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their preparation is applicable law and United Kingdom","page_number":10,"box":{"x":60,"y":394,"width":884,"height":12}},{"id":"6bfd758f-7a23-4738-bc9e-2f6b97569684","block_type":"box","text":"Accounting Standards, including Financial Reporting Standard FRS 102 The Financial Reporting Standard applicable in","page_number":10,"box":{"x":60,"y":409,"width":884,"height":11}},{"id":"e0a6395b-5c85-43be-ab2c-a9d4cab6896f","block_type":"box","text":"the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), the SORP, the COLL Rules","page_number":10,"box":{"x":60,"y":423,"width":884,"height":11}},{"id":"d77997f2-5148-419d-92e5-bfb0353dec2b","block_type":"box","text":"and the Instrument of Incorporation.","page_number":10,"box":{"x":61,"y":437,"width":258,"height":11}},{"id":"b319d1f0-3665-499e-a91f-ee466380ab7c","block_type":"box","text":"Basis for qualified opinion","page_number":10,"box":{"x":61,"y":460,"width":205,"height":11}},{"id":"98681971-9e1d-4cab-8ad8-ff914f87edfa","block_type":"box","text":"The following sub-fund recognised an investment in the Xenfin Se","page_number":10,"box":{"x":60,"y":474,"width":477,"height":11}},{"id":"9f5ab604-5daa-43b6-8907-fda005121250","block_type":"box","text":"curitised Debt Fund (“Xenfin”) as at 31 May 2025 at the","page_number":10,"box":{"x":538,"y":474,"width":405,"height":11}},{"id":"dd42eab6-d344-488a-91d3-54491ce318c2","block_type":"box","text":"following amount, as valued by the Authorised Corporate Director (“ACD”) based on Xenfin’s last observable published","page_number":10,"box":{"x":60,"y":488,"width":884,"height":12}},{"id":"50c1b1ac-d546-4945-ac7e-a5b14cc1f64c","block_type":"box","text":"price in June 2019, adjusted for subsequent distributions and expectations over the sale of property assets, recovery via","page_number":10,"box":{"x":61,"y":503,"width":883,"height":11}},{"id":"e1c83406-0ee4-4e42-8b9e-045a9d3d7292","block_type":"box","text":"third-party claims and recovery of costs, as explained in Note 15. We qualified our opinion on the financial statements of the","page_number":10,"box":{"x":60,"y":517,"width":884,"height":11}},{"id":"75dc42a1-81a3-459d-99aa-a7886b023954","block_type":"box","text":"Company and its 7IM Adventurous Fund sub-fund as at and for the year ended 31 May 2025 because we were unable to","page_number":10,"box":{"x":61,"y":531,"width":883,"height":12}},{"id":"27a27937-02a2-4839-bcea-b6419657f8de","block_type":"box","text":"obtain sufficient appropriate audit evidence to support the valuation of Xenfin at 31 May 2025 because the ACD could not","page_number":10,"box":{"x":61,"y":545,"width":883,"height":12}},{"id":"8d8ac850-09e1-4524-83a9-f53dfb68df84","block_type":"box","text":"provide the information required. Consequently, we were unable to determine whether any adjustments to this comparative","page_number":10,"box":{"x":61,"y":560,"width":883,"height":11}},{"id":"0a8c37e9-9cad-488f-97bb-7c06b000cf6d","block_type":"box","text":"amount at 31 May 2025 were necessary or whether there was a consequential effect on the sub-fund’s Statement of","page_number":10,"box":{"x":61,"y":574,"width":883,"height":11}},{"id":"67e33697-0f8e-4f52-ad74-2463e2bf3f61","block_type":"box","text":"Change in Net Assets for the years ended 31 May 2026 and 31 May 2025:","page_number":10,"box":{"x":61,"y":588,"width":538,"height":12}},{"id":"0e502de2-4c9a-4f58-9b86-b14feb9fd763","block_type":"box","text":"Sub-Fund","page_number":10,"box":{"x":68,"y":621,"width":71,"height":9}},{"id":"e5cfa9ea-078a-45c2-b6d2-d89d2f27f2ec","block_type":"box","text":"Total Xenfin Securitised Debt","page_number":10,"box":{"x":518,"y":621,"width":217,"height":9}},{"id":"6962cd7b-15ec-45ab-8ade-e73beb4dee0c","block_type":"box","text":"Fund carrying value at 31","page_number":10,"box":{"x":519,"y":636,"width":216,"height":11}},{"id":"a775d161-fd16-43e2-8b13-2f3968933b9a","block_type":"box","text":"May 2025 (£)","page_number":10,"box":{"x":519,"y":650,"width":95,"height":11}},{"id":"a5bb2a8b-7f89-4c54-a6d2-d98ec1a70a90","block_type":"box","text":"% of Net Assets Value of","page_number":10,"box":{"x":745,"y":621,"width":193,"height":9}},{"id":"fc5329f7-1bae-49cd-8bd4-bea80f0ea0cb","block_type":"box","text":"the sub-fund at 31 May","page_number":10,"box":{"x":744,"y":636,"width":194,"height":11}},{"id":"02624352-c003-4cc6-addb-60967be3a3c2","block_type":"box","text":"2025","page_number":10,"box":{"x":745,"y":650,"width":35,"height":9}},{"id":"d5cbc9d4-bab7-4fd2-ad84-069da388e45f","block_type":"box","text":"7IM Adventurous Fund","page_number":10,"box":{"x":68,"y":668,"width":164,"height":9}},{"id":"b1896b0c-145e-40f3-92eb-d79e64f5b5be","block_type":"box","text":"893,521","page_number":10,"box":{"x":519,"y":668,"width":56,"height":10}},{"id":"fe531183-e37c-4954-a088-c52a32795ba0","block_type":"box","text":"0.49%","page_number":10,"box":{"x":745,"y":668,"width":45,"height":9}},{"id":"0b579a02-694a-40c1-9215-36e75bf80568","block_type":"box","text":"We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our","page_number":10,"box":{"x":60,"y":697,"width":879,"height":11}},{"id":"c7045aa3-3f55-4026-95c9-9ea8cca88918","block_type":"box","text":"responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial","page_number":10,"box":{"x":61,"y":711,"width":877,"height":11}},{"id":"a4525ecb-996f-48fc-97f6-ca9635aac26e","block_type":"box","text":"statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to","page_number":10,"box":{"x":60,"y":726,"width":878,"height":11}},{"id":"c5598778-2430-4bc3-a9ff-ab17e04c156c","block_type":"box","text":"provide a basis for our qualified opinion for 7IM Adventurous Fund sub-fund and our unmodified opinion for 7IM Moderately","page_number":10,"box":{"x":61,"y":740,"width":878,"height":11}},{"id":"29b67599-2cef-4cbd-85ab-e7d275f83537","block_type":"box","text":"Cautious Fund, 7IM Balanced Fund, 7IM Moderately Adventurous Fund, 7IM Responsible Balanced Fund, 7IM AAP","page_number":10,"box":{"x":61,"y":754,"width":877,"height":11}},{"id":"97221a38-dcc3-4be9-a30f-a3d701e8f1f2","block_type":"box","text":"Moderately Cautious Fund, 7IM AAP Balanced Fund, 7IM AAP Moderately Adventurous Fund, 7IM AAP Adventurous Fund","page_number":10,"box":{"x":61,"y":768,"width":877,"height":12}},{"id":"09b46213-d88d-4a8e-96c3-1c5c87df0711","block_type":"box","text":"and 7IM AAP Cautious Fund sub-funds.","page_number":10,"box":{"x":61,"y":783,"width":286,"height":8}},{"id":"5a32a124-648c-42aa-af25-03607ded9946","block_type":"box","text":"Independence","page_number":10,"box":{"x":61,"y":806,"width":109,"height":10}},{"id":"82d2bbfe-a3a2-4beb-b008-9aab442f9af5","block_type":"box","text":"We remain independent of the Company and its sub-funds in accordance with the ethical requirements that are relevant to","page_number":10,"box":{"x":60,"y":820,"width":878,"height":11}},{"id":"3768283b-8e3d-495e-815b-530b70aca3a6","block_type":"box","text":"our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical","page_number":10,"box":{"x":61,"y":834,"width":877,"height":11}},{"id":"6c531d8f-55a4-4a75-80f3-a8bb0337b58a","block_type":"box","text":"responsibilities in accordance with these requirements.","page_number":10,"box":{"x":61,"y":848,"width":402,"height":11}},{"id":"cb7993da-0a0e-4b3e-8f9d-944d22623532","block_type":"box","text":"7IM INVESTMENT FUNDS","page_number":11,"box":{"x":61,"y":47,"width":303,"height":13}},{"id":"ef2d502a-e6d4-4166-af2d-36807352d643","block_type":"box","text":"9","page_number":11,"box":{"x":930,"y":945,"width":8,"height":8}},{"id":"7134290d-4b41-4a51-a2d2-6e0e5b9515fb","block_type":"box","text":"Conclusions relating to going concern","page_number":11,"box":{"x":61,"y":115,"width":299,"height":11}},{"id":"9d4ec66b-861b-470a-915e-61f211fc95b7","block_type":"box","text":"In auditing the financial statements, we have concluded that the Authorised Corporate Director’s use of the going concern","page_number":11,"box":{"x":62,"y":129,"width":882,"height":11}},{"id":"a6812b22-6a3a-47f4-beca-5b00653d47b6","block_type":"box","text":"basis of accounting in the preparation of the financial statemen","page_number":11,"box":{"x":61,"y":143,"width":453,"height":11}},{"id":"5a34e317-3aec-436e-b63a-86c3166dfd37","block_type":"box","text":"ts is appropriate for the Company and its sub-funds.","page_number":11,"box":{"x":516,"y":143,"width":375,"height":11}},{"id":"df379d58-0958-4ce0-8352-3943a4cc2577","block_type":"box","text":"Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions","page_number":11,"box":{"x":61,"y":157,"width":883,"height":11}},{"id":"2ac8c257-78f2-4a95-b914-ff253d8256d7","block_type":"box","text":"that, individually or collectively, may cast significant doubt on the Company's or its sub-funds’ ability to continue as a going","page_number":11,"box":{"x":60,"y":171,"width":884,"height":12}},{"id":"80a84b2f-c70c-436c-b070-a448330f81b1","block_type":"box","text":"concern for a period of at least twelve months from when the financial statements are authorised for issue. However,","page_number":11,"box":{"x":61,"y":186,"width":883,"height":11}},{"id":"2ddf174e-0e80-4eb6-a47e-3c1c06c762da","block_type":"box","text":"because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s and its","page_number":11,"box":{"x":61,"y":200,"width":883,"height":11}},{"id":"54347774-8e4c-4822-89a7-0fd25a97559c","block_type":"box","text":"sub-funds’ ability to continue as a going concern.","page_number":11,"box":{"x":60,"y":214,"width":353,"height":12}},{"id":"2559220d-6940-4111-9731-4b18de722239","block_type":"box","text":"Our responsibilities and the responsibilities of the Authorised Corporate Director with respect to going concern are described","page_number":11,"box":{"x":61,"y":228,"width":883,"height":12}},{"id":"562ad60b-af71-4096-a21b-7472c1ca938b","block_type":"box","text":"in the relevant sections of this report.","page_number":11,"box":{"x":61,"y":243,"width":265,"height":11}},{"id":"a1ceb43b-176c-4daf-9b91-a8a8db7daa1a","block_type":"box","text":"Other information","page_number":11,"box":{"x":61,"y":266,"width":137,"height":8}},{"id":"5cd98541-6ddc-40f5-8968-754fc76ccbb2","block_type":"box","text":"The Authorised Corporate Director (“ACD”) is responsible for the other information. The other information comprises the","page_number":11,"box":{"x":60,"y":280,"width":884,"height":11}},{"id":"4ac520da-8d19-41d4-b92d-7e5b5af3df46","block_type":"box","text":"information included in the Annual Report and Audited Financial Statements, other than the financial statements and our","page_number":11,"box":{"x":61,"y":294,"width":883,"height":11}},{"id":"50f55246-5087-4466-a618-09db4cdb9e57","block_type":"box","text":"auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the","page_number":11,"box":{"x":61,"y":308,"width":883,"height":11}},{"id":"f625da97-f74f-40b5-a025-02fc4fcb0987","block_type":"box","text":"extent otherwise explicitly stated in our report, we do not exp","page_number":11,"box":{"x":61,"y":323,"width":438,"height":11}},{"id":"39584ee9-0498-4f8a-afb5-41217525e635","block_type":"box","text":"ress any form of assurance conclusion thereon.","page_number":11,"box":{"x":501,"y":323,"width":342,"height":11}},{"id":"b8084357-8bc7-4601-bf59-3477e39caea1","block_type":"box","text":"Our responsibility is to read the other information and, in doing so, consider whether the other information is materially","page_number":11,"box":{"x":61,"y":337,"width":883,"height":11}},{"id":"ef7fb4f9-a5c6-4432-a59f-27ec93c8b179","block_type":"box","text":"inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be","page_number":11,"box":{"x":61,"y":351,"width":883,"height":11}},{"id":"2d1d7f6c-5151-453b-a715-317ba938cd2a","block_type":"box","text":"materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to","page_number":11,"box":{"x":61,"y":365,"width":883,"height":12}},{"id":"def54ff0-dbf6-4085-b55b-3910c8088ac0","block_type":"box","text":"determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work","page_number":11,"box":{"x":61,"y":380,"width":883,"height":11}},{"id":"1330411e-b21c-4bea-a8c6-1b116f5c5a93","block_type":"box","text":"we have performed, we conclude that there is a material misstatement of this other information, we are required to report","page_number":11,"box":{"x":60,"y":394,"width":884,"height":11}},{"id":"1fa0379b-b346-4e66-8bd9-83e0f9dd2cf1","block_type":"box","text":"that fact.","page_number":11,"box":{"x":60,"y":408,"width":61,"height":9}},{"id":"543dc3c1-3932-497e-bbc8-181c8a1c79c9","block_type":"box","text":"As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the","page_number":11,"box":{"x":60,"y":422,"width":884,"height":12}},{"id":"71272a82-77ff-4796-af02-3912c43830ef","block_type":"box","text":"valuation of 7IM Adventurous Fund sub-fund’s investment in the Xenfin Securitised Debt Fund as at 31 May 2025 and","page_number":11,"box":{"x":60,"y":437,"width":884,"height":11}},{"id":"a5ec767b-659c-45c7-8f5d-a3ac81aa9464","block_type":"box","text":"whether there was any consequential effect on the changes in Net Assets attributable to shareholders for the years ended","page_number":11,"box":{"x":60,"y":451,"width":884,"height":11}},{"id":"a12eda99-742c-41be-99dd-ee73ce01a4cd","block_type":"box","text":"31 May 2026 and 31 May 2025. We have concluded that where the other information refers to these, it may be materially","page_number":11,"box":{"x":61,"y":465,"width":883,"height":11}},{"id":"2ec36fe5-c49b-41d0-a6ab-bd123330282b","block_type":"box","text":"misstated for the same reason.","page_number":11,"box":{"x":61,"y":479,"width":223,"height":9}},{"id":"49e43406-8bb8-4ff7-99ac-99ac33fb324c","block_type":"box","text":"Opinion on other matters prescribed by the COLL Rules","page_number":11,"box":{"x":61,"y":502,"width":435,"height":11}},{"id":"1823c65a-b840-4ce3-89d0-7b36802c32ca","block_type":"box","text":"Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion","page_number":11,"box":{"x":61,"y":516,"width":883,"height":12}},{"id":"4bbc0503-da8b-43d3-8894-d6515f86ea32","block_type":"box","text":"based on the work undertaken in the course of the audit, the information given in the ACD’s report for the financial year for","page_number":11,"box":{"x":61,"y":531,"width":883,"height":11}},{"id":"ba291d5f-0309-4d90-bce5-4566b3add4e0","block_type":"box","text":"which the financial statements are prepared is consistent with t","page_number":11,"box":{"x":60,"y":545,"width":455,"height":11}},{"id":"b1ba1723-727d-475d-ba19-0f68566e5575","block_type":"box","text":"he financial statements.","page_number":11,"box":{"x":516,"y":545,"width":177,"height":9}},{"id":"bbe6bc51-0b34-49ef-9b13-4ba86e98ca30","block_type":"box","text":"Arising solely from the limitation on the scope of our work relating to the value of the 7IM Adventurous Fund sub-fund’s","page_number":11,"box":{"x":60,"y":559,"width":884,"height":11}},{"id":"21fb3d3d-210e-4d25-8513-f3dcb3d0dd8c","block_type":"box","text":"investment in the Xenfin Securitised Debt Fund at as 31 May 2025","page_number":11,"box":{"x":61,"y":573,"width":481,"height":12}},{"id":"943a6a2d-436c-4b63-be49-a42400d97be1","block_type":"box","text":"referred to above:","page_number":11,"box":{"x":542,"y":573,"width":133,"height":9}},{"id":"796ca54a-e6f5-45af-bf54-0c9f094db8b3","block_type":"box","text":"•","page_number":11,"box":{"x":61,"y":591,"width":4,"height":3}},{"id":"f6704f53-7762-4db2-b398-4169bf6af7b7","block_type":"box","text":"we have not obtained all the information and explanations which to the best of our knowledge and belief, were necessary","page_number":11,"box":{"x":84,"y":588,"width":860,"height":11}},{"id":"8b6fa2fb-8218-42d9-bd26-c00f411d9684","block_type":"box","text":"for the purposes of our audit; 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The risk is generally regarded as consisting of two elements – stock specific risk","page_number":18,"box":{"x":85,"y":549,"width":859,"height":11}},{"id":"ca6e116b-02c1-444b-ba00-b00d82640d8c","block_type":"box","text":"and market risk.","page_number":18,"box":{"x":86,"y":564,"width":115,"height":8}},{"id":"accbe02c-04dc-49f7-b1ad-1dcc424d31d2","block_type":"box","text":"(g)","page_number":18,"box":{"x":61,"y":589,"width":18,"height":11}},{"id":"74c3dfca-8bbf-431b-9330-3e60b6804d19","block_type":"box","text":"Derivatives","page_number":18,"box":{"x":86,"y":589,"width":81,"height":9}},{"id":"9efab22a-4c4b-41ef-bfc9-c82c7215637c","block_type":"box","text":"The Investment Manager may employ more sophisticated derivatives longer term in the pursuit of the investment","page_number":18,"box":{"x":86,"y":603,"width":858,"height":11}},{"id":"c72c678e-85aa-4ce6-aec7-bfa11e2171f7","block_type":"box","text":"objectives of a sub-fund and in accordance with its risk management policy. 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The risk profile of a sub-fund may be higher than it would otherwise have been as a consequence of the","page_number":18,"box":{"x":86,"y":674,"width":858,"height":11}},{"id":"de09a97e-66c3-4eda-ac33-c7f029f3a951","block_type":"box","text":"use of derivatives as described above.","page_number":18,"box":{"x":86,"y":689,"width":277,"height":8}},{"id":"c01cec90-695a-4155-b1ff-a38aa94f9c32","block_type":"box","text":"The Investment Manager may also employ derivatives for the purposes of hedging with the aim of reducing the risk","page_number":18,"box":{"x":86,"y":710,"width":853,"height":11}},{"id":"0872494c-edf1-4e6c-9bc9-3a2c69cc3a4f","block_type":"box","text":"profile of a sub-fund, or reducing costs, or generating additional capital or revenue, in accordance with Efficient Portfolio","page_number":18,"box":{"x":86,"y":724,"width":852,"height":12}},{"id":"edaa0f39-68fa-415a-a17f-6ffca146c423","block_type":"box","text":"Management 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Policy","page_number":19,"box":{"x":60,"y":130,"width":2,"height":0}},{"id":"919b12b0-da3b-415b-8807-e1e0011548a2","block_type":"box","text":"7IM Moderately Cautious Fund (the ‘Sub-fund’) aims to provide a","page_number":19,"box":{"x":61,"y":136,"width":470,"height":12}},{"id":"e5b48142-6c77-49bb-bb67-0691e37b75c8","block_type":"box","text":"return by way of income with some capital growth.","page_number":19,"box":{"x":531,"y":136,"width":367,"height":12}},{"id":"a7da8fb3-f08b-4d90-9eb0-e2832b0cdac4","block_type":"box","text":"The Sub-fund invests at least 80% of its assets in other funds managed both by the Manager and by selected third party","page_number":19,"box":{"x":60,"y":158,"width":884,"height":12}},{"id":"8667198e-6e58-41af-80f0-a5cb8782af1a","block_type":"box","text":"managers, including open-ended and closed-ended funds and exchange traded funds (ETFs), and other transferable","page_number":19,"box":{"x":61,"y":173,"width":883,"height":11}},{"id":"bb02ad65-890a-4812-8bf5-6ae2fba1cc04","block_type":"box","text":"securities, including fixed income, equities, warrants and structured products. 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This is additional to the holding of such","page_number":19,"box":{"x":61,"y":252,"width":883,"height":11}},{"id":"e0945bc9-c17f-4fa0-a6d7-63722328ebca","block_type":"box","text":"assets as cover for futures contracts as noted above.","page_number":19,"box":{"x":61,"y":266,"width":383,"height":9}},{"id":"9e5825b4-cfbc-414b-8bca-dd924591aeea","block_type":"box","text":"Investment will be more focused on income generating assets such as corporate debt securities but there will be an","page_number":19,"box":{"x":62,"y":288,"width":882,"height":11}},{"id":"9c489e01-11f6-4bc2-be0f-a4e116fd4a22","block_type":"box","text":"allocation to growth generating assets such as global equities.","page_number":19,"box":{"x":61,"y":302,"width":448,"height":11}},{"id":"fcb02e8a-2e41-43ca-ab36-e97c48f7654f","block_type":"box","text":"The Sub-fund will invest in derivatives for efficient portfolio management (EPM) (i.e. to reduce risk or cost and, or to","page_number":19,"box":{"x":60,"y":324,"width":884,"height":11}},{"id":"1cbb4137-d330-48bf-aa8e-a11f5056f520","block_type":"box","text":"generate extra income) as well as for investment purposes.","page_number":19,"box":{"x":61,"y":338,"width":428,"height":11}},{"id":"74fd24b8-ff5e-41cb-a0d2-5e46436e81ea","block_type":"box","text":"In extraordinary market conditions (such as political unrest, economic instability, war, the bankruptcy of large financial","page_number":19,"box":{"x":62,"y":360,"width":882,"height":11}},{"id":"f962415a-ef88-4c5e-b65c-5fb8d8ce0082","block_type":"box","text":"institutions or closure of a relevant market(s)), it may not be appropriate for the Sub-fund to be invested in funds and other","page_number":19,"box":{"x":61,"y":375,"width":882,"height":11}},{"id":"7cf53068-dda6-4ff5-8f10-2a7a59da1656","block_type":"box","text":"assets as noted above and the Sub-fund may temporarily invest up to 100% of its total assets in deposits, cash, near cash,","page_number":19,"box":{"x":61,"y":389,"width":883,"height":11}},{"id":"882da39b-12ee-4c1e-ad6e-260c9764f2e8","block_type":"box","text":"treasury bills, government bonds or short-term money market instruments. 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The strategic allocation is","page_number":19,"box":{"x":60,"y":602,"width":884,"height":11}},{"id":"7a2c436a-13af-43dd-b134-b60346b7c558","block_type":"box","text":"underweight equity and the tactical asset allocation moved away from mega-cap US technology companies, which were","page_number":19,"box":{"x":61,"y":616,"width":883,"height":12}},{"id":"f32b1cce-b54a-4b8d-8d0d-8543ee05d929","block_type":"box","text":"trading on elevated valuations. Market leadership remained narrow, with dominance from the largest technology names.","page_number":19,"box":{"x":60,"y":631,"width":884,"height":11}},{"id":"4f48180e-e40c-4a70-aa17-6f4a5bee2ebd","block_type":"box","text":"Also, manager selection was a modest headwind, particularly within UK equities. The 1 year, 3 year and 5 year relative","page_number":19,"box":{"x":60,"y":645,"width":884,"height":11}},{"id":"36f1950c-b073-4c23-b0c0-833a9a401a5d","block_type":"box","text":"performance to the benchmark was (2.2)%, (8.1)%, (8.5)% respect","page_number":19,"box":{"x":61,"y":659,"width":483,"height":11}},{"id":"313495ed-53b0-4de2-9eac-c2df7b9b6477","block_type":"box","text":"ively.","page_number":19,"box":{"x":545,"y":659,"width":34,"height":11}},{"id":"1dd01c6e-8b01-4e10-8f43-69a34f1ade44","block_type":"box","text":"Investment Background","page_number":19,"box":{"x":61,"y":681,"width":192,"height":11}},{"id":"e0549021-2ef9-43f1-82f7-8c25d18d61a7","block_type":"box","text":"Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical","page_number":19,"box":{"x":61,"y":699,"width":877,"height":11}},{"id":"7970da26-859b-4da5-813d-6db4ab3a2e9f","block_type":"box","text":"uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year","page_number":19,"box":{"x":61,"y":714,"width":878,"height":11}},{"id":"4a509e0d-2927-4968-949f-2c139b270d15","block_type":"box","text":"defined by resilience, strong corporate earnings and continued e","page_number":19,"box":{"x":61,"y":728,"width":466,"height":11}},{"id":"b4e2c602-d1b8-40a2-9912-d24364d9cd11","block_type":"box","text":"nthusiasm for artificial intelligence.","page_number":19,"box":{"x":529,"y":728,"width":247,"height":11}},{"id":"168b4bc8-fef4-4cb1-ad82-01927b3c3810","block_type":"box","text":"During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have","page_number":19,"box":{"x":61,"y":750,"width":877,"height":11}},{"id":"412e8a27-36e8-4a6c-b814-71af18506a90","block_type":"box","text":"unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed","page_number":19,"box":{"x":61,"y":764,"width":877,"height":11}},{"id":"58dfe093-7fc0-4151-8b9e-d83d6b397a0e","block_type":"box","text":"to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such","page_number":19,"box":{"x":60,"y":778,"width":878,"height":11}},{"id":"8723eba8-9615-407b-93f4-4b090e27e7d0","block_type":"box","text":"as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate","page_number":19,"box":{"x":61,"y":792,"width":877,"height":12}},{"id":"13a77f99-fb27-456c-8dc6-0012789f6085","block_type":"box","text":"earnings—particularly from large technology companies—further underpinned performance. Returns broadened beyond","page_number":19,"box":{"x":61,"y":807,"width":877,"height":11}},{"id":"1cc682e7-f137-489b-9250-0f587e0966e5","block_type":"box","text":"the US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained","page_number":19,"box":{"x":60,"y":821,"width":878,"height":11}},{"id":"f5868faf-9269-4f7d-a804-7e44bb7cfe2f","block_type":"box","text":"a key driver of market leadership.","page_number":19,"box":{"x":61,"y":835,"width":240,"height":11}},{"id":"d484e7fe-3aed-4ecb-bc3b-15601a864bd4","block_type":"box","text":"Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding","page_number":19,"box":{"x":61,"y":857,"width":883,"height":11}},{"id":"03d2fa82-0b19-46ef-8ae4-da098a27ddb6","block_type":"box","text":"government borrowing and economic growth. 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Source: NTRS.","page_number":19,"box":{"x":71,"y":922,"width":697,"height":12}},{"id":"aa06cd93-551e-41c4-bbce-0bbba404bc37","block_type":"box","text":"7IM MODERATELY CAUTIOUS FUND","page_number":20,"box":{"x":61,"y":47,"width":434,"height":13}},{"id":"1aae9d29-7d89-4d11-85d2-5b9653f934b3","block_type":"box","text":"18","page_number":20,"box":{"x":62,"y":944,"width":16,"height":9}},{"id":"00569493-5324-4ff9-890d-a31858c3ccb0","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":20,"box":{"x":60,"y":158,"width":884,"height":11}},{"id":"7cdaa857-f07f-439d-b4c5-436468d9db44","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":20,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"96f01b3a-a4ff-41cb-bd1d-276c055bd6dd","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":20,"box":{"x":60,"y":186,"width":884,"height":11}},{"id":"2464c997-64e1-47dc-9916-c302dafb35e4","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":20,"box":{"x":60,"y":200,"width":884,"height":12}},{"id":"5209a38f-bbd7-432a-9ca9-02767cb31960","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":20,"box":{"x":61,"y":215,"width":397,"height":11}},{"id":"1e3766a0-8af5-4b8b-baa9-c0a200eac6b1","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":20,"box":{"x":61,"y":237,"width":883,"height":11}},{"id":"ec7f850c-e929-472c-b752-635cf033f861","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":20,"box":{"x":61,"y":251,"width":883,"height":11}},{"id":"79579f1b-1fa4-4238-a929-44072879b264","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":20,"box":{"x":60,"y":265,"width":884,"height":11}},{"id":"9ed4b193-00e8-4343-b351-7717dfa8ff8b","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":20,"box":{"x":60,"y":279,"width":884,"height":12}},{"id":"28b190ab-ba22-4d79-a4d2-337c21492654","block_type":"box","text":"backdrop has stayed supportive.","page_number":20,"box":{"x":61,"y":294,"width":234,"height":11}},{"id":"e08781c5-9b1a-4722-b317-9d39ce2064c8","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":20,"box":{"x":60,"y":315,"width":884,"height":12}},{"id":"17bb158c-b870-4687-9eb8-2c0b3bd3ac67","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":20,"box":{"x":61,"y":330,"width":883,"height":11}},{"id":"5bff494b-6b90-49c1-bf49-54b1cfed35c5","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":20,"box":{"x":61,"y":344,"width":883,"height":11}},{"id":"72497b2f-6092-4b31-bf55-320548b4d738","block_type":"box","text":"noise.","page_number":20,"box":{"x":61,"y":358,"width":41,"height":9}},{"id":"506c4ccc-854a-4f71-8750-65a1025bf374","block_type":"box","text":"Portfolio Review","page_number":20,"box":{"x":61,"y":380,"width":133,"height":9}},{"id":"716e14fd-0d5c-4d44-bd39-cb8701380ea8","block_type":"box","text":"In June 2025, we added JPM UK Equity Plus as a complementary strategy to sit alongside the existing managers in UK","page_number":20,"box":{"x":62,"y":398,"width":882,"height":12}},{"id":"2ed4e36b-a73d-4717-8fd7-c8394c823b6f","block_type":"box","text":"equities.","page_number":20,"box":{"x":61,"y":413,"width":59,"height":11}},{"id":"5e76aecd-5cf9-4335-9e5a-cf5108d23c53","block_type":"box","text":"In July 2025, we reduced equity exposure slightly. Within our Sector Strategy Quantitative Sector Allocation Model (QSAM),","page_number":20,"box":{"x":62,"y":434,"width":882,"height":12}},{"id":"35a2c039-4018-4672-b965-a6e4ee215f24","block_type":"box","text":"we made a small increase to Utilities, reflecting changes in the","page_number":20,"box":{"x":60,"y":449,"width":452,"height":11}},{"id":"a09092cc-f195-4fd1-bf05-2bdfa23716fc","block_type":"box","text":"economic and stock data for the sector.","page_number":20,"box":{"x":512,"y":449,"width":296,"height":9}},{"id":"6b9fba63-fc42-4113-b9f7-dfffb78b862c","block_type":"box","text":"We also purchased the Capital Group Emerging Markets Debt Fund.","page_number":20,"box":{"x":60,"y":471,"width":497,"height":11}},{"id":"edd65c6a-1a18-4968-9d71-2e8cc9aae679","block_type":"box","text":"In August 2025, we refreshed our Strategic Asset Allocation (SAA) in line with its annual schedule. We altered our fixed","page_number":20,"box":{"x":62,"y":493,"width":882,"height":11}},{"id":"eaff0524-1d0d-4944-ba47-bd305b552a50","block_type":"box","text":"income allocations from index level duration to a split of long and short duration government bonds options to manage","page_number":20,"box":{"x":61,"y":507,"width":883,"height":11}},{"id":"d365f6bf-843b-4e0e-9747-68c98227952f","block_type":"box","text":"tactical positions. This was achieved by selling some government bonds. We also undertook some small adjustments to","page_number":20,"box":{"x":60,"y":521,"width":884,"height":11}},{"id":"677d2dfa-4e68-4404-b6fd-64d47ef6b979","block_type":"box","text":"other asset classes.","page_number":20,"box":{"x":61,"y":536,"width":149,"height":8}},{"id":"599643a8-eee6-440c-87d7-2a8eae233f92","block_type":"box","text":"Later in the month, we also replaced two existing tactical strategies with new fund structures. The funds are managed","page_number":20,"box":{"x":61,"y":557,"width":883,"height":12}},{"id":"867e187e-706f-4e0c-8cbc-f9a9e82168ec","block_type":"box","text":"by JPMorgan with the underlying exposures specified by 7IM and allowed us to implement our existing Sector Strategy","page_number":20,"box":{"x":61,"y":572,"width":883,"height":11}},{"id":"72950f54-1396-4895-9df8-97315146fc4d","block_type":"box","text":"Quantitative Sector Allocation Model (QSAM) and Equity Protection Selling tactical strategies in a more efficient and","page_number":20,"box":{"x":61,"y":586,"width":877,"height":11}},{"id":"509ab7f1-93c4-48fa-8f9a-a5229aba7a85","block_type":"box","text":"cost-effective way.","page_number":20,"box":{"x":61,"y":600,"width":131,"height":11}},{"id":"29ef1cfc-a4a1-4963-90c8-b12e95abe3c1","block_type":"box","text":"Additionally, the Invesco S&P 500 Equal Weight Swap UCITS ETF replaced the existing allocation to the xTrackers S&P","page_number":20,"box":{"x":60,"y":622,"width":884,"height":11}},{"id":"e8669c2c-f750-47a0-ad8b-42198a9bf062","block_type":"box","text":"500 Equal Weight UCITS ETF.","page_number":20,"box":{"x":61,"y":636,"width":220,"height":12}},{"id":"65452e8f-1c4c-4455-af3d-d764c6ad61fd","block_type":"box","text":"At the start of September 2025, we increased equities slightly and reduced bond exposure in line with our macroeconomic","page_number":20,"box":{"x":60,"y":658,"width":884,"height":12}},{"id":"b3720a89-5096-40cb-bc7e-61ffb193731f","block_type":"box","text":"views. We also added Aviva Sterling Liquidity to earn a better return on our cash-like holdings.","page_number":20,"box":{"x":60,"y":673,"width":680,"height":11}},{"id":"95b371c0-9dfd-43ed-9dac-0e4ba75407a5","block_type":"box","text":"In October 2025, we slightly reduced our exposure to bonds while keeping equity exposure unchanged. This adjustment","page_number":20,"box":{"x":62,"y":694,"width":877,"height":12}},{"id":"3f5bb2d9-d2b2-40a9-a3fe-96c8cfe335c5","block_type":"box","text":"reflected our cautious stance on interest rate risk as yields re","page_number":20,"box":{"x":61,"y":709,"width":440,"height":11}},{"id":"8fd3d027-50b7-4a50-890c-819c130bf72e","block_type":"box","text":"mained volatile.","page_number":20,"box":{"x":502,"y":709,"width":112,"height":9}},{"id":"c885dc36-6423-48a2-a5f3-fac95d2c6e10","block_type":"box","text":"November 2025 was an active month with multiple changes. Early in the month, we reduced our holdings in mid-sized US","page_number":20,"box":{"x":61,"y":731,"width":877,"height":11}},{"id":"8582faa1-f6f8-4332-9d4f-9ce44d71c1f4","block_type":"box","text":"companies and increased exposure to large US companies. By the end of November, we had increased bond exposure","page_number":20,"box":{"x":61,"y":745,"width":877,"height":11}},{"id":"4c1a458a-395a-43a1-8940-ea34271b060a","block_type":"box","text":"back to neutral while keeping equities unchanged. This was funded by reducing cash and UK equities.","page_number":20,"box":{"x":61,"y":759,"width":739,"height":11}},{"id":"5c9867ed-b7c2-4956-933a-35f53c8a31de","block_type":"box","text":"The position in Premier Miton US Opportunities was also fully sold and we introduced Hermes MDT US Equity to enhance","page_number":20,"box":{"x":60,"y":781,"width":878,"height":11}},{"id":"b7655001-bd35-4eb0-b1b5-117e24141cab","block_type":"box","text":"the US equity exposure.","page_number":20,"box":{"x":60,"y":796,"width":174,"height":11}},{"id":"205cace1-a8f5-47c1-8ffc-995234652db3","block_type":"box","text":"Bond and equity exposure remained unchanged and neutral through December 2025 and January 2026.","page_number":20,"box":{"x":61,"y":818,"width":758,"height":11}},{"id":"0b9184ca-b245-487e-b0db-13545f2412d2","block_type":"box","text":"In January, within our Sector Strategy, the Quantitative Sector Allocation Model (QSAM), we reduced our allocation to","page_number":20,"box":{"x":62,"y":839,"width":882,"height":12}},{"id":"8961605b-c0e4-4dcc-9850-4e57cceb9e6e","block_type":"box","text":"Financials and introduced Healthcare as a new sector.","page_number":20,"box":{"x":61,"y":854,"width":398,"height":8}},{"id":"8018382b-85df-4ef4-96e9-f9bbbde9dcc8","block_type":"box","text":"In February 2026, we modestly increased overall equity exposure while maintaining a broadly neutral positioning. Bond","page_number":20,"box":{"x":62,"y":876,"width":882,"height":11}},{"id":"f0025c6c-0e1b-4fa1-b3e7-c7f40dc2c9b9","block_type":"box","text":"exposure was reduced slightly over the month before returning t","page_number":20,"box":{"x":61,"y":890,"width":463,"height":11}},{"id":"86bae1b1-c4a4-4be6-910e-238bdf2ed292","block_type":"box","text":"o neutral in March 2026.","page_number":20,"box":{"x":524,"y":890,"width":176,"height":9}},{"id":"d002e9ba-51a6-4348-bac6-6f47421501c7","block_type":"box","text":"ACD’S REPORT","page_number":20,"box":{"x":60,"y":78,"width":149,"height":9}},{"id":"55384a7a-7382-48be-a4d9-a2cc0cdf7eed","block_type":"box","text":"(continued)","page_number":20,"box":{"x":210,"y":78,"width":89,"height":12}},{"id":"46dc0bc6-4f70-4ece-88fb-d3f51f49a0d1","block_type":"box","text":"for the","page_number":20,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"047530af-d2c5-4cdb-8d2d-1ab81f4769cb","block_type":"box","text":"year","page_number":20,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"8e56e503-67a1-4bf6-8342-0fe4124dcfb5","block_type":"box","text":"r ended","page_number":20,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"307b7bcb-61c3-4eb5-a684-74bbf0312ab0","block_type":"box","text":"31 May 2026","page_number":20,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"a93fba16-bfd4-4364-a194-4fde56d7904c","block_type":"box","text":"Investment Manager’s Report","page_number":20,"box":{"x":61,"y":122,"width":234,"height":11}},{"id":"2ef68a6f-520a-48cc-970b-51e2faf90c0f","block_type":"box","text":"(continued)","page_number":20,"box":{"x":296,"y":121,"width":81,"height":12}},{"id":"c16843be-08d8-4b99-b62c-ff4e1b143b16","block_type":"box","text":"Investment Background","page_number":20,"box":{"x":61,"y":140,"width":191,"height":11}},{"id":"014c32a6-5d35-4a51-b208-776ae26852e6","block_type":"box","text":"(continued)","page_number":20,"box":{"x":258,"y":140,"width":81,"height":11}},{"id":"a67dd81c-fc3d-40e1-8765-8ebaa17fa065","block_type":"box","text":"7IM