LOWLAND INV CO PLC

Fund Information / Factsheet • May 21, 2024

NAV

Factsheet - at 30 April 2024

Share price performance

Marketing Communication

(total return)

Dividend history (pence/share)

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0

positive on the outlook for UK equities.

See full commentary on page 3.

a position in the securities mentioned.

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

NAV (cum income)	140.5p
NAV (ex income)	139.3p
Share price	122.0p
Discount(-)/premium(+)	-13.1%
Yield	5.2%
Net gearing	12%
Net cash	-
Total assets Net assets	£424m £380m
Market capitalisation	£330m
Total voting rights	270,185,650
Total number of holdings	116
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.

Apr 19 Apr 20 Apr 21 Apr 22 Apr 23 Apr 24

Income

Price (rebased) Benchmark NAV (cum income)

Please note that this chart could include dividends that have been declared but not yet paid. 04 06 08 10 12 14 16 18 20 22

Discrete year performance (%)	Share price (total return)	NAV (total return)
31/3/2023 to 31/3/2024	1.8	8.5
31/3/2022 to 31/3/2023	-1.5	-0.4
31/3/2021 to 31/3/2022	14.1	9.9
31/3/2020 to 31/3/2021	45.9	47.2
31/3/2019 to 31/3/2020	-29.8	-29.6
n/a	n/a	n/a

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

Source: at 30/04/24. © 2024 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.

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 Find out more Go to www.lowlandinvestment.com

Factsheet - at 30 April 2024

Marketing Communication

Top 10 holdings	(%)
BP	3.0
HSBC	2.8
Shell	2.6
GSK	2.3
Aviva	2.2
Standard Chartered	2.2
FBD	2.2
NatWest Group	1.9
Barclays	1.9
Irish Continental Group Plc	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.

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

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

Technology 1.8%

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 Portfolio Manager

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

Factsheet - at 30 April 2024

Marketing Communication

Fund Manager commentary Investment environment

April was a strong month for the UK equity market, led by banking shares (following broadly well-received results from the likes of NatWest and Barclays) as well as mining shares (following a rise in the price of key commodities such as copper, as well as a takeover approach for Anglo American by BHP).

Outside of Anglo American, takeover activity within the UK equity market continued. For example, IDS (previously Royal Mail) rejected a takeover approach from its largest shareholder, while building hardware supplier Tyman accepted an offer from a US peer.

Portfolio review

The Company's best performing holdings during April tended to be companies subject to potential takeovers including Hipgnosis Songs Fund (a position we subsequently sold), Tyman and Anglo American. Shares in specialist materials producer Morgan Advanced Materials also performed well following a capital markets day in which it guided to better-than-expected organic growth and margins.

The largest detractors from relative performance were the Company's underweight positions in large index weights that performed well, specifically AstraZeneca, Shell and HSBC. DS Smith also performed poorly following the announcement from Mondi that it was not intending to make a takeover offer for the company.

During the month we purchased a new position in autos supplier Dowlais, which is a relatively new listing on the UK market having spun out of Melrose. The company has substantial market share among the world's biggest auto manufacturers, and has been right-sizing its manufacturing footprint in recent years, as well as reducing central costs such as procurement. These cost reductions mean the company is expecting to see improvement in its margins over the coming years, which we felt was not reflected in the valuation at the time of purchase.

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. The current valuation of UK equities, being lower than both its own history and overseas equities, makes us positive on the UK market outlook.

Factsheet - at 30 April 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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