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MGTS IDAD Fund
Interim Financial Statements
For the six - months ended 30 June 2026 (Unaudited)
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MGTS IDAD Fund - fo for the period ended 30 June 2026
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ACD Margetts Fund Management Limited 1 Sovereign Court Graham Street Birmingham B1 3JR Tel: 0121 236 2380 Fax: 0121 236 2330 Company Registration No: 4158249 VAT No: (GB) 795 0415 16 (Authorised and regulated by the Financial Conduct Authority)
Directors of the ACD T J Ricketts M D Jealous A Ogunnowo J Harris (non - exec) L R Scott (non - exec) A Denny (non - exec) – – appointed on 7 January 2026
Depositary The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA (A (Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority )
Administrator and Registrar Margetts Fund Management Limited 1 Sovereign Court Graham Street Birmingham B1 3JR Tel: 0121 236 2380 Fax: 0121 236 2330 (Authorised and regulated by the Financial Conduct Authority)
Auditors Moore Kingston Smith LLP 6 th Floor, 9 Appold Street London EC2A 2AP
Investment Managers IDAD Limited Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS (Authorised and regulated by the Financial Conduct Authority)
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Contents
Authorised Status ................................ ................................ ................................ ................................ ...................... 1 Certification of Accounts by Directors of the ACD ................................ ................................ ................................ ....... 1 Value for Money Assessment ................................ ................................ ................................ ................................ ..... 1 Task Force on Climate - related Financial Disclosures (‘TCFD’) ................................ ................................ ...................... 1 MGTS IDAD Refined Growth Fund Report & Accounts ................................ ................................ ................................ 2 Investment Manager’s Report ................................ ................................ ................................ ............................... 2 Portfolio Statement ................................ ................................ ................................ ................................ .............. 4 Financial Statements ................................ ................................ ................................ ................................ ............. 5 Fair Value Hierarchy of Investments ................................ ................................ ................................ ...................... 7 Distribution Table ................................ ................................ ................................ ................................ ................. 8 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................... 9 MGTS IDAD Future Wealth Fund Report & Accounts ................................ ................................ ................................ 11 Investment Manager’s Report ................................ ................................ ................................ ............................. 11 Portfolio Statement ................................ ................................ ................................ ................................ ............ 14 Financial Statements ................................ ................................ ................................ ................................ ........... 16 Fair Value Hierarchy of Investments ................................ ................................ ................................ .................... 18 Distribution Table ................................ ................................ ................................ ................................ ............... 19 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 20 General Information ................................ ................................ ................................ ................................ ................ 22 Remuneration ................................ ................................ ................................ ................................ ......................... 23
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Authorised Status
MGTS IDAD Refined Growth Fund and MGTS IDAD Future Wealth Fund are Sub - funds of t he MGTS IDAD Fund, which is an open ended investment company with variable capital incorporated in England and Wales under registration number IC 042839 , authorised and regulated by the Financial Conduct Authority with effect from 2 5 May 20 21 .
The Fund is classed as a UCITS, which complies with the requirements of the FCA FUND and COLL handbooks. Shareholders are not liable for the debts of the Fund.
Certification of Accounts by Directors of the ACD
This report is signed in accordance with the requirements of the Collective Investment Schemes Sourcebook (COLL) as issued and amended by the Financial Conduct Authority.
M D Jealous A Ogunnowo
Margetts Fund Management Limited 24 August 2026
Value for Money Assessment
Under rules set out within the Collective Investment Schemes sourcebook (COLL), we are required to conduct an Assessment of Value (AoV) at least annually on each Sub - fund and report publicly on our conclusions. The AoV review covers the 7 pillars defined within the sourcebook: Performance, Quality of Service, AFM Costs, Economies of Scale, Comparable Market Rates, Comparable Services and Classes of Units. Each Sub - fund within the range is assessed independently against each of the pillars.
We conducted our latest assessment as at 3 1 December 202 5 , accounting year - end date of the Fund.
MGTS IDAD Refined Growth Fund We have concluded that the Sub - fund is delivering overall value to investors across all seven pillars of the AoV assessment.
We believe that charges are justified based on the assessment and no remedial action has been identified at this time.
MGTS IDAD Future Wealth Fund We have concluded that the Sub - fund is delivering overall value to investors across all seven pillars of the AoV assessment.
We believe that charges are justified based on the assessment and no remedial action has been identified at this time.
Task Force on Climate - related Financial Disclosures (‘TCFD’)
In accordance with current Financial Conduct Authority rules, the ACD is required to publish its own TCFD report and that of each Sub - fund. The report can be found by visiting our website https://investors.mgtsfunds.com/disclosures . The TCFD disclosure of each Sub - fund is reviewed on an annual basis and may not include Sub - funds that were launched or transferred to Margetts after the review.
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MGTS IDAD Refined Growth Fund Report & Accounts
Investment Manager ’s Report
For the p period ended 30 June 2026
Investment Objective The objective of the MGTS IDAD Refined Growth Sub - fund is to provide Capital Growth over any 5 - year period.
Investment Policy The Sub - fund will have a high allocation to structured products. The minimum allocation will be at least 50%, however it is expected that it will normally be more than 80%.
