LOWLAND INV CO PLC

Fund Information / Factsheet • Apr 23, 2025

NAV

Factsheet - at 31 March 2025

Share price performance

Marketing Communication

(total return)

Dividend history

0

50

100

150

200

Mar 20 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25

Price (rebased) Benchmark NAV (cum income)

	performance (%)	(total return)	(total return)
	31/3/2024 to 31/3/2025	11.8	5.9
	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

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

Source: at 31/03/25. © 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.

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.

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

A growth and income company with a diversified portfolio of mainly UK equities and a strong

Company information

NAV (cum income)	139.9p
NAV (ex income)	137.6p
Share price	129.0p
Discount(-)/premium(+)	-7.8%
Yield	5.0%
Net gearing	14%
Net cash	-
Total assets Net assets	£383m £338m
Market capitalisation	£312m
Total voting rights	242,007,753
Total number of holdings 114
Ongoing charges (year end 30 Sep 2024)	0.66%
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.

How to invest

Go to www.janushenderson.com/howtoinvest

Find out more Go to www.lowlandinvestment.com

Factsheet - at 31 March 2025

Marketing Communication

Top 10 holdings	(%)
HSBC	3.9
BP	2.8
Shell	2.8
GSK	2.5
Barclays	2.4
Aviva	2.3
FBD	2.2
M&G	2.1
BT Group	2.1
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.

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
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

Go to www.janushenderson.com/howtoinvest

How to invest

Customer services 0800 832 832

Factsheet - at 31 March 2025

Marketing Communication

Fund Manager commentary Investment environment

UK equity markets fell during March as the uncertainty of tariffs being imposed by the US weighed on investor sentiment.

The largest share price falls tended to come from companies within the FTSE All-Share Index (the benchmark) which have significant exposure to the US consumer. For example, British Airways parent company IAG (which we do not hold), which operates a number of transatlantic routes, saw its share price fall in sympathy with earnings downgrades from some of the US airlines.

In contrast, the best performers in the benchmark included defence companies such as BAE Systems and Babcock (we hold the latter), due to the expectation of a material step up in European defence spending.

In an uncertain global economic backdrop, it was the largest UK companies (listed in the FTSE 100 Index) that outperformed relative to small- and medium-sized companies.

Portfolio review

Among the best performers during March were some of the financial holdings, including consumer lender IPF, life insurer Phoenix and non-life insurer FBD. In each case they provide an attractive dividend yield to shareholders.

The largest individual detractor was shipbroker Clarkson, which is (understandably) seeing some short-term weakness in demand as a result of the uncertainty about trade tariffs. The company remains a market leader with a strong balance sheet, and it is for these reasons we maintain the holding.

Following some strong share price performance, we reduced a number of bank holdings such as Standard Chartered and Barclays. We partially used the proceeds to fund additions to existing holdings including building materials producer Marshalls and bathroom products provider Norcros. Both Marshalls and Norcros are considered among the UK market leaders in what they produce, and we like the potential for an earnings recovery in a stronger consumer spending environment.

Elsewhere, we also continued the ongoing share buyback programme.

Manager outlook

It has been a poor start to the calendar year in absolute and relative terms for small- and medium-sized UK companies, with a 'flight to safety' leading to outperformance of the FTSE 100 Index in a challenging economic and political backdrop. It is difficult to foresee the precise impact of any trade tariffs, but they are likely to weigh on business and consumer confidence and supress economic growth.

In this backdrop, we think the lower share price valuation of this portfolio (and UK equities more broadly) may act as a margin of safety. The UK economy may also have unexpected resilience, driven by a consumer that has been (on average) building up savings, and UK corporates that have been generally cautious in their borrowing. For these reasons, we continue to see opportunities to buy companies at what we see as attractive valuations, particularly in smalland medium-sized domestic businesses, many of which are well-invested, market-leading companies that are trading on lower than historic average valuations.

Factsheet - at 31 March 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

• 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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