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MGTS Downing Fox Funds ICVC
Annual Financial Statements
For the year ended 30 June 2026
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - fo for the year ended 30 June 2026
i Margetts Fund Management Limited
ACD Margetts Fund Management Limited 1 Sovereign Court Graham Street Birmingham B1 3JR Tel: 0121 236 2380 Fax: 0121 236 2330 Company Registration No: 4158249 VAT No: (GB) 795 0415 16 (Authorised and regulated by the Financial Conduct Authority)
Directors of the ACD T J Ricketts M D Jealous A Ogunnowo A Denny (non - exec) – – appointed 7 January 2026 J Harris (non - exec) L R Scott (non - exec)
Depositary The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA (A (Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority )
Administrator and Registrar Margetts Fund Management Limited 1 Sovereign Court Graham Street Birmingham B1 3JR Tel: 0121 236 2380 Fax: 0121 236 2330 (Authorised and regulated by the Financial Conduct Authority)
Auditors Moore Kingston Smith LLP 6th Floor, 9 Appold Street London EC2A 2AP
Investment Manager s Downing LLP 10 Lower Thames Street London EC3R 6 AF (Authorised and regulated by the Financial Conduct Authority)
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - fo for the year ended 30 June 2026
ii Margetts Fund Management Limited
Contents
Statement of Authorised Corporate Director’s Responsibilities ................................ ................................ .................. 1 Statement of Depositary’s Responsibilities and Depositary Report to Shareholders ................................ .................... 2 Authorised Status ................................ ................................ ................................ ................................ ...................... 3 Certification of Accounts by Directors of the ACD ................................ ................................ ................................ ....... 3 Value for Money Assessment ................................ ................................ ................................ ................................ ..... 3 Task Force on Climate - related Financial Disclosures (‘TCFD’) ................................ ................................ ...................... 5 Investor Notification ................................ ................................ ................................ ................................ .................. 5 Independent Auditor’s Report ................................ ................................ ................................ ................................ ... 6 Notes to all Sub - fund’s Financial Statements ................................ ................................ ................................ .............. 9 MGTS Downing Fox 40% Equity Fund Report & Accounts ................................ ................................ ......................... 14 Investment Manager’s Report ................................ ................................ ................................ ............................. 14 Portfolio Statement ................................ ................................ ................................ ................................ ............ 17 Financial Statements ................................ ................................ ................................ ................................ ........... 20 Notes to the Financial Statements ................................ ................................ ................................ ....................... 22 Distribution Table ................................ ................................ ................................ ................................ ............... 28 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 29 MGTS Downing Fox 60% Equity Fund Report & Accounts ................................ ................................ ......................... 32 Investment Manager’s Report ................................ ................................ ................................ ............................. 32 Portfolio Statement ................................ ................................ ................................ ................................ ............ 34 Financial Statements ................................ ................................ ................................ ................................ ........... 37 Notes to the Financial Statements ................................ ................................ ................................ ....................... 39 Distribution Table ................................ ................................ ................................ ................................ ............... 45 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 46 MGTS Downing Fox 80% Equity Fund Report & Accounts ................................ ................................ ......................... 49 Investment Manager’s Report ................................ ................................ ................................ ............................. 49 Portfolio Statement ................................ ................................ ................................ ................................ ............ 52 Financial Statements ................................ ................................ ................................ ................................ ........... 55 Notes to the Financial Statements ................................ ................................ ................................ ....................... 57 Distribution Table ................................ ................................ ................................ ................................ ............... 63 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 64 MGTS Downing Fox 100% Equity Fund Report & Accounts ................................ ................................ ....................... 67 Investment Manager’s Report ................................ ................................ ................................ ............................. 67 Portfolio Statement ................................ ................................ ................................ ................................ ............ 70 Financial Statements ................................ ................................ ................................ ................................ ........... 72 Notes to the Financial Statements ................................ ................................ ................................ ....................... 74 Distribution Table ................................ ................................ ................................ ................................ ............... 79 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 81 General Information ................................ ................................ ................................ ................................ ................ 84 Remuneration ................................ ................................ ................................ ................................ ......................... 85
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - fo for the year ended 30 June 2026
1 Margetts Fund Management Limited
Statement of Authorised Corporate Director’s Responsibilities
The Alternative Investment Fund Manager (AIFM) is responsible for preparing the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
The Financial Conduct Authority’s Collective Investment Schemes Sourcebook (“COLL”) and FUND sourcebook requires the AIFM to ensure that the Financial Statements for each accounting period give a true and fair view of the financial affairs of the Scheme and of the net income / expenses and of the net gains / losses on the property of the Scheme for that year.
In preparing the Financial Statements the AIFM is required to:
• select suitable accounting policies and apply them consistently;
• make judgments and estimates that are reasonable and prudent;
• comply with the Prospectus, generally accepted accounting principles and applicable accounting standards subject to any material departures which are required to be disclosed and explained in the Financial Statements;
• comply with the disclosure requirements of the Statement of Recommended Practice for Financial Statements and Authorised Funds;
• keep proper accounting records which enable it to demonstrate that the accounts as prepared comply with the above requirements;
• prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Scheme will continue in operation; and
• manage the Fund (Alternative Investment Fund [AIF]) and undertake risk management for the Fund in accordance with the AIFM directive, the Alternative Investment Fund Managers Regulations 2013, and the FCA rules.
The AIFM is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financi al position of the Scheme and to enable them to ensure that the Financial Statements comply with the COLL and FUND Sourcebooks. The AIFM is also responsible for safeguarding the assets of the Scheme and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This function is performed by the ACD, and references to the ACD include the AIFM as applicable.
In so far as the AIFM is aware:
• There is no relevant audit information of which the Scheme’s auditors are unaware; and
• The AIFM has taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - fo for the year ended 30 June 2026
2 Margetts Fund Management Limited
Statement of Depositary’s Responsibilities and Depositary Report to Shareholders
For the year ended 30 June 2026
The Depositary must ensure that the MGTS Downing Fox Funds ICVC (the “Company”) is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, and, from the 22 nd July 2014 the Investment Funds Sourcebook, the Open - Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended, the Financial Services and Markets Act 2000, as amended, (together “the Regulations”), the Company’s Instrument of Incorporation an d Prospectus (together “the Scheme documents”) as de tailed below.
The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of th e Company and its investors.
The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Company in accordance with the Regulations.
The Depositary must ensure that:
• the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash accounts in accordance with the Regulations;
• the sale, issue, repurchase and cancellation of shares are carried out in accordance with the Regulations;
• the value of shares of the Company are calculated in accordance with the Regulations;
• any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits;
• the Company’s income is applied in accordance with the Regulations; and
• the instructions of the Alternative Investment Fund Manager (“the AIFM”) are carried out (unless they conflict with the Regulations).
The Depositary also has a duty to take reasonable care to ensure that the Company is managed in accordance with the Scheme documents and the Regulations in relation to the investment and borrowing powers applicable to the Company.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, i t is our opinion, based on the information available to us and the explanations provided, that in all material respects the Com pany , acting through the AIFM:
i. has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the Company’s income in accordance with the Regulations and the Scheme documents of the Company; and
ii. has observed the investment and borrowing powers and restrictions applicable to the Company in accordance with the Regulations and Scheme documents of the Company.
For and on behalf of The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA
Manager 16 October 2026
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - fo for the year ended 30 June 2026
3 Margetts Fund Management Limited
Authorised Status
MGTS Downing Fox 40% Equity Fund, MGTS Downing Fox 60% Equity Fund, MGTS Downing Fox 80% Equity Fund and MGTS Downing Fox 100% Equity Fund, are Sub - funds of the MGTS Downing Fox Funds ICVC, which is an open - ended investment company with variable capital incorporated in England and Wales under registration number IC 154903 , authorised and regulated by the Financial Conduct Authority with effect from 30 May 2023 .
The Fund is classed as a Non - UCITS Retail Scheme, which complies with the requirements of the FCA FUND and COLL handbooks. Shareholders are not liable for the debts of the Fund.
Certification of Accounts by Directors of the ACD
This report is signed in accordance with the requirements of the Collective Investment Schemes Sourcebook (COLL) as issued and amended by the Financial Conduct Authority.
M D Jealous A Ogunnowo
Margetts Fund Management Limited 16 October 2026
Value for Money Assessment
Under rules set out within the Collective Investment Schemes sourcebook (COLL), we are required to conduct an Assessment of Value (AoV) at least annually on each fund and report publicly on our conclusions. The AoV review covers the 7 pillars define d withi n the sourcebook: Performance, Quality of Service, AFM Costs, Economies of Scale, Comparable Market Rates, Comparable Services and Classes of Units. Each Sub - fund within the range is assessed independently against each of the pillars.
We conducted our latest assessment as at the accounting year - end date of the fund.
MGTS Downing Fox 4 0% Equity Fund We believe that the Sub - fund is delivering overall value to investors, despite some observations on performance. We assess the performance of the Sub - fund over multiple time periods and this has lagged the comparator benchmark over all time periods observed.