MODERATELY CAUTIOUS FUND","page_number":21,"box":{"x":61,"y":47,"width":434,"height":13}},{"id":"69ab7a73-a809-4a18-826c-e61bd0fe16cc","block_type":"box","text":"19","page_number":21,"box":{"x":922,"y":945,"width":16,"height":8}},{"id":"0c808108-e448-4fc7-93be-141cbb6ccaa9","block_type":"box","text":"March 2026 saw adjustments to our sector positioning, with Healthcare and Technology removed and capital reallocated","page_number":21,"box":{"x":61,"y":159,"width":883,"height":11}},{"id":"d2963b59-5a65-433c-830e-d8cef1c34d57","block_type":"box","text":"to more ‘old economy’ sectors, including Energy, Materials, Utilities and Industrials.","page_number":21,"box":{"x":60,"y":173,"width":599,"height":11}},{"id":"a6d19517-2395-4877-88c0-726b260b9784","block_type":"box","text":"In April 2026, we made a change to how part of the equity allocation is implemented within this fund. A portion of equities","page_number":21,"box":{"x":62,"y":195,"width":882,"height":11}},{"id":"51a66f33-1f73-476a-bb26-3d0a4c763c5d","block_type":"box","text":"is now managed through two segregated mandates, where specialist third-party managers, Fidelity and Ninety-One have","page_number":21,"box":{"x":61,"y":209,"width":883,"height":11}},{"id":"843dcbe9-154e-4738-9642-791afe48884a","block_type":"box","text":"been appointed and, are responsible for stock selection.","page_number":21,"box":{"x":61,"y":224,"width":405,"height":11}},{"id":"28dd6764-f839-42a7-b4a6-80451b6d2e57","block_type":"box","text":"We continue to oversee the overall portfolio, retaining full control of asset allocations, risk and manager oversight. This","page_number":21,"box":{"x":60,"y":246,"width":884,"height":11}},{"id":"be1cd54a-5021-4266-a08a-9c43e26d872d","block_type":"box","text":"approach allows us to combine our in-house investment framework with the stock-picking expertise of leading managers,","page_number":21,"box":{"x":61,"y":260,"width":883,"height":11}},{"id":"5ddf1255-3799-401b-a878-f2b479527cbc","block_type":"box","text":"while also improving cost efficiency.","page_number":21,"box":{"x":60,"y":274,"width":263,"height":11}},{"id":"ac9e6dbd-1019-4ac3-b786-48927ea5f7a3","block_type":"box","text":"Positioning remained stable through April 2026, with both equity and bond exposures unchanged.","page_number":21,"box":{"x":61,"y":296,"width":705,"height":11}},{"id":"7caa6f96-f130-4f74-9e44-a33be4f28829","block_type":"box","text":"In May 2026, we reintroduced Technology within QSAM, funded by removing Utilities. Later in the month, we sold down","page_number":21,"box":{"x":62,"y":318,"width":882,"height":11}},{"id":"78f73e19-e667-459f-b622-2e8acce86e0c","block_type":"box","text":"Pictet Japanese Equity Selection and reallocated to our higher conviction holding. Man High Yield Opportunities was also","page_number":21,"box":{"x":61,"y":332,"width":883,"height":11}},{"id":"c9f59274-3c0e-4430-8d40-e095e42286bd","block_type":"box","text":"added to portfolios.","page_number":21,"box":{"x":61,"y":346,"width":137,"height":11}},{"id":"80c82367-50de-4d28-9750-b3d294e4ca2b","block_type":"box","text":"Investment Outlook","page_number":21,"box":{"x":61,"y":368,"width":153,"height":9}},{"id":"6c6d6c68-145f-4630-99a2-28ec0d581f3b","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":21,"box":{"x":60,"y":386,"width":884,"height":12}},{"id":"1c7f3deb-c959-4ddf-a7e9-7d3974e15614","block_type":"box","text":"has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":21,"box":{"x":61,"y":401,"width":883,"height":11}},{"id":"b7d944e8-8196-4cb7-bbd9-fdc15a0815d0","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade.","page_number":21,"box":{"x":60,"y":415,"width":453,"height":11}},{"id":"effc3568-5a7b-4b70-b0a2-c614c4858f9b","block_type":"box","text":"Looking ahead, we expect:","page_number":21,"box":{"x":61,"y":437,"width":193,"height":11}},{"id":"c8ce774c-e948-448e-8df3-5ec081556e6b","block_type":"box","text":"•","page_number":21,"box":{"x":68,"y":462,"width":5,"height":3}},{"id":"febb1242-3175-4dad-b651-2d8adf348d0a","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":21,"box":{"x":84,"y":459,"width":860,"height":11}},{"id":"467596d7-9401-41c5-a37a-909c88f5dd01","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":21,"box":{"x":83,"y":473,"width":861,"height":11}},{"id":"2687e96b-be3b-42bf-817e-ddc02141df96","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":21,"box":{"x":83,"y":488,"width":861,"height":11}},{"id":"6938585c-f4f1-4359-b0d0-cf76376c04db","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":21,"box":{"x":83,"y":502,"width":359,"height":11}},{"id":"ecd6488b-b6e8-4dba-adde-6b40d364f9ca","block_type":"box","text":"•","page_number":21,"box":{"x":68,"y":527,"width":5,"height":3}},{"id":"7eaacbc5-e344-4fb8-99b9-15f3ee2ab622","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":21,"box":{"x":84,"y":523,"width":860,"height":12}},{"id":"7ecec05c-ee6c-416a-b248-e9d807e1fc33","block_type":"box","text":"and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through","page_number":21,"box":{"x":83,"y":538,"width":861,"height":11}},{"id":"4929337c-4201-4d4b-b64b-984432eef960","block_type":"box","text":"short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply","page_number":21,"box":{"x":83,"y":552,"width":861,"height":11}},{"id":"d3ede493-3447-47ce-be15-9a8b58394225","block_type":"box","text":"concerns ease, although they may remain elevated compared with","page_number":21,"box":{"x":83,"y":566,"width":488,"height":11}},{"id":"32f5b9aa-29b2-4c93-aea3-f979c7c0e2dc","block_type":"box","text":"recent history.","page_number":21,"box":{"x":572,"y":566,"width":99,"height":11}},{"id":"ad4abf81-1308-4656-8c33-0eaf55de0c91","block_type":"box","text":"•","page_number":21,"box":{"x":68,"y":591,"width":5,"height":3}},{"id":"0258cdeb-ddd4-4cf5-8ad3-de55481736c0","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. 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The balance due to the","page_number":45,"box":{"x":764,"y":143,"width":180,"height":8}},{"id":"79a50ef6-0df6-4962-b71b-30b37b7fa653","block_type":"box","text":"ACD at the year end in respect of management fees is £82,203 (2","page_number":45,"box":{"x":85,"y":157,"width":478,"height":11}},{"id":"730dfc9d-1c66-4c0b-950f-44062813fbfa","block_type":"box","text":"025: £85,127).","page_number":45,"box":{"x":565,"y":157,"width":104,"height":11}},{"id":"78a78ef3-8227-42e3-b00c-57ae5819d645","block_type":"box","text":"The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year","page_number":45,"box":{"x":86,"y":175,"width":858,"height":11}},{"id":"28d01a4a-9294-430c-b444-c154bc84d70a","block_type":"box","text":"end are £Nil (2025: £Nil). The amounts payable to 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other","page_number":45,"box":{"x":86,"y":189,"width":858,"height":11}},{"id":"947961ac-434a-4772-b7bc-28f850209d10","block_type":"box","text":"balances as at year end are £Nil (2025: £Nil).","page_number":45,"box":{"x":86,"y":203,"width":327,"height":12}},{"id":"0a01f478-ba2a-44a2-8c4e-a33e36aacca4","block_type":"box","text":"The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed","page_number":45,"box":{"x":86,"y":225,"width":858,"height":11}},{"id":"6a2b2e4a-0fa3-4562-825f-b69b19044c0a","block_type":"box","text":"in the Statement of Change in Net Assets Attributable to Shareholders on","page_number":45,"box":{"x":86,"y":239,"width":525,"height":11}},{"id":"1ce158a9-f4fb-4313-8150-3a08c913ffdc","block_type":"box","text":"page 37","page_number":45,"box":{"x":612,"y":239,"width":57,"height":11}},{"id":"c9013f18-8b7e-4362-9de7-9ddbd5d5d51f","block_type":"box","text":". 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It is therefore an","page_number":56,"box":{"x":61,"y":443,"width":883,"height":11}},{"id":"079a28dd-9c63-48e5-a341-4b3c1c35eaa9","block_type":"box","text":"appropriate comparator for the Sub-fund’s performance.","page_number":56,"box":{"x":61,"y":457,"width":404,"height":11}},{"id":"bff796ae-d7c6-463e-86eb-9a59594d2718","block_type":"box","text":"Investment Manager’s Report \r\nager’s Report","page_number":56,"box":{"x":61,"y":479,"width":230,"height":11}},{"id":"e36cb323-5cd9-487c-9f6c-29d8ce1dc208","block_type":"box","text":"Investment Manager’s Report","page_number":56,"box":{"x":60,"y":488,"width":2,"height":0}},{"id":"23a4f048-cb9b-4cc6-9daf-f5b41f339c00","block_type":"box","text":"Performance Report","page_number":56,"box":{"x":61,"y":498,"width":157,"height":11}},{"id":"cdde43c3-6287-4c77-9c81-3302d2be179e","block_type":"box","text":"In the reporting year, 1 June 2025 to 31 May 2026, the portfolio delivered a total return of 15.10%","page_number":56,"box":{"x":62,"y":512,"width":701,"height":12}},{"id":"6748212a-8d1b-452b-b230-04eb821b597a","block_type":"box","text":"1","page_number":56,"box":{"x":765,"y":512,"width":3,"height":5}},{"id":"682db474-bf9e-4970-8b94-a879a1160bda","block_type":"box","text":".","page_number":56,"box":{"x":771,"y":520,"width":8,"height":1}},{"id":"5ce431a1-3690-4dd7-a716-9ce96763f83e","block_type":"box","text":"The Sub-fund outperformed its IA sector peer group comparator. The strategic asset allocation strongly benefitted from an","page_number":56,"box":{"x":60,"y":534,"width":884,"height":12}},{"id":"81735243-982a-45f8-a1a9-5854202f18eb","block_type":"box","text":"overweight to equity risk assets which rebounded post US tariff volatility and was buoyed even further by optimism around","page_number":56,"box":{"x":61,"y":549,"width":883,"height":11}},{"id":"37ca7d89-da28-4c40-99c3-82721c845857","block_type":"box","text":"AI growth. The tactical allocation detracted slightly due to tilting away from the large mega cap tech stocks. Also, manager","page_number":56,"box":{"x":60,"y":563,"width":884,"height":11}},{"id":"3856474c-7ad5-4e3b-8073-4db055f9f16a","block_type":"box","text":"selection was a modest headwind, particularly within UK equities. The 1 year, 3 year and 5 year relative performance to the","page_number":56,"box":{"x":60,"y":577,"width":884,"height":11}},{"id":"89b63f7e-ec1a-40c8-a497-bbc8e4aef0f7","block_type":"box","text":"benchmark was 1.5%, (2.2)%, (1.7)% respectively.","page_number":56,"box":{"x":61,"y":591,"width":365,"height":12}},{"id":"630d64db-7406-492f-926a-f47777174d30","block_type":"box","text":"Investment Background","page_number":56,"box":{"x":61,"y":613,"width":192,"height":11}},{"id":"3e51fe9b-c612-4e45-9a2e-0cdb869b77cf","block_type":"box","text":"Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical","page_number":56,"box":{"x":61,"y":631,"width":883,"height":12}},{"id":"4ca25a15-5a92-4c9c-9473-68b0ee7ef274","block_type":"box","text":"uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year","page_number":56,"box":{"x":61,"y":646,"width":883,"height":11}},{"id":"99fbb794-141c-4ff4-a922-86d5e80bd7e7","block_type":"box","text":"defined by resilience, strong corporate earnings and continued e","page_number":56,"box":{"x":61,"y":660,"width":466,"height":11}},{"id":"b1da02d6-8c6f-40d6-8cbf-9ae3696863f0","block_type":"box","text":"nthusiasm for artificial intelligence.","page_number":56,"box":{"x":529,"y":660,"width":247,"height":11}},{"id":"59849e6a-9a62-450b-a83d-444e035607c8","block_type":"box","text":"During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have","page_number":56,"box":{"x":61,"y":682,"width":883,"height":11}},{"id":"5d923999-0b09-47a3-a648-aab1ef6904a1","block_type":"box","text":"unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed","page_number":56,"box":{"x":61,"y":696,"width":877,"height":11}},{"id":"a74af9d6-ff65-4462-be51-573663e0f69e","block_type":"box","text":"to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such","page_number":56,"box":{"x":60,"y":710,"width":878,"height":12}},{"id":"bd7fc67b-751a-483f-a2f3-8a553eea07d1","block_type":"box","text":"as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate","page_number":56,"box":{"x":61,"y":725,"width":877,"height":11}},{"id":"7158a3f2-bf66-4085-9020-478d8ba96fb9","block_type":"box","text":"earnings—particularly from large technology companies—further underpinned performance. Returns broadened beyond","page_number":56,"box":{"x":61,"y":739,"width":877,"height":11}},{"id":"aba00309-4b9a-40da-8507-11688ecc8e0b","block_type":"box","text":"the US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained","page_number":56,"box":{"x":60,"y":753,"width":878,"height":11}},{"id":"5b04cee4-ed7d-453b-ae29-7fed6e56ed18","block_type":"box","text":"a key driver of market leadership.","page_number":56,"box":{"x":61,"y":767,"width":240,"height":12}},{"id":"4ffbce9f-723b-4c7c-9090-7f4436fe5f46","block_type":"box","text":"Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding","page_number":56,"box":{"x":61,"y":789,"width":877,"height":12}},{"id":"1b8f63e5-f6b4-4feb-b5ab-b53883d5830c","block_type":"box","text":"government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive","page_number":56,"box":{"x":61,"y":803,"width":877,"height":12}},{"id":"ccaba04e-f93f-48d1-9051-9ffbc0d9cab7","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit","page_number":56,"box":{"x":61,"y":818,"width":443,"height":11}},{"id":"67140d36-a263-4209-8bde-1f456063756b","block_type":"box","text":"generally outperforming longer-duration holdings.","page_number":56,"box":{"x":509,"y":818,"width":356,"height":11}},{"id":"c35982c2-5fc2-48c5-8494-b613857a2102","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":56,"box":{"x":60,"y":840,"width":884,"height":11}},{"id":"5211066b-185b-4d44-8335-c8728203826d","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":56,"box":{"x":61,"y":854,"width":883,"height":11}},{"id":"c59df542-cd5f-4be9-ae56-4df6fca46e5a","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":56,"box":{"x":60,"y":868,"width":884,"height":11}},{"id":"53ffcc09-1b7f-41f9-941a-3e7348e73447","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":56,"box":{"x":60,"y":882,"width":884,"height":12}},{"id":"15f95ef2-9259-4611-8706-9ed0f607f33c","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":56,"box":{"x":61,"y":897,"width":397,"height":11}},{"id":"1ff3cf8b-0259-4e6c-8a1c-85f341961aad","block_type":"box","text":"1","page_number":56,"box":{"x":61,"y":919,"width":3,"height":4}},{"id":"f0b68f98-53be-4c54-9cdb-1e6a46a9514b","block_type":"box","text":"Calculated using 7IM Balanced Fund C Acc shares, published prices. Source: NTRS.","page_number":56,"box":{"x":71,"y":919,"width":615,"height":11}},{"id":"bb8d7f8e-1966-411c-8579-610400d56e3e","block_type":"box","text":"7IM BALANCED FUND","page_number":57,"box":{"x":61,"y":47,"width":265,"height":13}},{"id":"1478214f-7f87-4f3d-b9f1-e53b987cca79","block_type":"box","text":"55","page_number":57,"box":{"x":921,"y":945,"width":17,"height":8}},{"id":"055b3f11-235d-4b39-b056-ef221222fe34","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":57,"box":{"x":61,"y":158,"width":883,"height":11}},{"id":"68a90de9-35f1-4842-b81c-88073a7844a4","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":57,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"2bedabc1-b946-4168-b1b7-f45a7ec6312d","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":57,"box":{"x":60,"y":186,"width":884,"height":11}},{"id":"f0844615-17f3-4872-bd7d-320ca6df4aa8","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":57,"box":{"x":60,"y":200,"width":884,"height":12}},{"id":"1b3e138b-ce2f-465a-bdc1-bd45180f805b","block_type":"box","text":"backdrop has stayed supportive.","page_number":57,"box":{"x":61,"y":215,"width":234,"height":11}},{"id":"4ff934cc-01ce-426a-8bd3-19e184eb8e8d","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":57,"box":{"x":60,"y":236,"width":884,"height":12}},{"id":"2dc1a845-2177-4f53-a85b-9c74253167aa","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":57,"box":{"x":61,"y":251,"width":883,"height":11}},{"id":"68122094-d8f4-4c26-b373-c51849afb46f","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":57,"box":{"x":61,"y":265,"width":883,"height":11}},{"id":"73547ecb-f4b3-4f1b-972a-e4ed8f6c50f8","block_type":"box","text":"noise.","page_number":57,"box":{"x":61,"y":280,"width":41,"height":8}},{"id":"f71d4348-51b3-443f-a5d1-3bee5466c9fe","block_type":"box","text":"Portfolio Review","page_number":57,"box":{"x":61,"y":301,"width":128,"height":9}},{"id":"95aab0eb-0739-49e2-b269-4a5e0d43a7bb","block_type":"box","text":"In June 2025, we added JPM UK Equity Plus as a complementary strategy to sit alongside the existing managers in UK","page_number":57,"box":{"x":62,"y":319,"width":882,"height":12}},{"id":"387b22cb-aa69-416e-a6fa-5c3f21615b92","block_type":"box","text":"equities.","page_number":57,"box":{"x":61,"y":334,"width":59,"height":11}},{"id":"2405109a-b6e9-4318-b2b9-f7096cdfa2a9","block_type":"box","text":"In July 2025, we reduced equity exposure slightly. Within our Sector Strategy Quantitative Sector Allocation Model (QSAM),","page_number":57,"box":{"x":62,"y":355,"width":882,"height":12}},{"id":"f538a710-5380-4842-875f-f159bcb62861","block_type":"box","text":"we made a small increase to Utilities, reflecting changes in the","page_number":57,"box":{"x":60,"y":370,"width":452,"height":11}},{"id":"6d9420f3-919b-423a-aa8a-0d92e2a14739","block_type":"box","text":"economic and stock data for the sector.","page_number":57,"box":{"x":512,"y":370,"width":296,"height":9}},{"id":"dbd30225-8b3e-4e56-be0e-589761eec6dd","block_type":"box","text":"We also purchased the Capital Group Emerging Markets Debt Fund.","page_number":57,"box":{"x":60,"y":392,"width":497,"height":11}},{"id":"20af3539-5dc6-46a4-8a27-153b45846db3","block_type":"box","text":"In August 2025, we refreshed our strategic asset allocation (SAA) in line with its annual schedule. We altered our fixed","page_number":57,"box":{"x":62,"y":414,"width":882,"height":11}},{"id":"98d0f2cf-27d8-49e5-a964-7fdf4872206f","block_type":"box","text":"income allocations from index level duration to a split of long and short duration government bonds options to manage","page_number":57,"box":{"x":61,"y":428,"width":883,"height":11}},{"id":"79c9ce3a-5999-41fe-a7c5-bebf9c4d3de8","block_type":"box","text":"tactical positions. This was achieved by selling some government bonds. We also undertook some small adjustments to","page_number":57,"box":{"x":60,"y":442,"width":884,"height":11}},{"id":"9070b84d-d745-40d1-a3ca-d8dbbdaff169","block_type":"box","text":"other asset classes.","page_number":57,"box":{"x":61,"y":457,"width":149,"height":8}},{"id":"93642268-8d7f-4332-a2bc-ab1a5d1f0b65","block_type":"box","text":"Later in the month, we also replaced two existing tactical strategies with new fund structures. The funds are managed","page_number":57,"box":{"x":61,"y":478,"width":883,"height":12}},{"id":"faed5d2f-85a8-489f-a638-ddbead6bdbeb","block_type":"box","text":"by JPMorgan with the underlying exposures specified by 7IM and allowed us to implement our existing Sector Strategy","page_number":57,"box":{"x":61,"y":493,"width":883,"height":11}},{"id":"3f55d467-28f7-4307-a801-692205e60a20","block_type":"box","text":"(QSAM) and Equity Protection Selling tactical strategies in a m","page_number":57,"box":{"x":61,"y":507,"width":452,"height":11}},{"id":"f8eea6a6-c9e1-4662-99ab-c2f0ccc7cf3d","block_type":"box","text":"ore efficient and cost-effective way.","page_number":57,"box":{"x":515,"y":507,"width":253,"height":11}},{"id":"32601905-c06b-44f4-98cb-441dd93590d8","block_type":"box","text":"Additionally, the Invesco S&P 500 Equal Weight Swap UCITS ETF replaced the existing allocation to the xTrackers S&P","page_number":57,"box":{"x":60,"y":529,"width":884,"height":11}},{"id":"7e026433-5668-4ec9-8ef9-df0bf83f7a50","block_type":"box","text":"500 Equal Weight UCITS ETF.","page_number":57,"box":{"x":61,"y":543,"width":220,"height":11}},{"id":"25318fa6-99fe-47a9-ba6a-034be41a0051","block_type":"box","text":"At the start of September 2025, we increased equities slightly and reduced bond exposure in line with our macroeconomic","page_number":57,"box":{"x":60,"y":565,"width":884,"height":11}},{"id":"ce0f1523-d69c-4ba8-9dde-6670d3fbe5f4","block_type":"box","text":"views. We also added Aviva Sterling Liquidity to earn a better return on our cash-like holdings.","page_number":57,"box":{"x":60,"y":579,"width":680,"height":12}},{"id":"b5b52859-d140-419e-813d-49e9a5e32695","block_type":"box","text":"In October 2025, we slightly reduced our exposure to bonds while keeping equity exposure unchanged. This adjustment","page_number":57,"box":{"x":62,"y":601,"width":882,"height":12}},{"id":"83418f2c-3fd0-4e8d-8350-1241c8f17f93","block_type":"box","text":"reflected our cautious stance on interest rate risk as yields re","page_number":57,"box":{"x":61,"y":615,"width":440,"height":12}},{"id":"d33b03b6-a10a-4fb1-ae56-0d581c8022d7","block_type":"box","text":"mained volatile.","page_number":57,"box":{"x":502,"y":616,"width":112,"height":8}},{"id":"02911cac-c7c4-478b-b0c9-8628ad0c5a37","block_type":"box","text":"November 2025 was an active month with multiple changes. Early in the month, we reduced our holdings in mid-sized US","page_number":57,"box":{"x":61,"y":637,"width":883,"height":12}},{"id":"78b2a2f7-8238-4214-b656-3dcccecd60d9","block_type":"box","text":"companies and increased exposure to large US companies. By the end of November, we had increased bond exposure","page_number":57,"box":{"x":61,"y":652,"width":883,"height":11}},{"id":"d1ef769c-ddb7-4882-91c3-786b41c98bec","block_type":"box","text":"back to neutral while keeping equities unchanged. This was funded by reducing cash and UK equities.","page_number":57,"box":{"x":61,"y":666,"width":739,"height":11}},{"id":"0cc8c6ad-2f03-40f8-99f3-c42d5ada3f2f","block_type":"box","text":"The position in Premier Miton US Opportunities was also fully sold and we introduced Hermes MDT US Equity to enhance","page_number":57,"box":{"x":60,"y":688,"width":878,"height":11}},{"id":"4b43b351-1e24-484d-bdff-73b28e483cfd","block_type":"box","text":"the US equity exposure.","page_number":57,"box":{"x":60,"y":702,"width":174,"height":11}},{"id":"08150ccb-b74d-4a11-8d63-e2d57adf1440","block_type":"box","text":"Bond and equity exposure remained unchanged and neutral through December 2025 and January 2026.","page_number":57,"box":{"x":61,"y":724,"width":758,"height":11}},{"id":"31e179b4-e361-4c31-bf2a-ab8c2edfa9fd","block_type":"box","text":"In January, within our Sector Strategy, (QSAM), we reduced our allocation to Financials and introduced Healthcare as a","page_number":57,"box":{"x":62,"y":746,"width":876,"height":11}},{"id":"c0c5131a-1855-433a-8b64-03a8c4697bfc","block_type":"box","text":"new sector.","page_number":57,"box":{"x":61,"y":761,"width":81,"height":8}},{"id":"954f1f43-d6ce-4f62-81dc-09c4474f4d80","block_type":"box","text":"In February 2026, we modestly increased overall equity exposure while maintaining a broadly neutral positioning. 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Man High Yield Opportunities was also","page_number":58,"box":{"x":61,"y":245,"width":883,"height":12}},{"id":"4a832eda-add8-482a-b8e5-64fe64ffe386","block_type":"box","text":"added to portfolios.","page_number":58,"box":{"x":61,"y":260,"width":137,"height":11}},{"id":"887d1323-9bec-4577-8909-8a2ba3d34df2","block_type":"box","text":"Investment Outlook","page_number":58,"box":{"x":61,"y":282,"width":153,"height":8}},{"id":"fa2df9f6-02b4-46cb-bb0b-649d75928e7e","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":58,"box":{"x":60,"y":296,"width":884,"height":12}},{"id":"f297b218-f0d4-426e-9cfe-834538227f04","block_type":"box","text":"has become broader. 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While consumers and businesses are facing a more","page_number":58,"box":{"x":83,"y":380,"width":861,"height":11}},{"id":"2946c494-fc5d-4a56-8504-7d1593aa9a77","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":58,"box":{"x":83,"y":394,"width":861,"height":11}},{"id":"8a39843f-d2b5-4ec5-b6c0-9fdc1b0b0989","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":58,"box":{"x":83,"y":409,"width":359,"height":11}},{"id":"88ef05f5-0834-4a0a-af89-2fb312985a20","block_type":"box","text":"•","page_number":58,"box":{"x":68,"y":434,"width":5,"height":2}},{"id":"28674ea7-3803-4b77-aef9-421091e1d5da","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":58,"box":{"x":84,"y":430,"width":860,"height":12}},{"id":"0ea552e9-3787-40da-a8f3-19117f930f93","block_type":"box","text":"and the path of interest rates. 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We also anticipate energy prices to stabilise as supply","page_number":58,"box":{"x":83,"y":459,"width":861,"height":11}},{"id":"c9d6c382-03f2-4a31-936d-9ac1f4ff99e7","block_type":"box","text":"concerns ease, although they may remain elevated compared with","page_number":58,"box":{"x":83,"y":473,"width":488,"height":11}},{"id":"563d49ca-0f34-454c-9863-ab323c935046","block_type":"box","text":"recent history.","page_number":58,"box":{"x":572,"y":473,"width":99,"height":11}},{"id":"6f72bf5c-23a4-4d42-b5b1-2830b7c6e6ee","block_type":"box","text":"•","page_number":58,"box":{"x":68,"y":498,"width":5,"height":3}},{"id":"c2d9d8a2-364e-4824-8cd9-b7694262bb2b","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. 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Unlike shares whereby broker commissions and stamp","page_number":59,"box":{"x":61,"y":266,"width":883,"height":12}},{"id":"8a54e3df-5c53-495a-9704-05aa049d493a","block_type":"box","text":"duty are paid by the Sub-fund on each transaction, other types of investments (such as bonds, money market instruments,","page_number":59,"box":{"x":61,"y":281,"width":883,"height":11}},{"id":"6be9036d-37e6-48f8-aabf-fdb0e0a96c99","block_type":"box","text":"derivatives, collective investment schemes) do not have separately identifiable transaction costs; these costs form part of","page_number":59,"box":{"x":61,"y":295,"width":883,"height":11}},{"id":"beb53655-afd9-4f25-bcf4-030bf402883a","block_type":"box","text":"the dealing spread. 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The Sub-fund’s expected level of leverage","page_number":90,"box":{"x":86,"y":168,"width":858,"height":11}},{"id":"766e0386-6c06-45c7-96b1-d6d31185c237","block_type":"box","text":"(calculated as the sum of the notionals) under normal market circumstances is expected to be around 40% of the Sub","page_number":90,"box":{"x":86,"y":182,"width":852,"height":11}},{"id":"65169b56-b01e-435e-9a77-bd5e68439cf7","block_type":"box","text":"fund’s Net Asset Value and is not expected to exceed 260%. It is possible that there may be higher leverage levels from","page_number":90,"box":{"x":85,"y":196,"width":859,"height":12}},{"id":"b493c83d-90f9-425f-963a-0e307ba5b118","block_type":"box","text":"time to time during abnormal market conditions.","page_number":90,"box":{"x":85,"y":211,"width":345,"height":11}},{"id":"a39f17f4-fea2-4630-b8d6-1d5f1b19b507","block_type":"box","text":"The lowest, highest and average leverage utilisation in the accounting year ended","page_number":90,"box":{"x":86,"y":232,"width":606,"height":11}},{"id":"f965d37a-5eb0-48a9-bf90-0af31cacce05","block_type":"box","text":"31 May 202","page_number":90,"box":{"x":694,"y":232,"width":86,"height":11}},{"id":"a4a51120-7294-47b0-9745-785ab1367588","block_type":"box","text":"6","page_number":90,"box":{"x":781,"y":232,"width":8,"height":9}},{"id":"cd4edfb1-76e5-470a-9a9f-50396ce5d7c4","block_type":"box","text":"was 20%, 37% and","page_number":90,"box":{"x":790,"y":232,"width":154,"height":11}},{"id":"7a9a4b0e-9611-4e44-bedd-843867d418fc","block_type":"box","text":"24% respectively (","page_number":90,"box":{"x":86,"y":246,"width":133,"height":12}},{"id":"37d10fed-2340-44f5-97e3-9adf3144a9c6","block_type":"box","text":"31 May 202","page_number":90,"box":{"x":220,"y":247,"width":85,"height":11}},{"id":"4b514f03-5f05-4398-ae25-ab5e4745b00b","block_type":"box","text":"5","page_number":90,"box":{"x":306,"y":247,"width":8,"height":8}},{"id":"59e3e733-3d18-4762-ab97-c0bf09cf7397","block_type":"box","text":": 19%, 38% and 27% respectively).","page_number":90,"box":{"x":316,"y":246,"width":252,"height":12}},{"id":"b17c163c-c7e5-4368-a5a7-11fa679a13c0","block_type":"box","text":"VaR is calculated for the funds under the parametric method. The time horizon for the calculation is 1 day, using a 99%","page_number":90,"box":{"x":85,"y":268,"width":859,"height":11}},{"id":"71290e8c-9b17-4b17-9c01-f58e64a8acdb","block_type":"box","text":"confidence level. The methodology is derived from Bloomberg PORT’s risk engine and blends the VaR produced from","page_number":90,"box":{"x":86,"y":282,"width":858,"height":11}},{"id":"3bd0f568-366c-4e7c-afdf-f3d80e861e70","block_type":"box","text":"two different risk models, namely Multi-Asset Class Model (MAC): Long Term (LT) and Monthly (M). 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Rising","page_number":98,"box":{"x":60,"y":819,"width":878,"height":11}},{"id":"12f47721-a3c0-4828-ab54-999b54ecd7de","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":98,"box":{"x":61,"y":833,"width":878,"height":11}},{"id":"cb458e70-9f57-4452-9985-14f89d29482b","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":98,"box":{"x":60,"y":847,"width":884,"height":11}},{"id":"0f1458b0-6571-43d1-8368-21d7d0cce12f","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. 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US equities led the recovery,","page_number":99,"box":{"x":61,"y":168,"width":883,"height":11}},{"id":"7e9ee297-c1bb-44c3-a04c-3a8dbf4b0844","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":99,"box":{"x":60,"y":182,"width":884,"height":11}},{"id":"c9edb7b4-94bd-46ef-8c05-3773fae61b76","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":99,"box":{"x":60,"y":196,"width":884,"height":12}},{"id":"e3eb7919-5c13-41ea-bf0b-835c8f7ad104","block_type":"box","text":"backdrop has stayed supportive.","page_number":99,"box":{"x":61,"y":211,"width":234,"height":11}},{"id":"fc4e7d29-b3c5-4e82-a6b6-4723efb8602b","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":99,"box":{"x":60,"y":229,"width":884,"height":12}},{"id":"619945aa-f813-4bb6-a52a-ce0562cdcba9","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":99,"box":{"x":61,"y":244,"width":883,"height":11}},{"id":"7cbc4be1-e756-4cf5-874c-a392d3c134e4","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":99,"box":{"x":61,"y":258,"width":883,"height":11}},{"id":"cd3cfc66-2376-4a8e-a452-32225bbde518","block_type":"box","text":"noise.","page_number":99,"box":{"x":61,"y":272,"width":41,"height":9}},{"id":"0350421c-7f24-407f-8dd3-05d96861dd0e","block_type":"box","text":"Portfolio Review","page_number":99,"box":{"x":61,"y":294,"width":128,"height":9}},{"id":"8987efef-36a3-40b2-9d1c-f7a44550232a","block_type":"box","text":"In June 2025, we added JPM UK Equity Plus as a complementary strategy to sit alongside the existing managers in UK","page_number":99,"box":{"x":62,"y":312,"width":882,"height":12}},{"id":"d535c957-e9a7-41ff-9015-c177a4898f00","block_type":"box","text":"equities.","page_number":99,"box":{"x":61,"y":327,"width":59,"height":11}},{"id":"472a1524-8c0b-48ff-9262-808c24bd8400","block_type":"box","text":"In July 2025, we reduced equity exposure slightly. Within our Sector Strategy Quantitative Sector Allocation Model (QSAM),","page_number":99,"box":{"x":62,"y":348,"width":882,"height":12}},{"id":"40563740-1ab0-450a-9679-3bb1f8532374","block_type":"box","text":"we made a small increase to Utilities, reflecting changes in the","page_number":99,"box":{"x":60,"y":363,"width":452,"height":11}},{"id":"18df275d-6c52-4f07-a0ac-5127f6cc37c7","block_type":"box","text":"economic and stock data for the sector.","page_number":99,"box":{"x":512,"y":363,"width":296,"height":9}},{"id":"d0dbe79d-9eef-4c03-8adf-e8b07a2a17c3","block_type":"box","text":"We also purchased the Capital Group Emerging Markets Debt Fund.","page_number":99,"box":{"x":60,"y":385,"width":497,"height":11}},{"id":"ae60cef1-fa65-4b8b-8347-7c2522fe0161","block_type":"box","text":"In August 2025, we refreshed our strategic asset allocation SAA in line with its annual schedule. We altered our fixed","page_number":99,"box":{"x":62,"y":407,"width":882,"height":11}},{"id":"3b42a320-1764-4230-b4e2-ee93a3cf0c2a","block_type":"box","text":"income allocations from index level duration to a split of long and short duration government bonds options to manage","page_number":99,"box":{"x":61,"y":421,"width":883,"height":11}},{"id":"e44c79d3-b4b1-4829-9432-af9e654efefe","block_type":"box","text":"tactical positions. This was achieved by selling some government bonds. We also undertook some small adjustments to","page_number":99,"box":{"x":60,"y":435,"width":884,"height":11}},{"id":"b20cdd6b-b9ac-4efa-84f1-05fdf8cd499e","block_type":"box","text":"other asset classes.","page_number":99,"box":{"x":61,"y":450,"width":149,"height":8}},{"id":"72a9f2dc-fbb5-4268-a899-6f74978371f5","block_type":"box","text":"Later in the month, we also replaced two existing tactical strategies with new fund structures. The funds are managed","page_number":99,"box":{"x":61,"y":471,"width":883,"height":12}},{"id":"1c0d28b9-a8e5-496b-867e-685d9e2270b1","block_type":"box","text":"by JPMorgan with the underlying exposures specified by 7IM and allowed us to implement our existing Sector Strategy","page_number":99,"box":{"x":61,"y":486,"width":883,"height":11}},{"id":"1220eabf-8d4d-46fc-a66e-380b499ee12e","block_type":"box","text":"(QSAM) and Equity Protection Selling tactical strategies in a m","page_number":99,"box":{"x":61,"y":500,"width":452,"height":11}},{"id":"2f14b070-a81f-4180-8840-10174072d0f0","block_type":"box","text":"ore efficient and cost-effective way.","page_number":99,"box":{"x":515,"y":500,"width":253,"height":11}},{"id":"821575ee-aed2-43c1-abba-f26307afd1ff","block_type":"box","text":"Additionally, the Invesco S&P 500 Equal Weight Swap UCITS ETF replaced the existing allocation to the xTrackers S&P","page_number":99,"box":{"x":60,"y":522,"width":884,"height":11}},{"id":"703933ff-d579-48e2-87e3-0a2a8920fa46","block_type":"box","text":"500 Equal Weight UCITS ETF.","page_number":99,"box":{"x":61,"y":536,"width":220,"height":11}},{"id":"42af8484-84a3-4391-a9d2-b1b7494b81ab","block_type":"box","text":"At the start of September 2025, we increased equities slightly","page_number":99,"box":{"x":60,"y":558,"width":450,"height":11}},{"id":"50d621f5-5e51-4c26-a884-5ddab2ef8e3b","block_type":"box","text":"in line with our macroeconomic views.","page_number":99,"box":{"x":511,"y":558,"width":279,"height":9}},{"id":"41a7a676-6530-498e-8ed6-c4e9b672da96","block_type":"box","text":"November 2025 was an active month with multiple changes. Early in the month, we reduced our holdings in mid-sized US","page_number":99,"box":{"x":61,"y":580,"width":883,"height":11}},{"id":"50baaf4c-6a9b-4aeb-aede-57deb322ca35","block_type":"box","text":"companies and increased exposure to large US companies.","page_number":99,"box":{"x":61,"y":594,"width":439,"height":11}},{"id":"500920a9-a980-4f1f-ad64-05c0d3b15d67","block_type":"box","text":"The position in Premier Miton US Opportunities was also fully sold and we introduced Hermes MDT US Equity to enhance","page_number":99,"box":{"x":60,"y":616,"width":884,"height":11}},{"id":"568f9915-18da-4817-963b-9152000d91d8","block_type":"box","text":"the US equity exposure.","page_number":99,"box":{"x":60,"y":631,"width":174,"height":11}},{"id":"2eba69b3-59eb-4603-810c-37fe08da5a30","block_type":"box","text":"Bond and equity exposure remained unchanged and neutral through December 2025 and January 2026.","page_number":99,"box":{"x":61,"y":653,"width":758,"height":11}},{"id":"db1b6a6a-219d-490c-851b-dd97b48113ff","block_type":"box","text":"In January, within our Sector Strategy, (QSAM), we reduced our allocation to Financials and introduced Healthcare as a","page_number":99,"box":{"x":62,"y":674,"width":882,"height":12}},{"id":"3a9efbf5-d9a0-4982-a060-a29c02b6485e","block_type":"box","text":"new sector.","page_number":99,"box":{"x":61,"y":689,"width":81,"height":8}},{"id":"45ca33a1-77b9-4c90-8fd4-56896b99d3be","block_type":"box","text":"In February 2026, we modestly increased overall equity exposure while maintaining a broadly