{"annotation_id":"5123c8e5-dfa3-4a7d-b201-9f78696ac6ab","file_hash":"9e9b546017656d81bef66dedf61dcb83f0c8a50d1be722b37852b086aba25552","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"7f3122f7-b738-41ef-b112-3262b7659081","block_type":"box","text":"Artemis UK Smaller","page_number":1,"box":{"x":563,"y":342,"width":354,"height":23}},{"id":"7ff764ae-eb81-4389-acfb-bd00f6122f65","block_type":"box","text":"Companies","page_number":1,"box":{"x":566,"y":377,"width":201,"height":28}},{"id":"53b0c19e-4e03-463b-83c4-9d9adf871327","block_type":"box","text":"Fund","page_number":1,"box":{"x":767,"y":375,"width":90,"height":23}},{"id":"bcb96952-d345-4e80-aa49-3fa68ecb6104","block_type":"box","text":"Half-Yearly Report (unaudited)","page_number":1,"box":{"x":566,"y":451,"width":269,"height":15}},{"id":"0dbe38d0-2f0a-44de-baa0-5e72731c7a72","block_type":"box","text":"for the six months ended 30 June 2026","page_number":1,"box":{"x":565,"y":473,"width":260,"height":8}},{"id":"9ca5fd2c-7883-4452-8c9b-2beb6771b5b0","block_type":"box","text":"artemisfunds.com","page_number":2,"box":{"x":353,"y":916,"width":161,"height":11}},{"id":"0ad3c861-9a32-48cb-82c6-adb087e95ca1","block_type":"box","text":"Keep up to date …","page_number":2,"box":{"x":110,"y":474,"width":243,"height":23}},{"id":"7a51a467-a0dd-43cb-804a-0897a9b0f334","block_type":"box","text":"... with the performance of this and other","page_number":2,"box":{"x":110,"y":517,"width":371,"height":14}},{"id":"ae4020b2-929f-49cc-8d6b-c78658b63416","block_type":"box","text":"Artemis funds throughout the year on","page_number":2,"box":{"x":109,"y":538,"width":345,"height":14}},{"id":"332d9ffa-88a6-485a-bf4f-398803ccb8b6","block_type":"box","text":"Artemis’ website","page_number":2,"box":{"x":109,"y":558,"width":149,"height":11}},{"id":"f2d21a3b-ec81-4f44-82a7-ec6499a18b87","block_type":"box","text":"■","page_number":2,"box":{"x":103,"y":829,"width":8,"height":6}},{"id":"27852542-5d61-47ca-83a8-88686a76580d","block_type":"box","text":"Monthly fund commentaries and factsheets","page_number":2,"box":{"x":131,"y":827,"width":328,"height":12}},{"id":"377c1b2b-8da4-41a1-9123-7615d5d6ecbb","block_type":"box","text":"■","page_number":2,"box":{"x":103,"y":849,"width":8,"height":6}},{"id":"b635889c-0ccf-407a-a2df-5f476699ff41","block_type":"box","text":"Market and fund insights","page_number":2,"box":{"x":131,"y":847,"width":185,"height":12}},{"id":"a7eba715-3f75-4dd2-9a87-6427db9f3018","block_type":"box","text":"■","page_number":2,"box":{"x":103,"y":869,"width":8,"height":6}},{"id":"90339b27-8c29-4ba2-9ece-b07c0874c10b","block_type":"box","text":"Fund briefings and research articles","page_number":2,"box":{"x":131,"y":867,"width":267,"height":12}},{"id":"469502af-968b-4bff-b6c7-9b209c272295","block_type":"box","text":"■","page_number":2,"box":{"x":103,"y":889,"width":8,"height":6}},{"id":"09c2a081-58c9-467c-bce4-ca3f25910e41","block_type":"box","text":"Daily fund prices","page_number":2,"box":{"x":131,"y":887,"width":123,"height":12}},{"id":"5b361aba-7477-48f0-9d6a-fab3b82b2555","block_type":"box","text":"■","page_number":2,"box":{"x":103,"y":909,"width":8,"height":6}},{"id":"e7371e02-46ae-4e65-8923-bacb25167d97","block_type":"box","text":"Fund literature","page_number":2,"box":{"x":131,"y":907,"width":108,"height":9}},{"id":"78109fd0-f69f-4667-8075-ae2da1a9654b","block_type":"box","text":"3","page_number":3,"box":{"x":496,"y":979,"width":6,"height":7}},{"id":"128101ae-4b67-4184-84a4-eb58d603ddbe","block_type":"box","text":"General information","page_number":3,"box":{"x":72,"y":67,"width":256,"height":14}},{"id":"238d1eb4-59fd-4c1e-82c2-2bae7ac2f8e2","block_type":"box","text":"Company profile","page_number":3,"box":{"x":72,"y":100,"width":131,"height":13}},{"id":"14c76832-36b0-4a4d-8235-dd53fd5e087b","block_type":"box","text":"Artemis is a leading UK-based fund manager, offering a range","page_number":3,"box":{"x":71,"y":123,"width":411,"height":11}},{"id":"c67e3836-b574-4394-a193-97ae595ac988","block_type":"box","text":"of funds which invest in the UK, Europe, the US and around","page_number":3,"box":{"x":72,"y":138,"width":395,"height":10}},{"id":"03c7f1e0-ea7b-4233-8a18-1f858e4021b5","block_type":"box","text":"the world.","page_number":3,"box":{"x":71,"y":153,"width":67,"height":8}},{"id":"69e8db1b-b26f-4bd5-81fd-717cbf222c37","block_type":"box","text":"As a dedicated, active investment house, we specialise in","page_number":3,"box":{"x":71,"y":176,"width":386,"height":11}},{"id":"891a1bf9-84cf-4f6b-ae0c-042dbe7b3540","block_type":"box","text":"investment management for both retail and institutional","page_number":3,"box":{"x":72,"y":191,"width":379,"height":11}},{"id":"1961693b-b86b-4d26-9e1f-cf916a75b8ef","block_type":"box","text":"investors across Europe.","page_number":3,"box":{"x":72,"y":206,"width":164,"height":10}},{"id":"a4618f02-6bd3-4faa-9056-a33c149ae7ff","block_type":"box","text":"Independent and owner-managed, Artemis opened","page_number":3,"box":{"x":72,"y":229,"width":344,"height":11}},{"id":"87ff9d98-4639-47f0-b234-5ae0b32cd157","block_type":"box","text":"for business in 1997. Its aim was, and still is, exemplary","page_number":3,"box":{"x":71,"y":244,"width":364,"height":10}},{"id":"607b17f4-526a-4fca-9655-d0fead7aa5d4","block_type":"box","text":"investment performance and client service. All Artemis’","page_number":3,"box":{"x":72,"y":259,"width":374,"height":10}},{"id":"beffead6-1271-4771-8365-96379c89260c","block_type":"box","text":"staff share these two precepts – and the same flair and","page_number":3,"box":{"x":72,"y":274,"width":369,"height":10}},{"id":"87f226b3-fbf1-475e-bb4d-83f55af68ff5","block_type":"box","text":"enthusiasm for fund management.","page_number":3,"box":{"x":72,"y":288,"width":232,"height":11}},{"id":"ea117e8a-92d8-4345-9159-04659cad0b37","block_type":"box","text":"The firm now manages some £43.8 billion* across a range of","page_number":3,"box":{"x":71,"y":312,"width":405,"height":10}},{"id":"a84ee523-7605-4828-8a2c-59f4f8de0e13","block_type":"box","text":"funds, two investment trusts and both pooled and segregated","page_number":3,"box":{"x":71,"y":327,"width":416,"height":10}},{"id":"2962fb12-82b7-49e3-9470-57c76580079f","block_type":"box","text":"institutional portfolios.","page_number":3,"box":{"x":72,"y":341,"width":153,"height":11}},{"id":"15807e3f-052d-49e8-97ac-d67dc6790327","block_type":"box","text":"Our managers invest in their own and their colleagues’ funds.","page_number":3,"box":{"x":72,"y":365,"width":411,"height":10}},{"id":"1fb43741-d516-4504-b7fa-23491c5f936d","block_type":"box","text":"This has been a basic tenet of the Artemis approach since","page_number":3,"box":{"x":71,"y":380,"width":391,"height":10}},{"id":"ab9d4372-e1bb-4eee-b7c1-9fd87f971900","block_type":"box","text":"the firm started. It means that interests of our fund managers","page_number":3,"box":{"x":71,"y":394,"width":414,"height":11}},{"id":"c94030a0-e75b-451b-9133-b6d81ebb5bc5","block_type":"box","text":"are directly aligned with those of our investors.","page_number":3,"box":{"x":72,"y":409,"width":315,"height":11}},{"id":"d457e299-9419-42da-bc4c-5087b4a1ad8e","block_type":"box","text":"* Source: Artemis as at 31 July 2026","page_number":3,"box":{"x":72,"y":430,"width":211,"height":9}},{"id":"8050aae7-0b1c-4f3e-8c0d-cd2df8bb45cd","block_type":"box","text":"Fund status","page_number":3,"box":{"x":72,"y":462,"width":89,"height":10}},{"id":"8996f801-27da-43b1-849f-91a30555ce5a","block_type":"box","text":"Artemis UK Smaller Companies Fund was constituted by a","page_number":3,"box":{"x":71,"y":485,"width":394,"height":11}},{"id":"e998b3ed-a958-4fd8-a13c-462f6b6e83af","block_type":"box","text":"Trust Deed dated 17 March 1998 and is an authorised unit","page_number":3,"box":{"x":71,"y":500,"width":386,"height":8}},{"id":"9e1e4ef5-e2dc-4699-a829-37fa663fa899","block_type":"box","text":"trust scheme under the Financial Services and Markets Act","page_number":3,"box":{"x":71,"y":515,"width":402,"height":8}},{"id":"9c4ff85c-960b-4cbe-9530-337e96d1cc21","block_type":"box","text":"2000. The fund belongs to the category of UK UCITS schemes","page_number":3,"box":{"x":72,"y":530,"width":413,"height":10}},{"id":"6462750c-1336-45c1-b221-2be87fd112f9","block_type":"box","text":"as defined in the Collective Investment Schemes Sourcebook","page_number":3,"box":{"x":72,"y":545,"width":415,"height":8}},{"id":"bd78433c-a2ed-4a67-b175-9cdde97340a4","block_type":"box","text":"(‘COLL’) of the Financial Conduct Authority (‘FCA’).","page_number":3,"box":{"x":72,"y":559,"width":340,"height":11}},{"id":"9a955f14-f38c-4f3a-8c2b-66cc20a8099e","block_type":"box","text":"Buying and selling","page_number":3,"box":{"x":72,"y":584,"width":143,"height":14}},{"id":"c412f679-678a-4c05-9c93-49372452579d","block_type":"box","text":"Units may be bought and sold by contacting the manager","page_number":3,"box":{"x":72,"y":608,"width":387,"height":10}},{"id":"42a5e33b-5b97-4060-befc-0346a4874aae","block_type":"box","text":"by telephone, at the address on page 5 or via the website","page_number":3,"box":{"x":72,"y":623,"width":382,"height":10}},{"id":"a3992cc3-5bf5-4c6a-8342-fcef146f5a77","block_type":"box","text":"artemisfunds.com","page_number":3,"box":{"x":71,"y":637,"width":125,"height":9}},{"id":"678cce3d-58fa-4c40-a1b5-1269337cf8fa","block_type":"box","text":". Valuation of the fund takes place each","page_number":3,"box":{"x":197,"y":638,"width":264,"height":10}},{"id":"9a9b7b5f-1909-4555-b15e-0d620db4cc55","block_type":"box","text":"dealing day at 12 noon on a forward pricing basis. The current","page_number":3,"box":{"x":72,"y":652,"width":412,"height":11}},{"id":"88a88c89-4054-4d1c-ab6b-c7e1f0d2d0c8","block_type":"box","text":"list of non-dealing days impacting the fund is published in the","page_number":3,"box":{"x":72,"y":667,"width":413,"height":11}},{"id":"1e1c52b6-76d1-46d0-96d8-ba58b8d883eb","block_type":"box","text":"literature section of our website at www.artemisfunds.com.","page_number":3,"box":{"x":72,"y":682,"width":399,"height":8}},{"id":"12d166f6-14da-431a-b2bc-4a5449fc1037","block_type":"box","text":"Investors are reminded that past performance is not a","page_number":3,"box":{"x":72,"y":697,"width":364,"height":10}},{"id":"d6cd4b59-649a-4a00-ac7a-77ea828ad7eb","block_type":"box","text":"guarantee of performance in the future and that the price of","page_number":3,"box":{"x":71,"y":712,"width":406,"height":10}},{"id":"84ca9d0c-86d9-4a0f-9900-1f8a0e8103eb","block_type":"box","text":"units and the revenue from them can fall as well as rise.","page_number":3,"box":{"x":72,"y":727,"width":372,"height":8}},{"id":"25039215-464a-4d7e-a864-ae6c7dd5678f","block_type":"box","text":"Objective and investment policy","page_number":3,"box":{"x":512,"y":67,"width":394,"height":14}},{"id":"acc8a18a-4a3e-4628-80c1-c47b2ef84e93","block_type":"box","text":"Objective","page_number":3,"box":{"x":514,"y":103,"width":55,"height":9}},{"id":"c00546fd-91c4-4141-ada5-dedce27c5c10","block_type":"box","text":"To grow capital over a five year period.","page_number":3,"box":{"x":605,"y":103,"width":213,"height":9}},{"id":"f2cf3832-1aef-41d4-bb6b-eabde42ce57d","block_type":"box","text":"Investment","page_number":3,"box":{"x":515,"y":126,"width":65,"height":6}},{"id":"3f2346f4-d4ca-4c7f-b26c-80710b99b9bb","block_type":"box","text":"policy","page_number":3,"box":{"x":514,"y":136,"width":35,"height":9}},{"id":"df3c8b57-e9c9-4a55-8b1c-2a4aea7c5095","block_type":"box","text":"What the fund","page_number":3,"box":{"x":604,"y":125,"width":82,"height":7}},{"id":"0bd959db-9312-4b0a-8948-e39db8b9e4c4","block_type":"box","text":"invests in","page_number":3,"box":{"x":605,"y":136,"width":54,"height":7}},{"id":"b30c9dd4-e5a5-43b7-964e-e21ab74a5923","block_type":"box","text":"•","page_number":3,"box":{"x":696,"y":128,"width":3,"height":3}},{"id":"4a44dc21-cc96-48db-9bea-fbb8126171af","block_type":"box","text":"80% to 100% in shares of smaller","page_number":3,"box":{"x":703,"y":125,"width":183,"height":7}},{"id":"bfb79f98-d37d-4b98-8b13-83b9394b53a3","block_type":"box","text":"companies.","page_number":3,"box":{"x":703,"y":136,"width":64,"height":9}},{"id":"9d57363c-1ea1-44eb-b61c-c45b59c9fb33","block_type":"box","text":"•","page_number":3,"box":{"x":696,"y":150,"width":3,"height":2}},{"id":"e0408173-5014-4298-bfe7-f02e49cc2d69","block_type":"box","text":"Up to 20% in bonds, cash and near","page_number":3,"box":{"x":704,"y":147,"width":192,"height":8}},{"id":"b18be78f-5a7c-4e42-923d-a62af4559c1b","block_type":"box","text":"cash, other transferable securities,","page_number":3,"box":{"x":703,"y":157,"width":195,"height":8}},{"id":"e3ab7c9f-2d36-4a47-8871-49bafa561840","block_type":"box","text":"other funds (up to 10%) managed by","page_number":3,"box":{"x":703,"y":168,"width":202,"height":9}},{"id":"035cb316-7799-41cc-b439-85c4830bd69a","block_type":"box","text":"Artemis and third party funds, money","page_number":3,"box":{"x":703,"y":179,"width":209,"height":9}},{"id":"a79b5dad-0e1b-4c36-9009-83280ee2dcfa","block_type":"box","text":"market instruments, and derivatives.","page_number":3,"box":{"x":704,"y":190,"width":205,"height":7}},{"id":"2f074c6a-810c-4a3a-9b98-aa9d1ba16d7e","block_type":"box","text":"Use of","page_number":3,"box":{"x":605,"y":212,"width":36,"height":7}},{"id":"e94cabbc-e5ff-448c-b776-d89325416c26","block_type":"box","text":"derivatives","page_number":3,"box":{"x":605,"y":223,"width":63,"height":7}},{"id":"2a66cee5-45b4-4a46-8b37-0b8dca2f0e3e","block_type":"box","text":"The fund may use derivatives for efficient","page_number":3,"box":{"x":695,"y":212,"width":232,"height":9}},{"id":"43828360-d85f-46f1-9b23-76cb89a26e2c","block_type":"box","text":"portfolio management purposes to:","page_number":3,"box":{"x":696,"y":223,"width":199,"height":9}},{"id":"4e396a77-a2a4-48c6-a401-dcb2ac8e7483","block_type":"box","text":"•","page_number":3,"box":{"x":696,"y":238,"width":3,"height":2}},{"id":"2a378599-e5a8-4788-9ebc-1fc9b5702830","block_type":"box","text":"reduce risk","page_number":3,"box":{"x":704,"y":235,"width":61,"height":6}},{"id":"264307ba-dd4f-44ca-b815-c29a27f26465","block_type":"box","text":"•","page_number":3,"box":{"x":696,"y":248,"width":3,"height":3}},{"id":"810ecedc-a04d-48ab-aa49-36c41582a129","block_type":"box","text":"manage the fund efficiently.","page_number":3,"box":{"x":704,"y":245,"width":155,"height":9}},{"id":"58d16509-85ae-40be-abfd-e7d40dfa5f45","block_type":"box","text":"Where the","page_number":3,"box":{"x":604,"y":268,"width":60,"height":7}},{"id":"b62e80dd-0703-4dab-a95b-9bd73e0884aa","block_type":"box","text":"fund invests","page_number":3,"box":{"x":604,"y":278,"width":71,"height":7}},{"id":"8799b346-5972-4c8b-aed5-f4a30bac1668","block_type":"box","text":"•","page_number":3,"box":{"x":696,"y":271,"width":3,"height":2}},{"id":"05b8f7ae-a14a-4bdf-93f1-fb53b4083dfb","block_type":"box","text":"United Kingdom, including","page_number":3,"box":{"x":704,"y":268,"width":148,"height":9}},{"id":"ee177310-a811-41e3-b665-355781c4e7e8","block_type":"box","text":"companies in other countries that are","page_number":3,"box":{"x":703,"y":279,"width":213,"height":8}},{"id":"6b8aa9da-c757-451f-9e58-e6ed35b9f90d","block_type":"box","text":"headquartered or have a significant","page_number":3,"box":{"x":704,"y":289,"width":199,"height":9}},{"id":"db7cb41a-38ec-4c79-b000-b408ec2e42ee","block_type":"box","text":"part of their activities in the United","page_number":3,"box":{"x":704,"y":300,"width":195,"height":9}},{"id":"6c42c3b8-b212-46b7-a39a-ac88459705a9","block_type":"box","text":"Kingdom.","page_number":3,"box":{"x":704,"y":311,"width":52,"height":8}},{"id":"63d194f7-ca5c-4f3e-a97d-a38e3bed51bf","block_type":"box","text":"Industries the","page_number":3,"box":{"x":605,"y":333,"width":80,"height":7}},{"id":"b7b73060-e233-4f41-89bf-74fb108251c7","block_type":"box","text":"fund invests in","page_number":3,"box":{"x":604,"y":344,"width":84,"height":7}},{"id":"e1ff370b-ede3-42cc-8827-7a45c07f5800","block_type":"box","text":"•","page_number":3,"box":{"x":696,"y":336,"width":3,"height":3}},{"id":"21c4b945-673b-47de-b75a-a5009767c5c7","block_type":"box","text":"Any","page_number":3,"box":{"x":703,"y":333,"width":22,"height":9}},{"id":"630234c8-6194-48ad-914b-1cea7c1fedf5","block_type":"box","text":"Other","page_number":3,"box":{"x":605,"y":366,"width":33,"height":7}},{"id":"6a69df2b-3aea-4388-9f1b-1f4fa7f0c705","block_type":"box","text":"limitations","page_number":3,"box":{"x":605,"y":377,"width":61,"height":7}},{"id":"502082f7-83da-45e7-b75f-65498955e41c","block_type":"box","text":"specific to","page_number":3,"box":{"x":605,"y":388,"width":60,"height":8}},{"id":"5ecd105d-35e5-44e1-ab13-7cbd9a7863f5","block_type":"box","text":"this fund","page_number":3,"box":{"x":604,"y":398,"width":51,"height":7}},{"id":"4000b3b3-71af-42d4-9fdd-3780dbfc7c96","block_type":"box","text":"•","page_number":3,"box":{"x":696,"y":369,"width":3,"height":3}},{"id":"cdd9be87-03d1-4740-955a-8dc31958ffa6","block_type":"box","text":"None","page_number":3,"box":{"x":704,"y":367,"width":29,"height":6}},{"id":"84f94a9b-ca15-4d9b-ab3d-ffc29ab51499","block_type":"box","text":"Investment","page_number":3,"box":{"x":515,"y":421,"width":65,"height":7}},{"id":"171e571c-3973-4eca-8748-0ba9452685d6","block_type":"box","text":"strategy","page_number":3,"box":{"x":514,"y":432,"width":48,"height":8}},{"id":"808045fd-ea97-48f2-862a-87b510533a88","block_type":"box","text":"•","page_number":3,"box":{"x":605,"y":424,"width":4,"height":2}},{"id":"d4d45e07-1c3b-4c66-81fc-a5dfc5ef55f4","block_type":"box","text":"The fund is actively managed.","page_number":3,"box":{"x":612,"y":421,"width":166,"height":9}},{"id":"dd986957-f4ae-4d37-8d25-16eb15258f26","block_type":"box","text":"•","page_number":3,"box":{"x":605,"y":435,"width":4,"height":2}},{"id":"fdc8cbf0-6f81-4d17-9a01-089dd5fcd4de","block_type":"box","text":"The manager adopts a long-term investment approach.","page_number":3,"box":{"x":612,"y":432,"width":310,"height":8}},{"id":"6c700f8a-4667-4ac9-be3c-0e829edcd1bc","block_type":"box","text":"•","page_number":3,"box":{"x":605,"y":445,"width":4,"height":3}},{"id":"df518baa-17d1-4faf-b026-c79b9867f27f","block_type":"box","text":"The manager seeks to mostly invest in companies with","page_number":3,"box":{"x":612,"y":442,"width":307,"height":9}},{"id":"7767b6ce-b664-4d9c-a35a-38c9fa1c0a88","block_type":"box","text":"predictable and/or growing cashflow streams which","page_number":3,"box":{"x":613,"y":453,"width":290,"height":9}},{"id":"c965c280-de20-4cb9-8425-93cfa660ad64","block_type":"box","text":"require little additional capital to sustain.","page_number":3,"box":{"x":613,"y":464,"width":229,"height":8}},{"id":"9b0f9d43-cb9e-43d3-8838-6ebd1646beb1","block_type":"box","text":"•","page_number":3,"box":{"x":605,"y":478,"width":4,"height":2}},{"id":"183bd123-9975-456f-b0b9-c792599ab3ed","block_type":"box","text":"The manager identifies smaller companies with","page_number":3,"box":{"x":612,"y":474,"width":266,"height":9}},{"id":"08219416-e01a-4fb3-a91a-bbcae934e4d6","block_type":"box","text":"reference to their relative market capitalisation.","page_number":3,"box":{"x":613,"y":485,"width":267,"height":9}},{"id":"f25e7069-761b-43fe-9dcc-c71e406e94c9","block_type":"box","text":"Benchmarks","page_number":3,"box":{"x":515,"y":508,"width":71,"height":7}},{"id":"8989bc9d-fe35-4b2f-aab3-0b9b29ba188a","block_type":"box","text":"• Deutsche Numis Smaller Companies (-InvTrust) TR","page_number":3,"box":{"x":605,"y":508,"width":300,"height":8}},{"id":"7fd6e4f2-f795-4954-800c-8aa6ee5149d8","block_type":"box","text":"A widely-used indicator of the performance of the UK","page_number":3,"box":{"x":612,"y":520,"width":300,"height":8}},{"id":"f846ae63-9dc4-4ed4-8b46-580e7f146ed4","block_type":"box","text":"smaller companies stockmarket, in which the fund","page_number":3,"box":{"x":612,"y":530,"width":283,"height":9}},{"id":"25c097e5-d21e-43bb-b2d0-29e2741a9f6d","block_type":"box","text":"invests. It acts as a ‘comparator benchmark’ against","page_number":3,"box":{"x":613,"y":541,"width":291,"height":9}},{"id":"77339a2c-f28b-4115-977b-fffef24005d2","block_type":"box","text":"which the fund’s performance can be compared.","page_number":3,"box":{"x":612,"y":552,"width":271,"height":8}},{"id":"d1511d10-e270-43c4-a80b-41f248aa80c2","block_type":"box","text":"Management of the fund is not restricted by this","page_number":3,"box":{"x":613,"y":562,"width":271,"height":9}},{"id":"e02dac64-7d2e-47ba-ae85-8be1ed4d3622","block_type":"box","text":"benchmark.","page_number":3,"box":{"x":613,"y":573,"width":66,"height":7}},{"id":"12bb5e44-f98a-4d05-91b8-1579612b4a16","block_type":"box","text":"• IA UK Smaller Companies NR","page_number":3,"box":{"x":605,"y":585,"width":175,"height":9}},{"id":"2738b493-24a2-4102-979e-57b8d98657cd","block_type":"box","text":"A group of other asset managers’ funds that invest","page_number":3,"box":{"x":612,"y":597,"width":285,"height":8}},{"id":"bec8a6ac-562d-4ea0-904f-6405bf6c9e64","block_type":"box","text":"in similar asset types as this fund, collated by the","page_number":3,"box":{"x":613,"y":607,"width":274,"height":9}},{"id":"81ca1e7e-8bba-40a1-84f4-d808a4799755","block_type":"box","text":"Investment Association. It acts as a ‘comparator","page_number":3,"box":{"x":613,"y":618,"width":271,"height":9}},{"id":"cefa1d23-2f74-4d59-9461-cbfe7c99ba63","block_type":"box","text":"benchmark’ against which the fund’s performance can","page_number":3,"box":{"x":613,"y":629,"width":304,"height":9}},{"id":"8b716c49-d655-4e83-8e35-ce9b1a89e1c2","block_type":"box","text":"be compared. Management of the fund is not restricted","page_number":3,"box":{"x":613,"y":639,"width":311,"height":9}},{"id":"ea8f57bd-d77c-4af6-9bab-aadbce4fecb3","block_type":"box","text":"by this benchmark.","page_number":3,"box":{"x":613,"y":650,"width":106,"height":9}},{"id":"ceab31c2-b09a-428c-b030-c4536b877cd5","block_type":"box","text":"4","page_number":4,"box":{"x":496,"y":979,"width":7,"height":7}},{"id":"848835ac-88e4-4d1f-b3f2-a238279754e3","block_type":"box","text":"Risk and reward profile","page_number":4,"box":{"x":74,"y":67,"width":289,"height":14}},{"id":"50ccc6b0-069d-4b35-94f9-85dacf22bb91","block_type":"box","text":"Potentially lower rewards","page_number":4,"box":{"x":100,"y":102,"width":105,"height":8}},{"id":"00b9da99-e1cd-49cc-bd33-99352e1d9086","block_type":"box","text":"Lower risk","page_number":4,"box":{"x":100,"y":117,"width":43,"height":7}},{"id":"0d7aee38-40c6-4761-b1e7-7e4b37ff2ef1","block_type":"box","text":"Potentially","page_number":4,"box":{"x":325,"y":102,"width":44,"height":8}},{"id":"7e635573-7ddb-4abd-8ec9-d7bd66eb900b","block_type":"box","text":"higher rewards","page_number":4,"box":{"x":372,"y":102,"width":62,"height":8}},{"id":"58ff77b1-e30c-46f6-9812-a950139f42b7","block_type":"box","text":"Higher risk","page_number":4,"box":{"x":390,"y":117,"width":45,"height":9}},{"id":"963c1f76-8f9a-47c1-901a-6431e6180337","block_type":"box","text":"◼","page_number":4,"box":{"x":73,"y":155,"width":5,"height":4}},{"id":"3b11cf6a-13a3-48df-9096-2e76b34fb005","block_type":"box","text":"The fund is in the category shown due to historic volatility","page_number":4,"box":{"x":90,"y":152,"width":390,"height":11}},{"id":"87202592-d42d-4ba1-bbc7-dc0929bd8aee","block_type":"box","text":"(how much and how quickly the value of units in the fund","page_number":4,"box":{"x":91,"y":167,"width":383,"height":10}},{"id":"977597df-5007-4763-83c3-1045aef48611","block_type":"box","text":"may have risen and fallen in the past due to movements","page_number":4,"box":{"x":91,"y":181,"width":375,"height":10}},{"id":"318139dc-7e9f-4b26-84b1-e9138f2ad631","block_type":"box","text":"in markets, currencies and interest rates). It may not be a","page_number":4,"box":{"x":91,"y":195,"width":384,"height":11}},{"id":"198713a7-4d5f-4905-9dc9-eae14ae36474","block_type":"box","text":"reliable indication of the future risk profile of the fund.","page_number":4,"box":{"x":91,"y":209,"width":362,"height":11}},{"id":"a3143918-5270-4b69-a738-bc46767a6727","block_type":"box","text":"◼","page_number":4,"box":{"x":73,"y":230,"width":5,"height":3}},{"id":"ee1c9248-ce3e-4d97-9660-0dc0cf8ab59d","block_type":"box","text":"The risk category has been calculated using historic data","page_number":4,"box":{"x":90,"y":227,"width":385,"height":10}},{"id":"86976323-36dd-427b-801f-2928e1167bfa","block_type":"box","text":"and may not be a reliable indicator of the fund’s future risk","page_number":4,"box":{"x":91,"y":241,"width":391,"height":11}},{"id":"88023b35-61c6-47e2-a2cb-c50fc0a931f8","block_type":"box","text":"profile.","page_number":4,"box":{"x":91,"y":255,"width":45,"height":11}},{"id":"bd6874bf-9ead-4360-a5e3-7c8aa90cbd18","block_type":"box","text":"◼","page_number":4,"box":{"x":73,"y":276,"width":5,"height":4}},{"id":"5dfe6279-7545-45b8-8cad-8540ac692a4e","block_type":"box","text":"A risk indicator of “1” does not mean that the investment is","page_number":4,"box":{"x":91,"y":273,"width":395,"height":8}},{"id":"83195661-6c9d-4b76-a586-eab65a09dc9c","block_type":"box","text":"“risk free”.","page_number":4,"box":{"x":90,"y":287,"width":66,"height":9}},{"id":"c375eb59-e129-440d-bedf-27045d9e5b74","block_type":"box","text":"The risk indicator may not fully take into account","page_number":4,"box":{"x":71,"y":309,"width":339,"height":10}},{"id":"3bf24f67-59e5-4a21-a0cb-eee6faf0086e","block_type":"box","text":"the following risks and the following may affect fund","page_number":4,"box":{"x":71,"y":324,"width":362,"height":10}},{"id":"91f488d9-0476-444b-8214-bf34d52d097f","block_type":"box","text":"performance:","page_number":4,"box":{"x":72,"y":339,"width":92,"height":10}},{"id":"5c1c6079-6275-401c-a091-d70dc93df5a4","block_type":"box","text":"◼","page_number":4,"box":{"x":73,"y":361,"width":5,"height":3}},{"id":"c4c20efe-0894-4fb7-8db3-68e7785ca07a","block_type":"box","text":"Smaller companies risk:","page_number":4,"box":{"x":90,"y":358,"width":164,"height":10}},{"id":"17658b3a-316f-4b2f-a6cd-3defb9570c49","block_type":"box","text":"Investing in small companies can","page_number":4,"box":{"x":260,"y":358,"width":222,"height":10}},{"id":"e3b90b0c-532c-47e1-a4c5-8dbc4e95470e","block_type":"box","text":"involve more risk than investing in larger, more established","page_number":4,"box":{"x":91,"y":372,"width":394,"height":11}},{"id":"09956d8d-33d6-4fa0-8a8c-1df42d8df63d","block_type":"box","text":"companies. Shares in smaller companies may not be as","page_number":4,"box":{"x":91,"y":386,"width":372,"height":11}},{"id":"c25ae70f-a9de-4208-aca5-3ad12cfb5d4f","block_type":"box","text":"easy to sell, which can cause difficulty in valuing those","page_number":4,"box":{"x":91,"y":401,"width":366,"height":10}},{"id":"fd5730a7-2b2f-4507-a63d-30186e1a44a8","block_type":"box","text":"shares.","page_number":4,"box":{"x":91,"y":415,"width":47,"height":8}},{"id":"c781862a-249d-4fa9-8709-b0e0f03fed68","block_type":"box","text":"◼","page_number":4,"box":{"x":73,"y":435,"width":5,"height":4}},{"id":"dd29ac28-dc78-4918-939b-4ff601e85330","block_type":"box","text":"Market volatility risk:","page_number":4,"box":{"x":91,"y":432,"width":147,"height":11}},{"id":"2e2331ad-1015-413b-acd6-276bd2b01c2d","block_type":"box","text":"The value of the fund and any","page_number":4,"box":{"x":242,"y":433,"width":199,"height":10}},{"id":"f55343ee-5205-4e4f-a354-c6f52d308027","block_type":"box","text":"income from it can fall or rise because of movements in","page_number":4,"box":{"x":91,"y":447,"width":372,"height":8}},{"id":"a0fd46f2-24d9-4519-a6c1-6320f45dcfa4","block_type":"box","text":"stockmarkets, currencies and interest rates, each of which","page_number":4,"box":{"x":91,"y":461,"width":394,"height":10}},{"id":"e82f34a0-bc6b-4363-8570-9c087ff0dfdb","block_type":"box","text":"can move irrationally and be affected unpredictably by","page_number":4,"box":{"x":91,"y":475,"width":367,"height":11}},{"id":"bf730072-49c0-44f9-b82a-c1f8ea52eb9e","block_type":"box","text":"diverse factors, including political and economic events.","page_number":4,"box":{"x":91,"y":490,"width":378,"height":10}},{"id":"d51b7218-da48-40ec-8396-72c551d661f4","block_type":"box","text":"◼","page_number":4,"box":{"x":73,"y":510,"width":5,"height":4}},{"id":"05c3c64e-f46f-4b58-90d2-7601a15e175a","block_type":"box","text":"Currency risk:","page_number":4,"box":{"x":91,"y":507,"width":96,"height":11}},{"id":"9afff077-8666-4943-9837-1bdafc93bd6c","block_type":"box","text":"The fund’s assets may be priced in","page_number":4,"box":{"x":191,"y":507,"width":229,"height":11}},{"id":"15dcba8d-27b8-47a6-a0a3-c70bb4ede927","block_type":"box","text":"currencies other than the fund base currency. Changes in","page_number":4,"box":{"x":91,"y":521,"width":387,"height":11}},{"id":"f3b0daf2-cf3e-4d1c-8163-4ac9c20be4f9","block_type":"box","text":"currency exchange rates can therefore affect the fund's","page_number":4,"box":{"x":91,"y":536,"width":373,"height":10}},{"id":"59c33e5d-52eb-4ee2-b44a-91a5b0e4c390","block_type":"box","text":"value.","page_number":4,"box":{"x":90,"y":550,"width":38,"height":8}},{"id":"7d144755-7702-4e01-b47c-fb8c05d97cf9","block_type":"box","text":"◼","page_number":4,"box":{"x":73,"y":570,"width":5,"height":4}},{"id":"7006038d-97ff-4d67-ab7b-abe2cded4491","block_type":"box","text":"Charges from capital risk:","page_number":4,"box":{"x":91,"y":567,"width":177,"height":11}},{"id":"b7db6aee-2ba4-4c2a-93b5-b30e7e4902ee","block_type":"box","text":"Where charges are taken wholly","page_number":4,"box":{"x":272,"y":568,"width":215,"height":10}},{"id":"a096210f-631b-400d-b9bd-09cb70b8402f","block_type":"box","text":"or partly out of a fund's capital, distributable income","page_number":4,"box":{"x":91,"y":582,"width":351,"height":10}},{"id":"860ef87c-e6c8-44bd-bd6b-1869e1dca007","block_type":"box","text":"may be increased at the expense of capital, which may","page_number":4,"box":{"x":91,"y":596,"width":366,"height":11}},{"id":"3b5129d8-90b2-4699-b83e-5c7a3dc20479","block_type":"box","text":"constrain or erode capital growth.","page_number":4,"box":{"x":91,"y":610,"width":228,"height":11}},{"id":"356e9457-3a92-47ae-8e7d-ca4c461af6de","block_type":"box","text":"There was no change to the risk indicator in the six months","page_number":4,"box":{"x":71,"y":632,"width":399,"height":10}},{"id":"54d8226c-7dc9-409f-95cc-77a555f49e6d","block_type":"box","text":"ended 30 June 2026.","page_number":4,"box":{"x":72,"y":647,"width":137,"height":8}},{"id":"4c636fe3-e61e-4b0f-927a-f9a6f48e9989","block_type":"box","text":"Please refer to the fund’s prospectus for full details of these","page_number":4,"box":{"x":72,"y":670,"width":399,"height":10}},{"id":"07386d9d-e0a2-416d-85d7-2b4ba48589fd","block_type":"box","text":"and other risks which are applicable to this fund.","page_number":4,"box":{"x":72,"y":685,"width":327,"height":10}},{"id":"98ab1726-bce5-42be-9f66-3dd9bbb556d4","block_type":"box","text":"Other information","page_number":4,"box":{"x":512,"y":67,"width":228,"height":14}},{"id":"5fbcbb61-414d-41a6-b26e-0a9f42cadec9","block_type":"box","text":"Prospectus","page_number":4,"box":{"x":512,"y":97,"width":81,"height":13}},{"id":"341bd081-47ee-4047-9dbd-3a0924a67897","block_type":"box","text":"Copies of the most recent Prospectus are available free of","page_number":4,"box":{"x":512,"y":120,"width":391,"height":10}},{"id":"654a0c28-0ba3-4264-ab77-15c3da1c77ef","block_type":"box","text":"charge from the manager at the address on page 5.","page_number":4,"box":{"x":512,"y":135,"width":343,"height":10}},{"id":"a0e26ee2-7aab-4274-be68-a267fc6dec11","block_type":"box","text":"Tax information reporting","page_number":4,"box":{"x":511,"y":160,"width":204,"height":14}},{"id":"a1b94298-1634-472f-9ab7-3aabb149f9de","block_type":"box","text":"UK tax legislation requires fund managers to provide","page_number":4,"box":{"x":512,"y":183,"width":353,"height":11}},{"id":"504a0265-cf88-4b2e-8feb-f98ec05ac616","block_type":"box","text":"information