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WS Blue Whale Investment Funds
WS Blue Whale Growth Fund
INTERIM UNAUDITED REPORT AND FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026
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WS Blue Whale Investment Funds Interim Report 2026
AUTHORISED CORPORATE DIRECTOR
('ACD')
WAYSTONE MANAGEMENT (UK) LIMITED Registered Office: 3rd Floor Central Square 29 Wellington Street Leeds United Kingdom LS1 4DL Telephone: 0345 922 0044 Email: wtas-investorservices@waystone.com (Authorised and regulated by the Financial Conduct Authority)
DIRECTORS OF THE ACD
A.M. Berry J.A. Bowers (Appointed 20 July 2026) V. Karalekas T.K. Madigan* K.J. Midl E.E. Tracey* R.E. Wheeler S.P. White*
* Non-Executive Directors of the ACD.
INVESTMENT MANAGER
BLUE WHALE CAPITAL LLP 21-22 Grosvenor Street London W1K 4QJ Email: info@bluewhale.co.uk (Authorised and regulated by the Financial Conduct Authority)
DEPOSITARY
NORTHERN TRUST INVESTOR SERVICES LIMITED 50 Bank Street Canary Wharf London E14 5NT (Authorised and regulated by the Financial Conduct Authority)
REGISTRAR AND ADMINISTRATOR
WAYSTONE MANAGEMENT (UK) LIMITED Customer Service Centre: 3rd Floor Central Square 29 Wellington Street Leeds United Kingdom LS1 4DL Telephone: 0345 307 3439 Fax: 0113 224 6001 (Authorised and regulated by the Financial Conduct Authority)
INDEPENDENT AUDITOR
KPMG LLP 319 St Vincent Street Glasgow G2 5AS (Chartered Accountants)
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CONTENTS
CONTENTS
WS Blue Whale Investment Funds Interim Report 2026
1
CONTENTS
CONTENTS
WS BLUE WHALE INVESTMENT FUNDS
ACD’s Report ............................................................................................................... 2
Authorised Status ...................................................................................................... 2
ACD’s Statement ....................................................................................................... 2
Securities Financing Transactions ........................................................................... 3
Task Force on Climate-related Financial Disclosures ('TCFD') ............................ 3
Director’s Statement ................................................................................................... 4
WS BLUE WHALE GROWTH FUND
ACD’s Report ............................................................................................................... 5
Investment Objective and Policy ............................................................................. 5
Benchmark ................................................................................................................. 6
Investment Manager’s Report .................................................................................. 7
Fund Information ....................................................................................................... 9
Portfolio Statement ................................................................................................. 11
Summary of Material Portfolio Changes ............................................................... 13
INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Statement of Total Return ...................................................................................... 14
Statement of Change in Net Assets Attributable to Shareholders .................... 14
Balance Sheet ......................................................................................................... 15
Notes to the Financial Statements ........................................................................ 16
General Information ................................................................................................... 18
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WS Blue Whale Investment Funds Interim Report 2026
2
ACD’S REPORT
for the half year ended 30 June 2026
Authorised Status WS Blue Whale Investment Funds ('the Company') is an investment company with variable capital incorporated in England and Wales under registered number IC001095 and authorised by the Financial Conduct Authority ('FCA') with effect from 14 August 2017. The Company has an unlimited duration.
The Company and its sub-fund is a UK UCITS scheme and the base currency of the Company and its sub-fund is pounds sterling.
Shareholders are not liable for the debts of the Company. Shareholders are not liable to make any further payment to the Company after they have paid the price on purchase of the shares.
ACD’s Statement
ECONOMIC UNCERTAINTY The COVID-19 outbreak in March 2020 now feels distant, yet geopolitical tensions and policy shifts in recent years have continued to shape the global economic landscape. Conflicts and political instability have driven supply chain disruptions and inflationary pressures worldwide. These dynamics created a challenging environment for central banks, requiring a delicate balance between controlling inflation and sustaining growth—first through aggressive tightening and, more recently, by managing a transition toward policy easing.
By mid-2024, inflation had moderated, enabling major central banks to pivot from restrictive policies to gradual rate cuts aimed at supporting growth and employment. Despite persistent geopolitical uncertainty, global markets demonstrated resilience, and belief in a “soft landing” strengthened. Political events, including snap elections in the UK and France, caused only limited market disruption.