neutral positioning. Bond","page_number":99,"box":{"x":62,"y":711,"width":876,"height":11}},{"id":"1e2e84df-5766-4af9-ad3f-50176b0961b5","block_type":"box","text":"exposure was reduced slightly over the month before returning t","page_number":99,"box":{"x":61,"y":725,"width":463,"height":11}},{"id":"1207e388-5a86-4869-b781-64725a4cc7c6","block_type":"box","text":"o neutral in March 2026.","page_number":99,"box":{"x":524,"y":725,"width":176,"height":9}},{"id":"a4ccfeab-ce14-4f23-a34a-85583c063449","block_type":"box","text":"March 2026 saw adjustments to our sector positioning, with Healthcare and Technology removed and capital reallocated","page_number":99,"box":{"x":61,"y":747,"width":877,"height":11}},{"id":"f38d885d-69d2-4939-8cc6-d2fb59195541","block_type":"box","text":"to more ‘old economy’ sectors, including Energy, Materials, Utilities and Industrials.","page_number":99,"box":{"x":60,"y":761,"width":599,"height":11}},{"id":"dc3f3832-f5e3-46b0-9c35-a8cbab5b52cd","block_type":"box","text":"In April 2026, we made a change to how part of the equity allocation is implemented within this fund. A portion of equities is","page_number":99,"box":{"x":62,"y":783,"width":876,"height":11}},{"id":"c9c4f056-3e9f-40f4-b7e1-2ae5327c1918","block_type":"box","text":"now managed through a segregated mandate, where specialist third-party managers, Fidelity and Ninety-One have been","page_number":99,"box":{"x":61,"y":797,"width":877,"height":11}},{"id":"5dc8d824-a854-4fda-8306-8963e9e6c194","block_type":"box","text":"appointed and, are responsible for stock selection.","page_number":99,"box":{"x":61,"y":812,"width":364,"height":11}},{"id":"b0ab7895-bcea-4266-9bdb-cc812c0fe50c","block_type":"box","text":"We continue to oversee the overall portfolio, retaining full control of asset allocations, risk and manager oversight. This","page_number":99,"box":{"x":60,"y":833,"width":878,"height":12}},{"id":"0122bdd7-0119-4bd1-a92a-411eacea9d36","block_type":"box","text":"approach allows us to combine our in-house investment framework with the stock-picking expertise of leading managers,","page_number":99,"box":{"x":61,"y":848,"width":883,"height":11}},{"id":"54566080-250d-4486-addf-8cf914a52865","block_type":"box","text":"while also improving cost efficiency.","page_number":99,"box":{"x":60,"y":862,"width":263,"height":11}},{"id":"8da67327-fc3a-43ca-be01-97d8ddd5e88a","block_type":"box","text":"Positioning remained stable through April, with both equity and bond exposures unchanged.","page_number":99,"box":{"x":61,"y":884,"width":663,"height":11}},{"id":"3493452d-bfab-4f1a-bf0e-63a6847f8c6f","block_type":"box","text":"In May 2026, we reintroduced Technology within QSAM, funded by removing Utilities. Later in the month, Man High Yield","page_number":99,"box":{"x":62,"y":906,"width":882,"height":11}},{"id":"133feced-302b-4c96-ac29-4429b261d5e0","block_type":"box","text":"Opportunities was also added to portfolios.","page_number":99,"box":{"x":61,"y":920,"width":308,"height":11}},{"id":"11116daf-c8c9-49e6-a6da-7ba3de32b6f5","block_type":"box","text":"ACD’S REPORT","page_number":99,"box":{"x":60,"y":78,"width":149,"height":9}},{"id":"19a4b26e-8b91-4394-8dd0-17744944c602","block_type":"box","text":"(continued)","page_number":99,"box":{"x":210,"y":78,"width":89,"height":12}},{"id":"48694bff-a33d-423d-8de1-eba3edfafa64","block_type":"box","text":"for the","page_number":99,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"4ae1c7df-750f-4093-8430-20cc1b5a99c6","block_type":"box","text":"year","page_number":99,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"caebd402-2f25-45b1-a6de-0b27a630698b","block_type":"box","text":"r ended","page_number":99,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"5948c104-a8d0-4850-b8f6-1c1283c995c7","block_type":"box","text":"31 May 2026","page_number":99,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"7b11b8f9-907f-4026-bd99-40165c874c2d","block_type":"box","text":"Investment Manager’s Report","page_number":99,"box":{"x":61,"y":122,"width":234,"height":11}},{"id":"42cbcd8d-d4a0-4e3f-83f1-6483a0c8cbc8","block_type":"box","text":"(continued)","page_number":99,"box":{"x":296,"y":121,"width":81,"height":12}},{"id":"11bd3c3c-9d54-4ff3-bd4d-cbcf229d33cf","block_type":"box","text":"Investment Background","page_number":99,"box":{"x":61,"y":140,"width":191,"height":11}},{"id":"098438d3-ef6a-4242-9af8-ba0acd41d5b9","block_type":"box","text":"(continued)","page_number":99,"box":{"x":253,"y":140,"width":81,"height":11}},{"id":"819bddf9-54a6-4dca-9507-07594951b1f1","block_type":"box","text":"7IM MODERATELY ADVENTUROUS FUND","page_number":100,"box":{"x":61,"y":47,"width":496,"height":13}},{"id":"ae326959-ffb9-4614-894c-a537c27744c2","block_type":"box","text":"98","page_number":100,"box":{"x":61,"y":944,"width":17,"height":9}},{"id":"0ad60521-b3b1-4cce-8c27-3da1b3074922","block_type":"box","text":"Investment Outlook","page_number":100,"box":{"x":61,"y":141,"width":153,"height":9}},{"id":"69458647-409a-4747-8be3-f9b30c6693a6","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":100,"box":{"x":60,"y":156,"width":884,"height":11}},{"id":"69a20246-86ea-49bb-9500-693d0bb3d9da","block_type":"box","text":"has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":100,"box":{"x":61,"y":170,"width":883,"height":11}},{"id":"48d3b312-9032-4e75-b21e-f5b3870629fb","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade.","page_number":100,"box":{"x":60,"y":184,"width":453,"height":11}},{"id":"a48cc412-853d-46d8-890f-266622a3de8c","block_type":"box","text":"Looking ahead, we expect:","page_number":100,"box":{"x":61,"y":203,"width":193,"height":11}},{"id":"4a70b16d-0fd0-4596-aeac-0d8b42b57024","block_type":"box","text":"•","page_number":100,"box":{"x":68,"y":228,"width":5,"height":3}},{"id":"3f9a6dc2-37b1-44ca-9210-7020371c9c7b","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":100,"box":{"x":84,"y":225,"width":860,"height":11}},{"id":"74175105-7a70-4fa1-8b8e-53f15a021e24","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":100,"box":{"x":83,"y":239,"width":861,"height":11}},{"id":"c4e7d687-1e5c-4b19-a1bc-454bf92fe57e","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":100,"box":{"x":83,"y":253,"width":861,"height":11}},{"id":"09f6d481-56de-40f3-baff-e5420fa85e48","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":100,"box":{"x":83,"y":268,"width":359,"height":11}},{"id":"24eca52c-ec74-4ae3-91a1-70f49001eb06","block_type":"box","text":"•","page_number":100,"box":{"x":68,"y":293,"width":5,"height":3}},{"id":"bbba2560-0f39-46f3-96f2-93b433afe6b2","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":100,"box":{"x":84,"y":289,"width":860,"height":12}},{"id":"4674ae09-5a84-4b06-a84d-6bbe577617ca","block_type":"box","text":"and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through","page_number":100,"box":{"x":83,"y":304,"width":861,"height":11}},{"id":"c8312041-9859-43cf-a666-12b8eff40e67","block_type":"box","text":"short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply","page_number":100,"box":{"x":83,"y":318,"width":861,"height":11}},{"id":"c3b71887-fb71-49a5-9ff8-66b7447fd379","block_type":"box","text":"concerns ease, although they may remain elevated compared with","page_number":100,"box":{"x":83,"y":332,"width":488,"height":11}},{"id":"5ddd3982-6f47-474d-9aa7-11e00608b1a5","block_type":"box","text":"recent history.","page_number":100,"box":{"x":572,"y":332,"width":99,"height":11}},{"id":"511d07cd-5d0d-425f-8fe6-24dfb529e935","block_type":"box","text":"•","page_number":100,"box":{"x":68,"y":357,"width":5,"height":3}},{"id":"6e497fbc-457c-4e66-baac-50eb320be6dd","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. Strong returns from","page_number":100,"box":{"x":83,"y":354,"width":861,"height":11}},{"id":"ce3685d4-e75e-402f-8d65-7911d3d437f6","block_type":"box","text":"areas such as industrials, financials and utilities, combined with improving prospects in parts of Europe, Asia and","page_number":100,"box":{"x":83,"y":368,"width":861,"height":12}},{"id":"4461d810-ee66-4915-8d18-5b5f1dd4618a","block_type":"box","text":"emerging markets, highlight the benefits of maintaining broad ex","page_number":100,"box":{"x":83,"y":383,"width":466,"height":11}},{"id":"f086548f-e17e-49e4-a122-26765bbc0397","block_type":"box","text":"posure across global markets.","page_number":100,"box":{"x":550,"y":383,"width":217,"height":11}},{"id":"fabf556c-811e-4f4e-a8f5-5225671e0903","block_type":"box","text":"For us, this reinforces the case for diversified portfolios and a flexible investment approach. 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VaR is an advanced risk measurement","page_number":133,"box":{"x":86,"y":823,"width":853,"height":11}},{"id":"4a85ea54-e267-402c-9496-707df60c3dd4","block_type":"box","text":"methodology used to assess the Sub-fund's global exposure as set out in the Sub-fund's Risk Management Process.","page_number":133,"box":{"x":86,"y":837,"width":846,"height":11}},{"id":"d205e377-33b6-49df-a30f-6aa0520e206a","block_type":"box","text":"VaR will be used by the Sub-fund on a daily basis in accordance with the requirements of the Central Bank pursuant to","page_number":133,"box":{"x":85,"y":858,"width":859,"height":12}},{"id":"1c3932ec-d519-4395-b8b2-69c9333addeb","block_type":"box","text":"which VaR of the Sub-fund's portfolio shall not exceed 3.8% of the Net Asset Value of the Sub-fund and the one-tailed","page_number":133,"box":{"x":85,"y":873,"width":859,"height":11}},{"id":"4c349968-9396-4fc3-9892-498ac6d3a15d","block_type":"box","text":"confidence interval shall not be less than 99% with a one day holding period. The historical observation period will be","page_number":133,"box":{"x":86,"y":887,"width":858,"height":11}},{"id":"2ca2b0ed-3f40-4986-9d5b-8cbf8246a9bd","block_type":"box","text":"not less than 1 year.","page_number":133,"box":{"x":86,"y":901,"width":145,"height":11}},{"id":"73692c5f-ad02-4f6e-8914-e6af6c463d96","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS","page_number":133,"box":{"x":62,"y":78,"width":384,"height":9}},{"id":"4541dabd-00a3-42e5-9209-ffa7fd46ebdd","block_type":"box","text":"(continued)","page_number":133,"box":{"x":452,"y":78,"width":89,"height":12}},{"id":"0961e9dc-75d4-4a85-b6db-fc843270f6b6","block_type":"box","text":"for the","page_number":133,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"0141f938-4d96-44fb-a819-224c27c7c06c","block_type":"box","text":"year","page_number":133,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"c534db0e-1e69-4a20-9016-ef92b4256286","block_type":"box","text":"r ended","page_number":133,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"4ae1163b-635c-4a5e-b671-13d4c04020db","block_type":"box","text":"31 May 2026","page_number":133,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"5746d481-1fcd-415c-b8a2-48e01a127cd1","block_type":"box","text":"15","page_number":133,"box":{"x":61,"y":121,"width":17,"height":9}},{"id":"a87508be-134c-492f-9077-68a062ad7e01","block_type":"box","text":"Risk Disclosures","page_number":133,"box":{"x":86,"y":121,"width":137,"height":9}},{"id":"2a1d27f9-a37d-45e2-8536-25248faf1821","block_type":"box","text":"(continued)","page_number":133,"box":{"x":223,"y":121,"width":81,"height":11}},{"id":"4f87b4ff-d5f9-4526-a624-4c56ba1e6832","block_type":"box","text":"132","page_number":134,"box":{"x":62,"y":943,"width":25,"height":9}},{"id":"0a3f2a03-9726-45b5-8b62-a82888419275","block_type":"box","text":"7IM MODERATELY ADVENTUROUS FUND","page_number":134,"box":{"x":61,"y":47,"width":496,"height":13}},{"id":"c440cae7-cdd2-4baf-bfa3-dee1e491fff4","block_type":"box","text":"The Sub-fund measures risk using the absolute value at risk approach. The Sub-fund’s expected level of leverage","page_number":134,"box":{"x":86,"y":168,"width":858,"height":11}},{"id":"1b8d3fc0-6c29-4eef-a443-fad1cff8d821","block_type":"box","text":"(calculated as the sum of the notionals) under normal circumstances is expected to be around 40% of the Sub-fund’s","page_number":134,"box":{"x":86,"y":182,"width":858,"height":11}},{"id":"04b57e5d-aa34-4cda-8439-687e801643b9","block_type":"box","text":"Net Asset Value and is not expected to exceed 260%. It is possible that there may be higher leverage levels from time","page_number":134,"box":{"x":86,"y":196,"width":858,"height":12}},{"id":"1d7fc81b-16d9-490f-84a3-5da68863be8d","block_type":"box","text":"to time during abnormal market conditions.","page_number":134,"box":{"x":85,"y":211,"width":309,"height":11}},{"id":"e6d30b6c-06e2-45c4-b116-7ec94ffd9d3c","block_type":"box","text":"The lowest, highest and average leverage utilisation in the accounting year ended 31 May 2026 was 13%, 27% and","page_number":134,"box":{"x":86,"y":232,"width":858,"height":11}},{"id":"78e6075b-1af2-423e-a88a-515cacb7f9dc","block_type":"box","text":"15% respectively (31 May 2025: 13%, 42% and 28% respectively).","page_number":134,"box":{"x":87,"y":246,"width":481,"height":12}},{"id":"8693b232-4934-4dd3-8df9-9a12ff744432","block_type":"box","text":"VaR is calculated for the funds under the parametric method. The time horizon for the calculation is 1 day, using a 99%","page_number":134,"box":{"x":85,"y":268,"width":859,"height":11}},{"id":"406466e5-6c1b-4681-9ac8-55ed4dd75f16","block_type":"box","text":"confidence level. The methodology is derived from Bloomberg PORT’s risk engine and blends the VaR produced from","page_number":134,"box":{"x":86,"y":282,"width":858,"height":11}},{"id":"dceb76e0-9671-47f4-b6f7-3fa6887e4a6c","block_type":"box","text":"two different risk models, namely Multi-Asset Class Model (MAC): Long Term (LT) and Monthly (M). The former applies","page_number":134,"box":{"x":85,"y":296,"width":859,"height":12}},{"id":"2c1d2942-9b4d-4d2c-9d3b-62ca94aca9a5","block_type":"box","text":"an infinite half-life (exponential weighting) for calculating volatilities and correlations; the latter applies a 2-3 month half","page_number":134,"box":{"x":86,"y":311,"width":852,"height":11}},{"id":"a09e6813-fcf5-4996-81cb-7a37262a3f2c","block_type":"box","text":"life for volatilities and 10-15 month for correlations.","page_number":134,"box":{"x":86,"y":325,"width":364,"height":9}},{"id":"e017498d-5f35-4fbf-b97f-226a670db8b7","block_type":"box","text":"The reported VaR is calculated formulaically as follows: VaR = 0.5*VaRLT + 0.5*MAX(VaRLT, VaRM).","page_number":134,"box":{"x":86,"y":346,"width":731,"height":12}},{"id":"d4cf47b5-2cc3-43d9-880c-bfc945d4d367","block_type":"box","text":"The Bloomberg PORT models map individual portfolio positions onto the Bloomberg set of risk factors to backfill","page_number":134,"box":{"x":86,"y":368,"width":858,"height":11}},{"id":"afda76c3-a869-4f7e-b6ea-e8656c8874ce","block_type":"box","text":"for a time series of volatility. 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It is not liable to Income Tax but must be deducted from the cost of the shares for Capital Gains Tax purposes.","page_number":141,"box":{"x":61,"y":753,"width":877,"height":11}},{"id":"b114ddb7-c931-4f2c-af1a-d1a70c214099","block_type":"box","text":"7IM ADVENTUROUS FUND","page_number":142,"box":{"x":61,"y":47,"width":317,"height":13}},{"id":"7afbc25b-85a7-42b6-ae89-f1a7975da43f","block_type":"box","text":"140","page_number":142,"box":{"x":62,"y":944,"width":25,"height":9}},{"id":"6faac4a2-83b2-4b42-a39a-fe4177320be1","block_type":"box","text":"ACD’S REPORT","page_number":142,"box":{"x":60,"y":78,"width":143,"height":9}},{"id":"87acfa32-c25c-4a24-9dbb-9b48d87e6254","block_type":"box","text":"for the","page_number":142,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"1bb488ce-2773-4350-af19-9da7300a27d1","block_type":"box","text":"year","page_number":142,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"26db7774-0878-4dfa-a337-31af8abaad0c","block_type":"box","text":"r ended","page_number":142,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"bbcedf12-2ba5-43ab-b1d9-4739fbb375bb","block_type":"box","text":"31 May 2026","page_number":142,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"987764d4-3ad2-42aa-9820-f9df11c4da4a","block_type":"box","text":"Investment Objective and Policy \r\nctive and Policy","page_number":142,"box":{"x":61,"y":121,"width":251,"height":12}},{"id":"4858ad5c-a29a-4aa6-91a9-fb21be37a87c","block_type":"box","text":"Investment Objective and Policy","page_number":142,"box":{"x":60,"y":130,"width":2,"height":0}},{"id":"440f7b8a-4f60-444d-a7e2-183985cfa337","block_type":"box","text":"7IM Adventurous Fund (the ‘Sub-fund’) aims to provide capital growth.","page_number":142,"box":{"x":61,"y":136,"width":512,"height":12}},{"id":"11c9190e-46ed-40fd-8dd0-34134c62c1da","block_type":"box","text":"The Sub-fund invests at least 80% of its assets in other funds managed both by the Manager and by selected third party","page_number":142,"box":{"x":60,"y":158,"width":884,"height":12}},{"id":"7c665396-ab89-4563-9d8c-e87fa040c8f5","block_type":"box","text":"managers, including open-ended and closed–ended funds and exchange traded funds (ETFs), and other transferable","page_number":142,"box":{"x":61,"y":173,"width":883,"height":11}},{"id":"1e3506f3-134e-4768-aee8-45e81b0a6fa8","block_type":"box","text":"securities including fixed income, equities, warrants and structured products. This exposure may also be achieved through","page_number":142,"box":{"x":60,"y":187,"width":884,"height":11}},{"id":"43ad2adb-6d69-4ae6-a5d8-415bdf499507","block_type":"box","text":"the use of futures contracts which require cover to be held (typically in the form of money market funds and money market","page_number":142,"box":{"x":60,"y":201,"width":884,"height":11}},{"id":"d2dff714-e697-4cf1-af2c-4f3f08d41aa6","block_type":"box","text":"instruments).","page_number":142,"box":{"x":61,"y":215,"width":93,"height":12}},{"id":"d9b805de-94fd-4660-b166-e93c9b2b34be","block_type":"box","text":"Up to 20% of the Sub-fund will be invested in assets such as cash, and deposits, and may also include the use of money","page_number":142,"box":{"x":61,"y":237,"width":883,"height":12}},{"id":"2e882ab4-6bb5-4626-a73e-db4fb3507034","block_type":"box","text":"market funds and money market instruments, for more general liquidity purposes. This is additional to the holding of such","page_number":142,"box":{"x":61,"y":252,"width":883,"height":11}},{"id":"0a4b1f4e-6183-4bc5-ac3a-80d8cde06afe","block_type":"box","text":"assets as cover for futures contracts as noted above.","page_number":142,"box":{"x":61,"y":266,"width":383,"height":9}},{"id":"0f00d0be-a100-4f29-a84a-96d0f6fb25e2","block_type":"box","text":"Investment will be more focused on growth generating assets suc","page_number":142,"box":{"x":62,"y":288,"width":474,"height":11}},{"id":"717da717-bf78-4e2b-aac3-8f537eb65706","block_type":"box","text":"h as equities.","page_number":142,"box":{"x":537,"y":288,"width":94,"height":11}},{"id":"86dafa26-1708-43a6-94c4-b36405685f3d","block_type":"box","text":"The Sub-fund will invest in derivatives for efficient portfolio management (EPM) (i.e. to reduce risk or cost and, or to","page_number":142,"box":{"x":60,"y":310,"width":884,"height":11}},{"id":"a144823f-10a3-4d47-b0ae-5d9076e18b07","block_type":"box","text":"generate extra income) as well as for investment purposes.","page_number":142,"box":{"x":61,"y":324,"width":428,"height":11}},{"id":"c1f7e2d7-7114-46cf-8c49-3982b787f2fc","block_type":"box","text":"In extraordinary market conditions (such as political unrest, economic instability, war, the bankruptcy of large financial","page_number":142,"box":{"x":62,"y":346,"width":882,"height":11}},{"id":"13862061-474e-4576-846b-dd988c2c3f00","block_type":"box","text":"institutions or closure of a relevant market(s)), the Sub-fund may temporarily invest up to 100% of its total assets in","page_number":142,"box":{"x":61,"y":360,"width":883,"height":11}},{"id":"3d3f009b-9d6c-40da-9d02-c7c7d1c66ceb","block_type":"box","text":"deposits, cash, near cash, treasury bills, government bonds or short-term money market instruments.","page_number":142,"box":{"x":61,"y":375,"width":732,"height":11}},{"id":"6d37c849-e8bc-4c54-82f5-547257269846","block_type":"box","text":"Comparator Benchmark","page_number":142,"box":{"x":61,"y":396,"width":187,"height":11}},{"id":"18cefd60-2891-4e10-8846-0dd3d64c399e","block_type":"box","text":"The Sub-fund’s performance may be compared to the IA Flexible Investment Shares which has been chosen because it is","page_number":142,"box":{"x":60,"y":411,"width":884,"height":11}},{"id":"fb9a1f23-ea53-4b62-adfa-785c6854d030","block_type":"box","text":"representative of the Sub-fund’s agreed risk profile and the type of assets in which it invests. It is therefore an appropriate","page_number":142,"box":{"x":61,"y":425,"width":883,"height":12}},{"id":"6c63b6de-74f4-47cb-bdcd-751d27b4b33e","block_type":"box","text":"comparator for the Sub-fund’s performance.","page_number":142,"box":{"x":61,"y":440,"width":316,"height":11}},{"id":"be27f86c-83f3-4ed4-ab00-3a91b7e1bbad","block_type":"box","text":"Investment Manager’s Report \r\nager’s Report","page_number":142,"box":{"x":61,"y":462,"width":230,"height":11}},{"id":"b7b71ef4-14a6-4007-8ae0-d358b1b201db","block_type":"box","text":"Investment Manager’s Report","page_number":142,"box":{"x":60,"y":471,"width":2,"height":0}},{"id":"6a4f18ce-10f6-452c-bf20-d64c5af7ded0","block_type":"box","text":"Performance Report","page_number":142,"box":{"x":61,"y":480,"width":157,"height":11}},{"id":"10cfa96a-4d92-486c-9ca9-1cb9fdc2deb2","block_type":"box","text":"In the reporting year, 1 June 2025 to 31 May 2026, the portfolio delivered a total return of 22.00%","page_number":142,"box":{"x":62,"y":495,"width":701,"height":11}},{"id":"5ef4d405-99a5-498c-8994-9216e3b996d9","block_type":"box","text":"1","page_number":142,"box":{"x":765,"y":495,"width":3,"height":5}},{"id":"1e66d742-77c6-47f3-83e8-650a56ed380e","block_type":"box","text":".","page_number":142,"box":{"x":771,"y":502,"width":2,"height":2}},{"id":"70036858-9895-4824-a960-cefaea31420f","block_type":"box","text":"The Sub-fund outperformed its IA sector peer group comparator. The strategic asset allocation strongly benefitted from an","page_number":142,"box":{"x":60,"y":514,"width":884,"height":11}},{"id":"a4c82e29-5c77-4c29-8770-6cfed0becd20","block_type":"box","text":"overweight to equity risk assets which rebounded post US tariff volatility and was buoyed even further by optimism around","page_number":142,"box":{"x":61,"y":528,"width":883,"height":11}},{"id":"e2953e3f-08c0-4cca-bc77-a1ee17d68b59","block_type":"box","text":"AI growth. The tactical allocation detracted slightly due to tilting away from the large mega cap tech stocks. Also, manager","page_number":142,"box":{"x":60,"y":542,"width":884,"height":11}},{"id":"b938095b-e0cb-4cba-8973-99d6787ece0b","block_type":"box","text":"selection was a modest headwind, particularly within UK equities. The 1 year, 3 year and 5 year relative performance to the","page_number":142,"box":{"x":60,"y":556,"width":884,"height":12}},{"id":"97a9e57a-67be-4961-a1c2-0a22f43118af","block_type":"box","text":"benchmark was 1.4%, (5.1)%, (3.4)% respectively.","page_number":142,"box":{"x":61,"y":571,"width":365,"height":11}},{"id":"396b848b-87f9-4c67-9894-0f7858d62fa7","block_type":"box","text":"Investment Background","page_number":142,"box":{"x":61,"y":593,"width":186,"height":11}},{"id":"2c16d237-23dd-406c-9df0-db85f13e1933","block_type":"box","text":"Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical","page_number":142,"box":{"x":61,"y":611,"width":883,"height":11}},{"id":"8855bdf8-cd9e-4708-8aae-b0c358e5eabc","block_type":"box","text":"uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year","page_number":142,"box":{"x":61,"y":625,"width":883,"height":11}},{"id":"01387f69-81f3-42b5-9dc9-22a14e461057","block_type":"box","text":"defined by resilience, strong corporate earnings and continued e","page_number":142,"box":{"x":61,"y":639,"width":466,"height":11}},{"id":"a4bacccb-9a07-442e-a4c7-9e98bb63477c","block_type":"box","text":"nthusiasm for artificial intelligence.","page_number":142,"box":{"x":529,"y":639,"width":247,"height":11}},{"id":"018dfaf7-100b-43d7-aee9-0cfa4013cb66","block_type":"box","text":"During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have","page_number":142,"box":{"x":61,"y":661,"width":883,"height":11}},{"id":"ec5f3c07-8463-45e3-831a-e2bf37703c6e","block_type":"box","text":"unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed","page_number":142,"box":{"x":61,"y":675,"width":883,"height":12}},{"id":"e74bdceb-620e-49b2-9fea-78afd7c5120f","block_type":"box","text":"to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such","page_number":142,"box":{"x":60,"y":690,"width":878,"height":11}},{"id":"4a01da6a-9613-4a04-b732-436a8da620fe","block_type":"box","text":"as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate","page_number":142,"box":{"x":61,"y":704,"width":877,"height":11}},{"id":"d20622f1-5c20-48c7-b8b8-50893a579eaf","block_type":"box","text":"earnings—particularly from large technology companies—further underpinned performance. Returns broadened beyond","page_number":142,"box":{"x":61,"y":718,"width":877,"height":11}},{"id":"21b4d3fb-0d48-4cd7-bcfb-1a9d9cd2ce1d","block_type":"box","text":"the US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained","page_number":142,"box":{"x":60,"y":732,"width":878,"height":12}},{"id":"cec181c5-47ac-4165-a902-8829d0e6793b","block_type":"box","text":"a key driver of market leadership.","page_number":142,"box":{"x":61,"y":747,"width":240,"height":11}},{"id":"68961a77-deed-460c-8981-b8d90ac2c3e3","block_type":"box","text":"Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding","page_number":142,"box":{"x":61,"y":769,"width":877,"height":11}},{"id":"396259b9-2cd9-4c30-a6bc-733f3aff496f","block_type":"box","text":"government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive","page_number":142,"box":{"x":61,"y":783,"width":877,"height":11}},{"id":"d8fa15b5-0c42-4d09-a096-d4df65e7aedc","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit","page_number":142,"box":{"x":61,"y":797,"width":443,"height":11}},{"id":"06b45688-fae6-4f61-b556-a9e4035aed6e","block_type":"box","text":"generally outperforming longer-duration holdings.","page_number":142,"box":{"x":509,"y":797,"width":356,"height":11}},{"id":"abc2409d-34d0-4b70-9a22-d7b38052e647","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":142,"box":{"x":60,"y":819,"width":878,"height":11}},{"id":"f0f13ee9-b175-4deb-b6df-31900cdd0434","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":142,"box":{"x":61,"y":833,"width":878,"height":12}},{"id":"daa124c1-6b20-4fda-8b9b-39451c55ed30","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":142,"box":{"x":60,"y":848,"width":884,"height":11}},{"id":"3c80c757-fe3b-4002-85bc-2db8a7e23d49","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":142,"box":{"x":60,"y":862,"width":884,"height":11}},{"id":"3c0c9155-31af-4790-bd22-5fc064dca14c","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":142,"box":{"x":61,"y":876,"width":397,"height":11}},{"id":"f39ab4d9-a79d-43cc-a028-631a64a5ba31","block_type":"box","text":"1","page_number":142,"box":{"x":61,"y":913,"width":3,"height":5}},{"id":"00050b39-ac0d-4752-8fa7-66fe58502470","block_type":"box","text":"Calculated using 7IM Adventurous Fund C Acc shares, published prices. Source: NTRS.","page_number":142,"box":{"x":65,"y":914,"width":644,"height":11}},{"id":"ec621af4-63c0-4c22-be82-32686df60b32","block_type":"box","text":"7IM ADVENTUROUS FUND","page_number":143,"box":{"x":61,"y":47,"width":317,"height":13}},{"id":"89635585-3594-466a-82c2-dbee3ab5035b","block_type":"box","text":"141","page_number":143,"box":{"x":913,"y":945,"width":23,"height":8}},{"id":"76ad3c25-ddf0-4c0e-816c-d2f1a0c6d5b1","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":143,"box":{"x":61,"y":158,"width":883,"height":11}},{"id":"9e4049f6-b5db-46d4-905d-db008c3b70df","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":143,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"fd7939cd-a90a-49b2-bcc5-bc8183ee69b2","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":143,"box":{"x":60,"y":186,"width":884,"height":11}},{"id":"1b5c1af5-fe41-4149-b202-106a7135b1c6","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":143,"box":{"x":60,"y":200,"width":884,"height":12}},{"id":"1157b944-f2ee-4e12-a20f-728813a89f49","block_type":"box","text":"backdrop has stayed supportive.","page_number":143,"box":{"x":61,"y":215,"width":234,"height":11}},{"id":"6ca8c219-5cdd-4118-adc8-5f53c9c9f1b8","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":143,"box":{"x":60,"y":236,"width":884,"height":12}},{"id":"f05d9841-8dbd-403c-b48f-155520a5fd5a","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":143,"box":{"x":61,"y":251,"width":883,"height":11}},{"id":"0011e0bc-3de1-4e09-97ca-972235b64394","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":143,"box":{"x":61,"y":265,"width":883,"height":11}},{"id":"95f11aff-1b25-49b9-9823-ca74d9eaac6e","block_type":"box","text":"noise.","page_number":143,"box":{"x":61,"y":280,"width":41,"height":8}},{"id":"4a55a660-f3f4-4e0f-b812-f9d15b31bc16","block_type":"box","text":"Portfolio Review","page_number":143,"box":{"x":61,"y":301,"width":128,"height":9}},{"id":"8c2a29b3-25c0-4785-a2c6-9d37a6fc9165","block_type":"box","text":"In June 2025, we added JPM UK Equity Plus as a complementary strategy to sit alongside the existing managers in UK","page_number":143,"box":{"x":62,"y":319,"width":882,"height":12}},{"id":"a9b517dc-d390-49dd-b1d2-1fed1f127d50","block_type":"box","text":"equities.","page_number":143,"box":{"x":61,"y":334,"width":59,"height":11}},{"id":"652ee504-0d63-4025-a19a-0e48a0493baf","block_type":"box","text":"In July 2025, we reduced equity exposure slightly. Within our Sector Strategy Quantitative Sector Allocation Model (QSAM),","page_number":143,"box":{"x":62,"y":355,"width":882,"height":12}},{"id":"602017b8-024a-452b-9fe9-16eafc608bb5","block_type":"box","text":"we made a small increase to Utilities, reflecting changes in the economic and stock data for the sector. We also purchased","page_number":143,"box":{"x":60,"y":370,"width":884,"height":11}},{"id":"290f6d33-e9d1-4461-8c0e-d5d817b4db2d","block_type":"box","text":"the Capital Group Emerging Markets Debt Fund.","page_number":143,"box":{"x":60,"y":384,"width":352,"height":11}},{"id":"2d92b842-51fc-4632-b2dc-c1cd708c8c75","block_type":"box","text":"In August 2025, we refreshed our strategic asset allocation (SAA) in line with its annual schedule. We altered our fixed","page_number":143,"box":{"x":62,"y":406,"width":882,"height":11}},{"id":"892ec596-7102-42ab-8adc-7dda025f0345","block_type":"box","text":"income allocations from index level duration to a split of long and short duration government bonds options to manage","page_number":143,"box":{"x":61,"y":420,"width":883,"height":11}},{"id":"f2bc0228-e721-46e1-810f-4de967a78810","block_type":"box","text":"tactical positions. This was achieved by selling some government bonds. We also undertook some small adjustments to","page_number":143,"box":{"x":60,"y":435,"width":884,"height":11}},{"id":"90aa79bb-e5a8-418d-b6a4-6944a84b9bbf","block_type":"box","text":"other asset classes.","page_number":143,"box":{"x":61,"y":449,"width":143,"height":9}},{"id":"9ec9e7ae-ac35-4e47-8012-46f8107d53ba","block_type":"box","text":"Later in the month, we also replaced two existing tactical strategies with new fund structures. The funds are managed","page_number":143,"box":{"x":61,"y":471,"width":883,"height":11}},{"id":"9fefc780-a695-46eb-b356-55fc7a36aa72","block_type":"box","text":"by JPMorgan with the underlying exposures specified by 7IM and allowed us to implement our existing Sector Strategy","page_number":143,"box":{"x":61,"y":485,"width":883,"height":11}},{"id":"2fcc0812-f5cb-45cd-949b-43418c404807","block_type":"box","text":"(QSAM) and Equity Protection Selling tactical strategies in a m","page_number":143,"box":{"x":61,"y":499,"width":452,"height":11}},{"id":"d1605cc0-baca-4ba7-8fe3-09fb73313cda","block_type":"box","text":"ore efficient and cost-effective way.","page_number":143,"box":{"x":515,"y":499,"width":253,"height":11}},{"id":"9e6345ec-5462-45fa-899d-c8f4cd5aa61b","block_type":"box","text":"Additionally, the Invesco S&P 500 Equal Weight Swap UCITS ETF replaced the existing allocation to the xTrackers S&P","page_number":143,"box":{"x":60,"y":521,"width":884,"height":11}},{"id":"b0ad737d-b4f6-4b9d-858b-25be5ad425cb","block_type":"box","text":"500 Equal Weight UCITS ETF.","page_number":143,"box":{"x":61,"y":536,"width":220,"height":11}},{"id":"70c531f4-b86b-4a90-864c-67ed704111c6","block_type":"box","text":"At the start of September 2025, we increased equities slightly","page_number":143,"box":{"x":60,"y":557,"width":450,"height":12}},{"id":"268c67f0-33ac-4e65-a6bb-8a774c8ccd6a","block_type":"box","text":"in line with our macroeconomic views.","page_number":143,"box":{"x":511,"y":557,"width":279,"height":9}},{"id":"d3aeab55-3f4c-4ac5-a24e-7385e0eebad1","block_type":"box","text":"November 2025 was an active month with multiple changes. Early in the month, we reduced our holdings in mid-sized US","page_number":143,"box":{"x":61,"y":579,"width":883,"height":12}},{"id":"7da8c867-c7bd-42f4-b91f-6f074c4e938c","block_type":"box","text":"companies and increased exposure to large US companies.","page_number":143,"box":{"x":61,"y":594,"width":439,"height":11}},{"id":"42ad10f3-bf75-4942-9c78-6b5e2dcecbb5","block_type":"box","text":"The position in Premier Miton US Opportunities was also fully sold and we introduced Hermes MDT US Equity to enhance","page_number":143,"box":{"x":60,"y":615,"width":884,"height":12}},{"id":"8f811622-71cc-44ac-9f47-cb75001bd79b","block_type":"box","text":"the US equity exposure.","page_number":143,"box":{"x":60,"y":630,"width":174,"height":11}},{"id":"6cf5f1a0-95c2-48cb-8842-10b1ce3d488d","block_type":"box","text":"Bond and equity exposure remained unchanged and neutral through December 2025 and January 2026.","page_number":143,"box":{"x":61,"y":652,"width":758,"height":11}},{"id":"01f5a0e1-d227-48d5-9e1c-1be0e8ff2bad","block_type":"box","text":"In January, within our Sector Strategy, (QSAM), we reduced our allocation to Financials and introduced Healthcare as a","page_number":143,"box":{"x":62,"y":674,"width":882,"height":11}},{"id":"734fb495-faff-4306-aeeb-38d97805c87c","block_type":"box","text":"new sector.","page_number":143,"box":{"x":61,"y":688,"width":81,"height":9}},{"id":"8d670787-39b2-4cf2-b5d9-b038b44f9461","block_type":"box","text":"In February 2026, we modestly increased overall equity exposure while maintaining a broadly neutral positioning. Bond","page_number":143,"box":{"x":62,"y":710,"width":876,"height":11}},{"id":"f8404058-fb07-4efe-8887-60fa614fd742","block_type":"box","text":"exposure was reduced slightly over the month before returning t","page_number":143,"box":{"x":61,"y":724,"width":463,"height":11}},{"id":"92929f9e-4503-4c19-9641-48e04bb5c852","block_type":"box","text":"o neutral in March.","page_number":143,"box":{"x":524,"y":724,"width":134,"height":9}},{"id":"3d5e7481-c452-4874-94a6-b0b67486aef1","block_type":"box","text":"March 2026 saw adjustments to our sector positioning, with Healthcare and Technology removed and capital reallocated","page_number":143,"box":{"x":61,"y":746,"width":877,"height":11}},{"id":"13eea3b0-a8de-456f-aa20-a99d7aef0b36","block_type":"box","text":"to more ‘old economy’ sectors, including Energy, Materials, Utilities and Industrials.","page_number":143,"box":{"x":60,"y":760,"width":599,"height":12}},{"id":"6979ac3b-92d4-4b06-aca2-a3fd70372d93","block_type":"box","text":"In April 2026, we made a change to how part of the equity allocation is implemented within this fund. 