to HM Revenue & Customs (‘HMRC’) on certain","page_number":4,"box":{"x":512,"y":198,"width":399,"height":10}},{"id":"6fe00ec5-4712-488c-905a-d4acafd8c166","block_type":"box","text":"investors who purchase units in unit trusts. Accordingly, the","page_number":4,"box":{"x":512,"y":213,"width":404,"height":10}},{"id":"0c5c1b4e-844b-4a39-abe6-039291f7a4f1","block_type":"box","text":"fund may have to provide information annually to HMRC on","page_number":4,"box":{"x":511,"y":228,"width":399,"height":10}},{"id":"9a953299-58ed-4e69-b7f6-d4313114a0d8","block_type":"box","text":"the tax residencies of those unitholders that are tax resident","page_number":4,"box":{"x":511,"y":243,"width":409,"height":8}},{"id":"825d89e1-d659-4eed-9f34-c3147bd76eba","block_type":"box","text":"outwith the UK, in those countries that have signed up to","page_number":4,"box":{"x":512,"y":257,"width":385,"height":11}},{"id":"3a95039c-b05d-4c29-b26b-73ba45467a1a","block_type":"box","text":"the OECD’s (‘Organisation for Economic Co-operation and","page_number":4,"box":{"x":511,"y":272,"width":390,"height":11}},{"id":"d1780cd8-01c8-4151-bba1-7f89cc10fc81","block_type":"box","text":"Development’) Common Reporting Standard for Automatic","page_number":4,"box":{"x":512,"y":287,"width":398,"height":11}},{"id":"d9c17b21-7cc4-4b3c-b03d-f53a4343f0b1","block_type":"box","text":"Exchange of Financial Account Information (the ‘Common","page_number":4,"box":{"x":512,"y":302,"width":391,"height":10}},{"id":"df4928a5-0265-4aa8-a9d3-d3dd04468974","block_type":"box","text":"Reporting Standard’), or the United States (under the Foreign","page_number":4,"box":{"x":512,"y":317,"width":410,"height":10}},{"id":"480193f5-311b-4d92-9537-16de712c5da7","block_type":"box","text":"Account Tax Compliance Act, ‘FATCA’).","page_number":4,"box":{"x":511,"y":331,"width":263,"height":11}},{"id":"1cc2573f-057a-496a-bd1e-33b64c9e38ac","block_type":"box","text":"All new unitholders that invest in the fund must complete","page_number":4,"box":{"x":511,"y":355,"width":388,"height":10}},{"id":"8d984383-eec9-424b-9a3b-d39cf4cb0240","block_type":"box","text":"a certification form as part of the application form. Existing","page_number":4,"box":{"x":512,"y":370,"width":397,"height":10}},{"id":"4e9392c8-046b-4904-8bdc-349fd47385a7","block_type":"box","text":"unitholders may also be contacted by the Registrar should","page_number":4,"box":{"x":512,"y":385,"width":392,"height":10}},{"id":"a1a5a462-2eb4-44b7-a745-6e5f653b4705","block_type":"box","text":"any extra information be needed to correctly determine their","page_number":4,"box":{"x":512,"y":399,"width":409,"height":11}},{"id":"70b6c3a2-4870-4e38-91ed-cbf73f45b418","block_type":"box","text":"tax residence. Failure to provide this information may result","page_number":4,"box":{"x":511,"y":414,"width":401,"height":11}},{"id":"740a6f4e-befc-46b5-8a6c-57f459dae349","block_type":"box","text":"in the account being reported to HMRC.","page_number":4,"box":{"x":512,"y":429,"width":269,"height":11}},{"id":"403df50b-ee9b-4cb6-90c4-991e04490c0e","block_type":"box","text":"For further information, please see HMRC’s Quick Guide:","page_number":4,"box":{"x":512,"y":452,"width":380,"height":11}},{"id":"f6f31abb-e8e1-419a-891f-6b85fd665947","block_type":"box","text":"Automatic Exchange of Information – information for","page_number":4,"box":{"x":511,"y":467,"width":358,"height":11}},{"id":"33d63522-d0b3-442c-b0f5-b8affe845ffd","block_type":"box","text":"account holders: gov.uk/government/publications/exchange","page_number":4,"box":{"x":512,"y":482,"width":412,"height":11}},{"id":"f7704951-cc01-45e0-9056-5cc7cf93e204","block_type":"box","text":"of information-account-holders.","page_number":4,"box":{"x":512,"y":497,"width":215,"height":8}},{"id":"1128bd64-2a9a-4682-b108-6876413a3cef","block_type":"box","text":"Value assessment","page_number":4,"box":{"x":511,"y":522,"width":131,"height":10}},{"id":"c60ffffb-957b-49d1-b192-c3e289feb953","block_type":"box","text":"Artemis Fund Managers Limited (‘AFML’) has conducted a","page_number":4,"box":{"x":511,"y":545,"width":390,"height":11}},{"id":"14003690-e1f4-44f6-91c6-ad594cf8ce68","block_type":"box","text":"detailed assessment on whether its funds are providing value","page_number":4,"box":{"x":512,"y":560,"width":413,"height":11}},{"id":"d7bbc3e7-2415-4204-b26f-7b60e57fcaab","block_type":"box","text":"to unitholders. AFML must publish publicly, on an annual","page_number":4,"box":{"x":511,"y":575,"width":383,"height":11}},{"id":"ac771133-3755-4cf6-8f4c-af3323a1932f","block_type":"box","text":"basis, a statement setting out a summary of the outcome of","page_number":4,"box":{"x":512,"y":590,"width":403,"height":10}},{"id":"0615cde1-0821-4cdb-b180-3fce5dc23d8f","block_type":"box","text":"the process and whether or not AFML believes the payments","page_number":4,"box":{"x":511,"y":605,"width":412,"height":10}},{"id":"d4a6ab84-87e5-4a2b-97dd-e7f2d33b1916","block_type":"box","text":"out of the scheme property are justified in the context of the","page_number":4,"box":{"x":512,"y":620,"width":407,"height":10}},{"id":"b3f8596b-b34f-41d7-a0da-6383c2e1076b","block_type":"box","text":"overall value delivered to unitholders. Composite reports on","page_number":4,"box":{"x":512,"y":635,"width":403,"height":10}},{"id":"4b14d247-6534-4615-9edc-7c2c273ade6b","block_type":"box","text":"Assessment of Value have been published via the website","page_number":4,"box":{"x":511,"y":649,"width":390,"height":11}},{"id":"41fe09b2-090f-40bb-952d-f97061058afd","block_type":"box","text":"artemisfunds.com.","page_number":4,"box":{"x":512,"y":664,"width":124,"height":8}},{"id":"4e4e02b0-a283-4967-bcea-177257686ada","block_type":"box","text":"Taskforce for Climate-Related Financial Disclosures","page_number":4,"box":{"x":511,"y":689,"width":407,"height":11}},{"id":"16a3c97e-b5f0-4da4-ad26-084428a1a973","block_type":"box","text":"(“TCFD”)","page_number":4,"box":{"x":512,"y":705,"width":87,"height":12}},{"id":"10514a31-bd73-499e-9a59-b3d2032cb54c","block_type":"box","text":"In accordance with the FCA’s requirements under the","page_number":4,"box":{"x":512,"y":728,"width":360,"height":10}},{"id":"5c3bf163-b335-4f62-b624-4d9825e49189","block_type":"box","text":"Environmental, Social and Governance Sourcebook, Artemis","page_number":4,"box":{"x":512,"y":743,"width":407,"height":9}},{"id":"ece24c43-5bab-4e55-9588-32baee5299d0","block_type":"box","text":"is required to publish disclosures consistent with the","page_number":4,"box":{"x":512,"y":758,"width":356,"height":10}},{"id":"6d0d41fe-cd6b-4e7b-a297-6c5e14efb046","block_type":"box","text":"Taskforce on Climate-Related Financial Disclosures (“TCFD”)","page_number":4,"box":{"x":511,"y":772,"width":408,"height":10}},{"id":"9beb1067-4f4f-4ba1-90cd-0f4652fabc44","block_type":"box","text":"for the period 1 January 2025 to 31 December 2025. The","page_number":4,"box":{"x":511,"y":787,"width":372,"height":11}},{"id":"c91df8eb-2fdf-47de-8f8e-dd2695ff04c8","block_type":"box","text":"entity-level TCFD report contains information about how","page_number":4,"box":{"x":512,"y":802,"width":382,"height":11}},{"id":"f1cd01ac-135e-4fe5-a809-b90b622c91ed","block_type":"box","text":"Artemis manages climate-related risks and opportunities","page_number":4,"box":{"x":511,"y":817,"width":385,"height":11}},{"id":"e00474b5-0981-43cb-9901-7f76138bf0ff","block_type":"box","text":"in investment portfolios and across its business operations","page_number":4,"box":{"x":512,"y":832,"width":398,"height":10}},{"id":"6e63eaf8-b477-4b22-840c-4bd7581eaf2b","block_type":"box","text":"and the product-level TCFD report contains certain climate","page_number":4,"box":{"x":512,"y":847,"width":398,"height":10}},{"id":"98bd7f37-b01c-437f-9527-e424d127fd74","block_type":"box","text":"related metrics required to be published for Artemis UK","page_number":4,"box":{"x":512,"y":862,"width":374,"height":10}},{"id":"6e173e86-4460-42ed-833f-7c531a699aa2","block_type":"box","text":"Smaller Companies Fund. These TCFD reports, which were","page_number":4,"box":{"x":511,"y":877,"width":394,"height":10}},{"id":"b66db847-82bb-4609-937e-88edb3065e7b","block_type":"box","text":"published in June 2026, can be found in the literature section","page_number":4,"box":{"x":512,"y":891,"width":410,"height":11}},{"id":"36ef3cf2-5590-421a-a5d4-9f4f9cf7a688","block_type":"box","text":"of our website at www.artemisfunds.com.","page_number":4,"box":{"x":512,"y":906,"width":279,"height":9}},{"id":"3e2fbe84-9358-49b2-ad1e-cbceb4f6bc23","block_type":"box","text":"5","page_number":5,"box":{"x":496,"y":979,"width":6,"height":7}},{"id":"f5296ec5-4852-409b-a724-a1c346590a34","block_type":"box","text":"Manager","page_number":5,"box":{"x":71,"y":68,"width":69,"height":13}},{"id":"0ff0de26-49fa-4e2b-956d-83678760421b","block_type":"box","text":"Artemis Fund Managers Limited *","page_number":5,"box":{"x":71,"y":87,"width":227,"height":11}},{"id":"5c95bbc6-5865-40fd-a3ab-3e7cb1a8979e","block_type":"box","text":"Cassini House","page_number":5,"box":{"x":72,"y":102,"width":95,"height":8}},{"id":"c4eb2249-59a3-407b-a2e8-1f12089d740f","block_type":"box","text":"57 St James’s Street","page_number":5,"box":{"x":71,"y":117,"width":134,"height":8}},{"id":"41abde8f-bb7c-4ff7-bab0-8e4e31032d75","block_type":"box","text":"London SW1A 1LD","page_number":5,"box":{"x":72,"y":132,"width":121,"height":8}},{"id":"d2255282-0272-42c5-86e0-40fff20a1604","block_type":"box","text":"Dealing information:","page_number":5,"box":{"x":72,"y":161,"width":137,"height":11}},{"id":"6222997b-4253-462d-9093-d0622b7647f6","block_type":"box","text":"Artemis Fund Managers Limited","page_number":5,"box":{"x":71,"y":176,"width":216,"height":11}},{"id":"132f2de1-d0cd-48ab-b662-ee61566200a8","block_type":"box","text":"Sunderland SR43 4BH","page_number":5,"box":{"x":71,"y":191,"width":147,"height":8}},{"id":"c5b8cc64-a7b3-420f-a2e5-954c836841b0","block_type":"box","text":"Telephone: 0800 092 2051","page_number":5,"box":{"x":71,"y":206,"width":170,"height":10}},{"id":"1ffe529d-3f2e-4657-9574-05923c88e8c2","block_type":"box","text":"Website: artemisfunds.com","page_number":5,"box":{"x":71,"y":221,"width":183,"height":8}},{"id":"8cf2d686-2d32-4880-9815-52eb68f4193e","block_type":"box","text":"Investment adviser","page_number":5,"box":{"x":72,"y":256,"width":144,"height":10}},{"id":"9ecb903c-4999-4dd9-beec-5f57a8692b84","block_type":"box","text":"Artemis Investment Management LLP *","page_number":5,"box":{"x":71,"y":276,"width":268,"height":10}},{"id":"e71ac868-78cf-42d5-97ed-f3c62d0aa57a","block_type":"box","text":"Cassini House","page_number":5,"box":{"x":72,"y":291,"width":95,"height":8}},{"id":"29510766-2338-44b1-99e4-9cce3a9ef757","block_type":"box","text":"57 St James’s Street","page_number":5,"box":{"x":71,"y":305,"width":134,"height":9}},{"id":"799ae9a0-82ae-45fb-871c-8b6713a1a389","block_type":"box","text":"London SW1A 1LD","page_number":5,"box":{"x":72,"y":320,"width":121,"height":9}},{"id":"e99c438d-9339-457d-a828-4f1fbe757990","block_type":"box","text":"Trustee and Depositary","page_number":5,"box":{"x":71,"y":355,"width":181,"height":14}},{"id":"f4342da9-730a-4c14-b6af-eaf039b05d65","block_type":"box","text":"Northern Trust Investor Services Limited *","page_number":5,"box":{"x":72,"y":375,"width":284,"height":8}},{"id":"d55d9f23-923e-4cdf-a799-39da5a425d3e","block_type":"box","text":"50 Bank Street","page_number":5,"box":{"x":71,"y":390,"width":100,"height":8}},{"id":"f4180cb9-2753-48ee-8500-2d2df73fe327","block_type":"box","text":"Canary Wharf","page_number":5,"box":{"x":72,"y":405,"width":92,"height":10}},{"id":"66d1cc2e-70e8-4286-a3bd-9b8a948e985d","block_type":"box","text":"London E14 5NT","page_number":5,"box":{"x":72,"y":420,"width":108,"height":8}},{"id":"97ba3bd9-7aaa-41f4-b156-44f81e050b04","block_type":"box","text":"Registrar","page_number":5,"box":{"x":72,"y":455,"width":68,"height":13}},{"id":"f7de2d7a-1fda-4bf3-9a12-aa5b83f6b168","block_type":"box","text":"Northern Trust UK Global Services SE","page_number":5,"box":{"x":72,"y":475,"width":252,"height":8}},{"id":"95e990a5-f954-4ff6-99ef-7efb413b8af5","block_type":"box","text":"†","page_number":5,"box":{"x":328,"y":475,"width":4,"height":5}},{"id":"aae2986e-20fc-4ca5-80a4-3c8bcf3444f2","block_type":"box","text":"50 Bank Street","page_number":5,"box":{"x":71,"y":490,"width":100,"height":8}},{"id":"b7bf434a-2d46-434b-b8fe-ce657ea5d6e9","block_type":"box","text":"Canary Wharf","page_number":5,"box":{"x":72,"y":504,"width":92,"height":11}},{"id":"8dac45ed-105d-482d-b8b2-78292fab9b2f","block_type":"box","text":"London","page_number":5,"box":{"x":72,"y":519,"width":50,"height":8}},{"id":"89dddbb6-49ad-466c-b149-596b98b0f8c8","block_type":"box","text":"E14 5NT","page_number":5,"box":{"x":72,"y":534,"width":53,"height":8}},{"id":"226b1210-dcfe-4c91-9559-aec2a63a648c","block_type":"box","text":"Auditor","page_number":5,"box":{"x":70,"y":569,"width":62,"height":10}},{"id":"cb36a7a3-8785-4787-96d8-b0a69ffb7d87","block_type":"box","text":"Ernst & Young LLP","page_number":5,"box":{"x":72,"y":589,"width":123,"height":11}},{"id":"f65eba3a-8d5b-42ca-8c5e-59637e69e478","block_type":"box","text":"Atria One","page_number":5,"box":{"x":71,"y":604,"width":65,"height":8}},{"id":"4cee273a-929f-4780-97d8-9e343b3c716c","block_type":"box","text":"144 Morrison Street","page_number":5,"box":{"x":72,"y":619,"width":132,"height":8}},{"id":"937796e1-e469-42a8-a968-c5e80deea805","block_type":"box","text":"Edinburgh","page_number":5,"box":{"x":72,"y":634,"width":68,"height":10}},{"id":"1b2a702a-317e-46e3-8078-2df79b3c91b6","block_type":"box","text":"EH3 8EX","page_number":5,"box":{"x":72,"y":649,"width":56,"height":8}},{"id":"dcc6fea7-7bf0-428a-af8e-3b7382f415df","block_type":"box","text":"*Authorised and regulated by the Financial Conduct Authority.","page_number":5,"box":{"x":72,"y":670,"width":328,"height":8}},{"id":"a2f05682-97ab-4f76-8da6-323a8058f85e","block_type":"box","text":"†","page_number":5,"box":{"x":71,"y":690,"width":4,"height":5}},{"id":"073062b3-32e8-427c-a22e-7a149960f6ba","block_type":"box","text":"Authorised by the Prudential Regulation Authority (‘PRA’),","page_number":5,"box":{"x":75,"y":691,"width":304,"height":9}},{"id":"36a6cb6c-0fa0-4b7c-8de4-8bba3de7b4a1","block_type":"box","text":"20 Moorgate, London EC2R 6DA and regulated by the PRA and the FCA.","page_number":5,"box":{"x":71,"y":706,"width":375,"height":8}},{"id":"0a2718c4-f5db-483b-9681-d040484084ed","block_type":"box","text":"Report of the manager","page_number":5,"box":{"x":512,"y":67,"width":174,"height":14}},{"id":"c2dc7942-56c0-4ed7-9a0f-4d560874b10b","block_type":"box","text":"We hereby approve the Half-Yearly Report of the Artemis UK","page_number":5,"box":{"x":511,"y":91,"width":405,"height":10}},{"id":"f16ff0e8-4f53-4395-9e10-741d138b4ed5","block_type":"box","text":"Smaller Companies Fund for six months ended 30 June 2026","page_number":5,"box":{"x":511,"y":105,"width":407,"height":11}},{"id":"e8fda761-a8ba-44ba-a38d-c462e1f13c3c","block_type":"box","text":"on behalf of Artemis Fund Managers Limited in accordance","page_number":5,"box":{"x":512,"y":120,"width":399,"height":11}},{"id":"88816744-b20b-4ccd-b426-94c00bbdf8f1","block_type":"box","text":"with the requirements of COLL as issued and amended by","page_number":5,"box":{"x":511,"y":135,"width":392,"height":11}},{"id":"0df074b4-d0ab-4062-a9a4-598b946d06fa","block_type":"box","text":"the FCA.","page_number":5,"box":{"x":511,"y":150,"width":58,"height":8}},{"id":"1a31b332-c269-4e84-8b8b-f0c587dc1277","block_type":"box","text":"T Johnston","page_number":5,"box":{"x":511,"y":196,"width":75,"height":9}},{"id":"d5d1a71c-f3ff-46d0-9faf-1390b2ce4272","block_type":"box","text":"S Dougall","page_number":5,"box":{"x":847,"y":196,"width":63,"height":11}},{"id":"184de8fc-8472-4c1b-a952-540be1eddf23","block_type":"box","text":"Director","page_number":5,"box":{"x":512,"y":211,"width":55,"height":8}},{"id":"ada064c7-8da7-4af6-a742-d2705243781a","block_type":"box","text":"Director","page_number":5,"box":{"x":848,"y":211,"width":55,"height":8}},{"id":"04453bdf-0b26-4a63-b5c7-948cb40871a8","block_type":"box","text":"Artemis Fund Managers Limited","page_number":5,"box":{"x":511,"y":226,"width":216,"height":11}},{"id":"71e4c72f-c84a-43bf-ab9a-b60e116b7e72","block_type":"box","text":"London","page_number":5,"box":{"x":512,"y":241,"width":50,"height":8}},{"id":"6a94f20b-251c-4457-a7a9-0974a883b1ff","block_type":"box","text":"27 August 2026","page_number":5,"box":{"x":512,"y":256,"width":102,"height":10}},{"id":"89cd2d91-fec3-44ce-8ce0-1d8195c684b0","block_type":"box","text":"6","page_number":6,"box":{"x":497,"y":979,"width":6,"height":7}},{"id":"9fdd1049-763b-40c1-b91f-fafb0612cfd7","block_type":"box","text":"Investment Review","page_number":6,"box":{"x":74,"y":67,"width":221,"height":14}},{"id":"20646ffd-dbe0-4d3b-aab1-a906d38417b1","block_type":"box","text":"Additions to the team","page_number":6,"box":{"x":70,"y":100,"width":171,"height":10}},{"id":"5dfcba27-3420-4f8b-8cbf-671eb7ba6805","block_type":"box","text":"Anna Pugh joined Artemis' UK Smaller Companies team as an","page_number":6,"box":{"x":71,"y":123,"width":415,"height":11}},{"id":"5ea1dce9-d77d-43d6-b554-0d4193653404","block_type":"box","text":"analyst in May. Anna, who has 11 years’ experience, previously","page_number":6,"box":{"x":72,"y":138,"width":413,"height":11}},{"id":"2b935d79-1ed4-4157-ad92-5e6463d45170","block_type":"box","text":"worked at River Global Investors, where she focused on UK","page_number":6,"box":{"x":71,"y":153,"width":398,"height":9}},{"id":"3b7a9b55-81c2-4abc-a76e-85822fcb466d","block_type":"box","text":"small-cap and micro-cap strategies. She has a first-class","page_number":6,"box":{"x":72,"y":168,"width":378,"height":10}},{"id":"04e013bc-66d2-4a0a-a609-6b8f2e0cf180","block_type":"box","text":"degree in economics from the University of Bath and is a CFA","page_number":6,"box":{"x":72,"y":183,"width":412,"height":10}},{"id":"99f9b517-1296-421c-a289-e2f9247c031b","block_type":"box","text":"charterholder. Mark Niznik and William Tamworth who have","page_number":6,"box":{"x":72,"y":198,"width":401,"height":8}},{"id":"bb823f34-2772-42c0-9c92-94deb817cf55","block_type":"box","text":"been working together since 2015 continue to manage the","page_number":6,"box":{"x":72,"y":212,"width":392,"height":11}},{"id":"10a57373-b11a-4677-bcae-28fe5528847d","block_type":"box","text":"fund.","page_number":6,"box":{"x":71,"y":227,"width":33,"height":8}},{"id":"65be52e4-10bb-4796-b42b-3c56f6dd231e","block_type":"box","text":"Performance","page_number":6,"box":{"x":72,"y":252,"width":96,"height":10}},{"id":"27b3276a-cf42-43dc-885d-d6a744ae1516","block_type":"box","text":"Artemis UK Smaller Companies fell 1.6% during the","page_number":6,"box":{"x":71,"y":276,"width":343,"height":10}},{"id":"d5db7c7e-c10b-466d-85a4-7b17ba009243","block_type":"box","text":"six-month period, compared with gains of 1.8% from","page_number":6,"box":{"x":72,"y":290,"width":347,"height":11}},{"id":"29cb14c3-db9e-4c20-831c-4e8ff870a5b7","block_type":"box","text":"its Deutsche Numis UK Smaller Companies (-InvTrust)","page_number":6,"box":{"x":72,"y":305,"width":364,"height":11}},{"id":"332a9586-1aab-4ac1-b04f-4af77aa2f9b3","block_type":"box","text":"benchmark and 3.2%","page_number":6,"box":{"x":72,"y":320,"width":140,"height":8}},{"id":"5db44c17-68b3-4b2a-bb2b-92d6e9dc8c9c","block_type":"box","text":"1","page_number":6,"box":{"x":213,"y":320,"width":2,"height":5}},{"id":"ae8ac941-f88d-42b9-95d5-0cfdf89d4bb0","block_type":"box","text":"from its IA UK Smaller Companies","page_number":6,"box":{"x":220,"y":320,"width":228,"height":11}},{"id":"fcb36ddd-da44-409e-b820-c7ffa1b7970d","block_type":"box","text":"sector average.","page_number":6,"box":{"x":72,"y":336,"width":101,"height":10}},{"id":"8135f71c-7b50-469d-b449-cb5c25e322dd","block_type":"box","text":"Our performance over the past year has been poor. Crucially,","page_number":6,"box":{"x":72,"y":358,"width":408,"height":11}},{"id":"7564bdd9-bf4e-43ec-b878-f9299a7002b6","block_type":"box","text":"however, this has been driven by a relative de-rating in the","page_number":6,"box":{"x":72,"y":373,"width":390,"height":11}},{"id":"d466563b-da18-49a3-abc8-a6ea5a47989e","block_type":"box","text":"shares of the companies we invest in – their earnings have","page_number":6,"box":{"x":72,"y":388,"width":392,"height":11}},{"id":"52ac8ad4-0a57-4dea-a0bf-3512246169ba","block_type":"box","text":"remained resilient. We believe the fund's holdings now appear","page_number":6,"box":{"x":72,"y":403,"width":416,"height":10}},{"id":"c899fdaa-d16f-43a2-87c1-3efdf2906feb","block_type":"box","text":"extremely undervalued relative to the wider UK smaller","page_number":6,"box":{"x":72,"y":418,"width":370,"height":10}},{"id":"b540553d-a0b2-4b2f-aaa8-e6ee20def1f0","block_type":"box","text":"companies market (which is itself undervalued relative to UK","page_number":6,"box":{"x":72,"y":432,"width":410,"height":11}},{"id":"0471f3c8-8f2e-484a-b2b3-6c00c7cf8a38","block_type":"box","text":"large caps).","page_number":6,"box":{"x":72,"y":447,"width":76,"height":11}},{"id":"666b4b91-d5c0-4346-9234-4b386f23ca87","block_type":"box","text":"Negatives","page_number":6,"box":{"x":71,"y":473,"width":74,"height":13}},{"id":"599464d1-209d-4b13-bc51-382736c46d28","block_type":"box","text":"In response to growing competition in the energy and","page_number":6,"box":{"x":72,"y":496,"width":360,"height":10}},{"id":"7e27362a-4483-4f1f-b422-3e34a73dc9f3","block_type":"box","text":"broadband markets, the management of","page_number":6,"box":{"x":72,"y":511,"width":272,"height":10}},{"id":"ce7b229e-bb60-4a6e-a13e-764168aed82e","block_type":"box","text":"Telecom Plus","page_number":6,"box":{"x":347,"y":511,"width":91,"height":8}},{"id":"14f2bbc7-aa02-413f-9424-984a1fff724a","block_type":"box","text":"cut","page_number":6,"box":{"x":443,"y":512,"width":21,"height":7}},{"id":"dafe4247-d920-428c-9916-9ab91a145831","block_type":"box","text":"prices to increase the number of customers who use more","page_number":6,"box":{"x":72,"y":525,"width":393,"height":11}},{"id":"fd406261-4b53-40d0-8368-7471fe0be253","block_type":"box","text":"than one of its services. Consumers who take multiple","page_number":6,"box":{"x":71,"y":540,"width":366,"height":11}},{"id":"8df540a1-b709-4581-ac46-c18aa0f0452b","block_type":"box","text":"products are more valuable and stay for longer than those","page_number":6,"box":{"x":72,"y":555,"width":390,"height":11}},{"id":"a1dd8de2-9fa0-4086-844b-022d6522946a","block_type":"box","text":"who only take one. Although this led to a 40% cut in earnings","page_number":6,"box":{"x":71,"y":570,"width":410,"height":11}},{"id":"1a47e1a6-5d04-42f4-a7d9-7bb8fa9655a6","block_type":"box","text":"expectations, the shares were already weak and now trade on","page_number":6,"box":{"x":72,"y":585,"width":414,"height":10}},{"id":"f7fd6a71-48b1-4637-ab5b-99a0037dd7e7","block_type":"box","text":"a single-digit price-to-earnings (p/e) multiple.","page_number":6,"box":{"x":72,"y":600,"width":303,"height":10}},{"id":"21c24014-7a91-413f-8920-c85d04761049","block_type":"box","text":"While first-half revenues at","page_number":6,"box":{"x":71,"y":623,"width":181,"height":8}},{"id":"631ca91b-184d-4ded-b929-10781fa608a2","block_type":"box","text":"LBG Media","page_number":6,"box":{"x":257,"y":623,"width":74,"height":8}},{"id":"b521f3c5-02a1-41f8-a7c2-98c59d7008b8","block_type":"box","text":"(LADbible) grew","page_number":6,"box":{"x":336,"y":623,"width":108,"height":11}},{"id":"2907dc74-ea03-4286-bb23-f0b80a7f7872","block_type":"box","text":"strongly, there was a rapid shift away from high-margin","page_number":6,"box":{"x":72,"y":638,"width":367,"height":10}},{"id":"9e20d9dd-7cd4-4951-b56f-37f794b48ddd","block_type":"box","text":"Facebook revenues and towards lower-margin direct ones.","page_number":6,"box":{"x":72,"y":653,"width":394,"height":10}},{"id":"c8446b59-ecfc-4ce2-bfe2-1673d843923d","block_type":"box","text":"Although the speed of change prompted a downgrade to","page_number":6,"box":{"x":71,"y":668,"width":383,"height":10}},{"id":"70f416e5-8279-472f-a98a-b859cfdf9e75","block_type":"box","text":"expectations, reducing its dependence on Facebook should","page_number":6,"box":{"x":72,"y":682,"width":402,"height":11}},{"id":"2e6bd39a-abc6-4f7b-9b1f-a5c646cfaff6","block_type":"box","text":"ultimately improve the quality of LBG’s earnings.","page_number":6,"box":{"x":72,"y":697,"width":324,"height":11}},{"id":"7dc9e95a-daa6-419c-a00b-30982d08cdd9","block_type":"box","text":"Results at identity verification company","page_number":6,"box":{"x":72,"y":720,"width":268,"height":11}},{"id":"22c53841-57cf-4c1c-8ab1-e842c3a13590","block_type":"box","text":"GB Group","page_number":6,"box":{"x":344,"y":721,"width":66,"height":10}},{"id":"5b8b1ec5-e905-49b1-9507-f89e10a223e1","block_type":"box","text":"were in","page_number":6,"box":{"x":414,"y":721,"width":48,"height":8}},{"id":"70cd5b94-06ae-4833-af2c-ead33f6fe066","block_type":"box","text":"line with expectations, but the company opted to increase","page_number":6,"box":{"x":72,"y":735,"width":392,"height":11}},{"id":"03884fb3-30e1-4d6a-8bbf-c3c110c9028b","block_type":"box","text":"investment in its GBG Go product, prompting a 10% earnings","page_number":6,"box":{"x":72,"y":750,"width":409,"height":11}},{"id":"d179e839-01f3-467f-801e-21e7ab2a4dfe","block_type":"box","text":"downgrade for 2027. The business is not growing fast","page_number":6,"box":{"x":72,"y":765,"width":354,"height":11}},{"id":"112a3578-7cf0-4d79-8850-cd578e92994c","block_type":"box","text":"enough to generate the operating leverage required to fund","page_number":6,"box":{"x":72,"y":780,"width":399,"height":10}},{"id":"1ce583a6-cbbd-4785-ba29-7f0b66ac7f49","block_type":"box","text":"additional investment without downgrading future profits.","page_number":6,"box":{"x":72,"y":795,"width":391,"height":10}},{"id":"b9fe6c58-4f48-4b26-9f54-bf3ea3980378","block_type":"box","text":"However, management is confident the investment will pay","page_number":6,"box":{"x":72,"y":810,"width":399,"height":10}},{"id":"75c84d77-bd11-459e-a362-092f553ead1f","block_type":"box","text":"off in the long term.","page_number":6,"box":{"x":72,"y":824,"width":131,"height":11}},{"id":"eef17543-bbd6-4edd-8244-b27eb118736d","block_type":"box","text":"Positives","page_number":6,"box":{"x":512,"y":100,"width":64,"height":10}},{"id":"77e55045-2603-4891-ab97-c0dfd73fabc2","block_type":"box","text":"Computacenter","page_number":6,"box":{"x":511,"y":123,"width":110,"height":11}},{"id":"9cf84a96-1bf6-4194-ae84-af253d611e5d","block_type":"box","text":"announced Q1 results were significantly","page_number":6,"box":{"x":625,"y":123,"width":270,"height":11}},{"id":"1fd17a82-c188-4afd-b236-e56460e40656","block_type":"box","text":"ahead of expectations, boosted by demand from US","page_number":6,"box":{"x":512,"y":138,"width":348,"height":11}},{"id":"73039496-a64b-48fd-ba6d-d6abeded32a1","block_type":"box","text":"technology groups building data centres. It was promoted to","page_number":6,"box":{"x":511,"y":153,"width":408,"height":10}},{"id":"89ad67e6-80ea-42fd-91e3-f04a3057a2b4","block_type":"box","text":"the FTSE 100 later in the period.","page_number":6,"box":{"x":511,"y":168,"width":213,"height":10}},{"id":"cfb8ae98-df2e-4723-8ff4-e9d0c399a6e2","block_type":"box","text":"Spread-betting platform","page_number":6,"box":{"x":511,"y":191,"width":161,"height":11}},{"id":"f3c03ac8-3eb8-4f67-a51f-f9c9523ed777","block_type":"box","text":"IG Group","page_number":6,"box":{"x":678,"y":191,"width":61,"height":10}},{"id":"bf54c370-385d-4c03-9a6c-445d97184221","block_type":"box","text":"benefited from higher","page_number":6,"box":{"x":744,"y":191,"width":146,"height":11}},{"id":"4b755afe-ebd7-4033-8070-918c88767eb6","block_type":"box","text":"trading volumes on the back of increased volatility in the first","page_number":6,"box":{"x":511,"y":206,"width":413,"height":10}},{"id":"2d974872-abe0-4b6d-96ab-304d36e0f040","block_type":"box","text":"quarter. It also said its new products had attracted more","page_number":6,"box":{"x":512,"y":221,"width":378,"height":10}},{"id":"48429ecd-a32c-4b36-9c67-eedf44c61981","block_type":"box","text":"first-time customers. We took some profits.","page_number":6,"box":{"x":511,"y":236,"width":292,"height":10}},{"id":"dc06a576-9771-4c78-8f85-07abd32e3476","block_type":"box","text":"Halfords","page_number":6,"box":{"x":512,"y":259,"width":59,"height":8}},{"id":"7ef6d3cb-0e38-4db4-8bac-d48a9abd21eb","block_type":"box","text":"saw a 10% earnings upgrade in June on the back of","page_number":6,"box":{"x":575,"y":259,"width":342,"height":10}},{"id":"5b722292-5362-4c41-9541-333ec7ec82c0","block_type":"box","text":"strong sales growth and higher margins. Again, we trimmed","page_number":6,"box":{"x":511,"y":274,"width":400,"height":10}},{"id":"d6a02839-126f-441e-a6a3-03e1588384db","block_type":"box","text":"our position slightly.","page_number":6,"box":{"x":512,"y":289,"width":135,"height":10}},{"id":"c3c603e1-9b5e-4e63-b8d7-fff5a2412149","block_type":"box","text":"There was growth in each of the four primary markets of","page_number":6,"box":{"x":511,"y":312,"width":379,"height":10}},{"id":"45f439ce-ba1f-4d54-97cc-94a0750a9cc3","block_type":"box","text":"consumer goods company","page_number":6,"box":{"x":512,"y":327,"width":179,"height":10}},{"id":"d130e8f4-6b8e-45a7-8da6-428830c3a611","block_type":"box","text":"PZ Cussons","page_number":6,"box":{"x":695,"y":327,"width":79,"height":8}},{"id":"6e552a80-f254-42a7-952b-3a99eff2eaf5","block_type":"box","text":", prompting an","page_number":6,"box":{"x":775,"y":327,"width":97,"height":10}},{"id":"142ff6ef-6959-4006-a528-0239d05703af","block_type":"box","text":"increase in earnings expectations.","page_number":6,"box":{"x":512,"y":342,"width":229,"height":10}},{"id":"454cca8f-55df-406e-b012-1a42f315b0fb","block_type":"box","text":"Purchases","page_number":6,"box":{"x":512,"y":366,"width":73,"height":11}},{"id":"5eb45768-3853-44ed-90a8-fc5618c35913","block_type":"box","text":"We increased our exposure to medical device manufacturer","page_number":6,"box":{"x":511,"y":390,"width":402,"height":10}},{"id":"2448675b-1f28-4a7b-8759-4f0e6b504072","block_type":"box","text":"NIOX","page_number":6,"box":{"x":512,"y":405,"width":36,"height":8}},{"id":"98cbe87e-a916-4b01-b54e-3f32edcf0dee","block_type":"box","text":", which had lagged the market despite strong results.","page_number":6,"box":{"x":548,"y":405,"width":357,"height":10}},{"id":"caea9d27-dc43-431f-b2bb-2de030674ea1","block_type":"box","text":"We also added to our new holding in","page_number":6,"box":{"x":511,"y":420,"width":243,"height":10}},{"id":"dea518a7-5572-4fd5-b662-7c5654224996","block_type":"box","text":"DiscoverIE","page_number":6,"box":{"x":760,"y":420,"width":74,"height":8}},{"id":"6f801a25-11cf-461d-8510-dada5997ff26","block_type":"box","text":", which","page_number":6,"box":{"x":834,"y":420,"width":47,"height":9}},{"id":"0fa4ae7c-1c9b-4631-974a-307583a0a1e5","block_type":"box","text":"designs and manufactures specialist electrical components.","page_number":6,"box":{"x":512,"y":434,"width":406,"height":11}},{"id":"92b7845c-505d-4c8c-b87d-2b3b75dfcbe1","block_type":"box","text":"These components typically represent a small portion of the","page_number":6,"box":{"x":511,"y":449,"width":406,"height":11}},{"id":"37254f02-8069-4c74-9a0d-d54024ed683b","block_type":"box","text":"total end-product costs and can be expensive to substitute","page_number":6,"box":{"x":511,"y":464,"width":399,"height":11}},{"id":"c6d16835-cc46-4dfe-bf73-1f8432e98dc1","block_type":"box","text":"out mid-way through the life cycle of the equipment. The","page_number":6,"box":{"x":512,"y":479,"width":380,"height":11}},{"id":"83cd4cb9-6f07-4b20-bc03-fb35847985f4","block_type":"box","text":"shares