In the United States, the return of Republican leadership under President Donald Trump initially lifted equities on expectations of tax cuts and fiscal stimulus. Fixed income markets, however, came under pressure from inflation and debt concerns despite late-2024 Federal Reserve rate cuts. Volatility spiked in early 2025 as broad-based tariffs disrupted global trade, weighing on equities while government bonds provided a safe haven.
Markets regained footing in the second quarter of 2025 as tariff escalation paused and revised trade agreements were announced with key partners, including the UK and Eurozone. These developments eased uncertainty and supported risk assets, though legal challenges to tariff policy remain unresolved. By year-end, global growth is projected to remain modest, with inflation trending lower but still above long-term targets.
Central banks are expected to maintain a cautious easing stance into 2026, while markets continue to navigate the interplay of geopolitics, trade policy and fiscal expansion. At the end of February and through March, stocks fell and bond losses deepened as geopolitical tensions in the Middle East escalated, heightening fears of a lengthy disruption to energy markets and a surge in inflation. Since April 2026, stock markets experienced a significant rebound, with major indices like the S&P 500 recovering from steep declines in March to reach new record highs. This rally was largely driven by a combination of strong corporate earnings, renewed enthusiasm for Artificial Intelligence (AI) technology, and investor sentiment that largely decoupled from ongoing geopolitical tensions in the Middle East.
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WS Blue Whale Investment Funds 3 Interim Report 2026
ACD’S REPORT continued for the half year ended 30 June 2026
Securities Financing Transactions The Company has the ability to utilise Securities Financing Transactions (being transactions such as lending or borrowing of securities, repurchase or reverse repurchase transactions, buy-sell back or sell-buy back transactions, or margin lending transactions). No such transactions have been undertaken in the period covered by this report.
Task Force on Climate-related Financial Disclosures ('TCFD') In accordance with current FCA rules, the ACD is required to publish its own TCFD report and that of each fund. The report can be found at https://www.fundsolutions.net/tcfd-sdr-reporting/ and the report of the Fund can be found at https://www.fundsolutions.net/uk/blue-whale-capital-llp/ws-blue-whale-investment-funds/tcfd-reporting/.
Prior to accessing the report of the Fund there is link to the ‘TCFD Reporting guide’ which provides an explanation of the TCFD report.
WAYSTONE MANAGEMENT (UK) LIMITED ACD of WS Blue Whale Investment Funds 28 August 2026
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DIRECTOR’S STATEMENT
WS Blue Whale Investment Funds Interim Report 2026
4
This report has been prepared in accordance with the requirements of the Collective Investment Schemes Sourcebook as issued and amended by the FCA.
A.M. BERRY WAYSTONE MANAGEMENT (UK) LIMITED ACD of WS Blue Whale Investment Funds 28 August 2026
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WS Blue Whale Investment Funds Interim Report 2026
5
WS BLUE WHALE GROWTH FUND
ACD’S REPORT
for the half year ended 30 June 2026
Investment Objective and Policy The investment objective of the WS Blue Whale Growth Fund (‘the Fund’) is to achieve capital growth over any five year period, after all costs and charges have been taken. Capital invested is at risk and there is no guarantee the objective will be achieved over any time period.
The investment policy of the Fund is to invest directly and/or indirectly at least 80% of its Scheme Property by value worldwide (including emerging markets) in equities. The portfolio will be concentrated, comprising of 25 to 35 stocks.
The Fund may also invest up to 20% of its Scheme Property by value in government and public securities, money market instruments, deposits and cash.
Investment in collective investment schemes will be limited to 10%.
The Fund can invest across different geographic regions and industry sectors without limitation.
The Fund may gain exposure to these assets directly by investing in securities issued by companies and governments, and indirectly by investing in other transferable securities and collective investment schemes (open and closed ended). Indirect investments may include instruments managed or advised by the ACD or the Investment Manager or their associates.
The Fund may use derivatives for the purpose of efficient portfolio management.
The minimum investment amount and ranges referenced above will not apply under extraordinary market conditions, in which circumstances the Fund may invest in asset classes other than those in which it normally invests in order to mitigate its exposure to market risk. Examples of extraordinary market conditions include economic, political unrest or instability, world events leading to market instability, closure of a relevant market(s), or any events which give rise to high downside risk.
During such periods, the Fund may temporarily invest up to 100% of its total assets in cash, deposits, treasury bills, government bonds or short-term money market instruments, or have substantial holdings in cash and cash equivalents.