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This","page_number":143,"box":{"x":60,"y":833,"width":878,"height":11}},{"id":"e26a8a0c-ff4b-4eb5-9336-78ddb98c6282","block_type":"box","text":"approach allows us to combine our in-house investment framework with the stock-picking expertise of leading managers,","page_number":143,"box":{"x":61,"y":847,"width":883,"height":11}},{"id":"ab4142ef-8992-459f-bfb4-9c6da9c7a617","block_type":"box","text":"while also improving cost efficiency.","page_number":143,"box":{"x":60,"y":861,"width":263,"height":11}},{"id":"8fddd6d5-0193-4989-8151-26a63d91cd22","block_type":"box","text":"Positioning remained stable through April 2026, with both equity and bond exposures unchanged.","page_number":143,"box":{"x":61,"y":883,"width":705,"height":11}},{"id":"22bc315a-e2fd-4512-aeea-09487a4b957a","block_type":"box","text":"In May 2026, we reintroduced Technology within QSAM, funded by removing Utilities.","page_number":143,"box":{"x":62,"y":905,"width":616,"height":11}},{"id":"fdd4d338-f24e-4b1d-9b27-fe46ab81e19f","block_type":"box","text":"ACD’S REPORT","page_number":143,"box":{"x":60,"y":78,"width":149,"height":9}},{"id":"38dcae5f-d8ad-490a-bb07-998d0a2ce329","block_type":"box","text":"(continued)","page_number":143,"box":{"x":210,"y":78,"width":89,"height":12}},{"id":"d3297100-40e7-4080-a6a5-d7394837a432","block_type":"box","text":"for the","page_number":143,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"5f3bfcce-772c-4e0a-91f2-ef4f7ed62f5c","block_type":"box","text":"year","page_number":143,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"8bc38630-b686-4abf-8a7b-d309a1e7048f","block_type":"box","text":"r ended","page_number":143,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"dbaf2698-dd66-42fe-977d-449dfd54f5ad","block_type":"box","text":"31 May 2026","page_number":143,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"1c417a50-3a87-4766-84a6-59104fb4c7a1","block_type":"box","text":"Investment Manager’s Report","page_number":143,"box":{"x":61,"y":122,"width":234,"height":11}},{"id":"2422adf0-eec1-4518-a5c7-0172cc5f1d2e","block_type":"box","text":"(continued)","page_number":143,"box":{"x":296,"y":121,"width":81,"height":12}},{"id":"b8e6c987-80ea-4420-a893-dc3e410d1c8f","block_type":"box","text":"Investment Background","page_number":143,"box":{"x":61,"y":140,"width":191,"height":11}},{"id":"d2884c84-982a-4499-a485-55e94feeb2b4","block_type":"box","text":"(continued)","page_number":143,"box":{"x":253,"y":140,"width":81,"height":11}},{"id":"6f962156-2deb-4854-865b-16406ddc5a9c","block_type":"box","text":"7IM ADVENTUROUS FUND","page_number":144,"box":{"x":61,"y":47,"width":317,"height":13}},{"id":"b236fce6-e3ab-4484-a981-b959822a5dd5","block_type":"box","text":"142","page_number":144,"box":{"x":62,"y":945,"width":25,"height":8}},{"id":"7825be1f-ef97-48ba-ae2f-e24774d8fa62","block_type":"box","text":"Investment Outlook","page_number":144,"box":{"x":61,"y":141,"width":153,"height":9}},{"id":"e1e74624-816c-48c2-8a37-fcb6f14593be","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":144,"box":{"x":60,"y":159,"width":884,"height":11}},{"id":"bace51e3-c439-4488-873b-e48b01d62d36","block_type":"box","text":"has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":144,"box":{"x":61,"y":173,"width":883,"height":11}},{"id":"1c021893-ef80-4ec2-9119-3518646e0636","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade.","page_number":144,"box":{"x":60,"y":187,"width":453,"height":11}},{"id":"cd0c80e1-c307-4dbe-a4c0-4ea088d55542","block_type":"box","text":"Looking ahead, we expect:","page_number":144,"box":{"x":61,"y":209,"width":193,"height":11}},{"id":"a06da916-4e42-4e6e-8c5b-47cc2629fcec","block_type":"box","text":"•","page_number":144,"box":{"x":68,"y":234,"width":5,"height":3}},{"id":"f6b8be96-5161-4c07-9a1c-3f3217e9b1f8","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":144,"box":{"x":84,"y":231,"width":860,"height":11}},{"id":"541e1092-fd4f-40d1-b889-543fc1116cac","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":144,"box":{"x":83,"y":245,"width":861,"height":12}},{"id":"5c90e5e0-a97e-4d13-8814-2e64ef57f7ba","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":144,"box":{"x":83,"y":260,"width":861,"height":11}},{"id":"584bbbac-65fc-4d45-baa3-abae7446a08b","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":144,"box":{"x":83,"y":274,"width":359,"height":11}},{"id":"fe17128d-aaec-4065-b846-dcce76f49b1f","block_type":"box","text":"•","page_number":144,"box":{"x":68,"y":299,"width":5,"height":3}},{"id":"64723dab-866b-412e-a977-e52e1e1a8d0f","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":144,"box":{"x":84,"y":296,"width":860,"height":11}},{"id":"fde30bb3-7acb-4e2a-a2f8-99ea599f3e30","block_type":"box","text":"and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through","page_number":144,"box":{"x":83,"y":310,"width":861,"height":11}},{"id":"5f019241-4f70-4d69-af75-90eb87636da5","block_type":"box","text":"short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply","page_number":144,"box":{"x":83,"y":324,"width":861,"height":12}},{"id":"6585294a-5fd0-4518-b464-c1562acc4c4b","block_type":"box","text":"concerns ease, although they may remain elevated compared with","page_number":144,"box":{"x":83,"y":339,"width":488,"height":11}},{"id":"9279ed75-fc76-4934-b8bf-ebd37efac776","block_type":"box","text":"recent history.","page_number":144,"box":{"x":572,"y":339,"width":99,"height":11}},{"id":"6dbf2b6d-6912-4e09-ac61-37f2cff3b7f0","block_type":"box","text":"•","page_number":144,"box":{"x":68,"y":364,"width":5,"height":3}},{"id":"ce2c0132-6d5a-47ac-b0bc-fd38245b00d5","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. Strong returns from","page_number":144,"box":{"x":83,"y":361,"width":861,"height":11}},{"id":"3f295c86-966f-474a-b18d-e54c8a2e5d13","block_type":"box","text":"areas such as industrials, financials and utilities, combined with improving prospects in parts of Europe, Asia and","page_number":144,"box":{"x":83,"y":375,"width":861,"height":11}},{"id":"9867df0f-9229-4c4a-955b-8298f1467e51","block_type":"box","text":"emerging markets, highlight the benefits of maintaining broad ex","page_number":144,"box":{"x":83,"y":389,"width":466,"height":11}},{"id":"0a567353-86a1-4d5b-9c01-4ffd0dc0f034","block_type":"box","text":"posure across global markets.","page_number":144,"box":{"x":550,"y":389,"width":217,"height":11}},{"id":"48bba7b5-3523-46e8-b5e8-4c9ed3dabd43","block_type":"box","text":"For us, this reinforces the case for diversified portfolios and a flexible investment approach. 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In a world where leadership is broadening and market conditions can change quickly, spreading risk","page_number":144,"box":{"x":61,"y":440,"width":883,"height":11}},{"id":"6235957e-ab32-4638-8364-fd9f3417f95a","block_type":"box","text":"remains one of the most effective ways to navigate uncertainty a","page_number":144,"box":{"x":61,"y":454,"width":466,"height":11}},{"id":"2ff260a0-33dd-42e2-8e7a-09636c971638","block_type":"box","text":"nd capture long-term opportunities","page_number":144,"box":{"x":528,"y":454,"width":249,"height":11}},{"id":"225aee27-1ad3-4d7c-b800-ec73e68425db","block_type":"box","text":"Seven Investment Management LLP","page_number":144,"box":{"x":61,"y":497,"width":270,"height":11}},{"id":"033719e2-7085-48e3-90a3-d9d9818ea515","block_type":"box","text":"Investment Manager","page_number":144,"box":{"x":62,"y":511,"width":153,"height":11}},{"id":"6700a048-d4dc-4c14-b98c-e2018a3fe5ae","block_type":"box","text":"September 2026","page_number":144,"box":{"x":61,"y":525,"width":120,"height":11}},{"id":"3ae166e1-0178-412f-b183-5f006cd54570","block_type":"box","text":"ACD’S REPORT","page_number":144,"box":{"x":60,"y":79,"width":149,"height":9}},{"id":"108414fe-3c75-4fbc-b406-e66cfe12e172","block_type":"box","text":"(continued)","page_number":144,"box":{"x":210,"y":79,"width":89,"height":12}},{"id":"2e57f19f-e852-4106-81d7-1516144291ce","block_type":"box","text":"for the","page_number":144,"box":{"x":60,"y":94,"width":51,"height":9}},{"id":"850306f9-6461-4131-bb3f-ee95932e7491","block_type":"box","text":"year","page_number":144,"box":{"x":111,"y":96,"width":32,"height":9}},{"id":"ed657889-e332-4911-bed1-fa92c3002d6b","block_type":"box","text":"r ended","page_number":144,"box":{"x":143,"y":94,"width":55,"height":9}},{"id":"c37425e1-a3ba-4280-983a-1b8d24360c5d","block_type":"box","text":"31 May 2026","page_number":144,"box":{"x":199,"y":94,"width":93,"height":11}},{"id":"94e0a77b-cb1f-4d2b-ad52-3e678b34a691","block_type":"box","text":"Investment Manager’s Report","page_number":144,"box":{"x":61,"y":123,"width":234,"height":11}},{"id":"82b584f1-81d3-4992-ba1b-de13447d8d1c","block_type":"box","text":"(continued)","page_number":144,"box":{"x":296,"y":123,"width":81,"height":11}},{"id":"aec6c552-4dda-42e0-a81e-c99a97bd9f0c","block_type":"box","text":"7IM ADVENTUROUS FUND","page_number":145,"box":{"x":61,"y":47,"width":317,"height":13}},{"id":"dee5c46f-a8e7-4e13-a065-06bb94ce037f","block_type":"box","text":"143","page_number":145,"box":{"x":913,"y":945,"width":25,"height":8}},{"id":"2adf6bd2-20d8-4a07-8f78-379fc25a106d","block_type":"box","text":"FUND INFORMATION","page_number":145,"box":{"x":62,"y":78,"width":189,"height":9}},{"id":"0dd5d1e2-93be-40b5-b5e1-4eb83a39854c","block_type":"box","text":"The Comparative Tables on pages 144 to 151 give the performance of each active share class in the Sub-fund.","page_number":145,"box":{"x":60,"y":93,"width":804,"height":11}},{"id":"78c9f362-4243-456a-84e6-8df79afc20d3","block_type":"box","text":"The ‘Return after charges’ disclosed in the Comparative Tables is calculated as the return after operating charges per","page_number":145,"box":{"x":60,"y":115,"width":884,"height":11}},{"id":"a449db19-4467-4e66-a52b-46ddd1bba195","block_type":"box","text":"share divided by the opening net asset value per share. 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Unlike shares whereby broker commissions and stamp duty","page_number":145,"box":{"x":61,"y":266,"width":883,"height":12}},{"id":"4e945238-ffbb-41ba-b832-c72b9d6fa9a0","block_type":"box","text":"are paid by the Sub-fund on each transaction, other types of investments (such as bonds, money instruments, derivatives,","page_number":145,"box":{"x":61,"y":281,"width":883,"height":11}},{"id":"0b538fce-1675-40c1-a51f-90f2d2badb05","block_type":"box","text":"collective investment schemes) do not have separately identifiable transaction costs; these costs form part of the dealing","page_number":145,"box":{"x":61,"y":295,"width":883,"height":11}},{"id":"dc751225-fe26-4686-a984-876c029a71ed","block_type":"box","text":"spread. 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The amounts payable to 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other","page_number":167,"box":{"x":86,"y":353,"width":858,"height":11}},{"id":"80ba46e4-a17e-45ad-aaa9-82aa2212c6a9","block_type":"box","text":"balances as at year end are £Nil (2025: £Nil).","page_number":167,"box":{"x":86,"y":367,"width":327,"height":12}},{"id":"c7525d4c-8432-4180-bd35-d3fac159c7b0","block_type":"box","text":"The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are","page_number":167,"box":{"x":86,"y":389,"width":858,"height":11}},{"id":"69186bfc-cbda-406c-9139-6eca785f2b08","block_type":"box","text":"disclosed in the Statement of Change in Net Assets Attributable to Shareholders on","page_number":167,"box":{"x":86,"y":403,"width":609,"height":11}},{"id":"9fe6f0ac-cfe3-45e5-8526-1dd7099dd76b","block_type":"box","text":"page 158","page_number":167,"box":{"x":696,"y":403,"width":67,"height":11}},{"id":"a8737eb9-19cc-483d-962d-0af9a007e7cd","block_type":"box","text":". Amounts due from and","page_number":167,"box":{"x":765,"y":403,"width":179,"height":9}},{"id":"56cfe1b8-5743-47d9-8c48-256d76b1ce86","block_type":"box","text":"to the ACD in respect of share transactions at the balance sheet date are £641,177 (2025: £653,067) and £131,542","page_number":167,"box":{"x":85,"y":417,"width":859,"height":12}},{"id":"7ef6766d-a3c8-434e-803d-d8927afb6a0c","block_type":"box","text":"(2025: £101,565), respectively.","page_number":167,"box":{"x":86,"y":432,"width":222,"height":11}},{"id":"b1fa5654-984b-46ba-b4ca-63f7ab3ca0e4","block_type":"box","text":"A shareholder may be able to exercise significant influence over the financial and operating policies of the Sub-fund and","page_number":167,"box":{"x":85,"y":453,"width":859,"height":11}},{"id":"a31bd685-7b2c-4702-983d-7e60b4f684fa","block_type":"box","text":"as such is deemed to be a related party. At the balance sheet date the following shareholder held in excess of 20% of","page_number":167,"box":{"x":86,"y":467,"width":858,"height":12}},{"id":"8c0af99c-fb27-4f2e-a225-8987ad1f04cb","block_type":"box","text":"the shares in issue of the Sub-fund:","page_number":167,"box":{"x":85,"y":482,"width":257,"height":8}},{"id":"89913692-abe6-42da-89a9-a50b521944d5","block_type":"box","text":"Pershing Nominees Limited","page_number":167,"box":{"x":86,"y":505,"width":179,"height":10}},{"id":"9014dc78-a61c-4431-a10d-7b80cb0f2b6d","block_type":"box","text":"77.00% (2025: 73.36%)","page_number":167,"box":{"x":784,"y":505,"width":154,"height":10}},{"id":"7618b980-4f9b-44f0-bb65-b0de55023afa","block_type":"box","text":"The net value of creations and cancellations for Pershing Nominees Limited during the year totalled £14,590,153","page_number":167,"box":{"x":86,"y":523,"width":858,"height":12}},{"id":"96008c85-bb73-404b-b45c-bea922aea960","block_type":"box","text":"(2025: £72,684,103). 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It is possible that there may be higher leverage levels from","page_number":171,"box":{"x":85,"y":565,"width":859,"height":11}},{"id":"4dfda91c-4ba7-4695-8ce9-cc7dbe054356","block_type":"box","text":"time to time during abnormal market conditions.","page_number":171,"box":{"x":85,"y":580,"width":345,"height":11}},{"id":"50e0770f-27a4-40e3-9bee-23100974df3c","block_type":"box","text":"The lowest, highest and average leverage utilisation in the accounting year ended","page_number":171,"box":{"x":86,"y":601,"width":600,"height":11}},{"id":"83475e58-cb12-459f-a237-ea0eaa47786a","block_type":"box","text":"31 May 2026","page_number":171,"box":{"x":687,"y":601,"width":94,"height":11}},{"id":"cae1e3be-5a0a-478e-a517-b06a353dd27e","block_type":"box","text":"was 3%, 8% and 5%","page_number":171,"box":{"x":782,"y":601,"width":162,"height":10}},{"id":"e48bd2c1-06ba-43b0-8854-db5174e03efc","block_type":"box","text":"respectively (","page_number":171,"box":{"x":86,"y":615,"width":95,"height":11}},{"id":"5dfabf38-403b-4208-a304-bb4a6d1621c5","block_type":"box","text":"31 May","page_number":171,"box":{"x":182,"y":615,"width":54,"height":11}},{"id":"281a310f-6431-4ae8-9b37-3daa686d22ad","block_type":"box","text":"y 20","page_number":171,"box":{"x":236,"y":615,"width":22,"height":9}},{"id":"c6eccfec-34cd-49be-af63-f61134e4b3d9","block_type":"box","text":"2","page_number":171,"box":{"x":259,"y":615,"width":8,"height":9}},{"id":"22151480-3e9a-46d7-aecf-d9140c5933d6","block_type":"box","text":"5","page_number":171,"box":{"x":269,"y":615,"width":8,"height":9}},{"id":"7c8f403c-84ee-43b2-bbc3-c2e06616a1ff","block_type":"box","text":": 8%, 30% and 19% respectively).","page_number":171,"box":{"x":279,"y":615,"width":243,"height":11}},{"id":"6bc87b28-dffd-413a-92b9-c4370dad80ed","block_type":"box","text":"VaR is calculated for the funds under the parametric method. 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It is therefore an","page_number":178,"box":{"x":61,"y":436,"width":883,"height":12}},{"id":"a14a8124-f355-49bb-be32-ef81d06f59ac","block_type":"box","text":"appropriate comparator for the Sub-fund’s performance.","page_number":178,"box":{"x":61,"y":451,"width":404,"height":11}},{"id":"422e9dc8-4ed5-412b-b39b-891a56575fc7","block_type":"box","text":"Investment Manager’s Report \r\nager’s Report","page_number":178,"box":{"x":61,"y":473,"width":230,"height":11}},{"id":"08859ccc-2cf3-48c8-9582-d6769d6f5c0d","block_type":"box","text":"Investment Manager’s Report","page_number":178,"box":{"x":60,"y":481,"width":2,"height":1}},{"id":"372e3d35-2276-4659-9b3a-9ae0dfed9e31","block_type":"box","text":"Performance Report","page_number":178,"box":{"x":61,"y":491,"width":157,"height":11}},{"id":"281e8c8a-3cfa-4dd3-a0d0-792b8c5a48e8","block_type":"box","text":"In the reporting year, 1 June 2025 to 31 May 2026, the portfolio delivered a total return of 11.63%","page_number":178,"box":{"x":62,"y":509,"width":700,"height":11}},{"id":"c60db8f4-b388-44cc-a059-8b94e4f5dd76","block_type":"box","text":"1","page_number":178,"box":{"x":764,"y":509,"width":3,"height":5}},{"id":"72d1a445-ff8c-4b14-901c-0f0b988bda24","block_type":"box","text":".","page_number":178,"box":{"x":770,"y":517,"width":2,"height":1}},{"id":"3846fd2a-a887-4c41-8314-0d0f63c69c51","block_type":"box","text":"The Sub-fund underperformed its IA sector comparator over the last year. 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The 1 year, 3 year and 5 year relative performance to the","page_number":178,"box":{"x":61,"y":574,"width":883,"height":11}},{"id":"b8f81c2a-47e9-4856-b275-dd11b65e2ad5","block_type":"box","text":"benchmark was (2.0)%, (8.4)%, (10.6)% respectively.","page_number":178,"box":{"x":61,"y":588,"width":385,"height":11}},{"id":"c0e421ef-0d2c-4b5c-869b-a232a28aca4e","block_type":"box","text":"Investment Background","page_number":178,"box":{"x":61,"y":610,"width":192,"height":11}},{"id":"7a5b6f9e-21c8-48c6-993e-8beccee1489c","block_type":"box","text":"Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical","page_number":178,"box":{"x":61,"y":628,"width":883,"height":11}},{"id":"f2a34a71-e32f-4c4c-b999-7c7e6983f97b","block_type":"box","text":"uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year","page_number":178,"box":{"x":61,"y":642,"width":883,"height":11}},{"id":"33399cb9-7f72-436f-afe6-7513c37bda64","block_type":"box","text":"defined by resilience, strong corporate earnings and continued e","page_number":178,"box":{"x":61,"y":656,"width":466,"height":12}},{"id":"fdf78d28-4afd-42eb-89a2-818e4237167a","block_type":"box","text":"nthusiasm for artificial intelligence.","page_number":178,"box":{"x":529,"y":656,"width":247,"height":12}},{"id":"54dc8c05-5e07-44e6-972c-fd1a07b98c91","block_type":"box","text":"During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have","page_number":178,"box":{"x":61,"y":678,"width":883,"height":12}},{"id":"d42208e0-023d-4cb0-87ae-f6fb46342a76","block_type":"box","text":"unsettled investors. 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Rising","page_number":179,"box":{"x":60,"y":158,"width":884,"height":11}},{"id":"8a357682-c64f-47c4-9e8b-335354b93a17","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":179,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"dcea227e-7650-4224-9553-afb87c3fa369","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":179,"box":{"x":60,"y":186,"width":884,"height":11}},{"id":"e4a5c16b-e00e-46f8-907c-8e905e37486c","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":179,"box":{"x":60,"y":200,"width":884,"height":12}},{"id":"fc2d4f8e-acca-4ef3-a3ef-22d8db26863b","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":179,"box":{"x":61,"y":215,"width":397,"height":11}},{"id":"10dfe43a-1366-45fb-b273-e1a794f94cef","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":179,"box":{"x":61,"y":237,"width":883,"height":11}},{"id":"85407d90-5a04-4d15-ac68-d29ac2cbda37","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":179,"box":{"x":61,"y":251,"width":883,"height":11}},{"id":"66070fe9-b1f5-448b-838c-5f2b57c1b7b7","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":179,"box":{"x":60,"y":265,"width":884,"height":11}},{"id":"e53cdeec-c3d1-49ee-9c5a-ac1749cc6f74","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":179,"box":{"x":60,"y":279,"width":884,"height":12}},{"id":"8665ca9d-f6b3-4971-beb0-6eafa39305ed","block_type":"box","text":"backdrop has stayed supportive.","page_number":179,"box":{"x":61,"y":294,"width":234,"height":11}},{"id":"7c4adcfc-13c7-4183-8228-192d7121bf7a","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":179,"box":{"x":60,"y":315,"width":884,"height":12}},{"id":"3ea74273-c7ee-4517-b6dc-c421bfe78d53","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":179,"box":{"x":61,"y":330,"width":883,"height":11}},{"id":"844c0f5b-2c60-4a15-8dbe-6a64fa7aea93","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":179,"box":{"x":61,"y":344,"width":883,"height":11}},{"id":"acedd6c1-84c3-405b-92da-33edeade26b4","block_type":"box","text":"noise.","page_number":179,"box":{"x":61,"y":358,"width":41,"height":9}},{"id":"46ee4268-c852-4186-86bb-1d49c01b0709","block_type":"box","text":"Portfolio Review","page_number":179,"box":{"x":61,"y":380,"width":133,"height":9}},{"id":"795c0c45-00f3-421f-97bc-bce240d0a7b5","block_type":"box","text":"In July 2025, we reduced equity exposure slightly and kept dura","page_number":179,"box":{"x":62,"y":398,"width":460,"height":12}},{"id":"737c2d6d-0877-4ea2-a217-36b53fb10b34","block_type":"box","text":"tion unchanged.","page_number":179,"box":{"x":523,"y":398,"width":116,"height":12}},{"id":"33fdf1f5-0218-40d5-a5e5-91bf7ad7eb2a","block_type":"box","text":"In August 2025, we refreshed our SAA in line with its annual schedule. We altered our fixed income allocations from","page_number":179,"box":{"x":62,"y":420,"width":882,"height":11}},{"id":"d847bd94-b1eb-4373-8aec-1670ed626811","block_type":"box","text":"index level duration to a split of long and short duration government bonds options to manage tactical positions. This was","page_number":179,"box":{"x":61,"y":434,"width":883,"height":12}},{"id":"8658f5bc-43a2-468b-99a9-628b577975e6","block_type":"box","text":"achieved by selling some government bonds. We also undertook some small adjustments to other asset classes.","page_number":179,"box":{"x":61,"y":449,"width":817,"height":11}},{"id":"25d50d95-dafd-4097-9b20-a616c9e48344","block_type":"box","text":"At the start of September 2025, we increased equities slightly and reduced bond exposure in line with our macro review.","page_number":179,"box":{"x":60,"y":471,"width":884,"height":11}},{"id":"fcd16d02-9c76-43b6-a14c-520451bbf49d","block_type":"box","text":"We also added Aviva Sterling Liquidity to strengthen cash positions.","page_number":179,"box":{"x":60,"y":485,"width":490,"height":11}},{"id":"0bb4e3ce-8d38-4d24-86e4-269841bc213c","block_type":"box","text":"In September, we also exited the iShares MSCI Europe SRI ETF and added to the iShares Continental European ESG","page_number":179,"box":{"x":62,"y":507,"width":882,"height":11}},{"id":"f3380431-8c82-4ebb-8bd3-1c1ff5a57e30","block_type":"box","text":"Index Fund. The iShares Continental European ESG Index Fund provides broader exposure to European companies and","page_number":179,"box":{"x":62,"y":521,"width":882,"height":11}},{"id":"89c5009c-9026-4ace-b7a0-b92ddce1c91c","block_type":"box","text":"is aligned with the desired ESG Characteristics of the fund.","page_number":179,"box":{"x":61,"y":535,"width":426,"height":12}},{"id":"ed7a7bfc-6a5b-49f8-a518-5b419e4a3fc6","block_type":"box","text":"In October 2025, our systematic rebalance moved duration to an underweight position (neutral to 3.8) while keeping equity","page_number":179,"box":{"x":62,"y":557,"width":882,"height":12}},{"id":"b94d500a-740f-481c-b4ca-3d2ab77ad125","block_type":"box","text":"exposure unchanged. This adjustment reflected our cautious stance on interest rate risk as yields remained volatile.","page_number":179,"box":{"x":61,"y":572,"width":836,"height":11}},{"id":"f6c3846c-522e-4a7c-b4a2-dc15af209836","block_type":"box","text":"By the end of November 2025, systematic signals prompted us to move duration back to neutral from underweight, while","page_number":179,"box":{"x":61,"y":594,"width":883,"height":11}},{"id":"2ffe9435-1c73-4de6-adcc-0e2c9a81c0f0","block_type":"box","text":"maintaining equity exposure. These changes were funded through cash and a slight underweight in Aviva Sterling Liquidity.","page_number":179,"box":{"x":61,"y":608,"width":876,"height":11}},{"id":"7cfda582-7557-4a85-87a1-7d664870eaa5","block_type":"box","text":"Over the review period we monitored the ESG Characteristics of the fund in line with prospectus and the Screening","page_number":179,"box":{"x":61,"y":630,"width":883,"height":11}},{"id":"93a2170f-687d-4bfa-8f0a-24182af91b03","block_type":"box","text":"Process Document. The fund has not held shares or corporate bonds that have more than 10% revenue exposure to the","page_number":179,"box":{"x":61,"y":644,"width":883,"height":11}},{"id":"405bf02c-02cd-4e15-84c3-097f4878f49d","block_type":"box","text":"activities listed in the prospectus.","page_number":179,"box":{"x":61,"y":659,"width":237,"height":10}},{"id":"888fcac7-23a0-4310-ada7-df0e36f21d7e","block_type":"box","text":"We also assessed the investments in shares and corporate bonds against environmental, social and governance factors","page_number":179,"box":{"x":60,"y":680,"width":884,"height":11}},{"id":"feafeee0-1f6e-46d3-98d3-c9a6e50ca515","block_type":"box","text":"using external data providers and in-house ESG rating methodologies. For example, over the review period the sub fund","page_number":179,"box":{"x":61,"y":694,"width":877,"height":12}},{"id":"fb0de8ac-e3e1-4225-b80a-57875b99128c","block_type":"box","text":"held EssilorLuxottica, a global eyewear manufacturing company. EssilorLuxottica has committed to emissions reduction","page_number":179,"box":{"x":61,"y":709,"width":877,"height":11}},{"id":"450b8c38-29ff-4de5-b819-e34f842de193","block_type":"box","text":"targets verified by the Science-Based Targets Initiative (SBTi) and has launched circular economy initiatives, including its","page_number":179,"box":{"x":60,"y":723,"width":878,"height":11}},{"id":"297f12d9-64b0-4b7e-9f3a-3f5a49a8a191","block_type":"box","text":"“Eyes on Circularity” program aimed at recycling eyewear materi","page_number":179,"box":{"x":61,"y":737,"width":465,"height":11}},{"id":"0fbd83b3-4d7b-45bc-85b0-0faf21c4eb58","block_type":"box","text":"als. It is also rated ‘AAA’ by MSCI.","page_number":179,"box":{"x":528,"y":737,"width":245,"height":11}},{"id":"25ccdd9b-8ecb-43c2-85bd-3f2ffd592aab","block_type":"box","text":"Collective investments have been held in accordance with the Screening Process Document. The exposure to the activities","page_number":179,"box":{"x":61,"y":759,"width":877,"height":11}},{"id":"bfe0112c-e2ca-4303-a661-bbb2bc019209","block_type":"box","text":"outlined in the Screening Process Document were well below the 1% limit cited in the Screening Process Document as at","page_number":179,"box":{"x":61,"y":773,"width":878,"height":12}},{"id":"7082b21e-9d06-4885-8fa2-89715f0b8ca9","block_type":"box","text":"the end of the review period.","page_number":179,"box":{"x":60,"y":788,"width":206,"height":11}},{"id":"05035835-b968-4fcd-9136-8bebccab564c","block_type":"box","text":"As part of the monitoring that our Investment Risk team performs on an ongoing basis we have assessed the sub fund","page_number":179,"box":{"x":60,"y":810,"width":878,"height":11}},{"id":"6b14cb17-2b94-47da-ac25-28031e328208","block_type":"box","text":"using a key issue score from a third party and also by using the weighted average carbon intensity metric. The key issue","page_number":179,"box":{"x":61,"y":824,"width":877,"height":11}},{"id":"53421080-e146-4ff7-b00d-67bd5d7634f0","block_type":"box","text":"score (5.8) is higher than the global equity average (5.4) and the weight average carbon intensity (40) is below the global","page_number":179,"box":{"x":60,"y":838,"width":878,"height":11}},{"id":"b63b3bf4-341f-4a27-bc10-eb2f31e32a95","block_type":"box","text":"equity average (111). Approximately 91% of the sub fund has sustainability characteristics as per the definitions set out in","page_number":179,"box":{"x":61,"y":852,"width":883,"height":12}},{"id":"130d2e86-ce06-4eff-b48d-1bc2a90cb623","block_type":"box","text":"the Prospectus.","page_number":179,"box":{"x":60,"y":867,"width":113,"height":11}},{"id":"6c920637-fda2-4d54-a40f-2660b17a7f31","block_type":"box","text":"Additionally, 14% of holdings in the Sub-fund has been invested in government bonds which as per the prospectus,","page_number":179,"box":{"x":60,"y":889,"width":884,"height":11}},{"id":"3fc6b53b-5109-4126-83dc-10386edf0b32","block_type":"box","text":"are assessed on a periodic basis through a country-level ESG analysis which may entail consideration of governmental","page_number":179,"box":{"x":61,"y":903,"width":883,"height":11}},{"id":"da3d61d5-aba9-4550-8272-63a6121bba9d","block_type":"box","text":"policies (including for example, those relating to climate change).","page_number":179,"box":{"x":61,"y":917,"width":468,"height":11}},{"id":"7be295d8-f5bd-43f9-a3a4-ea8a70c83db8","block_type":"box","text":"ACD’S REPORT","page_number":179,"box":{"x":60,"y":78,"width":149,"height":9}},{"id":"8243a946-a824-408f-8a45-c93190e03ea1","block_type":"box","text":"(continued)","page_number":179,"box":{"x":210,"y":78,"width":89,"height":12}},{"id":"f92802f2-1838-4af4-b637-4cd7462adb9d","block_type":"box","text":"for the","page_number":179,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"1177d9f9-3226-42a9-8996-faca9bac0b50","block_type":"box","text":"year","page_number":179,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"35fbfdbd-99e2-4668-b268-e0e7de3ba77a","block_type":"box","text":"r ended","page_number":179,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"f8c2d45c-365b-4407-bdef-6c0c8fd420b5","block_type":"box","text":"31 May 2026","page_number":179,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"8dd49fe2-5e17-4063-ba3b-46ae4e3483de","block_type":"box","text":"Investment Manager’s Report","page_number":179,"box":{"x":61,"y":122,"width":234,"height":11}},{"id":"f165c768-ad8d-4c43-a90b-4661d59240bc","block_type":"box","text":"(continued)","page_number":179,"box":{"x":296,"y":121,"width":81,"height":12}},{"id":"db48f2f3-b04e-4a06-bb40-13888fcf2547","block_type":"box","text":"Investment Background","page_number":179,"box":{"x":61,"y":140,"width":191,"height":11}},{"id":"f7f45c44-2d83-42d5-9939-2f87ce99e8a3","block_type":"box","text":"(continued)","page_number":179,"box":{"x":258,"y":140,"width":81,"height":11}},{"id":"2d212f34-2060-4b26-ae04-4bbe90986379","block_type":"box","text":"7IM RESPONSIBLE BALANCED FUND","page_number":180,"box":{"x":61,"y":47,"width":453,"height":13}},{"id":"6d15b199-33f5-4b5e-933d-535f691be67f","block_type":"box","text":"178","page_number":180,"box":{"x":62,"y":944,"width":25,"height":9}},{"id":"3b242bd8-1af4-4ba7-b9a8-2beab79ececa","block_type":"box","text":"As part of the monitoring that our Investment Risk team performs on an ongoing basis we have assessed the sub fund","page_number":180,"box":{"x":60,"y":159,"width":884,"height":11}},{"id":"bdbe3e67-c3e1-4f78-868e-a75c74ecbbb5","block_type":"box","text":"using a key issue score from a third party and also by using the weighted average carbon intensity metric. The key issue","page_number":180,"box":{"x":61,"y":173,"width":883,"height":11}},{"id":"2daaf51d-2092-4018-aa22-6dc3a71bca37","block_type":"box","text":"score (5.8) is higher than the global equity average (5.4) and the weight average carbon intensity (40) is below the global","page_number":180,"box":{"x":60,"y":187,"width":884,"height":11}},{"id":"b3f96625-d61f-4b12-9a30-9a849b7797d3","block_type":"box","text":"equity average (111). Approximately 91% of the sub fund has sustainability characteristics as per the definitions set out in","page_number":180,"box":{"x":61,"y":201,"width":883,"height":12}},{"id":"dd657c69-d354-4fc6-b239-8056928c80d7","block_type":"box","text":"the Prospectus.","page_number":180,"box":{"x":60,"y":216,"width":113,"height":11}},{"id":"bfa3440a-68ea-457a-bff8-ab0b9b3308c2","block_type":"box","text":"Bond and equity exposure remained unchanged and neutral through December 2025 and January 2026.","page_number":180,"box":{"x":61,"y":238,"width":758,"height":11}},{"id":"26cdf255-ade5-42de-8f45-78bb4315660e","block_type":"box","text":"In February 2026, we modestly increased overall equity exposure while maintaining a broadly neutral positioning. Bond","page_number":180,"box":{"x":62,"y":260,"width":882,"height":11}},{"id":"1a9c734c-5a77-43d4-8e35-b9af7c751f98","block_type":"box","text":"exposure was reduced slightly over the month before returning t","page_number":180,"box":{"x":61,"y":274,"width":463,"height":11}},{"id":"c6ac82b1-9160-4fba-a93d-66008ae632c5","block_type":"box","text":"o neutral in March 2026.","page_number":180,"box":{"x":524,"y":274,"width":176,"height":9}},{"id":"ada503f6-8481-4777-87b4-401d7f30d01f","block_type":"box","text":"In April 2026, we updated the portfolio’s equity allocation by terminating Sarasin & Partners LLP as a sub-investment","page_number":180,"box":{"x":62,"y":296,"width":882,"height":11}},{"id":"4d4100bb-dc49-460d-bc06-57a2ed80f1da","block_type":"box","text":"manager and therefore removing the Sarasin Equity Allocation and introducing a new sub-manager FIL Pensions","page_number":180,"box":{"x":61,"y":310,"width":883,"height":11}},{"id":"7c75edef-a76f-4b9e-ae31-53302cd07658","block_type":"box","text":"Management (Fidelity) under a segregated mandate. Under this approach, a portion of equities is managed by Fidelity,","page_number":180,"box":{"x":61,"y":324,"width":883,"height":12}},{"id":"803f4c8c-9f0f-4b53-b47f-0c00799168ca","block_type":"box","text":"a specialist third party manager focused on stock selection. As part of the due diligence of selecting Fidelity we also","page_number":180,"box":{"x":61,"y":339,"width":883,"height":11}},{"id":"040bab12-6b58-4678-91b1-f58f274029d7","block_type":"box","text":"assessed their capabilities in terms of responsible investing. Fidelity has significant resources to allow them to incorporate","page_number":180,"box":{"x":61,"y":353,"width":883,"height":11}},{"id":"cdca7c66-6327-4cb6-9a6e-824bd2d2d288","block_type":"box","text":"ESG factors into the investment process and to also vote and engage on the sub-fund’s behalf.","page_number":180,"box":{"x":61,"y":367,"width":687,"height":11}},{"id":"017e07e4-9c78-42a7-b333-3fc472a6a46d","block_type":"box","text":"We continue to oversee the overall portfolio, retaining full control of asset allocations, risk and manager oversight. This","page_number":180,"box":{"x":60,"y":389,"width":884,"height":11}},{"id":"20d6e4f3-ecd8-4c3f-b8cf-863339ec9a21","block_type":"box","text":"approach allows us to combine our in-house investment framework with the stock-picking expertise of leading managers,","page_number":180,"box":{"x":61,"y":403,"width":883,"height":12}},{"id":"eac0b77f-c40c-498e-afa8-8a6dcde3e11c","block_type":"box","text":"while also improving cost efficiency.","page_number":180,"box":{"x":60,"y":418,"width":257,"height":11}},{"id":"ec189db2-685a-4cb3-a082-aeffb7a88269","block_type":"box","text":"Over the review period we monitored the sub-fund in line with prospectus and the Screening Process Document (which","page_number":180,"box":{"x":61,"y":440,"width":883,"height":11}},{"id":"7d613414-86b6-46aa-8d40-8ced5ccb3e6a","block_type":"box","text":"was refreshed and updated in May 2026). The sub-fund has not held shares or corporate bonds that have more than 10%","page_number":180,"box":{"x":60,"y":454,"width":884,"height":11}},{"id":"4753a278-681d-42a4-a66b-da10c5fad920","block_type":"box","text":"revenue exposure to the activities listed in the Prospectus.","page_number":180,"box":{"x":61,"y":468,"width":421,"height":11}},{"id":"d3107d2a-9d18-4022-bd76-ea5e5294d888","block_type":"box","text":"We have also assessed the investments in shares and corporate bonds against environmental, social and governance","page_number":180,"box":{"x":60,"y":490,"width":884,"height":11}},{"id":"0a749a1a-805b-49d9-8211-a5b4f285b47c","block_type":"box","text":"factors using external data providers and inhouse ESG rating methodologies. For example, over the review period, the","page_number":180,"box":{"x":60,"y":504,"width":884,"height":11}},{"id":"46cd01db-3987-4d18-a00f-c3b1d8b0cc9c","block_type":"box","text":"sub-fund added to Murata Manufacturing, a company that manufactures and sells electronic modules and components and","page_number":180,"box":{"x":60,"y":519,"width":884,"height":11}},{"id":"025f7f5b-39c3-4aa6-a7d8-6e547f74eab2","block_type":"box","text":"has been a beneficiary of the build out in data centres. The company is AA rated by MSCI and is a market leader in terms","page_number":180,"box":{"x":61,"y":533,"width":883,"height":11}},{"id":"19aaea40-0a97-4c5d-b649-6a228e35d1b5","block_type":"box","text":"of