer Direct Line from a Belgian peer which was rejected by the Direct Line board. There was also some mooted corporate activity within the paper and packaging sector, with a very early stage potential combination of Mondi and DS Smith.

While the UK economy entered a technical recession in the final two quarters of 2023, more recent economic data such as services purchasing managers' index (PMI) figures continued to suggest a modest economic recovery.

Portfolio review

Among the best performers during the month were holdings subject to potential takeover offers, specifically Direct Line and DS Smith. Insurer Beazley also performed well after it reported good underwriting results and a distribution to shareholders over and above its ordinary dividend.

Among the biggest detractors was retailer Halfords, which reported a very disappointing trading update driven by weaker sales in its cycling and motoring services businesses. Oil and gas producer Serica was also a detractor as gas prices continued to normalise at lower levels, resulting in earnings downgrades.

During the month we bought a new position in retailer Dunelm. Due to strong supplier relationships, Dunelm is able to offer good value products (across bedding and curtains etc) while still having a single-digit market share - and thus, the potential to increase this in the future. We also added a new position in food retailer Sainsburys, which has been successful at regaining market share as it has improved its pricing competitiveness.

Manager outlook

The UK equity market continues to trade at a substantial valuation discount to overseas equities, and we are seeing evidence of this in the number of takeovers (both accepted and rejected) so far this year. Historical evidence suggests that starting valuations materially impact long-term shareholder returns, and the starting valuation of UK equities (lower than both its own history and overseas equities) therefore makes us positive on the UK market outlook.

Factsheet - at 29 February 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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