Structured products are a type of debt asset that provides investment returns based on the returns of other assets, for examp le recognised indices such as the FTSE 100 or S&P 500. The Sub - fund refines growth by combining some of the qualities of shares (su ch as the higher potential for growth), with some of the qualities of debt assets (such as defined payments and maturity dates). There are many types of structured products and descriptions and examples are detailed under the section ‘Investment Strategy’ of the prospectus .
The Sub - fund may invest (maximum of 50% of its value) into instruments which are not structured products, for example other transferable securities, such as shares, bonds, near cash instruments, investment trusts, real estate investment trusts (REIT s), and collective investment schemes (which may include schemes operated by the ACD, associates or controllers of the ACD). No more than 10% of the value can be invested in collective investment schemes, including exchange traded funds.
The Sub - fund is actively managed, which means that Manager decides which investments to buy or sell and when.
The Sub - fund will be fully invested save for a cash amount to enable ready settlement of liabilities (including redemption of shares) and efficient management of the Sub - fund both generally and in relation to its objective. This amount will vary depending upon prevailing circumstances and although it would normally not exceed 10% of the total value of the Sub - fund, there may be times when the Investment Manager considers stock markets around the world to be overpriced or that a period of instability exists which presents unusual risks. In such cases or during such periods and, if considered prudent, the amount of cash or near cash instruments held would be increased. Unless market conditions were deemed unusually risky, the increased amount and period would not be expected to exceed 30% and six months respectively.
The use of derivatives and/or hedging transactions are permitted in connection with investment purposes and E fficient P ortfolio M anagement (EPM - managing the Sub - fund in a way that is designed to reduce risk or cost and/or generate extra income or growth or both). The scheme may hold assets which embed derivatives that are used for investment purposes and E fficient P ortfolio M anagement.
Performance Comparison There are three types of benchmarks which can be used:
1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation
2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio
3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance
The Sub - fund is not constrained by any index, IA sector or similar factor.
The IA (Investment Association) Flexible Investment Sector can be used by investors as a comparator. This is considered appropriate for investors to use when comparing performance as the sector is made up of funds which have diverse objectives and asset al locations as defined by the IA. The sector is not constructed as an Index, therefore as funds enter or leave the sector composition can change, but it is considered that the sector remains a useful and relevant comparator for investors to assess performanc e within a relevant peer group.
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Investment Manager’s Report (continued)
Investment Review
Source: Morningstar. Performance is bid to bid with income reinvested.
Benchmarks IA Flexible Investment 7 . 90 %
Source: Morningstar. Performance is bid to bid with income reinvested.
The first 6 months of 2026 delivered modest returns of 1. 00 % (A Acc) over the period. An element of this lower performance is down to rising medium term interest rates, which has the effect of reducing mark to market values on many of the products. The maturity profile of products in the portfolio should see performance improve as gains are crystallised with the spike in value this delivers, especially over Q3 2026.
The portfolio as a whole remains more defensive in nature, and this is reflected in the scenario analysis, with stronger returns expected in poorer performing markets. Core holdings have increased and tactical holdings (focused on specific market themes with higher risk/higher return investments) have reduced sig nificantly. Overall delta to underlying markets has reduced from 57% to 44%, meaning the performance of the Sub - f und will be less closely correlated to the performance of underlying markets. Within that exposure, Asia ex - Japan exposure is around a third of what it was at the beginning of the year, and UK exposure has increased. Our policy of being broadly neutral in terms of currency exposure between USD and GBP has worked fine with the currencies trading within a tight range over the period.
Since the strategy change in 2022, the Sub - f und has delivered the targeted performance and provides investors with the opportunity for more consistent returns from a fund that is usually categorised as part of an ‘alternatives’ allocation.