had been weak despite (modest) earnings upgrades","page_number":6,"box":{"x":511,"y":494,"width":397,"height":10}},{"id":"9f8e45c5-6a20-4851-a7a9-77d3585b5755","block_type":"box","text":"and we felt that the prospect of double-digit earnings and","page_number":6,"box":{"x":512,"y":509,"width":388,"height":10}},{"id":"82df7ecc-6f3c-45b4-a22f-9240d77029c4","block_type":"box","text":"cashflow growth was not being reflected in the valuation","page_number":6,"box":{"x":512,"y":524,"width":381,"height":10}},{"id":"bb699f1a-b648-4d30-8311-a65104c4185c","block_type":"box","text":"(more than a 6% free cashflow yield).","page_number":6,"box":{"x":512,"y":538,"width":247,"height":11}},{"id":"0fdcbe5c-4d78-41bb-80f3-8df4175b788e","block_type":"box","text":"One new addition to the portfolio was","page_number":6,"box":{"x":512,"y":562,"width":254,"height":10}},{"id":"9733d069-ef41-42fe-b368-133e71783c59","block_type":"box","text":"Workspace","page_number":6,"box":{"x":770,"y":562,"width":78,"height":10}},{"id":"3fbdb979-f4c3-4130-a0aa-a1cfc13c631f","block_type":"box","text":", a provider","page_number":6,"box":{"x":848,"y":562,"width":75,"height":10}},{"id":"f9877e08-0938-4f4a-afbe-1b9e480ecf03","block_type":"box","text":"of flexible office space. We expect its new chief executive,","page_number":6,"box":{"x":512,"y":576,"width":387,"height":11}},{"id":"be15d66c-8803-42cf-91dd-c7cb7bddcacd","block_type":"box","text":"Charlie Green (who co-founded The Office Group), to","page_number":6,"box":{"x":512,"y":591,"width":356,"height":11}},{"id":"c244458a-7b3b-45c1-a5fe-0303d3466eec","block_type":"box","text":"bring greater focus to the portfolio by selling off non-core","page_number":6,"box":{"x":512,"y":606,"width":385,"height":11}},{"id":"9032d9b7-5681-43a8-a51c-d4a606fc730e","block_type":"box","text":"properties and increasing occupancy rates by investing in","page_number":6,"box":{"x":512,"y":621,"width":388,"height":11}},{"id":"460a1f08-f23b-4454-8564-dc575e92dae7","block_type":"box","text":"existing sites rather than discounting rents. There is unlikely","page_number":6,"box":{"x":512,"y":636,"width":406,"height":10}},{"id":"74502fc6-551e-4127-a5ab-7b0aed0c518a","block_type":"box","text":"to be a quick fix to its problems, but with the shares trading","page_number":6,"box":{"x":511,"y":651,"width":401,"height":10}},{"id":"56e6ddc9-c7b9-4401-8e60-18a94822b6c1","block_type":"box","text":"at a 60% discount to underlying asset value, we feel the risk/","page_number":6,"box":{"x":512,"y":666,"width":407,"height":10}},{"id":"33158ef2-8cc0-40fc-8740-d4a3557deaf3","block_type":"box","text":"reward trade-off is compelling, particularly given the fund has","page_number":6,"box":{"x":512,"y":680,"width":413,"height":11}},{"id":"1f292a58-1d0f-4cf5-bc2c-8671a7aca241","block_type":"box","text":"little exposure to the real estate sector.","page_number":6,"box":{"x":512,"y":695,"width":262,"height":11}},{"id":"4021557b-8f68-43ab-ad63-8b4458cc53c2","block_type":"box","text":"We also started a new holding in","page_number":6,"box":{"x":511,"y":719,"width":217,"height":10}},{"id":"ea4c0c69-f5c0-4061-a285-54162f386d3a","block_type":"box","text":"Tristel","page_number":6,"box":{"x":733,"y":718,"width":43,"height":9}},{"id":"c9bdc673-8a7f-42cd-b9b4-120b4551dbd0","block_type":"box","text":", which supplies","page_number":6,"box":{"x":777,"y":719,"width":107,"height":10}},{"id":"d9e3964a-88e3-46d3-a411-0497fc8776e6","block_type":"box","text":"chlorine dioxide for high-level disinfection of medical devices","page_number":6,"box":{"x":512,"y":733,"width":411,"height":11}},{"id":"3bb6f549-b3fc-4357-8192-b560d9030869","block_type":"box","text":"(for example ultrasound probes) in hospitals. Although the","page_number":6,"box":{"x":512,"y":748,"width":393,"height":11}},{"id":"47778200-4692-4b32-a022-0686dd8813b7","block_type":"box","text":"shares are not especially cheap (around a 5% free cashflow","page_number":6,"box":{"x":511,"y":763,"width":399,"height":11}},{"id":"3481208e-fa2d-4024-b3a5-05ac9d0be162","block_type":"box","text":"yield or 20x p/e), it has attractive financial characteristics.","page_number":6,"box":{"x":511,"y":778,"width":389,"height":10}},{"id":"126a8812-1e69-412e-8004-44fd9bf68b1b","block_type":"box","text":"The company is growing revenues at 10 to 15% (all","page_number":6,"box":{"x":511,"y":793,"width":335,"height":10}},{"id":"24cf4078-8831-41ec-acca-871d13b66ba4","block_type":"box","text":"organically) and makes an 82% gross margin, which drives","page_number":6,"box":{"x":512,"y":808,"width":389,"height":10}},{"id":"fc5bb087-488c-461d-b11d-c3777bbe7133","block_type":"box","text":"strong earnings growth. It is in the early stages of entering","page_number":6,"box":{"x":511,"y":822,"width":392,"height":11}},{"id":"69e8afd8-aae9-475b-a8aa-48ed0204fd36","block_type":"box","text":"the US market, which has the potential to transform its","page_number":6,"box":{"x":511,"y":837,"width":371,"height":11}},{"id":"361e1425-8ceb-49fb-80b8-58b0a59de6e6","block_type":"box","text":"business.","page_number":6,"box":{"x":512,"y":852,"width":62,"height":8}},{"id":"d54b443f-b680-4d7f-9f3e-b3f4950e8ab0","block_type":"box","text":"Past performance is not a guide to the future.","page_number":6,"box":{"x":72,"y":887,"width":270,"height":9}},{"id":"f49bd4cf-1d93-4880-9577-19bf254b5add","block_type":"box","text":"1","page_number":6,"box":{"x":72,"y":898,"width":2,"height":5}},{"id":"3baeb89e-fb17-4f0c-b796-9dfe9ecb26f5","block_type":"box","text":"Artemis/Lipper Limited, class I accumulation, in sterling. All figures show total returns with dividends and/or income reinvested, net of","page_number":6,"box":{"x":79,"y":899,"width":805,"height":10}},{"id":"04e6223d-8d80-4846-96d1-eea7ada2b84d","block_type":"box","text":"all charges. Performance does not take account of any costs incurred when investors buy or sell the fund. Returns may vary as a result of","page_number":6,"box":{"x":79,"y":912,"width":819,"height":10}},{"id":"4f3ef3dd-572f-44e9-878b-9189fd9b92ca","block_type":"box","text":"currency fluctuations if the investor’s currency is different to that of the class.","page_number":6,"box":{"x":79,"y":924,"width":466,"height":10}},{"id":"7d8630a4-50e3-40be-bff8-89adc8e4e8d3","block_type":"box","text":"7","page_number":7,"box":{"x":497,"y":979,"width":6,"height":7}},{"id":"414f0168-9053-45d2-bbb7-a944088559d6","block_type":"box","text":"Sales","page_number":7,"box":{"x":72,"y":67,"width":36,"height":10}},{"id":"a7bfa36f-cd1f-436f-8ab8-c15a74a5f4ae","block_type":"box","text":"We sold","page_number":7,"box":{"x":71,"y":91,"width":52,"height":8}},{"id":"1e6af589-a300-41ab-9134-0a68673fec03","block_type":"box","text":"Morgan Advanced Materials","page_number":7,"box":{"x":129,"y":91,"width":195,"height":10}},{"id":"5a79a274-cea6-4c41-8f47-9ffbbb6c3d2c","block_type":"box","text":"whose share price had","page_number":7,"box":{"x":328,"y":91,"width":151,"height":10}},{"id":"8bc386e8-2bfa-4081-a3dc-557d17e29e39","block_type":"box","text":"risen despite persistent earnings downgrades.","page_number":7,"box":{"x":72,"y":106,"width":311,"height":10}},{"id":"ae2da132-e9d9-48e7-ac12-e9c649e024eb","block_type":"box","text":"Following the recommended £2bn cash bid by private equity","page_number":7,"box":{"x":72,"y":129,"width":406,"height":10}},{"id":"59585541-30c9-4a3e-bbd1-2f4df889afb8","block_type":"box","text":"firm Permira, we sold our remaining holding in","page_number":7,"box":{"x":71,"y":144,"width":309,"height":10}},{"id":"a3dfd506-4098-4d59-91e1-f4cd33fbea3e","block_type":"box","text":"JTC","page_number":7,"box":{"x":384,"y":144,"width":27,"height":8}},{"id":"84e9cd61-41d9-4962-a26d-a49d3e126afa","block_type":"box","text":".","page_number":7,"box":{"x":412,"y":150,"width":2,"height":2}},{"id":"550b07a7-698b-4509-9a6d-cb764bb4e275","block_type":"box","text":"We also sold out of","page_number":7,"box":{"x":71,"y":167,"width":128,"height":8}},{"id":"beff2887-5715-4699-b633-3c6ae5fd31a5","block_type":"box","text":"SSP","page_number":7,"box":{"x":203,"y":167,"width":26,"height":8}},{"id":"07ba2feb-d6bc-47d5-8f08-caa3e364904e","block_type":"box","text":"where we felt the rally in the shares","page_number":7,"box":{"x":233,"y":167,"width":239,"height":10}},{"id":"83704932-1cfc-4ae4-a84c-738abd07b11f","block_type":"box","text":"did not reflect the concerns we had about its accounting.","page_number":7,"box":{"x":72,"y":182,"width":387,"height":10}},{"id":"9a79bae1-db41-4235-81af-21f715f79796","block_type":"box","text":"Costs are being treated as 'exceptional' (and therefore not","page_number":7,"box":{"x":72,"y":196,"width":392,"height":11}},{"id":"3bc44233-efbc-4f4a-a56a-26161bca33e5","block_type":"box","text":"affecting the ‘underlying’ profits) and profits are not being","page_number":7,"box":{"x":72,"y":211,"width":388,"height":11}},{"id":"4d7bd623-aa67-4305-9938-d6604bd537e3","block_type":"box","text":"converted into cash due to higher capitalised intangible","page_number":7,"box":{"x":72,"y":226,"width":376,"height":11}},{"id":"d25197cb-6fd2-4e94-94a8-1dd4550175c9","block_type":"box","text":"costs. We were not comfortable with its use of supplier","page_number":7,"box":{"x":72,"y":241,"width":370,"height":10}},{"id":"1b4aee76-3350-4e24-8c3d-7f3522a84dec","block_type":"box","text":"finance deals, which improve the headline leverage and","page_number":7,"box":{"x":71,"y":256,"width":373,"height":10}},{"id":"72ae3b16-b1b6-41a4-9137-7273ffbde374","block_type":"box","text":"cashflows but not the economic reality.","page_number":7,"box":{"x":72,"y":271,"width":265,"height":10}},{"id":"014b059e-e86e-4bbd-8da8-dd4c11a2f0f9","block_type":"box","text":"We took some profits in","page_number":7,"box":{"x":71,"y":294,"width":159,"height":10}},{"id":"beb14cf4-0117-4137-8350-aaa3fe3a48ee","block_type":"box","text":"Secure Trust Bank","page_number":7,"box":{"x":235,"y":294,"width":126,"height":8}},{"id":"d782a25d-38e3-4ebc-a122-a9538214efab","block_type":"box","text":",","page_number":7,"box":{"x":361,"y":301,"width":2,"height":3}},{"id":"8df9662e-8b83-4367-b197-25fb4d932e83","block_type":"box","text":"Serco","page_number":7,"box":{"x":368,"y":294,"width":39,"height":8}},{"id":"88666b57-bb8c-4e71-9b48-955cf65bf376","block_type":"box","text":",","page_number":7,"box":{"x":408,"y":301,"width":2,"height":3}},{"id":"2699c47f-d4b5-4f5c-bf4d-005c5aa641c9","block_type":"box","text":"Coats","page_number":7,"box":{"x":415,"y":294,"width":40,"height":8}},{"id":"61c2a6d1-5da4-4943-81ae-37e07ab5f976","block_type":"box","text":"and","page_number":7,"box":{"x":460,"y":294,"width":23,"height":8}},{"id":"81122f6e-df72-46e4-84f4-f92d50aa6100","block_type":"box","text":"Keller","page_number":7,"box":{"x":72,"y":309,"width":39,"height":8}},{"id":"54a02648-e99f-41ae-8a46-409a2d85a4f0","block_type":"box","text":".","page_number":7,"box":{"x":112,"y":316,"width":2,"height":1}},{"id":"91c2d0ac-fffb-4a13-8971-800730a25d71","block_type":"box","text":"Outlook","page_number":7,"box":{"x":72,"y":334,"width":66,"height":10}},{"id":"bac187f2-3251-4370-89ff-11d7c7845b80","block_type":"box","text":"Valuations on a different planet","page_number":7,"box":{"x":71,"y":357,"width":218,"height":11}},{"id":"b90734c6-530a-4c07-b2f3-a8eb61196ecc","block_type":"box","text":"There is currently plenty of talk of a bubble in equity markets,","page_number":7,"box":{"x":71,"y":381,"width":412,"height":10}},{"id":"30cf9345-a038-4a59-bf7f-98ca303aabca","block_type":"box","text":"with Panmure Liberum noting the cyclically adjusted p/e","page_number":7,"box":{"x":71,"y":396,"width":380,"height":10}},{"id":"d62f6eb2-da91-48f4-9965-dd75e61a60de","block_type":"box","text":"('CAPE') ratio for the S&P 500 is at its highest since the","page_number":7,"box":{"x":72,"y":410,"width":368,"height":11}},{"id":"cfa02d8d-5561-406e-9978-1a5d4f13732c","block_type":"box","text":"turn of the century. Meanwhile, SpaceX’s IPO valuation of","page_number":7,"box":{"x":71,"y":425,"width":386,"height":11}},{"id":"df3a2213-74c5-4f47-8461-ad0e94936937","block_type":"box","text":"approximately $2 trillion was equivalent to 100 times its","page_number":7,"box":{"x":72,"y":440,"width":372,"height":11}},{"id":"67628c05-b373-43c2-890c-0798471d806a","block_type":"box","text":"historic sales.","page_number":7,"box":{"x":72,"y":455,"width":91,"height":8}},{"id":"7e321c47-4bfd-4f1f-95d3-03bb9103c5ad","block_type":"box","text":"Yet UK small caps are on a different planet. Valuations of","page_number":7,"box":{"x":71,"y":478,"width":382,"height":11}},{"id":"31bb73ce-8d18-42fa-b38a-fe53dfae53bf","block_type":"box","text":"smaller companies are low relative to their own history. They","page_number":7,"box":{"x":72,"y":493,"width":407,"height":10}},{"id":"62f53a8f-29a3-4a05-83b1-1cbd90cefedd","block_type":"box","text":"are low relative to those of larger companies. And they are","page_number":7,"box":{"x":72,"y":508,"width":392,"height":10}},{"id":"a5d45644-4150-48e1-81dc-7e25e51318b2","block_type":"box","text":"only a third of the level of companies in the US. Meanwhile,","page_number":7,"box":{"x":72,"y":523,"width":396,"height":10}},{"id":"ac86a50e-afea-4a20-b66b-2f554134d4f3","block_type":"box","text":"the dividend yield for the FTSE 250 has climbed above that of","page_number":7,"box":{"x":71,"y":537,"width":412,"height":11}},{"id":"e9368260-ba22-446f-97fd-d537ea537261","block_type":"box","text":"the FTSE 100 for the first time in more than 20 years.","page_number":7,"box":{"x":71,"y":552,"width":351,"height":11}},{"id":"53378d92-cac4-43dd-adcf-e2edc495ccf7","block_type":"box","text":"Iran ‘resolution’ is positive","page_number":7,"box":{"x":72,"y":575,"width":180,"height":11}},{"id":"ba0604cb-d0fb-4db0-8377-453bdd9d591d","block_type":"box","text":"At the start of Q2, we felt a prolonged war between Iran and","page_number":7,"box":{"x":71,"y":599,"width":402,"height":10}},{"id":"266aa9b7-c3ef-4fca-a185-753d5bb6334c","block_type":"box","text":"the US represented the biggest threat to UK small caps.","page_number":7,"box":{"x":71,"y":614,"width":376,"height":10}},{"id":"2510f441-734b-43df-9ab8-29c5ba0aa490","block_type":"box","text":"Although the outcome of this conflict is still far from certain,","page_number":7,"box":{"x":71,"y":629,"width":408,"height":10}},{"id":"3855e727-c98c-4d3e-8414-4b427f6d4ab4","block_type":"box","text":"there appears to be a reduced likelihood of the worst-case","page_number":7,"box":{"x":71,"y":643,"width":393,"height":11}},{"id":"659a6345-82fd-40fe-b887-a118e78fb013","block_type":"box","text":"scenarios materialising. This means oil & gas prices are likely","page_number":7,"box":{"x":72,"y":658,"width":409,"height":11}},{"id":"f0f9e4d6-6d77-4589-8d60-af36564f411e","block_type":"box","text":"to be lower, which should be positive for UK consumers.","page_number":7,"box":{"x":71,"y":673,"width":377,"height":11}},{"id":"4cd63ab9-af2f-4416-b688-26e2c08752bb","block_type":"box","text":"Expectations the Bank of England will raise interest rates are","page_number":7,"box":{"x":72,"y":688,"width":408,"height":11}},{"id":"7c96cfe3-086a-485f-b415-84dee26fd47b","block_type":"box","text":"fading. In fact, we think the next movement in rates is more","page_number":7,"box":{"x":71,"y":703,"width":398,"height":10}},{"id":"8efb46a0-bbcc-4a81-b3d2-0dfb4452926c","block_type":"box","text":"likely to be down than up.","page_number":7,"box":{"x":72,"y":718,"width":171,"height":10}},{"id":"c2f3ec5c-2937-48f6-9164-aa7cfbf02ba7","block_type":"box","text":"Political uncertainty remains, but may be overstated","page_number":7,"box":{"x":72,"y":741,"width":361,"height":10}},{"id":"c74659ba-1108-42a3-990f-56adab526330","block_type":"box","text":"Although Andy Burnham has just been named prime minister,","page_number":7,"box":{"x":71,"y":764,"width":416,"height":11}},{"id":"f92bc205-f4f9-4d20-8e9c-beaefc26cdd2","block_type":"box","text":"what happens next is unclear. To us it seems probable that:","page_number":7,"box":{"x":71,"y":779,"width":398,"height":10}},{"id":"250bed02-9028-4a20-839b-a6d4486fb1e9","block_type":"box","text":"◼","page_number":7,"box":{"x":83,"y":801,"width":5,"height":4}},{"id":"15bbc565-15cb-4f15-8ca0-54a12adbedda","block_type":"box","text":"Unlike Liz Truss, he will not need the market to tell him","page_number":7,"box":{"x":101,"y":798,"width":365,"height":10}},{"id":"262b7c5f-a974-4add-88c9-0400fbcff362","block_type":"box","text":"further borrowing risks instability and will be forced to","page_number":7,"box":{"x":100,"y":813,"width":364,"height":10}},{"id":"6bbe4bad-ba62-459a-aad5-b5546ebe290e","block_type":"box","text":"operate within the current fiscal constraints. Given bond","page_number":7,"box":{"x":101,"y":827,"width":381,"height":10}},{"id":"212d72f4-93cc-43b3-a4e6-86ab1748e148","block_type":"box","text":"yields in the UK trade at higher levels than the rest of the","page_number":7,"box":{"x":100,"y":841,"width":383,"height":11}},{"id":"a438569b-1def-4643-a98f-574369592c69","block_type":"box","text":"G7, there is a significant prize to be won if Burnham can","page_number":7,"box":{"x":101,"y":855,"width":372,"height":11}},{"id":"fbaac30d-a8b2-4c96-9b22-a576178e0eb1","block_type":"box","text":"convince markets that he can be a fiscally responsible","page_number":7,"box":{"x":101,"y":870,"width":365,"height":10}},{"id":"dd0ea77e-d8e1-497a-b007-f64fb0ed371b","block_type":"box","text":"prime minister. By committing to borrow less, he could","page_number":7,"box":{"x":101,"y":884,"width":366,"height":10}},{"id":"49e774ac-2aee-4b95-b091-c29912221f1e","block_type":"box","text":"use the interest saving to spend more.","page_number":7,"box":{"x":101,"y":898,"width":256,"height":11}},{"id":"2013460c-194d-4f6d-b39b-3e54ba0f4005","block_type":"box","text":"◼","page_number":7,"box":{"x":523,"y":70,"width":5,"height":3}},{"id":"26ac074d-1e8f-42af-ab80-5acd1e7b9841","block_type":"box","text":"He will pursue policies that stimulate economic growth.","page_number":7,"box":{"x":541,"y":67,"width":375,"height":10}},{"id":"97e95d8a-b652-4280-b7a3-5a7a61945f62","block_type":"box","text":"The housing market would be the most obvious area","page_number":7,"box":{"x":540,"y":81,"width":354,"height":11}},{"id":"d20205f5-a31a-4dde-81ab-b322815e809b","block_type":"box","text":"for targeted support as it would require little (if any)","page_number":7,"box":{"x":540,"y":95,"width":348,"height":11}},{"id":"664fa88f-d7ab-4758-872b-a5485a7bfbbc","block_type":"box","text":"government spending. There has also been renewed","page_number":7,"box":{"x":540,"y":110,"width":352,"height":10}},{"id":"57935203-6599-4d02-978d-c04bfb1753fc","block_type":"box","text":"speculation about using tax incentives for pensions and","page_number":7,"box":{"x":540,"y":124,"width":378,"height":10}},{"id":"2df9bae8-ba4c-45c7-9254-bf3e7a26ec77","block_type":"box","text":"ISAs to promote investment in UK equities.","page_number":7,"box":{"x":541,"y":138,"width":290,"height":10}},{"id":"8fc34f46-e215-4cae-9d3b-ed663d6ad801","block_type":"box","text":"Improving economic outlook","page_number":7,"box":{"x":512,"y":160,"width":198,"height":10}},{"id":"e0cb403f-e6a6-4af7-946d-cb40adbd0450","block_type":"box","text":"The outlook for the UK economy has improved, but consumer","page_number":7,"box":{"x":511,"y":183,"width":416,"height":10}},{"id":"50129e89-279b-4092-a284-631bad101de3","block_type":"box","text":"stocks remain firmly out of favour.","page_number":7,"box":{"x":511,"y":198,"width":228,"height":10}},{"id":"70937bf7-d329-4921-bd53-989bc817152d","block_type":"box","text":"Halfords","page_number":7,"box":{"x":744,"y":198,"width":59,"height":8}},{"id":"08bb19a4-62f9-4e74-a816-652b74d8c709","block_type":"box","text":"offers a useful","page_number":7,"box":{"x":808,"y":198,"width":93,"height":8}},{"id":"6f6dbc09-ba3e-47af-94b1-1b1e5cf8262c","block_type":"box","text":"example of what can happen when a stock in an unloved area","page_number":7,"box":{"x":512,"y":213,"width":414,"height":10}},{"id":"af537ca1-ceae-4236-bb87-c2b084f74587","block_type":"box","text":"of the market does better (or less badly) than expected: a","page_number":7,"box":{"x":512,"y":227,"width":384,"height":11}},{"id":"06a19f3b-5486-40d7-abaf-fcbe24000cdd","block_type":"box","text":"10% earnings upgrade in June prompted a 30% increase in its","page_number":7,"box":{"x":511,"y":242,"width":412,"height":11}},{"id":"c4afdfe7-2591-48f8-aad7-917d772d828a","block_type":"box","text":"share price.","page_number":7,"box":{"x":511,"y":257,"width":78,"height":11}},{"id":"082a8061-0e4f-4442-9093-3413c6323aa1","block_type":"box","text":"More buybacks, but a (temporary) pause in M&A","page_number":7,"box":{"x":512,"y":280,"width":335,"height":11}},{"id":"205f946b-688d-47cd-a28a-f3213b5dd54f","block_type":"box","text":"A record number of our portfolio holdings bought back","page_number":7,"box":{"x":511,"y":304,"width":369,"height":10}},{"id":"32144501-78b8-4991-9c94-16d1e9ecc976","block_type":"box","text":"shares over the first half of the year. We see this as evidence","page_number":7,"box":{"x":511,"y":318,"width":405,"height":11}},{"id":"55650d1c-5c7f-4f40-95b2-2074048914cd","block_type":"box","text":"that their boards are 1) taking a more positive view on the","page_number":7,"box":{"x":511,"y":333,"width":387,"height":11}},{"id":"f0af94ad-5ca9-4ef3-9ea3-b77c5c7c8085","block_type":"box","text":"outlook, 2) believe they have surplus capital and 3) see their","page_number":7,"box":{"x":512,"y":348,"width":402,"height":11}},{"id":"366d94b6-7916-45c3-8039-7d334dc86955","block_type":"box","text":"shares as being materially undervalued.","page_number":7,"box":{"x":511,"y":363,"width":267,"height":11}},{"id":"9d556f94-6e1e-493b-9e33-42dd08255094","block_type":"box","text":"Interestingly, H1 2026 was the first six-month period since","page_number":7,"box":{"x":512,"y":386,"width":387,"height":11}},{"id":"640ef948-ce99-4d50-b80d-ec08819ad61c","block_type":"box","text":"2019 in which there were no takeover bids for our holdings.","page_number":7,"box":{"x":512,"y":401,"width":395,"height":11}},{"id":"37a6d7e9-e2b8-4cc8-9263-f287522e0e1b","block_type":"box","text":"Given that the median company in our fund trades on a free","page_number":7,"box":{"x":512,"y":416,"width":401,"height":11}},{"id":"c6db44fe-ef58-4552-a004-3e885acd51aa","block_type":"box","text":"cashflow yield of 9%, offers double-digit earnings growth and","page_number":7,"box":{"x":512,"y":431,"width":409,"height":10}},{"id":"c9a9a01f-0cce-4dec-a917-785781aadbee","block_type":"box","text":"is forecast to have no net debt, further approaches are surely","page_number":7,"box":{"x":512,"y":446,"width":411,"height":10}},{"id":"3730678f-a8ab-4f82-bdf7-e1996791cb88","block_type":"box","text":"just a matter of time.","page_number":7,"box":{"x":510,"y":461,"width":140,"height":10}},{"id":"8b61cb2a-0134-450d-beb8-e1415e2cb64b","block_type":"box","text":"Mark","page_number":7,"box":{"x":512,"y":504,"width":36,"height":8}},{"id":"2f589c79-179b-4d0d-9863-767e395ea013","block_type":"box","text":"Niznik,","page_number":7,"box":{"x":552,"y":504,"width":42,"height":8}},{"id":"15a69eb7-f998-4c52-9720-52042c6aeeaf","block_type":"box","text":"k, William Tamworth and Anna Pugh","page_number":7,"box":{"x":594,"y":504,"width":240,"height":10}},{"id":"257f853d-b68b-49d2-ba92-39086c548e77","block_type":"box","text":"Fund managers","page_number":7,"box":{"x":512,"y":519,"width":103,"height":10}},{"id":"585a6c7a-ccd8-4552-96d6-17a03c0d637e","block_type":"box","text":"8","page_number":8,"box":{"x":496,"y":979,"width":7,"height":7}},{"id":"04dc28a2-950f-41e5-896b-876f08de2b4a","block_type":"box","text":"Investment information","page_number":8,"box":{"x":74,"y":67,"width":276,"height":14}},{"id":"87e26907-f820-4a35-95c9-1f32d15e4723","block_type":"box","text":"Ten largest purchases and sales for the six months ended 30 June 2026","page_number":8,"box":{"x":71,"y":100,"width":546,"height":14}},{"id":"adaf8e70-a8f5-4fc4-bd68-fce967ffa60b","block_type":"box","text":"Purchases","page_number":8,"box":{"x":76,"y":134,"width":61,"height":7}},{"id":"f48e6422-b78a-4b14-90e3-83050a2c0b34","block_type":"box","text":"Cost","page_number":8,"box":{"x":464,"y":122,"width":28,"height":7}},{"id":"045f09db-f948-4b31-adfd-158d3b59cfe6","block_type":"box","text":"£’000","page_number":8,"box":{"x":460,"y":133,"width":32,"height":8}},{"id":"ac3a5f5d-1569-46be-90cd-ec50390df74a","block_type":"box","text":"Sales","page_number":8,"box":{"x":510,"y":134,"width":31,"height":7}},{"id":"31a908ac-7a0f-49c7-8a34-147d6b20fbf5","block_type":"box","text":"Proceeds","page_number":8,"box":{"x":869,"y":122,"width":55,"height":7}},{"id":"c5653863-b3cd-4dfe-b00c-0dbb72b0ae1d","block_type":"box","text":"£’000","page_number":8,"box":{"x":892,"y":133,"width":32,"height":8}},{"id":"2526c503-cc42-4c93-afa7-50afb6044ee0","block_type":"box","text":"Workspace Group","page_number":8,"box":{"x":75,"y":150,"width":107,"height":9}},{"id":"2eec1d65-0873-497e-b17b-53a9e4799051","block_type":"box","text":"5,2","page_number":8,"box":{"x":461,"y":150,"width":16,"height":9}},{"id":"1d2a013c-77e7-4a47-ad3a-6b64066f7786","block_type":"box","text":"7","page_number":8,"box":{"x":478,"y":150,"width":7,"height":7}},{"id":"2be784c1-b093-491a-b43b-5f80fcc8a8bd","block_type":"box","text":"2","page_number":8,"box":{"x":486,"y":150,"width":6,"height":7}},{"id":"8eb0357f-46b7-4863-a390-ed6b9fb1e728","block_type":"box","text":"Morgan Advanced Materials","page_number":8,"box":{"x":511,"y":150,"width":169,"height":9}},{"id":"65636861-1591-4da1-a6e2-c80cb0b26f29","block_type":"box","text":"6,56","page_number":8,"box":{"x":892,"y":150,"width":24,"height":9}},{"id":"7dec3188-8d58-4106-8dc1-70e52a01e31a","block_type":"box","text":"7","page_number":8,"box":{"x":917,"y":150,"width":7,"height":7}},{"id":"5674f041-352b-4385-a710-06e194bf1340","block_type":"box","text":"Tristel","page_number":8,"box":{"x":75,"y":166,"width":35,"height":7}},{"id":"b312771b-6118-403d-bf3a-594423931de2","block_type":"box","text":"5,","page_number":8,"box":{"x":462,"y":166,"width":9,"height":8}},{"id":"f5d3aef3-fbb0-4f6d-8fc7-9afbfe42cd30","block_type":"box","text":"1","page_number":8,"box":{"x":472,"y":166,"width":4,"height":7}},{"id":"ce44ab62-9b81-4389-815f-d82d860047b8","block_type":"box","text":"52","page_number":8,"box":{"x":479,"y":166,"width":13,"height":7}},{"id":"bc88da03-ca57-41e8-8381-5c0e1242634f","block_type":"box","text":"Secure Trust Bank","page_number":8,"box":{"x":510,"y":166,"width":109,"height":7}},{"id":"caf70eaf-a218-49eb-9247-439fdc144dc4","block_type":"box","text":"6,096","page_number":8,"box":{"x":892,"y":166,"width":32,"height":8}},{"id":"e12c633f-12a4-40c8-9382-4651747ea0ed","block_type":"box","text":"DiscoverIE Group","page_number":8,"box":{"x":76,"y":181,"width":104,"height":9}},{"id":"1d6f0dbd-d191-4524-b9cc-2a0f25c06db3","block_type":"box","text":"4","page_number":8,"box":{"x":459,"y":181,"width":7,"height":7}},{"id":"d4e4f751-adbf-4026-87dd-a18f2eae0466","block_type":"box","text":",","page_number":8,"box":{"x":467,"y":187,"width":2,"height":3}},{"id":"48aba669-be6c-45d1-a324-516cc2cfe615","block_type":"box","text":"7","page_number":8,"box":{"x":470,"y":181,"width":7,"height":7}},{"id":"52b28516-5438-47ec-a3ae-c120e72a88ce","block_type":"box","text":"0","page_number":8,"box":{"x":478,"y":181,"width":6,"height":7}},{"id":"10c3f5af-dc2f-4f7e-b8ad-30c367db3d7f","block_type":"box","text":"4","page_number":8,"box":{"x":485,"y":181,"width":7,"height":7}},{"id":"fec7a7e5-66bd-41e7-9e34-7034d5ba8840","block_type":"box","text":"IG Group","page_number":8,"box":{"x":511,"y":181,"width":53,"height":9}},{"id":"340d63db-1dee-4e3a-965c-d4af5ed49ed0","block_type":"box","text":"5,60","page_number":8,"box":{"x":893,"y":181,"width":24,"height":9}},{"id":"18c30eec-e140-4110-92a1-ba54f52b16aa","block_type":"box","text":"1","page_number":8,"box":{"x":918,"y":181,"width":4,"height":7}},{"id":"c8395d86-f344-444e-ac03-61e2cb1a38e8","block_type":"box","text":"NIOX Group","page_number":8,"box":{"x":76,"y":197,"width":71,"height":9}},{"id":"6daa0756-9698-40d5-b517-36bc90ae61ec","block_type":"box","text":"4","page_number":8,"box":{"x":459,"y":197,"width":7,"height":7}},{"id":"6cf579ff-cda3-4f31-a1c5-4964791f9065","block_type":"box","text":",5","page_number":8,"box":{"x":467,"y":197,"width":9,"height":8}},{"id":"afbfeb8e-b4d4-4e29-9b2d-e8ab25b6bc0d","block_type":"box","text":"3","page_number":8,"box":{"x":477,"y":197,"width":7,"height":7}},{"id":"81f5536d-ee09-42c4-8d77-bb1e1eadada9","block_type":"box","text":"9","page_number":8,"box":{"x":485,"y":197,"width":7,"height":7}},{"id":"48f722a1-92f8-4194-b4d5-7e05ecc18781","block_type":"box","text":"JTC","page_number":8,"box":{"x":510,"y":197,"width":22,"height":7}},{"id":"af344771-38ee-4031-9c52-ef8147342200","block_type":"box","text":"5,600","page_number":8,"box":{"x":892,"y":197,"width":32,"height":8}},{"id":"b78b4201-bff8-4c30-83a0-f7bc27f63470","block_type":"box","text":"AB Dynamics","page_number":8,"box":{"x":75,"y":212,"width":80,"height":9}},{"id":"74f85bbc-24ea-4f50-85d7-4db4b1952ff1","block_type":"box","text":"3","page_number":8,"box":{"x":460,"y":212,"width":6,"height":7}},{"id":"b4c3f7d3-25f8-424c-82ef-03aed31e8556","block_type":"box","text":",962","page_number":8,"box":{"x":467,"y":212,"width":25,"height":9}},{"id":"a52304fb-ce2e-42d8-a01e-58ffedd0bdf2","block_type":"box","text":"Serco Group","page_number":8,"box":{"x":510,"y":212,"width":75,"height":9}},{"id":"dace47f0-94ec-4411-8b5b-25fd7ad65ef3","block_type":"box","text":"5,","page_number":8,"box":{"x":892,"y":212,"width":9,"height":9}},{"id":"092aa308-c91c-4ebb-ae72-b1e0338e56ca","block_type":"box","text":"3","page_number":8,"box":{"x":902,"y":212,"width":6,"height":7}},{"id":"6a0c8f55-647a-4f53-9c45-a74b87864a13","block_type":"box","text":"60","page_number":8,"box":{"x":910,"y":212,"width":14,"height":7}},{"id":"63f8b634-c4ce-4847-a562-5ee425762fa6","block_type":"box","text":"Avon Technologies","page_number":8,"box":{"x":75,"y":228,"width":113,"height":9}},{"id":"4e458f2b-15ad-4021-9c13-5ef8880c2848","block_type":"box","text":"3","page_number":8,"box":{"x":459,"y":228,"width":6,"height":7}},{"id":"2f1ed6a0-6af8-4ee4-896f-d10e3998a4e0","block_type":"box","text":",9","page_number":8,"box":{"x":466,"y":228,"width":10,"height":8}},{"id":"47861b5d-bf39-4579-b59d-5d4cbdf6f549","block_type":"box","text":"4","page_number":8,"box":{"x":477,"y":228,"width":7,"height":7}},{"id":"c8bf0da4-b4d5-4ab4-b003-8280228cfe9f","block_type":"box","text":"7","page_number":8,"box":{"x":485,"y":228,"width":7,"height":7}},{"id":"530931a2-39e5-4e11-8aab-685bf26f1958","block_type":"box","text":"SSP Group","page_number":8,"box":{"x":510,"y":228,"width":64,"height":9}},{"id":"c8d5c42b-69d2-4800-8312-74034e11b17b","block_type":"box","text":"5,2","page_number":8,"box":{"x":893,"y":228,"width":17,"height":8}},{"id":"bfc73896-8a1b-424c-993f-63879362c65e","block_type":"box","text":"1","page_number":8,"box":{"x":911,"y":228,"width":4,"height":7}},{"id":"037d4118-b99d-4f92-8fee-c08078e4a7b4","block_type":"box","text":"8","page_number":8,"box":{"x":918,"y":228,"width":6,"height":7}},{"id":"44d11de8-d834-45a8-81f2-b01a6d669603","block_type":"box","text":"Keystone Law Group","page_number":8,"box":{"x":76,"y":243,"width":123,"height":9}},{"id":"87b1983f-4715-4773-b1a2-55be6b659cbd","block_type":"box","text":"2,909","page_number":8,"box":{"x":460,"y":243,"width":32,"height":9}},{"id":"bc2ea8e9-86a5-449a-b10d-6301fbb353c7","block_type":"box","text":"Keller Group","page_number":8,"box":{"x":511,"y":243,"width":74,"height":9}},{"id":"79510a74-be1d-40ca-a1e9-c097769b11b4","block_type":"box","text":"4","page_number":8,"box":{"x":893,"y":243,"width":7,"height":7}},{"id":"25c8b87f-d2a9-46a9-a9e5-428b5acfac51","block_type":"box","text":",525","page_number":8,"box":{"x":900,"y":243,"width":24,"height":9}},{"id":"4cb7930c-54a2-4453-8477-fb90458e5e94","block_type":"box","text":"Telecom