supply chain management and making sustainable products. It also has a Net Zero target.","page_number":180,"box":{"x":61,"y":547,"width":670,"height":11}},{"id":"ddf2a1f3-067a-402c-84c9-31bb898e168e","block_type":"box","text":"Collective investments have been held in accordance with the Screening Process Document. The exposure to the activities","page_number":180,"box":{"x":61,"y":569,"width":883,"height":11}},{"id":"2f481153-60ba-4dd5-9e85-322450c50c3d","block_type":"box","text":"outlined in the Screening Process Document was well below the 1% limit cited in the Screening Process Document as at","page_number":180,"box":{"x":61,"y":583,"width":883,"height":11}},{"id":"77bc7568-2782-4f44-9209-aa2a3a90b874","block_type":"box","text":"the end of the review period.","page_number":180,"box":{"x":60,"y":597,"width":206,"height":12}},{"id":"fcc23a56-2a47-4e9f-b257-3346268936da","block_type":"box","text":"As part of the monitoring that our Investment Risk team performs on an ongoing basis, we have assessed the sub-fund","page_number":180,"box":{"x":60,"y":619,"width":884,"height":12}},{"id":"86e4673f-686c-47a7-89be-5b35c3fa12e7","block_type":"box","text":"using a key issue score from a third party and, also by using the weighted average carbon intensity metric. The key issue","page_number":180,"box":{"x":61,"y":634,"width":883,"height":11}},{"id":"1ef8c019-6c37-4b56-90cf-82b73e3de70d","block_type":"box","text":"score (5.8) is higher than the global equity average (5.5) and the weight average carbon intensity (54.6) is below the global","page_number":180,"box":{"x":60,"y":648,"width":884,"height":11}},{"id":"00167c7d-62b5-43a0-bca3-5721c9245996","block_type":"box","text":"equity average (111). Approximately 95% of the sub-fund has sustainability characteristics as per the definitions set out in","page_number":180,"box":{"x":61,"y":662,"width":883,"height":11}},{"id":"0b303703-eb72-450d-adb4-8064ea8c17ad","block_type":"box","text":"the Prospectus.","page_number":180,"box":{"x":60,"y":677,"width":113,"height":11}},{"id":"960f2ad2-f5de-4eab-9a08-0d509bbf0084","block_type":"box","text":"Additionally, 15% of holdings in the sub-fund has been invested in government bonds which as per the Prospectus,","page_number":180,"box":{"x":60,"y":698,"width":877,"height":12}},{"id":"f4781df4-92cd-4010-9812-a4e601e2bbe5","block_type":"box","text":"are assessed on a periodic basis through a country-level ESG analysis which may entail consideration of governmental","page_number":180,"box":{"x":61,"y":713,"width":877,"height":11}},{"id":"505dd6dd-d5da-493e-b648-81cc3677d7f4","block_type":"box","text":"policies (including for example, those relating to climate change).","page_number":180,"box":{"x":61,"y":727,"width":468,"height":11}},{"id":"7083b632-e5a1-47f2-b08c-1f2b6fae2f49","block_type":"box","text":"Investment Outlook","page_number":180,"box":{"x":61,"y":749,"width":153,"height":9}},{"id":"1ae6665f-7eb1-4b7e-a830-486d0cf7d038","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":180,"box":{"x":60,"y":767,"width":878,"height":11}},{"id":"9f888762-28fe-413a-80af-dfc7ce35a1b6","block_type":"box","text":"has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":180,"box":{"x":61,"y":781,"width":876,"height":11}},{"id":"37c6a998-026c-4a9e-9a52-eb13c425c693","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade.","page_number":180,"box":{"x":60,"y":796,"width":453,"height":11}},{"id":"ebcdec41-f808-4638-9930-0c5db257592a","block_type":"box","text":"Looking ahead, we expect:","page_number":180,"box":{"x":61,"y":818,"width":193,"height":11}},{"id":"d44b16d4-8553-43f1-8de4-04be98e79a07","block_type":"box","text":"•","page_number":180,"box":{"x":68,"y":842,"width":5,"height":3}},{"id":"9f397636-f45e-4f45-bdbc-fe7b233983a7","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":180,"box":{"x":84,"y":839,"width":860,"height":12}},{"id":"4baa3356-8ee2-4031-b0ea-33d5dd0dc9e9","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":180,"box":{"x":83,"y":854,"width":861,"height":11}},{"id":"9a3a0548-b33e-4629-b944-17efd449f393","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":180,"box":{"x":83,"y":868,"width":861,"height":11}},{"id":"bdd993ec-bf34-40ae-830b-f7d62ad2880c","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":180,"box":{"x":83,"y":882,"width":359,"height":11}},{"id":"a6b63a3e-9c65-4579-8067-504919d16b05","block_type":"box","text":"ACD’S REPORT","page_number":180,"box":{"x":60,"y":79,"width":149,"height":9}},{"id":"d60f7887-146a-4bc0-bee4-ebd284251444","block_type":"box","text":"(continued)","page_number":180,"box":{"x":210,"y":79,"width":89,"height":12}},{"id":"081e8a86-e778-4633-9f12-b4b27ed0f7e9","block_type":"box","text":"for the","page_number":180,"box":{"x":60,"y":94,"width":51,"height":9}},{"id":"54da9e7d-95f1-4555-9ffd-9e3dd88269f1","block_type":"box","text":"year","page_number":180,"box":{"x":111,"y":96,"width":32,"height":9}},{"id":"1d8abb79-1826-411f-a381-08955ff5a243","block_type":"box","text":"r ended","page_number":180,"box":{"x":143,"y":94,"width":55,"height":9}},{"id":"75b97727-ac79-4373-8a3c-5cd0b789087e","block_type":"box","text":"31 May 2026","page_number":180,"box":{"x":199,"y":94,"width":93,"height":11}},{"id":"2d39fac9-fb5d-48e8-9c35-f19d302a59e4","block_type":"box","text":"Investment Manager’s Report","page_number":180,"box":{"x":61,"y":123,"width":234,"height":11}},{"id":"9aca021b-2ec9-4ca8-aa68-1b7659d6aeb5","block_type":"box","text":"(continued)","page_number":180,"box":{"x":296,"y":123,"width":81,"height":11}},{"id":"76148889-2f71-4d6e-9a61-f2b2adcbdeef","block_type":"box","text":"Portfolio Review","page_number":180,"box":{"x":61,"y":141,"width":133,"height":9}},{"id":"57d8e68d-f99a-433d-bd2d-fbf9537bdd37","block_type":"box","text":"(continued)","page_number":180,"box":{"x":199,"y":141,"width":81,"height":11}},{"id":"68c5ff79-3353-4329-9455-1228a49ff954","block_type":"box","text":"7IM RESPONSIBLE BALANCED FUND","page_number":181,"box":{"x":61,"y":47,"width":453,"height":13}},{"id":"4eb148f6-5b51-4e6c-b4d0-a7a0b5c3d482","block_type":"box","text":"179","page_number":181,"box":{"x":913,"y":945,"width":25,"height":8}},{"id":"6fcf8aee-f424-45b0-aba9-b26662fa2c2f","block_type":"box","text":"•","page_number":181,"box":{"x":68,"y":157,"width":5,"height":3}},{"id":"6c2651ad-6dd4-46fa-a2d3-e5aadda4261f","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":181,"box":{"x":84,"y":154,"width":860,"height":11}},{"id":"196a2953-6044-4673-8593-ad488dabf799","block_type":"box","text":"and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through","page_number":181,"box":{"x":83,"y":168,"width":861,"height":11}},{"id":"3130870f-1803-4788-9c53-550f82474478","block_type":"box","text":"short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply","page_number":181,"box":{"x":83,"y":182,"width":861,"height":11}},{"id":"d3233074-1597-47c9-95d4-bdfa1186388a","block_type":"box","text":"concerns ease, although they may remain elevated compared with","page_number":181,"box":{"x":83,"y":197,"width":488,"height":11}},{"id":"5434bc3b-57e2-438d-83a1-8a3658fad230","block_type":"box","text":"recent history.","page_number":181,"box":{"x":572,"y":197,"width":99,"height":11}},{"id":"d4e838c8-ffa2-4644-bc2c-47fded5f6a47","block_type":"box","text":"•","page_number":181,"box":{"x":68,"y":222,"width":5,"height":2}},{"id":"7cf414b0-29a5-470a-9329-bf8c9d3dfb13","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. Strong returns from","page_number":181,"box":{"x":83,"y":219,"width":861,"height":11}},{"id":"0fab8f4c-05e8-45c8-b287-bd31c2925138","block_type":"box","text":"areas such as industrials, financials and utilities, combined with improving prospects in parts of Europe, Asia and","page_number":181,"box":{"x":83,"y":233,"width":861,"height":11}},{"id":"a3c6a092-a878-48a9-be35-be47e91cfce7","block_type":"box","text":"emerging markets, highlight the benefits of maintaining broad ex","page_number":181,"box":{"x":83,"y":247,"width":466,"height":11}},{"id":"c9c3b582-8695-4832-b5d3-901f5d6981ed","block_type":"box","text":"posure across global markets.","page_number":181,"box":{"x":550,"y":247,"width":217,"height":11}},{"id":"bfa2808a-49a6-471e-b2b9-66ebe11581f4","block_type":"box","text":"For us, this reinforces the case for diversified portfolios and a flexible investment approach. Alongside core allocations","page_number":181,"box":{"x":61,"y":269,"width":883,"height":11}},{"id":"cfd6f1dc-8b2c-4a16-9986-cda6756c2077","block_type":"box","text":"to equities and bonds, we continue to utilise diversifying assets and selective tactical opportunities where fundamentals","page_number":181,"box":{"x":60,"y":283,"width":884,"height":11}},{"id":"09c418fe-b1a9-4160-b300-9948f24717c9","block_type":"box","text":"remain attractive. 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Please refer to note 12.","page_number":202,"box":{"x":93,"y":455,"width":432,"height":9}},{"id":"2c16c80b-46ce-48b4-92cd-2f4c1b9d6a5b","block_type":"box","text":"12","page_number":202,"box":{"x":61,"y":481,"width":17,"height":8}},{"id":"78693a07-3bea-4d68-80a6-1ab860cf5d96","block_type":"box","text":"Related party transactions","page_number":202,"box":{"x":86,"y":481,"width":205,"height":11}},{"id":"6c49185d-868c-4bd5-a81c-0ade4cdb3f9e","block_type":"box","text":"ACD’s periodic charge and other expenses payable to 7IM (the ‘ACD’) are disclosed in","page_number":202,"box":{"x":85,"y":502,"width":632,"height":11}},{"id":"9ed958a4-91fc-4c6b-8a9f-a3461692ce44","block_type":"box","text":"note 6","page_number":202,"box":{"x":718,"y":502,"width":44,"height":9}},{"id":"aecbbc86-ce41-45e4-8360-e887f22e3bc3","block_type":"box","text":". The balance due to the","page_number":202,"box":{"x":764,"y":502,"width":180,"height":9}},{"id":"c1a6669d-34f3-41f5-a9a4-196dcb6a7d2d","block_type":"box","text":"ACD at the year end in respect of management fees is £70,218 (2","page_number":202,"box":{"x":85,"y":516,"width":478,"height":11}},{"id":"46aa3db4-44d1-4669-8030-054bd9ec4bdb","block_type":"box","text":"025: £96,086).","page_number":202,"box":{"x":565,"y":516,"width":104,"height":11}},{"id":"037c2a94-4e33-4276-b8c7-930946329169","block_type":"box","text":"The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year","page_number":202,"box":{"x":86,"y":534,"width":858,"height":11}},{"id":"334e2dfe-5bc8-4205-ae00-cdbaeed33cf3","block_type":"box","text":"end are £Nil (2025: £Nil). The amounts payable to 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other","page_number":202,"box":{"x":86,"y":548,"width":858,"height":11}},{"id":"40fc883c-91c9-46a4-99e0-a28b0804b62a","block_type":"box","text":"balances as at year end are £Nil (2025: £Nil).","page_number":202,"box":{"x":86,"y":562,"width":327,"height":12}},{"id":"12794bfd-0115-4cef-b2b2-dfff071a668a","block_type":"box","text":"The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed","page_number":202,"box":{"x":86,"y":584,"width":858,"height":11}},{"id":"7f4713b8-62f8-4e45-98e5-5d7260eb6662","block_type":"box","text":"in the Statement of Change in Net Assets Attributable to Shareholders on","page_number":202,"box":{"x":86,"y":598,"width":529,"height":12}},{"id":"8c50b98e-a01a-42ce-b6e6-5e7091b1e0e1","block_type":"box","text":"page 194","page_number":202,"box":{"x":616,"y":599,"width":67,"height":11}},{"id":"66c5cd13-5457-442a-ae04-3ad3400c22f4","block_type":"box","text":". Amounts due from and to the ACD","page_number":202,"box":{"x":685,"y":598,"width":259,"height":9}},{"id":"5780d8a2-924c-4eff-b540-4fd0259ac008","block_type":"box","text":"in respect of share transactions at the balance sheet date are £3,619 (2025: £39,892) and £286,965 (2025: £590,361),","page_number":202,"box":{"x":86,"y":613,"width":858,"height":11}},{"id":"dbf5cfb2-0971-4ac2-93ae-e74986c5a3dd","block_type":"box","text":"respectively.","page_number":202,"box":{"x":86,"y":627,"width":88,"height":11}},{"id":"3fb36f9f-9dab-4b34-bd4a-4ed609bab3e3","block_type":"box","text":"7IM and its associates (including other authorised investment funds managed by 7IM) had no shareholdings in the","page_number":202,"box":{"x":86,"y":648,"width":858,"height":12}},{"id":"372d766b-f2c7-44cc-94ad-e57aabb05514","block_type":"box","text":"Sub-fund (","page_number":202,"box":{"x":86,"y":663,"width":75,"height":11}},{"id":"d3b68492-ad98-4426-b022-9aa14f759629","block_type":"box","text":"2025","page_number":202,"box":{"x":162,"y":663,"width":36,"height":8}},{"id":"b4d9ebe2-3b0f-4beb-9a8d-852cb85436fb","block_type":"box","text":": none).","page_number":202,"box":{"x":200,"y":663,"width":53,"height":11}},{"id":"125b3d67-d9e8-47ad-a4c2-e09dd3908ec9","block_type":"box","text":"A shareholder may be able to exercise significant influence over the financial and operating policies of the Sub-fund and","page_number":202,"box":{"x":85,"y":684,"width":859,"height":11}},{"id":"fc048138-c0c8-4551-993d-6cbb5680cea5","block_type":"box","text":"as such is deemed to be a related party. At the balance sheet date, the following shareholder held in excess of 20% of","page_number":202,"box":{"x":86,"y":698,"width":853,"height":12}},{"id":"851f97e8-9594-45db-a677-6b37ab1d7ec6","block_type":"box","text":"the shares in issue of the Sub-fund:","page_number":202,"box":{"x":85,"y":713,"width":257,"height":8}},{"id":"8f8f51b9-0954-446c-86e3-34dfab22cbb0","block_type":"box","text":"Pershing Nominees Limited","page_number":202,"box":{"x":86,"y":736,"width":179,"height":10}},{"id":"8c0cd235-86a1-4bb7-96e5-286c2442fa3c","block_type":"box","text":"71.65% (2025: 69.05%)","page_number":202,"box":{"x":784,"y":736,"width":154,"height":10}},{"id":"5f1bb1bb-b1ae-41b1-b34d-0a6a159675cb","block_type":"box","text":"The net value of creations and cancellations for Pershing Nominees Limited during the year totalled (£10,060,492)","page_number":202,"box":{"x":86,"y":754,"width":852,"height":12}},{"id":"2111ab2b-ff5a-45a1-b272-10e7acdf486f","block_type":"box","text":"(2025: (£9,166,140)). The distributions paid and payable to Pershing Nominees Limited during and as at the year end","page_number":202,"box":{"x":86,"y":769,"width":852,"height":11}},{"id":"fe298653-b1d8-45a6-8b7a-94ca47fea498","block_type":"box","text":"are £455,311 and £316,844 (2025: £530,689 and £281,126), respectively.","page_number":202,"box":{"x":86,"y":783,"width":533,"height":11}},{"id":"24126d2c-d31b-418c-a492-4bc673679fe1","block_type":"box","text":"13","page_number":202,"box":{"x":61,"y":805,"width":17,"height":9}},{"id":"1f2f1d4c-1c2a-4231-9c38-91342f97a2f2","block_type":"box","text":"Classes of Shares","page_number":202,"box":{"x":86,"y":805,"width":140,"height":9}},{"id":"55898725-50c6-4385-b827-2745a90c8a1c","block_type":"box","text":"The Sub-fund has two share classes: 'C', and 'S'. The annual management charge on each class is as follows:","page_number":202,"box":{"x":86,"y":829,"width":798,"height":12}},{"id":"1eeba4dd-a28e-4570-b797-736ed88559b1","block_type":"box","text":"Class C","page_number":202,"box":{"x":86,"y":862,"width":51,"height":8}},{"id":"daa8d333-66ba-4189-bb94-e9a220108fd5","block_type":"box","text":"0.99%","page_number":202,"box":{"x":559,"y":862,"width":41,"height":8}},{"id":"73f1b0d8-af10-4781-a0d1-afa5b8d71723","block_type":"box","text":"1","page_number":202,"box":{"x":602,"y":862,"width":2,"height":5}},{"id":"3f7a29dd-d193-4b7a-9b8e-27e68055cea7","block_type":"box","text":"Class S","page_number":202,"box":{"x":86,"y":875,"width":50,"height":8}},{"id":"76ba4818-f043-4e5a-a227-192121aa4db2","block_type":"box","text":"0.74%","page_number":202,"box":{"x":559,"y":875,"width":41,"height":8}},{"id":"890713f3-e083-46f4-803f-c6c17dd2c52c","block_type":"box","text":"2","page_number":202,"box":{"x":601,"y":875,"width":4,"height":4}},{"id":"8e820941-085b-40bf-b9d6-deb23b276e27","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS","page_number":202,"box":{"x":62,"y":78,"width":384,"height":9}},{"id":"f84424df-c303-44d8-a9f9-a72f54109454","block_type":"box","text":"(continued)","page_number":202,"box":{"x":452,"y":78,"width":89,"height":12}},{"id":"16fb5b26-25c6-483c-9fc2-05fab77cd13e","block_type":"box","text":"for the","page_number":202,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"b764a437-ba29-4aaa-aad4-794f542f0d35","block_type":"box","text":"year","page_number":202,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"0382add5-68fb-472c-92d7-e92891180b51","block_type":"box","text":"r ended","page_number":202,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"2acf0994-992e-4b66-aea8-2a585db42797","block_type":"box","text":"31 May 2026","page_number":202,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"fc61e320-3db9-4318-b9be-994bd0bd0123","block_type":"box","text":"201","page_number":203,"box":{"x":908,"y":943,"width":25,"height":9}},{"id":"c8fca5ba-2a31-47c6-bd63-c5f35cf65798","block_type":"box","text":"7IM RESPONSIBLE BALANCED FUND","page_number":203,"box":{"x":61,"y":47,"width":453,"height":13}},{"id":"8a482248-b506-4957-aa44-840f3706b880","block_type":"box","text":"The following table shows the shares in issue during the year:","page_number":203,"box":{"x":86,"y":153,"width":446,"height":11}},{"id":"834224a9-6d0f-44af-b411-0a3e1064bda4","block_type":"box","text":"Class","page_number":203,"box":{"x":86,"y":185,"width":39,"height":8}},{"id":"af0037e5-5d33-496c-833f-7eadb75394a9","block_type":"box","text":"Opening","page_number":203,"box":{"x":450,"y":172,"width":60,"height":10}},{"id":"8a3c4347-cfb5-4c49-9d71-7423513709f6","block_type":"box","text":"Shares","page_number":203,"box":{"x":461,"y":185,"width":49,"height":8}},{"id":"210eaa60-74aa-432f-8b3f-6f41a25639c5","block_type":"box","text":"Shares","page_number":203,"box":{"x":565,"y":172,"width":50,"height":8}},{"id":"c9e0c2a1-60e8-491d-bf70-d281a41eea68","block_type":"box","text":"Created","page_number":203,"box":{"x":560,"y":185,"width":54,"height":8}},{"id":"995fbd16-dad5-4393-b7dd-b9afa8fb38aa","block_type":"box","text":"Shares","page_number":203,"box":{"x":680,"y":172,"width":49,"height":8}},{"id":"595b328e-128d-410c-936d-a9b76c6ef207","block_type":"box","text":"Liquidated","page_number":203,"box":{"x":654,"y":185,"width":75,"height":10}},{"id":"d1c33ac7-9212-4f99-a220-19de635a0bde","block_type":"box","text":"Shares","page_number":203,"box":{"x":784,"y":172,"width":50,"height":8}},{"id":"95acfb64-610e-4bd3-98ad-d515e9fe46a0","block_type":"box","text":"Converted","page_number":203,"box":{"x":760,"y":185,"width":73,"height":8}},{"id":"bfea1ef0-431e-4f77-9d95-047a575352be","block_type":"box","text":"Closing","page_number":203,"box":{"x":884,"y":172,"width":54,"height":10}},{"id":"93f41bed-2947-4e2f-b408-cd501d552ffc","block_type":"box","text":"Shares","page_number":203,"box":{"x":889,"y":185,"width":49,"height":8}},{"id":"6e38f177-a68c-4455-811c-a3e2c9f48c30","block_type":"box","text":"Class 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Accumulation","page_number":203,"box":{"x":86,"y":240,"width":144,"height":8}},{"id":"7e739515-4670-42a3-a914-e5324f0bdceb","block_type":"box","text":"12,515,045","page_number":203,"box":{"x":437,"y":240,"width":73,"height":10}},{"id":"44cf49c4-979f-4d5c-96f5-27db2c77cbee","block_type":"box","text":"1,730,994","page_number":203,"box":{"x":547,"y":240,"width":64,"height":10}},{"id":"5b45cad7-cac8-4336-9654-57016a99b104","block_type":"box","text":"(3,699,682)","page_number":203,"box":{"x":655,"y":240,"width":74,"height":10}},{"id":"5b2a8c00-2b23-471c-8ca0-0750fb78dd14","block_type":"box","text":"17,868","page_number":203,"box":{"x":786,"y":240,"width":44,"height":10}},{"id":"7a7bc345-bd37-4ba7-bd06-a2a8f1848658","block_type":"box","text":"10,564,225","page_number":203,"box":{"x":862,"y":240,"width":73,"height":10}},{"id":"16e28e5c-f118-4578-af92-28e269ab3b3b","block_type":"box","text":"1","page_number":203,"box":{"x":85,"y":272,"width":2,"height":4}},{"id":"c1aa7d55-d083-4d99-8675-778fae1611b2","block_type":"box","text":"The AMC rate was prorated to reflect the change in rate from 1.00% to 0.90%, effective 15 April 2026.","page_number":203,"box":{"x":93,"y":272,"width":602,"height":9}},{"id":"e2e5d67d-54db-40f9-b926-53e982f69e3d","block_type":"box","text":"2","page_number":203,"box":{"x":84,"y":284,"width":4,"height":4}},{"id":"1540ccad-6c02-4ce3-9aba-f98fd51307fb","block_type":"box","text":"The AMC rate was prorated to reflect the change in rate from 0.75% to 0.65%, effective 15 April 2026.","page_number":203,"box":{"x":93,"y":284,"width":602,"height":9}},{"id":"a005528c-b2bd-421b-b980-09b05b5d7a34","block_type":"box","text":"14","page_number":203,"box":{"x":61,"y":310,"width":17,"height":8}},{"id":"d4f9b0f3-6eb5-4429-9561-d739137d40db","block_type":"box","text":"Contingent liabilities and commitments","page_number":203,"box":{"x":86,"y":310,"width":306,"height":11}},{"id":"e4bdd393-9c08-495a-b299-b13de3f3b60f","block_type":"box","text":"There are no contingent liabilities or unrecorded outstanding commitments at the balance sheet date (","page_number":203,"box":{"x":86,"y":331,"width":737,"height":11}},{"id":"3e3076fe-c234-478a-a572-a53ceea6baa4","block_type":"box","text":"2025","page_number":203,"box":{"x":824,"y":331,"width":36,"height":9}},{"id":"e945bc30-94c3-4ab1-815d-dd23881a4349","block_type":"box","text":": none).","page_number":203,"box":{"x":862,"y":331,"width":53,"height":11}},{"id":"e58cf068-0709-4f8c-811e-c5b25b90a47e","block_type":"box","text":"15","page_number":203,"box":{"x":61,"y":353,"width":17,"height":9}},{"id":"fba4ca6d-d620-45d1-9e17-dcc0f34adf3b","block_type":"box","text":"Risk Disclosures","page_number":203,"box":{"x":86,"y":353,"width":131,"height":9}},{"id":"e65f0565-3933-4a06-8dc2-09d6e93b65fc","block_type":"box","text":"The main risks from the Sub-fund’s holding of financial instruments, together with the ACD’s policy for managing these","page_number":203,"box":{"x":86,"y":377,"width":858,"height":12}},{"id":"f4353506-3955-4bac-b689-d8ae00bf22de","block_type":"box","text":"risks are detailed in","page_number":203,"box":{"x":86,"y":392,"width":149,"height":9}},{"id":"85788a91-c8b0-4803-b63e-ce9687e6c282","block_type":"box","text":"note 4","page_number":203,"box":{"x":238,"y":392,"width":45,"height":9}},{"id":"005b09a3-15c2-4b7d-9e2b-f9cceaa41363","block_type":"box","text":"on","page_number":203,"box":{"x":284,"y":394,"width":29,"height":7}},{"id":"19953cd0-5cf6-4052-952d-39f64ef5021b","block_type":"box","text":"pages 15","page_number":203,"box":{"x":315,"y":392,"width":68,"height":11}},{"id":"f78d3407-baad-4993-bd6b-c919defb4b9a","block_type":"box","text":"to","page_number":203,"box":{"x":383,"y":392,"width":24,"height":9}},{"id":"a16589bf-5431-4f21-94e0-46052c44f009","block_type":"box","text":"16","page_number":203,"box":{"x":410,"y":392,"width":16,"height":9}},{"id":"6878f14f-ed34-4df5-87ec-ddde0d1b1570","block_type":"box","text":". 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The Sub-fund’s expected level of leverage","page_number":206,"box":{"x":86,"y":168,"width":858,"height":11}},{"id":"b59442c2-fc40-4439-89de-54332f36bf2f","block_type":"box","text":"(calculated as the sum of the notionals) under normal circumstances is expected to be around 40% of the Sub-fund’s","page_number":206,"box":{"x":86,"y":182,"width":858,"height":11}},{"id":"b1d483ae-5dac-4c8b-b59f-8bc26c16c218","block_type":"box","text":"Net Asset Value and is not expected to exceed 260%. It is possible that there may be higher leverage levels from time","page_number":206,"box":{"x":86,"y":196,"width":858,"height":12}},{"id":"0a5d3213-21a6-48dc-a945-84d6b2773145","block_type":"box","text":"to time during abnormal market conditions.","page_number":206,"box":{"x":85,"y":211,"width":309,"height":11}},{"id":"91738bed-e555-4ec8-ac17-7527d2491171","block_type":"box","text":"The lowest, highest and average leverage utilisation in the accounting year ended 31 May 2026 was 12%, 17% and","page_number":206,"box":{"x":86,"y":232,"width":858,"height":11}},{"id":"d738e2eb-9c36-4321-9d04-18d254f0a06c","block_type":"box","text":"15% respectively (31 May 2025: 14%, 31% and 22% respectively).","page_number":206,"box":{"x":87,"y":246,"width":481,"height":12}},{"id":"53942ab4-cb4a-4b4b-a079-76993d090b8c","block_type":"box","text":"VaR is calculated for the funds under the parametric method. 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However, diversified fixed income exposure continued to deliver positive","page_number":212,"box":{"x":61,"y":879,"width":883,"height":11}},{"id":"9eb26e24-198e-4e5c-bef4-17c0c3e7748e","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit","page_number":212,"box":{"x":61,"y":894,"width":448,"height":10}},{"id":"5a043a4d-0964-41c9-8fc0-07623b186222","block_type":"box","text":"generally outperforming longer-duration holdings.","page_number":212,"box":{"x":509,"y":893,"width":356,"height":12}},{"id":"0a0ef3b1-cf0c-4f46-951d-521394e916fa","block_type":"box","text":"7IM AAP MODERATELY CAUTIOUS FUND","page_number":213,"box":{"x":61,"y":47,"width":493,"height":13}},{"id":"ecaa2b99-0915-4117-b1b3-4259d522ccd6","block_type":"box","text":"211","page_number":213,"box":{"x":913,"y":945,"width":23,"height":8}},{"id":"9720bbb4-9cee-426c-9cdb-9c59c93ec597","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":213,"box":{"x":60,"y":158,"width":884,"height":11}},{"id":"173cfdb5-058f-499e-b02e-396053879021","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":213,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"77a18c70-7e82-4bb6-936a-06a3b4efe4f2","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":213,"box":{"x":60,"y":186,"width":884,"height":11}},{"id":"a4545b3f-4276-4154-968d-a4adba265791","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":213,"box":{"x":60,"y":200,"width":884,"height":12}},{"id":"a7206a26-ca54-4fbc-94d3-08cc831890a8","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":213,"box":{"x":61,"y":215,"width":397,"height":11}},{"id":"93f7e5f0-742b-45d1-baff-00ce38ccea58","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":213,"box":{"x":61,"y":237,"width":883,"height":11}},{"id":"32dfec3d-1bb5-4c76-8829-be263b3c7abd","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":213,"box":{"x":61,"y":251,"width":883,"height":11}},{"id":"b11096c0-ca77-484c-a238-fc67548cde37","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":213,"box":{"x":60,"y":265,"width":884,"height":11}},{"id":"2b511e67-a56d-4f14-9116-602f07ba4ee0","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":213,"box":{"x":60,"y":279,"width":884,"height":12}},{"id":"a46ed0e1-ecb7-4404-a4b1-2d70f8358442","block_type":"box","text":"backdrop has stayed supportive.","page_number":213,"box":{"x":61,"y":294,"width":234,"height":11}},{"id":"6091f443-910a-4910-9b75-b2ff69c9e01a","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":213,"box":{"x":60,"y":315,"width":884,"height":12}},{"id":"c03289d9-0daf-4393-8fd8-b304f77068c2","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":213,"box":{"x":61,"y":330,"width":883,"height":11}},{"id":"172d9d7a-6a7d-425a-96f8-0484907769be","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market noise","page_number":213,"box":{"x":61,"y":344,"width":877,"height":11}},{"id":"cf08c251-b673-4cb4-a5de-3464dda16dd0","block_type":"box","text":"Portfolio Review","page_number":213,"box":{"x":61,"y":366,"width":133,"height":9}},{"id":"08acc153-79e0-4eb4-9269-ff312f459014","block_type":"box","text":"In July 2025, we reduced equity exposure slightly. Within our Sector Strategy Quantitative Sector Allocation Model (QSAM),","page_number":213,"box":{"x":62,"y":384,"width":882,"height":11}},{"id":"c8a5e914-0c53-49f1-968d-4849eb6fb419","block_type":"box","text":"we made a small increase to Utilities, reflecting changes in the","page_number":213,"box":{"x":60,"y":398,"width":452,"height":12}},{"id":"1808d9dc-a5ca-49e9-879a-537913d994f2","block_type":"box","text":"economic and stock data for the sector.","page_number":213,"box":{"x":512,"y":398,"width":296,"height":9}},{"id":"ae010147-c6a9-4c82-bc75-8e2d50dca323","block_type":"box","text":"In August 2025, we refreshed our strategic asset allocation (SAA) in line with its annual schedule. We altered our fixed","page_number":213,"box":{"x":62,"y":420,"width":882,"height":11}},{"id":"355e2b8e-313c-4988-8da9-5dbc738360d3","block_type":"box","text":"income allocations from index level duration to a split of long and short duration government bonds to manage tactical","page_number":213,"box":{"x":61,"y":435,"width":883,"height":11}},{"id":"ec60cbbd-1ca8-42e4-8632-8a7df57b5cca","block_type":"box","text":"positions. This was achieved by selling some government bonds. We also undertook some small adjustments to other","page_number":213,"box":{"x":61,"y":449,"width":883,"height":11}},{"id":"c228d2da-41e8-42cc-aa10-d33821ed9e27","block_type":"box","text":"asset classes.","page_number":213,"box":{"x":61,"y":463,"width":101,"height":9}},{"id":"1dfe42b5-f0d2-4ef8-bfab-be40267d7465","block_type":"box","text":"Later in the month, we also replaced two existing tactical strategies with new fund structures. The funds are managed","page_number":213,"box":{"x":61,"y":485,"width":883,"height":11}},{"id":"1a2f2393-f575-4eec-b68a-cd97215d50be","block_type":"box","text":"by JPMorgan with the underlying exposures specified by 7IM and allowed us to implement our existing Sector Strategy","page_number":213,"box":{"x":61,"y":499,"width":883,"height":11}},{"id":"cae4695d-17c6-4922-992c-15cb24490581","block_type":"box","text":"(QSAM) and Equity Protection Selling tactical strategies in a m","page_number":213,"box":{"x":61,"y":513,"width":452,"height":12}},{"id":"c28f6b0b-e483-4a33-97ad-4e14cc41ca59","block_type":"box","text":"ore efficient and cost-effective way.","page_number":213,"box":{"x":515,"y":513,"width":253,"height":12}},{"id":"00d3c2bb-2a30-4b36-95a8-b9a2cc37288d","block_type":"box","text":"Additionally, the Invesco S&P 500 Equal Weight Swap UCITS ETF replaced the existing allocation to the xTrackers S&P","page_number":213,"box":{"x":60,"y":535,"width":884,"height":12}},{"id":"ab4f1bb5-2cae-48cb-9387-619dccc3257c","block_type":"box","text":"500 Equal Weight UCITS ETF.","page_number":213,"box":{"x":61,"y":550,"width":220,"height":11}},{"id":"475e14a9-08fd-4351-bd45-d410b22203e6","block_type":"box","text":"At the start of September 2025, we increased equities slightly and reduced bond exposure in line with our macroeconomic","page_number":213,"box":{"x":60,"y":572,"width":884,"height":11}},{"id":"0d87d9c3-c47e-4775-95ae-8d085932ba30","block_type":"box","text":"views. We also added Aviva Sterling Liquidity to earn a better return on our cash-like holdings.","page_number":213,"box":{"x":60,"y":586,"width":680,"height":11}},{"id":"4a7e9deb-67aa-4766-956d-e76dfa577db9","block_type":"box","text":"In October 2025, we slightly reduced our exposure to bonds while keeping equity exposure unchanged. This adjustment","page_number":213,"box":{"x":62,"y":608,"width":882,"height":11}},{"id":"30104b71-ccb2-4770-b299-40c04aa2fe2f","block_type":"box","text":"reflected our cautious stance on interest rate risk as yields re","page_number":213,"box":{"x":61,"y":622,"width":440,"height":11}},{"id":"ff5508ef-c966-4901-95be-cc6ea5463e4a","block_type":"box","text":"mained volatile.","page_number":213,"box":{"x":502,"y":622,"width":112,"height":9}},{"id":"9e0c5d79-6582-4313-9f52-e2cae587a5f7","block_type":"box","text":"November 2025 was an active month with multiple changes. Early in the month, we reduced our holdings in mid-sized US","page_number":213,"box":{"x":61,"y":644,"width":883,"height":11}},{"id":"e4865355-dba5-4d9b-981e-a24799378714","block_type":"box","text":"companies and increased exposure to large US companies. By the end of November, we had increased bond exposure","page_number":213,"box":{"x":61,"y":658,"width":883,"height":12}},{"id":"efcb1b2c-9e3d-4654-be7e-7b296b0a2264","block_type":"box","text":"back to neutral while keeping equities unchanged. This was funded by reducing cash and UK equities.","page_number":213,"box":{"x":61,"y":673,"width":745,"height":11}},{"id":"490909d8-fe88-4dad-8696-81d9c1aa10f2","block_type":"box","text":"Bond and equity exposure remained unchanged and neutral through December 2025 and January 2026.","page_number":213,"box":{"x":61,"y":695,"width":758,"height":11}},{"id":"3832e2e6-d70e-447d-b711-afb7a809436d","block_type":"box","text":"In January, within our Sector Strategy, (QSAM), we reduced our allocation to Financials and introduced Healthcare as a","page_number":213,"box":{"x":62,"y":716,"width":876,"height":12}},{"id":"9ee2b695-562c-4668-8779-0efec11ad857","block_type":"box","text":"new sector. Later in the month, we trimmed our passive US equity exposure to fund the addition of the T. Rowe Price US","page_number":213,"box":{"x":61,"y":731,"width":877,"height":11}},{"id":"986919df-2aa4-4b2c-a6f2-788124c9b7a4","block_type":"box","text":"Structured Research Equity fund. Supported by a large team of analysts, this actively managed strategy leverages deep","page_number":213,"box":{"x":61,"y":745,"width":877,"height":11}},{"id":"ce089f65-3203-4fef-a7ea-5d225820225b","block_type":"box","text":"research insights to deliver consistent value at an attractive cost.","page_number":213,"box":{"x":61,"y":759,"width":466,"height":11}},{"id":"9716fa17-a6c6-400b-9b04-52bbbac54a9a","block_type":"box","text":"In February 2026, we modestly increased overall equity exposure while maintaining a broadly neutral positioning. Bond","page_number":213,"box":{"x":62,"y":781,"width":876,"height":11}},{"id":"3b3cf01f-9ee8-48e7-bee1-2253f1ca4247","block_type":"box","text":"exposure was reduced slightly over the month before returning t","page_number":213,"box":{"x":61,"y":795,"width":463,"height":12}},{"id":"297cca25-9873-4fc9-8d3a-fb7069429278","block_type":"box","text":"o neutral in March 2026.","page_number":213,"box":{"x":524,"y":795,"width":176,"height":9}},{"id":"2d9c327e-f3e9-4cda-826a-3c0daf5d179c","block_type":"box","text":"March 2026 saw adjustments to our sector positioning, with Healthcare and Technology removed and capital reallocated","page_number":213,"box":{"x":61,"y":817,"width":877,"height":12}},{"id":"6009305d-f1c4-4e8a-bf28-6f6e74e60fe5","block_type":"box","text":"to more ‘old economy’ sectors, including Energy, Materials, Utilities and Industrials.","page_number":213,"box":{"x":60,"y":832,"width":599,"height":11}},{"id":"cef0d9f0-66d7-4354-be83-1bae0758c208","block_type":"box","text":"Positioning remained stable through April 2026, with both equity and bond exposures unchanged.","page_number":213,"box":{"x":61,"y":854,"width":705,"height":11}},{"id":"eac5fdc7-277b-4db7-8ac8-c42f61cc2a5c","block_type":"box","text":"In May 2026, we reintroduced Technology within QSAM, funded by removing Utilities.","page_number":213,"box":{"x":62,"y":875,"width":616,"height":12}},{"id":"a7206da6-21e1-4de3-bb3e-b6f28d32fbf5","block_type":"box","text":"ACD’S REPORT","page_number":213,"box":{"x":60,"y":78,"width":149,"height":9}},{"id":"595377be-25f1-4738-bde2-83edda62a6a2","block_type":"box","text":"(continued)","page_number":213,"box":{"x":210,"y":78,"width":89,"height":12}},{"id":"3a95f449-ed2a-4898-a4f7-0d48fcc4272e","block_type":"box","text":"for the","page_number":213,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"c841f851-5de6-46f5-8c31-4457bd165418","block_type":"box","text":"year","page_number":213,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"8b526569-e3af-4c96-a460-6c455da0ea9b","block_type":"box","text":"r ended","page_number":213,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"b73c04ea-e53e-45ed-8051-9b38ed4b7c7b","block_type":"box","text":"31 May 2026","page_number":213,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"b9130ef0-f52c-4596-9576-0276aabf3373","block_type":"box","text":"Investment Manager’s Report","page_number":213,"box":{"x":61,"y":122,"width":234,"height":11}},{"id":"5bc52580-3411-4c76-89d0-152aa25cea44","block_type":"box","text":"(continued)","page_number":213,"box":{"x":296,"y":121,"width":81,"height":12}},{"id":"4eee04d9-c695-4c07-9d05-30f3347ac35c","block_type":"box","text":"Investment Background","page_number":213,"box":{"x":61,"y":140,"width":191,"height":11}},{"id":"cd52a29b-fac7-4db6-a088-5a57f2d1a4ff","block_type":"box","text":"(continued)","page_number":213,"box":{"x":258,"y":140,"width":81,"height":11}},{"id":"f9a13b1f-a1fa-4592-a12d-4fca6b96f49d","block_type":"box","text":"7IM AAP MODERATELY CAUTIOUS FUND","page_number":214,"box":{"x":61,"y":47,"width":493,"height":13}},{"id":"8f525364-176d-43e3-be01-15935c52c928","block_type":"box","text":"212","page_number":214,"box":{"x":60,"y":945,"width":27,"height":8}},{"id":"d9a29692-a8e5-41d6-9863-0c7a669b35d1","block_type":"box","text":"Investment Outlook","page_number":214,"box":{"x":61,"y":141,"width":153,"height":9}},{"id":"3dab7e05-70de-4fcd-a8c7-5b18f649e466","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":214,"box":{"x":60,"y":159,"width":884,"height":11}},{"id":"f3a19fda-cc99-43dd-85bd-4c25277e8bc5","block_type":"box","text":"has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":214,"box":{"x":61,"y":173,"width":883,"height":11}},{"id":"da380a80-d6e5-432c-ba0e-d558235f1f27","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade.","page_number":214,"box":{"x":60,"y":187,"width":453,"height":11}},{"id":"d344f7f0-926e-495b-bdb8-dc8140b0c128","block_type":"box","text":"Looking ahead, we expect:","page_number":214,"box":{"x":61,"y":209,"width":193,"height":11}},{"id":"09acf3d5-9054-4bb8-b690-8513e5757b30","block_type":"box","text":"•","page_number":214,"box":{"x":68,"y":234,"width":5,"height":3}},{"id":"999e9075-43e3-477a-919a-3e34a77fe7bb","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":214,"box":{"x":84,"y":231,"width":860,"height":11}},{"id":"4b72b03e-93cd-4a0a-acc4-13d58bf1b436","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":214,"box":{"x":83,"y":245,"width":861,"height":12}},{"id":"6192cafb-0572-4b3a-b468-2f2ee3a40179","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":214,"box":{"x":83,"y":260,"width":861,"height":11}},{"id":"7a20dbd0-114a-4e73-95a2-acdccbe8bbb5","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":214,"box":{"x":83,"y":274,"width":359,"height":11}},{"id":"b0d3ddd2-5212-4a01-9ac6-638a53f87402","block_type":"box","text":"•","page_number":214,"box":{"x":68,"y":299,"width":5,"height":3}},{"id":"77829e08-7fa4-41e6-aecb-a98c123ea046","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":214,"box":{"x":84,"y":296,"width":860,"height":11}},{"id":"a8b40f7b-9eb4-44cb-a545-ee8e642c1bbf","block_type":"box","text":"and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through","page_number":214,"box":{"x":83,"y":310,"width":861,"height":11}},{"id":"816d1059-59de-4eba-8662-fb99b987f529","block_type":"box","text":"short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply","page_number":214,"box":{"x":83,"y":324,"width":861,"height":12}},{"id":"c60d1798-20e2-4e6d-adf6-ae037c978bbf","block_type":"box","text":"concerns ease, although they may remain elevated compared with","page_number":214,"box":{"x":83,"y":339,"width":488,"height":11}},{"id":"a1a7e3cc-a2be-4caa-b8ea-24d1b20571a2","block_type":"box","text":"recent history.","page_number":214,"box":{"x":572,"y":339,"width":99,"height":11}},{"id":"c5807bea-ccbd-4d4e-894d-4b226328c26f","block_type":"box","text":"•","page_number":214,"box":{"x":68,"y":364,"width":5,"height":3}},{"id":"a296a49f-e248-4758-b054-78ae4b7a2023","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. Strong returns from","page_number":214,"box":{"x":83,"y":361,"width":861,"height":11}},{"id":"ab6eec50-b233-4811-907d-e964141c6333","block_type":"box","text":"areas such as industrials, financials and utilities, combined with improving prospects in parts of Europe, Asia and","page_number":214,"box":{"x":83,"y":375,"width":861,"height":11}},{"id":"3fe52906-7f39-4905-a90d-f883f6ee715f","block_type":"box","text":"emerging markets, highlight the benefits of maintaining broad ex","page_number":214,"box":{"x":83,"y":389,"width":466,"height":11}},{"id":"1a100500-2d34-428a-9811-744eddbe1f4f","block_type":"box","text":"posure across global markets.","page_number":214,"box":{"x":550,"y":389,"width":217,"height":11}},{"id":"dfcbff0f-8b1b-464b-bb12-25d2b4939752","block_type":"box","text":"For us, this reinforces the case for diversified portfolios and a flexible investment approach. 