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WS Blue Whale Investment Funds 6 Interim Report 2026
WS BLUE WHALE GROWTH FUND continued ACD’S REPORT continued for the half year ended 30 June 2026
Benchmark The Fund's comparator benchmark is the IA Global Sector.
The Fund’s performance may be compared against the IA Global Sector. The ACD believes that this is an appropriate comparator for the Fund given the investment objective and policy of the Fund. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK investment managers). The comparator benchmark has been selected as the ACD considers it assists investors in evaluating the Fund’s performance against the performance of other funds invested in similar assets.
WAYSTONE MANAGEMENT (UK) LIMITED ACD of WS Blue Whale Growth Fund 28 August 2026
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WS Blue Whale Investment Funds Interim Report 2026
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WS BLUE WHALE GROWTH FUND
ACD’S REPORT continued INVESTMENT MANAGER’S REPORT
for the half year ended 30 June 2026
During the first half of 2026, our focus remained on maintaining a concentrated portfolio of high-quality companies exposed to long-term, idiosyncratic growth themes, with the objective of delivering sustained outperformance over time. Over the period, the Fund delivered a return of 45.04% (R Sterling Accumulation), outperforming the IA Global Sector average of 9.94% by 35.10%.
Markets conditions remained complex and, at times, unsettled. Since 2022, we have communicated that markets had entered a new regime, and that regime has persisted. Geopolitical uncertainty, sticky inflation, higher-for-longer interest rates, pressure on consumer discretionary spending and renewed trade policy uncertainty all contributed to volatility. Against this backdrop, we remained disciplined and bottom-up, assessing macroeconomic developments through a single lens: whether they alter the earnings trajectory of the companies we own.
Artificial Intelligence ('AI') remained the most significant driver of returns during the period. Our positioning continued to favour companies on the receiving end of AI-related spending, rather than those funding it. This reflects our broader ‘follow the money’ framework: identifying where capital is being deployed by consumers, corporations and governments, and seeking to own the businesses that benefit from those spending flows.
Within AI infrastructure, NVIDIA, Broadcom, Vertiv, Lumentum and SK hynix were notable contributors. Our investment thesis across GPU compute, advanced networking, power and cooling infrastructure, fibre optics and high-bandwidth memory remained intact. Demand across these areas continued to prove robust, despite the wider macroeconomic environment, with earnings progression across the theme ahead of expectations.
The portfolio was not without detractors. Flutter Entertainment underperformed as prediction market platforms, including Kalshi and Polymarket, emerged as a more disruptive force in US sports gaming than we had anticipated. Following a period of position reduction and reassessment, we concluded that the uncertainties outweighed the conviction required to continue holding the position and exited completely.
Private credit exposure also detracted from returns, with Apollo Global Management and Ares Management lagging during the period. We reduced the combined exposure to below 2% of the portfolio, while continuing to monitor the sector closely. We remain comfortable with both positions but felt it appropriate to moderate exposure given the more challenging backdrop and the availability of more compelling opportunities elsewhere.
The biologics holdings, including Sartorius, Danaher and Repligen, also detracted from performance. The long-term thesis remains intact: we continue to believe biologics will increasingly displace chemically synthesised drugs, supported by progress in AI-enabled drug discovery and, over time, more personalised medicine. However, the recovery has taken materially longer than expected. As a result, the combined position was reduced to below 2% of the portfolio, with capital redeployed into opportunities where we saw a nearer-term payoff profile.
We made a number of portfolio changes as valuations evolved and the relative attractiveness of opportunities shifted. Taiwan Semiconductor Manufacturing was exited on valuation grounds, having been a strong contributor since the position was initiated in 2024. While the long-term thesis remains intact, we believed the proceeds could be redeployed into comparable areas of AI infrastructure and silicon sovereignty at more attractive valuations. We therefore reintroduced positions in Applied Materials and BE Semiconductor Industries, both of which provide exposure to advanced semiconductor manufacturing and packaging.
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WS Blue Whale Investment Funds 8 Interim Report 2026
WS BLUE WHALE GROWTH FUND
ACD’S REPORT continued INVESTMENT MANAGER’S REPORT continued for the half year ended 30 June 2026
We also initiated a position in Sandisk, which has since entered the Fund’s top 10 holdings. Sandisk provides exposure to advanced flash memory, an area we believe is becoming increasingly important as the output of modern AI applications requires robust, high-density storage solutions.