The Sub - fund has 3 years performance history, but has not yet reached its minimum recommended holding period. The requirement within the sub - fund investment policy, for the UK to generally form one of the largest single country exposures, has meant reduced exposure to high performing themes and markets. The investment adviser takes an active approach to management in line with the scheme’s investment policy and to ensure genuine diversification within the portfolio. We have seen evidence that rationale for the investment process is made clear through their ongoing investor communications and literature, and that investors have access to sufficient information to make an informed decision when assessing the fund aga inst their needs.
The active management style has contributed to short - term underperformance relative to the comparator benchmark. This underperformance has been particularly pronounced over the 1 - year reporting period, and has materially affected longer - term performance ou tcome. We do not propose raising any immediate actions at this stage, as we monitor the performance to see how this fares in evolving market conditions, particularly in those conditions where it is expected to outperform the compara tor benchmark. We have n oted improved relative performance since the end of the reporting period.
During the reporting period, the Investment Oversight team at Margetts had engaged with the Investment Manager (IM) to discuss performance of the sub - funds. The IM explained the rationale for their investment decisions and highlighted the reasons for the u nderperformance relative to the comparator benchmarks. In addition, the IM has appointed an Advisory Committee to support the management of the Downing Fox multi asset range, enhancing governance and strengthening the investment framework underpinning the portfolios. We believe that charges are justified based on the assessment and no remedial action has been identified at this time.
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - fo for the year ended 30 June 2026
4 Margetts Fund Management Limited
Value for Money Assessment (continued)
MGTS Downing Fox 6 0% Equity Fund We believe that the Sub - fund is delivering overall value to investors, despite some observations on performance. We assess the performance of the Sub - fund over multiple time periods and this has lagged the comparator benchmark over all time periods observed.
The Sub - fund has 3 years performance history, but has not yet reached its minimum recommended holding period. The requirement within the sub - fund investment policy, for the UK to generally form one of the largest single country exposures, has meant reduced exposure to high performing themes and markets. The investment adviser takes an active approach to management in line with the scheme’s investment policy and to ensure genuine diversification within the portfolio. We have seen evidence that rationale for the investment process is made clear through their ongoing investor communications and literature, and that investors have access to sufficient information to make an informed decision when assessing the fund against their needs.
The active management style has contributed to short - term underperformance relative to the comparator benchmark. This underperformance has been particularly pronounced over the 1 - year reporting period, and has materially affected longer term performance ou tcome. We do not propose raising any immediate actions at this stage, as we monitor the performance to see how this fares in evolving market conditions, particularly in those conditions where it is expected to outperform the comparator benchmark. We have n oted improved relative performance since the end of the reporting period.
During the reporting period, the Investment Oversight team at Margetts had engaged with the Investment Manager (IM) to discuss performance of the sub - funds. The IM explained the rationale for their investment decisions and highlighted the reasons for the u nderperformance relative to the comparator benchmarks. In addition, the IM has appointed an Advisory Committee to support the management of the Downing Fox multi asset range, enhancing governance and strengthening the investment framework underpinning the portfolios.
We believe that charges are justified based on the assessment and no remedial action has been identified at this time.
MGTS Downing Fox 8 0% Equity Fund We believe that the Sub - fund is delivering overall value to investors, despite some observations on performance. We assess the performance of the Sub - fund over multiple time periods and this has lagged the comparator benchmark over all time periods observed.
The Sub - fund has 3 years performance history, but has not yet reached its minimum recommended holding period. The requirement within the sub - fund investment policy, for the UK to generally form one of the largest single country exposures, has meant reduced exposure to high performing themes and markets. The investment adviser takes an active approach to management in line with the scheme’s investment policy and to ensure genuine diversification within the portfolio. We have seen evidence that rationale for the investment process is made clear through their ongoing investor communications and literature, and that investors have access to sufficient information to make an informed decision when assessing the fund aga inst their needs.
The active management style has contributed to short - term underperformance relative to the comparator benchmark. This underperformance has been particularly pronounced over the 1 - year reporting period, and has materially affected longer - term performance ou tcome. We do not propose raising any immediate actions at this stage, as we monitor the performance to see how this fares in evolving market conditions, particularly in those conditions where it is expected to outperform the compara tor benchmark. We have n oted improved relative performance since the end of the reporting period.
During the reporting period, the Investment Oversight team at Margetts had engaged with the Investment Manager (IM) to discuss performance of the sub - funds. The IM explained the rationale for their investment decisions and highlighted the reasons for the u nderperformance relative to the comparator benchmarks. In addition, the IM has appointed an Advisory Committee to support the management of the Downing Fox multi asset range, enhancing governance and strengthening the investment framework underpinning the portfolios.
We believe that charges are justified based on the assessment and no remedial action has been identified at this time.
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - fo for the year ended 30 June 2026
5 Margetts Fund Management Limited
Value for Money Assessment (continued)
MGTS Downing Fox 10 0% Equity Fund We believe that the Sub - fund is delivering overall value to investors, despite some observations on performance. We assess the performance of the Sub - fund over multiple time periods and this has lagged the comparator benchmark over all time periods observe d.
The Sub - fund has 3 years performance history, but has not yet reached its minimum recommended holding period. The requirement within the sub - fund investment policy, for the UK to generally form one of the largest single country exposures, has meant reduced exposure to high performing themes and markets. The investment adviser takes an active approach to management in line with the scheme’s investment policy and to ensure genuine diversification within the portfolio. We have seen evidence that rationale for the investment process is made clear through their ongoing investor communications and literature, and that investors have access to sufficient information to make an informed decision when assessing the fund against their needs.
The active management style has contributed to short - term underperformance relative to the comparator benchmark. This underperformance has been particularly pronounced over the 1 - year reporting period, and has materially affected longer term performance outcome. We do not propose raising any immediate actions at this stage, as we monitor the per formance to see how this fares in evolving market conditions, particularly in those conditions where it is expected to outperform the comparator benchmark. We have noted improved relative performance since the end of the reporting period.
During the reporting period, the Investment Oversight team at Margetts had engaged with the Investment Manager (IM) to discuss performance of the sub - funds. The IM explained the rationale for their investment decisions and highlighted the reasons for the u nderperformance relative to the comparator benchmarks. In addition, the IM has appointed an Advisory Committee to support the management of the Downing Fox multi asset range, enhancing governance and strengthening the investment framework underpinning the portfolios.
We assess the Sub - fund’s costs against similar funds within the IA sector it is most aligned with. Despite the Ongoing Charges Figure (OCF) being higher than the average for peers within the sector, the assessment concluded that value is still being delive red for the Comparable Market Rates pillar.
On this basis, we believe that charges are justified based on the assessment and no remedial action has been identified at th is time.
Task Force on Climate - related Financial Disclosures (‘TCFD’)
In accordance with current Financial Conduct Authority rules, the ACD is required to publish its own TCFD report and that of each Sub - fund. The report can be found by visiting our website https://investors.mgtsfunds.com/disclosures . The TCFD disclosure of each Sub - fund is reviewed on an annual basis and may not include Sub - funds that were launched or transferred to Margetts after the review.
Investor Notification
The MGTS Downing Fox 100% Equity Fund B Acc umulation share class was launched on 17 December 2025.
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - fo for the year ended 30 June 2026
6 Margetts Fund Management Limited
Independent Auditor’s Report
To the shareholders of the MGTS Downing Fox Funds ICVC
Opinion We have audited the financial statements of the MGTS Downing Fox Funds ICVC (‘the Fund’), and its Sub - funds for the year ending 3 0 June 2026 which comprise the Statement of Change in Net Assets Attributable to Unit Unitholders, the Balance Sheet, the Statement of Total Return, the related notes including significant accounting policies and the Distribution Tables. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended Practice ‘Financial Statements of Authorised Funds’ issued by the Investment Ass ociation (the ‘Statement of Recommended Practice for Authorised Funds’).
In our opinion the financial statements:
• give a true and fair view of the financial position of the Fund and its Sub - Funds as at 30 June 2026 and of the net revenue and net capital gains on the property of the Fund for the year then ended;
• have been properly prepared in accordance with the Statement of Recommended Practice relating to Authorised Funds, the rules of the Collective Investment Schemes Sourcebook issued by the Financial Conduct Authority, the Prospectus, and United Kingdom Gener ally Accepted Accounting Practice;
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other eth ical responsibi lities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern In auditing the financial statements, we have concluded that the Authorised Corporate Director’s (ACD’s) use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the fund’s ability to continue as a going concern for a period of at l east twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the ACD with respect to going concern are described in the relevant sections of this report.
Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The ACD is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our re port, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - fo for the year ended 30 June 2026
7 Margetts Fund Management Limited
Independent Auditor’s Report (continued)
Authorised Corporate Director’s Report In our opinion, the information given in the Authorised Corporate Director’s Report for the financial year for which the fina ncial statements are prepared is consistent with the financial statements.
Opinion on matters required by the Collective Investment Schemes Sourcebook In our opinion, we have obtained all the information and explanations we consider necessary for the purpose of the audit.