Plus","page_number":8,"box":{"x":75,"y":259,"width":79,"height":7}},{"id":"d43169df-0678-484f-8fc7-b5e7b481ea03","block_type":"box","text":"2,","page_number":8,"box":{"x":460,"y":259,"width":9,"height":8}},{"id":"7085eb05-2e89-4687-abd6-d3c4af781c1f","block_type":"box","text":"7","page_number":8,"box":{"x":470,"y":259,"width":7,"height":7}},{"id":"ef4794ca-5174-4d41-9653-ee4d3ac1c087","block_type":"box","text":"56","page_number":8,"box":{"x":478,"y":259,"width":14,"height":7}},{"id":"4ed4adeb-3a1a-4031-98b5-7f10d6c2b8f3","block_type":"box","text":"Halfords Group","page_number":8,"box":{"x":511,"y":259,"width":90,"height":9}},{"id":"babcd807-b744-4819-b23e-a59d688bbb86","block_type":"box","text":"3","page_number":8,"box":{"x":892,"y":259,"width":6,"height":7}},{"id":"a74838dc-26f4-42b9-95a7-8b2757e275d7","block_type":"box","text":",","page_number":8,"box":{"x":899,"y":265,"width":2,"height":2}},{"id":"86e51e6f-a988-43ce-b5f2-1a2e36d4e9cf","block_type":"box","text":"7","page_number":8,"box":{"x":903,"y":259,"width":7,"height":7}},{"id":"9764accd-f811-4e9d-8a9f-46e5da2a2f86","block_type":"box","text":"4","page_number":8,"box":{"x":910,"y":259,"width":7,"height":7}},{"id":"b07a5fc6-1bb3-41f7-a74f-7a39590d3789","block_type":"box","text":"1","page_number":8,"box":{"x":918,"y":259,"width":4,"height":7}},{"id":"e0d49cc9-7695-4036-b0b8-1bc1e85d05f3","block_type":"box","text":"Jadestone Energy","page_number":8,"box":{"x":75,"y":274,"width":108,"height":10}},{"id":"7fca8e63-9932-4ffb-b2cb-818964fc59f2","block_type":"box","text":"2,","page_number":8,"box":{"x":461,"y":274,"width":8,"height":9}},{"id":"a5f70755-42e1-488a-877c-b0f68cf617b3","block_type":"box","text":"3","page_number":8,"box":{"x":470,"y":274,"width":7,"height":7}},{"id":"3ad8a38c-ac05-40a6-adbc-f6a7723d637f","block_type":"box","text":"9","page_number":8,"box":{"x":478,"y":274,"width":7,"height":7}},{"id":"97df3456-865c-4c38-aa14-94160918fdb3","block_type":"box","text":"1","page_number":8,"box":{"x":486,"y":275,"width":4,"height":6}},{"id":"26684f4a-ba1d-43ce-9037-72d340cab263","block_type":"box","text":"Coats Group","page_number":8,"box":{"x":510,"y":274,"width":76,"height":9}},{"id":"0a67b44d-8c75-4bc1-b183-4b069f6d9a05","block_type":"box","text":"3","page_number":8,"box":{"x":892,"y":274,"width":7,"height":7}},{"id":"ccfbd7e2-cb1e-426f-96ca-feeb80ecbe65","block_type":"box","text":",","page_number":8,"box":{"x":900,"y":280,"width":2,"height":3}},{"id":"b3e172d5-f0eb-4c4a-93ba-b5d793a3e895","block_type":"box","text":"4","page_number":8,"box":{"x":903,"y":275,"width":7,"height":6}},{"id":"6e9ad76b-95e2-40e4-ad9c-57ec5b091fb5","block_type":"box","text":"25","page_number":8,"box":{"x":911,"y":274,"width":13,"height":7}},{"id":"cbe06803-d463-4e6e-93ae-579a475fd352","block_type":"box","text":"Tatton Asset Management","page_number":8,"box":{"x":75,"y":292,"width":159,"height":9}},{"id":"e1e9beee-da52-43d5-8092-8fabae8ce03d","block_type":"box","text":"2,378","page_number":8,"box":{"x":462,"y":292,"width":30,"height":8}},{"id":"8b0334f3-cd34-4ee8-a3ec-a39939625c85","block_type":"box","text":"Mears Group","page_number":8,"box":{"x":511,"y":292,"width":77,"height":9}},{"id":"083c5a21-fdb5-4f71-9622-35626f8a345a","block_type":"box","text":"3,373","page_number":8,"box":{"x":894,"y":292,"width":30,"height":8}},{"id":"1862e6ae-54a7-43f8-9f7d-fcbeef346a23","block_type":"box","text":"Portfolio statement as at 30 June 2026","page_number":8,"box":{"x":72,"y":333,"width":297,"height":13}},{"id":"8f3d965b-4ff5-45f2-88d6-8302ef37792a","block_type":"box","text":"Holding","page_number":8,"box":{"x":576,"y":369,"width":46,"height":9}},{"id":"ffab6c2e-b713-4e17-8145-de80c77fa3ee","block_type":"box","text":"Valuation","page_number":8,"box":{"x":715,"y":357,"width":56,"height":8}},{"id":"d34475cd-f93d-44f0-9692-88dc10bc22b5","block_type":"box","text":"£","page_number":8,"box":{"x":739,"y":369,"width":7,"height":7}},{"id":"aba81b78-f78e-4081-8b89-b03ca8c4fb03","block_type":"box","text":"'000","page_number":8,"box":{"x":747,"y":369,"width":24,"height":7}},{"id":"af3438d7-be3c-405e-9b30-bca871a283da","block_type":"box","text":"% of net","page_number":8,"box":{"x":873,"y":357,"width":48,"height":8}},{"id":"e3276a14-cd91-4850-894e-08cee58d217a","block_type":"box","text":"assets","page_number":8,"box":{"x":883,"y":369,"width":38,"height":7}},{"id":"3799c1cb-57ec-41c0-a4ad-cbabf0fa39ae","block_type":"box","text":"Equities","page_number":8,"box":{"x":77,"y":386,"width":49,"height":9}},{"id":"ad2ef38f-6ef8-4777-8e5f-789d2b360a34","block_type":"box","text":"98.34%","page_number":8,"box":{"x":129,"y":386,"width":45,"height":7}},{"id":"0988fe3a-2d69-4348-9921-0348d9439dec","block_type":"box","text":"(","page_number":8,"box":{"x":177,"y":386,"width":5,"height":9}},{"id":"45a8cce6-41ca-4423-a100-f4dba407cc89","block_type":"box","text":"99.80%","page_number":8,"box":{"x":182,"y":386,"width":45,"height":7}},{"id":"96a05779-edd3-43d1-b475-dcf5a7a10851","block_type":"box","text":")","page_number":8,"box":{"x":227,"y":386,"width":4,"height":9}},{"id":"c60bee01-9dc3-4d7e-a4ac-a2aba353f382","block_type":"box","text":"Basic Materials","page_number":8,"box":{"x":77,"y":403,"width":94,"height":7}},{"id":"5ee6b74f-1ddb-4303-9521-8ac52059d8db","block_type":"box","text":"1.55%","page_number":8,"box":{"x":174,"y":403,"width":35,"height":7}},{"id":"6caabade-a198-4e65-9f1b-f28d96e5c4d6","block_type":"box","text":"(","page_number":8,"box":{"x":213,"y":403,"width":4,"height":9}},{"id":"ff4e8036-8f17-443d-bf51-47ec002e355c","block_type":"box","text":"1.58%","page_number":8,"box":{"x":218,"y":403,"width":34,"height":7}},{"id":"4a2d1989-8677-4a56-b384-cec0bc0740fd","block_type":"box","text":")","page_number":8,"box":{"x":253,"y":403,"width":4,"height":9}},{"id":"f5c0a824-1f5a-4392-9cc5-37ef833c7273","block_type":"box","text":"Central Asia Metals","page_number":8,"box":{"x":76,"y":420,"width":118,"height":8}},{"id":"846cd0da-3223-4bbb-9384-5fa447a8b70d","block_type":"box","text":"#","page_number":8,"box":{"x":197,"y":421,"width":5,"height":3}},{"id":"4617a1f4-5433-4154-bc44-b1b7725f8e48","block_type":"box","text":"2,401,578","page_number":8,"box":{"x":570,"y":421,"width":52,"height":8}},{"id":"1c65923a-56a0-40ec-9344-bce1448e03a6","block_type":"box","text":"3,206","page_number":8,"box":{"x":740,"y":421,"width":31,"height":8}},{"id":"22c8f865-cb87-4fee-a380-05eef3357362","block_type":"box","text":"0.6","page_number":8,"box":{"x":897,"y":421,"width":17,"height":7}},{"id":"5736d1d1-076f-46c9-b36b-f3831c5fc733","block_type":"box","text":"1","page_number":8,"box":{"x":915,"y":421,"width":4,"height":7}},{"id":"3ced137f-af81-4af0-818e-bd077ccfedea","block_type":"box","text":"Victrex","page_number":8,"box":{"x":76,"y":436,"width":42,"height":7}},{"id":"c2e61214-a206-405c-b0c8-92ae7e0d2d7a","block_type":"box","text":"855,412","page_number":8,"box":{"x":579,"y":436,"width":42,"height":8}},{"id":"772086c9-1d73-45bf-8f2c-54e21158b1c7","block_type":"box","text":"4,931","page_number":8,"box":{"x":742,"y":436,"width":28,"height":8}},{"id":"16a43f4b-8dec-4f42-ae62-e032adb5cf25","block_type":"box","text":"0.9","page_number":8,"box":{"x":896,"y":436,"width":17,"height":7}},{"id":"3b34fefd-c61d-4ef1-a288-f501543606e0","block_type":"box","text":"4","page_number":8,"box":{"x":914,"y":436,"width":7,"height":7}},{"id":"6befad2b-fb16-43a9-92ff-62db123eeea2","block_type":"box","text":"8,137","page_number":8,"box":{"x":742,"y":453,"width":29,"height":8}},{"id":"9a22f99d-32c1-44c9-b43d-79b190add768","block_type":"box","text":"1","page_number":8,"box":{"x":896,"y":453,"width":5,"height":7}},{"id":"4a845527-026f-40dc-97a8-7911e1c6ba46","block_type":"box","text":".55","page_number":8,"box":{"x":903,"y":453,"width":18,"height":7}},{"id":"4c61d68d-2235-4a85-b573-539e995343a3","block_type":"box","text":"Communication Services","page_number":8,"box":{"x":76,"y":470,"width":154,"height":8}},{"id":"cbb41a0d-d07a-4771-b4f7-e3cc3915c168","block_type":"box","text":"4.60%","page_number":8,"box":{"x":233,"y":470,"width":38,"height":8}},{"id":"23671cb7-c750-4802-ba80-fe901ef39ee5","block_type":"box","text":"(4","page_number":8,"box":{"x":274,"y":471,"width":5,"height":8}},{"id":"b3d8631f-4195-41c9-ab23-d0366dff3402","block_type":"box","text":"(4.65%","page_number":8,"box":{"x":279,"y":470,"width":37,"height":8}},{"id":"cafcdf7c-392d-4b43-ad7e-817285748c1e","block_type":"box","text":")","page_number":8,"box":{"x":316,"y":471,"width":4,"height":8}},{"id":"7b817b1e-c0c8-4fd7-973f-6561bd9c61ea","block_type":"box","text":"4imprint Group","page_number":8,"box":{"x":76,"y":488,"width":91,"height":9}},{"id":"3928e972-76a7-4e8c-a112-07fb685db0d8","block_type":"box","text":"278,675","page_number":8,"box":{"x":578,"y":488,"width":43,"height":8}},{"id":"e3785820-e815-437b-b652-fb9c0cfa4cf6","block_type":"box","text":"10,409","page_number":8,"box":{"x":734,"y":488,"width":37,"height":8}},{"id":"ae8faf23-45c8-49bc-afb0-407b641d92a7","block_type":"box","text":"1","page_number":8,"box":{"x":897,"y":488,"width":4,"height":7}},{"id":"17cac3fa-0da6-43b9-8bcf-79d503cf22fc","block_type":"box","text":".99","page_number":8,"box":{"x":904,"y":488,"width":17,"height":7}},{"id":"38f20df7-803c-4d43-ac92-e41343644a21","block_type":"box","text":"Bloomsbury Publishing","page_number":8,"box":{"x":77,"y":503,"width":137,"height":9}},{"id":"356c0638-82b2-44f6-b200-2d8bab144230","block_type":"box","text":"1,181,089","page_number":8,"box":{"x":572,"y":503,"width":49,"height":8}},{"id":"08f2daf2-652a-4633-9913-9c483ad9e894","block_type":"box","text":"7,358","page_number":8,"box":{"x":742,"y":503,"width":29,"height":8}},{"id":"34dd5a06-ab99-465f-ba58-691ea512ab9d","block_type":"box","text":"1","page_number":8,"box":{"x":898,"y":503,"width":4,"height":7}},{"id":"f7c425b7-2d44-4e5c-bfef-b73e0ccc30ce","block_type":"box","text":".","page_number":8,"box":{"x":904,"y":509,"width":2,"height":1}},{"id":"a013ea9b-c602-4596-99d0-8bea49533fb9","block_type":"box","text":"4","page_number":8,"box":{"x":907,"y":503,"width":7,"height":7}},{"id":"895f6e67-78e0-4efb-9393-21352fa8164d","block_type":"box","text":"1","page_number":8,"box":{"x":915,"y":503,"width":4,"height":7}},{"id":"c1ec23c5-623b-4dc1-b1bf-c0f310e4ec59","block_type":"box","text":"Future","page_number":8,"box":{"x":77,"y":519,"width":37,"height":7}},{"id":"3cb91197-ef02-4d0b-961c-6284ebd4dd5b","block_type":"box","text":"1,660,927","page_number":8,"box":{"x":568,"y":519,"width":54,"height":8}},{"id":"b38b82b4-e161-4ca3-9245-f6ba9daf0540","block_type":"box","text":"5,081","page_number":8,"box":{"x":742,"y":519,"width":28,"height":8}},{"id":"bfa2c0d3-e4e3-44ec-ba33-fa8b321575ad","block_type":"box","text":"0.9","page_number":8,"box":{"x":897,"y":519,"width":16,"height":7}},{"id":"87e6ff7e-ca6b-4799-96a3-bdebea9345ad","block_type":"box","text":"7","page_number":8,"box":{"x":915,"y":519,"width":6,"height":7}},{"id":"91914610-faa2-402e-b3d0-4027771f4345","block_type":"box","text":"M&C Saatchi","page_number":8,"box":{"x":77,"y":534,"width":77,"height":7}},{"id":"338f1b89-1c24-44b8-8b5c-fb3ceeb42671","block_type":"box","text":"#","page_number":8,"box":{"x":158,"y":535,"width":4,"height":3}},{"id":"23f6268b-827f-4dd3-9420-9b94bb01aa66","block_type":"box","text":"900,000","page_number":8,"box":{"x":574,"y":534,"width":48,"height":9}},{"id":"28fc73cc-46be-4a9e-a536-a9cc2668a728","block_type":"box","text":"1,224","page_number":8,"box":{"x":743,"y":534,"width":28,"height":9}},{"id":"abcbf280-0d4f-4393-88a2-a5745b6c7912","block_type":"box","text":"0.23","page_number":8,"box":{"x":897,"y":534,"width":24,"height":7}},{"id":"244b290c-25a0-4263-b3a0-491f52493dfc","block_type":"box","text":"24,072","page_number":8,"box":{"x":732,"y":551,"width":39,"height":9}},{"id":"b048fc84-7647-492b-8e8e-db8eed7518cd","block_type":"box","text":"4.60","page_number":8,"box":{"x":895,"y":551,"width":26,"height":8}},{"id":"888b9777-8c45-4bce-8892-448c165cf799","block_type":"box","text":"Consumer Discretionary","page_number":8,"box":{"x":76,"y":568,"width":151,"height":10}},{"id":"df1734d2-8104-4c0b-9c21-f49b81b382ef","block_type":"box","text":"25.50%","page_number":8,"box":{"x":230,"y":569,"width":44,"height":7}},{"id":"76a771b6-8c08-44b7-9044-606f27ca0c74","block_type":"box","text":"(","page_number":8,"box":{"x":278,"y":569,"width":4,"height":8}},{"id":"27e7dde0-e605-4d09-bbd1-958d7c1496af","block_type":"box","text":"28.23%","page_number":8,"box":{"x":282,"y":569,"width":44,"height":7}},{"id":"2c4b117d-e429-43d5-89a5-c485d023e982","block_type":"box","text":")","page_number":8,"box":{"x":326,"y":569,"width":4,"height":8}},{"id":"d3853ccf-3256-48b5-85bc-e139eb1e42cc","block_type":"box","text":"AB Dynamics","page_number":8,"box":{"x":76,"y":586,"width":80,"height":9}},{"id":"07541147-0f56-40b8-acc7-222e98492750","block_type":"box","text":"#","page_number":8,"box":{"x":160,"y":587,"width":4,"height":3}},{"id":"7dc45b15-9338-410a-bf73-3c6662b676e8","block_type":"box","text":"373,202","page_number":8,"box":{"x":578,"y":586,"width":43,"height":8}},{"id":"499fbab0-648b-4043-a91f-95aadab3fb6d","block_type":"box","text":"3,967","page_number":8,"box":{"x":741,"y":586,"width":30,"height":8}},{"id":"b4895d86-f527-49f0-9ec2-bf86d2594d4d","block_type":"box","text":"0.","page_number":8,"box":{"x":897,"y":586,"width":9,"height":7}},{"id":"a96a0763-d67c-4c0e-aa57-a89738c60ce7","block_type":"box","text":"7","page_number":8,"box":{"x":907,"y":586,"width":6,"height":7}},{"id":"c3083e30-9460-485d-b106-f0aaec653186","block_type":"box","text":"6","page_number":8,"box":{"x":915,"y":586,"width":6,"height":7}},{"id":"c858cfcc-84d8-4ea8-a45e-7dc8e791b072","block_type":"box","text":"Barratt Redrow","page_number":8,"box":{"x":77,"y":601,"width":89,"height":8}},{"id":"74c581f3-801d-491e-811c-8f46bc0072e9","block_type":"box","text":"976,330","page_number":8,"box":{"x":577,"y":601,"width":45,"height":9}},{"id":"c44bcea8-fcf7-4abe-b013-658f96ce5a67","block_type":"box","text":"2,742","page_number":8,"box":{"x":743,"y":601,"width":28,"height":9}},{"id":"56459546-e2ea-445b-827c-5ae000a4c97f","block_type":"box","text":"0.52","page_number":8,"box":{"x":897,"y":601,"width":24,"height":8}},{"id":"65ec7630-e70d-4721-a43a-6d648fc7008a","block_type":"box","text":"Coats Group","page_number":8,"box":{"x":76,"y":617,"width":76,"height":9}},{"id":"3c0275d9-ce97-4d27-8e08-184c9fb4a685","block_type":"box","text":"11,408,182","page_number":8,"box":{"x":565,"y":617,"width":56,"height":8}},{"id":"e6463301-2263-45bc-ba1d-f858097a18f1","block_type":"box","text":"8,973","page_number":8,"box":{"x":741,"y":617,"width":30,"height":8}},{"id":"138f71ac-b06b-49c2-ad16-1aaf924f4efc","block_type":"box","text":"1","page_number":8,"box":{"x":898,"y":617,"width":4,"height":7}},{"id":"31f32374-e3b6-4058-a75c-7cf832045c6a","block_type":"box","text":".","page_number":8,"box":{"x":905,"y":623,"width":2,"height":1}},{"id":"fdb3e8b5-11c2-4144-bce9-4024c3f3e7c2","block_type":"box","text":"7","page_number":8,"box":{"x":908,"y":617,"width":6,"height":7}},{"id":"4b8f3ee3-0772-4b4f-98b4-0f9608ecbf03","block_type":"box","text":"2","page_number":8,"box":{"x":915,"y":617,"width":6,"height":7}},{"id":"69d61347-936b-49f3-9e3a-6f9ea841e55d","block_type":"box","text":"DFS Furniture","page_number":8,"box":{"x":77,"y":633,"width":81,"height":7}},{"id":"a3906790-1174-418d-8624-16d560ed82f4","block_type":"box","text":"4,660,471","page_number":8,"box":{"x":568,"y":633,"width":52,"height":8}},{"id":"6f738c1b-fa9a-4748-9c18-f37023518e72","block_type":"box","text":"6,501","page_number":8,"box":{"x":742,"y":633,"width":28,"height":8}},{"id":"f1ea141d-8397-4677-9173-7fa066ff391e","block_type":"box","text":"1","page_number":8,"box":{"x":897,"y":633,"width":5,"height":7}},{"id":"7d539b18-b404-44eb-9779-45f1a64ea534","block_type":"box","text":".2","page_number":8,"box":{"x":904,"y":633,"width":9,"height":7}},{"id":"f63def9f-8784-4a6b-8c9c-43d6d5d90ad8","block_type":"box","text":"4","page_number":8,"box":{"x":914,"y":633,"width":7,"height":7}},{"id":"0f199ea1-c6b8-4bb5-bbdc-1fb0768f16eb","block_type":"box","text":"Dunelm Group","page_number":8,"box":{"x":77,"y":648,"width":87,"height":9}},{"id":"e164fd29-0386-498e-8ee3-799d5b6e2062","block_type":"box","text":"845,188","page_number":8,"box":{"x":579,"y":648,"width":43,"height":8}},{"id":"7428dab3-cd37-4806-9dd1-ae6d144ee667","block_type":"box","text":"6,762","page_number":8,"box":{"x":742,"y":648,"width":29,"height":8}},{"id":"f73b0b43-af3a-406a-ae64-e6a5e654925d","block_type":"box","text":"1","page_number":8,"box":{"x":897,"y":648,"width":5,"height":7}},{"id":"700bbd65-cc43-4369-931d-f45647b99dea","block_type":"box","text":".29","page_number":8,"box":{"x":904,"y":648,"width":17,"height":7}},{"id":"244e47a5-31f9-4b3a-b4d5-e85165775200","block_type":"box","text":"Ebiquity","page_number":8,"box":{"x":77,"y":664,"width":48,"height":9}},{"id":"619f5cb6-8542-4475-a98e-bc9f86431bc6","block_type":"box","text":"#","page_number":8,"box":{"x":128,"y":664,"width":4,"height":4}},{"id":"bd5bcd98-bd98-47da-926b-6aa5dac7ef5d","block_type":"box","text":"11,135,085","page_number":8,"box":{"x":565,"y":664,"width":56,"height":8}},{"id":"4835c1ed-1923-4fb0-b0ea-f7bd4c18025c","block_type":"box","text":"1,180","page_number":8,"box":{"x":745,"y":664,"width":26,"height":8}},{"id":"f91dfb21-485c-41b9-a9b5-b8881cd241d7","block_type":"box","text":"0.23","page_number":8,"box":{"x":897,"y":664,"width":24,"height":7}},{"id":"e2640b92-04ac-4639-8773-3f4e6bf0b533","block_type":"box","text":"Fuller Smith & Turner 'A'","page_number":8,"box":{"x":77,"y":679,"width":141,"height":7}},{"id":"978debaf-ba94-4c6a-ba94-acad0bf7b201","block_type":"box","text":"964,914","page_number":8,"box":{"x":577,"y":679,"width":45,"height":8}},{"id":"66cc1a57-962c-4f2b-9185-9b51e7ddd6fa","block_type":"box","text":"7,092","page_number":8,"box":{"x":742,"y":679,"width":29,"height":8}},{"id":"f6a0894b-283f-4b41-afca-8bc1ec78b842","block_type":"box","text":"1","page_number":8,"box":{"x":897,"y":679,"width":5,"height":7}},{"id":"e170a741-659f-4c47-ba06-5da56a7e0da6","block_type":"box","text":".36","page_number":8,"box":{"x":904,"y":679,"width":17,"height":7}},{"id":"70e36aa3-85d0-4176-a1b8-38a00e4dc8cc","block_type":"box","text":"Halfords Group","page_number":8,"box":{"x":77,"y":695,"width":90,"height":9}},{"id":"66c4cdcb-f58e-4dd1-8e36-028109092aa7","block_type":"box","text":"2,967,966","page_number":8,"box":{"x":567,"y":695,"width":54,"height":8}},{"id":"6df84c0c-925c-4904-93a6-fc84a2c9e74d","block_type":"box","text":"6,997","page_number":8,"box":{"x":741,"y":695,"width":30,"height":8}},{"id":"92ed0053-5dc3-47c7-9da9-34049d99af8b","block_type":"box","text":"1","page_number":8,"box":{"x":897,"y":695,"width":4,"height":7}},{"id":"d2d02cd1-7382-4856-9043-70e7fbc63b50","block_type":"box","text":".3","page_number":8,"box":{"x":904,"y":695,"width":9,"height":7}},{"id":"70796756-9ee3-46d3-bf9c-bbb20ae49497","block_type":"box","text":"4","page_number":8,"box":{"x":914,"y":695,"width":7,"height":7}},{"id":"3605b74e-8490-4ee9-81e6-4d625da51370","block_type":"box","text":"Hollywood Bowl Group","page_number":8,"box":{"x":77,"y":710,"width":136,"height":9}},{"id":"c2d0f7c9-6a90-4e56-a062-ecbf57374564","block_type":"box","text":"4,003,179","page_number":8,"box":{"x":569,"y":710,"width":52,"height":9}},{"id":"fc670807-365c-46ed-8caf-945cac79cfea","block_type":"box","text":"11,089","page_number":8,"box":{"x":736,"y":710,"width":35,"height":9}},{"id":"17375232-6104-470e-b7a2-52f0b8402063","block_type":"box","text":"2.","page_number":8,"box":{"x":898,"y":710,"width":9,"height":7}},{"id":"3332e697-9c13-43b1-beeb-8944900f345b","block_type":"box","text":"1","page_number":8,"box":{"x":908,"y":710,"width":4,"height":7}},{"id":"2803256a-fea9-4e45-8b90-39ce045f7521","block_type":"box","text":"2","page_number":8,"box":{"x":915,"y":710,"width":6,"height":7}},{"id":"4ef5e192-22b0-492a-a122-ef11bb789ff4","block_type":"box","text":"J D Wetherspoon","page_number":8,"box":{"x":76,"y":726,"width":103,"height":9}},{"id":"b40f3140-3b3c-400f-85be-d35dfe79b7b7","block_type":"box","text":"899,946","page_number":8,"box":{"x":575,"y":726,"width":46,"height":8}},{"id":"2ecf2df5-5cac-4688-b457-85eb7146437a","block_type":"box","text":"6,225","page_number":8,"box":{"x":741,"y":726,"width":30,"height":8}},{"id":"2db3fc5e-6f28-4d69-a150-ab2b49c1bc17","block_type":"box","text":"1","page_number":8,"box":{"x":897,"y":726,"width":5,"height":7}},{"id":"873a83f7-36f0-4b79-b679-0bdb8418d260","block_type":"box","text":".","page_number":8,"box":{"x":904,"y":732,"width":2,"height":1}},{"id":"a2e8d8a3-eab8-4237-a0f9-65c995513dfa","block_type":"box","text":"1","page_number":8,"box":{"x":907,"y":726,"width":5,"height":7}},{"id":"5f77a88f-555a-4c76-a862-a7197b112ace","block_type":"box","text":"9","page_number":8,"box":{"x":914,"y":726,"width":7,"height":7}},{"id":"c96ba57b-b123-4816-b9e3-c770ca5716c2","block_type":"box","text":"JET2","page_number":8,"box":{"x":76,"y":741,"width":28,"height":8}},{"id":"e7b4b72a-b7c3-4ac8-9741-bebdfedb623b","block_type":"box","text":"#","page_number":8,"box":{"x":108,"y":742,"width":4,"height":3}},{"id":"3a595ad2-0629-4fef-9afe-11f41588cabf","block_type":"box","text":"299,206","page_number":8,"box":{"x":576,"y":741,"width":45,"height":9}},{"id":"bbb98ca5-f696-45eb-baca-d555990152f3","block_type":"box","text":"3,965","page_number":8,"box":{"x":740,"y":741,"width":31,"height":9}},{"id":"82e3caf0-3ca3-459a-8819-ea5235744392","block_type":"box","text":"0.","page_number":8,"box":{"x":897,"y":741,"width":9,"height":8}},{"id":"eb157999-a725-490a-ab42-07c10be89770","block_type":"box","text":"7","page_number":8,"box":{"x":907,"y":742,"width":6,"height":6}},{"id":"f48a3d15-f350-41ce-b794-8f22e1bab485","block_type":"box","text":"6","page_number":8,"box":{"x":915,"y":741,"width":6,"height":8}},{"id":"9403a575-3b8f-43a9-b896-ceeb030430f0","block_type":"box","text":"LBG Media","page_number":8,"box":{"x":77,"y":757,"width":65,"height":7}},{"id":"ed270c84-04a4-4a88-bb13-827a6e027628","block_type":"box","text":"#","page_number":8,"box":{"x":145,"y":758,"width":5,"height":3}},{"id":"64a08881-c94c-4321-a3f3-810ad5ffb491","block_type":"box","text":"6,440,870","page_number":8,"box":{"x":567,"y":757,"width":55,"height":8}},{"id":"f8291b1f-0f31-4d63-a30f-bec6539ebfb2","block_type":"box","text":"2,109","page_number":8,"box":{"x":743,"y":757,"width":28,"height":8}},{"id":"29433112-2c81-441f-8d1e-775988728ae3","block_type":"box","text":"0.","page_number":8,"box":{"x":896,"y":757,"width":10,"height":7}},{"id":"95c56d09-6303-4ab6-bff9-f1f9605fae31","block_type":"box","text":"4","page_number":8,"box":{"x":906,"y":757,"width":7,"height":7}},{"id":"8c345ba6-fc7f-44b4-83b1-9f5857cbd85f","block_type":"box","text":"0","page_number":8,"box":{"x":914,"y":757,"width":7,"height":7}},{"id":"3119f4fa-3afa-447a-80a1-3e003c9bb196","block_type":"box","text":"MJ Gleeson","page_number":8,"box":{"x":77,"y":772,"width":69,"height":8}},{"id":"0d9752a4-f846-44fc-be6e-8435c95d01e0","block_type":"box","text":"2,218,221","page_number":8,"box":{"x":570,"y":773,"width":50,"height":8}},{"id":"83dcc6b4-ece6-481d-a6fb-d5f3704fdbf4","block_type":"box","text":"5,529","page_number":8,"box":{"x":740,"y":773,"width":31,"height":8}},{"id":"d9ec2fd5-855a-420e-b042-16cecd6af5e4","block_type":"box","text":"1","page_number":8,"box":{"x":897,"y":773,"width":4,"height":7}},{"id":"4630f92f-2f4e-4d3d-8387-fe6b56552ac1","block_type":"box","text":".06","page_number":8,"box":{"x":904,"y":773,"width":17,"height":7}},{"id":"04008ebc-12f9-44f5-a6e2-6af7a7e2535f","block_type":"box","text":"Moonpig Group","page_number":8,"box":{"x":77,"y":788,"width":93,"height":9}},{"id":"40029bcb-acab-40aa-b9f1-c609d577b401","block_type":"box","text":"6,812,343","page_number":8,"box":{"x":568,"y":788,"width":53,"height":8}},{"id":"bf01797b-9acf-449c-82c4-9edafe0dc569","block_type":"box","text":"16,574","page_number":8,"box":{"x":736,"y":788,"width":35,"height":8}},{"id":"fcc0da37-1c9b-40e2-8726-e3d94ab152a4","block_type":"box","text":"3.","page_number":8,"box":{"x":897,"y":788,"width":10,"height":7}},{"id":"8b1db511-937c-4207-855a-62756f17730b","block_type":"box","text":"1","page_number":8,"box":{"x":908,"y":788,"width":4,"height":7}},{"id":"f5ce0bb2-d480-49e8-aba4-617efce296fb","block_type":"box","text":"7","page_number":8,"box":{"x":915,"y":788,"width":6,"height":7}},{"id":"3f1b4cbd-f0e2-46e8-a496-41316895bf99","block_type":"box","text":"Next 15 Group","page_number":8,"box":{"x":77,"y":804,"width":83,"height":9}},{"id":"2804644a-cf7e-4693-92e4-6c591336b013","block_type":"box","text":"#","page_number":8,"box":{"x":164,"y":804,"width":5,"height":3}},{"id":"78809eda-7ffb-4123-9b52-b2630072887a","block_type":"box","text":"2,864,564","page_number":8,"box":{"x":565,"y":804,"width":57,"height":8}},{"id":"bbf986a3-6516-4ffb-b611-3d25dd43cba7","block_type":"box","text":"7,276","page_number":8,"box":{"x":743,"y":804,"width":28,"height":8}},{"id":"622e9388-d2ae-4601-b9cb-668deb54c8e0","block_type":"box","text":"1","page_number":8,"box":{"x":897,"y":804,"width":4,"height":7}},{"id":"ff009c6a-7f95-421b-ac0e-5e96655cd6cc","block_type":"box","text":".39","page_number":8,"box":{"x":904,"y":804,"width":17,"height":7}},{"id":"05f88668-1c56-4e79-a081-ac63f2bd82fb","block_type":"box","text":"On the Beach Group","page_number":8,"box":{"x":76,"y":819,"width":122,"height":9}},{"id":"993915aa-dd49-497f-9c10-ee2e1516652f","block_type":"box","text":"4,680,215","page_number":8,"box":{"x":567,"y":819,"width":54,"height":8}},{"id":"919a13e5-13b7-4776-8240-0a4758dd54e5","block_type":"box","text":"8,181","page_number":8,"box":{"x":745,"y":819,"width":25,"height":8}},{"id":"24deb19d-9b51-45ec-8364-e7d7ec546cef","block_type":"box","text":"1","page_number":8,"box":{"x":898,"y":819,"width":4,"height":7}},{"id":"72633670-b8c8-4070-8510-477007141f0c","block_type":"box","text":".5","page_number":8,"box":{"x":905,"y":819,"width":9,"height":7}},{"id":"d7595c0f-442b-4b73-b047-197ba7a00773","block_type":"box","text":"7","page_number":8,"box":{"x":915,"y":819,"width":6,"height":7}},{"id":"6e494c79-19b0-4c59-9b2c-1db447f277f4","block_type":"box","text":"Victorian Plumbing Group","page_number":8,"box":{"x":76,"y":835,"width":155,"height":9}},{"id":"81fbb2f2-ce87-41e9-8388-f0ed26f805ea","block_type":"box","text":"#","page_number":8,"box":{"x":235,"y":835,"width":4,"height":4}},{"id":"9a4ef7e6-ff9f-4491-bea5-5071364d1995","block_type":"box","text":"13,391,574","page_number":8,"box":{"x":564,"y":835,"width":58,"height":8}},{"id":"f3d34a7d-d0cf-4a11-9f00-acf0418fdc6c","block_type":"box","text":"10,519","page_number":8,"box":{"x":736,"y":835,"width":35,"height":8}},{"id":"9d78e16a-87cc-4888-9cd8-b4e8964b770f","block_type":"box","text":"2.0","page_number":8,"box":{"x":897,"y":835,"width":17,"height":7}},{"id":"97a0b607-6bf5-4074-af10-7ce7d166c6d4","block_type":"box","text":"1","page_number":8,"box":{"x":915,"y":835,"width":4,"height":7}},{"id":"737a9aac-6ce5-466e-b543-4604f7c8e9be","block_type":"box","text":"Warpaint London","page_number":8,"box":{"x":76,"y":850,"width":103,"height":9}},{"id":"82230778-8f36-4acb-b6d6-20fcf812013b","block_type":"box","text":"#","page_number":8,"box":{"x":183,"y":851,"width":4,"height":3}},{"id":"b402ac9c-1609-446a-ab7d-58b89dd194fc","block_type":"box","text":"1,524,369","page_number":8,"box":{"x":568,"y":850,"width":53,"height":8}},{"id":"188c1449-4599-4279-b2bd-61130ade588b","block_type":"box","text":"3,011","page_number":8,"box":{"x":743,"y":850,"width":27,"height":8}},{"id":"58266b5a-fa68-401a-a28a-b34146dcd917","block_type":"box","text":"0.58","page_number":8,"box":{"x":897,"y":850,"width":24,"height":7}},{"id":"629651a3-c903-4b82-8ae6-307ab4cd8b21","block_type":"box","text":"YouGov","page_number":8,"box":{"x":76,"y":866,"width":46,"height":7}},{"id":"8452928f-4e93-40fd-81da-3c338e8f8924","block_type":"box","text":"#","page_number":8,"box":{"x":125,"y":867,"width":5,"height":3}},{"id":"3703459c-c37d-44ea-928e-e1a87c8e92f7","block_type":"box","text":"3,200,514","page_number":8,"box":{"x":568,"y":866,"width":54,"height":8}},{"id":"fa2ab754-34ae-4ee6-9d30-33768a19fe08","block_type":"box","text":"6,888","page_number":8,"box":{"x":740,"y":866,"width":31,"height":8}},{"id":"53c1b650-5a2d-42ce-bc6b-be0468ec5bc1","block_type":"box","text":"1","page_number":8,"box":{"x":898,"y":866,"width":4,"height":7}},{"id":"92bd9d92-858a-4d68-b678-d8edc1e5e4bf","block_type":"box","text":".32","page_number":8,"box":{"x":905,"y":866,"width":16,"height":7}},{"id":"aa061b51-e359-4efc-bb44-322ff8a52ab4","block_type":"box","text":"Young & Co's Brewery","page_number":8,"box":{"x":76,"y":881,"width":130,"height":9}},{"id":"ab503543-e606-4b3d-975d-0b44aa2ef7d6","block_type":"box","text":"1,108,590","page_number":8,"box":{"x":570,"y":881,"width":52,"height":9}},{"id":"7c26bd30-0c00-4c82-8df2-0c6012563e37","block_type":"box","text":"7,694","page_number":8,"box":{"x":741,"y":881,"width":30,"height":9}},{"id":"efdf307d-e3f6-4254-8597-a6850207bbd8","block_type":"box","text":"1","page_number":8,"box":{"x":897,"y":881,"width":5,"height":7}},{"id":"8491947f-ab5f-4a9f-b523-7e5bcc9c681c","block_type":"box","text":".","page_number":8,"box":{"x":904,"y":887,"width":2,"height":1}},{"id":"8e219671-5095-451b-8f73-b0b6fd634a21","block_type":"box","text":"4","page_number":8,"box":{"x":907,"y":881,"width":7,"height":7}},{"id":"ea7da01d-6e00-4267-9fe4-f1f1231f5453","block_type":"box","text":"7","page_number":8,"box":{"x":915,"y":881,"width":6,"height":7}},{"id":"13d4d1f7-f763-4d4d-bc4c-3785fc7b7da0","block_type":"box","text":"133,274","page_number":8,"box":{"x":727,"y":898,"width":44,"height":9}},{"id":"909843ca-da2a-4837-873d-503e8625de4b","block_type":"box","text":"25.50","page_number":8,"box":{"x":888,"y":898,"width":33,"height":7}},{"id":"d6f7207f-2728-4fbc-9553-6bb1d080a620","block_type":"box","text":"Consumer Staples","page_number":8,"box":{"x":76,"y":915,"width":112,"height":10}},{"id":"cca84486-757e-4150-bb0e-264616d63f11","block_type":"box","text":"4.61%","page_number":8,"box":{"x":192,"y":916,"width":35,"height":7}},{"id":"1453feac-175b-49e6-8cc7-de19cdd2e980","block_type":"box","text":"(4","page_number":8,"box":{"x":231,"y":916,"width":4,"height":8}},{"id":"495e77e4-871a-4879-8406-c9deecbe1684","block_type":"box","text":"(4.29%","page_number":8,"box":{"x":235,"y":916,"width":37,"height":7}},{"id":"ae2ce6f2-7aab-44f4-bcd9-699f23f8ad22","block_type":"box","text":")","page_number":8,"box":{"x":272,"y":916,"width":5,"height":8}},{"id":"4e7219d1-17ad-451e-aae6-e225a5f5b909","block_type":"box","text":"Greggs","page_number":8,"box":{"x":76,"y":933,"width":42,"height":9}},{"id":"48a0f0b1-9aca-4e7c-91a2-9047a9d7cd68","block_type":"box","text":"330,404","page_number":8,"box":{"x":576,"y":933,"width":46,"height":8}},{"id":"e195d6bb-b289-4770-a61f-62ca0c93a853","block_type":"box","text":"5,316","page_number":8,"box":{"x":741,"y":933,"width":30,"height":8}},{"id":"cbf95b48-b93a-4fff-bd13-ee31d7b9262a","block_type":"box","text":"1","page_number":8,"box":{"x":897,"y":933,"width":5,"height":7}},{"id":"12848c82-a3ca-47b4-ab68-88a0d9dd20ce","block_type":"box","text":".02","page_number":8,"box":{"x":904,"y":933,"width":17,"height":7}},{"id":"040501df-2862-419b-bd07-5df4b06cbb9c","block_type":"box","text":"Hilton Food Group","page_number":8,"box":{"x":77,"y":948,"width":109,"height":9}},{"id":"b0648316-8800-40c1-9f8f-d38ed2263c06","block_type":"box","text":"1,149,813","page_number":8,"box":{"x":572,"y":948,"width":49,"height":9}},{"id":"9f357a63-8dc8-426a-a8f8-4170875bb45e","block_type":"box","text":"5,950","page_number":8,"box":{"x":739,"y":948,"width":32,"height":9}},{"id":"19174e9e-3149-49b6-8131-702b80410810","block_type":"box","text":"1","page_number":8,"box":{"x":898,"y":949,"width":4,"height":6}},{"id":"c3285f89-deb9-48dd-ad70-02c4541eb6b8","block_type":"box","text":".","page_number":8,"box":{"x":904,"y":954,"width":2,"height":2}},{"id":"fd7893c6-4df7-4774-abda-8c0fc4b97525","block_type":"box","text":"1","page_number":8,"box":{"x":907,"y":949,"width":5,"height":6}},{"id":"3d741e81-b445-4d27-a106-4e5418bc4946","block_type":"box","text":"4","page_number":8,"box":{"x":914,"y":949,"width":7,"height":6}},{"id":"baa27e6a-b462-4e64-9f64-9dffed4df913","block_type":"box","text":"9","page_number":9,"box":{"x":496,"y":979,"width":7,"height":7}},{"id":"ce828a56-2b54-4b09-b4e1-a4a1e9a3aef3","block_type":"box","text":"Holding","page_number":9,"box":{"x":576,"y":81,"width":46,"height":9}},{"id":"109ab4bb-0ef5-4374-af91-40a97552f32d","block_type":"box","text":"Valuation","page_number":9,"box":{"x":715,"y":69,"width":56,"height":7}},{"id":"ccacf8e8-2085-402c-9ba2-74973b1eb622","block_type":"box","text":"£‘000","page_number":9,"box":{"x":739,"y":80,"width":32,"height":8}},{"id":"0709f5cf-cd52-4dcd-86d5-f2cdf7ee2026","block_type":"box","text":"% of