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The cost to the fund from its primarily softwa","page_number":25,"box":{"x":95,"y":410,"width":767,"height":11}},{"id":"78700ea9-05ad-48a2-a401-e6e6a2344426","block_type":"box","text":"re, but","page_number":25,"box":{"x":865,"y":410,"width":39,"height":9}},{"id":"b1cc47bc-6462-4c80-99c7-040ef2b014c0","block_type":"box","text":"also IT services exposure was c.6% in H1 2026.","page_number":25,"box":{"x":95,"y":425,"width":282,"height":11}},{"id":"08ddc9dd-7b40-4e40-a01b-c946786deac6","block_type":"box","text":"Software Exposure Hurt Performance","page_number":25,"box":{"x":95,"y":447,"width":248,"height":11}},{"id":"ba227246-28ac-4dbf-9291-7e5ca1def322","block_type":"box","text":"At the start of the year, we held five software companies plus Kinnevik, a holding company investing primarily in software comp","page_number":25,"box":{"x":95,"y":463,"width":773,"height":11}},{"id":"79ceefb3-bcf4-40b0-b304-3041daf114f4","block_type":"box","text":"anies.","page_number":25,"box":{"x":869,"y":463,"width":34,"height":8}},{"id":"79ce9792-25e1-4047-ad92-3aec9fddff02","block_type":"box","text":"As at 31/12/25, these six holdings represented 16.3% of the portfolio.","page_number":25,"box":{"x":95,"y":478,"width":422,"height":11}},{"id":"19e751f7-4879-4c4a-9e8c-cebc0d5d6651","block_type":"box","text":"As we acknowledged in our February Loupe entry AI and Its Impact, we had too much exposure to companies at risk of technologica","page_number":25,"box":{"x":95,"y":501,"width":805,"height":10}},{"id":"e8f1d986-cbec-4297-a22f-83bbe2a458f3","block_type":"box","text":"l","page_number":25,"box":{"x":902,"y":501,"width":1,"height":8}},{"id":"4273edab-a32a-4a5a-b956-fed47d2dbb25","block_type":"box","text":"disruption and have for risk management reasons and notwithstanding the falls, reduced our exposure here. 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We sold two holdings, Kinnevik and Planisware, reduced position sizes elsewhere, and for now, expect to se","page_number":25,"box":{"x":95,"y":531,"width":789,"height":11}},{"id":"a55cbc6e-f80a-4036-af3c-3c61fe87cc5f","block_type":"box","text":"ttle","page_number":25,"box":{"x":884,"y":531,"width":20,"height":9}},{"id":"0d37dafc-f846-4e78-899c-cc544a843d3c","block_type":"box","text":"around a software cluster of four holdings with most of the intended reduction now achieved.","page_number":25,"box":{"x":95,"y":547,"width":571,"height":11}},{"id":"ae98d230-f049-4d97-b0d1-76fbf14a930b","block_type":"box","text":"Blank Sheet of Paper","page_number":25,"box":{"x":96,"y":569,"width":137,"height":11}},{"id":"b6ebdc8f-812b-4c1e-b7bd-40cf8e0c603d","block_type":"box","text":"One way of addressing a difficult investment situation is to invert the situation and ask the question: if we did not own any s","page_number":25,"box":{"x":96,"y":584,"width":760,"height":11}},{"id":"507707a2-070c-4b40-933c-410bf108be83","block_type":"box","text":"oftware","page_number":25,"box":{"x":858,"y":584,"width":46,"height":9}},{"id":"fd81d7dc-a762-472d-9236-981b0b38f218","block_type":"box","text":"companies, would we own any now? 