Collective Investment Schemes Sourcebook Exception Reporting Under the Collective Investment Schemes sourcebook, we are also required to report to you if, in our opinion:
• proper accounting records have not been kept; or
• the financial statements are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility.
Responsibilities of the ACD As explained more fully in the ACD’s responsibilities statement, the ACD is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the ACD determines i s nece ssary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the ACD is responsible for assessing the fund’s ability to continue as a going concern , disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the ACD ei ther intends to liquidate the fund or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a hi gh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuall y or in agg regate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basi s for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the fund’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the ACD.
• Conclude on the appropriateness of the ACD’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opini on. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the fund to cease to continue as a going concern.
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - fo for the year ended 30 June 2026
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Independent Auditor’s Report (continued)
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non - compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent t o which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financ ial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatemen t due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and de tection of fraud rests with both management and those charged with governance of the fund.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory requirements applicable to the fund and considered that the most significant are the Collective Investment Scheme Sourcebook, UK financial reporting standards as issued by the Financial Reporting Counci l, UK taxation legislation, and the Prospectus.
• We obtained an understanding of how the fund complies with these requirements by discussions with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
• We inquired of management and those charged with governance as to any known instances of non - compliance or suspected non - compliance with laws and regulations.
• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corrob orative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of no n compliance with laws and regulations that are not closely related to events and transactions reflected in the financial state ment s. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting f rom error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through co llusion.
Use of our report This report is made solely to the unitholders of the Fund, as a body, in accordance with Rule 4.5.12 of the Collective Invest ment Scheme Sourcebook (COLL) of the Financial Conduct Authority (FCA). Our audit work has been undertaken so that we might state t o the Fund’s unitholders those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund' s members as a body, for our audit work, for this report, or for the opinions we have formed.
Robert Wood (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP Chartered Accountant and Statutory Auditor 6th Floor, 9 Appold Street London EC2A 2AP 16 October 2026
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - fo for the year ended 30 June 2026
9 Margetts Fund Management Limited
Notes to all Sub - fund ’s Financial Statements
As at 30 June 2026
1 Accounting Policies
a) Basis of Preparation
The Financial Statements have been prepared in accordance with the following: (i) FRS 102 “The Financial Reporting Standards Applicable in the UK and Republic of Ireland” (ii) The Statement of Recommended Practice (“SORP”) for Financial Statements of UK Authorised Funds issued by the Investment Association in May 2014 and amended in June 2017 (iii) The Open - Ended Investment Companies Regulations 2001 (''the OEIC Regulations'') (iv) The FCA's Collective Investment Schemes Sourcebook (''COLL'') (v) The FCA's Investment Funds Sourcebook (''FUND'') (vi) The Fund's Instrument of Incorporation
The Financial Statements have been prepared under the historical cost basis, as modified by the revaluation of investments and certain financial instruments at fair value.
b) Valuation of investments
Listed investments are valued at bid market value on the Balance Sheet date net of any accrued interest which is included in the Balance Sheet as an income related item.
Collective investment schemes are valued at quoted bid prices for dual priced funds and at quoted prices for single priced funds, on the last business day of the accounting period.
Delisted instruments are valued by the ACD considering, where appropriate, latest dealing prices, valuations from reliable sources, financial performance, and other relevant factors.
Equities and bonds are valued at bid value on the balance sheet date using publicly available pricing information.
Structured products are initially recognised at transaction price and subsequently at fair value. This is determined using observable market inputs where available, including quoted prices for identical or similar instruments.
Cash and cash equivalents comprise cash at bank, demand deposits and other short - term highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value. This may include inve stments in money market funds where these are held for the purpose of meeting short - term cash commitments and meet the definition of cash equivalents. Money market funds held for investment purposes are classified as investments.
c) Functional and Presentation Currency
Items included in the Financial Statements are measured using the currency of the primary economic environment in which the Fund operates (the "functional currency"). The Financial Statements are presented in Pounds sterling, which is the Fund's functional and presentation currency.
d) Realised and Unrealized Gains and Losses
Realised gains and losses are calculated as the proceeds from disposal less book cost. Unrealised gains and losses are calculated with reference to the original recorded value of the asset or liability, and only the element of gains or loss within the acco unting period is recorded in the Financial Statements. All unrealised and realised gains and losses are capital in nature and do not form part of the Fund’s distributable income.
e) Foreign Exchange Rates
Transactions in foreign currencies are recorded in Pound Sterling at the rate ruling at the date of the transactions. Assets and liabilities expressed in foreign currencies at the end of the accounting period are translated into Pound Sterling at the closi ng middle exchange rates ruling on that date.
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1 Accounting Policies (continued)
f) Recognition of Revenue
(i) Dividends from quoted equity and non - equity shares are recorded net of any attributable tax credits when the security is quoted ex - dividend. Overseas dividends, received after deduction of withholding tax, are presented gross of taxation, with the related tax impact reflected within the tax charge. Special dividends are classified as either revenue or capital based on the nature and circumstances of the dividend received.
(ii) Property Income Distribution is recognised gross.
(iii) Distributions from collective investment schemes are recognised when the schemes are quoted ex distributions. Equalisation returned with the distribution is deducted from the cost of investment and does not form part of the distributable revenue. Accumulat ion of revenue relating to accumulation units or shares held in collective investment schemes is recognised as revenue and included in the amount available for distribution. Reportable income from funds with ‘Reporting Fund’ status for UK tax purposes is r ecognised when the information is made available by the Reporting Fund.
(iv) Interest on debt securities is recognised on an accrual basis, reflecting the effective yield of the investment and classified as revenue. Under the effective yield method, any discount or premium on the purchase price is amortised or accreted over the rem aining life of the investment, based on estimated future cash flows. Interest on bank and other cash deposits is recognised on an accrual basis.
(v) Rebates of annual management charges on underlying investments are recognised as income when the entitlement to the rebate arises and the amount can be measured reliably.
(vi) Special dividends are reviewed on a case - by - case basis in determining whether the amount is revenue or capital in nature. Where there is evidence to treat all or some of such receipts as revenue, such amounts are recognised as dividend revenue of the Fund . Any tax treatment would follow the accounting treatment of the principal amount.
(vii) Returns from derivative contracts and structured products are accounted for in accordance with the motives and circumstances of the transaction. The net distributions or dividends from the underlying instrument attached to total return swaps are recognized as revenue. The net interest receivable or payable on interest rate swaps is accounted for on an accruals basis and is included within revenue.
g) Treatment of Expenses
Annual Management Charge is deducted from Income for all Sub - Funds, unless otherwise stated in the Fund prospectus. All other expenses are charged against Income except for costs associated with the purchase and sale of investments which are charged agains t Capital.
The majority of expenses are recorded on an accrual basis; however, the Fund may incur additional allowable expenses which are charged as and when they are incurred.
h) Allocation of Revenue and Expense to Multiple Share Classes
Any revenue or expense not directly attributable to a particular share class will be allocated pro - rata to the net assets of the relevant share classes unless a different allocation method is more appropriate.
All share classes are ranked side by side and have no particular right or terms attached, including on winding up.
i) Taxation
(i) The Fund is treated as a corporate shareholder with respect to its underlying holdings and its income is subject to streaming into franked and unfranked income .
(ii) Corporation tax is provided at 20% on income, other than the franked portion of distributions from collective investment schemes, after deduction of deductible expenses.
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1 Accounting Policies (continued)
(iii) Deferred tax is provided in respect of timing differences that have originated but have not been reversed at the Balance Sheet date. Deferred tax assets are recognised only to the extent that they are more likely than not to be recoverable. Deferred tax assets and liabilities are not discounted to reflect the time value of money.
j) Financial Derivative Instrument
(i) Currency contracts Realised gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or, if a spot or forward curren cy contract is offset by entering another spot or forward currency contract with the same broker, upon settlement of the net gain or loss.
(ii) Futures and Options contracts - Futures and Options contracts are marked to market daily and an appropriate gain or loss for the change in value (‘variation margin’) is recorded by the Fund as realised.
(iii) Efficient portfolio management Where appropriate, certain permitted transactions such as derivatives or forward currency transactions are used for efficient management. Where such transactions are used to protect or enhance revenue, the revenue and expenses derived therefrom are included in ‘Revenue’ or ‘Expenses’ in the statement of total return. Where such transactions are used to protect or enhance capital, the gains and losses derived therefrom are included in ‘Net capital gains’ in the statement of total return. Any positions on such transactions open at the period end are reflected in the Balance Sheet at their mark to market value.
k) Going Concern
The ACD is of the opinion that it is appropriate to continue to adopt a going concern basis in the preparation of the accounts as the assets of the Fund consist predominantly of securities which are readily realisable and, accordingly, the Fund has adequate financial resources to continue in operational existence for the foreseeable future.
l) Use of Estimates and Judgements
In the application of the Fund’s accounting policies as detailed above, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily available from other sources. The estimat es and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
No critical judgements have been made by management in applying the accounting policies of the Fund. Furthermore, there are no significant areas of estimation uncertainty affecting the carrying amounts of assets and liabilities as at reporting date.
m) Dilution Adjustment
The ACD may require a dilution adjustment on the purchase and redemption of shares if, in its opinion, the existing shareholders (for purchases) or remaining shareholders (for redemptions) might otherwise be adversely affected. For example, the dilution adjustment may be charged in the following circumstances: where the scheme property of the F und is in continual decline; where the Fund is experiencing large levels of net purchases relative to its size; on ‘large deals’; in any case where the ACD is of the opinion that the interests of existing or remaining shareholders require the imposition of a dilution adjustment.
n) Cash Flow Statement
The Fund is exempt from the requirement to produce a Cash Flow Statement in accordance with Section 7 of FRS 102.