Alphabet was reintroduced to the portfolio during the period. Since 2024, we have maintained a cautious stance towards companies investing heavily in AI, preferring instead to position the portfolio on the receiving end of AI spending. While this remains our predominant positioning, we expect consolidation among AI spenders, with a small number of winners likely to emerge. We believe Alphabet has the scale, infrastructure, proprietary data, research capability and distribution to be among them.
Outside technology, we increased the position in Leonardo after taking substantial profits since late last year. Valuations became more attractive and we believe the long-term thesis around European defence spending remains firmly intact. The company has since re-entered the Fund’s top 10 holdings. We also exited Philip Morris International during the period, having first reduced the position on valuation grounds.
As we look ahead, we remain confident in the quality and positioning of the portfolio. AI end-market exposure remains significant, but the portfolio continues to be diversified. Our capital allocation reflects where we see the most compelling outperformance potential today, but we remain prepared to reposition the portfolio when the facts, data and evidence change.
We continue to seek companies with idiosyncratic, defensible earnings trajectories, strong competitive positions, robust balance sheets and attractive valuations. We remain disciplined, valuation-aware and focused on positioning the Fund on what we believe to be the right side of long-term structural change.
BLUE WHALE CAPITAL LLP Investment Manager 16 July 2026
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WS Blue Whale Investment Funds Interim Report 2026
9
WS BLUE WHALE GROWTH FUND
ACD’S REPORT continued FUND INFORMATION
for the half year ended 30 June 2026
Risk and Reward Profile
This indicator shows how much the Fund has risen and fallen in the past, and therefore how much the Fund’s returns have varied. It is a measure of the Fund’s volatility.
The higher a fund’s past volatility, the higher its position on the scale and the greater the risk that investors may have experienced losses as well as gains.
The Fund has been classed as 6 because its volatility has been measured as above average to high.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.
The risk and reward profile shown is not guaranteed to remain the same and may change over time.
The lowest number on the scale does not mean that the Fund is risk-free.
The value and income from the Fund’s assets may go down as well as up. This will cause the value of your investment to fall as well as rise.
There is no guarantee that the Fund will achieve its objective and you may get back less than you originally invested.
Currency Risk: As the Fund invests in overseas securities, movements in exchange rates, when not hedged, cause the value of your investment to increase or decrease. Currency hedging, where applied, may not fully eliminate this risk and mismatches can occur.
Counterparty Risk: The failure of a firm involved in a transaction with the Fund or providing services to the Fund may expose the Fund to financial loss.
Concentration Risk: The Fund intentionally holds a relatively small number of investments and may also invest in securities within a particular industry, sector or geographical focus. This means that the performance of a single investment, industry, sector or region may have a greater impact on the Fund’s value. The value of the Fund may therefore be subject to large swings (both up and down) compared to a more diversified portfolio.
For more information about the Fund’s risks, please see the Risk Factors section of the Prospectus which is available at www.waystone.com.
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WS Blue Whale Investment Funds Interim Report 2026
10
WS BLUE WHALE GROWTH FUND
ACD’S REPORT continued FUND INFORMATION continued for the half year ended 30 June 2026
Fund Performance to 30 June 2026 – Cumulative (%)
6 months 1 year 3 years 5 years
WS Blue Whale Growth Fund 45.04 75.90 169.74 143.83
IA Global Sector 1 9.94 21.06 45.31 46.39
1 Source: Morningstar Direct.
The performance of the Fund is based on the published price per R Sterling Accumulation share which includes reinvested income.
RISK WARNING An investment in an open-ended investment company should be regarded as a medium to long term investment. Investors should be aware that the price of shares and the income from them can fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency are subject to fluctuation in exchange rates, which can be favourable or unfavourable.