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A 7% FCFY should allow for solid returns going forward.","page_number":25,"box":{"x":120,"y":887,"width":486,"height":11}},{"id":"761e8481-3146-4d10-bff5-2ee43794ab52","block_type":"box","text":"MI Chelverton European Select Fund","page_number":25,"box":{"x":494,"y":38,"width":408,"height":17}},{"id":"0e133aca-5dbb-4157-9418-7713a62546b1","block_type":"box","text":"23","page_number":25,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"8d6d4767-0ce0-43db-8f7a-f87f4f26e54b","block_type":"box","text":"Investment Manager’s Report (continued)","page_number":26,"box":{"x":97,"y":85,"width":431,"height":17}},{"id":"bf60f91d-92f5-4a9b-a13a-de4d4e7d8787","block_type":"box","text":"for the period ended 30 June 2026 (unaudited)","page_number":26,"box":{"x":95,"y":105,"width":284,"height":11}},{"id":"872c3896-f3ac-4a9f-9cbb-8b694c309e7b","block_type":"box","text":"n","page_number":26,"box":{"x":95,"y":129,"width":10,"height":6}},{"id":"aa248a89-816a-448b-95ff-1b628f3f42bc","block_type":"box","text":"Jungheinrich is a market leader in electric warehouse trucks. The company is valued more like an auto manufacturer (FCFY 10.2%,","page_number":26,"box":{"x":118,"y":127,"width":785,"height":11}},{"id":"37f45532-e485-4315-acd0-c9c9c8c0c177","block_type":"box","text":"PE 9x, ev/ebitda 2.6x) and yet has a sizeable service business close to half of profits, a high-quality warehouse automation bu","page_number":26,"box":{"x":120,"y":142,"width":746,"height":11}},{"id":"0c090786-d999-4141-b3c2-49952f42e1fe","block_type":"box","text":"siness","page_number":26,"box":{"x":868,"y":143,"width":36,"height":8}},{"id":"7734d70f-c907-48a4-9e88-616cbb03e58e","block_type":"box","text":"as well as a solid balance sheet. There is a disconnect between this valuation and management ambitions to grow organically at","page_number":26,"box":{"x":119,"y":157,"width":785,"height":11}},{"id":"67bcfb7b-9bf7-489e-92bb-8828a8467c33","block_type":"box","text":"10% pa and increase margins – an asymmetric situation we are happy to exploit.","page_number":26,"box":{"x":120,"y":172,"width":488,"height":11}},{"id":"219809f4-9b95-41f9-94fe-0c5e656789ae","block_type":"box","text":"AI Impact","page_number":26,"box":{"x":95,"y":195,"width":63,"height":10}},{"id":"b8fbdb8c-3b66-4930-a7a9-a7754ac96f69","block_type":"box","text":"Much investor attention remains focused on AI. Over the last six months we have seen some evidence of some of this frothiness i","page_number":26,"box":{"x":96,"y":209,"width":775,"height":9}},{"id":"f457b7b4-a322-4573-a3af-71a869edf91e","block_type":"box","text":"n our","page_number":26,"box":{"x":873,"y":212,"width":31,"height":6}},{"id":"e407b4b8-91b5-48ab-9ad7-a5045bfb35c8","block_type":"box","text":"universe. Companies in the technology sector with less battle-hardened business models have started appearing at the top of the","page_number":26,"box":{"x":96,"y":224,"width":808,"height":11}},{"id":"f4a61d46-b3be-42bc-ba36-2b6cc0ad9443","block_type":"box","text":"leader boards. 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The Fund rose 2.86% over the six months to the end of June, compared with a rise","page_number":33,"box":{"x":95,"y":299,"width":792,"height":11}},{"id":"d9e8e299-3d82-4a2c-8647-8b7057ae4073","block_type":"box","text":"of","page_number":33,"box":{"x":893,"y":299,"width":12,"height":8}},{"id":"9f943c92-0707-4710-81d3-4ec59572dcff","block_type":"box","text":"7.11% for the benchmark. 