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2 Distribution Policy
Basis of Distribution
The Fund will distribute all revenue disclosed in the Financial Statements (less expenses and taxation) subject to an adjustment for other expenses deemed to be of a capital nature. Should expenses and taxation exceed revenue, there will be no distribution , and the shortfall will be met from Capital.
Income earned in an interim accounting period may not all be distributed immediately but retained and used to ensure that distributions paid throughout the year are broadly similar. This policy of 'smoothing' may be used. Interim distributions may be made at the ACD’s discretion.
Equalisation
Equalisation applies only to units purchased during the distribution period. It is the average amount of income included in the purchase price of all group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not l iable to UK income tax and must be deducted from the cost of the units for UK capital gain tax purposes.
Unclaimed Distributions
All distributions unclaimed for a period of six years after having become due for payment shall be forfeited and shall revert to the capital of the Fund in accordance with COLL.
3 Risk Management Policies
In pursuing its investment objective, the Fund holds a number of financial instruments. The Funds’ financial instruments comprise securities held in accordance with the investment objectives and policies together with cash balances, debtors and creditors that arise directly from its operations, for example, in respect of sales an d purchases awaiting settlement, amounts receivable for issues and payable for redemptions and debtors for accrued income.
The main risks arising from the Fund’s financial instruments and the ACD’s policies for managing these risks are summarised below. These polic i es have been applied throughout the year.
The Fund is managed according to COLL 5 ‘Investment and Borrowing Powers’ which ensures the Fund achieves the statutory objective of protecting consumers by laying down the minimum standards for the investments that may be held by an authorised fund. In pa rticular: (a) the proportion of transferable securities and derivatives that may be held by an authorised fund is restricted if those transferable securities and derivatives are not listed on an eligible market the intention of this is to restrict the tran sferable securities and derivatives that cannot be accurately valued and readily disposed of; and (b) the authorised funds are required to comply with a number of investment rules that require the spreading of risk.
The main risks from the Fund’s holding of financial instruments with the ACD’s policy for managing these risks are set out below:
(i) Credit and Counterparty Risk – Certain transaction s in securities that the Fund enters into expose it to the risk that the counterparty will not deliver the investment for a purchase, or cash for a sale after the Fund has fulfilled its responsibilities. Adhering to investment guidelines and avoiding excessive exposure to one particular issuer can limit credit risk. The Fund only buys and sells investment through brokers which have been approved by the ACD as an acceptable counterparty.
(ii) Interest Rate Risk – The risk that the value of the Fund’s investments will fluctuate because of interest rate changes. The value of fixed interest securities may be affected by changes in the interest rate environment, either globally or locally. Changes in the rate of return in one asset class may influence the valuation basis of other classes. The amount of income receivable from fixed interest securities and bank balances, or payable on bank overdrafts will be affected by fluctuations in interest rates. Numeri cal disclosure of the interest rate risk profile is made within Note 16 of the Financial Statements .
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3 Risk Management Policies (continued)
(iii) Foreign Currency Risk – A portion of the Fund’s assets and income are denominated in currencies other than Pounds sterling, which is the currency of shares in the Fund. The income and capital value of the Fund’s investments can be significantly affected by foreign currency translat ion movements. The principal area where foreign currency risk could impact the Fund is movement in exchange rates affecting the value of investments. The ACD has the responsibility for monitoring the foreign currency risk of the Fund and does this by review ing the underlying exposure to foreign currencies on the security holdings and cash positions. Where it is considered necessary the manager will use forward foreign currency contracts to reduce the risk to this underlying foreign currency exposure. The pur pose of any forward foreign currency contract is to manage the currency risk arising from the Fund’s investment activities. Open positions, which are all covered, are included in the net current assets attributable to shareholders as shown in the Balance S heet. Numerical disclosure of the foreign currency risk profile is made within Note 16 of the Financial Statements .
(iv) Liquidity Risk –T –The main liability of the Fund is the cancellation of any shares that investors want to sell. Securities may have to be sold to fund such cancellations should insufficient cash be held at the bank to meet this obligation.
In addition, certain listed securities, and instruments, particularly securities and instruments of smaller capitalised or less seasoned issuers, may from time to time lack an active secondary market and may be subject to more abrupt or erratic price movem ents than securities of larger, more established companies or stock market averages in general. In the absence of an active secondary market the Fund’s ability to purchase or sell such securities at a fair price may be impaired or delayed.
(v) Market Price Risk – Market price is the risk that the value of the Fund’s investment holding will fluctuate because of changes in market prices caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about the future prices of financial instruments the Fund holds. It represents the potential loss the Fund might suffer through holding market positions in th e face of price movements .
The Fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Investment Manager in pursuance of the investment objective and policy as set out in the Prospectus.
Investment limits set out in the Instrument of Incorporation , Prospectus and in the rules contained in Collective Investment Schemes Sourcebook mitigate the risk of excessive exposure to any particular security or issuer.
(vi) Fair Value of Financial Assets and Financial Liabilities – There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value.
(vii) Leverage – In accordance with the Alternative Investment Fund Managers Directive (“AIFMD”) and the IA SORP issued in May 2014 and amended in June 2017 , as ACD we are required to disclose any leverage of the Fund. Leverage is defined as any method by which the Fund increases its exposure through borrowing or the use of derivatives (calculated in accordance with the commitment method approach (AIFMR artic le 8)) divided by the net asset value .
The Fund’s exposure is defined with reference to the ‘Commitment’ method. Commitment method exposure is calculated as the sum of all positions of the Fund, including derivative after accounting for netting and hedging positions and is disclosed within Note 18 of the Financial Statements.
(viii) Operational risk – – Operational risk is the risk of loss arising from systems failure, human error, fraud or external events. When controls fail to perform, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial loss. The Fund cannot eliminate operational risks but, through the continual review and assessment of its control environment, by monitoring and responding to potential risks, they can be managed.
High level controls include effective segregation of duties, trade confirmation checking and reconciliation procedures, incident reporting and oversight of delegated functions.
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MGTS Downing Fox 40% Equity Fund Report & Accounts
Investment Manager ’s Report
For the year ended 30 June 2026
Investment Objective The investment objective of the Sub - fund is to achieve capital growth over the medium to long term (five years and over).
Investment Policy The Sub - fund will seek to achieve its objective by actively selecting and investing approximately 40% of its portfolio in a range of actively - managed OEICS, Unit Trusts, and other collective investment vehicles (including exchange traded funds and which ma y include funds managed by the ACD or Investment Manager) providing exposure to a globally - diversified range of equities. The funds held in this part of the Sub - fund's portfolio will be managed by a carefully selected range of active investment managers. A s a global portfolio, this part of the Sub - fund will hold sterling and non - sterling assets. The UK will generally form one of the largest single country exposures, representing up to 30% of this portion of the portfolio.
The other 60% of the Sub - fund will be invested in a combination of cash, money - market instruments and government bonds, and (particularly during the early stages of the Sub - fund's growth) in collective investment vehicles (which may be actively or passivel y managed) that provide exposure (indirectly) to cash, money - market instruments and/or government bonds. There may also be incidental exposure to other fixed income instruments, such as corporate bonds.
The mix between cash, money market instruments and fixed income instruments is not fixed. This means that there may be times where a large portion of the Sub - fund is held in money market instruments, cash or cash equivalents, however the Sub fund will not hold more than 20% in direct cash investments.
This (non - equity) part of the Sub - fund will be actively managed with the aim of reducing the volatility of the overall Sub - fund, with the underlying exposure to different instruments and vehicles varying based on the Investment Manager's assessment of wide r market conditions and which investments will best assist in the objective of the Sub - fund being achieved.
This part of the Sub - fund will be exposed to both sterling and non - sterling currencies.
Save as noted above, the Sub - fund will not have any particular geographic, industry or economic sector focus and as such weightings in these may vary as required.
Through its investments in these funds and instruments noted above, the Sub - fund will have a higher exposure to lower risk asset classes, such as fixed income securities (bonds), whilst having some exposure to equities via collective schemes.
Performance Comparison There are three types of benchmarks which can be used:
1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation
2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio
3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance
The Sub - fund does not have a performance target and is not constrained by any index, IA sector or similar factor .
Investors can use the Investment Association (IA) Mixed Investment 20% - 60% Shares Sector average as a comparator. The sector is considered appropriate as the asset allocation of the Sub - fund is similar to the asset allocation of other funds in this sector. The IA sector is not constructed as an index, therefore as funds enter or leave the sector composition can change.