IDAD Limited Investment Manager 21 July 2026
MGTS IDAD Refined Growth Fund R Acc 0. 64 % MGTS IDAD Refined Growth Fund A Acc 1. 00 %
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Portfolio S tatement As at 30 June 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 31.12.2025 COLLECTIVE INVESTMENT SCHEMES £ CORPORATE BOND 629 JPM GBP ULTRA - SHORT INCOME ETF GBP ACC 1 76,123 3.22 TOTAL £ CORPORATE BOND 76,123 3.22 3. 56
GOVERNMENT OR PUBLIC BONDS
TOTAL GOVERNMENT - - 7.3 6
STRUCTURED PRODUCTS FINANCIAL 170,000 BANK OF NOVA SCOTIA 4Y USD AUTOCALLABLE NOTE LINKED TO UKX AND SPX DUE FEBRUARY 2030
131,81 8 5.58
30,000 BARCLAYS BANK PLC PREFERENCE SHARE LINKED NOTES 23/04/2032
30,27 2 1.28
140,000 BARCLAYS GBP 6Y FTSE 100 PHOENIX ISSUER CALL 20/06/30 75,936 3.22 110,000 BBVA DIGITAL MEMORY REVERSE CONVERTIBLE ON INDEX DUE 2027
80,9 21 3.43
106,000 BNP PARIBAS 5YR SYNERGY PREFERENCE SHARE LINKED CERTIFICATE GBP QUANTO
112,381 4.76
112,500 BOA DEFENSIVE STEP DOWN KICK OUT EURO 2031 116,134 4.92 115,000 CITI 90 - 65 MEMORY INCOME AUTOCALL MAY 2026 GBP 110,604 4.68 112,500 CREDIT AGRICOLE AUTOCALL - LINKED TO BROADWALK INVESTMENTS PREF SHARE
113,299 4.80
115,000 CSI FINANCIAL PRODUCTS AUTOCALL LINKED HSI & NIKKEI MAY 2031
115,656 4.90
100,000 GS 5 YEAR GBP CAPITAL PROTECTED NOTE ON GS I - SELECT MANGD PORTFOLIO VOLTA STRATEGY
100,910 4.27
100,000 JP MORGAN STRUCTURED PRO 6 YEAR AUTOCALLABLE NOTES LINKED TO EUROSTOXX 50
111,910 4.74
88,000 MAREX 60 MONTHS GBP WORST OF CLASSIC AUTOCALL NOTES 89,558 3.79 90,000 MERRILL LYNCH BV LOWES PLATINUM BANK OF AMERICA 29 JULY 2025
9 7 ,371 4.12
97,400 MORGAN STANLEY & CO INTL FTSE CUSTOM 100 SYNTHETIC 3.5 FIXED DIVIDEND INDEX AUTOCALL NOTES
112,974 4.78
111,000 NATIXIS 3Y SX5E SPX NKY TRIPLE INDEX FIXED INC JULY 2024 111,833 4.74 160,000 RAIFFEISEN EXPRESS CERTIFICATE ON FTSE MIB INDEX, NIKKEI 225, RUSSELL 2000, S&P 500
116,209 4.92
140,000 SANTANDER QUAD INDEX LOW HURDLE AUTOCALL 6Y USD AUGUST 2025
112,732 4.77
150,000 SOC GEN US TECH EARLY LOW HURDLE AUTOCALL 14/11/2029 77,190 3.27 210,000 STANDARD CHARTERED AUTOCALL LINKED EUROSTOXX, FTSE & S&P JUNE 2031
210, 2 52 8.90
140,000 UBS ISSUE OF USD 500,000 NOTES LINKED TO THE S&P 500 EQUALLY WEIGHTED INDEX
122,034 5.1 8
32,000 UNICREDIT BANK GMBH 6 YEARS USD PHOENIX AUTOCALLABLE NOTE ON A WORST - OF INDEX BASKET
23,182 0.98
95,000 UNICREDIT DEVELOPED INDICES CLASSIC AUTOCALL DEC 2025 GBP SPX SX5E NKY UKX
96,5 40 4.09
TOTAL FINANCIAL 2,269,71 6 96.12 81 . 87
PORTFOLIO OF INVESTMENTS 2,345,83 9 99.34 92.80 NET CURRENT ASSETS 15,5 76 0.66 7.20 TOTAL NET ASSETS 2,361,41 5 100.00 100.00
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MGTS IDAD Fund - MGTS IDAD Refined Growth Fund - fo for the period ended 30 June 2026
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Financial Statements
Statement of Total Return
For the period ended 30 June 2026 01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 Income £ £ £ £ Net capital (losses) / gains (26,10 5 ) 42,842 Revenue 74,575 99,270 Expenses (12,233) (12,788) Finance costs: Interest (751) Net revenue before taxation 61,591 86,482 Taxation (12,880) (12,771) Net revenue after taxation 48,711 73,711 Total return before distributions 22,60 6 116,553 Finance costs: Distribution (49,270) (69,321) Change in net assets attributable to shareholders from investment activities (26,66 4 ) 47,232
Statement of Change in Net Asset Attributable to Shareholders
For the period ended 30 June 2026 01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 £ £ £ £ Opening net assets attributable to shareholders 2,711,664 2,636,012
Amounts receivable on issue of shares 141,192 180,468 Amounts payable on cancellation of shares (511,778) (212,497)
Dilution adjustment 2,931 1,440 (367,655) (30,589) Change in net assets attributable to shareholders from investment activities (26,66 4 ) 47,232
Retained distribution on accumulation shares 44,070 69,462 Closing net assets attributable to shareholders 2,361,41 5 2,722,117
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Balance Sheet
As at 30 June 2026 30.06.2026 31.12.2025 Assets £ £ £ £ Investment assets 2,345,83 9 2,516,365 Debtors 2,911 3,401 Bank balances 44,167 257,752 Total other assets 47,078 261,153 Total assets 2,392,91 7 2,777,518
Liabilities Creditors 31,50 2 65,854 Total other liabilities 31,50 2 65,854 Net assets attributable to shareholders 2,361,41 5 2,711,664
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Fair V alue H ierarchy of I nvestments
In accordance with FRS 102, investments are classified using a fair value hierarchy that reflects the significance of the inp uts used in determining fair value. Level 1 investments are valued using unadjusted quoted prices in active markets for identical i nstruments. Level 2 investments are valued using observable market inputs other than quoted prices included within Level 1. Level 3 investments are valued using valuation techniques that use significant unobservable inputs.