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A ceasefire announced on 8 April triggered an equally sharp reversal, and the remainder of th","page_number":33,"box":{"x":95,"y":445,"width":758,"height":10}},{"id":"d5cd457f-3d4a-42e6-8ec2-bb0e10b8c057","block_type":"box","text":"e period","page_number":33,"box":{"x":855,"y":445,"width":48,"height":10}},{"id":"c805a4f2-6c9a-4ca7-b7ae-644d35af57f7","block_type":"box","text":"was characterised by a fragile but holding peace, punctuated by UK political upheaval — Sir Keir Starmer survived a leadership","page_number":33,"box":{"x":95,"y":460,"width":748,"height":11}},{"id":"42ba25a6-8d8d-4841-8290-c12f8860423f","block_type":"box","text":"challenge","page_number":33,"box":{"x":848,"y":460,"width":56,"height":11}},{"id":"2a4b930a-a1cf-4d0f-8615-49827d335dd4","block_type":"box","text":"in May before resigning in June, with Andy Burnham seen then as his likely successor — and, in June, a hawkish shift in US Fede","page_number":33,"box":{"x":96,"y":476,"width":791,"height":10}},{"id":"624b2c67-7e20-4a5f-8eb6-08bd2f7d16c6","block_type":"box","text":"ral","page_number":33,"box":{"x":889,"y":476,"width":14,"height":8}},{"id":"8092b73a-ab38-4946-a6bf-ae2f18d16f5b","block_type":"box","text":"Reserve communication under new chair Kevin Warsh that pushed market expectations towards a US rate rise later in the year.","page_number":33,"box":{"x":96,"y":491,"width":773,"height":11}},{"id":"be3191bd-4d0a-4bfc-aa41-ce78be54ab0e","block_type":"box","text":"Financials was again the Fund's largest sector position and its biggest source of absolute return over the period, with Barclay","page_number":33,"box":{"x":96,"y":513,"width":753,"height":11}},{"id":"983086ed-ba7a-4571-af12-e57193e0f218","block_type":"box","text":"s, Lloyds,","page_number":33,"box":{"x":850,"y":513,"width":53,"height":11}},{"id":"0d9f5707-b9cd-406f-b54e-2b0009344a29","block_type":"box","text":"Standard Chartered, Man Group, Legal & General and Standard Life all contributing strongly and Schroders the standout single-st","page_number":33,"box":{"x":95,"y":529,"width":788,"height":10}},{"id":"607eccd3-a311-47fd-8cbd-5bbf54deb335","block_type":"box","text":"ock","page_number":33,"box":{"x":884,"y":529,"width":20,"height":8}},{"id":"4d6f478e-49e5-4f42-b231-2bc773270392","block_type":"box","text":"performer after US asset manager Nuveen agreed to acquire the business at a substantial premium. Elsewhere, stock selection in","page_number":33,"box":{"x":96,"y":544,"width":807,"height":11}},{"id":"367ee92b-0d53-45d4-a6cd-a246f9b6af93","block_type":"box","text":"consumer staples, where Unilever and Marks & Spencer both performed well despite the Fund's structural underweight to the secto","page_number":33,"box":{"x":95,"y":559,"width":800,"height":11}},{"id":"ca795ee5-2269-4f4f-8e7b-615e0c1ffc15","block_type":"box","text":"r,","page_number":33,"box":{"x":896,"y":562,"width":7,"height":7}},{"id":"7a7281e6-c6de-4036-9de9-71cbf6ef6a6b","block_type":"box","text":"was a valuable source of relative outperformance in the portfolio. Small and mid-cap growth recoveries in Luceco, Softcat, Auct","page_number":33,"box":{"x":95,"y":575,"width":790,"height":11}},{"id":"650e83f7-f3b3-4017-83bf-585a7db9ecbc","block_type":"box","text":"ion","page_number":33,"box":{"x":886,"y":575,"width":17,"height":8}},{"id":"dea48e6d-4b85-4197-8459-16415ef1d253","block_type":"box","text":"Technology Group and Bloomsbury Publishing also added meaningfully, the latter benefiting from renewed publishing momentum.","page_number":33,"box":{"x":95,"y":590,"width":800,"height":11}},{"id":"f308869c-a50f-4b89-95bf-98fd7f2325e1","block_type":"box","text":"The most persistent headwind came from the Fund's overweight exposure to mid-cap domestic and industrial cyclical