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Investment Manager’s Report (continued)
Investment Review
Source: Morningstar. Performance is bid to bid with income reinvested.
Benchmarks IA Mixed Investment 20 - 60% Shares 12. 3 4%
Source: Morningstar. Performance is bid to bid with income reinvested.
Investment Performance MGTS Downing Fox 40% Equity Fund (F Acc share clas s) returned 5 . 9 3% over the period, underperforming the IA Mixed Investment 20 - 60% Sector average, which returned 12. 34 %. On its own, 5 . 9 3% is a decent one - year return for a cautious fund like this but compared to its average competitor it looks tame to say the least. It has been an exceptionally narrow and , in our view , speculative year for global stock markets, driven by the excitement around the build out of AI infrastructure, and the Fund is designed to a void speculative frenzies like this, not join in with them.
Investment Review & Activities Our funds are a mixture of our Growth and Defence Component. This Fund has 40% exposure to our Growth Component and 60% exposure to the Defence Component, making it the most cautious in our range. Looking at the two components is a useful way to illustrate how the Fund performed.
At 40% invested in equities, this Fund has less exposure to equities than the average fund in its sector, which proved a mixe d picture over a year in which equity markets rose strongly overall but suffered one sharp, sudden setback. Our Growth Component wa s affected by the same forces seen across the range , heavy market concentration in mega - cap technology and AI infrastructure stocks, and a persistent period of underperformance among small and mid - cap companies, most pronounced in the UK.
The Defence Component tells an important part of this Fund's story. We hold only cash and government bonds here, rather than the corporate bonds many peers use to boost defensive yield, because we believe these to be the only truly reliable defensive asset s in a genuine market shock. This was validated in March 2026, when the outbreak of war in Iran triggered a broad sell - off across almost every asset class , at one point, only two of 56 IA sectors posted a positive return, and every fund across the four IA Mixed Asset sectors fell. Amid that, Fox40 was the only fund in our range to outperform its own sector that month, thanks to our meaningful exposure to sterling cash and money market funds, which left us with materially lower interest rate risk than most p eers at a moment when both equities and bonds were falling together. The same pattern repeated in June 2026, when this Fund's Defence Component , helped by longer - dated gilts and US Treasuries , made it the best performer across the range for the month.
Set against this, our avoidance of corporate bonds and gold has been a headwind for long stretches of the year when risk asse ts were rallying broadly, as many peers' “defensive” allocations were able to participate more fully in those gains. We remain comf ortable with this trade - off given the greater protection it offers during genuine periods of market stress. Within the Growth Component, changes mirrored those made across the range. Within the Defence Component itself, we reduced US dollar exposure in fav our of the Japanese yen over the year and increased our holding in UK Government Bonds at the expense of sterling cash following the rise in yields caused by the Iran conflict.
Investment Strategy & Outlook There has been no change to our investment strategy. We still think the best way to make good long - term returns is by holding a portfolio of equities selected for you by experts in their own field, cushioned by a genuinely defensive Defence Component.
We also believe that trying to second - guess markets using macroeconomic forecasts is a risky way to invest, so we don't do it. Instead, the Fund will remain fully invested as set out in its prospectus.
MGTS Downing Fox 40% Equity A Acc 5.92 % MGTS Downing Fox 40% Equity F Acc 5.93 %
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Investment Manager’s Report (continued)
We believe the Fund is well positioned for what lies ahead. The dominance of mega - cap and AI - related stocks has weighed on our Growth Component's relative returns, but our conservative approach to the Defence Component , holding only cash and government bonds , proved its worth when markets were tested this year, and we expect it to do so again in any future period of genuine stress. Combined with what we see as attractive valuations across the small and mid - cap funds we hold, we remain confident in the Fund' s long - term prospects.
Downing LLP Investment Manager 03 August 2026
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Portfolio S tatement As at 30 June 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 30.06.2025 COLLECTIVE INVESTMENT SCHEMES EUR ULTRA SHORT - TERM BOND 9,749 AMUNDI PRIME EURO GOV BONDS 0 - 1Y UCITS ETF DR CAP 1 181,841 1.47 TOTAL EUR ULTRA SHORT - TERM BOND 181,841 1.47 1.54
EUROPE EXCLUDING UK 121,554 M&G EUROPEAN EX - UK FUND CLASS E GBP ACC 175,743 1.42 TOTAL EUROPE EXCLUDING UK 175,743 1.42 2.27
EUROPE INCLUDING UK 1,138 COELI SICAV 1 – EUROPEAN FUND I ACC GBP 117,815 0.95 TOTAL EUROPE INCLUDING UK 117,815 0.95 -
EUROPEAN SMALLER COMPANIES 303 MIRABAUD DISCOVERY EUR EX UK I GBP ACC 103,032 0.83 TOTAL EUROPEAN SMALLER COMPANIES 103,032 0.83 -
GBP GOVERNMENT BOND 63,529 AMUNDI UK GOVERNMENT BOND 0 - 5Y UCITS ETF DIST GBP 1 1,121,922 9.07 12,819 AMUNDI UK GOVERNMENT BOND UCITS ETF DIST 1 1,297,79 7 10.4 8 TOTAL GBP GOVERNMENT BOND 2,419,71 9 19.55 17.9 5
GLOBAL 1,757 AVI GLOBAL SPECIAL SITUATIONS FUND CLASS B1 GBP ACC 180,523 1.46 10,067 COBAS LUX SICAV - PALM HARBOUR GLOBAL VALUE FUND - F ACC EUR
176,767 1.43
82,224 IFSL EVENLODE GLOBAL EQUITY F GBP ACC 115,837 0.94 124 KEMPEN (LUX) GLOBAL VALUE FUND IX ACC 189,365 1.53 139,416 LATITUDE GLOBAL FUND CLASS GBP ACC Y 205,45 8 1.66 11,725 LIONTRUST GF GLOBAL DIVIDEND FUND C10 GBP ACC 154,863 1.25 789 NUTSHELL GROWTH FUND GBP INSTITUTIONAL FOUNDER CLASS SHARES ACC
139,880 1.13
1,048 RANMORE GLOBAL EQUITY INSTITUTIONAL GBP ACC 186,280 1.51 399 REDWHEEL FUNDS - REDWHEEL GLOBAL INTRINSIC VALUE FUND I GBP ACC
179,704 1.45
13,398 THIRD AVENUE GLOBAL VALUE FUND F GBP 172,066 1.39 6,093 THORNBURG GLOBAL OPPORTUNITIES I UNHEDGED ACC 73,116 0.59 100,638 WS AMATI GLOBAL INNOVATION FUND C ACC 141,427 1.14 110,409 WS HAVELOCK GLOBAL SELECT GBP I ACC 178,200 1.44 TOTAL GLOBAL 2,093,486 16.92 17.3 4
GLOBAL EMERGING MARKETS 888 MERLIN FIDELIS EMERGING MARKETS FUND CLASS F GBP AC 124,620 1.01 8,230 NEUBERGER EMERGING MARKETS EQUITY FUND USD I ACC 77,853 0.63 1,359 SKERRYVORE ICAV GLOBAL EM EQ F GBP ACC 155,153 1.25 TOTAL GLOBAL EMERGING MARKETS 357,626 2.89 3.15
TOTAL GLOBAL EQUITY INCOME - - 1.14
GLOBAL FLEX - CAP EQUITY 8,336 LANGDON GLOBAL SMALLER COMPANIES FUND - UCITS (C GBP) ACC
85,826 0.69
TOTAL GLOBAL FLEX - CAP EQUITY 85,826 0.69 -
GLOBAL LARGE - CAP BLEND EQUITY 1,623 ORBIS OEIC GLOBAL EQUITY FUND STANDARD SHARE CLASS 74,227 0.60 TOTAL GLOBAL LARGE - CAP BLEND EQUITY 74,227 0.60 -
GLOBAL LARGE - CAP GROWTH EQUITY 36,658 WS GUINNESS GLOBAL INNOVATORS FUND Y GBP ACC 71,821 0.58 TOTAL GLOBAL LARGE - CAP GROWTH EQUITY 71,821 0.58 -
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% OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 30.06.2025
INDIA/INDIAN SUBCONTINENT 3,909 CHIKARA INDIAN SUBCONTINENT FUND CLASS I GBP 49,517 0.40 TOTAL INDIA/INDIAN SUBCONTINENT 49,517 0.40 0.30
JAPAN 566 HC CADIRA SUSTAINABLE JAPAN EQUITY FUND GBP SI ACC 71,613 0.58 690 IUP ZENNOR JAPAN F GBP ACC 144,229 1.1 6 TOTAL JAPAN 215,842 1.74 2.36
JAPANESE SMALLER COMPANIES 491 SMD - AM JAPAN MID SMALL CAP VALUE CLASS P GBP 71,239 0.58 TOTAL JAPANESE SMALLER COMPANIES 71,239 0.58 -
MONEY MARKETS 1,231 UBS (IRL) SELECT MONEY MARKET FUND - GBP PREMIER ACC 149,842 1.21 1,071,137 WS KEYRIDGE STERLING LIQUIDITY FUND I ACC 1,296,93 4 10.48 TOTAL MONEY MARKETS 1,446,776 11.69 17.9 7
NORTH AMERICA 7,513 ARAVIS FUNDS (IRELAND) ICAV - SPYGLASS US GROWTH FUND (UCITS) CLASS F P GBP ACC
130,841 1.06
7,895 BROWN ADVISORY US VALUE FUND C ACC 87,712 0.71 973 HARRINGTON COOPER UCITS FUNDS ICAV - HC SNYDER US ALL CAP EQUITY FUND FOUNDER CLASS GBP ACC
147,277 1.1 8
793 IRIDIAN US CORP CHANGE EQUITY B GBP ACC 95,051 0.77 TOTAL NORTH AMERICA 460,881 3.72 4.23
OTHER BOND 102,792 UBS (LUX) FUND SOLUTIONS - BLOOMBERG JAPAN TREASURY 1 3 YEAR BOND UCITS ETF A JPY ACC 1
555,123 4.49
TOTAL OTHER BOND 555,123 4.49 2.99
SHORT TERM MONEY MARKET 597,554 INVESCO STERLING LIQUIDITY PORTFOLIO PREMIER INC 597,554 4.83 TOTAL SHORT TERM MONEY MARKET 597,554 4.83 -
SPECIALIST 41,868 LANDSEER GLOBAL ARTIFICIAL INTELLIGENCE FUND CLASS I GBP BASE ACC
206,325 1.67