As at 30 June 2026
Basis of Valuation
Level 1: Quoted Prices
Level 2: Observable market data
Level 3: Unobservable data Assets Liabilities Assets Liabilities Assets Liabilities £ £ £ £ £ £ Collective Investment Schemes 76,123 - - - - Structured Products - - 2,269,71 6 - - 76,123 - 2,269,71 6 - - -
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Distribution Table
For the p period ended 30 June 2026 – in pence per share
Interim payment/allocation date 31 August 2026 Group 1 – – shares purchased prior to 01.01.2026 Group 2 – – shares purchased on or after 01.01.2026
MGTS IDAD Refined Growth Fund R Acc Shares Shares Net Income Equalisation Allocating 31.08.2026 Allocated 31.08.2025 Group 1 1.8510 - 1.8510 2. 404 0 Group 2 1.8510 - 1.8510 2. 404 0
MGTS IDAD Refined Growth Fund A Acc Shares Shares Net Income Equalisation Allocating 31.08.2026 Allocat ed 31.08.2025 Group 1 2.3580 - 2.3580 2. 880 0 Group 2 2.3580 - 2.3580 2. 880 0
Equalisation only applies to shares purchased during the distribution period (group 2 shares). It represents the accrued inco me included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to income tax but must be deducted from the cost of the shares for capital gains tax purposes.
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Net Asset Value per Share and Comparative Tables
R Accumulation 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 120.5000 105.3000 98.8040 89.5439 Return before operating charges * 1.9200 16.2900 7.6260 10.2101 Operating charges (0.6200) (1.0900) (1.1300) (0.9500) Return after operating charges 1.3000 15.2000 6.4960 9.2601 Distribution (1.8510) (7.5860) (4.5660) (3.5710) Retained distribution on acc shares 1.8510 7.5860 4.5660 3.5710 Closing net asset value per share 121.8000 120.5000 105.3000 98.8040 * After direct transaction costs of 0.0266 0.0658 0.0653 0.0364
Performance Return after charges 1.08% 14.43% 6.57% 10.34%
Other Information Closing net asset value (£) 1,218 1,205 1,053 988 Closing number of shares 1,000 1,000 1,000 1,000 OCF ^ 1 . 85 % ^ 1.85 % 1.85% 1.85% Direct transaction costs 0.02% 0.06% 0.06% 0.04%
Prices Highest share price (pence) 122.97 121.88 109.54 99.83 Lowest share price (pence) 114.54 99.89 97.00 90.25
A Accumulation 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 124.4831 107.9870 100.6932 90.5637 Return before operating charges * 2.3920 17.5961 8.3038 11.0595 Operating charges (0.5900) (1.1000) (1.0100) (0.9300) Return after operating charges 1.8020 16.4961 7.2938 10.1295 Distribution (2.3580) (8.6362) (5.3873) (4.3598) Retained distribution on acc shares 2.3580 8.6362 5.3873 4.3598 Closing net asset value per share 126.2851 124.4831 107.9870 100.6932 * After direct transaction costs of 0.0269 0.0657 0.0668 0.0407
Performance Return after charges 1.45% 15.28% 7.24% 11.18%
Other Information Closing net asset value (£) 2,360,197 2,710,459 2,634,959 3,542,700 Closing number of shares 1,868,944 2,177,372 2,440,070 3,518,311 OCF ^ 0. 95 % ^ 0. 95 % 0.95% 0.95% Direct transaction costs 0.02% 0.06% 0.06% 0.04%
Prices Highest share price (pence) 127.05 125.81 112.15 101.73 Lowest share price (pence) 118.51 102.63 98.89 91.28
^The OCF stated for the p period ended 30 June 2026 and 31 December 2025 does not include costs incurred by underlying closed ended f funds. Where prior year OCFs included such costs, those figures may not be directly comparable year on year.
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Risk Warning An investment in an open - ended investment company (OEIC) 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 ful l amount invested. Past performance is not a guide to future performance.
Fund Performance The performance of the Sub - fund is shown in the Investment Manager’s Report.
Synthetic Risk and Reward Indicator
The risk and reward score is based on past performance and calculated in accordance with European legislation. It may not be a reliable indication of the future risk profile.
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MGTS IDAD Future Wealth Fund Report & Accounts
Investment Manager ’s Report
For the p period ended 30 June 2026
Investment Objective The objective of the MGTS IDAD Future Wealth Sub - fund is to provide Capital Growth over any 7 - year period.
Investment Policy The Sub - fund will be actively managed through investments which focus on sectors that are expected to deliver strong Capital Growth in the future, including those that incorporate innovative technologies, changing demographics and changing economic develop ments. The Investment Manager will use their expertise to select investments, rather than tracking a stock exchange or index.
Investors should be familiar with the focused portfolio risk factor as the Sub - fund may be composed of assets within a concentrated number of sectors (explained in the Investment Strategy section), which could lead to high levels of price fluctuations. Alo ng with sector - specific factors such as competition from new entrants, short product cycles and fluctuating company profits & prices due to the competitive nature of its participants. The Sub - fund ’ s narrower concentration on a specific industry may lead to higher volatility in comparison to funds with higher diversification and the market as a whole.
A minimum of 70% of the portfolio will be invested in collective investment schemes (which may include schemes operated by the ACD, associates or controllers of the Investment Manager), in any economic sector and any geographic area, across a wide range of assets. This includes shares, bonds, cash and near cash instruments.
The Sub - fund may also invest (maximum of 30%) in shares, bonds, cash, near cash instruments, investment trusts, and structured products which may embed derivatives.