stocks, which","page_number":33,"box":{"x":95,"y":613,"width":808,"height":10}},{"id":"6758b764-53fa-4c66-bc90-ff24b86c9374","block_type":"box","text":"had been built on the view — correct until March — that easing UK inflation would support a further round of Bank of England ra","page_number":33,"box":{"x":96,"y":628,"width":795,"height":11}},{"id":"acb7d3be-caee-4792-81bf-5330b207acc6","block_type":"box","text":"te","page_number":33,"box":{"x":893,"y":629,"width":11,"height":7}},{"id":"d4007d9a-8d8d-409a-a13a-4cd45f7da0e5","block_type":"box","text":"cuts. Barratt Redrow was the single largest detractor, falling sharply as the market abruptly repriced from expecting rate cuts","page_number":33,"box":{"x":95,"y":643,"width":748,"height":11}},{"id":"31e88a87-2899-4aee-813c-c501d3748ef1","block_type":"box","text":"to fearing","page_number":33,"box":{"x":846,"y":643,"width":58,"height":11}},{"id":"f5e5a38b-9d64-418e-a5a8-8f0295132c1a","block_type":"box","text":"hikes in the wake of the Iran shock; Taylor Wimpey suffered similarly. Melrose Industries and Prudential also detracted materia","page_number":33,"box":{"x":96,"y":659,"width":775,"height":11}},{"id":"be4948de-14f1-410e-9d62-0735cfc650d6","block_type":"box","text":"lly —","page_number":33,"box":{"x":873,"y":659,"width":31,"height":11}},{"id":"be58bcbc-9080-4d81-bcf4-a5c3e156da82","block_type":"box","text":"Melrose as confidence in its aerospace division's cash flow delivery wavered amid the broader industrial sell-off, and Prudenti","page_number":33,"box":{"x":96,"y":674,"width":776,"height":11}},{"id":"26a55c3b-03cf-4110-8de2-680d1a9f807f","block_type":"box","text":"al on","page_number":33,"box":{"x":874,"y":674,"width":29,"height":9}},{"id":"918ecceb-86d4-4553-9ee0-b20f01ddf096","block_type":"box","text":"tighter capital controls announced by Beijing late in the period. Communication services and technology names exposed to the re","page_number":33,"box":{"x":95,"y":690,"width":766,"height":10}},{"id":"8cb3caab-1c45-4614-ab30-83a6c60b59bd","block_type":"box","text":"curring","page_number":33,"box":{"x":862,"y":690,"width":42,"height":10}},{"id":"58a5ddb2-e8d6-422a-bc74-aac55bc3b84d","block_type":"box","text":"narrative of AI-driven disintermediation, including Autotrader, Gamma Communications and Pinewood Technologies, were a further","page_number":33,"box":{"x":96,"y":705,"width":808,"height":11}},{"id":"434217e8-9322-4537-9035-0d081ed1f019","block_type":"box","text":"source of weakness, though several — Autotrader in particular — later recovered as an activist stake underlined the value the m","page_number":33,"box":{"x":95,"y":721,"width":777,"height":10}},{"id":"34bdc7d3-f07d-4380-add4-980dcb96f566","block_type":"box","text":"arket","page_number":33,"box":{"x":873,"y":721,"width":31,"height":8}},{"id":"75fcea95-644b-4138-b275-690efb53eeb5","block_type":"box","text":"had been overlooking, in our view.","page_number":33,"box":{"x":96,"y":736,"width":209,"height":11}},{"id":"fc4fe2fe-348b-40be-b65b-ac63459d1948","block_type":"box","text":"As in prior periods, corporate activity provided a partial offset and underlined the value on offer in UK-listed equities. In a","page_number":33,"box":{"x":95,"y":758,"width":748,"height":11}},{"id":"124f5e42-3383-46db-b031-6c5c1ed91586","block_type":"box","text":"ddition to","page_number":33,"box":{"x":845,"y":758,"width":59,"height":9}},{"id":"72793391-d541-4320-931e-5aec19436913","block_type":"box","text":"Schroders' agreed