TOTAL SPECIALIST 206,325 1.67 1.70
UK ALL COMPANIES 68,471 PREMIER MITON UK VALUE OPPORTUNITIES FUND B INSTITUTIONAL ACC
225,68 1 1.82
112,761 SVS DOWGATE CAPE WRATH FOCUS £ A NET ACC 158,655 1.28 87,305 VT CASTLEBAY UK EQUITY FUND C ACC 162,814 1.32 TOTAL UK ALL COMPANIES 547,150 4.42 4.92
UK EQUITY INCOME 91,890 VT TYNDALL UNCONSTRAINED UK INCOME FUND GBP A ACC 159,245 1.29 TOTAL UK EQUITY INCOME 159,245 1.29 0.6 2
UK GILTS 1,346,142 FIDELITY INDEX UK GILT FUND S GBP ACC 1,114,202 9.00 14,881 INVESCO UK GILT 1 - 5 YEAR UCITS ETF GBP INC 1 542,784 4.39 TOTAL UK GILTS 1,656,986 13.39 13.4 2
UK SMALLER COMPANIES 130,529 YFS WHITMAN UK SMALL CAP GROWTH FUND C ACC GBP 160,525 1.30 TOTAL UK SMALLER COMPANIES 160,525 1.30 2.41
USD GOVERNMENT BOND 13,229 AMUNDI INDEX SOLUTIONS - AMUNDI PRIME US TREASURY UCITS ETF DR GBP 1
188,438 1.52
TOTAL USD GOVERNMENT BOND 188,438 1.52 3.0 4
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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% OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 30.06.2025 PORTFOLIO OF INVESTMENTS 11,996,737 96.94 97.35 NET CURRENT ASSETS 378,683 3.06 2.65 TOTAL NET ASSETS 12,375,420 100.00 100.00 The investments have been valued in accordance with note 1(b). The investments are collective investment schemes and are not traded on the regulated securities market unless stated otherwise . 1 Exchange traded fund.
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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Financial Statements
Statement of Total Return
For the year ended 30 June 2026 01.07.2025 to 01.07.2024 to Notes 30.06.2026 30.06.2025 Income £ £ £ £ Net capital gains 4 358,629 752,583 Revenue 6 199,735 81,394 Expenses 7 (14,899) (8,221) Net revenue before taxation 184,836 73,173 Taxation 8 (22,119) (14,032) Net revenue after taxation 162,717 59,141 Total return before distributions 521,346 811,724 Finance costs: Distribution 9 (162,769) (55,723) Change in net assets attributable to shareholders from investment activities
358,577 756,001
Statement of Change in Net Asset Attributable to Shareholders
For the year ended 30 June 2026 01.07.2025 to 01.07.2024 to Notes 30.06.2026 30.06.2025 £ £ £ £ Opening net assets attributable to shareholders 11,491,040 3,436,028
Amounts receivable on issue of shares 7,521,486 25,960,985 Amounts payable on cancellation of shares (7,189,793) (18,736,811)
Dilution adjustment 2,429 (44,870) 334,122 7,179,304 Change in net assets attributable to shareholders from investment activities
358,577 756,001
Retained distribution on accumulation shares 191,681 119,707
Closing net assets attributable to shareholders 12,375,420 11,491,040
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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Balance Sheet
As at 30 June 2026 Notes 30.06.2026 30.06.2025 Assets £ £ £ £ Investment assets 11,996,737 11,186,737 Debtors 10 54,968 98,048 Bank balances 385,198 514,199 Total other assets 440,166 612,247 Total assets 12,436,903 11,798,984
Liabilities
Creditors 11 61,458 307,940 Distribution payable on income shares 19 4
Bank overdrafts 6 Total other liabilities 61,483 307,944 Net assets attributable to shareholders 12,375,420 11,491,040
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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Notes to the Financial Statements
As at 30 June 2026
4 Net Capital Gains 01.07.2025 to 01.07.2024 to 30.06.2026 30.06.2025 £ £ Proceeds from sales of investments during the year 10,092,215 15,865,766 Original cost of investments sold during the year (9,684,001) (15,395,26 9 ) Gains realised on investments sold during the year 408,214 470,49 7 Net appreciation thereon already recognised in prior periods (342,270) (18,111) Net realised appreciation for the year 65,944 452,386 Net unrealised appreciation for the year 292,557 306,615 Net gains on non - derivative securities 358,501 759,001 Net gains /losses on currencies 128 (6,418) Net capital gains on investments 358,629 752,583
5 Purchases, Sales and Transaction Costs 01.07.2025 to 30.06.2 02 6
01.07.2024 to 30.06.2 02 5 £ £ Collective Investment Schemes Purchases excluding transaction costs 10,406,341 25,788,003 Commissions and charges: 0.03% [0.03%] 3,111 7,255 Trustee transaction charges: 0.02% [0.00%] 2,266 521 Purchases including transaction costs 10,411,718 25,795,779
Sales excluding transaction costs 10,097,288 15,479,072 Commissions and charges: 0.03% [0.04%] (2,715) (5,662) Trustee transaction charges: 0.01% [0.00%] (1,159) (295) Sales including transaction costs 10,093,414 15,473,115
ETF Purchases excluding transaction costs - 133,608 Commissions and charges: 0.00% [0.05%] - 67 Trustee transaction charges: 0.00% [0.00%] - 6 Purchases including transaction costs - 133,681
Sales excluding transaction costs - 130,516 Commissions and charges: 0.00% [0.05%] - (65) Trustee transaction charges: 0.00% [0.00%] - (2) Sales including transaction costs - 130,449
Trustee transaction charges have been deducted in determining net capital Transaction charges are displayed as percentage of purchase/sale
Total commissions and charges: 0.07% [0.18%] 5,826 13,049 Total trustee transaction charges: 0.04% [0.01%] 3,425 824
Total charges displayed as percentage of average net asset value
Average portfolio dealing spread: 0.03% [0.03%]
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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6 Revenue 01.07.2025 to 01.07.2024 to 30.06.2026 30.06.2025 £ £ UK franked income 62,156 11,244 UK unfranked income 17,428 28,18 4 Overseas franked income 18,245 Overseas unfranked income 89,581 31 , 06 1 Rebate of annual management charges 9,796 1,425 Bank interest 2,529 9,480 Total revenue 199,735 81,394
7 Expenses 01.07.2025 to 01.07.2024 to 30.06.2026 30.06.2025 £ £ Payable to the ACD, associates of the ACD and agents of either: ACD's periodic charge 22,962 39,908 Registration fees 104 48 Transfer agency fee 18,032 9,413 Distribution costs 1,186 42,284 49,369 Payable to the Depositary associates of the Depositary and agents of either: Depositary's fee 7,796 11,111 Safe custody 2,081 1,003 9,877 12,114 Other expenses: FCA fee - 12 Audit fee 7,491 7,344 Sundry charges - 1,651 Printing & publication fee 1,223 438 AMC Payable 109 OCF reduction (47,811) (62,707) License fee 95 Take on fee 1,631 Total expenses 14,899 8,221
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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8 Taxation 01.07.2025 to 01.07.2024 to 30.06.2026 30.06.2025 £ £ a) Analysis of the tax charge for the year: UK Corporation tax 23,529 12,622 Current tax charge (note 8b) 23,529 12,622 Deferred tax (note 8c) (1,410) 1,410 Total tax charge 22,119 14,032
b) Factors affecting the tax charge for the year: Net income before taxation 184,836 73,173 Corporation tax at 20% 36,968 14,635 Effects of: Franked dividends (16,080) (2,249) Tax on realised gain on offshore non - reporting fund 2,641 236 Current tax charge for the year (note 8a) 23,529 12,622
c) Provision for deferred taxation: Provision at start of year 1,410 Deferred tax charge in year (1,410) 1,410 Provision at end of year - 1,410
9 Finance Costs 01.07.2025 to 01.07.2024 to 30.06.2026 30.06.2025 £ £ Distributions Interim 82,994 94,906 Final 108,726 24,805 191,720 119,711 Amounts deducted on cancellation of shares 8,808 123,168 Amounts received on issue of shares (37,759) (187,156) Finance costs: Distributions 162,769 55,723 Total finance costs 162,769 55,723
Represented by: Net revenue after taxation 162,717 59,141 Other capital expenses 1,446 Deferred tax (1,410) 1,410 Prior year adjustment - (230) Balance of revenue brought forward 8 (4,590) Balance of revenue carried forward 8 (8) Finance costs: Distributions 162,769 55,723
10 Debtors 30.06.2026 30.06.2025 £ £ Amounts receivable for issue of shares - 3,065 Amounts receivable for investment securities sold - 73,511
Accrued income: Investment manager rebate 54,838 21,295 Rebates from underlying holdings - 177 54,838 21,472 Other receivables 130 Total debtors 54,968 98,048
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11 Creditors 30.06.2026 30.06.2025 £ £ Amounts payable for cancellation of shares 4,690 278,251 Accrued expenses: Amounts payable to the ACD, associates and agents: ACD's periodic charge 2,777 2,508 Transfer agency fee 5,129 1,452 Trade execution fee 274 8,180 3,960 Amounts payable to the Depositary, associates and agents: Depositary's fees 3,531 3,537 Safe custody fee 582 379 4,113 3,916 Other expenses 20,946 7,781 Taxation payable: Deferred Tax - 1,410 Corporation tax 23,529 12,622 Total creditors 61,458 307,940
12 Contingent Liabilities and Commitments
There were no contingent liabilities or outstanding commitments at the Balance Sheet date.