Normally, the Sub - fund will be fully invested save for a cash amount to enable ready settlement of liabilities (including redemption of shares) and efficient management of the Sub - fund both generally and in relation to its strategic objective. This amount will vary depending upon prevailing circumstances and although it would normally not exceed 10% of the total value of the Sub - fund, there may be times when the Investment Manager considers stock markets around the world to be overpriced or that a period of instability exists which presents unusual risks. In such cases or during such periods and, if considered prudent, the amount of cash or near cash instruments held would be increased. Unless market conditions were deemed unusually risky, the increased amou nt and period would not be expected to exceed 30% and six months respectively.
The use of derivatives and/or hedging transactions are permitted in connection with investment purposes and E fficient P ortfolio M anagement (EPM - managing the Sub - fund in a way that is designed to reduce risk or cost and/or generate extra income or growth or both). The scheme may hold assets which embed derivatives that are used for investment purposes and E fficient P ortfolio M anagement.
Performance Comparison There are three types of benchmarks which can be used:
1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation
2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio
3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance
The Sub - fund does not have a performance target and is not constrained by any index, IA sector or similar factor.
The IA (Investment Association) Flexible Investment Sector is used as the comparator. This is considered appropriate for investors to use when comparing performance as the sector is made up of funds which have diverse objectives and asset allocations as defined by the IA. The sector is not constructed as an Index, therefore as funds enter or leave the sector composition can change, but it is considered that the sector remains a useful and relevant comparato r for investors to assess performance within a relevant peer group.
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Investment Manager’s Report (continued)
Investment Review
Source: Morningstar. Performance is bid to bid with income reinvested.
Benchmarks IA Flexible Investment 7 . 9 0%
Source: Morningstar. Performance is bid to bid with income reinvested.
Market Review The first half of 2026 was a very strong period for the MGTS IDAD Future Wealth Fund (the “Fund ”). The Fund returned +22. 94 % for the A Acc share class and +22. 62 % for the R Acc share class, materially ahead of the IA Flexible Investment sector, which returned + 7 . 90 % over the same period (Source: Morningstar 0 1. 01 .202 6 – 30.06.2026). Performance was driven by the areas at the heart of the Fund’s long - term investment case: artificial intelligence infrastructure, semiconductor supply chains, cybersecurity, robotics and selected areas of healthcare innovation.
The market environment became increasingly supportive for companies exposed to the physical and digital infrastructure behind AI. Investors continued to reward businesses linked to compute, memory, lithography, data centres, power infrastructure and cyber resilience, particularly where revenue growth and earnings momentum were already vi sible. This was helpful for the Fund, which has deliberately maintained exposure not just to the “front - end” of AI, but also to the enabling technologies that sit behind it.
The strongest areas of performance came from semiconductor and AI - related holdings. Micron Technology was the standout performer since addition, giving exposure to memory, which we believe is becoming an increasingly important bottleneck in AI infrastructu re as demand shifts from training alone towards inference, high - bandwidth memory and more data - intensive workloads.
The Fund also benefited from strong returns in holdings that were already present at the start of the period. The First Trust Bloomberg Global Semiconductor Supply Chain ETF rose 92.47%, while ASML returned 87.22%, both reflecting continued investor demand for companies involved in the critical semiconductor manufacturing ecosystem. CrowdStrike also performed strongly, rising 62.93%, as cybersecurity remains a core requirement for a more digital, cloud - based and AI - enabled economy. Broader AI exposure was p ositive too, with the Xtrackers Artificial Intelligence and Big Data ETF returning 35.30% and the Amundi MSCI Robotics & AI ETF rising 25.46%.
Cybersecurity and digital infrastructure were further contributors, with the First Trust Nasdaq Cybersecurity ETF up 28.26%. Clean infrastructure and mobility exposures were also helpful, including the iShares Global Clean Energy Transition ETF, which rose 26.77%, and the Xtrackers Future Mobility ETF, which returned 26.18%. The iShares Digital Entertainment and Education ETF added 24.34%, while the First Trust NYSE Arca Biotechnology ETF returned 21.90% and the Global X Blockchain ETF rose 19.53%. These re turns underline the breadth of the Fund’s exposure: while AI and semiconductors were the dominant drivers, the portfolio was not reliant on one narrow theme.
There were also areas of weakness. KraneShares China Internet fell 28.02%, reflecting a more difficult period for Chinese int ernet and consumer technology exposure. Nu Holdings and MercadoLibre were also weaker, falling 19.83% and 15.04% respectively, desp ite both remaining businesses with attractive long - term growth prospects in digital finance and online commerce. The VanEck Video Gaming and eSports ETF declined 12.51%, while Madrigal Pharmaceuticals fell 6.47% and the VanEck Uranium and Nuclear Technolog ies ETF were slightly negative.
These detractors were more than offset by the strength in semiconductors, AI infrastructure and cybersecurity, but they remai n a reminder that innovation investing is rarely linear and individual themes can move out of phase with one another.
MGTS IDAD Future Wealth Fund R Acc 2 2 . 62 % MGTS IDAD Future Wealth Fund A Acc 2 2 . 94 %
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13 Margetts Fund Management Limited
Investment Manager’s Report (continued)
Strategy Our long - term strategy remains unchanged: to invest in the companies and sectors building the infrastructure of tomorrow’s economy. The Fund continues to allocate across a diversified range of structural growth themes, including AI compute, semiconductor s upply chains, cybersecurity, digital entertainment, online consumption, healthcare innovation, electrification, future mobility and energy infrastructure.