takeover, Bodycote and Gamma Communications both attracted competing bid interest during the period, though","page_number":33,"box":{"x":95,"y":774,"width":808,"height":10}},{"id":"868335b4-0a3f-4b91-aa4c-b3bd11813805","block_type":"box","text":"the parties involved in Bodycote walked away; London Stock Exchange Group benefited from an activist stake taken by Elliott","page_number":33,"box":{"x":95,"y":789,"width":809,"height":11}},{"id":"a558fd17-2bc2-4b2f-93e6-2fde3ba4352e","block_type":"box","text":"Management alongside a £3 billion buyback, and easyJet drew successive approaches from Castlelake and Cinven. All this activity","page_number":33,"box":{"x":96,"y":805,"width":808,"height":10}},{"id":"99cb2cd5-4494-42bd-acb9-2bdc9f574f2f","block_type":"box","text":"reinforces our view that the disconnect between public market valuations and private market appetite for good UK businesses","page_number":33,"box":{"x":96,"y":820,"width":808,"height":11}},{"id":"5c8e3a71-124b-4ecb-aa8a-c621c849b80d","block_type":"box","text":"remains wide.","page_number":33,"box":{"x":96,"y":836,"width":86,"height":8}},{"id":"1573f1b0-1d40-4e86-9af2-9d5065eb1213","block_type":"box","text":"As the period progressed the macro backdrop improved. The ceasefire between the US and Iran held and was extended in June via a","page_number":33,"box":{"x":95,"y":858,"width":808,"height":10}},{"id":"544f612f-0014-42ea-9076-434dc4386e57","block_type":"box","text":"further memorandum of understanding covering 60 days of negotiation; oil prices fell back sharply as a result, easing the infla","page_number":33,"box":{"x":95,"y":873,"width":765,"height":11}},{"id":"d48014ba-1e74-42a3-bc50-906cd093051d","block_type":"box","text":"tionary","page_number":33,"box":{"x":861,"y":873,"width":43,"height":11}},{"id":"1c452027-de44-4641-8fdd-fbea32346a97","block_type":"box","text":"pressure that had driven the March shock. 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If you have any queries about the use of your personal information, please c","page_number":43,"box":{"x":95,"y":448,"width":770,"height":11}},{"id":"32315d51-d986-4729-a696-8686201758b9","block_type":"box","text":"ontact","page_number":43,"box":{"x":866,"y":449,"width":38,"height":7}},{"id":"ef93ff7e-caf2-41a2-a85a-3bc62e1ad092","block_type":"box","text":"us via e-mail at DPO@apexfs.com or by post to Hamilton Centre, Rodney Way, Chelmsford, Essex, CM1 3BY.","page_number":43,"box":{"x":96,"y":463,"width":652,"height":11}},{"id":"030b23bc-89b0-46ce-99c6-d7c4dd285f54","block_type":"box","text":"Risk Warning","page_number":43,"box":{"x":96,"y":486,"width":87,"height":10}},{"id":"101ea63b-33a0-4e0f-be14-213d6e433c17","block_type":"box","text":"An investment in an Open-Ended Investment Company with Variable Capital should be regarded as a medium to long-term investment.","page_number":43,"box":{"x":95,"y":501,"width":808,"height":11}},{"id":"03862b4a-c5d4-441e-a670-88872f80c018","block_type":"box","text":"Investors should be aware that the price of shares and the revenue from them can fall as well as rise and investors may not rec","page_number":43,"box":{"x":96,"y":516,"width":783,"height":11}},{"id":"52d13769-b504-4ee9-8922-9a05112b5abf","block_type":"box","text":"eive","page_number":43,"box":{"x":880,"y":517,"width":24,"height":8}},{"id":"e42a1309-6831-4ef9-ad89-7d7a4eb2f126","block_type":"box","text":"back the full amount invested. 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