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This was largely attributable to its higher","page_number":246,"box":{"x":60,"y":624,"width":884,"height":12}},{"id":"12a7d5ad-c943-40cb-a6d4-ae3ddcd6e6d2","block_type":"box","text":"strategic allocation to equities, which benefited from a market environment in which equities significantly outperformed","page_number":246,"box":{"x":60,"y":639,"width":884,"height":11}},{"id":"f8c955b7-2ca0-4167-9ece-09681f74a21b","block_type":"box","text":"fixed income. Tactical asset allocation detracted slightly due to a tilt away from mega-cap technology stocks trading on","page_number":246,"box":{"x":60,"y":653,"width":884,"height":11}},{"id":"07b7f632-8c8c-4df7-935c-0d64a67e75a1","block_type":"box","text":"high valuations and exhibiting elevated volatility. 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Returns broadened beyond","page_number":246,"box":{"x":61,"y":826,"width":877,"height":11}},{"id":"3af2b893-ecac-4878-94bc-53a384062e3b","block_type":"box","text":"the US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained","page_number":246,"box":{"x":60,"y":840,"width":884,"height":11}},{"id":"4dea047c-9cdb-4f6d-9ae1-a8f753bb1cad","block_type":"box","text":"a key driver of market leadership.","page_number":246,"box":{"x":61,"y":854,"width":240,"height":11}},{"id":"6db4de06-5ee0-41bc-9f30-b596232374af","block_type":"box","text":"1","page_number":246,"box":{"x":61,"y":919,"width":3,"height":5}},{"id":"162c7187-64ec-45d1-82e4-d0316d4680f0","block_type":"box","text":"Calculated using 7IM AAP Balanced Fund C Acc shares, published prices. 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However, diversified fixed income exposure continued to deliver positive","page_number":247,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"e287ec95-ca8e-414f-9bd0-8e4e829f3196","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit","page_number":247,"box":{"x":61,"y":186,"width":448,"height":11}},{"id":"bacec2f5-d5dc-4260-a67f-1a9b00d9aaef","block_type":"box","text":"generally outperforming longer-duration holdings.","page_number":247,"box":{"x":509,"y":186,"width":362,"height":11}},{"id":"82e743a1-28bd-46d4-a863-b67dca5b8a6e","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":247,"box":{"x":60,"y":205,"width":884,"height":11}},{"id":"ba7e44f1-c4c1-4aa2-9f32-545c5257bba8","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":247,"box":{"x":61,"y":219,"width":883,"height":11}},{"id":"a27a9869-abb3-4dc0-8ebc-72f68e151f03","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":247,"box":{"x":60,"y":233,"width":884,"height":11}},{"id":"23d41985-dd57-45e4-800c-b5a2ee30e902","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":247,"box":{"x":60,"y":248,"width":884,"height":11}},{"id":"2fbe0617-d3fc-4575-b7f2-9f5bbeeb309c","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":247,"box":{"x":61,"y":262,"width":397,"height":11}},{"id":"cff6231c-371f-49ae-9066-8cde63ba64b8","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":247,"box":{"x":61,"y":281,"width":883,"height":11}},{"id":"a2a2c3bc-8345-4d8e-9837-4e7420f2d1c0","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":247,"box":{"x":61,"y":295,"width":883,"height":11}},{"id":"7ba3a427-fe09-428e-b10c-4139e0a23096","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":247,"box":{"x":60,"y":309,"width":884,"height":11}},{"id":"ee202d42-9d31-429b-8be9-9778ab87d2dd","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":247,"box":{"x":60,"y":323,"width":884,"height":12}},{"id":"940eeecf-3edf-437e-93c6-e23cd7135a19","block_type":"box","text":"backdrop has stayed supportive.","page_number":247,"box":{"x":61,"y":338,"width":234,"height":11}},{"id":"b26df56d-7f75-4037-a65e-7bdb1f7a2367","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":247,"box":{"x":60,"y":356,"width":884,"height":12}},{"id":"4168d855-867a-483e-9b92-25cd9eb8c743","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":247,"box":{"x":61,"y":371,"width":883,"height":11}},{"id":"75f59cfc-b4c4-44f3-ab13-1c705bacdab1","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market noise","page_number":247,"box":{"x":61,"y":385,"width":877,"height":11}},{"id":"976ce5b3-42e1-4620-9405-ad9c0b3d6358","block_type":"box","text":"Portfolio Review","page_number":247,"box":{"x":61,"y":407,"width":133,"height":9}},{"id":"1b369946-8129-4e79-917f-782a85c91e98","block_type":"box","text":"In July 2025, we reduced equity exposure slightly. Within our Sector Strategy Quantitative Sector Allocation Model (QSAM),","page_number":247,"box":{"x":62,"y":425,"width":882,"height":11}},{"id":"fbd914c0-85d4-4a6c-a547-13c5e97bb7c8","block_type":"box","text":"we made a small increase to Utilities, reflecting changes in the","page_number":247,"box":{"x":60,"y":439,"width":452,"height":11}},{"id":"850d542a-8798-43a9-83d8-a66bf01751e1","block_type":"box","text":"economic and stock data for the sector.","page_number":247,"box":{"x":512,"y":439,"width":296,"height":9}},{"id":"48282895-6d1e-4943-890f-aab737861c34","block_type":"box","text":"In August 2025, we refreshed our strategic asset allocation (SAA) in line with its annual schedule. We altered our fixed","page_number":247,"box":{"x":62,"y":461,"width":882,"height":11}},{"id":"c9a08375-8ae2-4fc4-9503-e5284188d4a6","block_type":"box","text":"income allocations from index level duration to a split of long and short duration government bonds options to manage","page_number":247,"box":{"x":61,"y":475,"width":883,"height":12}},{"id":"bea07a6d-8bee-4beb-b618-c31405d7e1c2","block_type":"box","text":"tactical positions. This was achieved by selling some government bonds. We also undertook some small adjustments to","page_number":247,"box":{"x":60,"y":490,"width":884,"height":11}},{"id":"d7e26c7f-24fc-49d0-b8ea-8b6145216ac3","block_type":"box","text":"other asset classes.","page_number":247,"box":{"x":61,"y":504,"width":149,"height":9}},{"id":"57aabd4c-a804-408c-a774-2dfde3d6da41","block_type":"box","text":"Later in the month, we also replaced two existing tactical strategies with new fund structures. The funds are managed","page_number":247,"box":{"x":61,"y":526,"width":883,"height":11}},{"id":"e01c5b40-9c45-4e42-bc73-6c3708a5dc48","block_type":"box","text":"by JPMorgan with the underlying exposures specified by 7IM and allowed us to implement our existing Sector Strategy","page_number":247,"box":{"x":61,"y":540,"width":883,"height":11}},{"id":"c60d9c64-f56e-4ed7-9420-dda532d3307d","block_type":"box","text":"(QSAM) and Equity Protection Selling tactical strategies in a m","page_number":247,"box":{"x":61,"y":554,"width":452,"height":12}},{"id":"2d52eb81-8b63-4413-b99b-06c62fa6ec92","block_type":"box","text":"ore efficient and cost-effective way.","page_number":247,"box":{"x":515,"y":554,"width":253,"height":12}},{"id":"ef561f8c-57b1-4fea-a9bc-5e90898874ec","block_type":"box","text":"Additionally, the Invesco S&P 500 Equal Weight Swap UCITS ETF replaced the existing allocation to the xTrackers S&P","page_number":247,"box":{"x":60,"y":576,"width":884,"height":11}},{"id":"3a096007-3d70-4314-ae68-9056d34a146f","block_type":"box","text":"500 Equal Weight UCITS ETF.","page_number":247,"box":{"x":61,"y":591,"width":220,"height":11}},{"id":"a1fa87d4-ed19-4bf9-a559-ff7e2eb9cdeb","block_type":"box","text":"At the start of September 2025, we increased equities slightly and reduced bond exposure in line with our macroeconomic","page_number":247,"box":{"x":60,"y":612,"width":884,"height":12}},{"id":"19f95efe-2bd6-4b3c-8fc7-60956691ce48","block_type":"box","text":"views. We also added Aviva Sterling Liquidity to earn a better return on our cash-like holdings.","page_number":247,"box":{"x":60,"y":627,"width":680,"height":11}},{"id":"9a9ab9cd-159f-49db-8542-5cdb3a5f42d3","block_type":"box","text":"In October 2025, we slightly reduced our exposure to bonds while keeping equity exposure unchanged. This adjustment","page_number":247,"box":{"x":62,"y":649,"width":882,"height":11}},{"id":"d5b872bd-15e4-4fcf-ae07-bd480657cfe1","block_type":"box","text":"reflected our cautious stance on interest rate risk as yields re","page_number":247,"box":{"x":61,"y":663,"width":440,"height":11}},{"id":"37bd3a87-0939-435c-bf6f-548f3190f8eb","block_type":"box","text":"mained volatile.","page_number":247,"box":{"x":502,"y":663,"width":112,"height":9}},{"id":"8759e20e-6be2-4ddb-bc84-2f1124bc1329","block_type":"box","text":"November 2025 was an active month with multiple changes. Early in the month, we reduced our holdings in mid-sized US","page_number":247,"box":{"x":61,"y":685,"width":883,"height":11}},{"id":"f14cbfc3-2de4-4828-ba08-7ad453271826","block_type":"box","text":"companies and increased exposure to large US companies. By the end of November, we had increased bond exposure","page_number":247,"box":{"x":61,"y":699,"width":877,"height":11}},{"id":"0fd5ff18-1490-4ab7-ba50-d4b1cc08d6fc","block_type":"box","text":"back to neutral while keeping equities unchanged. This was funded by reducing cash and UK equities.","page_number":247,"box":{"x":61,"y":713,"width":739,"height":12}},{"id":"95217fde-42a8-4c22-be75-0aa25e5d9d89","block_type":"box","text":"Bond and equity exposure remained unchanged and neutral through December 2025 and January 2026.","page_number":247,"box":{"x":61,"y":736,"width":758,"height":11}},{"id":"96146e68-eabc-4762-95d7-0d34a3f63f43","block_type":"box","text":"In January, within our Sector Strategy, (QSAM), we reduced our allocation to Financials and introduced Healthcare as a","page_number":247,"box":{"x":62,"y":757,"width":876,"height":12}},{"id":"f7442b14-dc58-47e3-8bd4-d89077b937d7","block_type":"box","text":"new sector. Later in the month, we trimmed our passive US equity exposure to fund the addition of the T. Rowe Price US","page_number":247,"box":{"x":61,"y":771,"width":877,"height":12}},{"id":"ab928e32-7d82-496b-82dd-b8d9890b5073","block_type":"box","text":"Structured Research Equity fund. 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Bond","page_number":247,"box":{"x":62,"y":822,"width":876,"height":11}},{"id":"d962a1b9-26f7-445d-b705-67cdcbfd22b5","block_type":"box","text":"exposure was reduced slightly over the month before returning t","page_number":247,"box":{"x":61,"y":836,"width":463,"height":11}},{"id":"cf7ac5d4-343c-40d4-994e-f12203575b65","block_type":"box","text":"o neutral in March 2026.","page_number":247,"box":{"x":524,"y":836,"width":176,"height":9}},{"id":"54fd9ade-4bfe-44b0-ac12-ae376a52e1ed","block_type":"box","text":"March 2026 saw adjustments to our sector positioning, with Healthcare and Technology removed and capital reallocated","page_number":247,"box":{"x":61,"y":858,"width":883,"height":11}},{"id":"50a0ba43-33ad-4875-8a87-885e49831790","block_type":"box","text":"to more ‘old economy’ sectors, including Energy, Materials, Utilities and Industrials.","page_number":247,"box":{"x":60,"y":873,"width":599,"height":11}},{"id":"c8e1d554-cb4f-4ead-a024-3b0e65215325","block_type":"box","text":"Positioning remained stable through April, with both equity and bond exposures unchanged.","page_number":247,"box":{"x":61,"y":895,"width":663,"height":11}},{"id":"48b4136e-4239-467e-86be-5e75b5ca09b4","block_type":"box","text":"In May 2026, we reintroduced Technology within QSAM, funded by removing Utilities.","page_number":247,"box":{"x":62,"y":916,"width":616,"height":12}},{"id":"37f960c2-2e37-4ab8-b83e-f12cae7cd25f","block_type":"box","text":"ACD’S REPORT","page_number":247,"box":{"x":60,"y":78,"width":149,"height":9}},{"id":"8eaf070f-9165-480b-aba0-34e56de97c4a","block_type":"box","text":"(continued)","page_number":247,"box":{"x":210,"y":78,"width":89,"height":12}},{"id":"612d3d6b-a2d8-4a50-a3bf-ff35062090f8","block_type":"box","text":"for the","page_number":247,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"26c764b4-612c-422c-a134-379200694c54","block_type":"box","text":"year","page_number":247,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"05780147-96ff-4d6f-ac0b-0980f3786883","block_type":"box","text":"r ended","page_number":247,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"d96033d4-a905-421d-8144-5e288b55304a","block_type":"box","text":"31 May 2026","page_number":247,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"8c4bef84-bee2-466d-92d5-1311090c0949","block_type":"box","text":"Investment Manager’s Report","page_number":247,"box":{"x":61,"y":122,"width":234,"height":11}},{"id":"81c6783a-3c65-4392-9d88-a9092d70cedb","block_type":"box","text":"(continued)","page_number":247,"box":{"x":296,"y":121,"width":81,"height":12}},{"id":"d15e9e71-1f78-4720-bf2d-db6c87a47996","block_type":"box","text":"Investment Background","page_number":247,"box":{"x":61,"y":140,"width":191,"height":11}},{"id":"291ea3fa-d9d1-4e98-89e2-bc54180878ce","block_type":"box","text":"(continued)","page_number":247,"box":{"x":258,"y":140,"width":81,"height":11}},{"id":"c4112ef1-471f-4eaf-970f-6509f21bfe97","block_type":"box","text":"7IM AAP BALANCED FUND","page_number":248,"box":{"x":61,"y":47,"width":324,"height":13}},{"id":"e322f81b-ea01-4344-9cfe-6dcbabc4075b","block_type":"box","text":"246","page_number":248,"box":{"x":60,"y":945,"width":27,"height":8}},{"id":"53300b53-7342-4b20-b54e-e536abaf6fcc","block_type":"box","text":"Investment Outlook","page_number":248,"box":{"x":61,"y":141,"width":153,"height":9}},{"id":"7547a11d-525a-4898-b56a-e5d26d4db15c","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":248,"box":{"x":60,"y":156,"width":884,"height":11}},{"id":"482342ad-802c-4a3b-8c55-d21585e3e8ca","block_type":"box","text":"has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":248,"box":{"x":61,"y":170,"width":883,"height":11}},{"id":"685963fa-090a-4d3d-bab7-b39c7b9bde00","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade","page_number":248,"box":{"x":60,"y":184,"width":449,"height":11}},{"id":"a5ba6c64-ef2c-465f-9efa-6b2853f4a1f9","block_type":"box","text":"Looking ahead, we expect:","page_number":248,"box":{"x":61,"y":203,"width":193,"height":11}},{"id":"80e93b9c-1c73-4df9-8fe8-c7df6b599056","block_type":"box","text":"•","page_number":248,"box":{"x":68,"y":228,"width":5,"height":3}},{"id":"fecfcf34-eee8-4466-98e3-9a08508463b1","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":248,"box":{"x":84,"y":225,"width":860,"height":11}},{"id":"96065c08-2ed3-46d5-8738-5849a13f9ef2","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":248,"box":{"x":83,"y":239,"width":861,"height":11}},{"id":"b3624c7b-bff2-4ec2-be44-1faa078b46b2","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":248,"box":{"x":83,"y":253,"width":861,"height":11}},{"id":"a37e5e73-1d2b-47d9-9a62-76b9901e11f4","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":248,"box":{"x":83,"y":268,"width":359,"height":11}},{"id":"0f66b7ba-632c-4535-92e9-759892f79fc6","block_type":"box","text":"•","page_number":248,"box":{"x":68,"y":293,"width":5,"height":3}},{"id":"57049892-3a80-4bab-a368-8a9556c1872b","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":248,"box":{"x":84,"y":289,"width":860,"height":12}},{"id":"ecb9895b-3bf9-4635-b7f6-b2a4db94284c","block_type":"box","text":"and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through","page_number":248,"box":{"x":83,"y":304,"width":861,"height":11}},{"id":"1869ee97-00c7-45bc-ba5a-402aa6c797bf","block_type":"box","text":"short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply","page_number":248,"box":{"x":83,"y":318,"width":861,"height":11}},{"id":"a9c80086-3f83-4dc7-8b7c-602061f7cbdc","block_type":"box","text":"concerns ease, although they may remain elevated compared with","page_number":248,"box":{"x":83,"y":332,"width":488,"height":11}},{"id":"44c9816a-5569-42b1-bedc-a9f40dcb95bb","block_type":"box","text":"recent history.","page_number":248,"box":{"x":572,"y":332,"width":99,"height":11}},{"id":"54944900-3424-4359-819b-7f9e9e39d9b2","block_type":"box","text":"•","page_number":248,"box":{"x":68,"y":357,"width":5,"height":3}},{"id":"3f41ee48-2602-4cf3-b7fc-f1f3d7558dbd","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. Strong returns from","page_number":248,"box":{"x":83,"y":354,"width":861,"height":11}},{"id":"b9675521-d8c1-4b62-897e-ab85589fb782","block_type":"box","text":"areas such as industrials, financials and utilities, combined with improving prospects in parts of Europe, Asia and","page_number":248,"box":{"x":83,"y":368,"width":861,"height":12}},{"id":"69818a15-e9c0-41bf-9609-4cc43ec491eb","block_type":"box","text":"emerging markets, highlight the benefits of maintaining broad ex","page_number":248,"box":{"x":83,"y":383,"width":466,"height":11}},{"id":"1a6542c5-501b-4cb9-88e7-a8ed45b5b666","block_type":"box","text":"posure across global markets","page_number":248,"box":{"x":550,"y":383,"width":213,"height":11}},{"id":"f6ddb2b1-cc31-4138-812b-3cbd6b3f5203","block_type":"box","text":"For us, this reinforces the case for diversified portfolios and a flexible investment approach. Alongside core allocations","page_number":248,"box":{"x":61,"y":401,"width":883,"height":11}},{"id":"49dbe179-2375-46e7-a8b0-9df0931a1e8e","block_type":"box","text":"to equities and bonds, we continue to utilise diversifying assets and selective tactical opportunities where fundamentals","page_number":248,"box":{"x":60,"y":415,"width":884,"height":11}},{"id":"a97edbf4-76c6-45e9-96b1-d1d5e196c4e1","block_type":"box","text":"remain attractive. In a world where leadership is broadening and market conditions can change quickly, spreading risk","page_number":248,"box":{"x":61,"y":429,"width":883,"height":12}},{"id":"54b159b2-dfb5-4969-b067-94172e5a0fd0","block_type":"box","text":"remains one of the most effective ways to navigate uncertainty a","page_number":248,"box":{"x":61,"y":444,"width":466,"height":11}},{"id":"a32445cb-ef3a-40fb-81c2-48a076104432","block_type":"box","text":"nd capture long-term opportunities.","page_number":248,"box":{"x":528,"y":444,"width":252,"height":11}},{"id":"ddba688a-b784-4eda-914f-ce64e5dcd5a0","block_type":"box","text":"Seven Investment Management LLP","page_number":248,"box":{"x":61,"y":469,"width":270,"height":11}},{"id":"dbe41c79-461b-4b61-9287-f545db7e1711","block_type":"box","text":"Investment Manager","page_number":248,"box":{"x":62,"y":483,"width":153,"height":11}},{"id":"d48908ee-4101-49dc-a4ea-848e0377d71d","block_type":"box","text":"September 2026","page_number":248,"box":{"x":61,"y":497,"width":120,"height":11}},{"id":"88b708e8-a27e-43da-a0a3-66aa056cc379","block_type":"box","text":"ACD’S REPORT","page_number":248,"box":{"x":60,"y":79,"width":149,"height":9}},{"id":"de3cd60c-53c6-46ab-929d-3478520789d5","block_type":"box","text":"(continued)","page_number":248,"box":{"x":210,"y":79,"width":89,"height":12}},{"id":"b476f38d-6d07-4d0e-9a72-5f1575d4299f","block_type":"box","text":"for the","page_number":248,"box":{"x":60,"y":94,"width":51,"height":9}},{"id":"00d72a04-042c-4d12-9c7b-a96292f6e3e4","block_type":"box","text":"year","page_number":248,"box":{"x":111,"y":96,"width":32,"height":9}},{"id":"7347e676-e57b-4eb0-ae4c-825277e29cc4","block_type":"box","text":"r ended","page_number":248,"box":{"x":143,"y":94,"width":55,"height":9}},{"id":"7f65e10b-b082-4b3a-b795-36cf23b9b3df","block_type":"box","text":"31 May 2026","page_number":248,"box":{"x":199,"y":94,"width":93,"height":11}},{"id":"7f4ed184-b975-4a70-855f-3b6d31ff2582","block_type":"box","text":"Investment Manager’s Report","page_number":248,"box":{"x":61,"y":123,"width":234,"height":11}},{"id":"4c11d201-7009-4c64-ba6f-df4b2ffd194d","block_type":"box","text":"(continued)","page_number":248,"box":{"x":296,"y":123,"width":81,"height":11}},{"id":"84ebe2c6-d546-436e-8df0-bf28b9501bc8","block_type":"box","text":"7IM AAP BALANCED FUND","page_number":249,"box":{"x":61,"y":47,"width":324,"height":13}},{"id":"9fe6695b-f43b-4c9f-9dbe-984f41e4f466","block_type":"box","text":"247","page_number":249,"box":{"x":911,"y":945,"width":27,"height":8}},{"id":"5622cdde-152a-4694-8ddd-d27df454725f","block_type":"box","text":"Fund Information","page_number":249,"box":{"x":60,"y":87,"width":1,"height":0}},{"id":"9f6194d5-e78d-4554-8e1a-13bb74502f7b","block_type":"box","text":"FUND INFORMATION","page_number":249,"box":{"x":62,"y":78,"width":189,"height":9}},{"id":"0cfa7461-341f-4b9e-8217-e1140c98a287","block_type":"box","text":"The Comparative Tables on pages 248 to 255 give the performance of each active share class in the Sub-fund.","page_number":249,"box":{"x":60,"y":93,"width":804,"height":12}},{"id":"ce553e1c-d623-4c14-9128-4458116c125b","block_type":"box","text":"The ‘Return after charges’ disclosed in the Comparative Tables is calculated as the return after operating charges per","page_number":249,"box":{"x":60,"y":115,"width":884,"height":12}},{"id":"1d255480-8dcb-4c78-8a15-28de7042072b","block_type":"box","text":"share divided by the opening net asset value per share. It differs from the Sub-fund’s performance disclosed in the ACD's","page_number":249,"box":{"x":60,"y":130,"width":884,"height":11}},{"id":"15269374-de58-4855-8e2b-7da1956ea9bf","block_type":"box","text":"report, which is calculated based on the latest published price","page_number":249,"box":{"x":61,"y":144,"width":445,"height":11}},{"id":"e99a4d2e-a144-41ab-9392-da3b618077e6","block_type":"box","text":".","page_number":249,"box":{"x":508,"y":151,"width":2,"height":2}},{"id":"5a87c393-effe-4363-921a-7674c407188c","block_type":"box","text":"Portfolio transaction costs are incurred when investments are bought or sold by a Sub-fund in order to achieve the","page_number":249,"box":{"x":61,"y":166,"width":883,"height":11}},{"id":"0ce7a779-55d1-41b3-83b6-ff7980b0483a","block_type":"box","text":"investment objective. 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Unlike shares whereby broker commissions and stamp duty","page_number":249,"box":{"x":61,"y":267,"width":883,"height":11}},{"id":"4a7b18be-7002-48fb-bc67-719ea8f5b6e0","block_type":"box","text":"are paid by the Sub-fund on each transaction, other types of investments (such as bonds, money instruments, derivatives,","page_number":249,"box":{"x":61,"y":281,"width":883,"height":11}},{"id":"019f0411-f478-4026-a7e2-f48f938edd17","block_type":"box","text":"collective investment schemes) do not have separately identifiable transaction costs; these costs form part of the dealing","page_number":249,"box":{"x":61,"y":295,"width":883,"height":11}},{"id":"c816931c-983a-4755-83e2-2ad3211d1116","block_type":"box","text":"spread. 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At the balance sheet date, the following shareholder held in excess of 20% of","page_number":268,"box":{"x":86,"y":303,"width":858,"height":12}},{"id":"3ac7bc64-147f-4cd0-9e0b-93531e6f385e","block_type":"box","text":"the shares in issue of the Sub-fund:","page_number":268,"box":{"x":85,"y":318,"width":257,"height":9}},{"id":"ec92cf77-42f9-4fa7-943d-b4b6ebe316f9","block_type":"box","text":"Pershing Nominees Limited","page_number":268,"box":{"x":86,"y":341,"width":179,"height":10}},{"id":"6dcf771a-68a1-41a5-b861-4ab150438252","block_type":"box","text":"53.11% (2025: 51.23%)","page_number":268,"box":{"x":785,"y":341,"width":153,"height":10}},{"id":"23573898-76d6-4bdc-9f88-d61641f5537c","block_type":"box","text":"The net value of creations and cancellations for Pershing Nominees Limited during the year totalled (£3,063,077)","page_number":268,"box":{"x":86,"y":359,"width":858,"height":12}},{"id":"f71a3549-6a8f-467f-b7f4-52973d5c1b71","block_type":"box","text":"(2025: (£83,892,677)). 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It is possible that there may be higher leverage levels from","page_number":271,"box":{"x":85,"y":357,"width":859,"height":11}},{"id":"8bb04b77-edb1-4424-9b86-4d371c25ffde","block_type":"box","text":"time to time during abnormal market conditions.","page_number":271,"box":{"x":85,"y":372,"width":345,"height":11}},{"id":"c7201df4-b07f-4c39-83f8-4f9554d6fa2a","block_type":"box","text":"The lowest, highest and average leverage utilisation in the accounting year ended","page_number":271,"box":{"x":86,"y":393,"width":606,"height":11}},{"id":"a151cc98-d296-42b2-8c43-24ffaa5b901a","block_type":"box","text":"31 May 2026","page_number":271,"box":{"x":694,"y":393,"width":95,"height":11}},{"id":"4f4f6673-afb5-4a9c-b8c0-878071c7c2b0","block_type":"box","text":"was 32%, 39% and","page_number":271,"box":{"x":790,"y":393,"width":154,"height":10}},{"id":"0fe249dc-3b21-4626-977a-31bc6e0abd80","block_type":"box","text":"34% respectively (31 May 2025: 31%, 60% and 41% respectively).","page_number":271,"box":{"x":86,"y":407,"width":482,"height":12}},{"id":"585e478a-21cd-49b2-84ae-8fa44857d8f5","block_type":"box","text":"VaR is calculated for the funds under the parametric method. 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It is not liable to Income Tax but must be deducted from the cost of the shares for Capital Gains Tax purposes.","page_number":276,"box":{"x":61,"y":862,"width":877,"height":11}},{"id":"0231a4ad-8ea2-4a36-a0f9-d5361a68db59","block_type":"box","text":"7IM AAP MODERATELY ADVENTUROUS FUND","page_number":277,"box":{"x":61,"y":47,"width":555,"height":13}},{"id":"8504a21a-243c-4864-a692-2024e862b8f2","block_type":"box","text":"275","page_number":277,"box":{"x":911,"y":944,"width":27,"height":9}},{"id":"ec7ef94f-4804-450d-b372-3c34268d2eec","block_type":"box","text":"ACD’S REPORT","page_number":277,"box":{"x":60,"y":78,"width":143,"height":9}},{"id":"c86aa320-22d1-499d-a588-27f4681031d5","block_type":"box","text":"for the","page_number":277,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"06611975-de78-4585-8f29-e54f118d5bbd","block_type":"box","text":"year","page_number":277,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"534dce80-5aa3-468b-be66-63360b309b27","block_type":"box","text":"r ended","page_number":277,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"f27a6b9b-dcae-4196-b330-407f4ee16515","block_type":"box","text":"31 May 2026","page_number":277,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"4ed769bc-9c6c-4d0d-bf92-326cf34ab6f4","block_type":"box","text":"Investment Objective and Policy \r\nctive and Policy","page_number":277,"box":{"x":61,"y":121,"width":251,"height":12}},{"id":"7d4480d1-2022-4ca7-872d-dcd8604394da","block_type":"box","text":"Investment Objective and Policy","page_number":277,"box":{"x":60,"y":130,"width":2,"height":0}},{"id":"bb1477f0-0775-45f5-8dcd-36c65050812e","block_type":"box","text":"7IM AAP (Asset Allocated Passives) Moderately Adventurous Fund (the ‘Sub-fund’) aims to provide a return primarily","page_number":277,"box":{"x":61,"y":136,"width":883,"height":12}},{"id":"eaac62b5-9932-4f37-a3b0-4a0ada06b3e1","block_type":"box","text":"by way of capital growth with some income. In relation to “AAP” (Asset Allocated Passives), see the investment strategy","page_number":277,"box":{"x":61,"y":151,"width":883,"height":11}},{"id":"b9c7c32e-2d6c-45b2-bb4d-6af2a04d59ba","block_type":"box","text":"section in the Prospectus.","page_number":277,"box":{"x":60,"y":165,"width":187,"height":11}},{"id":"f9baecef-475f-41cc-a9dc-20a631175998","block_type":"box","text":"The Sub-fund invests, directly and indirectly, to achieve exposure of at least 80% to equity and fixed interest instruments.","page_number":277,"box":{"x":60,"y":184,"width":884,"height":11}},{"id":"76c28d90-82b7-41ee-ba67-3363c38c6ef7","block_type":"box","text":"This exposure is, for the most part, obtained through passive strategies (that is, strategies designed to track the performance","page_number":277,"box":{"x":60,"y":198,"width":884,"height":11}},{"id":"ffa54eaa-29e7-40a1-9a0e-d033cbe74480","block_type":"box","text":"of particular indices, market sectors or asset classes) but may also be achieved through the use of futures contracts which","page_number":277,"box":{"x":61,"y":212,"width":883,"height":11}},{"id":"4eba79cb-75e7-4b0b-926c-86a3cddd1776","block_type":"box","text":"require cover to be held (typically in the form of money market funds and money market instruments).","page_number":277,"box":{"x":61,"y":226,"width":732,"height":12}},{"id":"595dca94-524d-4a99-bce9-5e8e39e61209","block_type":"box","text":"The Sub-fund will also invest in other asset classes such as property, commodities and private equity, indirectly through","page_number":277,"box":{"x":60,"y":245,"width":884,"height":11}},{"id":"211b3c26-73db-4c54-915d-a78e42e616b4","block_type":"box","text":"holdings in equities including investment trusts, exchange traded funds or other funds. The asset allocation for the entire","page_number":277,"box":{"x":61,"y":259,"width":883,"height":12}},{"id":"c0d30340-3904-4fb5-b540-dcf9e4a7eacd","block_type":"box","text":"portfolio will be actively managed.","page_number":277,"box":{"x":61,"y":274,"width":243,"height":11}},{"id":"bb50929e-f0b1-4ce5-9d51-340d654a1423","block_type":"box","text":"The other 20% of the Sub-fund will be invested in assets such as cash and deposits and may also include the use of money","page_number":277,"box":{"x":60,"y":292,"width":884,"height":12}},{"id":"00f209f1-8385-4a13-a678-3769dd5afe49","block_type":"box","text":"market funds and money market instruments for more general liquidity purposes. This is additional to the holding of such","page_number":277,"box":{"x":61,"y":307,"width":883,"height":11}},{"id":"9c59f59f-5708-4883-976e-ac7afc5e4535","block_type":"box","text":"assets as cover for futures contracts as noted above.","page_number":277,"box":{"x":61,"y":321,"width":383,"height":9}},{"id":"1b5dde89-27f6-4b12-a22e-b2586a4637f0","block_type":"box","text":"In extraordinary market conditions (such as political unrest, economic instability, war, the bankruptcy of large financial","page_number":277,"box":{"x":62,"y":340,"width":882,"height":11}},{"id":"d5b01308-d92e-4a9e-bf69-141292d6cda4","block_type":"box","text":"institutions or closure of a relevant market(s)), it may not be appropriate for the Sub-fund to be invested in funds and other","page_number":277,"box":{"x":61,"y":354,"width":882,"height":11}},{"id":"b8c7317a-9d7d-41be-bfaf-9944a0b920fd","block_type":"box","text":"assets as noted above and the Sub-fund may temporarily invest up to 100% of its total assets in deposits, cash, near cash,","page_number":277,"box":{"x":61,"y":368,"width":883,"height":11}},{"id":"318cc287-c779-4cf1-ada0-51f42a3e9bf1","block_type":"box","text":"treasury bills, government bonds or short-term money market instruments. Examples of extraordinary market conditions","page_number":277,"box":{"x":60,"y":383,"width":884,"height":11}},{"id":"80f7e1f5-4f63-462c-a6f1-b7139709a47a","block_type":"box","text":"include periods of heightened volatility caused by a sudden economic downturn or events such as political unrest, war or","page_number":277,"box":{"x":61,"y":397,"width":883,"height":11}},{"id":"bbd0dc46-1ad6-48b1-868c-6f2809680825","block_type":"box","text":"bankruptcy of large financial institutions.","page_number":277,"box":{"x":61,"y":411,"width":288,"height":11}},{"id":"1b8dcd21-c1dd-4aec-bcb2-ef9b38b0a07f","block_type":"box","text":"The Sub-fund’s investments will focus on assets with scope for capital growth, such as equities, although the Sub-fund may","page_number":277,"box":{"x":60,"y":430,"width":884,"height":11}},{"id":"64c6d94f-ff33-4c1f-aff2-daeb63488432","block_type":"box","text":"also invest in income generating assets such as corporate debt securities.","page_number":277,"box":{"x":61,"y":444,"width":534,"height":11}},{"id":"4c534664-f992-4cdd-b7f3-78a1a3b3b72a","block_type":"box","text":"The Sub-fund is likely to invest in derivatives for efficient portfolio management (EPM) (i.e. to reduce risk or cost and, or to","page_number":277,"box":{"x":60,"y":463,"width":884,"height":11}},{"id":"b93e2a4a-3c7e-49a5-868d-11883e97547c","block_type":"box","text":"generate extra income) as well as for investment purposes.","page_number":277,"box":{"x":61,"y":477,"width":428,"height":11}},{"id":"1917029e-36f2-4a1e-823b-2cbd1a589a58","block_type":"box","text":"Comparator Benchmark","page_number":277,"box":{"x":61,"y":499,"width":187,"height":11}},{"id":"6767ae6a-1fbd-4989-a1b2-71f98c7aedda","block_type":"box","text":"The Sub-fund’s performance may be compared to the IA Mixed Investment 