net","page_number":9,"box":{"x":873,"y":69,"width":48,"height":8}},{"id":"f31af3d2-fca3-469f-90f7-df7bd7123461","block_type":"box","text":"assets","page_number":9,"box":{"x":883,"y":81,"width":38,"height":7}},{"id":"d3255767-d64c-4217-8455-d43dc93507ff","block_type":"box","text":"Equities 98.34% (99.80%) (continued)","page_number":9,"box":{"x":77,"y":98,"width":230,"height":9}},{"id":"8fe3274e-83bc-47e6-b0fb-129412743c33","block_type":"box","text":"Consumer Staples 4.61% (4.29%) (continued)","page_number":9,"box":{"x":76,"y":115,"width":276,"height":9}},{"id":"631b3b64-e7b0-4db0-997a-4c7bb467bfdd","block_type":"box","text":"PZ Cussons","page_number":9,"box":{"x":77,"y":133,"width":69,"height":7}},{"id":"007003ee-75ef-4a2c-a504-69dcdbc282e0","block_type":"box","text":"10,224,954","page_number":9,"box":{"x":560,"y":133,"width":62,"height":8}},{"id":"b0704d80-7aab-4749-bfb6-e535d4e397ea","block_type":"box","text":"10,573","page_number":9,"box":{"x":736,"y":133,"width":35,"height":8}},{"id":"044a77a6-cdad-4ee1-84fe-5e68f1dd303c","block_type":"box","text":"2.02","page_number":9,"box":{"x":897,"y":133,"width":24,"height":7}},{"id":"bdc4efc5-7698-4be3-aaac-e048e0d30d98","block_type":"box","text":"REA Holdings","page_number":9,"box":{"x":77,"y":148,"width":80,"height":9}},{"id":"f661569b-a74a-497e-a80d-edd1d3f739eb","block_type":"box","text":"2,022,530","page_number":9,"box":{"x":566,"y":148,"width":56,"height":8}},{"id":"fb29dbc0-a794-4c26-9b3e-a5a5836f4108","block_type":"box","text":"2,225","page_number":9,"box":{"x":741,"y":148,"width":30,"height":8}},{"id":"6b991121-75a9-4af9-b92a-4c6bde167f5e","block_type":"box","text":"0.","page_number":9,"box":{"x":896,"y":148,"width":10,"height":7}},{"id":"97cc389a-42cb-414a-9072-6b6566654b0a","block_type":"box","text":"4","page_number":9,"box":{"x":907,"y":148,"width":7,"height":7}},{"id":"92952afa-6144-48eb-8045-89e2a11a43dd","block_type":"box","text":"3","page_number":9,"box":{"x":915,"y":148,"width":6,"height":7}},{"id":"f9772e3a-502d-416e-bd80-ecbee10c8454","block_type":"box","text":"24,064","page_number":9,"box":{"x":730,"y":165,"width":41,"height":8}},{"id":"e4f4405d-4f8c-40c6-a55c-556fefe61d17","block_type":"box","text":"4.6","page_number":9,"box":{"x":895,"y":165,"width":18,"height":7}},{"id":"d4e70b58-a439-4a9f-861c-2c5bee83a2a5","block_type":"box","text":"1","page_number":9,"box":{"x":914,"y":165,"width":6,"height":7}},{"id":"46dd17b8-ed6e-463f-ba30-45265aae7e56","block_type":"box","text":"Energy","page_number":9,"box":{"x":77,"y":183,"width":42,"height":9}},{"id":"5a8fe2f0-d5c0-4dfa-9eac-3f161c5da0cd","block_type":"box","text":"3.06%","page_number":9,"box":{"x":122,"y":182,"width":37,"height":8}},{"id":"2264b6ae-7d37-43ae-9a1f-81ea4fb5e629","block_type":"box","text":"(","page_number":9,"box":{"x":162,"y":183,"width":5,"height":8}},{"id":"73c16fc6-5763-4a15-8adb-316cb5345139","block_type":"box","text":"2.47%","page_number":9,"box":{"x":167,"y":182,"width":35,"height":8}},{"id":"95d938fe-2f09-4403-a77c-68a02c1ba1f4","block_type":"box","text":")","page_number":9,"box":{"x":202,"y":183,"width":5,"height":8}},{"id":"f4d9e333-850f-40ae-835c-48ed630ea251","block_type":"box","text":"Ashtead Technology Holdings","page_number":9,"box":{"x":76,"y":200,"width":179,"height":9}},{"id":"a4a3ed67-214b-4204-aa20-0c44732b93ad","block_type":"box","text":"1,564,010","page_number":9,"box":{"x":568,"y":200,"width":54,"height":8}},{"id":"ba00346e-2c25-4e11-a4d8-f1f7ce409b04","block_type":"box","text":"6,506","page_number":9,"box":{"x":740,"y":200,"width":31,"height":8}},{"id":"72770372-0048-4bb4-b17a-361ada73bd15","block_type":"box","text":"1","page_number":9,"box":{"x":898,"y":200,"width":4,"height":7}},{"id":"16ffc619-9263-4b0a-ad27-818a0344d50b","block_type":"box","text":".25","page_number":9,"box":{"x":905,"y":200,"width":16,"height":7}},{"id":"8270569f-6c9f-4a3e-9188-6285dab6406c","block_type":"box","text":"Energean","page_number":9,"box":{"x":77,"y":215,"width":55,"height":9}},{"id":"6e1a5323-7770-4d3c-a42b-bd7e77337976","block_type":"box","text":"706,505","page_number":9,"box":{"x":576,"y":215,"width":45,"height":8}},{"id":"3fc9d46b-4cb2-4ffc-bd92-3ecc6fd9cb8d","block_type":"box","text":"4,848","page_number":9,"box":{"x":740,"y":215,"width":31,"height":8}},{"id":"33d3a65e-6928-4f37-b1f3-5bbf559398b9","block_type":"box","text":"0.93","page_number":9,"box":{"x":897,"y":215,"width":24,"height":7}},{"id":"74017f3d-4a25-4677-89aa-123112d7a30c","block_type":"box","text":"Jadestone Energy","page_number":9,"box":{"x":76,"y":231,"width":108,"height":9}},{"id":"3815b40e-936c-4aa0-9711-c8d43424342d","block_type":"box","text":"#","page_number":9,"box":{"x":187,"y":232,"width":4,"height":3}},{"id":"766d35fc-6578-4259-9874-633d0d3f096e","block_type":"box","text":"16,268,860","page_number":9,"box":{"x":559,"y":231,"width":63,"height":8}},{"id":"b7becde2-1b7f-46ba-9baf-72603db8d510","block_type":"box","text":"4,596","page_number":9,"box":{"x":739,"y":231,"width":32,"height":8}},{"id":"4981fb12-68cd-490b-8447-0ac81a838638","block_type":"box","text":"0.88","page_number":9,"box":{"x":897,"y":231,"width":24,"height":7}},{"id":"8f628865-0568-4d2d-b8db-8a0913c0e3d9","block_type":"box","text":"15,950","page_number":9,"box":{"x":732,"y":248,"width":39,"height":8}},{"id":"f9a7d854-fe32-49d2-b3fc-1f931c7e5ee7","block_type":"box","text":"3.06","page_number":9,"box":{"x":895,"y":248,"width":26,"height":7}},{"id":"36744c7c-e9a9-4c68-ac57-50c99cba8f67","block_type":"box","text":"Financials","page_number":9,"box":{"x":77,"y":265,"width":61,"height":7}},{"id":"c860ddc8-676b-41be-8071-cf13ebef3160","block_type":"box","text":"10.19%","page_number":9,"box":{"x":142,"y":265,"width":40,"height":7}},{"id":"ade7219e-c148-47b1-85ba-bc32f39e55d2","block_type":"box","text":"(","page_number":9,"box":{"x":186,"y":265,"width":4,"height":9}},{"id":"c1c62f13-ccea-4677-9348-f30a2b9935fa","block_type":"box","text":"11.37%","page_number":9,"box":{"x":190,"y":265,"width":40,"height":7}},{"id":"529a5321-f313-4646-8ea7-7417cc7ba539","block_type":"box","text":")","page_number":9,"box":{"x":230,"y":265,"width":5,"height":9}},{"id":"fbffca51-1e62-489d-b922-93aafefd7bc8","block_type":"box","text":"Brooks Macdonald Group","page_number":9,"box":{"x":77,"y":282,"width":152,"height":9}},{"id":"36ffa093-5d8b-41a4-be87-997ae262de40","block_type":"box","text":"580,438","page_number":9,"box":{"x":576,"y":282,"width":46,"height":9}},{"id":"bf7ff722-7c04-4a71-a075-9d75f9541309","block_type":"box","text":"7,415","page_number":9,"box":{"x":745,"y":283,"width":26,"height":8}},{"id":"27a54428-af69-4ee0-a54c-cd58f85fcab8","block_type":"box","text":"1","page_number":9,"box":{"x":897,"y":283,"width":5,"height":6}},{"id":"83395bd3-674a-464b-a062-bb6e7a08f045","block_type":"box","text":".","page_number":9,"box":{"x":904,"y":288,"width":2,"height":1}},{"id":"e02a90dc-7572-4c67-9d7b-95cd25dadda3","block_type":"box","text":"4","page_number":9,"box":{"x":907,"y":283,"width":7,"height":6}},{"id":"1b492d0e-60f2-4fe0-bdc7-597c4ab199f4","block_type":"box","text":"2","page_number":9,"box":{"x":915,"y":282,"width":6,"height":7}},{"id":"798fdf16-8010-4de6-9e6f-0024500a0250","block_type":"box","text":"IG Group","page_number":9,"box":{"x":77,"y":298,"width":53,"height":9}},{"id":"5204b08d-5a3c-4983-ab2d-dd5a04f3df56","block_type":"box","text":"337,909","page_number":9,"box":{"x":578,"y":298,"width":43,"height":8}},{"id":"0690ca68-d881-4c83-8878-3b7c4f1aa720","block_type":"box","text":"6,211","page_number":9,"box":{"x":744,"y":298,"width":26,"height":8}},{"id":"2fcf9dbb-3bee-44d9-bc6c-df0d762ed800","block_type":"box","text":"1","page_number":9,"box":{"x":897,"y":298,"width":5,"height":7}},{"id":"4c1dfe07-c353-4d2d-8a5b-75e4bfb7299a","block_type":"box","text":".","page_number":9,"box":{"x":904,"y":304,"width":2,"height":1}},{"id":"04119d8f-2464-4f7f-bf1c-3e6ad5bb7f9d","block_type":"box","text":"1","page_number":9,"box":{"x":907,"y":298,"width":5,"height":7}},{"id":"03c3480f-1d5a-4ca0-bf10-5d97decdc67e","block_type":"box","text":"9","page_number":9,"box":{"x":914,"y":298,"width":7,"height":7}},{"id":"0b5bda46-730a-494b-91fb-08b3d6f42063","block_type":"box","text":"IntegraFin Holdings","page_number":9,"box":{"x":77,"y":313,"width":116,"height":10}},{"id":"4de0e529-7fa0-4f14-a0ac-c95ec7b098dd","block_type":"box","text":"4,152,195","page_number":9,"box":{"x":571,"y":313,"width":50,"height":9}},{"id":"cdf01729-a359-4b9c-aade-03a65e0475a2","block_type":"box","text":"14,865","page_number":9,"box":{"x":734,"y":313,"width":37,"height":9}},{"id":"9780f715-e429-407d-804c-ad1eec97bafc","block_type":"box","text":"2.8","page_number":9,"box":{"x":897,"y":313,"width":16,"height":8}},{"id":"f815ea5f-c1b3-46d1-8d51-f89b6c32be8f","block_type":"box","text":"4","page_number":9,"box":{"x":914,"y":314,"width":7,"height":6}},{"id":"076aa33a-c3d6-4f15-8463-b7a682d5efaa","block_type":"box","text":"Secure Trust Bank","page_number":9,"box":{"x":76,"y":329,"width":109,"height":7}},{"id":"3edd41c3-a2ea-4600-a5bb-9659fe16b23a","block_type":"box","text":"651,475","page_number":9,"box":{"x":580,"y":329,"width":41,"height":8}},{"id":"04e10442-af38-4b36-b80b-edea62411337","block_type":"box","text":"9,492","page_number":9,"box":{"x":741,"y":329,"width":30,"height":8}},{"id":"079dd0c5-1990-4268-a977-d3f05f225f9f","block_type":"box","text":"1","page_number":9,"box":{"x":898,"y":329,"width":4,"height":7}},{"id":"4ae6e70d-b5ee-4713-a261-447e53b8805b","block_type":"box","text":".82","page_number":9,"box":{"x":905,"y":329,"width":16,"height":7}},{"id":"e1cb3e38-f0f1-4ccf-bb70-46cf0fc8b3bb","block_type":"box","text":"Tatton Asset Management","page_number":9,"box":{"x":76,"y":345,"width":159,"height":9}},{"id":"7fcf0d5e-4046-4107-aa9a-ff0df8626456","block_type":"box","text":"#","page_number":9,"box":{"x":238,"y":345,"width":5,"height":3}},{"id":"8f37a81f-c146-4342-b780-12f9126bc899","block_type":"box","text":"1,391,875","page_number":9,"box":{"x":570,"y":345,"width":51,"height":8}},{"id":"fea1117a-f1e5-456a-9c6f-17d22eef6130","block_type":"box","text":"10,453","page_number":9,"box":{"x":735,"y":345,"width":36,"height":8}},{"id":"6926767d-68ed-481e-9680-ca3b85fc9710","block_type":"box","text":"2.00","page_number":9,"box":{"x":897,"y":345,"width":24,"height":7}},{"id":"f0dad423-2e6e-4493-be3a-f53606fd6794","block_type":"box","text":"Vanquis Banking Group","page_number":9,"box":{"x":76,"y":360,"width":140,"height":9}},{"id":"a096843b-e75a-428c-8dcc-ff63f7977e4d","block_type":"box","text":"4,078,641","page_number":9,"box":{"x":568,"y":360,"width":52,"height":8}},{"id":"8b57aa5a-f887-49aa-ac80-5177b2f98696","block_type":"box","text":"4,805","page_number":9,"box":{"x":740,"y":360,"width":31,"height":8}},{"id":"179514ed-642d-43e3-92af-c0823fc31082","block_type":"box","text":"0.92","page_number":9,"box":{"x":897,"y":360,"width":24,"height":7}},{"id":"4a69c67b-30ac-4e42-b2a6-37e00f516df4","block_type":"box","text":"53,241","page_number":9,"box":{"x":734,"y":377,"width":36,"height":8}},{"id":"82043df0-65bd-4095-be3e-edd7edf342b4","block_type":"box","text":"1","page_number":9,"box":{"x":888,"y":377,"width":5,"height":7}},{"id":"0ec0a72e-f106-488a-bdce-dbec3ee7e33c","block_type":"box","text":"0.","page_number":9,"box":{"x":895,"y":377,"width":11,"height":7}},{"id":"b33a3ccd-21fd-4e76-aa28-118b1542cc58","block_type":"box","text":"1","page_number":9,"box":{"x":907,"y":377,"width":5,"height":7}},{"id":"d357a237-cef4-446f-9efa-c175b28256f9","block_type":"box","text":"9","page_number":9,"box":{"x":914,"y":377,"width":7,"height":7}},{"id":"f6866992-7520-427f-880b-e0fd45009b84","block_type":"box","text":"Health Care","page_number":9,"box":{"x":77,"y":394,"width":72,"height":8}},{"id":"ad4e4bd3-741c-470a-8b48-c77c2df39a67","block_type":"box","text":"3.64%","page_number":9,"box":{"x":152,"y":394,"width":38,"height":8}},{"id":"043adcdf-8f8b-4bc1-b911-d50ba7eb3342","block_type":"box","text":"(","page_number":9,"box":{"x":193,"y":395,"width":5,"height":8}},{"id":"d78ba805-89e0-473d-b921-2288ab456a78","block_type":"box","text":"1.54%","page_number":9,"box":{"x":198,"y":394,"width":35,"height":8}},{"id":"a88a7c6b-698b-4e06-b398-ac56b81652bf","block_type":"box","text":")","page_number":9,"box":{"x":233,"y":395,"width":5,"height":8}},{"id":"11dfd351-09a3-46df-bbfe-04cb67064da8","block_type":"box","text":"AOTI","page_number":9,"box":{"x":76,"y":412,"width":29,"height":7}},{"id":"74e29f28-8b79-4cc2-9998-b0f0449e7551","block_type":"box","text":"#","page_number":9,"box":{"x":109,"y":412,"width":4,"height":4}},{"id":"4e4058ed-e4ed-4909-a581-2421e230d603","block_type":"box","text":"5,247,896","page_number":9,"box":{"x":568,"y":412,"width":53,"height":8}},{"id":"941a80cf-17f5-4f02-bee9-02ea11ad8dc1","block_type":"box","text":"3,228","page_number":9,"box":{"x":741,"y":412,"width":30,"height":8}},{"id":"60de0e85-90e3-45cb-b6b2-e7ed8d6641f0","block_type":"box","text":"0.6","page_number":9,"box":{"x":897,"y":412,"width":17,"height":7}},{"id":"9207f873-c7b1-4b48-82e2-3e568a8b6f5a","block_type":"box","text":"1","page_number":9,"box":{"x":915,"y":412,"width":4,"height":7}},{"id":"a3b191d2-2b8d-4108-b2a2-02c66d79ced1","block_type":"box","text":"Eco Animal Health Group","page_number":9,"box":{"x":77,"y":427,"width":151,"height":9}},{"id":"4497fe37-a655-4915-9ec5-6a998568566f","block_type":"box","text":"#","page_number":9,"box":{"x":232,"y":428,"width":4,"height":3}},{"id":"deb0fab6-608b-401a-9c08-8e9295ee973c","block_type":"box","text":"1,687,647","page_number":9,"box":{"x":570,"y":427,"width":52,"height":8}},{"id":"2e83b7a6-6ef8-4579-b4a8-45fb219e9f2e","block_type":"box","text":"1,494","page_number":9,"box":{"x":742,"y":427,"width":29,"height":8}},{"id":"95acd268-a3ca-4d41-bba0-f76834ca9a2c","block_type":"box","text":"0.29","page_number":9,"box":{"x":897,"y":427,"width":24,"height":7}},{"id":"1f69cfde-f51c-4e40-a076-cd5ba0b26012","block_type":"box","text":"NIOX Group","page_number":9,"box":{"x":77,"y":443,"width":71,"height":9}},{"id":"08377c5f-0b30-4292-9dd6-f20d89ebdfeb","block_type":"box","text":"#","page_number":9,"box":{"x":152,"y":444,"width":4,"height":3}},{"id":"7e6dffcf-6609-4084-ae71-760656c9d7a3","block_type":"box","text":"15,770,601","page_number":9,"box":{"x":563,"y":443,"width":57,"height":8}},{"id":"99dc0120-137f-4d86-9a9b-c2e1d0c4077e","block_type":"box","text":"8,989","page_number":9,"box":{"x":740,"y":443,"width":31,"height":8}},{"id":"371d8f52-a0fe-4f69-a4b3-7f6a5d232816","block_type":"box","text":"1","page_number":9,"box":{"x":898,"y":443,"width":4,"height":7}},{"id":"64e84129-abbb-4de1-994c-ccc1ee1cb0d9","block_type":"box","text":".","page_number":9,"box":{"x":905,"y":449,"width":2,"height":1}},{"id":"1dee88d8-725d-4095-a73d-1a774f30b4f1","block_type":"box","text":"7","page_number":9,"box":{"x":908,"y":443,"width":6,"height":7}},{"id":"da3bcf47-b10a-40aa-b1c4-78275945af79","block_type":"box","text":"2","page_number":9,"box":{"x":915,"y":443,"width":6,"height":7}},{"id":"4defe024-e4e2-4616-aacd-688639b7bb1a","block_type":"box","text":"Tristel","page_number":9,"box":{"x":76,"y":458,"width":35,"height":7}},{"id":"deaa69f5-89e2-4e13-ab6e-a9dba27dbd12","block_type":"box","text":"#","page_number":9,"box":{"x":116,"y":459,"width":4,"height":3}},{"id":"72eb5266-3adc-4885-b559-6662819e9a3f","block_type":"box","text":"1,337,863","page_number":9,"box":{"x":570,"y":458,"width":51,"height":9}},{"id":"501982aa-1297-4660-af34-798acb80edc2","block_type":"box","text":"5,331","page_number":9,"box":{"x":742,"y":458,"width":28,"height":9}},{"id":"0c8c2cae-2f4f-486f-a5ae-cde1a8a6ebf8","block_type":"box","text":"1","page_number":9,"box":{"x":897,"y":458,"width":5,"height":7}},{"id":"7ba8bba1-1ed3-4fec-8aea-a3cb7c79b38e","block_type":"box","text":".02","page_number":9,"box":{"x":904,"y":458,"width":17,"height":7}},{"id":"4a5fc176-699e-4b51-b323-fd6b1b25e030","block_type":"box","text":"19,042","page_number":9,"box":{"x":732,"y":475,"width":39,"height":9}},{"id":"ef56ea7d-5061-41f8-b73b-075870a76f85","block_type":"box","text":"3.64","page_number":9,"box":{"x":895,"y":475,"width":26,"height":7}},{"id":"f720d5ec-c331-4d44-8031-b7c134cd0dd3","block_type":"box","text":"Industrials","page_number":9,"box":{"x":77,"y":492,"width":65,"height":8}},{"id":"0e8572d9-889a-46b9-be23-6271335ec2ce","block_type":"box","text":"22.09%","page_number":9,"box":{"x":145,"y":493,"width":44,"height":7}},{"id":"1c67f188-281f-4812-a8c4-57a66f995c37","block_type":"box","text":"(","page_number":9,"box":{"x":193,"y":493,"width":4,"height":8}},{"id":"97024a71-f82a-4624-b673-88b2a59a51ef","block_type":"box","text":"24.07%","page_number":9,"box":{"x":198,"y":493,"width":43,"height":7}},{"id":"a3051ef7-a65e-4c58-8588-23c3ef815fe5","block_type":"box","text":")","page_number":9,"box":{"x":241,"y":493,"width":4,"height":8}},{"id":"31ee322a-3983-4ca8-aab0-86427ed2b580","block_type":"box","text":"Avon Technologies","page_number":9,"box":{"x":76,"y":510,"width":113,"height":9}},{"id":"5b063b0d-94e9-45a4-a6b9-29b59b0cd16d","block_type":"box","text":"226,662","page_number":9,"box":{"x":576,"y":510,"width":45,"height":8}},{"id":"1caafa5d-c163-4a6e-befa-ca92314c3bb4","block_type":"box","text":"3,978","page_number":9,"box":{"x":741,"y":510,"width":30,"height":8}},{"id":"ab676a31-5321-4875-90bc-66cdd650efdb","block_type":"box","text":"0.","page_number":9,"box":{"x":897,"y":510,"width":9,"height":7}},{"id":"0c5f6dc5-a00b-4d27-b6e2-1b3210640a8d","block_type":"box","text":"7","page_number":9,"box":{"x":907,"y":510,"width":6,"height":7}},{"id":"0ead0347-29c7-422a-bde3-bc6955a16762","block_type":"box","text":"6","page_number":9,"box":{"x":915,"y":510,"width":6,"height":7}},{"id":"05cbc049-daeb-4ca6-9baa-4bed2d9ead42","block_type":"box","text":"Chemring Group","page_number":9,"box":{"x":76,"y":525,"width":99,"height":10}},{"id":"3915e84c-9ef2-4c5f-ab8e-964f8064f027","block_type":"box","text":"1,531,218","page_number":9,"box":{"x":571,"y":525,"width":51,"height":9}},{"id":"24e7f06f-454a-465a-b980-35e4e1d13f85","block_type":"box","text":"7,863","page_number":9,"box":{"x":742,"y":525,"width":29,"height":9}},{"id":"23e2ac8b-63e7-423b-bbd4-fbcdf26989b5","block_type":"box","text":"1","page_number":9,"box":{"x":898,"y":526,"width":4,"height":6}},{"id":"8aa95d43-efe8-40da-b2c6-375ec4936ba4","block_type":"box","text":".5","page_number":9,"box":{"x":905,"y":526,"width":9,"height":7}},{"id":"084fac81-aebe-4781-ad57-a7419fe551f5","block_type":"box","text":"1","page_number":9,"box":{"x":915,"y":526,"width":4,"height":6}},{"id":"668788db-2eb1-4bc2-8304-4ef2cf14d1d3","block_type":"box","text":"GlobalData","page_number":9,"box":{"x":76,"y":541,"width":68,"height":7}},{"id":"03718e22-32d6-4257-9704-08df76714fab","block_type":"box","text":"7,465,372","page_number":9,"box":{"x":569,"y":541,"width":52,"height":8}},{"id":"9ef309d0-5914-46e4-adcd-f454e0e8c425","block_type":"box","text":"5,857","page_number":9,"box":{"x":741,"y":541,"width":30,"height":8}},{"id":"5f8c551e-1bf1-494c-b428-4b5a667638dd","block_type":"box","text":"1","page_number":9,"box":{"x":898,"y":541,"width":4,"height":7}},{"id":"4bb87c0c-dfe3-4364-b688-0a97a9292de3","block_type":"box","text":".","page_number":9,"box":{"x":905,"y":547,"width":2,"height":1}},{"id":"bc3ba1d8-5359-4e3a-990b-d28aae7ea217","block_type":"box","text":"1","page_number":9,"box":{"x":908,"y":541,"width":4,"height":7}},{"id":"267ad808-831c-44bb-bee7-c8749c79c4c3","block_type":"box","text":"2","page_number":9,"box":{"x":915,"y":541,"width":6,"height":7}},{"id":"69ed4604-0add-44e9-ac70-60c0d76674b7","block_type":"box","text":"Keller Group","page_number":9,"box":{"x":77,"y":556,"width":74,"height":10}},{"id":"f2ae8b79-4b27-4c45-ae7b-1b6f7a4ab542","block_type":"box","text":"236,466","page_number":9,"box":{"x":576,"y":557,"width":45,"height":8}},{"id":"01eb0c72-695d-41b9-870a-4bee83c6a2c4","block_type":"box","text":"6,330","page_number":9,"box":{"x":740,"y":557,"width":31,"height":8}},{"id":"91e0c283-e8c9-45a1-88ce-839bb1d2118c","block_type":"box","text":"1","page_number":9,"box":{"x":898,"y":557,"width":4,"height":7}},{"id":"a783d3d5-0884-4964-b917-0ab93a7c5197","block_type":"box","text":".2","page_number":9,"box":{"x":905,"y":557,"width":9,"height":7}},{"id":"a7f95123-256e-44b6-be5b-09c45d415e42","block_type":"box","text":"1","page_number":9,"box":{"x":915,"y":557,"width":4,"height":7}},{"id":"48817ff8-041a-4369-9bc3-fad58e485cdb","block_type":"box","text":"Keystone Law Group","page_number":9,"box":{"x":77,"y":572,"width":123,"height":9}},{"id":"e76243d6-34b4-4719-b756-a5bc637c75fa","block_type":"box","text":"#","page_number":9,"box":{"x":204,"y":573,"width":4,"height":3}},{"id":"c1462c44-b426-4357-8c57-bd8267d869a3","block_type":"box","text":"541,054","page_number":9,"box":{"x":578,"y":572,"width":44,"height":8}},{"id":"923fbee1-fcc7-4854-a7b4-8694dff7ed01","block_type":"box","text":"2,900","page_number":9,"box":{"x":740,"y":572,"width":31,"height":8}},{"id":"b9ff8633-0650-4e0b-b7cd-3558b99ebc22","block_type":"box","text":"0.56","page_number":9,"box":{"x":896,"y":572,"width":25,"height":7}},{"id":"3047b3f7-8ac0-44e5-a817-c7fb6ec7d3a7","block_type":"box","text":"Mears Group","page_number":9,"box":{"x":77,"y":588,"width":77,"height":9}},{"id":"b1f4d35d-5ac7-453f-b5e7-f8d235b02f3f","block_type":"box","text":"3,050,542","page_number":9,"box":{"x":565,"y":588,"width":56,"height":8}},{"id":"154eab0c-3b4c-43d0-9845-73bbd4415fb4","block_type":"box","text":"12,431","page_number":9,"box":{"x":737,"y":588,"width":33,"height":8}},{"id":"a3c104e7-e5c2-4c2a-a122-c9b854df0faf","block_type":"box","text":"2.38","page_number":9,"box":{"x":897,"y":588,"width":24,"height":7}},{"id":"70e5c33f-4e8d-4499-a055-7a02e95b7a4e","block_type":"box","text":"Morgan Sindall Group","page_number":9,"box":{"x":77,"y":603,"width":129,"height":9}},{"id":"237ad266-094d-45a9-879b-6d49f9876628","block_type":"box","text":"178,459","page_number":9,"box":{"x":579,"y":603,"width":42,"height":8}},{"id":"5f9117c8-797d-4a29-a9ee-334c323dea1e","block_type":"box","text":"8,782","page_number":9,"box":{"x":742,"y":603,"width":29,"height":8}},{"id":"0a2d6fe7-286a-4449-8449-ee993c37d5ac","block_type":"box","text":"1","page_number":9,"box":{"x":897,"y":603,"width":4,"height":7}},{"id":"623b3ebd-58c8-4087-b50e-a7ea27c3d1e2","block_type":"box","text":".68","page_number":9,"box":{"x":904,"y":603,"width":17,"height":7}},{"id":"e9f1a089-507f-4bff-a411-365b3c3c93a8","block_type":"box","text":"Norcros","page_number":9,"box":{"x":77,"y":619,"width":47,"height":7}},{"id":"5fdcf45c-4b79-4a67-a7c0-156da0235740","block_type":"box","text":"2,841,123","page_number":9,"box":{"x":571,"y":619,"width":50,"height":8}},{"id":"293c84d5-c09b-4340-ad22-5ed5f84e4c7a","block_type":"box","text":"8,481","page_number":9,"box":{"x":743,"y":619,"width":27,"height":8}},{"id":"fb328aa4-72b4-4c1d-ad97-acde2d7528a5","block_type":"box","text":"1","page_number":9,"box":{"x":898,"y":619,"width":4,"height":7}},{"id":"d8be1756-73a8-4d70-9400-e70ec6590e59","block_type":"box","text":".62","page_number":9,"box":{"x":904,"y":619,"width":17,"height":7}},{"id":"6f5aa0c1-f14a-4c56-a357-f4e562445121","block_type":"box","text":"Restore","page_number":9,"box":{"x":77,"y":634,"width":45,"height":7}},{"id":"a6744ec3-bfab-4022-9aca-5ecef45e90db","block_type":"box","text":"#","page_number":9,"box":{"x":126,"y":635,"width":4,"height":3}},{"id":"8f1f9d00-58a4-4369-97a1-71131edd5063","block_type":"box","text":"4,431,660","page_number":9,"box":{"x":567,"y":634,"width":55,"height":9}},{"id":"2f4bf56f-817e-4aa1-ab0e-885170c920ee","block_type":"box","text":"11,810","page_number":9,"box":{"x":738,"y":634,"width":33,"height":9}},{"id":"e65ee39b-be3b-472c-b700-b9db5ff7fe9e","block_type":"box","text":"2.26","page_number":9,"box":{"x":897,"y":634,"width":24,"height":7}},{"id":"cacaf03c-225c-49c1-8281-39285f5436c2","block_type":"box","text":"RWS Holdings","page_number":9,"box":{"x":77,"y":650,"width":83,"height":9}},{"id":"9f33fa00-6148-4037-9058-7924641360d5","block_type":"box","text":"#","page_number":9,"box":{"x":164,"y":651,"width":4,"height":3}},{"id":"64355c4e-cb99-461c-94f2-e6b9c46ed94e","block_type":"box","text":"9,290,020","page_number":9,"box":{"x":565,"y":650,"width":57,"height":8}},{"id":"300a262f-fbe5-4a0f-99db-c6f9bf751b9d","block_type":"box","text":"6,707","page_number":9,"box":{"x":742,"y":650,"width":29,"height":8}},{"id":"e624c511-7044-4e4e-b3e6-f529460e823d","block_type":"box","text":"1","page_number":9,"box":{"x":898,"y":650,"width":4,"height":7}},{"id":"72b17348-aab9-4c00-b808-fc47d2dfe763","block_type":"box","text":".28","page_number":9,"box":{"x":905,"y":650,"width":16,"height":7}},{"id":"2a947960-4bbf-4eb0-93e1-32c22b1027b4","block_type":"box","text":"Science Group","page_number":9,"box":{"x":76,"y":665,"width":88,"height":9}},{"id":"194e9174-9186-4104-8b97-692663e08d69","block_type":"box","text":"#","page_number":9,"box":{"x":168,"y":666,"width":4,"height":3}},{"id":"bfc0eeb1-af79-48bc-86e9-6d4baa65180e","block_type":"box","text":"1,073,239","page_number":9,"box":{"x":568,"y":665,"width":53,"height":9}},{"id":"ccdd7d41-1d93-4406-a8ea-0e62a55d1fb0","block_type":"box","text":"6,278","page_number":9,"box":{"x":742,"y":665,"width":29,"height":9}},{"id":"0eba36f3-4244-4841-aa81-6dfc7b666aee","block_type":"box","text":"1","page_number":9,"box":{"x":897,"y":666,"width":5,"height":6}},{"id":"d0e07c36-282a-4ce4-a4b1-4fe8b0248176","block_type":"box","text":".20","page_number":9,"box":{"x":904,"y":665,"width":17,"height":8}},{"id":"4cf4a40f-be07-4a3b-a77a-362ff0fabbab","block_type":"box","text":"Serco Group","page_number":9,"box":{"x":76,"y":681,"width":75,"height":9}},{"id":"7400a230-6b1c-4e5f-a8c4-58544b8015a0","block_type":"box","text":"3,154,234","page_number":9,"box":{"x":569,"y":681,"width":53,"height":8}},{"id":"121bcedd-ebdc-48aa-83a3-8a9c8dc7853f","block_type":"box","text":"7,047","page_number":9,"box":{"x":743,"y":681,"width":28,"height":8}},{"id":"2c5ec556-67a3-4201-a414-3d63ca0449b4","block_type":"box","text":"1","page_number":9,"box":{"x":897,"y":681,"width":5,"height":7}},{"id":"b92f8cf0-2991-46c1-9a47-2538f931fb60","block_type":"box","text":".35","page_number":9,"box":{"x":904,"y":681,"width":17,"height":7}},{"id":"597a5668-c4f2-4036-8545-7a8d82f28125","block_type":"box","text":"Severfield","page_number":9,"box":{"x":76,"y":696,"width":59,"height":8}},{"id":"906010c0-f829-499b-90f0-dbd6c43bf9f6","block_type":"box","text":"17,969,628","page_number":9,"box":{"x":562,"y":696,"width":60,"height":9}},{"id":"5009ee97-4fe7-4aca-b4de-f4be8709b73a","block_type":"box","text":"6,204","page_number":9,"box":{"x":740,"y":696,"width":31,"height":9}},{"id":"d109f120-cee2-4b83-81fd-2a962bb5aa5e","block_type":"box","text":"1","page_number":9,"box":{"x":897,"y":697,"width":5,"height":6}},{"id":"09919bbc-117b-488e-8424-b51ce0cba3e5","block_type":"box","text":".","page_number":9,"box":{"x":904,"y":702,"width":2,"height":2}},{"id":"99a34493-e18e-445f-9b5e-0144a9002e1e","block_type":"box","text":"1","page_number":9,"box":{"x":907,"y":697,"width":5,"height":6}},{"id":"09fa1647-e97a-4115-bba8-f30d1068e6c3","block_type":"box","text":"9","page_number":9,"box":{"x":914,"y":696,"width":7,"height":8}},{"id":"b4fcd97c-4425-45e9-a508-f1ff368f7b7e","block_type":"box","text":"SIG","page_number":9,"box":{"x":76,"y":712,"width":20,"height":7}},{"id":"4a604cd8-13b6-47ec-919e-43aa6c68e0c1","block_type":"box","text":"24,577,562","page_number":9,"box":{"x":562,"y":712,"width":59,"height":8}},{"id":"d0eafff3-b342-4b94-bc09-0ff0e2a0b863","block_type":"box","text":"2,069","page_number":9,"box":{"x":740,"y":712,"width":31,"height":8}},{"id":"65c35b66-af0a-457d-86f9-07fdb1427555","block_type":"box","text":"0.","page_number":9,"box":{"x":896,"y":712,"width":10,"height":7}},{"id":"606aae23-e526-4999-947e-65ecf941e6c7","block_type":"box","text":"4","page_number":9,"box":{"x":906,"y":712,"width":7,"height":7}},{"id":"b4cea8cb-eafd-481b-b0cf-93545b238b6b","block_type":"box","text":"0","page_number":9,"box":{"x":914,"y":712,"width":7,"height":7}},{"id":"4c72fdd9-0b18-4f0f-a90d-80a83fb3a9c8","block_type":"box","text":"Wilmington","page_number":9,"box":{"x":76,"y":727,"width":68,"height":10}},{"id":"847b8c60-1a33-4019-9615-70f297b64e78","block_type":"box","text":"4,260,659","page_number":9,"box":{"x":565,"y":728,"width":56,"height":8}},{"id":"0d0f478b-3285-4187-9c29-012cf2e10db6","block_type":"box","text":"11,482","page_number":9,"box":{"x":737,"y":728,"width":34,"height":8}},{"id":"6a3f9ba3-acc4-49cf-9268-d5a026992a28","block_type":"box","text":"2.20","page_number":9,"box":{"x":897,"y":728,"width":24,"height":7}},{"id":"38f4c4c5-75c5-4cf5-8bd3-63ef922e27b4","block_type":"box","text":"Zigup","page_number":9,"box":{"x":76,"y":743,"width":33,"height":9}},{"id":"a8224410-be68-4d67-914e-de923b41c65b","block_type":"box","text":"1,560,980","page_number":9,"box":{"x":567,"y":743,"width":55,"height":8}},{"id":"f71c2494-d9af-4958-a74d-f9d441462347","block_type":"box","text":"7,149","page_number":9,"box":{"x":744,"y":743,"width":27,"height":8}},{"id":"14d8bd2e-9986-4a13-a775-8979177e3873","block_type":"box","text":"1","page_number":9,"box":{"x":898,"y":743,"width":4,"height":7}},{"id":"d95665b7-986d-44cd-9a4e-bbad66ae2d0f","block_type":"box","text":".3","page_number":9,"box":{"x":905,"y":743,"width":8,"height":7}},{"id":"a030358e-0353-4aa1-b92f-456099902476","block_type":"box","text":"7","page_number":9,"box":{"x":915,"y":743,"width":6,"height":7}},{"id":"b4fee232-7e83-4f58-9442-54c8908e93dd","block_type":"box","text":"115,368","page_number":9,"box":{"x":727,"y":760,"width":44,"height":8}},{"id":"57703298-8e9f-4c5d-8506-244152fde1e6","block_type":"box","text":"22.09","page_number":9,"box":{"x":888,"y":760,"width":33,"height":7}},{"id":"807c34e2-b972-4aeb-8ecb-56c1f495e3a2","block_type":"box","text":"Real Estate","page_number":9,"box":{"x":77,"y":777,"width":68,"height":8}},{"id":"1db64f11-38c0-44c9-8a79-7c98547372fe","block_type":"box","text":"3.22%","page_number":9,"box":{"x":148,"y":777,"width":36,"height":8}},{"id":"b4d581e6-4182-414e-9017-09e51e3edf66","block_type":"box","text":"(","page_number":9,"box":{"x":188,"y":778,"width":4,"height":8}},{"id":"6ebbaa9e-5c1b-4297-a384-71c1298dd2f5","block_type":"box","text":"2.71%","page_number":9,"box":{"x":192,"y":777,"width":34,"height":8}},{"id":"c21da6b0-31d9-4af5-8059-69f6f2387404","block_type":"box","text":")","page_number":9,"box":{"x":226,"y":778,"width":4,"height":8}},{"id":"edb20213-75c8-4f60-adc0-050c4f1031da","block_type":"box","text":"Harworth Group","page_number":9,"box":{"x":77,"y":795,"width":97,"height":9}},{"id":"57e1b667-cf21-47b6-8166-b94cefaef7b9","block_type":"box","text":"4,425,002","page_number":9,"box":{"x":566,"y":795,"width":55,"height":8}},{"id":"a3fa79f2-b4ac-443a-8a44-fccbf5cdc96f","block_type":"box","text":"5,540","page_number":9,"box":{"x":740,"y":795,"width":31,"height":8}},{"id":"322061de-ae14-4309-814d-933a40f92698","block_type":"box","text":"1","page_number":9,"box":{"x":897,"y":795,"width":4,"height":7}},{"id":"1a7b66f7-418d-4f94-be98-53d1d078472a","block_type":"box","text":".06","page_number":9,"box":{"x":904,"y":795,"width":17,"height":7}},{"id":"2907b120-9ed1-4354-a085-982546376c17","block_type":"box","text":"Henry