1 3 Related Party Transactions
Margetts Fund Management Limited as ACD, is a related party, and acts as principal in respect of all transactions of shares in the Company. The aggregate monies received through issues and paid on cancellations are disclosed in the statement of change in net assets attributable to shareh olders and N ote 9 .
Amounts paid to Margetts Fund Management Limited in respect of management services are disclosed in N ote 7 and amounts due at the end of the year in N ote 11 .
1 4 Shareholders’ Funds
A Acc A Inc F Acc F Inc Opening number of shares 606,762 1,000 9,595,644 1,000 Shares issued 660,073 - 6,086,93 0 Shares redeemed (341,377) - (6,227,723) Closing number of shares 925,458 1,000 9,454,851 1,000
1 5 Post Balance Sheet Events
There were no material post Balance Sheet events which have a bearing on the understanding of the Financial Statements.
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1 6 Risk Disclosures
Debt securities may be held by the underlying investments of the Sub - f und. The Interest Rate Risk of these securities is managed by the relevant manager. The table below shows the Interest Rate Risk profile at the Balance Sheet date:
i. Interest risk 30.06.2026 30.06.2025 £ £ Floating rate assets (Pounds sterling): 6,505,772 4,117,927 Floating rate assets (US dollar): 461 444 Floating rate assets (Euro): 925,402 870,029
Floating rate liabilities (Euro): (6) -
Assets on which interest is not earned (Pounds sterling): 4,828,501 6,549,191 A ssets on which interest is not earned (US dollar): - 82,114 Assets on which interest is not earned (Euro): 176,767 179,280
Liabilities on which interest is not paid (Pounds sterling): (61,477) (307,944)
Net Assets 12,375,420 11,491,040
The floating rate financial assets and liabilities comprise bank balances, which earn or pay interest at rates linked to the UK base rate and collective investment schemes that pay interest distributions. ii. Currency risk 30.06.2026 30.06.2025 £ £ Pounds sterling 11,272,796 10,359,173 US dollar 461 82,558 Euro 1,102,163 1,049,309 Net Assets 12,375,420 11,491,040
There are no material amounts of non - interest - bearing financial assets and liabilities, other than collective investment schemes, which do not have maturity dates.
1 7 Fair Value Techniques Basis of Valuation 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Assets Liabilities Assets Liabilities £ £ £ £ Level 1: Quoted Prices 3,887,904 - 3,442,823 Level 2: Observable market data 8,108,83 3 - 7,743,914 Level 3: Unobservable data - - - 11,996,73 7 - 11,186,737 -
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1 8 Periodic Disclosure
As required by FUND 3.2.5R the ACD is required to disclose certain information periodically in relation to the Sub - f und which is shown below.
At the end of the reporting period the percentage of the Sub - fund’s assets subject to special arrangements arising from their illiquid nature was 0% of the NAV.
There have been no new arrangements introduced for managing the liquidity of the Sub - f und.
The risk characteristics of the Sub - f und are explained in the Prospectus.
In order to assess the sensitivity of the Sub - f und’s portfolio to the risks to which the Sub - fund is or could be exposed, Margetts Fund Management Limited monitors relative value at risk, commitment, gross leverage and the results of stress tests.
The ACD has set limits considered appropriate to the risk profile of the Sub - fund . Any breaches of these limits are investigated by the Margetts risk committee and appropriate action taken if necessary.
During the reporting period there have been no changes to the maximum level of leverage that the Sub - fund can employ or any right of reuse of collateral or any guarantee granted under leveraging arrangements.
At the end of the reporting period the total amount of leverage, expressed as a ratio, calculated using the commitment approa ch was 0.97:1 and using the gross method was 0.97:1.
Leverage is limited to overdraft use and the gross exposure from EPM techniques. Although the ACD may use derivatives for EPM, no collateral arrangements are currently in place and no asset re - use arrangements are in place.
The maximum leverage expressed as the ratio of the exposure to net asset value using the commitment method is 2 :1 and using the gross method 2 :1.
19 Securities Financing Transactions (SFT) and Total Return Swaps (TRS)
The Sub - fund does not engage in securities financing transactions or loan securities or commodities to third parties.
There have been no arrangements made by the Depositary to discharge itself of contractual liability.
As at the Balance Sheet date, the amount of securities and commodities on loan as a proportion of total lendable assets is 0.00%
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Distribution Table
For the year ended 30 June 2026 – in pence per share
Final payment/allocation date 31 August 2026 Group 1 – – shares purchased prior to 01.0 1 .202 6 Group 2 – – shares purchased on or after 01.0 1 .202 6
MGTS Downing Fox 40% Equity A Acc Shares Shares Net Income Equalisation Allocat ed 31.08.2026 Allocat ed 31.08.2025 Group 1 1.0293 - 1.0293 0.2129 Group 2 0 . 2594 0. 7699 1.0293 0.2129
MGTS Downing Fox 40% Equity A Inc Shares Shares Net Income Equalisation Paid 31.08.2026 P aid 31.08.2025 Group 1 0.9230 - 0.9230 0.2080 Group 2 0.9230 - 0.9230 0.2080
MGTS Downing Fox 40% Equity F Acc Shares Shares Net Income Equalisation Allocat ed 31.08.2026 Allocat ed 31.08.2025 Group 1 1.0490 - 1.0490 0.2450 Group 2 0.3533 0. 6957 1.0490 0.2450
MGTS Downing Fox 40% Equity F Inc Shares Shares Net Income Equalisation Paid 31.08.2026 Paid 31.08.2025 Group 1 0.941 0 - 0.9410 0.2080 Group 2 0.9410 - 0.9410 0.2080
Interim payment/allocation date 28 February 2026 Group 1 – – shares purchased prior to 01 .0 7 .202 5 Group 2 – – shares purchased on or after 0 1 . 07 .202 5
MGTS Downing Fox 40% Equity A Acc Shares Shares Net Income Equalisation Allocated 28.02.2026 Allocated 28.02.2025 Group 1 1.1017 - 1.1017 2.5490 Group 2 0.7770 0.3247 1.1017 2.5490
MGTS Downing Fox 40% Equity A Inc Shares Shares Net Income Equalisation Paid 28.02.2026 Paid 28.02.2025 Group 1 0.998 0 - 0.998 0 0.0930 Group 2 0.9980 - 0.9980 0.0930
MGTS Downing Fox 40% Equity F Acc Shares Shares Net Income Equalisation Allocated 28.02.2026 Allocated 28.02.2025 Group 1 1.1196 - 1.1196 2.5542 Group 2 0.7329 0.3867 1.1196 2.5542
MGTS Downing Fox 40% Equity F Inc Shares Shares Net Income Equalisation Paid 28.02.2026 Paid 28.02.2025 Group 1 1.0150 - 1.015 0 0.0930 Group 2 1.0150 - 1.0150 0.0930
Equalisation only applies to shares purchased during the distribution period (group 2 shares). It represents the accrued income included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to income tax but must be deducted from the cost of the shares for capital gains tax p urposes.