40-85% Shares which has been chosen","page_number":277,"box":{"x":60,"y":514,"width":884,"height":11}},{"id":"462691ab-96e6-4833-a7cc-268c34350bf2","block_type":"box","text":"because it is representative of the Sub-fund’s agreed risk profile and the type of assets in which it invests. It is therefore an","page_number":277,"box":{"x":61,"y":528,"width":883,"height":11}},{"id":"36b0c7cb-35d0-4620-aabc-9af3fcf446f1","block_type":"box","text":"appropriate comparator for the Sub-fund’s performance.","page_number":277,"box":{"x":61,"y":542,"width":404,"height":11}},{"id":"8e58b16c-40b1-45a4-84af-4d4b66aba746","block_type":"box","text":"Investment Manager’s Report \r\nager’s Report","page_number":277,"box":{"x":61,"y":564,"width":230,"height":11}},{"id":"88693dd3-fbc0-4044-bc56-23d8fbc92ff9","block_type":"box","text":"Investment Manager’s Report","page_number":277,"box":{"x":60,"y":573,"width":2,"height":0}},{"id":"440a2b73-e049-4d7d-a7cb-bd29d71e3cab","block_type":"box","text":"Performance Report","page_number":277,"box":{"x":61,"y":583,"width":157,"height":11}},{"id":"17b29ef2-1998-4d0a-8db1-d72abcd000ae","block_type":"box","text":"In the reporting year, 1 June 2025 to 31 May 2026, the portfolio delivered a total return of 20.55%","page_number":277,"box":{"x":62,"y":601,"width":701,"height":11}},{"id":"d1542b15-adbb-4c95-a6d6-09eaf6dc2e2e","block_type":"box","text":"1","page_number":277,"box":{"x":765,"y":600,"width":3,"height":5}},{"id":"fc058044-ce60-4aa2-8822-7422400801ba","block_type":"box","text":".","page_number":277,"box":{"x":771,"y":608,"width":2,"height":1}},{"id":"a6e44be7-b20a-4432-a4b9-b8aea41ba0e5","block_type":"box","text":"The Sub-fund outperformed its IA sector peer group comparator over the last year. This was largely attributable to its higher","page_number":277,"box":{"x":60,"y":622,"width":884,"height":12}},{"id":"feeb4815-663c-401e-bb7e-7a531c771770","block_type":"box","text":"strategic allocation to equities, which benefited from a market environment where equities significantly outperformed","page_number":277,"box":{"x":60,"y":637,"width":884,"height":11}},{"id":"8f8da7d4-5335-4247-8b1d-b6ef2cb2ac51","block_type":"box","text":"fixed income. Tactical positioning detracted modestly due to a tilt away from mega-cap technology stocks trading on high","page_number":277,"box":{"x":60,"y":651,"width":884,"height":11}},{"id":"93d5a078-8321-4309-bcba-cd96cf5d0664","block_type":"box","text":"valuations and high volatility. The 1 year, 3 year and 5 year relative performance to the benchmark was 2.2%, (2.0)%, 0.0%","page_number":277,"box":{"x":60,"y":665,"width":884,"height":11}},{"id":"6b257452-c023-470d-9438-42a613c3feb0","block_type":"box","text":"respectively.","page_number":277,"box":{"x":61,"y":680,"width":88,"height":11}},{"id":"fa9dcd96-542f-499f-8c7d-18f61ee152bf","block_type":"box","text":"Investment Background","page_number":277,"box":{"x":61,"y":702,"width":186,"height":11}},{"id":"32719d71-d01b-47c3-9e24-36ca74484902","block_type":"box","text":"Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical","page_number":277,"box":{"x":61,"y":720,"width":877,"height":11}},{"id":"05889905-ddcf-4e4b-8e92-2e6cde2f10ad","block_type":"box","text":"uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year","page_number":277,"box":{"x":61,"y":734,"width":878,"height":11}},{"id":"8236460b-1e40-433d-ac4b-6db4d7a6b93b","block_type":"box","text":"defined by resilience, strong corporate earnings and continued e","page_number":277,"box":{"x":61,"y":748,"width":466,"height":11}},{"id":"b2502b69-1dcf-4930-ab84-15ac985467d8","block_type":"box","text":"nthusiasm for artificial intelligence.","page_number":277,"box":{"x":529,"y":748,"width":247,"height":11}},{"id":"9317dd3e-f7e3-40d5-b73e-f3eab2ef6663","block_type":"box","text":"During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have","page_number":277,"box":{"x":61,"y":770,"width":877,"height":11}},{"id":"603f4283-969f-4acc-b033-f2e4b840ec9c","block_type":"box","text":"unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed","page_number":277,"box":{"x":61,"y":784,"width":877,"height":12}},{"id":"d1c4fb5b-d26e-49a6-8d4e-8eb478a5c1ed","block_type":"box","text":"to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such","page_number":277,"box":{"x":60,"y":799,"width":878,"height":11}},{"id":"6307b7a2-2309-4de0-9235-d0586cbda03b","block_type":"box","text":"as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate","page_number":277,"box":{"x":61,"y":813,"width":877,"height":11}},{"id":"a14ff806-ec45-4473-aefc-2ba6802030f8","block_type":"box","text":"earnings—particularly from large technology companies—further underpinned performance. Returns broadened beyond","page_number":277,"box":{"x":61,"y":827,"width":877,"height":11}},{"id":"f39f2398-d212-43d1-87af-923919acfc03","block_type":"box","text":"the US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained","page_number":277,"box":{"x":60,"y":841,"width":884,"height":12}},{"id":"f5f24cbd-7dc0-4ce6-a2d5-4ba7a82f0b39","block_type":"box","text":"a key driver of market leadership.","page_number":277,"box":{"x":61,"y":856,"width":240,"height":11}},{"id":"93ee2410-6ab5-4bea-9573-ca625fa9baa1","block_type":"box","text":"1","page_number":277,"box":{"x":61,"y":922,"width":3,"height":5}},{"id":"1a2ca835-d903-429f-8302-47d303210753","block_type":"box","text":"Calculated using 7IM AAP Moderately Adventurous Fund C Acc shares, published prices. Source: NTRS.","page_number":277,"box":{"x":69,"y":922,"width":760,"height":12}},{"id":"3f2ccd97-4371-4675-aa83-d0592251c24d","block_type":"box","text":"7IM AAP MODERATELY ADVENTUROUS FUND","page_number":278,"box":{"x":61,"y":47,"width":555,"height":13}},{"id":"3cff3799-ff67-4ed9-a305-5e2be086c7c8","block_type":"box","text":"276","page_number":278,"box":{"x":60,"y":945,"width":27,"height":8}},{"id":"52127f20-75ff-46ff-bcd4-c463368f81e5","block_type":"box","text":"Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding","page_number":278,"box":{"x":61,"y":158,"width":883,"height":11}},{"id":"f087b262-1418-4a7e-8bd0-2e1fed992297","block_type":"box","text":"government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive","page_number":278,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"6ea7bfa6-c360-4569-b615-949fb02cf005","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit","page_number":278,"box":{"x":61,"y":186,"width":448,"height":11}},{"id":"afb9c34c-fc50-4beb-aac6-3ae60db5b0cf","block_type":"box","text":"generally outperforming longer-duration holdings.","page_number":278,"box":{"x":509,"y":186,"width":362,"height":11}},{"id":"1bad2c38-cecf-4a8f-8e66-47c7288ed466","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":278,"box":{"x":60,"y":208,"width":884,"height":11}},{"id":"309cf26d-87b5-45f7-aad3-4449f0c50fc2","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":278,"box":{"x":61,"y":222,"width":883,"height":11}},{"id":"a9bef24d-0123-484d-b558-00c3135cb2cc","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":278,"box":{"x":60,"y":236,"width":884,"height":12}},{"id":"635bde8b-1a63-4377-a33e-aa715d7a6bd7","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":278,"box":{"x":60,"y":251,"width":884,"height":11}},{"id":"7e3b1752-28fe-401c-8469-25a94f3c709b","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":278,"box":{"x":61,"y":265,"width":397,"height":11}},{"id":"7cc66622-073f-4009-8365-845e6231d5bb","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":278,"box":{"x":61,"y":287,"width":883,"height":11}},{"id":"4a155bc5-9c02-41a6-85b5-741b5e55bbb8","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":278,"box":{"x":61,"y":301,"width":883,"height":11}},{"id":"76fff6ef-0735-4590-92dc-a7b24eba5ce2","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":278,"box":{"x":60,"y":315,"width":884,"height":12}},{"id":"bef856c7-6eea-49ab-98a9-7c0c993a8e71","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":278,"box":{"x":60,"y":330,"width":884,"height":11}},{"id":"d9ee1cfa-941f-422a-9d38-9b86317f891f","block_type":"box","text":"backdrop has stayed supportive.","page_number":278,"box":{"x":61,"y":344,"width":240,"height":11}},{"id":"89d832f2-71a4-4722-a4c9-9cbe79c33fc2","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":278,"box":{"x":60,"y":366,"width":884,"height":11}},{"id":"9d4d66b7-6590-4bda-8b4a-6a0718e46710","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":278,"box":{"x":61,"y":380,"width":883,"height":11}},{"id":"17ec2e28-d75c-499b-9f1a-6f9c38aee710","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":278,"box":{"x":61,"y":394,"width":883,"height":12}},{"id":"8b9def30-dbd8-4721-ac85-6f9578e8cd04","block_type":"box","text":"noise.","page_number":278,"box":{"x":61,"y":409,"width":41,"height":9}},{"id":"18b23df3-43bb-4ff6-bfd3-b9d785d902be","block_type":"box","text":"Portfolio Review","page_number":278,"box":{"x":61,"y":431,"width":128,"height":9}},{"id":"c4b825ea-f619-445a-b795-785b82c77659","block_type":"box","text":"In July 2025, we reduced equity exposure slightly. Within our Sector Strategy Quantitative Sector Allocation Model (QSAM),","page_number":278,"box":{"x":62,"y":449,"width":882,"height":11}},{"id":"fe8f5674-5ffd-48df-9274-2598ab58da52","block_type":"box","text":"we made a small increase to Utilities, reflecting changes in the","page_number":278,"box":{"x":60,"y":463,"width":452,"height":11}},{"id":"ab3e2b2d-d36c-466d-8bd0-c479895fd46a","block_type":"box","text":"economic and stock data for the sector.","page_number":278,"box":{"x":512,"y":463,"width":289,"height":9}},{"id":"2478742a-5074-4ec7-a540-56d4c24efdc7","block_type":"box","text":"In August 2025, we refreshed our strategic asset allocation (SAA) in line with its annual schedule. This is led by an","page_number":278,"box":{"x":62,"y":485,"width":882,"height":11}},{"id":"2e163380-6837-4b0c-87b2-f8e435ad0877","block_type":"box","text":"optimisation process that maps asset classes onto risk factors in order to create optimal portfolios for each risk profile.","page_number":278,"box":{"x":61,"y":499,"width":883,"height":11}},{"id":"8869d80e-752b-4510-9c89-8ec8fa006401","block_type":"box","text":"This year’s process primarily involved modest adjustments to equity allocations to maintain balanced regional and sector","page_number":278,"box":{"x":60,"y":514,"width":884,"height":11}},{"id":"d80a924b-f0cc-4094-9861-559c51733739","block_type":"box","text":"exposure.","page_number":278,"box":{"x":61,"y":530,"width":70,"height":9}},{"id":"dd8e85eb-0783-401e-80b4-45abd1e82f4f","block_type":"box","text":"Later in the month, we also replaced two existing tactical strategies with new fund structures. The funds are managed","page_number":278,"box":{"x":61,"y":550,"width":883,"height":11}},{"id":"d344fca2-fe44-4de8-a108-1dd73c914e06","block_type":"box","text":"by JPMorgan with the underlying exposures specified by 7IM and allowed us to implement our existing Sector Strategy","page_number":278,"box":{"x":61,"y":564,"width":883,"height":11}},{"id":"b9e0b19d-653e-4f34-bfb3-cfb2bb3538e5","block_type":"box","text":"(QSAM) and Equity Protection Selling tactical strategies in a m","page_number":278,"box":{"x":61,"y":578,"width":452,"height":11}},{"id":"82ebcca1-77a5-4aaa-a17b-128895f9e304","block_type":"box","text":"ore efficient and cost-effective way.","page_number":278,"box":{"x":515,"y":578,"width":253,"height":11}},{"id":"563c2366-20fe-44d2-b687-e5da60a77978","block_type":"box","text":"Additionally, the Invesco S&P 500 Equal Weight Swap UCITS ETF replaced the existing allocation to the xTrackers S&P","page_number":278,"box":{"x":60,"y":600,"width":884,"height":11}},{"id":"5ffc99ac-a84e-4757-a834-e1846106cadb","block_type":"box","text":"500 Equal Weight UCITS ETF.","page_number":278,"box":{"x":61,"y":614,"width":220,"height":12}},{"id":"d0a067fa-81ec-4033-9e2b-217aea41f05b","block_type":"box","text":"At the start of September 2025, we increased equities slightly in line with our macroeconomic views. 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Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":279,"box":{"x":61,"y":192,"width":883,"height":11}},{"id":"9ad6a07d-121f-4f1b-90f7-6941a47dbf2e","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade.","page_number":279,"box":{"x":60,"y":207,"width":459,"height":11}},{"id":"8b3864bf-b8c8-4e05-9cd0-9474e3dd5627","block_type":"box","text":"Looking ahead, we expect:","page_number":279,"box":{"x":61,"y":229,"width":193,"height":11}},{"id":"f131e5f9-86e8-48f4-834e-d51a3a330369","block_type":"box","text":"•","page_number":279,"box":{"x":68,"y":254,"width":5,"height":2}},{"id":"582a0072-b306-48b5-b0bf-5ab020528def","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":279,"box":{"x":84,"y":250,"width":860,"height":12}},{"id":"bc4d9afc-65f6-4031-96aa-0fb36c2969ec","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":279,"box":{"x":83,"y":265,"width":861,"height":11}},{"id":"8a82aed3-1c14-4f66-87a4-073decd060f2","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":279,"box":{"x":83,"y":279,"width":861,"height":11}},{"id":"dfaf1276-e1ce-4f22-af0f-f7a518cc8355","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":279,"box":{"x":83,"y":293,"width":359,"height":11}},{"id":"99bf918c-6bae-4f22-9aa4-15427cdde4de","block_type":"box","text":"•","page_number":279,"box":{"x":68,"y":318,"width":5,"height":3}},{"id":"5a33bcec-ab1d-4418-a39e-bd45cfa7df59","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":279,"box":{"x":84,"y":315,"width":860,"height":11}},{"id":"b2d237ae-caf5-4b11-a3ca-e4926bf153e0","block_type":"box","text":"and the path of interest rates. 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We also anticipate energy prices to stabilise as supply","page_number":279,"box":{"x":83,"y":344,"width":861,"height":11}},{"id":"b324d832-f1a6-4fde-b854-c405016b2587","block_type":"box","text":"concerns ease, although they may remain elevated compared with","page_number":279,"box":{"x":83,"y":358,"width":488,"height":11}},{"id":"6fd17c95-aa53-46ef-b570-3f2532d5c03e","block_type":"box","text":"recent history.","page_number":279,"box":{"x":572,"y":358,"width":99,"height":11}},{"id":"40103f07-736d-41da-99b7-2737b9e7b1fb","block_type":"box","text":"•","page_number":279,"box":{"x":68,"y":383,"width":5,"height":3}},{"id":"b6561473-c74f-4043-b7ca-138e8cc31e81","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. 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Please refer to note 12.","page_number":299,"box":{"x":93,"y":272,"width":432,"height":9}},{"id":"179753d0-c634-4977-9311-14104939ba46","block_type":"box","text":"12","page_number":299,"box":{"x":61,"y":298,"width":17,"height":9}},{"id":"047e3058-c3e2-4c98-bb00-445c1579afb0","block_type":"box","text":"Related party transactions","page_number":299,"box":{"x":86,"y":298,"width":205,"height":11}},{"id":"df489817-91b3-4a7b-bf04-f35996783f2c","block_type":"box","text":"ACD’s periodic charge and other expenses payable to 7IM (the ‘ACD’) are disclosed in","page_number":299,"box":{"x":85,"y":319,"width":632,"height":11}},{"id":"6004cbec-e3b0-4b73-aacd-cba329048eb2","block_type":"box","text":"note 6","page_number":299,"box":{"x":718,"y":319,"width":44,"height":9}},{"id":"36dcd7b5-e6a8-4fe3-8c2d-bf09c227e37d","block_type":"box","text":". The balance due to the","page_number":299,"box":{"x":764,"y":319,"width":180,"height":9}},{"id":"a61f0d9d-2325-4753-ac11-863276ca12d6","block_type":"box","text":"ACD at the year end in respect of management fees is £228,111 (2025: £215,851).","page_number":299,"box":{"x":85,"y":333,"width":599,"height":12}},{"id":"3c280784-373b-456c-873b-df44b3e3e6fa","block_type":"box","text":"The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year","page_number":299,"box":{"x":86,"y":352,"width":858,"height":11}},{"id":"633d0352-bf60-4c84-8399-f20786752a6a","block_type":"box","text":"end are £Nil (2025: £Nil). The amounts payable to 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other","page_number":299,"box":{"x":86,"y":366,"width":858,"height":11}},{"id":"315c7f5a-6d39-402a-85ab-f18106d8b7fd","block_type":"box","text":"balances as at year end are £Nil (2025: £Nil).","page_number":299,"box":{"x":86,"y":380,"width":327,"height":11}},{"id":"7d93066d-4101-4c0b-b447-d28096c0a5a3","block_type":"box","text":"The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed","page_number":299,"box":{"x":86,"y":402,"width":858,"height":11}},{"id":"5bd9b8a9-11d8-4f50-9a2a-34cbc26c40db","block_type":"box","text":"in the Statement of Change in Net Assets Attributable to Shareholders on","page_number":299,"box":{"x":86,"y":416,"width":529,"height":11}},{"id":"53c95f59-e243-4544-bc15-8465f3c688fd","block_type":"box","text":"page 291","page_number":299,"box":{"x":616,"y":416,"width":64,"height":11}},{"id":"7285532a-117f-4415-a0a7-2f7b00930c3e","block_type":"box","text":". Amounts due from and to the ACD","page_number":299,"box":{"x":685,"y":416,"width":259,"height":9}},{"id":"23ad81ea-0192-4a6d-bbfc-d89480f24076","block_type":"box","text":"in respect of share transactions at the balance sheet date are £1,481,800 (2025: £571,670) and £2,127,794 (2025:","page_number":299,"box":{"x":86,"y":430,"width":858,"height":11}},{"id":"9ec6a84b-dbad-418d-9518-e9e5cb2fc028","block_type":"box","text":"£1,986,817), respectively.","page_number":299,"box":{"x":85,"y":444,"width":186,"height":12}},{"id":"967dcb99-fabd-49f8-9936-1ef2b039c9b0","block_type":"box","text":"A shareholder may be able to exercise significant influence over the financial and operating policies of the Sub-fund and","page_number":299,"box":{"x":85,"y":466,"width":859,"height":11}},{"id":"57313eb5-2f3c-4480-856f-c4ee825e27ed","block_type":"box","text":"as such is deemed to be a related party. At the balance sheet date the following shareholder held in excess of 20% of","page_number":299,"box":{"x":86,"y":480,"width":858,"height":11}},{"id":"c1525d29-84a4-4311-a9a8-a04906b7bbb0","block_type":"box","text":"the shares in issue of the Sub-fund:","page_number":299,"box":{"x":85,"y":494,"width":257,"height":9}},{"id":"de67f9a7-d3e3-44c5-ac40-897c79a3e15f","block_type":"box","text":"Pershing Nominees Limited","page_number":299,"box":{"x":86,"y":518,"width":179,"height":10}},{"id":"f2088b9a-97cc-468e-bda5-daf8644a7971","block_type":"box","text":"63.92% (2025: 59.37%)","page_number":299,"box":{"x":784,"y":518,"width":154,"height":10}},{"id":"364e144f-adf8-4f84-a72e-8fc8e4ba36f1","block_type":"box","text":"The net value of creations and cancellations for Pershing Nominees Limited during the year totalled £46,256,771","page_number":299,"box":{"x":86,"y":536,"width":858,"height":11}},{"id":"90181981-f0c0-4f43-9c4d-71b7b4d626b4","block_type":"box","text":"(2025: £13,547,476). The distributions paid and payable to Pershing Nominees Limited during and as the year end are","page_number":299,"box":{"x":86,"y":550,"width":858,"height":12}},{"id":"ca493f25-f545-451f-8a77-c64bef6b929b","block_type":"box","text":"£299,544 and £152,415 (2025: £343,577 and £250,135), respective","page_number":299,"box":{"x":85,"y":565,"width":492,"height":11}},{"id":"b39cfb27-2e11-40f0-9d64-6263ef7b2fa3","block_type":"box","text":"ly.","page_number":299,"box":{"x":579,"y":565,"width":13,"height":11}},{"id":"f1b72968-d397-4577-8496-0c6bf0574623","block_type":"box","text":"13","page_number":299,"box":{"x":61,"y":587,"width":17,"height":8}},{"id":"f59b9422-3c9d-4762-8891-cfb6c7cd4f4d","block_type":"box","text":"Classes of Shares","page_number":299,"box":{"x":86,"y":587,"width":140,"height":8}},{"id":"f456b299-5880-406d-a4f8-d0fee0fddc5f","block_type":"box","text":"The Sub-fund has three","page_number":299,"box":{"x":86,"y":608,"width":171,"height":9}},{"id":"ff8ae9c9-1200-4136-85cf-8873f804d604","block_type":"box","text":"share classes: 'C', 'D', and 'S'. 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The historical observation period will be","page_number":302,"box":{"x":86,"y":286,"width":858,"height":11}},{"id":"0878a861-9997-43ac-a8ee-04142a081efc","block_type":"box","text":"not less than 1 year.","page_number":302,"box":{"x":86,"y":301,"width":145,"height":11}},{"id":"382149d1-cb39-4d8d-a002-d3a53e9ecf30","block_type":"box","text":"The Sub-fund measures risk using the absolute value at risk approach. The Sub-fund’s expected level of leverage","page_number":302,"box":{"x":86,"y":319,"width":858,"height":11}},{"id":"aff15e85-c1d1-48a6-83d6-80a77b8fb5b6","block_type":"box","text":"(calculated as the sum of the notionals) under normal market circumstances is expected to be around 40% of the Sub","page_number":302,"box":{"x":86,"y":333,"width":852,"height":11}},{"id":"0a4254f5-a65c-47ab-a027-eda14f291d98","block_type":"box","text":"fund’s Net Asset Value and is not expected to exceed 260%. It is possible that there may be higher leverage levels from","page_number":302,"box":{"x":85,"y":347,"width":859,"height":11}},{"id":"90967bda-0c12-46b1-96c8-745ec692f4a4","block_type":"box","text":"time to time during abnormal market conditions.","page_number":302,"box":{"x":85,"y":361,"width":345,"height":11}},{"id":"4ba88f2d-1059-4c0a-ba6b-d5184fe90c3d","block_type":"box","text":"The lowest, highest and average leverage utilisation in the accounting period ended","page_number":302,"box":{"x":86,"y":383,"width":612,"height":11}},{"id":"bcc94d2c-3aac-4f12-b336-3757634a7d7a","block_type":"box","text":"31 May 2026","page_number":302,"box":{"x":698,"y":383,"width":94,"height":11}},{"id":"07884cd9-4b6b-4542-bee3-f1d8834359ee","block_type":"box","text":"was 22%, 29% and","page_number":302,"box":{"x":793,"y":383,"width":151,"height":10}},{"id":"6e1b2933-7a33-4dd6-8460-f6f7f90b2faa","block_type":"box","text":"24% respectively (","page_number":302,"box":{"x":86,"y":397,"width":133,"height":11}},{"id":"6164a5c5-f965-4e32-b516-59048885ca14","block_type":"box","text":"31 May 2025","page_number":302,"box":{"x":220,"y":397,"width":94,"height":11}},{"id":"56aaf54e-e9f2-4a85-a5b0-50b6b08a4492","block_type":"box","text":": 25%, 60% and 38% respectively).","page_number":302,"box":{"x":316,"y":397,"width":252,"height":11}},{"id":"af419b5d-fab0-4476-bdc7-7074e0c307d5","block_type":"box","text":"VaR is calculated for the funds under the parametric method. 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di","page_number":307,"box":{"x":71,"y":784,"width":463,"height":11}},{"id":"e2632494-bebc-4453-b4f8-66b737b8132b","block_type":"box","text":"stributions were paid and allocated.","page_number":307,"box":{"x":535,"y":784,"width":256,"height":11}},{"id":"57e8a442-b596-4258-8c35-8e99ceb518ec","block_type":"box","text":"Equalisation","page_number":307,"box":{"x":61,"y":813,"width":96,"height":11}},{"id":"cd94a640-fea1-4187-a0b8-d105946d9a0a","block_type":"box","text":"Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents the accrued","page_number":307,"box":{"x":61,"y":828,"width":877,"height":11}},{"id":"1acaa2db-926e-4f07-9f66-43095920384e","block_type":"box","text":"revenue included in the purchase price of the shares. After averaging, it is returned with the distribution as a capital","page_number":307,"box":{"x":61,"y":842,"width":883,"height":11}},{"id":"0d3fb187-da47-43e1-80f0-34e4e6a57c53","block_type":"box","text":"repayment. It is not liable to Income Tax but must be deducted from the cost of the shares for Capital Gains Tax purposes.","page_number":307,"box":{"x":61,"y":856,"width":877,"height":11}},{"id":"7591d68b-45b6-4906-9d77-873610919611","block_type":"box","text":"7IM AAP ADVENTUROUS FUND","page_number":308,"box":{"x":61,"y":47,"width":376,"height":13}},{"id":"e5e51620-55fc-45ae-9a58-5685530e6964","block_type":"box","text":"306","page_number":308,"box":{"x":61,"y":944,"width":26,"height":9}},{"id":"2a837b2d-f16b-4761-9ac1-07f7ff588c1a","block_type":"box","text":"ACD’S REPORT","page_number":308,"box":{"x":60,"y":78,"width":143,"height":9}},{"id":"881ebf7b-00a3-47a9-a725-91173f438648","block_type":"box","text":"for the","page_number":308,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"8f36e2a4-974d-4430-b0e3-375c5f602435","block_type":"box","text":"year","page_number":308,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"f1210972-3dd7-4911-9c39-55e7d1931ab7","block_type":"box","text":"r ended","page_number":308,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"0b3426fe-3a26-4685-8685-18d45d1ab225","block_type":"box","text":"31 May 202","page_number":308,"box":{"x":199,"y":93,"width":84,"height":11}},{"id":"591f9480-5e72-4abb-8c07-56827b29a8e2","block_type":"box","text":"6","page_number":308,"box":{"x":285,"y":93,"width":7,"height":8}},{"id":"ce7dcb45-3383-4848-b6c6-789403c271c1","block_type":"box","text":"Investment Objective and Policy \r\nctive and Policy","page_number":308,"box":{"x":61,"y":121,"width":251,"height":12}},{"id":"f7c563da-d564-4142-a558-bae40ff48895","block_type":"box","text":"Investment Objective and Policy","page_number":308,"box":{"x":60,"y":130,"width":2,"height":0}},{"id":"71bfd223-4b3a-4451-8fb2-ace19a66edfb","block_type":"box","text":"7IM AAP (Asset Allocated Passives) Adventurous Fund (the ‘Sub-fund’) aims to provide capital growth. 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The asset allocation for the entire","page_number":308,"box":{"x":61,"y":255,"width":883,"height":11}},{"id":"e14f7ed1-18fb-45fb-a14f-06b2366ada8b","block_type":"box","text":"portfolio will be actively managed.","page_number":308,"box":{"x":61,"y":269,"width":243,"height":11}},{"id":"e74f2496-a845-4ad6-80b8-d276554fc19d","block_type":"box","text":"The other 20% of the Sub-fund will be invested in assets such as cash and deposits and may also include the use of money","page_number":308,"box":{"x":60,"y":291,"width":884,"height":11}},{"id":"55a96fcf-e2fa-42dc-970c-eec6a5bc89fc","block_type":"box","text":"market funds and money market instruments for more general liquidity purposes. 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However, diversified fixed income exposure continued to deliver positive","page_number":309,"box":{"x":61,"y":168,"width":883,"height":11}},{"id":"cba6cd74-c214-4ee7-ab7c-f8fef75c159e","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit","page_number":309,"box":{"x":61,"y":182,"width":448,"height":11}},{"id":"7cd233a8-01f9-4fea-be14-40d7520d32c1","block_type":"box","text":"generally outperforming longer-duration holdings.","page_number":309,"box":{"x":509,"y":182,"width":356,"height":11}},{"id":"40e63637-01b8-4e4e-a8df-31fedd5aa0e1","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":309,"box":{"x":60,"y":201,"width":884,"height":11}},{"id":"9867d570-b211-400e-ae91-6fcbcd8d147b","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":309,"box":{"x":61,"y":215,"width":883,"height":11}},{"id":"63381319-6577-42a2-8103-45ef60bb5501","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":309,"box":{"x":60,"y":229,"width":884,"height":12}},{"id":"c2364739-4a8d-4d51-a6b9-51020b077de5","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":309,"box":{"x":60,"y":244,"width":884,"height":11}},{"id":"8e6d3029-fca6-4d39-935e-599d3dcb6440","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":309,"box":{"x":61,"y":258,"width":397,"height":11}},{"id":"1843fed1-e8e4-47a1-a2ae-aa80ce6d6d7f","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":309,"box":{"x":61,"y":277,"width":883,"height":11}},{"id":"2e2411e9-d94c-43e6-89ba-210d1256fb91","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":309,"box":{"x":61,"y":291,"width":883,"height":11}},{"id":"6323e807-d77b-4ff6-abf9-303785848d84","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":309,"box":{"x":60,"y":305,"width":884,"height":11}},{"id":"8eba2eee-49b8-4319-ad78-1c06edb21684","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":309,"box":{"x":60,"y":319,"width":884,"height":12}},{"id":"1fc29eac-21a6-414d-a297-2c1497b20d9e","block_type":"box","text":"backdrop has stayed supportive.","page_number":309,"box":{"x":61,"y":334,"width":240,"height":11}},{"id":"eea3ce2b-7c6d-4133-a222-f4d86435b53a","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":309,"box":{"x":60,"y":352,"width":884,"height":12}},{"id":"e0c53981-69c1-48cb-8171-22abe56d494f","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":309,"box":{"x":61,"y":367,"width":883,"height":11}},{"id":"f09c5d41-4d78-4e49-9e56-556b282060f0","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":309,"box":{"x":61,"y":381,"width":883,"height":11}},{"id":"fe29ec64-56f1-45b2-ae9e-ee21c695e189","block_type":"box","text":"noise.","page_number":309,"box":{"x":61,"y":395,"width":41,"height":9}},{"id":"7f639466-2288-4a0a-85e7-538cd045a862","block_type":"box","text":"Portfolio Review","page_number":309,"box":{"x":61,"y":417,"width":128,"height":9}},{"id":"b63f8a50-4c42-4f06-91c5-85e22dcfaf1b","block_type":"box","text":"In July 2025, we reduced equity exposure slightly. Within our Sector Allocation Strategy Quantitative Sector Allocation","page_number":309,"box":{"x":62,"y":435,"width":882,"height":12}},{"id":"26713f7b-4fea-4191-93bf-b958800bb966","block_type":"box","text":"Model (QSAM), we made a marginal increase to Utilities, reflecti","page_number":309,"box":{"x":61,"y":449,"width":464,"height":12}},{"id":"319ca7fe-0c65-491c-916b-05ea421e8a9c","block_type":"box","text":"ng sector rotation signals.","page_number":309,"box":{"x":527,"y":450,"width":184,"height":11}},{"id":"5675827c-b30b-4189-b546-39f8a4755e57","block_type":"box","text":"In August 2025, we refreshed our strategic asset allocation (SAA) in line with its annual schedule. We altered our fixed","page_number":309,"box":{"x":62,"y":471,"width":882,"height":12}},{"id":"de87d68f-f10a-4f63-b11b-9456100391f3","block_type":"box","text":"income allocations from index level duration to a split of long and short duration government bonds options to manage","page_number":309,"box":{"x":61,"y":486,"width":883,"height":11}},{"id":"34c0347e-73d4-4695-b3d4-1c2f52ea7669","block_type":"box","text":"tactical positions. This was achieved by selling some government bonds. We also undertook some small adjustments to","page_number":309,"box":{"x":60,"y":500,"width":884,"height":11}},{"id":"c8134353-da8c-484a-9a99-ad1e9e641d5a","block_type":"box","text":"other asset classes.","page_number":309,"box":{"x":61,"y":514,"width":143,"height":9}},{"id":"1e21d453-cae5-4c46-9cdc-b04d2a5df685","block_type":"box","text":"Later in the month, we also replaced two existing tactical strategies with new fund structures. The funds are managed","page_number":309,"box":{"x":61,"y":536,"width":883,"height":11}},{"id":"ff14b004-618e-4176-afff-d1c0d36e93a5","block_type":"box","text":"by JPMorgan with the underlying exposures specified by 7IM and allowed us to implement our existing Sector Strategy","page_number":309,"box":{"x":61,"y":550,"width":883,"height":12}},{"id":"666c6562-bf19-4a1b-a14b-e8e55584376a","block_type":"box","text":"(QSAM) and Equity Protection Selling tactical strategies in a m","page_number":309,"box":{"x":61,"y":565,"width":452,"height":11}},{"id":"dd5b0a89-55fa-4bf2-9b90-fcdd961691bc","block_type":"box","text":"ore efficient and cost-effective way.","page_number":309,"box":{"x":515,"y":565,"width":253,"height":11}},{"id":"908730f9-1635-4015-97d7-70af8bab4ced","block_type":"box","text":"Additionally, the Invesco S&P 500 Equal Weight Swap UCITS ETF replaced the existing allocation to the xTrackers S&P","page_number":309,"box":{"x":60,"y":587,"width":884,"height":11}},{"id":"2311041b-833a-4532-b8ce-605147c105bc","block_type":"box","text":"500 Equal Weight UCITS ETF.","page_number":309,"box":{"x":61,"y":601,"width":220,"height":11}},{"id":"cb22b6be-0ee3-41ff-9200-6dc18a8b4d79","block_type":"box","text":"At the start of September 2025, we increased equities slightly in line with our macro review. 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While consumers and businesses are facing a more","page_number":310,"box":{"x":83,"y":260,"width":861,"height":11}},{"id":"1c07dd21-4fc0-4035-a1d3-57b73f6db9ea","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":310,"box":{"x":83,"y":274,"width":861,"height":11}},{"id":"baf80753-52c2-4f64-b9f7-d4eecebf093b","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":310,"box":{"x":83,"y":288,"width":359,"height":11}},{"id":"e3ce5442-efc4-4045-b5e1-5fd91a4964c7","block_type":"box","text":"•","page_number":310,"box":{"x":68,"y":313,"width":5,"height":3}},{"id":"155c54b6-8e50-427c-b85b-3f7d55578649","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":310,"box":{"x":84,"y":310,"width":860,"height":11}},{"id":"aace5c5d-56c8-4aa8-8e8b-772f97561c2d","block_type":"box","text":"and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through","page_number":310,"box":{"x":83,"y":324,"width":861,"height":12}},{"id":"15c41398-4758-4e1b-8ac3-ec182887595f","block_type":"box","text":"short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply","page_number":310,"box":{"x":83,"y":339,"width":861,"height":11}},{"id":"75d64349-631e-4e0e-8317-a9d67ac3df28","block_type":"box","text":"concerns ease, although they may remain elevated compared with","page_number":310,"box":{"x":83,"y":353,"width":488,"height":11}},{"id":"e6e7ddab-2a78-466f-8865-62c3a614ec7a","block_type":"box","text":"recent history.","page_number":310,"box":{"x":572,"y":353,"width":99,"height":11}},{"id":"88056e69-7c6d-4e44-a32a-a9f25b3f8ab9","block_type":"box","text":"•","page_number":310,"box":{"x":68,"y":378,"width":5,"height":3}},{"id":"298eb436-dddd-4295-9d81-0bf674412d90","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. Strong returns from","page_number":310,"box":{"x":83,"y":375,"width":861,"height":11}},{"id":"8bfc2535-b213-4db7-8a48-b22137b9ee9d","block_type":"box","text":"areas such as industrials, financials and utilities, combined with improving prospects in parts of Europe, Asia and","page_number":310,"box":{"x":83,"y":389,"width":861,"height":11}},{"id":"3f16014f-4cde-470c-9e07-5227d2a108f4","block_type":"box","text":"emerging markets, highlight the benefits of maintaining broad ex","page_number":310,"box":{"x":83,"y":403,"width":466,"height":12}},{"id":"1b43c1f8-a313-4184-b7c3-f2697b1214d7","block_type":"box","text":"posure across global markets.","page_number":310,"box":{"x":550,"y":403,"width":217,"height":12}},{"id":"1bd6a920-9a9e-4c69-9fb6-1ecb6e004ad5","block_type":"box","text":"For us, this reinforces the case for diversified portfolios and a flexible investment approach. 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It differs from the Sub-fund’s performance disclosed in the ACD's","page_number":311,"box":{"x":60,"y":129,"width":884,"height":12}},{"id":"29e2836d-f6a0-4fb4-819f-87ff8c8d34d0","block_type":"box","text":"report, which is calculated based on the latest published price","page_number":311,"box":{"x":61,"y":144,"width":445,"height":11}},{"id":"b206b34b-4cb1-4abd-a374-86d84903ce07","block_type":"box","text":".","page_number":311,"box":{"x":508,"y":151,"width":2,"height":1}},{"id":"c8be4a0a-2e29-4d51-af01-adaa467f0c6d","block_type":"box","text":"Portfolio transaction costs are incurred when investments are bought or sold by a Sub-fund in order to achieve the","page_number":311,"box":{"x":61,"y":166,"width":883,"height":11}},{"id":"7a47a6bb-6d24-4734-906a-2a2d93a3c0ce","block_type":"box","text":"investment objective. 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Unlike shares whereby broker commissions and stamp duty","page_number":311,"box":{"x":61,"y":266,"width":883,"height":12}},{"id":"b73cd8eb-7ba4-4a0f-abf2-3d2c2c99fcdb","block_type":"box","text":"are paid by the Sub-fund on each transaction, other types of investments (such as bonds, money instruments, derivatives,","page_number":311,"box":{"x":61,"y":281,"width":883,"height":11}},{"id":"f55ed735-0cd5-4182-bda9-66ed2abe7874","block_type":"box","text":"collective investment schemes) do not have separately identifiable transaction costs; these costs form part of the dealing","page_number":311,"box":{"x":61,"y":295,"width":883,"height":11}},{"id":"976970a8-0d30-4e8a-a320-09ed5c97475b","block_type":"box","text":"spread. 