Boot","page_number":9,"box":{"x":77,"y":810,"width":67,"height":9}},{"id":"52bf14da-65a3-43a1-a4c3-b90959e17ff3","block_type":"box","text":"3,573,335","page_number":9,"box":{"x":567,"y":810,"width":54,"height":8}},{"id":"90477af8-522e-4388-bdb8-f8722f0caa3d","block_type":"box","text":"5,959","page_number":9,"box":{"x":740,"y":810,"width":31,"height":8}},{"id":"57362efa-2a88-4109-afb9-b9eb64c7aed3","block_type":"box","text":"1","page_number":9,"box":{"x":898,"y":810,"width":4,"height":7}},{"id":"728ca8d7-5b97-494c-9247-f659795ef4fa","block_type":"box","text":".","page_number":9,"box":{"x":904,"y":816,"width":2,"height":1}},{"id":"e1ded4b3-b87e-4807-8307-8af7c426edff","block_type":"box","text":"1","page_number":9,"box":{"x":907,"y":810,"width":5,"height":7}},{"id":"f3c5751b-4566-43d3-836f-ab67bfebb8c5","block_type":"box","text":"4","page_number":9,"box":{"x":914,"y":810,"width":7,"height":7}},{"id":"ec014eb2-e88b-484d-ad1b-b41a69930609","block_type":"box","text":"Workspace Group","page_number":9,"box":{"x":76,"y":826,"width":107,"height":9}},{"id":"27ad53a4-e759-4ec5-8f76-fcf95b6be839","block_type":"box","text":"1,533,041","page_number":9,"box":{"x":569,"y":826,"width":51,"height":8}},{"id":"f01c10ca-4129-4c2e-bac0-84b4b2a15cd4","block_type":"box","text":"5,338","page_number":9,"box":{"x":740,"y":826,"width":31,"height":8}},{"id":"40abb21a-239f-43eb-ab64-8703899c4d2e","block_type":"box","text":"1","page_number":9,"box":{"x":897,"y":826,"width":5,"height":7}},{"id":"93d11fec-033d-452e-aa9b-3c8bc98f596d","block_type":"box","text":".02","page_number":9,"box":{"x":904,"y":826,"width":17,"height":7}},{"id":"4dc27158-d5df-4b11-97ae-693029b86496","block_type":"box","text":"16,837","page_number":9,"box":{"x":733,"y":843,"width":38,"height":8}},{"id":"0304f113-da42-4dbd-bc3a-c8ae9e78606a","block_type":"box","text":"3.22","page_number":9,"box":{"x":896,"y":843,"width":25,"height":7}},{"id":"fced2451-f5a0-4237-b547-508cfe8ea3a3","block_type":"box","text":"Technology","page_number":9,"box":{"x":76,"y":860,"width":71,"height":9}},{"id":"05f51537-aaf6-410e-a746-cdf9ca256fb6","block_type":"box","text":"16.29%","page_number":9,"box":{"x":150,"y":860,"width":43,"height":7}},{"id":"911574d1-48bf-48f8-9cdc-8f421604a812","block_type":"box","text":"(","page_number":9,"box":{"x":196,"y":860,"width":5,"height":9}},{"id":"421714e5-e48a-4216-bede-47aa353feca7","block_type":"box","text":"14.79%","page_number":9,"box":{"x":201,"y":860,"width":42,"height":7}},{"id":"31336095-79f8-45af-9fb8-f5cfb76376d0","block_type":"box","text":")","page_number":9,"box":{"x":243,"y":860,"width":4,"height":9}},{"id":"1672d9fb-80d5-4146-a58b-075503ed787d","block_type":"box","text":"accesso Technology Group","page_number":9,"box":{"x":76,"y":877,"width":162,"height":10}},{"id":"2a753b3b-5658-4506-be46-e6686542caae","block_type":"box","text":"#","page_number":9,"box":{"x":242,"y":878,"width":4,"height":3}},{"id":"e40b5491-e253-419c-8522-8976b031d8d6","block_type":"box","text":"1,201,476","page_number":9,"box":{"x":571,"y":877,"width":50,"height":9}},{"id":"7d1c5246-981b-41c0-8d3d-50ea8e68d726","block_type":"box","text":"3,884","page_number":9,"box":{"x":740,"y":877,"width":31,"height":9}},{"id":"13a892c0-d93f-40df-b669-0ed294255b79","block_type":"box","text":"0.","page_number":9,"box":{"x":897,"y":877,"width":9,"height":7}},{"id":"f6d965e8-4f36-4ab3-b66a-ee5f993ec6bf","block_type":"box","text":"7","page_number":9,"box":{"x":907,"y":877,"width":6,"height":7}},{"id":"7816d8bb-098c-4b65-b64f-e0e0777ab27d","block_type":"box","text":"4","page_number":9,"box":{"x":914,"y":877,"width":7,"height":7}},{"id":"9fa42b05-16c4-4049-8f06-568e0acc2815","block_type":"box","text":"Beeks Financial Cloud Group","page_number":9,"box":{"x":77,"y":893,"width":172,"height":9}},{"id":"c34f19b9-1606-4099-911b-19e3ea962565","block_type":"box","text":"#","page_number":9,"box":{"x":253,"y":894,"width":4,"height":3}},{"id":"f314774f-0b65-4abd-b11a-dd70248dbc8f","block_type":"box","text":"2,902,630","page_number":9,"box":{"x":565,"y":893,"width":57,"height":8}},{"id":"855f2376-cfb8-4547-9a8a-c9b54e8efa1b","block_type":"box","text":"5,950","page_number":9,"box":{"x":739,"y":893,"width":32,"height":8}},{"id":"374956a6-2156-4dfd-a98b-836c280bafd0","block_type":"box","text":"1","page_number":9,"box":{"x":898,"y":893,"width":4,"height":7}},{"id":"7c96e67f-958e-4066-95b3-be6bf586c2f7","block_type":"box","text":".","page_number":9,"box":{"x":904,"y":899,"width":2,"height":1}},{"id":"0b8880da-3f71-43ed-a270-99507e504819","block_type":"box","text":"1","page_number":9,"box":{"x":907,"y":893,"width":5,"height":7}},{"id":"f87e7a1f-8d69-448e-88a7-d19d4d42f397","block_type":"box","text":"4","page_number":9,"box":{"x":914,"y":893,"width":7,"height":7}},{"id":"512a72c7-2084-4b03-8c97-a5c9f255d3ff","block_type":"box","text":"Computacenter","page_number":9,"box":{"x":76,"y":908,"width":96,"height":9}},{"id":"5e07ab90-8b73-4761-bad9-4bd4c7bb64f0","block_type":"box","text":"188,285","page_number":9,"box":{"x":578,"y":908,"width":43,"height":9}},{"id":"dbc95363-990a-4f0e-bd8b-18c83a2d2b2a","block_type":"box","text":"8,098","page_number":9,"box":{"x":740,"y":908,"width":31,"height":9}},{"id":"cfd480f5-e6e0-4777-95bc-584c708510fc","block_type":"box","text":"1","page_number":9,"box":{"x":897,"y":909,"width":5,"height":6}},{"id":"0b11ec38-7348-4387-ae32-2c9360608546","block_type":"box","text":".55","page_number":9,"box":{"x":904,"y":909,"width":17,"height":7}},{"id":"2a2f3bba-6b58-4579-9c29-8b3784ac374a","block_type":"box","text":"DiscoverIE Group","page_number":9,"box":{"x":77,"y":924,"width":104,"height":9}},{"id":"26a8d717-2b4f-42a3-bb58-883b23123710","block_type":"box","text":"1,381,618","page_number":9,"box":{"x":571,"y":924,"width":51,"height":8}},{"id":"4aee56c5-4390-46d5-a3df-896aa2c142e8","block_type":"box","text":"9,409","page_number":9,"box":{"x":740,"y":924,"width":31,"height":8}},{"id":"7117547a-d474-4ec8-8aa5-8d40602fd88c","block_type":"box","text":"1","page_number":9,"box":{"x":897,"y":924,"width":4,"height":7}},{"id":"7dd15656-f841-4878-b45a-c345a24382ab","block_type":"box","text":".80","page_number":9,"box":{"x":904,"y":924,"width":17,"height":7}},{"id":"e4ed4764-2a8d-4f7b-a76b-fca4062cebc3","block_type":"box","text":"FDM Group Holdings","page_number":9,"box":{"x":77,"y":939,"width":125,"height":10}},{"id":"628b9eef-785e-40ef-b088-d7b52e3221fe","block_type":"box","text":"2,270,336","page_number":9,"box":{"x":567,"y":940,"width":54,"height":8}},{"id":"e4263934-9473-4687-a76f-0778805d1b7b","block_type":"box","text":"2,375","page_number":9,"box":{"x":742,"y":940,"width":29,"height":8}},{"id":"cb79cf3d-ad14-4cfd-970c-cb3a69450596","block_type":"box","text":"0.","page_number":9,"box":{"x":896,"y":940,"width":10,"height":7}},{"id":"5d4b5a0d-2a33-4ffc-9ec9-6856fc3f51ff","block_type":"box","text":"4","page_number":9,"box":{"x":907,"y":940,"width":7,"height":7}},{"id":"f92c90f5-a5ed-4aca-baf2-c9245880bee2","block_type":"box","text":"5","page_number":9,"box":{"x":914,"y":940,"width":7,"height":7}},{"id":"89b0ac13-115d-4f3a-862b-66df7219aab1","block_type":"box","text":"GB Group","page_number":9,"box":{"x":76,"y":955,"width":58,"height":9}},{"id":"d711fd12-0e73-4166-9376-314718dcd7ef","block_type":"box","text":"6,964,364","page_number":9,"box":{"x":565,"y":955,"width":57,"height":8}},{"id":"045315a0-c598-45f1-88a5-bffc13932b05","block_type":"box","text":"13,845","page_number":9,"box":{"x":735,"y":955,"width":36,"height":8}},{"id":"35c61ef5-0a0a-48e8-b89b-4fecac35269e","block_type":"box","text":"2.65","page_number":9,"box":{"x":897,"y":955,"width":24,"height":7}},{"id":"3a08c661-f16b-4b66-a61e-8d567348bdda","block_type":"box","text":"10","page_number":10,"box":{"x":493,"y":979,"width":13,"height":7}},{"id":"0a2b3d6a-72ce-4cd3-98fc-d53c5a34edb1","block_type":"box","text":"Holding","page_number":10,"box":{"x":576,"y":81,"width":46,"height":9}},{"id":"8db22b05-2901-4947-9f85-17a8cf955239","block_type":"box","text":"Valuation","page_number":10,"box":{"x":715,"y":69,"width":56,"height":7}},{"id":"6cc15fd6-35c4-484b-b0ad-66fde6031a16","block_type":"box","text":"£‘000","page_number":10,"box":{"x":739,"y":80,"width":32,"height":8}},{"id":"fbd55f8b-d513-4cbf-84e9-af69d4e2b067","block_type":"box","text":"% of net","page_number":10,"box":{"x":873,"y":69,"width":48,"height":8}},{"id":"fafc871d-23c7-42ab-948e-826315a503c8","block_type":"box","text":"assets","page_number":10,"box":{"x":883,"y":81,"width":38,"height":7}},{"id":"5d128c44-1a96-47a6-8a96-78b6d5e757f6","block_type":"box","text":"Equities 98.34% (99.80%) (continued)","page_number":10,"box":{"x":77,"y":98,"width":230,"height":9}},{"id":"f5322953-3245-4d92-9e0e-294dddaa6f13","block_type":"box","text":"Technology 16.29% (14.79%) (continued)","page_number":10,"box":{"x":76,"y":115,"width":247,"height":9}},{"id":"8b1df7d3-f022-48ec-89d1-dbc5e26208c6","block_type":"box","text":"MONY Group","page_number":10,"box":{"x":77,"y":133,"width":79,"height":9}},{"id":"3daac744-96c1-49a7-8420-bbee91e3c69a","block_type":"box","text":"8,673,239","page_number":10,"box":{"x":567,"y":133,"width":54,"height":8}},{"id":"ee1a7a2c-61bc-4016-a38d-e98d314de2fc","block_type":"box","text":"16,184","page_number":10,"box":{"x":737,"y":133,"width":34,"height":8}},{"id":"30113be8-e9a4-4969-a761-e64798344a18","block_type":"box","text":"3.","page_number":10,"box":{"x":897,"y":133,"width":9,"height":7}},{"id":"15539dbd-7c45-4f3d-afad-0d4658d84420","block_type":"box","text":"1","page_number":10,"box":{"x":908,"y":133,"width":4,"height":7}},{"id":"3913ca6d-3a18-4fb1-aa46-0a7e62e911bc","block_type":"box","text":"0","page_number":10,"box":{"x":914,"y":133,"width":7,"height":7}},{"id":"cb4ee87c-0e6b-45dd-9dda-678dd14e5cbb","block_type":"box","text":"NCC Group","page_number":10,"box":{"x":77,"y":148,"width":68,"height":9}},{"id":"4737d4a1-dafb-4a33-a89f-3b5aa3ef5bd2","block_type":"box","text":"9,248,714","page_number":10,"box":{"x":569,"y":148,"width":53,"height":8}},{"id":"a37019e6-992c-47ea-bbaa-b6305b2acca4","block_type":"box","text":"11,283","page_number":10,"box":{"x":737,"y":148,"width":34,"height":8}},{"id":"5abf09d1-7e5c-4caa-a656-2a2bc8617f23","block_type":"box","text":"2.","page_number":10,"box":{"x":897,"y":148,"width":9,"height":7}},{"id":"3466f5ea-b260-4461-8461-012968e6980d","block_type":"box","text":"1","page_number":10,"box":{"x":907,"y":148,"width":5,"height":7}},{"id":"e8c8ddd4-5e32-4812-a7bb-0d406cdb5175","block_type":"box","text":"6","page_number":10,"box":{"x":915,"y":148,"width":6,"height":7}},{"id":"97653d6f-77cd-4714-bcf9-5b0e2e84662f","block_type":"box","text":"Netcall","page_number":10,"box":{"x":77,"y":164,"width":41,"height":7}},{"id":"9b52222d-7a14-4917-824e-7928aaa3f8e3","block_type":"box","text":"#","page_number":10,"box":{"x":122,"y":164,"width":4,"height":4}},{"id":"ef4b1014-076d-414a-942d-d835d3e00043","block_type":"box","text":"4,934,348","page_number":10,"box":{"x":565,"y":164,"width":57,"height":8}},{"id":"ba67db66-9f07-4fd8-a6ce-a4d024a96337","block_type":"box","text":"5,749","page_number":10,"box":{"x":742,"y":164,"width":29,"height":8}},{"id":"c880110a-08b7-4acc-9df5-6f865435e7f5","block_type":"box","text":"1","page_number":10,"box":{"x":898,"y":164,"width":4,"height":7}},{"id":"1236cd41-4944-4827-985c-1dcb4acd3ad1","block_type":"box","text":".","page_number":10,"box":{"x":904,"y":170,"width":2,"height":1}},{"id":"78498648-5108-43ec-8c85-4d1ed2fc0dcd","block_type":"box","text":"1","page_number":10,"box":{"x":908,"y":164,"width":4,"height":7}},{"id":"2d64a881-9089-4ea8-b06e-74246c7e58ef","block_type":"box","text":"0","page_number":10,"box":{"x":914,"y":164,"width":7,"height":7}},{"id":"a4ccc7ba-d8a5-4edb-9b5f-068e25cc8c22","block_type":"box","text":"TT Electronics","page_number":10,"box":{"x":76,"y":179,"width":85,"height":7}},{"id":"0b7a2cba-8a89-4561-99ea-e5698eea95ad","block_type":"box","text":"7,230,307","page_number":10,"box":{"x":568,"y":179,"width":54,"height":8}},{"id":"49ed2b9f-2e98-4b92-9098-bbd52d0f7137","block_type":"box","text":"8,351","page_number":10,"box":{"x":742,"y":179,"width":28,"height":8}},{"id":"3b556848-e1e4-46c7-a8a8-86c84bdf519d","block_type":"box","text":"1","page_number":10,"box":{"x":897,"y":179,"width":4,"height":7}},{"id":"77e1b9fc-271a-4d82-ad8b-6fec7619978c","block_type":"box","text":".60","page_number":10,"box":{"x":904,"y":179,"width":17,"height":7}},{"id":"9d66c503-467f-4b06-9425-52e83d959261","block_type":"box","text":"85,128","page_number":10,"box":{"x":734,"y":196,"width":37,"height":9}},{"id":"61996376-e19d-4cf7-ab53-ef3a3d39b133","block_type":"box","text":"1","page_number":10,"box":{"x":888,"y":196,"width":5,"height":7}},{"id":"6cbdcbf1-b44c-46a8-946b-b1a70056dacc","block_type":"box","text":"6.29","page_number":10,"box":{"x":896,"y":196,"width":25,"height":7}},{"id":"b931bba5-e606-43d6-808c-ae551749b146","block_type":"box","text":"Telecommunications","page_number":10,"box":{"x":76,"y":213,"width":128,"height":8}},{"id":"24a43055-302f-458a-b4bc-11cf0c21f1e8","block_type":"box","text":"2.11%","page_number":10,"box":{"x":207,"y":214,"width":32,"height":7}},{"id":"a7ea05de-573d-47f3-a326-349ac5a15209","block_type":"box","text":"(","page_number":10,"box":{"x":243,"y":214,"width":4,"height":8}},{"id":"614a7146-4f04-40d4-b777-90fd99f06775","block_type":"box","text":"2.15%","page_number":10,"box":{"x":247,"y":214,"width":34,"height":7}},{"id":"97a912b5-8305-4539-8f42-6c8a327cbc86","block_type":"box","text":")","page_number":10,"box":{"x":281,"y":214,"width":4,"height":8}},{"id":"c54b462f-9856-4605-bdd7-3ed962465cde","block_type":"box","text":"Gamma Communications","page_number":10,"box":{"x":76,"y":231,"width":154,"height":7}},{"id":"7391d65f-d7d5-4c7b-b81b-01d52b3b4c2d","block_type":"box","text":"1,312,800","page_number":10,"box":{"x":569,"y":231,"width":53,"height":8}},{"id":"f1601c95-9e5e-400f-8633-dd9a931b63b7","block_type":"box","text":"11,031","page_number":10,"box":{"x":738,"y":231,"width":32,"height":8}},{"id":"06037287-60ad-4288-8581-d5f49917dc18","block_type":"box","text":"2.","page_number":10,"box":{"x":898,"y":231,"width":9,"height":7}},{"id":"7be86d13-6cc7-49e3-b032-c6927369a7cb","block_type":"box","text":"11","page_number":10,"box":{"x":908,"y":231,"width":11,"height":7}},{"id":"050da576-3a44-42d6-bfd9-02aaa75f375c","block_type":"box","text":"11,031","page_number":10,"box":{"x":736,"y":248,"width":34,"height":8}},{"id":"8ab26a66-a297-4d8d-897d-115c9e09f4fc","block_type":"box","text":"2.","page_number":10,"box":{"x":896,"y":248,"width":10,"height":7}},{"id":"e3183d8d-f4ca-4b46-a0e2-08354b4f4f99","block_type":"box","text":"11","page_number":10,"box":{"x":907,"y":248,"width":13,"height":7}},{"id":"fcc1d49a-5bce-44eb-84c3-2525e933f483","block_type":"box","text":"Utilities","page_number":10,"box":{"x":77,"y":265,"width":47,"height":7}},{"id":"bc7a7488-5208-4dfd-a4cb-604dc6711d33","block_type":"box","text":"1.48%","page_number":10,"box":{"x":128,"y":265,"width":35,"height":7}},{"id":"48f2c808-92f2-434d-a237-a1007c4edeed","block_type":"box","text":"(","page_number":10,"box":{"x":166,"y":265,"width":5,"height":9}},{"id":"5b6443d7-6f84-4978-ba76-714f8fa5991c","block_type":"box","text":"1.95%","page_number":10,"box":{"x":171,"y":265,"width":35,"height":7}},{"id":"f10c320c-bdb4-4416-8e1b-d92a18cc7544","block_type":"box","text":")","page_number":10,"box":{"x":206,"y":265,"width":4,"height":9}},{"id":"4b7d814d-c783-454b-bb14-e5560fa86006","block_type":"box","text":"Telecom Plus","page_number":10,"box":{"x":76,"y":282,"width":79,"height":7}},{"id":"57f5b844-5ebf-4d8a-abb1-e6656f30445f","block_type":"box","text":"1,007,805","page_number":10,"box":{"x":569,"y":282,"width":52,"height":9}},{"id":"6f8f515c-e2ca-424d-919d-b524044d5eef","block_type":"box","text":"7,750","page_number":10,"box":{"x":743,"y":282,"width":28,"height":9}},{"id":"482c07a2-b52e-44d0-95c5-1e8bc1a5a127","block_type":"box","text":"1","page_number":10,"box":{"x":897,"y":283,"width":4,"height":6}},{"id":"9bde9fc4-76ff-407c-971a-e660f4b0bf18","block_type":"box","text":".","page_number":10,"box":{"x":904,"y":288,"width":2,"height":1}},{"id":"602d0994-ec89-4dfd-98fb-c17d20c31eba","block_type":"box","text":"4","page_number":10,"box":{"x":907,"y":283,"width":7,"height":6}},{"id":"93f527c9-4a3a-4fe2-bd9f-14805902d8b2","block_type":"box","text":"8","page_number":10,"box":{"x":915,"y":282,"width":6,"height":7}},{"id":"3d687402-044a-41fb-9129-6bb8a17b6cbd","block_type":"box","text":"7,750","page_number":10,"box":{"x":742,"y":299,"width":29,"height":9}},{"id":"9260a1e0-13da-4b1c-bbdf-721ad93f3e52","block_type":"box","text":"1","page_number":10,"box":{"x":896,"y":300,"width":5,"height":6}},{"id":"3ca2bd96-4fb5-4be6-b227-2313c8e8e347","block_type":"box","text":".48","page_number":10,"box":{"x":903,"y":299,"width":18,"height":8}},{"id":"66b3a9b5-eb0f-44cd-8487-48059f7da971","block_type":"box","text":"Equities total","page_number":10,"box":{"x":77,"y":315,"width":81,"height":9}},{"id":"c0a33e43-746a-4b9b-a5f4-52282cda2155","block_type":"box","text":"513,894","page_number":10,"box":{"x":725,"y":315,"width":46,"height":8}},{"id":"10456de1-e046-4ad8-8f57-75e59d3385d5","block_type":"box","text":"98.34","page_number":10,"box":{"x":888,"y":315,"width":33,"height":7}},{"id":"55f399e6-6ace-4eaf-8207-712fb871af9d","block_type":"box","text":"Investment assets","page_number":10,"box":{"x":77,"y":334,"width":112,"height":7}},{"id":"6b4a7348-0fea-44fe-9297-05429848d764","block_type":"box","text":"513,894","page_number":10,"box":{"x":725,"y":334,"width":46,"height":8}},{"id":"3f17ce28-c0e1-4762-b241-3d38369dcfb1","block_type":"box","text":"98.34","page_number":10,"box":{"x":888,"y":334,"width":33,"height":7}},{"id":"a9b7a2fe-10f8-4282-9d81-e0a71c9d5795","block_type":"box","text":"Net other assets","page_number":10,"box":{"x":77,"y":351,"width":101,"height":7}},{"id":"fedf506d-2bec-4f66-a110-57ff20da9b9f","block_type":"box","text":"8,656","page_number":10,"box":{"x":738,"y":351,"width":33,"height":8}},{"id":"7abcc098-fa65-4065-92fd-54805dd1a2be","block_type":"box","text":"1","page_number":10,"box":{"x":896,"y":351,"width":5,"height":7}},{"id":"cecf5004-da3e-4d6b-9b10-499d434e9837","block_type":"box","text":".66","page_number":10,"box":{"x":903,"y":351,"width":18,"height":7}},{"id":"c4c91046-e0bd-4a1c-a301-eb082a62dbab","block_type":"box","text":"Net assets attributable to unitholders","page_number":10,"box":{"x":77,"y":367,"width":231,"height":8}},{"id":"cd6a77b2-28de-4636-9d61-ca657031bb0c","block_type":"box","text":"522,550","page_number":10,"box":{"x":724,"y":368,"width":47,"height":8}},{"id":"bd256252-ebec-4dca-8cb5-f75b1652020c","block_type":"box","text":"1","page_number":10,"box":{"x":880,"y":368,"width":5,"height":7}},{"id":"dbb0981d-e498-4133-9ff2-47feb9cc84b3","block_type":"box","text":"00.00","page_number":10,"box":{"x":887,"y":368,"width":34,"height":7}},{"id":"b4a91829-6cda-4458-9af9-c10c53983cf0","block_type":"box","text":"The comparative percentage figures in brackets are as at 31 December 2025.","page_number":10,"box":{"x":71,"y":386,"width":458,"height":10}},{"id":"084c8cd3-6b23-40d8-bdbe-6ec88140935a","block_type":"box","text":"#","page_number":10,"box":{"x":71,"y":401,"width":4,"height":3}},{"id":"c16322f0-bd2c-4c15-9111-899fbda8c710","block_type":"box","text":"Security listed on the Alternative Investment Market (‘AIM’).","page_number":10,"box":{"x":79,"y":400,"width":360,"height":10}},{"id":"4f43a0bf-af82-4b0c-b4ad-ee656d069057","block_type":"box","text":"11","page_number":11,"box":{"x":494,"y":979,"width":9,"height":7}},{"id":"9a3783b7-b5b8-49ab-a4af-34d795bea328","block_type":"box","text":"Financial statements","page_number":11,"box":{"x":74,"y":67,"width":245,"height":14}},{"id":"bd4718d6-1e43-410f-ad37-e1cca2ddcb8b","block_type":"box","text":"Statement of total return for the six months ended","page_number":11,"box":{"x":72,"y":95,"width":396,"height":10}},{"id":"b5ecc4cf-b502-4a4b-898f-a071817ee6e7","block_type":"box","text":"30","page_number":11,"box":{"x":468,"y":96,"width":19,"height":10}},{"id":"a40c8514-475e-4184-b19c-d7d844aaec6d","block_type":"box","text":"June 2026","page_number":11,"box":{"x":492,"y":95,"width":81,"height":13}},{"id":"f46e51a5-9107-4574-81c0-2fa6ff420ee3","block_type":"box","text":"30 June 2026","page_number":11,"box":{"x":709,"y":120,"width":81,"height":7}},{"id":"742a4bb8-7ae3-4413-926b-f9b776bdc06c","block_type":"box","text":"30 June 2025","page_number":11,"box":{"x":845,"y":120,"width":78,"height":7}},{"id":"61fc855d-aded-4bcb-9906-a781469acf65","block_type":"box","text":"£'000","page_number":11,"box":{"x":689,"y":132,"width":34,"height":7}},{"id":"2b74e27b-71fd-4e7b-9299-cf697b523c15","block_type":"box","text":"£'000","page_number":11,"box":{"x":756,"y":132,"width":34,"height":7}},{"id":"669308bb-5593-4d10-bcc9-f933c71a4d65","block_type":"box","text":"£'000","page_number":11,"box":{"x":824,"y":132,"width":32,"height":7}},{"id":"56b56040-749a-4034-b997-46e00737c218","block_type":"box","text":"£'000","page_number":11,"box":{"x":891,"y":132,"width":32,"height":7}},{"id":"a95a2ff7-27d3-4274-a04e-f9758dadef95","block_type":"box","text":"Income","page_number":11,"box":{"x":77,"y":154,"width":44,"height":7}},{"id":"fccce984-0c84-4f6f-905c-5b069055ff10","block_type":"box","text":"Net capital (losses)/gains","page_number":11,"box":{"x":77,"y":171,"width":150,"height":9}},{"id":"8cf7b788-5f20-4a73-965b-03f026436039","block_type":"box","text":"(16,046)","page_number":11,"box":{"x":747,"y":171,"width":47,"height":8}},{"id":"c63d1827-1b30-4872-8be2-e12e58991bdf","block_type":"box","text":"35,719","page_number":11,"box":{"x":889,"y":171,"width":35,"height":8}},{"id":"c16317ee-efe5-452d-b89e-95730f613412","block_type":"box","text":"Revenue","page_number":11,"box":{"x":77,"y":188,"width":51,"height":7}},{"id":"2fbe0be9-f18a-48a4-b601-97da19aec787","block_type":"box","text":"10,529","page_number":11,"box":{"x":686,"y":188,"width":38,"height":8}},{"id":"758f7a54-f518-4430-a7a4-10bcf89bc8b5","block_type":"box","text":"8,701","page_number":11,"box":{"x":829,"y":188,"width":27,"height":8}},{"id":"542662da-bb8f-47a1-be9c-996d5c57e1db","block_type":"box","text":"Expenses","page_number":11,"box":{"x":77,"y":205,"width":56,"height":9}},{"id":"c632cf5c-4536-450c-b95e-47c5f8874597","block_type":"box","text":"(2,711)","page_number":11,"box":{"x":692,"y":205,"width":35,"height":8}},{"id":"aa16b395-c3cd-4dac-be91-ca0eb5552c43","block_type":"box","text":"(2,654)","page_number":11,"box":{"x":822,"y":205,"width":39,"height":8}},{"id":"6ec85535-5231-4b4b-bbda-b687f076ee57","block_type":"box","text":"Interest payable and similar expenses","page_number":11,"box":{"x":77,"y":221,"width":224,"height":9}},{"id":"f718a345-f4f8-47bb-ada1-ca89a05e33ff","block_type":"box","text":"–","page_number":11,"box":{"x":718,"y":226,"width":7,"height":1}},{"id":"ee6061e6-80e2-424e-b8c9-f66a466404d8","block_type":"box","text":"(2)","page_number":11,"box":{"x":848,"y":222,"width":13,"height":8}},{"id":"47e921f3-f8ba-4659-bbd7-03426827e658","block_type":"box","text":"Net revenue before taxation","page_number":11,"box":{"x":77,"y":239,"width":166,"height":7}},{"id":"93537059-1600-4848-99bb-a1ae446e97be","block_type":"box","text":"7,818","page_number":11,"box":{"x":695,"y":238,"width":30,"height":8}},{"id":"7065a088-a947-44a9-b2cf-630f14987549","block_type":"box","text":"6,045","page_number":11,"box":{"x":826,"y":238,"width":31,"height":8}},{"id":"3e60e1b3-615e-4be2-bc83-0870dda37bff","block_type":"box","text":"Taxation","page_number":11,"box":{"x":76,"y":256,"width":50,"height":7}},{"id":"aa87682e-34ce-42a8-a7a5-7f0c7cc57250","block_type":"box","text":"–","page_number":11,"box":{"x":718,"y":260,"width":7,"height":1}},{"id":"992eb13a-2732-4e20-84be-1c65aa240b2a","block_type":"box","text":"(9)","page_number":11,"box":{"x":847,"y":256,"width":14,"height":8}},{"id":"45fc4bf9-b414-4738-9705-32ea2c635af8","block_type":"box","text":"Net revenue after taxation","page_number":11,"box":{"x":77,"y":273,"width":156,"height":7}},{"id":"934be058-3b93-4981-a57f-838fc927d388","block_type":"box","text":"7,818","page_number":11,"box":{"x":762,"y":273,"width":29,"height":8}},{"id":"aa852236-7b42-4930-aba1-ba2446d7c4bd","block_type":"box","text":"6,036","page_number":11,"box":{"x":893,"y":273,"width":31,"height":8}},{"id":"c218bf70-499a-4efa-84be-a7334657b880","block_type":"box","text":"Total return before distributions","page_number":11,"box":{"x":76,"y":288,"width":198,"height":8}},{"id":"ca37948f-74e1-470b-ab1c-af5dece58e2a","block_type":"box","text":"(8,228)","page_number":11,"box":{"x":754,"y":290,"width":40,"height":8}},{"id":"7a3e27a1-9514-40da-83a8-ee14fe504f9e","block_type":"box","text":"41,755","page_number":11,"box":{"x":889,"y":290,"width":35,"height":8}},{"id":"dc20de42-aab0-40d6-a520-45eab9a3cf7c","block_type":"box","text":"Distributions","page_number":11,"box":{"x":77,"y":307,"width":77,"height":7}},{"id":"9b483998-8ed5-4f24-91bd-c9a6e61dd77b","block_type":"box","text":"(214)","page_number":11,"box":{"x":766,"y":307,"width":28,"height":8}},{"id":"595c0c72-50cd-4a2d-b44f-d39bad943bc9","block_type":"box","text":"101","page_number":11,"box":{"x":907,"y":307,"width":16,"height":7}},{"id":"94879596-86be-403d-bbc7-3965cec431be","block_type":"box","text":"Change in net assets attributable to unitholders from investment activities","page_number":11,"box":{"x":76,"y":324,"width":460,"height":9}},{"id":"25a01018-82e3-4bba-a92b-2ef00f37a198","block_type":"box","text":"(8,442)","page_number":11,"box":{"x":754,"y":324,"width":40,"height":8}},{"id":"49253f57-930c-4ccc-8988-e1c8e4678328","block_type":"box","text":"41,856","page_number":11,"box":{"x":887,"y":324,"width":37,"height":8}},{"id":"83f0c879-f85f-4f10-a5c4-dedb0883834c","block_type":"box","text":"Statement of change in net assets attributable to unitholders for the six months ended 30 June 2026","page_number":11,"box":{"x":72,"y":355,"width":774,"height":14}},{"id":"416c6888-c73d-4e93-947f-fcc8e67db2dc","block_type":"box","text":"30 June 2026","page_number":11,"box":{"x":709,"y":384,"width":81,"height":7}},{"id":"67f34f36-d054-4f77-a9e0-430866403f8f","block_type":"box","text":"30 June 2025","page_number":11,"box":{"x":845,"y":384,"width":78,"height":7}},{"id":"8e722757-1814-4303-92aa-f72d40ecbca7","block_type":"box","text":"£'000","page_number":11,"box":{"x":689,"y":396,"width":34,"height":7}},{"id":"906755ec-0f83-4e26-b909-55941473b645","block_type":"box","text":"£'000","page_number":11,"box":{"x":756,"y":396,"width":34,"height":7}},{"id":"9032cfa3-740c-4ea9-b942-fbb89f35446c","block_type":"box","text":"£'000","page_number":11,"box":{"x":824,"y":396,"width":32,"height":7}},{"id":"63e1e66f-f8e6-420e-83be-f7cec5a1f938","block_type":"box","text":"£'000","page_number":11,"box":{"x":891,"y":396,"width":32,"height":7}},{"id":"462b994b-edc7-4b3d-b221-6ba1db495312","block_type":"box","text":"Opening net assets attributable to unitholders","page_number":11,"box":{"x":76,"y":415,"width":285,"height":9}},{"id":"c72d7a35-2609-41fe-94ba-44dfd7b30974","block_type":"box","text":"559,113","page_number":11,"box":{"x":748,"y":415,"width":43,"height":9}},{"id":"37c28da6-805a-4d54-a066-38cc62008dd5","block_type":"box","text":"479,211","page_number":11,"box":{"x":883,"y":415,"width":40,"height":9}},{"id":"847d6bb4-dc09-4b2c-927a-d26ca3a985d8","block_type":"box","text":"Issue of units","page_number":11,"box":{"x":77,"y":432,"width":79,"height":7}},{"id":"6ac8ed02-c63b-4d93-9d2f-7d7d4e0b8c49","block_type":"box","text":"47,850","page_number":11,"box":{"x":686,"y":432,"width":39,"height":9}},{"id":"50d50b04-9d07-40fa-9b0c-485116322454","block_type":"box","text":"117,551","page_number":11,"box":{"x":821,"y":432,"width":36,"height":9}},{"id":"27441e50-767d-40f3-bfb9-db166e086be0","block_type":"box","text":"Cancellation of units","page_number":11,"box":{"x":76,"y":449,"width":125,"height":7}},{"id":"d0e11e6f-14c2-4c41-9d8b-db99e4a60afb","block_type":"box","text":"(76,087)","page_number":11,"box":{"x":681,"y":449,"width":46,"height":9}},{"id":"6fea557c-0a85-42be-84a7-3d9a4a387a32","block_type":"box","text":"(81,766)","page_number":11,"box":{"x":819,"y":449,"width":42,"height":9}},{"id":"a553d119-f882-420d-9ea3-b06d270995ca","block_type":"box","text":"(28,237)","page_number":11,"box":{"x":748,"y":468,"width":46,"height":9}},{"id":"d3d18631-f2a9-4074-ba07-50cfc606667d","block_type":"box","text":"35,785","page_number":11,"box":{"x":887,"y":468,"width":37,"height":9}},{"id":"46bac5b8-c118-4e30-b123-57adf178a1ee","block_type":"box","text":"Dilution adjustment","page_number":11,"box":{"x":77,"y":485,"width":119,"height":10}},{"id":"59aaade3-bc7f-46b7-b310-4754f3f3e93c","block_type":"box","text":"116","page_number":11,"box":{"x":772,"y":485,"width":19,"height":8}},{"id":"5f7a0d96-5006-4926-9b1e-6729172598b9","block_type":"box","text":"495","page_number":11,"box":{"x":903,"y":485,"width":21,"height":8}},{"id":"7c72c31c-c2d5-4e7a-8ed9-e2a0d6df174d","block_type":"box","text":"Change in net assets attributable to unitholders from investment activities","page_number":11,"box":{"x":76,"y":502,"width":449,"height":10}},{"id":"48c16017-e7b2-4c03-8c5c-638a070cbcf5","block_type":"box","text":"(8,442)","page_number":11,"box":{"x":754,"y":502,"width":40,"height":9}},{"id":"47b7b82a-c2a6-4db6-aa63-568c140f9f9b","block_type":"box","text":"41,856","page_number":11,"box":{"x":887,"y":502,"width":37,"height":9}},{"id":"f3bd6905-521e-4c57-af8c-8d1caba4b97c","block_type":"box","text":"Closing net assets attributable to unitholders","page_number":11,"box":{"x":76,"y":519,"width":279,"height":10}},{"id":"11e140f1-2476-433b-b80a-7386d77109bb","block_type":"box","text":"522,550","page_number":11,"box":{"x":744,"y":520,"width":47,"height":8}},{"id":"a2667ce1-f151-49b2-8915-e885b5f0d84f","block_type":"box","text":"557,347","page_number":11,"box":{"x":882,"y":520,"width":42,"height":8}},{"id":"4a5de8dd-dc1a-4075-b76b-8de35c7ec60d","block_type":"box","text":"Balance sheet as at 30 June 2026","page_number":11,"box":{"x":72,"y":551,"width":252,"height":13}},{"id":"ffc94165-4497-4430-b691-1253d837daa3","block_type":"box","text":"30 June 2026","page_number":11,"box":{"x":709,"y":576,"width":81,"height":7}},{"id":"6b3ad331-c0ba-4de3-b124-2481ae387f78","block_type":"box","text":"£'000","page_number":11,"box":{"x":756,"y":588,"width":34,"height":7}},{"id":"ff3d71ff-6491-4b0e-92bc-dcb81751ba36","block_type":"box","text":"31 December 2025","page_number":11,"box":{"x":813,"y":576,"width":110,"height":7}},{"id":"52aad847-5616-43bb-9744-1a5d1e0a1fac","block_type":"box","text":"£'000","page_number":11,"box":{"x":891,"y":588,"width":32,"height":7}},{"id":"acdd1c46-ed4b-4dcb-b586-a28ee3093c21","block_type":"box","text":"Assets","page_number":11,"box":{"x":76,"y":607,"width":42,"height":7}},{"id":"1a92e3bb-5ffc-448a-9121-ba56ddb907f9","block_type":"box","text":"Investments","page_number":11,"box":{"x":77,"y":624,"width":74,"height":7}},{"id":"c94efb36-f853-4d45-9dbb-7993aaadcb04","block_type":"box","text":"513,894","page_number":11,"box":{"x":745,"y":624,"width":46,"height":8}},{"id":"01726f7e-5758-4775-a164-acb4acf70d22","block_type":"box","text":"557,985","page_number":11,"box":{"x":881,"y":624,"width":43,"height":8}},{"id":"98f4b3f9-15f2-468c-af5e-0ba4576ecd14","block_type":"box","text":"Current assets","page_number":11,"box":{"x":76,"y":641,"width":91,"height":7}},{"id":"46363f3d-74f5-4d8b-93a8-1b6f58e79ab2","block_type":"box","text":"Amounts receivable","page_number":11,"box":{"x":76,"y":657,"width":120,"height":8}},{"id":"048ccc89-224d-4f75-9b64-09cdae05dcca","block_type":"box","text":"10,850","page_number":11,"box":{"x":752,"y":658,"width":39,"height":8}},{"id":"2400197c-5db3-4d3d-a5e3-1fd53af44d67","block_type":"box","text":"1,113","page_number":11,"box":{"x":900,"y":658,"width":24,"height":8}},{"id":"d4ffa527-c974-474f-a434-d401a6848de7","block_type":"box","text":"Cash and cash equivalents","page_number":11,"box":{"x":76,"y":674,"width":161,"height":10}},{"id":"82c2f4d3-6f84-4cb6-9c61-69b3287abe1d","block_type":"box","text":"7,355","page_number":11,"box":{"x":761,"y":675,"width":30,"height":8}},{"id":"e729fd3d-e507-4826-a35f-ac8cabec6f30","block_type":"box","text":"1,805","page_number":11,"box":{"x":895,"y":675,"width":29,"height":8}},{"id":"b71c9236-892c-4dc8-8059-4047c28df9ef","block_type":"box","text":"Total