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WS Blue Whale Investment Funds Interim Report 2026
11
WS BLUE WHALE GROWTH FUND
ACD’S REPORT continued PORTFOLIO STATEMENT
as at 30 June 2026
Holding Portfolio of investments
Value £ '000
30.06.26 %
UNITED KINGDOM – 1.02% (31.12.25 – 2.59%) 354,519 London Stock Exchange 29,148 1.02
IRELAND – 2.41% (31.12.25 – 8.45%) 94,419 Seagate Technology 69,072 2.41
ASIA – 9.72% (31.12.25 – 10.54%) SOUTH KOREA – 9.72% (31.12.25 – 5.55%) 214,879 SK hynix 277,745 9.72
TAIWAN – 0.00% (31.12.25 – 4.99%)
CONTINENTAL EUROPE – 10.13% (31.12.25 – 13.05%) FRANCE – 2.14% (31.12.25 – 2.24%) 206,246 Safran 61,091 2.14
GERMANY – 2.24% (31.12.25 – 3.88%) 590,551 Aixtron 27,038 0.95 258,585 Siemens Energy 36,944 1.29
63,982 2.24
ITALY – 2.75% (31.12.25 – 6.93%) 1,936,379 Leonardo 78,582 2.75
NETHERLANDS – 3.00% (31.12.25 – 0.00%) 348,760 BE Semiconductor Industries 85,804 3.00
NORTH AMERICA – 68.02% (31.12.25 – 64.21%) CANADA – 0.68% (31.12.25 – 0.00%) 658,327 Canadian Natural Resources TSX 19,527 0.68
UNITED STATES – 67.34% (31.12.25 – 64.21%) 104,850 Albemarle 10,277 0.36 330,649 Alphabet 'A' 88,305 3.09 167,771 Apollo Global Management 14,560 0.51
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WS Blue Whale Investment Funds 12 Interim Report 2026
WS BLUE WHALE GROWTH FUND
ACD’S REPORT continued PORTFOLIO STATEMENT continued as at 30 June 2026
Holding Portfolio of investments
Value £'000
30.06.26 %
518,465 Applied Materials 271,954 9.52 141,145 AppLovin 53,162 1.86 166,245 Ares Management 13,517 0.47 457,799 Broadcom 128,893 4.51 289,948 Charles Schwab 19,831 0.69 73,962 Danaher 10,777 0.38 77,746 Eli Lilly 72,185 2.52 27,213 Fair Isaac 24,211 0.85 284,793 Honeywell Aerospace 48,114 1.69 282,575 Honeywell International 48,624 1.70 576,852 Interactive Brokers 38,443 1.35 878,088 Lam Research 272,472 9.53 160,037 Lumentum 102,962 3.60 395,775 Modine Manufacturing 76,601 2.68 120,453 Motorola Solutions 37,531 1.31 673,806 Newmont 48,112 1.68 1,403,719 NVIDIA 206,695 7.23 4,068,006 QXO 54,817 1.92 154,622 Repligen 16,001 0.56 84,359 Sandisk 130,636 4.57 511,914 Uber Technologies 29,180 1.02 362,651 Vertiv 84,119 2.94 135,630 Waste Management 22,889 0.80
1,924,868 67.34
Portfolio of investments 2,609,819 91.30
Net other assets 248,577 8.70
Net assets 2,858,396 100.00
The investments are ordinary shares listed on a regulated market unless stated otherwise.
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WS BLUE WHALE GROWTH FUND
ACD’S REPORT continued SUMMARY OF MATERIAL PORTFOLIO CHANGES
for the half year ended 30 June 2026
WS Blue Whale Investment Funds Interim Report 2026
13
Total purchases for the half year £'000 1,889,734
Major purchases
Cost £'000 Applied Materials 185,474 Lumentum 154,611 Alphabet 'A' 136,564 Broadcom 125,723 Motorola Solutions 123,519 NVIDIA 121,185 Lam Research 112,056 Modine Manufacturing 82,119 Leonardo 79,585 Vertiv 79,176
Total sales for the half year £'000 1,791,273
Major sales
Proceeds £'000 Lam Research 207,218 Vertiv 173,829 Lumentum 169,441 Taiwan Semiconductor Manufacturing ADR 120,104 Motorola Solutions 104,197 Moncler 96,966 NVIDIA 93,711 Broadcom 90,230 Flutter Entertainment 89,703 SK h ynix 79,894
The summary of material portfolio changes represents the 10 largest purchases and sales during the half year .
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WS BLUE WHALE GROWTH FUND
INTERIM FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF TOTAL RETURN
for the half year ended 30 June 2026
WS Blue Whale Investment Funds Interim Report 2026
14
£'000
30.06.26 £'000 £'000
30.06.25 £'000 Income Net capital gains [?] 855,425 81,983 Revenue [?] 9,492 7,521 Expenses [?] (9,276) (5,460) Interest payable and similar expenses [?] (13) Net revenue before taxation 203 2,061 Taxation [?] (1,219) (1,074)
Net (expense)/revenue after taxation (1,016) 987
Total return before distributions 854,409 82,970 Distributions [?] – Change in net assets attributable to share holders from investment activities 854,409 82,970
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS
for the half year ended 30 June 2026
£'000
30.06.26 £'000 £'000
30.06.25 £'000 Opening net assets attributable to share holders 1,675,514 1,177,505 Issue of shares 490,704 159,343 Cancellation of shares (162,281) (81,961)
328,423 77,382 Dilution adjustment 50 Change in net assets attributable to shareholders from investment activities 854,409 82,970
Closing net assets attributable to share holders 2,858,396 1,337,857
The above statement shows the comparative closing net assets at 30 June 2025 whereas the current accounting period commenced 1 January 2026.