During the period, we added Micron Technology, nV ent Electric and the Xtrackers Electric Tech Grid ETF. These additions were designed to strengthen the Fund’s exposure to the physical infrastructure layer of AI and electrification. Micron gives the F und direct exposure to memory, an increasingly importan t part of the AI supply chain. nVent provides exposure to electrical infrastructure, data - centre power management and the broader investment cycle in grid and industrial electrification. The Xtrackers Electr ic Tech Grid ETF broadens this exposure across companies involved in the modernisation and expansion of electricity networks. These are areas where we see strong multi - year demand, supported by AI, reshoring, energy transition and the need for more resilie nt power systems.
We also increased exposure to the semiconductor supply chain, where we believe the investment case remains strong despite substantial share price gains. ASML and the First Trust Semiconductor Supply Chain ETF remain central holdings, reflecting th e view th at AI demand is increasingly dependent on the less visible but essential parts of the ecosystem: lithography, memory, chip equipment, data - centre hardware and supply - chain capacity. This remains one of the Fund’s highest - conviction areas.
At the same time, we reduced some positions where volatility had increased or where we wanted to recycle capital into higher conviction infrastructure themes. This included lower weights in China internet, cloud computing, Nu Holdings, MercadoLibre, uranium and video gaming. We have not abandoned these themes, but we have sought to rebalance the portfolio towards areas where demand is being supported by clearer capital expenditure, stronger earning s visibility and more immediate evidence of adoption.
Healthcare innovation also remains an important part of the strategy. Biotechnology and healthcare innovation had a mixed period, but we continue to see long - term opportunity in areas where scientific progress, ageing populations and unmet medical needs can drive significant value creation. Madrigal Pharmaceuticals was weaker over the period, but the broader healthcare innovation and biotechnology allocations provided useful diversification a nd remain part of the Fund’s long - term growth framework.
Looking forward, we believe the Fund remains well positioned. The first half of 2026 demonstrated that the market is increasi ngly distinguishing between speculative innovation and areas where real investment, revenues and earnings are coming through. That is supportive for our approach. We continue to believe that AI is still in the early stages of reshaping the global economy, but the opportunity is broadening beyond software and model development into semiconductors, memory, cybersecurity, data centre inf rastructure, electrification and grid investment.
The Fund will continue to focus on diversified exposure to these long - term themes, while actively managing position sizes where valuations, volatility or near - term fundamentals change. After a very strong period, we should expect some short - term volatility, y, particularly in areas that have risen sharply. However, the structural growth case remains intact. The portfolio is close to fully invested and remains focused on companies and industries that we believe are central to the next phase of digital, technolo gical and infrastructure development.
IDAD Limited Investment Manager 21 July 2026
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Portfolio S tatement As at 30 June 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 31.12.2025 COLLECTIVE INVESTMENT SCHEMES COMMODITIES AND NATURAL RESOURCES 55,194 ISHARES GLBL CLEAN ENERGY TRANS UCITS E TF 500,334 4.67 TOTAL COMMODITIES AND NATURAL RESOURCES 500,334 4.67 4.5 4
ENERGY 11,039 VANECK URANIUM AND NUCLEAR TECHNOLOGIES UCITS ETF A USD ACC
447,765 4.18
TOTAL ENERGY 447,765 4.18 5. 78
HEALTHCARE 86,903 ISHARES HEALTHCARE INNOVATION UCITS ETF USD AC C 62 8 ,08 7 5.8 5 TOTAL HEALTHCARE 62 8 ,08 7 5.8 5 6. 04
NORTH AMERICA 28,932 FIRST TRUST NYSE ARCA BIOTECHNOLOGY UCITS ETF CLASS A USD ACC
661,856 6.1 7
TOTAL NORTH AMERICA 661,856 6.1 7 6. 35
OTHER 40,835 ISHARES DIGITAL ENTERTAINMENT AND EDUCATION UCITS ETF USD ACC
428,205 3.99
TOTAL OTHER 428,205 3.99 4.5 3
SECTOR EQUITY INFRASTRUCTURE 14,243 XTRACKERS ELECTRIFICATION TECHNOLOGIES & SMART GRID UCITS ETF 1C ACC
428,282 4.00
TOTAL SECTOR EQUITY INFRASTRUCTURE 428,282 4.00 -