assets","page_number":11,"box":{"x":76,"y":692,"width":74,"height":7}},{"id":"ca66e29f-e73e-4637-8703-6c29983e1189","block_type":"box","text":"532,099","page_number":11,"box":{"x":743,"y":692,"width":48,"height":8}},{"id":"518ca055-1f0c-4abc-9460-7325e0fcf2ed","block_type":"box","text":"560,903","page_number":11,"box":{"x":877,"y":692,"width":47,"height":8}},{"id":"a5dff434-9570-49de-ba12-12a85d54a6df","block_type":"box","text":"Liabilities","page_number":11,"box":{"x":77,"y":708,"width":59,"height":8}},{"id":"de2fd400-1d6a-4e28-a260-337362c84099","block_type":"box","text":"Current liabilities:","page_number":11,"box":{"x":76,"y":725,"width":110,"height":8}},{"id":"73ad124f-d27b-459e-aad0-48e31a8cf7fd","block_type":"box","text":"Distribution payable","page_number":11,"box":{"x":77,"y":743,"width":120,"height":9}},{"id":"ad7a95e5-ddbe-465e-ac75-a89a7fd89cba","block_type":"box","text":"–","page_number":11,"box":{"x":785,"y":747,"width":7,"height":1}},{"id":"e557582b-5de4-4170-9aab-9097bcfdac04","block_type":"box","text":"526","page_number":11,"box":{"x":904,"y":743,"width":20,"height":7}},{"id":"7af68c63-5f01-4ea5-893e-9770a7034e19","block_type":"box","text":"Other amounts payable","page_number":11,"box":{"x":76,"y":760,"width":141,"height":9}},{"id":"889816f3-2314-4eb2-9445-9550ead32393","block_type":"box","text":"9,549","page_number":11,"box":{"x":758,"y":760,"width":33,"height":8}},{"id":"86525876-1e95-4e89-b2c9-1aa3b0e4e8fa","block_type":"box","text":"1,264","page_number":11,"box":{"x":895,"y":760,"width":29,"height":8}},{"id":"011e7ccd-e8cf-4018-8b71-1b215a40cd3b","block_type":"box","text":"Total liabilities","page_number":11,"box":{"x":76,"y":777,"width":90,"height":7}},{"id":"3a69d856-0ab8-42fb-9884-991aa7d45f0c","block_type":"box","text":"9,549","page_number":11,"box":{"x":758,"y":777,"width":33,"height":8}},{"id":"14ff314d-35f5-4f9f-98d6-5cd37f1fc7a4","block_type":"box","text":"1,790","page_number":11,"box":{"x":896,"y":777,"width":28,"height":8}},{"id":"6ef9b7d5-a511-4232-8d57-c6aaf2c5a46b","block_type":"box","text":"Net assets attributable to unitholders","page_number":11,"box":{"x":77,"y":794,"width":231,"height":7}},{"id":"087f9b3a-c0dc-4ca5-b5ec-11696cf0019e","block_type":"box","text":"522,550","page_number":11,"box":{"x":744,"y":794,"width":47,"height":8}},{"id":"70bfb413-7fc5-4efc-be78-a47de2c9c83e","block_type":"box","text":"559,113","page_number":11,"box":{"x":883,"y":794,"width":41,"height":8}},{"id":"a4386707-74c6-48fe-a0cc-eb685edd5c9a","block_type":"box","text":"12","page_number":12,"box":{"x":494,"y":979,"width":11,"height":7}},{"id":"3d8b838f-1ab7-4163-8500-2d71b0dccd8e","block_type":"box","text":"1. Basis of preparation","page_number":12,"box":{"x":73,"y":67,"width":171,"height":14}},{"id":"1b469ec7-9178-48de-a31d-0e99c7f81fc3","block_type":"box","text":"The interim financial statements have been prepared in accordance with FRS 104, which applies the recognition and measurement","page_number":12,"box":{"x":71,"y":87,"width":841,"height":11}},{"id":"537fb882-a16b-43b7-bae9-4980d2fcbda6","block_type":"box","text":"principles of FRS 102 but requires only selected disclosures appropriate to an interim financial report. Accordingly, these interim","page_number":12,"box":{"x":72,"y":102,"width":820,"height":11}},{"id":"da4591fc-4b43-4ae0-bbca-3248fe1ae79f","block_type":"box","text":"financial statements do not include all of the information and disclosures required in a full set of annual financial statements","page_number":12,"box":{"x":71,"y":117,"width":799,"height":10}},{"id":"2e9bb42e-f649-4c77-80bf-515662096d70","block_type":"box","text":"prepared in accordance with FRS 102.","page_number":12,"box":{"x":72,"y":132,"width":240,"height":10}},{"id":"6c668c23-cd49-42dd-9e40-f680d4af5448","block_type":"box","text":"The financial statements have been prepared on a going concern basis. The manager believes that the fund has adequate resources","page_number":12,"box":{"x":71,"y":152,"width":849,"height":10}},{"id":"a465a5f7-c33b-4854-9c56-b19d2db98288","block_type":"box","text":"to continue in operational existence for the foreseeable future. No material events have been identified that may cast significant","page_number":12,"box":{"x":71,"y":166,"width":824,"height":11}},{"id":"1ab84d53-03db-4933-9059-124977a9dda4","block_type":"box","text":"doubt about the fund’s ability to continue as a going concern for a period of twelve months from the date the financial statements","page_number":12,"box":{"x":72,"y":181,"width":833,"height":11}},{"id":"8b5979d4-6608-4737-a52a-ba3ed721d786","block_type":"box","text":"are authorised for issue.","page_number":12,"box":{"x":72,"y":196,"width":153,"height":8}},{"id":"be055a60-ac54-45ce-8ffd-650ebf73bee2","block_type":"box","text":"The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2025,","page_number":12,"box":{"x":71,"y":216,"width":843,"height":11}},{"id":"f7370404-9a09-43ae-b60c-189915e689a3","block_type":"box","text":"except for the adoption of the 2025 IA Statement of Recommended Practice (SORP) relating to the valuation of investments. In","page_number":12,"box":{"x":72,"y":231,"width":814,"height":11}},{"id":"d0bcea78-651b-40b5-9b4c-d385b5f8f567","block_type":"box","text":"accordance with the 2025 IA SORP and the amended FRS 102 requirements, investments are measured at fair value using the","page_number":12,"box":{"x":72,"y":246,"width":804,"height":10}},{"id":"92fbe412-cde4-450f-ab3a-49d9dd09d9fb","block_type":"box","text":"mid-market price (being the price within the bid-ask spread that is most representative of fair value). This change in valuation","page_number":12,"box":{"x":72,"y":261,"width":801,"height":10}},{"id":"22e8b233-cd54-49aa-a79c-3abb34a165dd","block_type":"box","text":"technique has been applied prospectively on adoption of the SORP and, accordingly, comparative figures have not been restated.","page_number":12,"box":{"x":71,"y":275,"width":831,"height":11}},{"id":"bb080349-e8ca-447f-8a07-d8f14da560e8","block_type":"box","text":"Where appropriate, the last regular valuation point has been used as a suitable indicator of fair value at the period end.","page_number":12,"box":{"x":71,"y":290,"width":759,"height":11}},{"id":"f67a85e2-f6fe-4b37-97ce-7f4e9714192a","block_type":"box","text":"2. Related party transactions","page_number":12,"box":{"x":71,"y":322,"width":221,"height":13}},{"id":"8469c900-6309-4e89-bafe-823c0d598153","block_type":"box","text":"The manager is deemed to be a related party. All transactions and balances associated with the manager are disclosed within the","page_number":12,"box":{"x":71,"y":342,"width":831,"height":10}},{"id":"df41a659-9e0a-45d9-8204-f34834f701c4","block_type":"box","text":"statement of total return, statement of change in net assets attributable to unitholders and the balance sheet on page 11 including","page_number":12,"box":{"x":72,"y":357,"width":837,"height":10}},{"id":"01c61e15-e97d-45c3-bc52-57330745d802","block_type":"box","text":"all issues and cancellations where the manager acted as principal. The balance due to the manager as at 30 June 2026 in respect of","page_number":12,"box":{"x":72,"y":372,"width":843,"height":10}},{"id":"427f926c-2845-4338-9023-705db6b11b70","block_type":"box","text":"these transactions was £950,000 (31 December 2025: £790,000).","page_number":12,"box":{"x":71,"y":387,"width":412,"height":9}},{"id":"b5be41c3-fbed-4f64-9d57-43fcd50a1e56","block_type":"box","text":"3. Fair value hierarchy","page_number":12,"box":{"x":72,"y":418,"width":172,"height":13}},{"id":"999bc9ec-f0db-4430-b6b9-026a8943bd0a","block_type":"box","text":"All investments are designated at fair value through profit or loss on initial recognition. The following table provides an analysis of","page_number":12,"box":{"x":71,"y":438,"width":830,"height":11}},{"id":"1a4faa01-67bd-4f0f-973f-52577eb01135","block_type":"box","text":"these investments based on the fair value hierarchy in accordance with FRS 102 which reflects the reliability and significance of the","page_number":12,"box":{"x":71,"y":453,"width":843,"height":10}},{"id":"ab08ba3a-b2b5-4fa8-b74c-9b2c95f1622e","block_type":"box","text":"information used to measure their fair value.","page_number":12,"box":{"x":72,"y":468,"width":283,"height":8}},{"id":"a8096b67-4b16-4f37-862f-aa67dac079d3","block_type":"box","text":"The disclosure is split into the following categories:","page_number":12,"box":{"x":71,"y":488,"width":327,"height":10}},{"id":"50869f77-5f1f-4c9f-adbe-c7d3759c29d8","block_type":"box","text":"Level 1","page_number":12,"box":{"x":72,"y":508,"width":40,"height":8}},{"id":"8c5cb6f0-819c-453d-be15-d0198376ba26","block_type":"box","text":"– Investments with unadjusted quoted prices in an active market;","page_number":12,"box":{"x":119,"y":508,"width":421,"height":10}},{"id":"a7b7b028-cb7b-47d8-90f8-08d56358d23f","block_type":"box","text":"Level 2 – Investments whose fair value is based on inputs other than quoted prices that are either directly or indirectly observable;","page_number":12,"box":{"x":72,"y":527,"width":833,"height":11}},{"id":"316fa4f4-3489-4890-8752-c6da3bb4b889","block_type":"box","text":"Level 3 – Investments whose fair value is based on inputs that are unobservable (i.e. for which market data is unavailable).","page_number":12,"box":{"x":72,"y":547,"width":777,"height":11}},{"id":"266ccc7b-6679-4d97-8f55-220bba02adab","block_type":"box","text":"30 June 2026","page_number":12,"box":{"x":681,"y":573,"width":80,"height":7}},{"id":"4c2c0f72-bfe5-45f2-a195-69893442710e","block_type":"box","text":"31 December 2025","page_number":12,"box":{"x":813,"y":573,"width":110,"height":7}},{"id":"772c0dea-f082-411a-a284-f801b7be0fd9","block_type":"box","text":"Assets","page_number":12,"box":{"x":638,"y":585,"width":42,"height":7}},{"id":"012fffcf-752b-48a5-bc83-3c42ff7a23b1","block_type":"box","text":"£'000","page_number":12,"box":{"x":646,"y":596,"width":34,"height":7}},{"id":"b5032f18-5462-4eae-a80e-8c9aa458667c","block_type":"box","text":"Liabilities","page_number":12,"box":{"x":702,"y":585,"width":59,"height":7}},{"id":"c9984c60-8417-4dc6-9a9d-baa673caa34b","block_type":"box","text":"£'000","page_number":12,"box":{"x":727,"y":596,"width":34,"height":7}},{"id":"4aa277b3-12dd-4b4e-a1eb-f9f1116717b9","block_type":"box","text":"Assets","page_number":12,"box":{"x":802,"y":585,"width":40,"height":7}},{"id":"4a07c85d-6e7d-4400-8251-94e2e3915c1b","block_type":"box","text":"£'000","page_number":12,"box":{"x":810,"y":596,"width":32,"height":7}},{"id":"abb7ceb6-4095-4e49-9596-c6ad62f55b03","block_type":"box","text":"Liabilities","page_number":12,"box":{"x":866,"y":585,"width":57,"height":7}},{"id":"4e27f861-5e00-4036-ac6e-fd2aeb2eabe3","block_type":"box","text":"£'000","page_number":12,"box":{"x":891,"y":596,"width":32,"height":7}},{"id":"cbb329e1-b865-4000-b803-adcee038cc84","block_type":"box","text":"Level 1","page_number":12,"box":{"x":77,"y":614,"width":37,"height":7}},{"id":"4cf82d35-1aa5-4d29-b858-bf35220d8a64","block_type":"box","text":"Equities","page_number":12,"box":{"x":77,"y":630,"width":47,"height":9}},{"id":"42830fc8-4b52-467c-a746-4057539d35c1","block_type":"box","text":"513,894","page_number":12,"box":{"x":635,"y":630,"width":46,"height":8}},{"id":"9d6b6b5c-3782-4c1b-95cc-4d109e3594bb","block_type":"box","text":"–","page_number":12,"box":{"x":756,"y":634,"width":7,"height":1}},{"id":"1d50cfbc-7909-49f5-89ad-efbf61e57250","block_type":"box","text":"557,985","page_number":12,"box":{"x":800,"y":630,"width":43,"height":8}},{"id":"99a931b6-b26e-4769-a043-953f1f918b11","block_type":"box","text":"–","page_number":12,"box":{"x":918,"y":634,"width":6,"height":1}},{"id":"2e73e09c-dadd-4cfc-a672-ab46d3eef34e","block_type":"box","text":"Total","page_number":12,"box":{"x":76,"y":647,"width":30,"height":7}},{"id":"b34048cc-a0f8-4ac0-a599-16275dd89ef9","block_type":"box","text":"513,894","page_number":12,"box":{"x":635,"y":647,"width":46,"height":8}},{"id":"0757f135-ea50-4db2-a82f-1ea03b431a3e","block_type":"box","text":"–","page_number":12,"box":{"x":756,"y":651,"width":7,"height":1}},{"id":"e9584648-78e5-4d56-9273-47cfddfe5615","block_type":"box","text":"557,985","page_number":12,"box":{"x":800,"y":647,"width":43,"height":8}},{"id":"759fc9b2-def3-4ed6-9c5f-df9515fc9bdb","block_type":"box","text":"–","page_number":12,"box":{"x":918,"y":651,"width":6,"height":1}},{"id":"501ea3a0-a9f9-4eb8-b27c-f510959aec84","block_type":"box","text":"4. Post balance sheet event","page_number":12,"box":{"x":71,"y":689,"width":206,"height":10}},{"id":"7380486c-8454-44d0-b665-7688798f5b58","block_type":"box","text":"There were no significant post balance sheet events subsequent to the period end.","page_number":12,"box":{"x":71,"y":709,"width":533,"height":11}},{"id":"804f8a84-cd1f-4655-b85d-7097a92ea062","block_type":"box","text":"13","page_number":13,"box":{"x":494,"y":979,"width":11,"height":7}},{"id":"11544f16-6da4-4439-bdd9-c2b7df9ad882","block_type":"box","text":"Fund sizes & net asset values","page_number":13,"box":{"x":72,"y":67,"width":222,"height":11}},{"id":"8e680209-cb00-4c46-b354-1490703e2765","block_type":"box","text":"Date","page_number":13,"box":{"x":72,"y":103,"width":27,"height":7}},{"id":"1ebd5b66-7172-4786-8a0b-e62de3270a37","block_type":"box","text":"Net asset","page_number":13,"box":{"x":252,"y":91,"width":57,"height":7}},{"id":"872e50f4-e2f6-40c2-aa58-694f43339802","block_type":"box","text":"value of","page_number":13,"box":{"x":262,"y":102,"width":47,"height":8}},{"id":"973491c1-d97e-4a67-a56f-40a865d269ed","block_type":"box","text":"fund (£)","page_number":13,"box":{"x":263,"y":114,"width":45,"height":8}},{"id":"d20c764a-9f8e-46a8-b7ad-819558150b4a","block_type":"box","text":"Net asset","page_number":13,"box":{"x":328,"y":91,"width":57,"height":7}},{"id":"82dda176-b098-4af4-a303-49b34682ddeb","block_type":"box","text":"value per","page_number":13,"box":{"x":330,"y":102,"width":55,"height":10}},{"id":"356e9624-384f-4617-86fa-5a1a57640ab3","block_type":"box","text":"unit (p)","page_number":13,"box":{"x":343,"y":114,"width":41,"height":9}},{"id":"70018ee9-5b90-4434-beec-b02d5a80decf","block_type":"box","text":"Units","page_number":13,"box":{"x":445,"y":103,"width":30,"height":7}},{"id":"7dbdc581-563e-4034-a6ba-45bbf052b8bc","block_type":"box","text":"in issue","page_number":13,"box":{"x":431,"y":114,"width":44,"height":7}},{"id":"cfddc6b0-3a03-4bcf-a792-fd7d0327637a","block_type":"box","text":"31 December 2023","page_number":13,"box":{"x":76,"y":133,"width":112,"height":7}},{"id":"9aeed3cb-d926-49f6-a24f-119ce15e7542","block_type":"box","text":"369,7","page_number":13,"box":{"x":236,"y":133,"width":32,"height":8}},{"id":"9fa14ff2-45dc-4f96-8d12-acc201ff56a8","block_type":"box","text":"1","page_number":13,"box":{"x":269,"y":133,"width":5,"height":7}},{"id":"48e2c344-bf7c-4aa4-8f10-04fad465722b","block_type":"box","text":"4,435","page_number":13,"box":{"x":276,"y":133,"width":32,"height":8}},{"id":"1fc8d04a-f4f7-42c6-b9b5-34a38e7fb7b6","block_type":"box","text":"C accumulation","page_number":13,"box":{"x":76,"y":152,"width":94,"height":7}},{"id":"45d0d266-db41-43f1-8fc3-fd811e9218e3","block_type":"box","text":"1","page_number":13,"box":{"x":335,"y":152,"width":4,"height":7}},{"id":"2348880f-6a52-46c4-bead-ffc14484cd7e","block_type":"box","text":",","page_number":13,"box":{"x":342,"y":158,"width":2,"height":2}},{"id":"754d055d-9524-4d11-9a01-6a78bea5ce4b","block_type":"box","text":"940.90","page_number":13,"box":{"x":345,"y":152,"width":40,"height":7}},{"id":"b8f98457-17a5-4567-8ea9-29ba66f29ec3","block_type":"box","text":"1","page_number":13,"box":{"x":421,"y":152,"width":4,"height":7}},{"id":"c8b8b2d5-437d-4ad9-b109-f84d02444276","block_type":"box","text":",","page_number":13,"box":{"x":427,"y":158,"width":2,"height":2}},{"id":"4f9f7223-0de4-4792-9c57-0cb308f4ee6b","block_type":"box","text":"7","page_number":13,"box":{"x":431,"y":152,"width":6,"height":7}},{"id":"8a77455c-02e8-44a0-ab88-0be68a9d7667","block_type":"box","text":"1","page_number":13,"box":{"x":438,"y":152,"width":4,"height":7}},{"id":"ac46a2ea-b243-4eae-ac19-cc35a4507010","block_type":"box","text":"2","page_number":13,"box":{"x":444,"y":152,"width":6,"height":7}},{"id":"12b0a871-055b-433d-8afd-9c9e34d4ff1d","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":158,"width":2,"height":2}},{"id":"b9726214-26dd-4083-a1a5-0a0a7bc37f1c","block_type":"box","text":"236","page_number":13,"box":{"x":455,"y":152,"width":20,"height":7}},{"id":"881571c8-5594-440f-aa25-0a47375919b8","block_type":"box","text":"I distribution","page_number":13,"box":{"x":77,"y":169,"width":75,"height":7}},{"id":"1d79829a-d38d-445e-92a6-6d7558430a17","block_type":"box","text":"1","page_number":13,"box":{"x":337,"y":169,"width":4,"height":7}},{"id":"441d0222-9701-423f-88f2-39aee47a75b2","block_type":"box","text":",","page_number":13,"box":{"x":343,"y":175,"width":3,"height":3}},{"id":"ffb5dcd1-881c-45d5-9d04-59d17b837ca9","block_type":"box","text":"734.29","page_number":13,"box":{"x":347,"y":169,"width":37,"height":7}},{"id":"cc7c1e0d-c594-4bfd-9a64-0801c993a7fd","block_type":"box","text":"376","page_number":13,"box":{"x":431,"y":169,"width":19,"height":7}},{"id":"7f930f6a-54dc-4807-a148-6618ff7c15e3","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":175,"width":2,"height":3}},{"id":"294b56fd-af2b-413a-ba81-87c93d200601","block_type":"box","text":"433","page_number":13,"box":{"x":454,"y":169,"width":21,"height":7}},{"id":"fb282f81-de20-463e-99c9-c0baa7f0b6c9","block_type":"box","text":"I accumulation","page_number":13,"box":{"x":77,"y":186,"width":88,"height":8}},{"id":"8661912f-c309-4716-9d56-2d106148c558","block_type":"box","text":"2","page_number":13,"box":{"x":336,"y":187,"width":6,"height":7}},{"id":"d5c7159d-65e3-4118-a897-032b1ed70621","block_type":"box","text":",","page_number":13,"box":{"x":343,"y":193,"width":2,"height":2}},{"id":"1bfb78c5-28cb-4592-b339-79dd98d0081c","block_type":"box","text":"1","page_number":13,"box":{"x":347,"y":187,"width":4,"height":7}},{"id":"b531c7ab-242b-4060-9842-0d88f3ae6c23","block_type":"box","text":"2","page_number":13,"box":{"x":354,"y":187,"width":5,"height":7}},{"id":"90e4bb1c-ef67-4b14-865f-c9227c78050d","block_type":"box","text":"1","page_number":13,"box":{"x":361,"y":187,"width":4,"height":7}},{"id":"4445250e-5a66-4b92-80f3-e9d71d3b5fe4","block_type":"box","text":".66","page_number":13,"box":{"x":368,"y":187,"width":17,"height":7}},{"id":"1b060ee6-0bae-4ead-aff2-1668ff5b4cfd","block_type":"box","text":"1","page_number":13,"box":{"x":412,"y":187,"width":4,"height":7}},{"id":"f80a22b8-5d6e-45db-92a0-9286266bac2f","block_type":"box","text":"0","page_number":13,"box":{"x":419,"y":187,"width":6,"height":7}},{"id":"89e62327-28ae-4d1f-a8fe-6d40d20a9788","block_type":"box","text":",","page_number":13,"box":{"x":426,"y":193,"width":2,"height":2}},{"id":"d123a432-6548-4923-a42b-a307f375f330","block_type":"box","text":"1","page_number":13,"box":{"x":430,"y":187,"width":4,"height":7}},{"id":"be802a04-c58e-45ab-a4d4-c59ecc106a6f","block_type":"box","text":"46","page_number":13,"box":{"x":436,"y":187,"width":14,"height":7}},{"id":"6deb3204-4071-4907-8c87-559e56cd8ff2","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":193,"width":2,"height":2}},{"id":"6addb961-bc96-47a2-bf44-56476407a030","block_type":"box","text":"862","page_number":13,"box":{"x":455,"y":187,"width":20,"height":7}},{"id":"346c928f-365c-458c-9e90-2728e6e134bd","block_type":"box","text":"R accumulation","page_number":13,"box":{"x":77,"y":204,"width":93,"height":7}},{"id":"fd99adeb-860d-402f-a479-3ac8e3784c5f","block_type":"box","text":"1","page_number":13,"box":{"x":336,"y":204,"width":5,"height":7}},{"id":"657423f5-5bae-4df4-b193-902c653bea4d","block_type":"box","text":",","page_number":13,"box":{"x":343,"y":210,"width":2,"height":2}},{"id":"34cf9570-f73e-45f5-a62a-628473169507","block_type":"box","text":"9","page_number":13,"box":{"x":346,"y":204,"width":7,"height":7}},{"id":"b51572ed-7c42-435b-bd2b-3be719de730a","block_type":"box","text":"1","page_number":13,"box":{"x":354,"y":204,"width":4,"height":7}},{"id":"c2e7a36a-eb7f-4095-87e6-7677857039d0","block_type":"box","text":"8.54","page_number":13,"box":{"x":361,"y":204,"width":24,"height":7}},{"id":"a252f134-0575-4b5c-ab3e-e8c5a69bc3e6","block_type":"box","text":"5","page_number":13,"box":{"x":420,"y":204,"width":6,"height":7}},{"id":"c021dedf-6295-4078-b79d-92651025d1e5","block_type":"box","text":",","page_number":13,"box":{"x":427,"y":210,"width":2,"height":2}},{"id":"aa5e6c83-8cea-464f-8a4b-c9f7a1d29688","block_type":"box","text":"977","page_number":13,"box":{"x":431,"y":204,"width":19,"height":7}},{"id":"5b1d82d5-e5ac-4ebd-97bf-64282163f9d6","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":210,"width":2,"height":2}},{"id":"0a3092b5-5313-490c-b0d7-4ad644d71600","block_type":"box","text":"0","page_number":13,"box":{"x":454,"y":204,"width":7,"height":7}},{"id":"0dc8dace-6267-4bd6-b3cf-32e3734a66bf","block_type":"box","text":"1","page_number":13,"box":{"x":462,"y":204,"width":4,"height":7}},{"id":"ea2f67aa-d126-4375-a09b-4f2980e907a1","block_type":"box","text":"6","page_number":13,"box":{"x":469,"y":204,"width":6,"height":7}},{"id":"ec022198-f526-4000-8134-1b09cf615afc","block_type":"box","text":"31 December 2024","page_number":13,"box":{"x":76,"y":223,"width":112,"height":7}},{"id":"6e7663fa-3284-45be-8b9d-3d521c94d957","block_type":"box","text":"479,2","page_number":13,"box":{"x":235,"y":223,"width":32,"height":8}},{"id":"0123e86c-0ac6-45e9-a562-8e62cd7d3ec0","block_type":"box","text":"1","page_number":13,"box":{"x":268,"y":223,"width":5,"height":7}},{"id":"d9c3d713-68c9-4eb2-943c-52527f51c18d","block_type":"box","text":"0,842","page_number":13,"box":{"x":275,"y":223,"width":34,"height":8}},{"id":"103dec4e-160b-4d5a-a6eb-689c809d657b","block_type":"box","text":"C accumulation","page_number":13,"box":{"x":76,"y":241,"width":94,"height":8}},{"id":"63a42838-4b8e-4334-a5ae-dff8a74564a2","block_type":"box","text":"2","page_number":13,"box":{"x":337,"y":242,"width":6,"height":7}},{"id":"e647a3fe-4897-41f3-b2f3-55febe7ccb93","block_type":"box","text":",","page_number":13,"box":{"x":344,"y":248,"width":2,"height":2}},{"id":"76a92c6d-c366-4275-a617-c6116b260e31","block_type":"box","text":"11","page_number":13,"box":{"x":347,"y":242,"width":12,"height":7}},{"id":"73848db6-9aae-414c-8c53-5af6958af53c","block_type":"box","text":"6.24","page_number":13,"box":{"x":362,"y":242,"width":23,"height":7}},{"id":"d3e21694-b6f6-4243-acd4-e70f3df744a6","block_type":"box","text":"1","page_number":13,"box":{"x":420,"y":242,"width":4,"height":7}},{"id":"e86fb6a2-644b-4a2c-aa19-feec1a5a7df2","block_type":"box","text":",","page_number":13,"box":{"x":426,"y":248,"width":2,"height":2}},{"id":"01824939-623f-4a5a-9ab3-5efc16355427","block_type":"box","text":"605","page_number":13,"box":{"x":430,"y":242,"width":21,"height":7}},{"id":"80a05e96-ae97-484c-9e17-08f6946e5a47","block_type":"box","text":",","page_number":13,"box":{"x":452,"y":248,"width":2,"height":2}},{"id":"17687d88-55da-4a98-9b66-cb38671ee956","block_type":"box","text":"1","page_number":13,"box":{"x":455,"y":242,"width":5,"height":7}},{"id":"065a25a4-2d71-4552-ae39-8047cf0ddbef","block_type":"box","text":"3","page_number":13,"box":{"x":462,"y":242,"width":6,"height":7}},{"id":"b2a874b8-a792-4e2a-b5aa-ee8d574f2d21","block_type":"box","text":"1","page_number":13,"box":{"x":470,"y":242,"width":4,"height":7}},{"id":"25988b97-3988-4cb7-9afa-38b250bb4ff1","block_type":"box","text":"I distribution","page_number":13,"box":{"x":77,"y":259,"width":75,"height":7}},{"id":"25fdd63e-79e7-4064-bef2-925d5338cb9d","block_type":"box","text":"1","page_number":13,"box":{"x":336,"y":259,"width":4,"height":7}},{"id":"df559fa0-fb56-4e16-8067-4a20b77f089c","block_type":"box","text":",","page_number":13,"box":{"x":343,"y":265,"width":2,"height":2}},{"id":"d6d49a3f-06cc-4d26-a42d-df3e40d98534","block_type":"box","text":"849.23","page_number":13,"box":{"x":346,"y":259,"width":38,"height":7}},{"id":"745f6e75-56b0-4e49-8e27-5905ae98c70e","block_type":"box","text":"799","page_number":13,"box":{"x":429,"y":259,"width":21,"height":7}},{"id":"e6a5a7bc-ceca-4d12-bcb8-3c7e0f4fc6e9","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":265,"width":2,"height":2}},{"id":"1109405c-7100-45c1-bde1-5be862609352","block_type":"box","text":"958","page_number":13,"box":{"x":454,"y":259,"width":21,"height":7}},{"id":"77053d84-1578-4923-9a6e-8bca0d503c2a","block_type":"box","text":"I accumulation","page_number":13,"box":{"x":77,"y":276,"width":88,"height":7}},{"id":"1cc94778-4826-485e-a48f-fa63d0d88eae","block_type":"box","text":"2","page_number":13,"box":{"x":339,"y":276,"width":6,"height":7}},{"id":"0616cb1c-efa1-4083-a51b-b1a8e4155188","block_type":"box","text":",","page_number":13,"box":{"x":345,"y":282,"width":3,"height":2}},{"id":"636df999-594d-4e6f-9b4c-76212fdcc51d","block_type":"box","text":"323.74","page_number":13,"box":{"x":349,"y":276,"width":36,"height":7}},{"id":"0c20f4a0-1bc8-4863-a3e4-417ff6a595f8","block_type":"box","text":"1","page_number":13,"box":{"x":413,"y":276,"width":4,"height":7}},{"id":"d9e589a8-418a-45a8-bf1e-d1db6a4086ea","block_type":"box","text":"3","page_number":13,"box":{"x":420,"y":276,"width":6,"height":7}},{"id":"a70832bd-9947-49d8-85da-543fe763a17f","block_type":"box","text":",","page_number":13,"box":{"x":427,"y":282,"width":2,"height":2}},{"id":"c04371f1-f935-42b5-abad-b7d2ff9e0f7c","block_type":"box","text":"1","page_number":13,"box":{"x":431,"y":276,"width":4,"height":7}},{"id":"325de0a3-4d41-4ed4-afdc-bfe59791115e","block_type":"box","text":"40","page_number":13,"box":{"x":437,"y":276,"width":14,"height":7}},{"id":"005e1686-d8da-41de-965f-f2b728d2c1d5","block_type":"box","text":",","page_number":13,"box":{"x":452,"y":282,"width":2,"height":2}},{"id":"8ca1781d-0615-402e-866b-e1705fa7af04","block_type":"box","text":"973","page_number":13,"box":{"x":456,"y":276,"width":19,"height":7}},{"id":"7d556c50-be64-4da6-b37b-6863b8111ab6","block_type":"box","text":"R accumulation","page_number":13,"box":{"x":77,"y":293,"width":93,"height":8}},{"id":"a526de7d-d21c-4c71-aee3-268a237289de","block_type":"box","text":"2","page_number":13,"box":{"x":335,"y":293,"width":6,"height":7}},{"id":"06693356-b3a0-4cf0-98cb-005f727a6b45","block_type":"box","text":",","page_number":13,"box":{"x":342,"y":299,"width":2,"height":3}},{"id":"7b4d6467-db30-49bb-88f8-d18aacfded07","block_type":"box","text":"085.64","page_number":13,"box":{"x":346,"y":293,"width":39,"height":8}},{"id":"76f2f5d3-feb7-461c-b82b-a9b13a16b4ab","block_type":"box","text":"5","page_number":13,"box":{"x":420,"y":294,"width":6,"height":7}},{"id":"0faec99a-fd81-47f0-ae19-b56e37624d27","block_type":"box","text":",","page_number":13,"box":{"x":427,"y":299,"width":3,"height":3}},{"id":"8da7681a-73a2-4c86-b723-0b843fac10a6","block_type":"box","text":"997","page_number":13,"box":{"x":431,"y":293,"width":20,"height":8}},{"id":"7afbfb7f-8fdb-45e3-a877-59919f9404e7","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":299,"width":3,"height":3}},{"id":"a1585b94-6987-4163-af9d-00c407fe15f8","block_type":"box","text":"332","page_number":13,"box":{"x":455,"y":293,"width":20,"height":8}},{"id":"fd46c0b2-3281-4093-a178-3f7bc8037ed2","block_type":"box","text":"S accumulation *","page_number":13,"box":{"x":76,"y":311,"width":102,"height":7}},{"id":"a31d8e45-4c2c-4112-9c88-9a79e22963d9","block_type":"box","text":"96.94","page_number":13,"box":{"x":353,"y":311,"width":32,"height":7}},{"id":"86efa65a-1110-41af-aad1-4fc78ddd36f0","block_type":"box","text":"5","page_number":13,"box":{"x":443,"y":311,"width":6,"height":7}},{"id":"4a2d8115-06de-4c81-a3a4-60fcb2354d25","block_type":"box","text":",","page_number":13,"box":{"x":450,"y":317,"width":2,"height":2}},{"id":"3c1150ad-d5f4-4b9d-a3f1-6f43f8fe2342","block_type":"box","text":"000","page_number":13,"box":{"x":454,"y":311,"width":21,"height":7}},{"id":"2cf5a752-4940-4a52-935d-b65918454f20","block_type":"box","text":"31 December 2025","page_number":13,"box":{"x":76,"y":329,"width":112,"height":8}},{"id":"80050081-1228-4a15-bcf2-57b4fda243e7","block_type":"box","text":"559,","page_number":13,"box":{"x":235,"y":330,"width":26,"height":8}},{"id":"522f6464-27f7-4e64-a15f-174df5fc158d","block_type":"box","text":"11","page_number":13,"box":{"x":262,"y":330,"width":12,"height":7}},{"id":"64920138-62ae-4362-854a-046d576c19a0","block_type":"box","text":"3,426","page_number":13,"box":{"x":276,"y":330,"width":33,"height":8}},{"id":"32211421-54bc-453a-9907-75bdd14d7fb1","block_type":"box","text":"C accumulation","page_number":13,"box":{"x":76,"y":348,"width":94,"height":8}},{"id":"c2f15e0b-f7d4-44f0-a30e-09ee40aba053","block_type":"box","text":"2","page_number":13,"box":{"x":337,"y":348,"width":5,"height":7}},{"id":"da091106-abd8-4d7c-b9b8-4de2336127d4","block_type":"box","text":",","page_number":13,"box":{"x":343,"y":354,"width":3,"height":3}},{"id":"80d241f3-10e9-4c0b-a88b-d0e3e3fa87a8","block_type":"box","text":"222.94","page_number":13,"box":{"x":347,"y":348,"width":38,"height":8}},{"id":"1fdccbd2-40a3-4606-b4d1-f6205af51b52","block_type":"box","text":"1","page_number":13,"box":{"x":419,"y":349,"width":4,"height":6}},{"id":"2b2e9124-7c15-4252-beb3-4c4f26570a1c","block_type":"box","text":",","page_number":13,"box":{"x":426,"y":354,"width":2,"height":3}},{"id":"621940e2-691c-4be0-81c7-642508c667be","block_type":"box","text":"464","page_number":13,"box":{"x":429,"y":348,"width":22,"height":8}},{"id":"18849e91-53f7-4991-8fce-51f88bed5926","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":354,"width":3,"height":3}},{"id":"66cd1cc3-2fce-4d13-9db5-7ecb0b1ce43e","block_type":"box","text":"1","page_number":13,"box":{"x":455,"y":349,"width":4,"height":6}},{"id":"1ffb13df-0bea-4e46-8e5a-d70bf8b36cd9","block_type":"box","text":"02","page_number":13,"box":{"x":462,"y":348,"width":13,"height":8}},{"id":"3600f749-7272-45b7-9942-6bd8b0074668","block_type":"box","text":"I distribution","page_number":13,"box":{"x":77,"y":366,"width":75,"height":7}},{"id":"23661e01-69e8-4d43-8bfb-10aa972859a5","block_type":"box","text":"1","page_number":13,"box":{"x":337,"y":366,"width":4,"height":7}},{"id":"60724dc1-888b-42d1-852f-58483f189a55","block_type":"box","text":",","page_number":13,"box":{"x":343,"y":372,"width":2,"height":2}},{"id":"bb2f9f3a-a06f-49c7-848f-ff29e1e46d21","block_type":"box","text":"894.49","page_number":13,"box":{"x":346,"y":366,"width":38,"height":7}},{"id":"862a2056-f879-4c4c-8dbd-eb0edc2882fc","block_type":"box","text":"923","page_number":13,"box":{"x":431,"y":366,"width":19,"height":7}},{"id":"56c5e9d3-1c53-46be-b31a-f4a618ecf2fa","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":372,"width":3,"height":2}},{"id":"e2b202fb-9a22-45eb-a75f-53f58d7af795","block_type":"box","text":"1","page_number":13,"box":{"x":455,"y":366,"width":4,"height":7}},{"id":"158c8803-ab30-4986-abc1-bc2b77824c47","block_type":"box","text":"4","page_number":13,"box":{"x":462,"y":366,"width":7,"height":7}},{"id":"6b104aae-ccd0-4cd6-a8e6-0c6e04967df5","block_type":"box","text":"1","page_number":13,"box":{"x":470,"y":366,"width":4,"height":7}},{"id":"faa3a0ce-f325-4795-bdba-8ef80400f3c2","block_type":"box","text":"I