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WS BLUE WHALE GROWTH FUND
INTERIM FINANCIAL STATEMENTS (UNAUDITED) continued BALANCE SHEET
as at 30 June 2026
WS Blue Whale Investment Funds Interim Report 2026
15
30.06.26 £'000
31.12.25 £'000 ASSETS Investments 2,609,819 1,656,130 Amounts receivable [?] 36,489 4,579 Cash and cash equivalents [?] 232,819 24,275
Total assets 2,879,127 1,684,984
LIABILITIES Distribution payable [?] – (118) Other amounts payable [?] (20,731) (9,352)
Total liabilities (20,731) (9,470)
Net assets attributable to shareholders 2,858,396 1,675,514
All assets and liabilities are regarded as current, as all balances are expected to be realised or settled within twelve months of the balance sheet date.
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WS Blue Whale Investment Funds Interim Report 2026
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WS BLUE WHALE GROWTH FUND
INTERIM FINANCIAL STATEMENTS (UNAUDITED) continued NOTES TO THE FINANCIAL STATEMENTS
for the half year ended 30 June 2026
1. Accounting Policies The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2025, except where amended on adoption of IA SORP 2025 as noted below.
The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in accordance with FRS 104 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements have been prepared in accordance with the Statement of Recommended Practice (`SORP') for Financial Statements of UK Authorised Funds issued by the Investment Association (`IA') in October 2025.
These financial statements are prepared on a going concern basis. The ACD has made an assessment of the Fund's ability to continue as a going concern, and is satisfied it has the resources to continue in business for the foreseeable future and is not aware of any material uncertainties that may cast significant doubt on this assessment. This assessment is made as at the date of issue of these financial statements, covering the subsequent 12 months, and considers liquidity, declines in global capital markets, known redemption levels and key service provider's operational resilience. The ACD also considered the Fund's continued ability to meet ongoing costs, and is satisfied it has the resources to meet these costs and to continue in business.
2. Adoption of IA SORP (October 2025) The Investment Association issued a revised Statement of Recommended Practice (SORP) for Authorised Funds in October 2025. The Fund has adopted the revised SORP for the first time in these interim financial statements, with effect from 1 January 2026.
CHANGES IN ACCOUNTING POLICIES The principal change arising from the adoption of IA SORP 2025 is the refinement of the valuation basis for listed investments, moving from bid market prices to mid-market prices at the valuation point. This change aligns reported fair values more closely with observable market pricing and enhances comparability across instruments.
In accordance with IA SORP (paragraph 1.12), prior period comparatives have not been restated. Accordingly, investments for the prior period continue to be presented at bid market value, consistent with the previous accounting policy.
The adoption of IA SORP 2025 has also resulted in changes to the presentation and disclosures within the financial statements to reflect the updated requirements. These include:
• Amendments to the labelling and format of line items within the financial statements;
• Inclusion of disclosures relating to significant related party transactions;
• Inclusion of the fair value hierarchy for the investment portfolio;
• Removal of the Comparative Table from the interim financial statements, reflecting that this is no longer explicitly required under the current COLL framework and IA SORP 2025.
Comparative figures have been re-presented where necessary to conform with the current period presentation. These changes have no impact on net total return or net assets attributable to shareholders.
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WS BLUE WHALE GROWTH FUND
INTERIM FINANCIAL STATEMENTS (UNAUDITED) continued NOTES TO THE FINANCIAL STATEMENTS continued for the half year ended 30 June 2026
WS Blue Whale Investment Funds Interim Report 2026
3. Related Party Transactions The Annual Management Charge, TCFD fees, legal and professional fees and registration fees payable to Waystone Management (UK) Limited (‘WMUK’) (‘the ACD’) are £8,869,000 (31.12.25: £11,685,000) and the amount due at the period end is £1,891,000 (31.12.25: £1,207,000).