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The Investment Manager uses a risk management technique known","page_number":333,"box":{"x":86,"y":211,"width":858,"height":11}},{"id":"bdb9cc49-b2ca-483b-b77f-26d5f843445b","block_type":"box","text":"as absolute value-at-risk (‘VaR’) to measure the Sub-fund's global exposure. VaR is an advanced risk measurement","page_number":333,"box":{"x":86,"y":225,"width":858,"height":11}},{"id":"83e4c6d2-77d3-4c0f-b932-5b6156ae7a3b","block_type":"box","text":"methodology used to assess the Sub-fund's global exposure as set out in the Sub-fund's Risk Management Process.","page_number":333,"box":{"x":86,"y":240,"width":846,"height":11}},{"id":"e6459096-8bef-4bd8-95b0-c4b127da1c48","block_type":"box","text":"VaR will be used by the Sub-fund on a daily basis in accordance with the requirements of the Central Bank pursuant to","page_number":333,"box":{"x":85,"y":258,"width":859,"height":11}},{"id":"f12d386d-e639-44b7-b1ac-4bd101db34ef","block_type":"box","text":"which VaR of the Sub-fund's portfolio shall not exceed 4.47% of the Net Asset Value of the Sub-fund and the one-tailed","page_number":333,"box":{"x":85,"y":272,"width":859,"height":11}},{"id":"c092bfcd-478d-47a3-8298-b1a3f12c8096","block_type":"box","text":"confidence interval shall not be less than 99% with a one day holding period. The historical observation period will be","page_number":333,"box":{"x":86,"y":286,"width":858,"height":11}},{"id":"6dc0c40b-3ec8-43ef-88f5-4c17576e0163","block_type":"box","text":"not less than 1 year. The Sub-fund measures risk using the absolute value at risk approach.","page_number":333,"box":{"x":86,"y":300,"width":669,"height":12}},{"id":"845296fe-c31b-4441-97d7-aa7faee008d5","block_type":"box","text":"The Sub-fund’s expected level of leverage (calculated as the sum of the notionals) under normal market circumstances","page_number":333,"box":{"x":86,"y":319,"width":858,"height":11}},{"id":"2bacbdfe-1b70-41b7-a083-584bdf495b31","block_type":"box","text":"is expected to be around 40% of the Sub-fund’s Net Asset Value and is not expected to exceed 260%. It is possible that","page_number":333,"box":{"x":86,"y":333,"width":858,"height":11}},{"id":"84739988-f661-4fe7-b52a-e258b5f52a65","block_type":"box","text":"there may be higher leverage levels from time to time during abnormal market conditions.","page_number":333,"box":{"x":85,"y":347,"width":647,"height":11}},{"id":"2974c59c-f6b8-4b98-8fd2-031f21eebbb0","block_type":"box","text":"The lowest, highest and average leverage utilisation in the accounting period ended 31 May 2026 was 8%, 13% and","page_number":333,"box":{"x":86,"y":365,"width":858,"height":11}},{"id":"cdb9dd27-c1e7-4478-a86c-77f525c7f8bb","block_type":"box","text":"10% respectively (31 May 2025: 13%, 61% and 27% respectively).","page_number":333,"box":{"x":87,"y":379,"width":487,"height":12}},{"id":"cdfa3e44-5e8a-4aee-b1a9-62b8b82a5cb4","block_type":"box","text":"VaR is calculated for the funds under the parametric method. The time horizon for the calculation is 1 day, using a 99%","page_number":333,"box":{"x":85,"y":397,"width":859,"height":12}},{"id":"95eecdef-6ba9-48e2-b10a-c0852378e7a5","block_type":"box","text":"confidence level. The methodology is derived from Bloomberg PORT’s risk engine and blends the VaR produced from","page_number":333,"box":{"x":86,"y":412,"width":858,"height":11}},{"id":"155cac95-b587-467a-856d-ebbd29a877b0","block_type":"box","text":"two different risk models, namely Multi-Asset Class Model (MAC): Long Term (LT) and Monthly (M). The former applies","page_number":333,"box":{"x":85,"y":426,"width":859,"height":11}},{"id":"4aaf4491-1fd5-4d0a-ae27-ec751271e99d","block_type":"box","text":"an infinite half-life (exponential weighting) for calculating volatilities and correlations; the latter applies a 2-3 month half","page_number":333,"box":{"x":86,"y":440,"width":852,"height":11}},{"id":"0a750a8b-74f8-4505-83ed-66ff5b49e091","block_type":"box","text":"life for volatilities and 10-15 month for correlations.","page_number":333,"box":{"x":86,"y":455,"width":364,"height":8}},{"id":"44fa9fd4-5944-4638-b0ee-e345dba7f2c0","block_type":"box","text":"The reported VaR is calculated formulaically as follows: VaR = 0.5*VaRLT + 0.5*MAX(VaRLT, VaRM).","page_number":333,"box":{"x":86,"y":473,"width":731,"height":11}},{"id":"7af0c50d-10ab-45f1-ac9d-e4fefb731392","block_type":"box","text":"The Bloomberg PORT models map individual portfolio positions onto the Bloomberg set of risk factors to backfill","page_number":333,"box":{"x":86,"y":491,"width":858,"height":11}},{"id":"568eaff7-3469-44db-a3cb-5616e23b8c21","block_type":"box","text":"for a time series of volatility. 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Details of individual contracts are disclosed in the Portfolio Statement and the total position by","page_number":333,"box":{"x":86,"y":552,"width":858,"height":11}},{"id":"b7cf07fe-e9a2-4c97-ac65-48e6085bbd75","block_type":"box","text":"counterparty at the balance sheet date was as follows:","page_number":333,"box":{"x":86,"y":566,"width":393,"height":11}},{"id":"17d6a978-52f4-45e8-b452-5890e6a4f6e2","block_type":"box","text":"Counterparty","page_number":333,"box":{"x":86,"y":602,"width":94,"height":10}},{"id":"7757201d-d90b-4dee-867a-39da235c2883","block_type":"box","text":"31.05.26","page_number":333,"box":{"x":764,"y":589,"width":58,"height":8}},{"id":"5d0faecc-8705-433e-ad35-25e61e3c95a3","block_type":"box","text":"£","page_number":333,"box":{"x":814,"y":602,"width":8,"height":8}},{"id":"e5989fb5-f3b7-4016-9497-b2f145e312e9","block_type":"box","text":"31.05.25","page_number":333,"box":{"x":881,"y":589,"width":58,"height":8}},{"id":"0d23f072-4f4d-418e-ae11-0efc27f75c11","block_type":"box","text":"£","page_number":333,"box":{"x":931,"y":602,"width":8,"height":8}},{"id":"ea2e6100-1faf-4f1f-b0ec-d5788c635d90","block_type":"box","text":"Futures Contracts","page_number":333,"box":{"x":86,"y":630,"width":129,"height":8}},{"id":"89ca8927-d404-4597-86c7-48684f194231","block_type":"box","text":"London International Financial Futures Exchange","page_number":333,"box":{"x":86,"y":644,"width":328,"height":10}},{"id":"254c64e9-fcbe-4912-93bd-73c06010b8ff","block_type":"box","text":"762,033","page_number":333,"box":{"x":768,"y":644,"width":54,"height":9}},{"id":"f0e40526-2967-49fa-b57b-ca33a7df6538","block_type":"box","text":"455,102","page_number":333,"box":{"x":885,"y":644,"width":53,"height":9}},{"id":"a2531191-a712-4c94-bc22-1755a8d967f9","block_type":"box","text":"Forward Currency Contracts","page_number":333,"box":{"x":86,"y":659,"width":203,"height":10}},{"id":"429e5c54-a671-4c1f-b8bf-847b8abb3206","block_type":"box","text":"Northern Trust","page_number":333,"box":{"x":86,"y":673,"width":96,"height":8}},{"id":"45d71f35-c3ae-4502-9ec4-35f091e91ced","block_type":"box","text":"(18,667)","page_number":333,"box":{"x":767,"y":673,"width":55,"height":10}},{"id":"9fa3342b-821a-4598-9b9a-8481af246dd2","block_type":"box","text":"(337,625)","page_number":333,"box":{"x":875,"y":673,"width":63,"height":10}},{"id":"ede0d370-2b22-4c19-b28e-26ed83fe7339","block_type":"box","text":"Structured Products","page_number":333,"box":{"x":86,"y":688,"width":145,"height":8}},{"id":"4462b862-cccd-4ad9-b8b5-26fceb7e4edc","block_type":"box","text":"Citigroup","page_number":333,"box":{"x":86,"y":702,"width":59,"height":10}},{"id":"00be63f0-b81e-41b9-88d7-ebeb70111b04","block_type":"box","text":"4,025,912","page_number":333,"box":{"x":755,"y":702,"width":67,"height":9}},{"id":"7db70532-702c-459d-b8b3-6a794de5e9eb","block_type":"box","text":"–","page_number":333,"box":{"x":931,"y":707,"width":8,"height":1}},{"id":"4a66aad5-0885-47a0-833c-37159d9406c2","block_type":"box","text":"JP Morgan","page_number":333,"box":{"x":86,"y":717,"width":71,"height":10}},{"id":"2b8cc009-8b8f-452f-94a2-4db8a19bd830","block_type":"box","text":"–","page_number":333,"box":{"x":814,"y":721,"width":8,"height":1}},{"id":"f9ee2e5f-f324-4f28-9dcb-d9823ac917a6","block_type":"box","text":"5,095,742","page_number":333,"box":{"x":872,"y":717,"width":66,"height":9}},{"id":"215549ee-c4ee-4f3a-b964-d324c5b920db","block_type":"box","text":"Total net exposure","page_number":333,"box":{"x":85,"y":735,"width":133,"height":10}},{"id":"f45eafc8-2c03-4a74-b1f5-c75fb41f6756","block_type":"box","text":"1","page_number":333,"box":{"x":219,"y":735,"width":3,"height":5}},{"id":"f7032a26-7940-45bd-9d33-8342a74e598d","block_type":"box","text":"4,769,278","page_number":333,"box":{"x":755,"y":735,"width":67,"height":10}},{"id":"55e3a38f-6cc7-4665-8f3f-3cf258fcdbc4","block_type":"box","text":"5,213,219","page_number":333,"box":{"x":872,"y":735,"width":66,"height":10}},{"id":"bd0ad4ed-828f-400d-9897-0877ee882a72","block_type":"box","text":"1","page_number":333,"box":{"x":86,"y":763,"width":2,"height":4}},{"id":"b21fd4c6-e211-4d49-b132-89c7e3f1a22d","block_type":"box","text":"Net exposure represents the mark to market value of derivative contracts less any cash collateral held. 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The strategic allocation has less equity","page_number":339,"box":{"x":60,"y":669,"width":884,"height":11}},{"id":"59ad586f-2b67-45ac-bb1a-973e6949479c","block_type":"box","text":"exposure than the average in its sector and the tactical asset allocation moved away from mega-cap US technology","page_number":339,"box":{"x":61,"y":683,"width":883,"height":11}},{"id":"6f6fd798-c939-40e6-baf5-01553aa7ba72","block_type":"box","text":"companies, which were trading on elevated valuations. Market leadership remained narrow, with dominance from the","page_number":339,"box":{"x":61,"y":697,"width":877,"height":11}},{"id":"eae27c44-6ced-4626-aa5b-cecb5e69722c","block_type":"box","text":"largest technology names. The 1 year, 3 year and 5 year relative performance to the benchmark was (0.80)%, (5.5)%,","page_number":339,"box":{"x":61,"y":711,"width":876,"height":11}},{"id":"9680195e-25aa-47c3-a550-471aa3a0fe7b","block_type":"box","text":"(6.5)% respectively","page_number":339,"box":{"x":61,"y":726,"width":139,"height":11}},{"id":"69333bba-3006-454d-bdd1-8e8f8a1becb2","block_type":"box","text":"2","page_number":339,"box":{"x":200,"y":725,"width":5,"height":5}},{"id":"a25ee941-05fe-47d2-8ef7-1e06b9ee4a5f","block_type":"box","text":".","page_number":339,"box":{"x":207,"y":733,"width":1,"height":1}},{"id":"63429abc-75d2-4902-878d-3258a546b5a9","block_type":"box","text":"Investment Background","page_number":339,"box":{"x":61,"y":748,"width":186,"height":11}},{"id":"c39f1104-bd5a-4c09-bae6-f8cc0b25e7e0","block_type":"box","text":"Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical","page_number":339,"box":{"x":61,"y":766,"width":877,"height":11}},{"id":"4e275557-0f45-4f7e-92f5-29b573530c63","block_type":"box","text":"uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year","page_number":339,"box":{"x":61,"y":780,"width":878,"height":11}},{"id":"db4e8621-f4a9-41e9-ab34-c680e9503301","block_type":"box","text":"defined by resilience, strong corporate earnings and continued e","page_number":339,"box":{"x":61,"y":794,"width":466,"height":11}},{"id":"66bda16f-5df4-499f-a482-37b7f8cb0052","block_type":"box","text":"nthusiasm for artificial intelligence.","page_number":339,"box":{"x":529,"y":794,"width":247,"height":11}},{"id":"2020eaa3-b2f1-4bf2-aa6a-7fba2e09cf40","block_type":"box","text":"During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have","page_number":339,"box":{"x":61,"y":816,"width":877,"height":11}},{"id":"18dcf58c-488a-426c-a010-dccc4523d94e","block_type":"box","text":"unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed","page_number":339,"box":{"x":61,"y":830,"width":877,"height":11}},{"id":"25882a4b-5df7-479c-9b38-8b03d247cc49","block_type":"box","text":"to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such","page_number":339,"box":{"x":60,"y":844,"width":884,"height":12}},{"id":"8cf6964e-b0db-4a91-8371-ea7a2614a283","block_type":"box","text":"as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate","page_number":339,"box":{"x":61,"y":859,"width":883,"height":11}},{"id":"f874e0ba-5465-4dd3-892f-c5ddde764d8b","block_type":"box","text":"1","page_number":339,"box":{"x":61,"y":908,"width":3,"height":5}},{"id":"5861dd5d-85c2-40b8-bd86-35af301586f1","block_type":"box","text":"Calculated using 7IM AAP Cautious Fund C Acc shares, published prices. Source: NTRS.","page_number":339,"box":{"x":69,"y":908,"width":648,"height":11}},{"id":"b1bc87ef-2fa1-4f0a-8073-3816ba09f5bd","block_type":"box","text":"2","page_number":339,"box":{"x":60,"y":922,"width":5,"height":5}},{"id":"e3db4e5f-d975-45be-b2b5-0f983d600e4a","block_type":"box","text":"Please refer to Fund performance on page 347 for further details on the year covered.","page_number":339,"box":{"x":69,"y":922,"width":621,"height":12}},{"id":"7fca6011-b450-4502-82be-628d315a263c","block_type":"box","text":"7IM AAP CAUTIOUS FUND","page_number":340,"box":{"x":61,"y":47,"width":314,"height":13}},{"id":"aa393261-d898-44bc-b911-0fc54ceace55","block_type":"box","text":"338","page_number":340,"box":{"x":61,"y":944,"width":26,"height":9}},{"id":"fa36d498-ae70-4e4e-a4c0-88d810fe667d","block_type":"box","text":"earnings—particularly from large technology companies—further underpinned performance. Returns broadened beyond","page_number":340,"box":{"x":61,"y":158,"width":883,"height":11}},{"id":"9623b713-22b5-43f1-97c8-1f21974de830","block_type":"box","text":"the US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained","page_number":340,"box":{"x":60,"y":172,"width":884,"height":11}},{"id":"e187a050-ba81-43a8-b1ae-1d67a57a45e9","block_type":"box","text":"a key driver of market leadership.","page_number":340,"box":{"x":61,"y":186,"width":240,"height":11}},{"id":"2e0eebef-d8a2-4483-b5da-39109e6f12af","block_type":"box","text":"Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding","page_number":340,"box":{"x":61,"y":208,"width":883,"height":11}},{"id":"9fc478f7-7908-4467-844c-e70d839f1ba8","block_type":"box","text":"government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive","page_number":340,"box":{"x":61,"y":222,"width":883,"height":11}},{"id":"7d986699-d73b-4db3-86a2-3f07ef4fb11e","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit","page_number":340,"box":{"x":61,"y":237,"width":448,"height":11}},{"id":"aba720f2-2d1f-4998-b66b-61b45cf0beb0","block_type":"box","text":"generally outperforming longer-duration holdings.","page_number":340,"box":{"x":509,"y":236,"width":356,"height":12}},{"id":"78543b55-fd8e-49b3-934d-b4aa61ba5b1a","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":340,"box":{"x":60,"y":259,"width":884,"height":11}},{"id":"7e5dfc3d-04ca-4d81-a31c-682b43b91ae5","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":340,"box":{"x":61,"y":273,"width":883,"height":11}},{"id":"27ae22c1-b420-4594-bf2d-0604b73b406e","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":340,"box":{"x":60,"y":287,"width":884,"height":11}},{"id":"b66c748e-4f7b-48d7-a9ba-f07dc44f4957","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":340,"box":{"x":60,"y":301,"width":884,"height":11}},{"id":"a62f8d42-426d-4e0d-9fc8-3dd9b30f77db","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":340,"box":{"x":61,"y":316,"width":397,"height":11}},{"id":"8a5f2960-e6ea-46c9-8815-b8ddceeb0223","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":340,"box":{"x":61,"y":338,"width":883,"height":11}},{"id":"ad5d7986-21d1-417e-b8dd-7924aabb05da","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":340,"box":{"x":61,"y":352,"width":883,"height":11}},{"id":"71413936-b145-4f39-984c-7fc3f0d71609","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":340,"box":{"x":60,"y":366,"width":884,"height":11}},{"id":"a6725c3f-c9f1-4707-8041-a09e8056ea78","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":340,"box":{"x":60,"y":380,"width":884,"height":11}},{"id":"de97f9de-db3b-4e86-be48-433a58d8f29b","block_type":"box","text":"backdrop has stayed supportive.","page_number":340,"box":{"x":61,"y":395,"width":234,"height":11}},{"id":"6e535ba0-2874-4806-ad7c-b2b4f34dfcea","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":340,"box":{"x":60,"y":416,"width":884,"height":12}},{"id":"96cd01a1-c279-43ad-a8a5-04d54874c70b","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":340,"box":{"x":61,"y":431,"width":883,"height":11}},{"id":"d77b83e6-d6ae-4a42-868e-99b7f79dd66a","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":340,"box":{"x":61,"y":445,"width":883,"height":11}},{"id":"bc80d556-def6-4b5d-acca-bb239347b711","block_type":"box","text":"noise.","page_number":340,"box":{"x":61,"y":459,"width":41,"height":9}},{"id":"32f353cb-e498-4237-ba71-c69a0d36fa5b","block_type":"box","text":"Portfolio Review","page_number":340,"box":{"x":61,"y":481,"width":128,"height":9}},{"id":"85204021-6197-4a24-9f01-16d6ff715203","block_type":"box","text":"In July 2025, we reduced equity exposure slightly. Within our Sector Strategy Quantitative Sector Allocation Model (QSAM),","page_number":340,"box":{"x":62,"y":499,"width":882,"height":11}},{"id":"f9658a16-42d7-4db3-ac35-668e77ca9828","block_type":"box","text":"we made a small increase to Utilities, reflecting changes in the","page_number":340,"box":{"x":60,"y":513,"width":452,"height":12}},{"id":"dbdfb729-8a9b-444d-b6b3-b00dad75c7b9","block_type":"box","text":"economic and stock data for the sector.","page_number":340,"box":{"x":512,"y":513,"width":296,"height":9}},{"id":"1ba60f43-434f-49f8-b461-f8f8ee43d665","block_type":"box","text":"In August 2025, we refreshed our strategic asset allocation (SAA) in line with its annual schedule. We altered our fixed","page_number":340,"box":{"x":62,"y":535,"width":882,"height":12}},{"id":"3eb1db63-a301-48c9-9651-cabb46f85e05","block_type":"box","text":"income allocations from index level duration to a split of long and short duration government bonds to manage tactical","page_number":340,"box":{"x":61,"y":550,"width":883,"height":11}},{"id":"b343b262-973c-4c11-8b2a-ecfb9bc621b7","block_type":"box","text":"positions. This was achieved by selling some government bonds. We also undertook some small adjustments to other","page_number":340,"box":{"x":61,"y":564,"width":883,"height":11}},{"id":"a990445d-c85d-43bf-b833-bda6df39e413","block_type":"box","text":"asset classes.","page_number":340,"box":{"x":61,"y":578,"width":101,"height":9}},{"id":"2c18d544-f90a-4a67-85ff-23169abd02e4","block_type":"box","text":"Later in the month, we also replaced two existing tactical strategies with new fund structures. The funds are managed","page_number":340,"box":{"x":61,"y":600,"width":883,"height":11}},{"id":"4716ea7a-02f8-417e-ad37-9046e127cfbb","block_type":"box","text":"by JPMorgan with the underlying exposures specified by 7IM and allowed us to implement our existing Sector Strategy","page_number":340,"box":{"x":61,"y":614,"width":883,"height":12}},{"id":"342516bf-13cd-4696-b8f5-99f6c235128d","block_type":"box","text":"(QSAM) and Equity Protection Selling tactical strategies in a m","page_number":340,"box":{"x":61,"y":629,"width":452,"height":11}},{"id":"72f2c710-29e0-43d1-b12f-fc381f96f749","block_type":"box","text":"ore efficient and cost-effective way.","page_number":340,"box":{"x":515,"y":629,"width":253,"height":11}},{"id":"54c7ae5a-28a5-4f0e-8d44-caa67ce24aef","block_type":"box","text":"Additionally, the Invesco S&P 500 Equal Weight Swap UCITS ETF replaced the existing allocation to the xTrackers S&P","page_number":340,"box":{"x":60,"y":651,"width":884,"height":11}},{"id":"97f32b92-2900-4d95-b8a4-710f687269be","block_type":"box","text":"500 Equal Weight UCITS ETF.","page_number":340,"box":{"x":61,"y":665,"width":220,"height":11}},{"id":"325b0000-2ee1-4fb3-9d39-6194e5c95cfb","block_type":"box","text":"At the start of September 2025, we increased equities slightly and reduced bond exposure in line with our macroeconomic","page_number":340,"box":{"x":60,"y":687,"width":879,"height":11}},{"id":"0813cb94-a9e9-42f5-9468-46bd2eca6e71","block_type":"box","text":"views. We also added Aviva Sterling Liquidity to earn a better return on our cash-like holdings.","page_number":340,"box":{"x":60,"y":701,"width":680,"height":11}},{"id":"86b2cbbc-80cf-4a17-b256-3dc6af21af98","block_type":"box","text":"In October 2025, we slightly reduced our exposure to bonds while keeping equity exposure unchanged. This adjustment","page_number":340,"box":{"x":62,"y":723,"width":877,"height":11}},{"id":"0b903106-0f30-4558-b60a-d96e75b2f0b3","block_type":"box","text":"reflected our cautious stance on interest rate risk as yields re","page_number":340,"box":{"x":61,"y":737,"width":440,"height":11}},{"id":"1b0d8358-8372-401c-8b43-4ed91783fbea","block_type":"box","text":"mained volatile.","page_number":340,"box":{"x":502,"y":737,"width":112,"height":9}},{"id":"f2b9f252-23e0-4889-bf59-1dcd5053e6ee","block_type":"box","text":"November 2025 was an active month with multiple changes. Early in the month, we reduced our holdings in mid-sized US","page_number":340,"box":{"x":61,"y":759,"width":877,"height":11}},{"id":"a8b5e6fe-c45d-494c-96d3-990719fe260e","block_type":"box","text":"companies and increased exposure to large US companies. By the end of November, we had increased bond exposure","page_number":340,"box":{"x":61,"y":773,"width":877,"height":12}},{"id":"6ecc7fc0-dc55-4689-be4f-5680b0d35279","block_type":"box","text":"back to neutral while keeping equities unchanged. This was funded by reducing cash and UK equities.","page_number":340,"box":{"x":61,"y":788,"width":739,"height":11}},{"id":"0f859353-7eec-4218-b81a-643f02772067","block_type":"box","text":"Bond and equity exposure remained unchanged and neutral through December 2025 and January 2026.","page_number":340,"box":{"x":61,"y":810,"width":758,"height":11}},{"id":"bdea8d4f-8041-4535-9d57-484db614e372","block_type":"box","text":"In January 2026, within our Sector Strategy, (QSAM), we reduced our allocation to Financials and introduced Healthcare","page_number":340,"box":{"x":62,"y":832,"width":876,"height":11}},{"id":"273f07cb-1d3d-44c4-98e4-ee254dba2f4d","block_type":"box","text":"as a new sector. Later in the month, we trimmed our passive US equity exposure to fund the addition of the T. Rowe Price","page_number":340,"box":{"x":61,"y":846,"width":883,"height":11}},{"id":"03edb05f-b62a-4a24-80f4-ae9cc0c0a596","block_type":"box","text":"US Structured Research Equity fund. Supported by a large team of analysts, this actively managed strategy leverages","page_number":340,"box":{"x":61,"y":860,"width":883,"height":11}},{"id":"624983c1-c7be-4b8f-a456-96a0ccd94629","block_type":"box","text":"deep research insights to deliver consistent value at an attractive cost.","page_number":340,"box":{"x":61,"y":875,"width":507,"height":11}},{"id":"27b627bd-100c-4c13-b537-8d05c6be4644","block_type":"box","text":"In February 2026, we modestly increased overall equity exposure while maintaining a broadly neutral positioning. Bond","page_number":340,"box":{"x":62,"y":896,"width":882,"height":12}},{"id":"59d00aeb-e6cc-46db-a930-2458054156da","block_type":"box","text":"exposure was reduced slightly over the month before returning t","page_number":340,"box":{"x":61,"y":911,"width":463,"height":11}},{"id":"c35e2fd0-7928-4678-9066-f1fc4c6c4dae","block_type":"box","text":"o neutral in March 2026.","page_number":340,"box":{"x":524,"y":911,"width":176,"height":8}},{"id":"b6a86c39-d70e-4856-813c-1e643a9a54f2","block_type":"box","text":"ACD’S REPORT","page_number":340,"box":{"x":60,"y":78,"width":149,"height":9}},{"id":"f44b9cad-daa9-4784-ac0e-3c6b70beae4e","block_type":"box","text":"(continued)","page_number":340,"box":{"x":210,"y":78,"width":89,"height":12}},{"id":"49bb4cf1-0d64-4e89-b5ca-80820b0c9839","block_type":"box","text":"for the","page_number":340,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"3d140617-d24b-4a2e-bf63-dc53c8b227c6","block_type":"box","text":"year","page_number":340,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"e59e25a3-ef40-4b0f-a8e4-9adde66bd205","block_type":"box","text":"r ended","page_number":340,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"cccfa91d-2b00-409b-a766-c33d8285eb54","block_type":"box","text":"31 May 2026","page_number":340,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"c2fea151-f4fe-4966-88d6-fd6a560804ff","block_type":"box","text":"Investment Manager’s Report","page_number":340,"box":{"x":61,"y":122,"width":234,"height":11}},{"id":"b654ed78-e427-4c5c-acb1-130aaba5c394","block_type":"box","text":"(continued)","page_number":340,"box":{"x":301,"y":121,"width":80,"height":12}},{"id":"5ba607be-f24c-4975-ada2-95143421a883","block_type":"box","text":"Investment Background","page_number":340,"box":{"x":61,"y":140,"width":191,"height":11}},{"id":"cf0345d7-50c0-4773-9ce8-4e0a4d603f34","block_type":"box","text":"(continued)","page_number":340,"box":{"x":253,"y":140,"width":81,"height":11}},{"id":"894fa0fc-a28a-44f8-9b23-10a9a74f458c","block_type":"box","text":"7IM AAP CAUTIOUS FUND","page_number":341,"box":{"x":61,"y":47,"width":314,"height":13}},{"id":"972ff915-1474-4dbc-8b92-57ae696824b0","block_type":"box","text":"339","page_number":341,"box":{"x":912,"y":945,"width":26,"height":8}},{"id":"d0e7d3a3-add5-4fa3-887b-21869a45057b","block_type":"box","text":"March saw adjustments to our sector positioning, with Healthcare and Technology removed and capital reallocated to more","page_number":341,"box":{"x":61,"y":159,"width":883,"height":11}},{"id":"a295dd75-dc46-4938-8b27-94d4d950186d","block_type":"box","text":"‘old economy’ sectors, including Energy, Materials, Utilities and Industrials.","page_number":341,"box":{"x":61,"y":173,"width":537,"height":11}},{"id":"9ffca640-7134-4587-a6ef-fa888c6a6d81","block_type":"box","text":"Positioning remained stable through April, with both equity and bond exposures unchanged.","page_number":341,"box":{"x":61,"y":195,"width":663,"height":11}},{"id":"4b7801cf-5296-4e50-a587-12cb9e89854f","block_type":"box","text":"In May 2026, we reintroduced Technology within QSAM, funded by removing Utilities.","page_number":341,"box":{"x":62,"y":217,"width":616,"height":11}},{"id":"5fb01421-0d98-4fe1-8163-8a71c09f74f4","block_type":"box","text":"Investment Outlook","page_number":341,"box":{"x":61,"y":239,"width":153,"height":9}},{"id":"b25a994a-3cb9-47f3-887c-7ba8765f6e25","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":341,"box":{"x":60,"y":257,"width":884,"height":11}},{"id":"0ab52da8-a317-422f-8c8e-4e5bf4f1ab45","block_type":"box","text":"has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":341,"box":{"x":61,"y":271,"width":883,"height":11}},{"id":"2289e150-0947-4ffb-8aa2-668f2883a4e3","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade.","page_number":341,"box":{"x":60,"y":286,"width":453,"height":11}},{"id":"39591916-24be-4d9b-8e81-6a6c85b8f531","block_type":"box","text":"Looking ahead, we expect:","page_number":341,"box":{"x":61,"y":308,"width":193,"height":11}},{"id":"59a26b4c-b37a-492a-9626-60e41002355a","block_type":"box","text":"•","page_number":341,"box":{"x":68,"y":332,"width":5,"height":3}},{"id":"32590497-88d2-4215-aed3-f09588912da9","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":341,"box":{"x":84,"y":329,"width":860,"height":12}},{"id":"e2309545-d386-41d7-9d99-359186b49a44","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":341,"box":{"x":83,"y":344,"width":861,"height":11}},{"id":"276d0101-bbc9-498c-b770-55c76e1687c1","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":341,"box":{"x":83,"y":358,"width":861,"height":11}},{"id":"6a525ba8-72ee-48e2-b221-023e16c2afdd","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":341,"box":{"x":83,"y":372,"width":359,"height":11}},{"id":"7b093034-ca0c-4d1f-9a35-33ebc22a4d97","block_type":"box","text":"•","page_number":341,"box":{"x":68,"y":397,"width":5,"height":3}},{"id":"c9578db1-390b-4697-b624-f797b9b69d6e","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":341,"box":{"x":84,"y":394,"width":860,"height":11}},{"id":"64e7bf8c-c55d-4146-8f06-1763a7ef0825","block_type":"box","text":"and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through","page_number":341,"box":{"x":83,"y":408,"width":861,"height":12}},{"id":"d6a9123e-572c-444b-8d5e-fd07235fb7b5","block_type":"box","text":"short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply","page_number":341,"box":{"x":83,"y":423,"width":861,"height":11}},{"id":"b12a61b6-09b4-4ca3-912c-af1c1233326b","block_type":"box","text":"concerns ease, although they may remain elevated compared with","page_number":341,"box":{"x":83,"y":437,"width":488,"height":11}},{"id":"e73fb1a6-d5da-4047-84be-cb6443ddd03a","block_type":"box","text":"recent history.","page_number":341,"box":{"x":572,"y":437,"width":99,"height":11}},{"id":"5b7b3d89-6865-4c83-b162-c09fe987f36c","block_type":"box","text":"•","page_number":341,"box":{"x":68,"y":462,"width":5,"height":3}},{"id":"31858329-df9f-410f-b0ff-ff25fc968b6e","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. 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The balance due to the","page_number":357,"box":{"x":764,"y":143,"width":180,"height":8}},{"id":"1aad8bb8-c9e2-4af6-9fd1-e9dd01d73d01","block_type":"box","text":"ACD at the year end in respect of management fees is £15,871 (2","page_number":357,"box":{"x":85,"y":157,"width":478,"height":11}},{"id":"e2bb4cb2-b6e8-4fcc-a720-767502aa2e59","block_type":"box","text":"025: £20,384).","page_number":357,"box":{"x":565,"y":157,"width":104,"height":11}},{"id":"f48ea5c4-b0e5-4cd0-a81a-029460fdbae4","block_type":"box","text":"The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year","page_number":357,"box":{"x":86,"y":175,"width":858,"height":11}},{"id":"fecfce6c-8d8e-4716-9114-b48007ad9c35","block_type":"box","text":"end are £747 (2025: £Nil). 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The distributions paid and payable to Pershing Nominees Limited during the year and as at the","page_number":357,"box":{"x":86,"y":370,"width":858,"height":11}},{"id":"f70e6606-fb7c-44a4-b72d-638e61c13ac3","block_type":"box","text":"year end are £55,939 and £19,921 (2025: £20,557 and £39,569), r","page_number":357,"box":{"x":85,"y":384,"width":484,"height":12}},{"id":"d4136e3f-81d7-42f3-9397-92b278806180","block_type":"box","text":"espectively.","page_number":357,"box":{"x":569,"y":385,"width":83,"height":11}},{"id":"f2cd6f1f-f573-4f23-9b23-43ca172b5676","block_type":"box","text":"13","page_number":357,"box":{"x":61,"y":407,"width":17,"height":8}},{"id":"3d5a721a-d570-473e-9505-57bd6fcadd80","block_type":"box","text":"Classes of Shares","page_number":357,"box":{"x":86,"y":406,"width":140,"height":9}},{"id":"febc9790-4b94-4144-b2b1-bcf672ac7b1f","block_type":"box","text":"The Sub-fund has two","page_number":357,"box":{"x":86,"y":428,"width":160,"height":9}},{"id":"bb1ba333-bff8-4e42-8b5d-d3b14c7a8314","block_type":"box","text":"share classes: ‘C’ and ‘S’. 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Further analysis and numeric disclosure of interest rate risk, foreign","page_number":357,"box":{"x":428,"y":724,"width":510,"height":11}},{"id":"364ab92a-9e67-4fa6-884d-99bfd86c50da","block_type":"box","text":"currency risk and derivatives are shown on the next page.","page_number":357,"box":{"x":86,"y":738,"width":418,"height":11}},{"id":"c5fd9fd3-eeba-48dd-b308-c4579eaf49b6","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS","page_number":357,"box":{"x":62,"y":78,"width":384,"height":9}},{"id":"52bec9a3-30d5-4bf0-a0f7-46626c5aee09","block_type":"box","text":"(continued)","page_number":357,"box":{"x":452,"y":78,"width":89,"height":12}},{"id":"50bf8c63-b1cb-45c8-933e-bcbc9a67dc71","block_type":"box","text":"for 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In these instances, the ACD","page_number":367,"box":{"x":61,"y":418,"width":850,"height":11}},{"id":"45a2cd70-2585-4790-88cd-86b7e149bdea","block_type":"box","text":"will","page_number":367,"box":{"x":916,"y":418,"width":28,"height":9}},{"id":"732f8244-1a6d-4777-8b77-3979d7630906","block_type":"box","text":"take steps to ensure that your privacy rights are respected.","page_number":367,"box":{"x":60,"y":432,"width":432,"height":11}},{"id":"b4f0a6e7-0bea-4296-a817-7cb3f0992e1c","block_type":"box","text":"Further information on the circumstances in which we may transfer your personal data and the data protection measures","page_number":367,"box":{"x":61,"y":451,"width":883,"height":11}},{"id":"979d7af5-1e4b-42b8-b59b-883bd7bb0b98","block_type":"box","text":"we take are set out in our Privacy Notice.","page_number":367,"box":{"x":60,"y":465,"width":297,"height":11}},{"id":"a82b5bd8-227a-415d-ba20-9c1883da6ffc","block_type":"box","text":"Risk Warning","page_number":367,"box":{"x":61,"y":489,"width":103,"height":11}},{"id":"6d544b22-7cac-403a-a054-9eb460d76421","block_type":"box","text":"An investment in an open-ended investment company should be regarded as a medium to long term investment. 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These statements will be available on Seven Investment Management’s website no later than","page_number":367,"box":{"x":60,"y":599,"width":884,"height":11}},{"id":"967e920f-3294-4d91-814d-a4084a42b4a4","block_type":"box","text":"30 September 2026.","page_number":367,"box":{"x":61,"y":613,"width":147,"height":11}},{"id":"34e8026d-7703-4d2e-860c-8f96d0d4949d","block_type":"box","text":"Taskforce on Climate related Financial Disclosures (TCFD) Report","page_number":367,"box":{"x":60,"y":637,"width":514,"height":11}},{"id":"f88ecb41-2744-4996-bd30-82e468d7287e","block_type":"box","text":"In accordance with the Taskforce on Climate related Financial Disclosures (TCFD) requirements, Seven Investment","page_number":367,"box":{"x":62,"y":651,"width":882,"height":12}},{"id":"9caba827-5e44-4c76-bc95-f15ecbc111d3","block_type":"box","text":"Management LLP has prepared its public TCFD report which is available for investors to read and review at the following","page_number":367,"box":{"x":61,"y":666,"width":883,"height":11}},{"id":"5ce252c1-6343-44cc-8586-57899c04b874","block_type":"box","text":"website link: https://www.7im.co.uk/media/usynwc12/7im-task-force-on-climate-related-financial-disclosures-report.pdf.","page_number":367,"box":{"x":60,"y":680,"width":857,"height":11}},{"id":"d6d64a86-a8e0-4512-a083-45603e23363f","block_type":"box","text":"GENERAL INFORMATION (unaudited) (","page_number":367,"box":{"x":61,"y":78,"width":334,"height":12}},{"id":"3326918b-81bc-46a5-8193-8f4916c9a1b4","block_type":"box","text":"continued","page_number":367,"box":{"x":396,"y":78,"width":76,"height":9}},{"id":"809f137f-8816-4ac9-b901-cf9db83068e9","block_type":"box","text":")","page_number":367,"box":{"x":474,"y":78,"width":5,"height":12}},{"id":"e57f4d9a-2b09-4b19-955d-637a6ec309cf","block_type":"box","text":"4th Floor","page_number":368,"box":{"x":60,"y":872,"width":66,"height":9}},{"id":"df55ced8-fea9-41fd-8b73-39f3e7e2328b","block_type":"box","text":"1 Angel Court","page_number":368,"box":{"x":62,"y":884,"width":100,"height":11}},{"id":"72cedefd-faea-489f-8d3d-5ed8c2920d68","block_type":"box","text":"London EC2R 7HJ","page_number":368,"box":{"x":61,"y":896,"width":138,"height":9}},{"id":"2d1cdd02-be03-45e1-ba82-1042b35c402a","block_type":"box","text":"Telephone: 020 7760 8777","page_number":368,"box":{"x":60,"y":908,"width":198,"height":11}},{"id":"754d1955-a53c-4a7a-ac57-bf966c8bab19","block_type":"box","text":"www.7im.co.uk","page_number":368,"box":{"x":60,"y":920,"width":112,"height":8}}],"unit":"per_mille","page_width":595,"page_height":[{"value":841,"pages":[1,2,3,4,5,6,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223,224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242,243,244,245,246,247,248,249,250,251,252,253,254,255,256,257,258,259,260,261,262,263,264,265,266,267,268,269,270,271,272,273,274,275,276,277,278,279,280,281,282,283,284,285,286,287,288,289,290,291,292,293,294,295,296,297,298,299,300,301,302,303,304,305,306,307,308,309,310,311,312,313,314,315,316,317,318,319,320,321,322,323,324,325,326,327,328,329,330,331,332,333,334,335,336,337,338,339,340,341,342,343,344,345,346,347,348,349,350,351,352,353,354,355,356,357,358,359,360,361,362,363,364,365,366,367,368]},{"value":842,"pages":[7]}],"attributes":{"chunk_type":"page_range","start_page":1,"end_page":368}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"a234b689-56a1-4637-bdd8-d56cadfc260a"},"user_id":1000002,"date_created":"2026-10-23T21:49:07.267000Z","date_modified":"2026-10-23T21:50:47.446000Z","private":false}