SPECIALIST 7,208 FIRST TRUST NASDAQ CLEAN EDGE SMART GRID INFRASTRUCTURE UCITS ETF A USD ACC
362,167 3.38
TOTAL SPECIALIST 362,167 3.38 3. 68
TECHNOLOGY AND TECHNOLOGY INNOVATIONS 5,015 AMUNDI MSCI ROBOTICS & AI ESG SCREENED UCITS ETF ACC 617,408 5.76 16,958 FIRST TRUST BLOOMBERG GLOBAL SEMICONDUCTOR SUPPLY CHAIN UCITS ETF CLASS A ACC
723,098 6.75
10,021 FIRST TRUST CLOUD COMPUTING UCITS ETF CLS A USD ACC 429,550 4.00 9,974 FIRST TRUST NASDAQ CYBERSECURITY UCITS ETF CLASS A USD ACC
420,932 3.93
34,662 GLOBAL X BLOCKCHAIN UCITS ETF USD ACC 450,698 4.20 22,330 KRANESHARES CSI CHINA INTERNET UCITS ETF CLASS USD 309,234 2.88 7,243 VANECK VECTORS VIDEO GAMING AND ESPORTS UCITS ETF A USD 325,020 3.03 3,131 XTRACKERS ARTIFICIAL INTELLIGENCE AND BIG DATA UCITS ETF 564,714 5.27 4,546 XTRACKERS FUTURE MOBILITY UCITS ETF 1C 515,120 4.81 TOTAL TECHNOLOGY AND TECHNOLOGY INNOVATIONS 4,3 5 5,77 4 40.63 4 5 . 88
EQUTIE S COMMUNICATIONS 220 MERCADOLIBRE INC 281,766 2.63 TOTAL COMMUNICATIONS 281,766 2.63 4. 28
CONSUMER, NON - CYCLICAL 1,023 MADRIGAL PHARMACEUTICALS INC 414,498 3.87 TOTAL CONSUMER, NON - CYCLICAL 414,498 3.87 5.3 0
FINANCIAL 30,296 NU HOLDINGS LTD/CAYMAN ISLANDS CLASS A 305,474 2.85 TOTAL FINANCIAL 305,474 2.85 4 . 96
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% OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 31.12.2025 INDUSTRIAL 2,968 NVENT ELECTRIC PLC 379,828 3.54 TOTAL INDUSTRIAL 379,828 3.54 -
TECHNOLOGY 250 ASML HOLDING NV 372,614 3.48 639 CROWDSTRIKE HOLDINGS INC - A 367,662 3.43 675 MICRON TECHNOLOGY INC 586,216 5.47 TOTAL TECHNOLOGY 1,326,492 12.38 7.5 0
PORTFOLIO OF INVESTMENTS 10,520,528 98.14 98.84 NET CURRENT ASSETS 199,634 1.86 1.16 TOTAL NET ASSETS 10,7 20,162 100.00 100.00
Docusign Envelope ID: 9D747430-D59F-8D9C-820B-CC7545F1D4BC
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Financial Statements
Statement of Total Return
For the period ended 30 June 2026 01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 Income £ £ £ £ Net capital gains 1,189,414 200,135 Revenue 2,046 608 Expenses (16,476) (12,713) Net expense before taxation (14,430) (12,105) Net expense after taxation (14,430) (12,105) Total return before distributions 1,174,984 188,030 Finance costs: Distribution (8,962) 396 Change in net assets attributable to shareholders from investment activities 1,166,022 188,426
Statement of Change in Net Asset Attributable to Shareholders
For the period ended 30 June 2026 01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 £ £ £ £ Opening net assets attributable to shareholders 4,798,123 4,590,41 8
Amounts receivable on issue of shares 5,239,888 671,474
Amounts payable on cancellation of shares (492,120) (954,056)
Dilution adjustment 8,249 2,637 4,756,017 (279,945) Change in net assets attributable to shareholders from investment activities 1,166,022 188,42 7
Closing net assets attributable to shareholders 10,720,162 4,498,900
Docusign Envelope ID: 9D747430-D59F-8D9C-820B-CC7545F1D4BC
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Balance Sheet
As at 30 June 2026 30.06.2026 31.12.202 5 Assets £ £ £ £ Investment assets 10,520,528 4,742,278 Debtors 57,340 6,843 Bank balances 356,507 60,832 Total other assets 413,847 67,675 Total assets 10,934,375 4,809,953
Liabilities Creditors 214,213 11,830 Total other liabilities 214,213 11,830 Net assets attributable to shareholders 10,720,162 4,798,123
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Fair Value Hierarchy of Investments
In accordance with FRS 102, investments are classified using a fair value hierarchy that reflects the significance of the inp uts used in determining fair value. Level 1 investments are valued using unadjusted quoted prices in active markets for identical i nstruments. Level 2 investments are valued using observable market inputs other than quoted prices included within Level 1. Level 3 investments are valued using valuation techniques that use significant unobservable inputs.
As at 30 June 2026
Basis of Valuation
Level 1: Quoted Prices
Level 2: Observable market data
Level 3: Unobservable data Assets Liabilities Assets Liabilities Assets Liabilities £ £ £ £ £ £ Collective Investment Schemes 7,812,470 - - - - Equities 2,708,058 - - - - 10,520,528 - - - - -
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Distribution Table
For the period ended 30 June 2026 – in pence per share
Interim payment/allocation date 31 August 2026
MGTS IDAD Future Wealth Fund did not distribute at interim period of 30 June 2026 and therefore no rates have been provided.