The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders on page 14 . There were no amounts outstanding at the period end.
WMUK and its associates (including other authorised investment funds managed by WMUK or its associates) held 7,782,116 (31.12.25: 6,524,948) of the Fund’s shares at the balance sheet date.
A shareholder may be able to exercise significant influence over the financial and operating policies of the Fund and as such is deemed to be a related party. At the balance sheet date, the following shareholder held in excess of 20% of the shares in issue of the Fund:
Hargreaves Lansdown Nominees Limited 42.70% (31.12.25: 46.06%)
4. Fair Value Hierarchy
Investments are categorised into the following levels based on their fair value measurement: Level 1: Unadjusted quoted price in an active market for an identical instrument; Level 2: Valuation techniques using observable inputs other than quoted prices within Level 1; Level 3: Valuation techniques using unobservable inputs.
All investments held in the current period and prior year are ordinary shares categorised as Level 1.
5. Subsequent Events Since the balance sheet date, the price of each of the Fund’s share classes has moved as follows:
Share Class 30.06.26 21.08.26 % Movement I Sterling Accumulation shares 492.58 425.50 13.62 I Sterling Income shares 488.96 422.37 13.62 R Euro Accumulation shares 340.92 294.18 13.71 R Sterling Accumulation shares 482.02 416.23 13.65 R Sterling Income shares 481.34 415.65 13.65
The decrease in the prices is primarily due to unfavourable market conditions. These accounts were approved on 28 August 2026.
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GENERAL INFORMATION
WS Blue Whale Investment Funds Interim Report 2026
18
Share Capital The minimum share capital of the Company is £1 and the maximum is £100,000,000,000.
Structure of the Company The Company is structured as an umbrella company, in that different sub-funds may be established from time to time by the ACD with the approval of the FCA. On the introduction of any new sub-fund or class, a revised Prospectus will be prepared setting out the relevant details of each sub-fund or class.
The assets of each sub-fund will be treated as separate from those of every other sub-fund and will be invested in accordance with the investment objective and investment policy applicable to that sub-fund. The only sub-fund currently available is:
WS Blue Whale Growth Fund
In future, there may be other sub-funds of the Company.
Classes of Share The Company may issue income and accumulation shares in respect of each sub-fund.
Holders of income shares are entitled to be paid the distributable income attributed to such shares on any relevant interim and annual allocation dates.
Holders of accumulation shares are not entitled to be paid the income attributed to such shares, but that income is automatically transferred to (and retained as part of) the capital assets of the relevant sub-fund on the relevant interim and/or annual accounting dates. This is reflected in the price of an accumulation share.
Valuation Point The current valuation point of the Fund is 12.00 noon (London time) on each business day. Valuations may be made at other times with the Depositary’s approval.
Buying and Selling Shares The dealing office of the ACD is normally open from 8.30am to 5.30pm (London time) on each business day to receive postal requests for the purchase, sale and switching of shares. The ACD may vary these times at its discretion. Requests to deal in shares may also be made by telephone on each business day (at the ACD’s discretion) between 8.30am and 5.30pm (London time) directly to the office of the ACD (telephone: 0345 307 3439) or such other number as published from time to time.
Prices The prices of all shares are published on every dealing day on the website of the ACD: www.waystone.com and by calling 0345 307 3439 during the ACD’s normal business hours.
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GENERAL INFORMATION continued
WS Blue Whale Investment Funds Interim Report 2026
19
Other Information The Instrument of Incorporation, Prospectus, Key Investor Information Documents and the most recent interim and annual reports may be inspected at, and obtained from, the office of the ACD which is also the Registered Office. In addition, most of these documents are available at www.waystone.com.
Shareholders who have any complaints about the operation of the Fund should contact the Administrator in writing. In the event that a shareholder finds the response unsatisfactory, they may make their complaint direct to the Financial Ombudsman Service at Exchange Tower, London E14 9SR. Information about the Financial Ombudsman can be found on its website at www.financial-ombudsman.org.uk.
Data Protection Act Shareholders’ names will be added to a mailing list which may be used by the ACD, its associates or third parties to inform investors of other products by sending details of such products. Shareholders who do not want to receive such details should write to the ACD requesting their removal from any such mailing list.
Page 22
Waystone
3rd Floor Central Square 29 Wellington Street Leeds United Kingdom LS1 4DL
www.waystone.com
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