accumulation","page_number":13,"box":{"x":77,"y":383,"width":88,"height":7}},{"id":"7c9214c2-8284-4c94-b526-d85aa994cf96","block_type":"box","text":"2","page_number":13,"box":{"x":336,"y":383,"width":6,"height":7}},{"id":"a58b033b-d547-46aa-b557-a44591b8d3c7","block_type":"box","text":",","page_number":13,"box":{"x":343,"y":389,"width":2,"height":2}},{"id":"6cc24f34-25fc-461b-bf4f-0dde6e02f842","block_type":"box","text":"45","page_number":13,"box":{"x":346,"y":383,"width":14,"height":7}},{"id":"924d1ab2-34a7-4bb6-abf3-13779c469944","block_type":"box","text":"1","page_number":13,"box":{"x":361,"y":383,"width":5,"height":7}},{"id":"99848447-d776-46ab-a5d3-c303a40a6b85","block_type":"box","text":".93","page_number":13,"box":{"x":368,"y":383,"width":16,"height":7}},{"id":"29c1dfe1-2b77-45ea-8edd-aa7f9580cb16","block_type":"box","text":"1","page_number":13,"box":{"x":411,"y":383,"width":5,"height":7}},{"id":"01843dd8-dd19-4cc6-ab1d-827c7da1a3a7","block_type":"box","text":"3","page_number":13,"box":{"x":418,"y":383,"width":6,"height":7}},{"id":"9efecc56-b4a4-490a-9dd3-f043dcd0659e","block_type":"box","text":",","page_number":13,"box":{"x":425,"y":389,"width":3,"height":2}},{"id":"156e383d-f5a2-42fb-8362-3f90bf162ef2","block_type":"box","text":"540","page_number":13,"box":{"x":429,"y":383,"width":21,"height":7}},{"id":"4c83992f-81b8-42c1-bcf9-e8c2433bfacb","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":389,"width":2,"height":2}},{"id":"953f0f67-8431-4617-88f7-9a9596b81dbe","block_type":"box","text":"206","page_number":13,"box":{"x":454,"y":383,"width":21,"height":7}},{"id":"e911759f-0fbf-4562-8de3-a9ccbeb45951","block_type":"box","text":"R accumulation","page_number":13,"box":{"x":77,"y":400,"width":93,"height":7}},{"id":"969775a6-a16c-4bd1-a9c4-a79b122feb22","block_type":"box","text":"2","page_number":13,"box":{"x":336,"y":400,"width":6,"height":7}},{"id":"2ca66a3e-5863-436e-a5e8-9c634967c7a1","block_type":"box","text":",","page_number":13,"box":{"x":343,"y":406,"width":2,"height":2}},{"id":"e88ee90f-22d7-4e16-b888-e6b0c5acf8b3","block_type":"box","text":"1","page_number":13,"box":{"x":347,"y":400,"width":4,"height":7}},{"id":"be92cbd9-1e60-4e1c-ac85-0a59176b8aac","block_type":"box","text":"84.20","page_number":13,"box":{"x":353,"y":400,"width":32,"height":7}},{"id":"2c852098-d8d6-4d37-9be9-de7c5938c4bc","block_type":"box","text":"5","page_number":13,"box":{"x":419,"y":400,"width":6,"height":7}},{"id":"346d57cf-9d72-449c-9063-b63010b45707","block_type":"box","text":",","page_number":13,"box":{"x":426,"y":406,"width":2,"height":2}},{"id":"3f68b24b-4976-449c-b2e0-fb4a0e8d1e41","block_type":"box","text":"286","page_number":13,"box":{"x":430,"y":400,"width":20,"height":7}},{"id":"e13e94d9-ae14-43fe-a45e-05b6230e2d7e","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":406,"width":3,"height":2}},{"id":"cf74aef9-57e4-421e-ad71-cc56894034fb","block_type":"box","text":"233","page_number":13,"box":{"x":455,"y":400,"width":20,"height":7}},{"id":"0392b686-e210-47e4-adce-b816b468462e","block_type":"box","text":"S accumulation","page_number":13,"box":{"x":76,"y":417,"width":93,"height":8}},{"id":"eb26203d-3f72-4cb8-a99f-969a3f729d16","block_type":"box","text":"1","page_number":13,"box":{"x":347,"y":418,"width":4,"height":7}},{"id":"38f2d963-a5f3-42b7-9c1b-6e39310440b7","block_type":"box","text":"02.38","page_number":13,"box":{"x":354,"y":418,"width":31,"height":7}},{"id":"19cc30c0-713d-4bc6-8958-cdbef0e7f642","block_type":"box","text":"60","page_number":13,"box":{"x":412,"y":418,"width":14,"height":7}},{"id":"4c520d13-03cc-46f5-8fc9-4f1c68b7896a","block_type":"box","text":",","page_number":13,"box":{"x":426,"y":424,"width":3,"height":2}},{"id":"b5aa49e0-f1ae-4cc9-85ba-ba66c67fc2c1","block_type":"box","text":"1","page_number":13,"box":{"x":430,"y":418,"width":4,"height":7}},{"id":"c00d0576-23e9-4bf6-a32c-a1422dbf995a","block_type":"box","text":"86","page_number":13,"box":{"x":437,"y":418,"width":14,"height":7}},{"id":"7271b62e-a7f8-449a-abc7-854a7f322ca3","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":424,"width":3,"height":2}},{"id":"11dd79f3-fa3c-4484-9897-6fbf2bd283bc","block_type":"box","text":"53","page_number":13,"box":{"x":455,"y":418,"width":13,"height":7}},{"id":"1ec145a7-9e40-42c0-bc8f-ed1f32756222","block_type":"box","text":"1","page_number":13,"box":{"x":470,"y":418,"width":4,"height":7}},{"id":"99d1acc7-94c0-4a04-b147-df4073768c41","block_type":"box","text":"30 June 2026","page_number":13,"box":{"x":76,"y":436,"width":80,"height":7}},{"id":"48f0ef91-65ae-49c0-a364-e22b77337860","block_type":"box","text":"522,549,688","page_number":13,"box":{"x":235,"y":436,"width":74,"height":9}},{"id":"dbc8e70d-9300-4ba2-8203-d5073dcc8258","block_type":"box","text":"C accumulation","page_number":13,"box":{"x":76,"y":455,"width":94,"height":7}},{"id":"8a7afd00-7214-47d9-99e6-20505cca54b5","block_type":"box","text":"2","page_number":13,"box":{"x":335,"y":455,"width":6,"height":7}},{"id":"b56c9d13-e196-4f40-8b32-a2f1c8080b71","block_type":"box","text":",","page_number":13,"box":{"x":342,"y":461,"width":2,"height":2}},{"id":"46fadc16-b421-4183-bf9f-af42bc03399e","block_type":"box","text":"1","page_number":13,"box":{"x":346,"y":455,"width":4,"height":7}},{"id":"b69fa66f-6025-457b-a577-2534de63f4d8","block_type":"box","text":"90.60","page_number":13,"box":{"x":353,"y":455,"width":32,"height":7}},{"id":"49e44784-d6ba-4bea-92b5-316d271690b2","block_type":"box","text":"1","page_number":13,"box":{"x":419,"y":455,"width":4,"height":7}},{"id":"fc44405c-4318-46cb-a694-a79f2d95c764","block_type":"box","text":",","page_number":13,"box":{"x":425,"y":461,"width":2,"height":2}},{"id":"29969a3e-ae8d-44d2-9703-6455ff53d787","block_type":"box","text":"404","page_number":13,"box":{"x":428,"y":455,"width":22,"height":7}},{"id":"dd684a85-d9c7-4d61-b614-a94e5ef646c6","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":461,"width":2,"height":2}},{"id":"418c7bcd-15fd-46af-8e4a-162366cbc82e","block_type":"box","text":"498","page_number":13,"box":{"x":454,"y":455,"width":21,"height":7}},{"id":"1688d075-5837-4f5c-ac75-98a6bc093bcc","block_type":"box","text":"I distribution","page_number":13,"box":{"x":77,"y":472,"width":75,"height":8}},{"id":"6dd02fd5-c2c9-478b-af31-3f8fb9cf7376","block_type":"box","text":"1","page_number":13,"box":{"x":337,"y":473,"width":5,"height":7}},{"id":"73f26723-79e1-49ba-b62a-0e80c3a7b314","block_type":"box","text":",","page_number":13,"box":{"x":344,"y":479,"width":2,"height":2}},{"id":"ba703c0b-2f6b-4025-ade5-50079fbc2925","block_type":"box","text":"87","page_number":13,"box":{"x":347,"y":473,"width":13,"height":7}},{"id":"65404280-e91b-4351-ba40-351b859d0676","block_type":"box","text":"1","page_number":13,"box":{"x":361,"y":473,"width":5,"height":7}},{"id":"d2423614-6126-4698-8662-4ba6d08dc7a1","block_type":"box","text":".29","page_number":13,"box":{"x":368,"y":473,"width":16,"height":7}},{"id":"a42b8abc-6738-4193-a9bd-801962aab399","block_type":"box","text":"929","page_number":13,"box":{"x":430,"y":473,"width":20,"height":7}},{"id":"59c03ebe-3a2d-4299-b831-d701fdd41266","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":479,"width":2,"height":2}},{"id":"0ffbbfd2-3c6a-4900-b2a9-6b21332e8d59","block_type":"box","text":"94","page_number":13,"box":{"x":455,"y":473,"width":14,"height":7}},{"id":"1197f7be-9aa1-4c3c-b0d7-04bbf57762a6","block_type":"box","text":"1","page_number":13,"box":{"x":470,"y":473,"width":4,"height":7}},{"id":"bcd85e28-c2f4-40c6-a859-3cb68659f199","block_type":"box","text":"I accumulation","page_number":13,"box":{"x":77,"y":490,"width":88,"height":7}},{"id":"9e06ce8b-8fea-4de5-8228-4c6ea5069981","block_type":"box","text":"2","page_number":13,"box":{"x":336,"y":490,"width":6,"height":7}},{"id":"71883f8c-58ba-4bdb-8688-7209110dde6c","block_type":"box","text":",","page_number":13,"box":{"x":343,"y":496,"width":2,"height":2}},{"id":"792f21fa-7a26-4666-9073-b04614da4406","block_type":"box","text":"42","page_number":13,"box":{"x":346,"y":490,"width":13,"height":7}},{"id":"7afa474b-a018-4353-aaac-7f61b732f06b","block_type":"box","text":"1","page_number":13,"box":{"x":361,"y":490,"width":4,"height":7}},{"id":"d4e5bdfa-c24b-4de0-ae1d-22092f68bab2","block_type":"box","text":".60","page_number":13,"box":{"x":368,"y":490,"width":17,"height":7}},{"id":"6546e347-a119-47a7-9038-c733564b6ce2","block_type":"box","text":"1","page_number":13,"box":{"x":412,"y":490,"width":5,"height":7}},{"id":"87ccdc3f-760d-4646-90e9-4263fa8f82fe","block_type":"box","text":"2","page_number":13,"box":{"x":419,"y":490,"width":6,"height":7}},{"id":"2c33ca3f-5bc8-4a15-8914-305de7c19cab","block_type":"box","text":",","page_number":13,"box":{"x":426,"y":496,"width":2,"height":2}},{"id":"7536fcfa-535c-4d62-b5bb-3c0bf889f988","block_type":"box","text":"284","page_number":13,"box":{"x":429,"y":490,"width":21,"height":7}},{"id":"add9c5ea-2b5e-4b83-9f88-ea2be90d583d","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":496,"width":2,"height":2}},{"id":"a8b8e1dc-4ecf-4eef-8ade-511542d51012","block_type":"box","text":"026","page_number":13,"box":{"x":454,"y":490,"width":21,"height":7}},{"id":"1ec9df5f-456d-4029-87c4-dcb1ff358b17","block_type":"box","text":"R accumulation","page_number":13,"box":{"x":77,"y":507,"width":93,"height":7}},{"id":"756a4fcf-babf-40b5-b258-951af0efa809","block_type":"box","text":"2","page_number":13,"box":{"x":336,"y":507,"width":6,"height":7}},{"id":"952bcf28-c6f8-499f-bcba-2106aaf6a517","block_type":"box","text":",","page_number":13,"box":{"x":343,"y":513,"width":2,"height":2}},{"id":"1d17cffc-fb7f-4e23-aeb6-535c343696ec","block_type":"box","text":"1","page_number":13,"box":{"x":346,"y":507,"width":5,"height":7}},{"id":"c7b10a33-f9bf-42fa-a8ff-006af5efaeb0","block_type":"box","text":"49.26","page_number":13,"box":{"x":353,"y":507,"width":32,"height":7}},{"id":"d2d1a98b-1622-4cc8-a4b1-0c335eab62e6","block_type":"box","text":"4","page_number":13,"box":{"x":418,"y":507,"width":7,"height":7}},{"id":"50ea1d03-9e19-4e5b-9911-6a844e970892","block_type":"box","text":",","page_number":13,"box":{"x":425,"y":513,"width":3,"height":2}},{"id":"db7f1b14-2f38-4826-bb8d-7471fb3ec323","block_type":"box","text":"480","page_number":13,"box":{"x":429,"y":507,"width":21,"height":7}},{"id":"1db04788-37f6-4935-a92d-ea2b42192d39","block_type":"box","text":",","page_number":13,"box":{"x":451,"y":513,"width":2,"height":2}},{"id":"e2bcdeb0-3150-4a76-9d6d-265dcf57a6c5","block_type":"box","text":"085","page_number":13,"box":{"x":454,"y":507,"width":21,"height":7}},{"id":"9893d682-dab0-4412-a678-909370efc523","block_type":"box","text":"S accumulation","page_number":13,"box":{"x":76,"y":524,"width":93,"height":7}},{"id":"af8acaac-8ef0-436e-9da9-88a8872cf359","block_type":"box","text":"1","page_number":13,"box":{"x":348,"y":524,"width":4,"height":7}},{"id":"15fa926d-c1ab-4c75-bf40-5e16bd125888","block_type":"box","text":"0","page_number":13,"box":{"x":354,"y":524,"width":7,"height":7}},{"id":"f419f64c-c921-4658-87d6-55d9a919258b","block_type":"box","text":"1","page_number":13,"box":{"x":362,"y":524,"width":4,"height":7}},{"id":"b5b6331c-e424-4e38-8dab-a9fba5c15066","block_type":"box","text":".","page_number":13,"box":{"x":369,"y":530,"width":2,"height":1}},{"id":"c60317d7-52b7-49ca-b0e2-447247d782e5","block_type":"box","text":"1","page_number":13,"box":{"x":372,"y":524,"width":4,"height":7}},{"id":"0f55c500-a83a-406e-93e4-c7c7ac690f46","block_type":"box","text":"7","page_number":13,"box":{"x":379,"y":524,"width":6,"height":7}},{"id":"1e03bbda-501d-4c2e-b84a-5a217da8eef1","block_type":"box","text":"73","page_number":13,"box":{"x":414,"y":524,"width":13,"height":7}},{"id":"760ae61d-fe35-4b9e-b7a1-39b4f3790e6a","block_type":"box","text":",","page_number":13,"box":{"x":428,"y":530,"width":2,"height":3}},{"id":"cf56c696-7810-4ca9-8a5b-b127d7bcac3b","block_type":"box","text":"3","page_number":13,"box":{"x":431,"y":524,"width":6,"height":7}},{"id":"be09723c-5812-40c4-9914-c085367939de","block_type":"box","text":"11","page_number":13,"box":{"x":439,"y":524,"width":11,"height":7}},{"id":"bf9b4236-728f-4518-ac4a-80ea4dee3031","block_type":"box","text":",","page_number":13,"box":{"x":452,"y":530,"width":2,"height":3}},{"id":"3448dff5-74a1-463a-8694-c8ce4b143802","block_type":"box","text":"67","page_number":13,"box":{"x":456,"y":524,"width":13,"height":7}},{"id":"311f0a21-acca-44af-ba6b-d9937529b370","block_type":"box","text":"1","page_number":13,"box":{"x":470,"y":524,"width":4,"height":7}},{"id":"a5053622-6c91-4df3-a6e2-9759b83b22d3","block_type":"box","text":"Z accumulation **","page_number":13,"box":{"x":76,"y":541,"width":109,"height":8}},{"id":"8d31705f-6499-4ae9-b2ba-4464930440cf","block_type":"box","text":"96.37","page_number":13,"box":{"x":354,"y":542,"width":31,"height":7}},{"id":"08a9cbe3-8512-4d8b-9742-0af74eecf74a","block_type":"box","text":"6","page_number":13,"box":{"x":417,"y":542,"width":6,"height":7}},{"id":"31be89b9-ad96-4743-8301-b49898a85054","block_type":"box","text":",","page_number":13,"box":{"x":424,"y":548,"width":2,"height":2}},{"id":"f56ccbcc-42fa-4219-b870-eb3545ac2ecf","block_type":"box","text":"699","page_number":13,"box":{"x":428,"y":542,"width":21,"height":7}},{"id":"b6fabd82-c3c7-44d1-b180-f99739f00a7e","block_type":"box","text":",","page_number":13,"box":{"x":450,"y":548,"width":2,"height":2}},{"id":"5a98a6ef-ebc9-4919-9cdf-d7b84ebfdff1","block_type":"box","text":"096","page_number":13,"box":{"x":454,"y":542,"width":21,"height":7}},{"id":"182d4eff-e688-4d29-9625-f696ee24422d","block_type":"box","text":"* Launched 12 December 2024.","page_number":13,"box":{"x":72,"y":561,"width":184,"height":8}},{"id":"6a548187-75b6-44ff-960c-0da9a5150544","block_type":"box","text":"** Launched 29 January 2026.","page_number":13,"box":{"x":72,"y":576,"width":178,"height":9}},{"id":"1fd7ec95-488c-4032-a3a1-400d60ff3d93","block_type":"box","text":"Ongoing charges","page_number":13,"box":{"x":72,"y":607,"width":130,"height":14}},{"id":"dba4fe6f-c051-459d-9cbc-239a2728fccf","block_type":"box","text":"Class","page_number":13,"box":{"x":76,"y":634,"width":32,"height":7}},{"id":"9478b842-f350-4005-852d-baa972bb5515","block_type":"box","text":"30 June 2026","page_number":13,"box":{"x":404,"y":634,"width":78,"height":7}},{"id":"27aaa8b3-ce5b-47a0-947c-b25a77118fb9","block_type":"box","text":"C accumulation","page_number":13,"box":{"x":76,"y":652,"width":94,"height":7}},{"id":"c9e12c92-45c6-4752-bb96-7ec3968320a6","block_type":"box","text":"1.310%","page_number":13,"box":{"x":444,"y":652,"width":38,"height":7}},{"id":"657327f8-3d03-4c7b-9307-f426dc173660","block_type":"box","text":"I distribution","page_number":13,"box":{"x":77,"y":669,"width":75,"height":7}},{"id":"c7d2eedb-4b85-4b25-9fec-4dedd43631be","block_type":"box","text":"0.860%","page_number":13,"box":{"x":440,"y":669,"width":42,"height":7}},{"id":"08bdff3e-13c8-4d28-9ac6-1c4b19e2acbc","block_type":"box","text":"I accumulation","page_number":13,"box":{"x":77,"y":686,"width":88,"height":7}},{"id":"7b844c0a-a8a3-41fe-9836-b4e51d322486","block_type":"box","text":"0.860%","page_number":13,"box":{"x":440,"y":686,"width":42,"height":7}},{"id":"10c637dd-d2d4-4317-b4b1-4a7f1918baca","block_type":"box","text":"R accumulation","page_number":13,"box":{"x":77,"y":703,"width":93,"height":8}},{"id":"162c128a-0b38-4111-84c3-3a4cff2c64e0","block_type":"box","text":"1.610%","page_number":13,"box":{"x":443,"y":704,"width":39,"height":7}},{"id":"75b106fc-2da4-447f-8295-021345adc5b5","block_type":"box","text":"S accumulation","page_number":13,"box":{"x":76,"y":721,"width":93,"height":7}},{"id":"e706da1d-2f30-4dcb-8ac2-d1aa9bef7ea0","block_type":"box","text":"0.760%","page_number":13,"box":{"x":441,"y":721,"width":41,"height":7}},{"id":"ed3b5f2e-4e02-4395-aae8-fed00d02a6db","block_type":"box","text":"Z accumulation *","page_number":13,"box":{"x":76,"y":738,"width":103,"height":7}},{"id":"145aa9af-0ad8-47a1-b47b-1a52e23be13c","block_type":"box","text":"0.110%","page_number":13,"box":{"x":445,"y":738,"width":37,"height":7}},{"id":"be246bed-71a1-481b-a42d-1077a69dd76b","block_type":"box","text":"Ongoing charges shows the annual operating expenses of each unit","page_number":13,"box":{"x":72,"y":758,"width":406,"height":9}},{"id":"0ac30c2a-05e9-4905-b725-1f1b19d2c912","block_type":"box","text":"class as a percentage of the average net assets of that class for the","page_number":13,"box":{"x":72,"y":772,"width":402,"height":9}},{"id":"830e8f5b-54cc-4185-bd03-f33f08aab092","block_type":"box","text":"preceding 12 months.","page_number":13,"box":{"x":72,"y":786,"width":127,"height":10}},{"id":"cff48b81-7d45-4062-a263-a29a4fd2c95e","block_type":"box","text":"* Ongoing charges shows the estimated annual operating expenses","page_number":13,"box":{"x":72,"y":801,"width":408,"height":9}},{"id":"c7598fca-3a6a-4be9-8a9c-d870e7a11136","block_type":"box","text":"as a percentage of the average net assets of that class since launch.","page_number":13,"box":{"x":72,"y":815,"width":408,"height":9}},{"id":"683811b0-b79c-413a-ad1f-b2397c2d699b","block_type":"box","text":"The annual management fee is subject to a separate agreement with","page_number":13,"box":{"x":71,"y":829,"width":412,"height":9}},{"id":"c9d60349-645c-48f1-b8d1-89ffe9c59208","block_type":"box","text":"the Manager and is not paid from the Net Asset Value of the Class Z","page_number":13,"box":{"x":71,"y":843,"width":407,"height":10}},{"id":"093d27a7-c3f6-422c-915d-9cde130f7dc5","block_type":"box","text":"Units.","page_number":13,"box":{"x":72,"y":858,"width":34,"height":7}},{"id":"9551ece6-22e8-4765-93f7-c8d6a7dcbfeb","block_type":"box","text":"Class I accumulation performance","page_number":13,"box":{"x":512,"y":67,"width":264,"height":14}},{"id":"fb809032-4e4a-4fdf-83d2-c44955b6d497","block_type":"box","text":"Since","page_number":13,"box":{"x":620,"y":103,"width":33,"height":7}},{"id":"173a4ffd-fb3d-44da-8aa9-e1485b2a30f5","block_type":"box","text":"launch *","page_number":13,"box":{"x":604,"y":114,"width":49,"height":8}},{"id":"15b6a066-5ac4-4554-a575-f69a7926b5e0","block_type":"box","text":"10","page_number":13,"box":{"x":695,"y":103,"width":12,"height":7}},{"id":"b998823c-62f6-4e1a-883a-5aafdbd8590b","block_type":"box","text":"years","page_number":13,"box":{"x":675,"y":117,"width":32,"height":7}},{"id":"0b4324f8-c65a-442d-87da-bb4b60e6cb47","block_type":"box","text":"5","page_number":13,"box":{"x":755,"y":103,"width":6,"height":7}},{"id":"912d0958-934e-43d5-99e0-48634638f438","block_type":"box","text":"years","page_number":13,"box":{"x":730,"y":117,"width":31,"height":7}},{"id":"4c969f15-6494-46b5-ae87-73b1a7cd3822","block_type":"box","text":"3","page_number":13,"box":{"x":810,"y":103,"width":5,"height":7}},{"id":"6a2a4cea-e076-421a-b43f-251671da1de9","block_type":"box","text":"years","page_number":13,"box":{"x":784,"y":117,"width":32,"height":7}},{"id":"fdec1c36-5181-49e2-aba2-9f0ad6ad1198","block_type":"box","text":"1","page_number":13,"box":{"x":866,"y":103,"width":3,"height":7}},{"id":"0093c21c-640d-489a-9b63-e47e15788473","block_type":"box","text":"year","page_number":13,"box":{"x":845,"y":117,"width":25,"height":7}},{"id":"e4049991-f15f-415d-b5a1-db1fba02afc6","block_type":"box","text":"6","page_number":13,"box":{"x":918,"y":103,"width":6,"height":7}},{"id":"002b044d-7d6d-4091-87c7-c74d6985fdf7","block_type":"box","text":"months","page_number":13,"box":{"x":879,"y":114,"width":45,"height":8}},{"id":"b4b9cfe4-cb7e-458d-97dd-bf49f6f62baf","block_type":"box","text":"Artemis","page_number":13,"box":{"x":515,"y":130,"width":47,"height":7}},{"id":"8d2188d2-40e5-4de1-ab2d-911977b813b8","block_type":"box","text":"UK Smaller","page_number":13,"box":{"x":516,"y":141,"width":65,"height":8}},{"id":"e09f5831-bdcc-4e0a-9415-2311a12851cf","block_type":"box","text":"Companies","page_number":13,"box":{"x":515,"y":153,"width":68,"height":9}},{"id":"6023ae7c-b9b9-421d-abee-a4a37a2c9ca7","block_type":"box","text":"Fund **","page_number":13,"box":{"x":516,"y":164,"width":44,"height":8}},{"id":"a8a6b53c-9aea-4783-b7e7-ccd2c3c65a83","block_type":"box","text":"2,417.7","page_number":13,"box":{"x":618,"y":164,"width":35,"height":9}},{"id":"db3df8f3-db2c-4eba-b84a-d1abf7192454","block_type":"box","text":"111.2","page_number":13,"box":{"x":682,"y":164,"width":25,"height":8}},{"id":"ecf49468-acfd-4443-ad3a-6c97746facb4","block_type":"box","text":"13.6","page_number":13,"box":{"x":739,"y":164,"width":22,"height":8}},{"id":"0ca6d42d-24de-4190-9870-72b140f3f10c","block_type":"box","text":"23.6","page_number":13,"box":{"x":792,"y":164,"width":24,"height":8}},{"id":"8c8f425a-e8e7-4d2d-b0ce-9fdc7eb26ec5","block_type":"box","text":"(4.2","page_number":13,"box":{"x":850,"y":164,"width":20,"height":9}},{"id":"877e98f9-1659-4455-a447-78701c1ec668","block_type":"box","text":")","page_number":13,"box":{"x":871,"y":165,"width":3,"height":8}},{"id":"e883c9f4-2195-40fa-9163-0d41aacfa569","block_type":"box","text":"(1.6","page_number":13,"box":{"x":905,"y":164,"width":19,"height":9}},{"id":"29397cf2-51ff-405b-8cf5-55627040c26f","block_type":"box","text":")","page_number":13,"box":{"x":925,"y":165,"width":3,"height":8}},{"id":"02a1ac27-2ae0-4281-ae11-73868e61ab81","block_type":"box","text":"Artemis","page_number":13,"box":{"x":515,"y":180,"width":47,"height":7}},{"id":"3d50d1a2-21e7-47bc-b0dd-ad329d8d72b0","block_type":"box","text":"UK Smaller","page_number":13,"box":{"x":516,"y":191,"width":65,"height":8}},{"id":"e71258ef-aae7-4a81-8946-1295ec072116","block_type":"box","text":"Companies","page_number":13,"box":{"x":515,"y":203,"width":68,"height":9}},{"id":"ef942d7d-f968-487f-bc2b-7739189f4086","block_type":"box","text":"Fund ***","page_number":13,"box":{"x":516,"y":214,"width":50,"height":7}},{"id":"f3e3f960-f747-4bc2-af9d-36a3567a6453","block_type":"box","text":"2,427.3","page_number":13,"box":{"x":615,"y":214,"width":38,"height":9}},{"id":"fe4fad5d-e0de-4167-b044-6b916f8d1fde","block_type":"box","text":"107.4","page_number":13,"box":{"x":680,"y":214,"width":27,"height":7}},{"id":"add69a94-a987-491a-8c17-38394538349f","block_type":"box","text":"13.1","page_number":13,"box":{"x":742,"y":214,"width":18,"height":7}},{"id":"2884c675-9981-4ca7-916b-314fb73b0d5c","block_type":"box","text":"23.1","page_number":13,"box":{"x":795,"y":214,"width":20,"height":7}},{"id":"3b3f77c6-cd7c-4a2d-b320-14a8dad1e36e","block_type":"box","text":"(4.8","page_number":13,"box":{"x":849,"y":214,"width":21,"height":9}},{"id":"d10c9e4a-03aa-401e-b555-1c02bd395765","block_type":"box","text":")","page_number":13,"box":{"x":871,"y":214,"width":3,"height":9}},{"id":"9fc14286-4bd2-4a6a-9297-ef83ea1f7cc2","block_type":"box","text":"(2.4","page_number":13,"box":{"x":905,"y":214,"width":19,"height":9}},{"id":"e5a54105-043b-42ce-974b-df4ef53972cd","block_type":"box","text":")","page_number":13,"box":{"x":925,"y":214,"width":3,"height":9}},{"id":"a15d1fd4-72b6-485b-9970-cb73d139d59f","block_type":"box","text":"Deutsche","page_number":13,"box":{"x":516,"y":230,"width":57,"height":7}},{"id":"f17365d8-ac4c-47b8-9cab-6e8acd8f8165","block_type":"box","text":"Numis","page_number":13,"box":{"x":516,"y":241,"width":37,"height":8}},{"id":"c1e4f7eb-6805-428b-be2b-4282a2459fab","block_type":"box","text":"Smaller","page_number":13,"box":{"x":515,"y":253,"width":45,"height":7}},{"id":"05844789-88b0-4218-9ba1-3e9cf2a19725","block_type":"box","text":"Companies","page_number":13,"box":{"x":515,"y":264,"width":68,"height":9}},{"id":"57656b98-6dbf-4958-8122-2f8a0ac4af94","block_type":"box","text":"(-Inv Trust)","page_number":13,"box":{"x":515,"y":276,"width":63,"height":8}},{"id":"037a7750-8996-418c-9ab0-8ed21dbe969e","block_type":"box","text":"Index","page_number":13,"box":{"x":516,"y":287,"width":31,"height":7}},{"id":"d10ac8e8-be8f-4938-97d8-d266e9a32426","block_type":"box","text":"797.6","page_number":13,"box":{"x":625,"y":287,"width":28,"height":7}},{"id":"ea704348-6ff2-4d65-9522-c46c743bff86","block_type":"box","text":"97.4","page_number":13,"box":{"x":686,"y":287,"width":21,"height":7}},{"id":"b85fdb9e-03f0-4174-8a70-2413af5bf9c1","block_type":"box","text":"17.9","page_number":13,"box":{"x":742,"y":287,"width":19,"height":7}},{"id":"e00ea9f2-9fac-4826-8e25-1b235414b9f4","block_type":"box","text":"36.3","page_number":13,"box":{"x":792,"y":287,"width":23,"height":7}},{"id":"c1ae9fe1-1353-4987-aeb7-700cf2939750","block_type":"box","text":"7.1","page_number":13,"box":{"x":858,"y":287,"width":11,"height":7}},{"id":"3589faf1-9dc1-4468-aab8-9ccc8d756992","block_type":"box","text":"1.8","page_number":13,"box":{"x":909,"y":287,"width":15,"height":7}},{"id":"ac38cb89-1403-4eda-95b1-e9329935632b","block_type":"box","text":"IA UK","page_number":13,"box":{"x":516,"y":303,"width":33,"height":7}},{"id":"b6bb6d30-09f7-4f52-bf21-926db806f0dd","block_type":"box","text":"Smaller","page_number":13,"box":{"x":515,"y":314,"width":45,"height":7}},{"id":"0984c7de-9fd6-41ce-b157-cc25ee172346","block_type":"box","text":"Companies","page_number":13,"box":{"x":515,"y":326,"width":68,"height":9}},{"id":"e34acb13-1631-4060-a004-6f38548d4499","block_type":"box","text":"average","page_number":13,"box":{"x":515,"y":339,"width":46,"height":7}},{"id":"73adef39-4ffd-4000-8e82-d26435af466c","block_type":"box","text":"758.0","page_number":13,"box":{"x":622,"y":337,"width":31,"height":7}},{"id":"1646246f-6518-49df-93ec-3c93933914a0","block_type":"box","text":"87.7","page_number":13,"box":{"x":687,"y":337,"width":20,"height":7}},{"id":"f09e74b0-2838-4c5e-942c-971e04ad6718","block_type":"box","text":"(13.4","page_number":13,"box":{"x":736,"y":337,"width":26,"height":8}},{"id":"8b082f56-4153-4578-ad56-522d04f29819","block_type":"box","text":")","page_number":13,"box":{"x":762,"y":337,"width":3,"height":8}},{"id":"18da0fcb-cb73-49e5-bc16-e6c73279caf0","block_type":"box","text":"19.1","page_number":13,"box":{"x":796,"y":337,"width":19,"height":7}},{"id":"e300ab23-1358-4cb4-9b6d-7f3f5ba44e44","block_type":"box","text":"2.4","page_number":13,"box":{"x":854,"y":337,"width":16,"height":7}},{"id":"43f03751-8513-483b-8236-0fd218a5a38c","block_type":"box","text":"3.2","page_number":13,"box":{"x":908,"y":337,"width":16,"height":7}},{"id":"4456de61-9910-44fe-a7b2-d6cbe09531d4","block_type":"box","text":"Position in","page_number":13,"box":{"x":516,"y":353,"width":61,"height":7}},{"id":"68ef4e42-db75-4213-ac6b-b702a4a28fdb","block_type":"box","text":"sector","page_number":13,"box":{"x":515,"y":365,"width":38,"height":6}},{"id":"5cd9510f-9ea3-4131-bc76-624dc416111c","block_type":"box","text":"1/13","page_number":13,"box":{"x":631,"y":364,"width":22,"height":8}},{"id":"642856c8-f5c7-421b-b8d1-215610905d6b","block_type":"box","text":"10/36","page_number":13,"box":{"x":675,"y":364,"width":32,"height":8}},{"id":"3a7caad7-f839-4548-858e-e30fc4656600","block_type":"box","text":"4/42","page_number":13,"box":{"x":736,"y":364,"width":25,"height":8}},{"id":"853e457e-87f4-46d5-b78e-5ac3c70a49df","block_type":"box","text":"18/42","page_number":13,"box":{"x":785,"y":364,"width":31,"height":8}},{"id":"189d35ce-a7fb-4138-886e-b5c93434649d","block_type":"box","text":"35/43","page_number":13,"box":{"x":838,"y":364,"width":32,"height":8}},{"id":"54c3721e-f2a3-451f-8881-43e04338fc06","block_type":"box","text":"40/43","page_number":13,"box":{"x":891,"y":364,"width":33,"height":8}},{"id":"93af3b47-8251-4f2e-99f7-5bdb1af8733c","block_type":"box","text":"Quartile","page_number":13,"box":{"x":515,"y":383,"width":48,"height":8}},{"id":"cd3bc62e-3055-4f66-a5db-2ac3e59b46d4","block_type":"box","text":"1","page_number":13,"box":{"x":648,"y":383,"width":4,"height":7}},{"id":"03edbb8b-cc82-480e-a2b6-b726668df0bb","block_type":"box","text":"2","page_number":13,"box":{"x":701,"y":383,"width":6,"height":7}},{"id":"cdbec754-0e52-49a6-a9a1-07b6d50c8afd","block_type":"box","text":"1","page_number":13,"box":{"x":757,"y":383,"width":3,"height":7}},{"id":"85e5e6e0-0ef6-4076-ba05-65a383b25e5b","block_type":"box","text":"2","page_number":13,"box":{"x":810,"y":383,"width":6,"height":7}},{"id":"7f8e42ed-f0bd-4b58-aafb-38836c5b9675","block_type":"box","text":"4","page_number":13,"box":{"x":863,"y":383,"width":7,"height":7}},{"id":"dd703bed-92f7-4c1d-9ba6-251b33894bd9","block_type":"box","text":"4","page_number":13,"box":{"x":918,"y":383,"width":6,"height":7}},{"id":"dcf451b9-c09a-4a71-b813-7bc03330c854","block_type":"box","text":"Past performance is not a guide to the future.","page_number":13,"box":{"x":512,"y":400,"width":270,"height":9}},{"id":"8f201f23-8490-4454-96f9-150ee7a994e5","block_type":"box","text":"* Source: Artemis/Lipper Limited, data from 3 April 1998 to","page_number":13,"box":{"x":512,"y":423,"width":349,"height":10}},{"id":"257eaacf-cc2e-4aa7-ad12-99e1584f8130","block_type":"box","text":"1 September 2010 reflects class R accumulation units, and from","page_number":13,"box":{"x":511,"y":435,"width":379,"height":9}},{"id":"b8573ffa-8da5-4424-8904-8c113d4eb54e","block_type":"box","text":"1 September 2010 to 30 June 2026 reflects class I accumulation","page_number":13,"box":{"x":511,"y":447,"width":379,"height":9}},{"id":"e708b603-1422-4350-abdb-dec64f2d5bbe","block_type":"box","text":"units. All figures show total returns with dividends and/or income","page_number":13,"box":{"x":512,"y":459,"width":390,"height":9}},{"id":"0cf2111c-89d4-40ce-96ca-22e25fb41202","block_type":"box","text":"reinvested, net of all charges. Performance does not take account of","page_number":13,"box":{"x":512,"y":471,"width":409,"height":9}},{"id":"7ec28c2d-896c-4295-9fac-02886e8178b7","block_type":"box","text":"any costs incurred when investors buy or sell the fund. Returns may","page_number":13,"box":{"x":512,"y":483,"width":404,"height":9}},{"id":"c968ba94-fc10-4486-9440-d33c222767e2","block_type":"box","text":"vary as a result of currency fluctuations if the investor’s currency","page_number":13,"box":{"x":511,"y":495,"width":388,"height":9}},{"id":"c864b137-8f95-441d-91ac-a674cf8da6fc","block_type":"box","text":"is different to that of the class. This class may have charges or a","page_number":13,"box":{"x":512,"y":506,"width":381,"height":10}},{"id":"dbbf9468-0cbd-4de6-9dca-c6332102e53e","block_type":"box","text":"hedging approach different from those in the IA sector benchmark.","page_number":13,"box":{"x":512,"y":518,"width":401,"height":10}},{"id":"735ffaaf-9d1a-46db-b913-a1af66e24358","block_type":"box","text":"** Value at 12 noon valuation point.","page_number":13,"box":{"x":512,"y":530,"width":209,"height":10}},{"id":"4d44177b-5182-4473-bd29-986b75da30b7","block_type":"box","text":"*** Value at close of business.","page_number":13,"box":{"x":512,"y":542,"width":179,"height":7}},{"id":"3e21616e-c4dc-4a64-8685-388bf3219081","block_type":"box","text":"Class I accumulation is disclosed as it is the primary unit class.","page_number":13,"box":{"x":512,"y":566,"width":376,"height":9}},{"id":"f8fc984c-1836-42ff-891d-dbe61b9bc767","block_type":"box","text":"Artemis Fund Managers Limited","page_number":14,"box":{"x":339,"y":342,"width":220,"height":10}},{"id":"761988ec-84df-4aa6-86d8-72bda9b0caf2","block_type":"box","text":"Cassini House, 57 St James’s Street, London SW1A 1LD","page_number":14,"box":{"x":339,"y":356,"width":366,"height":10}},{"id":"57e38381-b3bb-47bb-9089-debb70fae89e","block_type":"box","text":"6th floor, Exchange Plaza, 50 Lothian Road, Edinburgh EH3 9BY","page_number":14,"box":{"x":339,"y":372,"width":423,"height":10}},{"id":"347673d2-a65f-434e-a64d-7418fab5f622","block_type":"box","text":"Client Services","page_number":14,"box":{"x":339,"y":395,"width":100,"height":8}},{"id":"785ea2b8-d3c1-4ca6-969c-bca7018f376a","block_type":"box","text":"0800 092 2051","page_number":14,"box":{"x":444,"y":395,"width":93,"height":8}},{"id":"1688db2a-b14b-4826-921e-3caa0301205b","block_type":"box","text":"Facsimile","page_number":14,"box":{"x":340,"y":411,"width":62,"height":8}},{"id":"6848068c-99b0-4080-adf1-2df29f891891","block_type":"box","text":"0207 643 3708","page_number":14,"box":{"x":406,"y":411,"width":95,"height":8}},{"id":"743bed0f-6a94-4673-9d6e-f83039e72d0a","block_type":"box","text":"Website","page_number":14,"box":{"x":339,"y":433,"width":54,"height":9}},{"id":"a64659d5-ad57-42eb-9a3d-a28930f60628","block_type":"box","text":"www.artemisfunds.com","page_number":14,"box":{"x":397,"y":433,"width":159,"height":9}}],"unit":"per_mille","page_width":595,"page_height":841,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":14}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"eca7841f-00b2-4e0d-80ac-026c05b5d5dc"},"user_id":1000002,"date_created":"2026-10-23T21:46:04.679000Z","date_modified":"2026-10-23T21:46:04.679000Z","private":false}