Docusign Envelope ID: 9D747430-D59F-8D9C-820B-CC7545F1D4BC
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Net Asset Value per Share and Comparative Tables
R Accumulation 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 109.4008 88.4000 74.7284 71.4920 Return before operating charges * 24.2992 21.8108 14.1516 4.0064 Operating charges 0.0000 (0.8100) (0.4800) (0.7700) Return after operating charges 24.2992 21.0008 13.6716 3.2364 Distribution 0.00 00 0.00 00 0.00 00 0.00 00 Retained distribution on acc shares 0.00 00 0.00 00 0.00 00 0.00 00 Closing net asset value per share 133.7000 109.4008 88.4000 74.7284 * After direct transaction costs of 0.0891 0.0696 0.1005 0.0518
Performance Return after charges 22.21% 23.76% 18.30% 4.53%
Other Information Closing net asset value (£) 1,337 61,790 884 747 Closing number of shares 1,000 56,480 1,000 1,000 OCF ^ 1 . 9 0% ^ 1 .90% 1.90% 2.29% Direct transaction costs 0.08% 0.07% 0.12% 0.07%
Prices Highest share price (pence) 133.90 117.38 93.38 79.12 Lowest share price (pence) 99.72 72.38 72.44 65.45
A Accumulation 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 112.8954 90.7739 76.2430 72.2696 Return before operating charges * 25.7912 22.7515 15.0009 4.7234 Operating charges (0.3700) (0.6300) (0.4700) (0.7500) Return after operating charges 25.4212 22.1215 14.5309 3.9734 Distribution 0.0000 0.0000 0.0000 0.0000 Retained distribution on acc shares 0.0000 0.0000 0.0000 0.0000 Closing net asset value per share 138.3166 112.8954 90.7739 76.2430 * After direct transaction costs of 0.1098 0.0638 0.1068 0.0546
Performance Return after charges 22.52% 24.37% 19.06% 5.50%
Other Information Closing net asset value (£) 10,718,825 4,736,333 4,589,534 3,994,727 Closing number of shares 7,749,486 4,195,328 5,056,009 5,239,470 OCF ^ 1.00 % ^ 1 .00% 1.00% 1.39% Direct transaction costs 0.09% 0.06% 0.13% 0.07%
Prices Highest share price (pence) 138.54 121.04 95.85 80.05 Lowest share price (pence) 103.03 74.43 73.93 66.66
^The OCF stated for the p period ende d 30 June 2026 and 31 December 2025 does not include costs incurred by underlying closed ended funds. Where prior year OCFs included such costs, those figures may not be directly comparable year on year.
From 1 st July 2026 the Investment Manager of the Sub -f -fund has undertaken to absorb any costs that would otherwise cause the A Accumulation share class to have ongoing charges in excess of 0.75%.
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Risk Warning An investment in an open - ended investment company (OEIC) 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 ful l amount invested. Past performance is not a guide to future performance.
Fund Performance The performance of the Sub - fund is shown in the Investment Manager’s Report.
Synthetic Risk and Reward Indicator
The risk and reward score is based on past performance and calculated in accordance with European legislation. It may not be a reliable indication of the future risk profile.
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General Information
Valuation Point The Valuation Point of the Fund is at 12:00 each business day. Valuations may be made at other times with the Depositary’s approval.
Buying and Selling of Shares The ACD will accept orders to buy or sell shares on normal business days between 9.00am and 5.00pm and transactions will be effected at prices determined by the following valuation. Instructions to buy or sell shares may be made either in writing to : Margetts Fund Management Limited, PO Box 17067, Birmingham, B2 2HL or by telephone on 0345 60 7 6808. A contract note will be issued by close of business on the next business day after the dealing date to confirm the transaction.
Prices The most recent prices of shares are published on the Margetts website at https://investors.mgtsfunds.com/ , selecting the Literature and Prices tab.
Other Information The Instrument of Incorporation, Prospectus, Key Investor Information Document, Supplementary Information Document and the latest annual and interim reports may be inspected at the offices of the ACD, with a copy available, free of charge, on w ritten reque st.
The register of shareholders can be inspected by shareholders during normal business hours at the offices of the Administrato r.
The Head Office of the Company is at 1 Sovereign Court, Graham Street, Birmingham B1 3JR and is also the address of the place in the United Kingdom for service on the Company of notices or other documents required or authorised to be served on it.
The base currency of the Company is pounds (£) sterling.
The maximum share capital of the Company is currently £10,000,000,000 and the minimum is £1,000. Shares in the Company have no par value and therefore the share capital of the Company at all times equals the Company’s current net asset value.
Shareholders who have any complaints about the operation of the Fund should contact the ACD or the Depositary in the first instance. In the event that a shareholder finds the response unsatisfactory, they may make their complaint direct to the Fina ncial Om budsman Service at Exchange Tower, London E14 9SR or email to: complaint.info@financial - ombudsman.org.uk or by telephone to 0800 023 4567.
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Remuneration
In accordance with the r requirements of FUND 3.3.5(5) the total amount of remuneration paid by the ACD to its staff for the financial year ended 30 September 2025 is: £ Fixed Remuneration 4,885,437 Variable Remuneration 1,644,132
Total 6,529,569
Full Time Equivalent number of staff 86
Analysis of senior management £ Senior management 2,093,525 Staff whose actions may have a material impact on the funds Other -
The remuneration for senior management has been calculated in accordance with the Remuneration Policy and is reviewed annually. The remuneration policy and, where required by the FCA, how benefits are calculated together with details of the remuneration co mmittee can be found on the website: www.margetts.com . A paper copy of this is available free of charge upon request by writing to the compliance officer at 1 Sovereign Court, Graham Street, Birmingham B1 3JR. No material changes were made to the Policy or irregularities reported at the last review.
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