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Net Asset Value per Share and Comparative Tables
A Accumulation 01.07.2025 to 01.07.2024 to 27 .0 6 .2023 to Change in net assets per share 30.06.2026 30.06.2025 30.06.2024 Opening net asset value per share 112.5436 107.3230 100.0000 Return before operating charges * 6.8371 5.2706 7.7410 Operating charges (0.2500) (0.0500) (0.4180) Return after operating charges 6.5871 5.2206 7.3230 Distribution (2.1310) (2.7619) (2.2541) Retained distribution on acc shares 2.1310 2.7619 2.2541 Closing net asset value per share 119.1307 112.5436 107.3230 * After direct transaction costs of 0.1277 0.1980 -
Performance Return after charges 5.85% 4.86% 7.32%
Other Information Closing net asset value (£) 1,102,505 682,872 164,293 Closing number of shares 925,458 606,762 153,083 OCF 0. 4 0% ^ 0.40% 0.40% Direct transaction costs 0.11% 0.18% 0.00%
Prices Highest share price (pence) 119.30 112.49 107.77 Lowest share price (pence) 112.49 105.72 98.35
A Income 01.07.2025 to 0 2 . 12 .2024 to Change in net assets per share 30.06.2026 30.06.2025 Opening net asset value per share 101.9581 100.0000 Return before operating charges * 6.2229 2.3891 Operating charges (0.3600) (0.1300) Return after operating charges 5.8629 2.2591 Distribution (1.9210) (0.3010) Closing net asset value per share 105.9000 101.9581 * After direct transaction costs of 0.1099 0.1821
Performance Return after charges 5.75% 2.26%
Other Information Closing net asset value (£) 1,059 1,020 Closing number of shares 1,000 1 1,000 OCF 0. 4 0% ^ 0.40% Direct transaction costs 0.11% 0.18%
Prices Highest share price (pence) 106.97 101.99 Lowest share price (pence) 101.34 96.01
1 There are currently no investors in the A income share class and the shares are only shown for the purpose of pricing and performance monitoring.
^The OCF stated for the year ended 30 June 2026 does not include costs incurred by underlying closed ended funds. Where prior year OCFs included such costs, those figures may not be directly comparable year on year. Cost associated with investments in clos ed - ended funds were 0.00%
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Net Asset Value per Share and Comparative Tables (Continued)
F Accumulation 01.07.2025 to 01.07.2024 to 27 .0 6 .2023 to Change in net assets per share 30.06.2026 30.06.2025 30.06.2024 Opening net asset value per share 112.6149 107.3668 100.0000 Return before operating charges * 6.7816 5.4281 7.7431 Operating charges (0.1900) (0.1800) (0.3763) Return after operating charges 6.5916 5.2481 7.3668 Distribution (2.1686) (2.7992) (2.2966) Retained distribution on acc shares 2.1686 2.7992 2.2966 Closing net asset value per share 119.2065 112.6149 107.3668 * After direct transaction costs of 0.1238 0.2002 -
Performance Return after charges 5.85% 4.89% 7.37%
Other Information Closing net asset value (£) 11,270,797 10,806,129 3,280,074 Closing number of shares 9,454,851 9,595,644 3,055,016 OCF 0. 36 % ^ 0.36% 0.36% Direct transaction costs 0.11% 0.18% 0.00%
Prices Highest share price (pence) 119.38 112.56 107.81 Lowest share price (pence) 112.56 105.79 98.36
F Income 01.07.2025 to 0 2 . 12 .2024 to Change in net assets per share 30.06.2026 30.06.2025 Opening net asset value per share 102.0000 100.0000 Return before operating charges * 6.2160 2.4310 Operating charges (0.3600) (0.1300) Return after operating charges 5.8560 2.3010 Distribution (1.9560) (0.3010) Closing net asset value per share 105.9000 102.0000 * After direct transaction costs of 0.1099 0.1821
Performance Return after charges 5.74% 2.30%
Other Information Closing net asset value (£) 1,059 1,020 Closing number of shares 1,000 1 1,000 OCF 0. 36 % ^ 0.36% Direct transaction costs 0.11% 0.18%
Prices Highest share price (pence) 106.96 101.99 Lowest share price (pence) 101.34 96.01
1 There are currently no investors in the F income share class and the shares are only shown for the purpose of pricing and performance monitoring.
^The OCF stated for the year ended 30 June 2026 does not include costs incurred by underlying closed ended funds. Where prior year OCFs included such costs, those figures may not be directly comparable year on year. Cost associated with investments in closed - ended funds were 0.00%
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Risk Warning An investment in an open - ended investment company (OEIC) should be regarded as a medium to long term investment. Investors should be aware that the price of shares and the income from them can fall as well as rise and investors may not receive back the ful l amount invested. Past performance is not a guide to future performance.
Fund Performance The performance of the Sub - fund is shown in the Investment Manager’s Report.
Synthetic Risk and Reward Indicator
The risk and reward score is based on past performance and calculated in accordance with European legislation. It may not be a reliable indication of the future risk profile.
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MGTS Downing Fox 60% Equity Fund Report & Accounts
Investment Manager ’s Report
For the year ended 30 June 2026
Investment Objective The investment objective of the Sub - fund is to achieve capital growth over the medium to long term (five years and over).
Investment Policy The Sub - fund will seek to achieve its objective by actively selecting and investing approximately 60% of its portfolio in a range of actively managed OEICS, Unit Trusts, and other collective investment vehicles (including exchange traded funds and which ma y include funds managed by the ACD or Investment Manager) providing exposure to a globally diversified range of equities. The funds held in this part of the Sub - fund's portfolio will be managed by a carefully selected range of active investment managers. A s a global portfolio, this part of the Sub - fund will hold sterling and non - sterling assets. The UK will generally form one of the largest single country exposures, representing up to 30% of this portion of the portfolio.
The remaining 40% of the Sub - fund will be invested in a combination of cash, money - market instruments and government bonds and (particularly during the early stages of the Sub - fund's growth) in collective investment vehicles (which may be actively or passi vely managed) that provide exposure (indirectly) to cash, money - market instruments and/or government bonds. There may also be incidental exposure other fixed income instruments, such as corporate bonds.
The mix between cash, money market instruments and fixed income instruments is not fixed. This means that there may be times where a large portion of the Sub - fund is held in money market instruments, cash or cash equivalents, however the Sub fund will not hold more than 20% in direct cash investments.
This (non - equity) part of the Sub - fund will be actively managed with the aim of reducing the volatility of the overall Sub - fund, with the underlying exposure to different instruments and vehicles varying based on the Investment Manager's assessment of wide r market conditions and which investments will best assist in the objective of the Sub - fund being achieved. This part of the Sub - fund will be exposed to both sterling and non - sterling currencies.
Save as noted above, the Sub - fund will not have any particular geographic, industry or economic sector focus and as such weightings in these may vary as required.
Through its investments in these funds and instruments noted above, the Sub - fund will have a higher exposure to lower risk asset classes, such as fixed income securities (bonds), whilst having some exposure to equities via collective schemes.
Performance Comparison There are three types of benchmarks which can be used:
1. A target – an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation. 2. A constraint – an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio. 3. A comparator – an index or similar factor against which a fund manager invites investors to compare a fund’s performance.
The Sub - fund does not have a performance target and is not constrained by any index, IA sector or similar factor.
Investors can use the Investment Association (IA) Mixed Investment 20 - 60% Shares sector average as a comparator. The sector is considered appropriate as the asset allocation of the Sub - fund is similar to the asset allocation of other funds in this sector. The IA sector is not constructed as an index, therefore as funds enter or leave the sector composition can change.
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Investment Manager’s Report (continued)
Investment Review
Source: Morningstar. Performance is bid to bid with income reinvested.
Benchmarks IA Mixed Investment 20 - 60% Shares 12. 3 4%
Source: Morningstar. Performance is bid to bid with income reinvested.
Investment Performance MGTS Downing Fox 6 0% Equity Fund (F Acc share class) returned 7.72 % over the period, underperforming the IA Mixed Investment 20 - 60% Sector average, which returned 12. 34 %. On its own, 7.72 % is a decent one - year return for a balanced fund like this but compared to its average competitor it looks tame to say the least. It has been an exceptionally narrow and , in our view , speculative year for global stock markets, driven by the excitement around the build out of AI infrastructure, and the Fund is designed to avoid speculative frenzies like this, not join in with them.
Investment Review & Activities Our funds are a mixture of our Growth and Defence Component. This Fund has 60% exposure to our Growth Component and 40% exposure to the Defence Component. Looking at the two components is a useful way to illustrate how the Fund performed.
Perhaps the biggest single driver of this Fund's relative performance was the nature of its UK equity exposure. Many peers in this sector hold market - weighted trackers or large - cap heavy “active” funds for their UK allocation, while ours is spread broadly across small and mid - cap names. Over the year, the FTSE 100 comfortably outpaced the FTSE 250 and UK smaller companies funds by one of the widest margins we have seen , at one point, ten stocks accounted for around two - thirds of the FTSE All Share's return, with just three (HSBC, AstraZeneca and Rolls - Royce) responsible for roughly 30% of it. Given the average balanced fund is likely to gain far more of their UK exposure from FTSE trackers, this was a major and persistent drag on our relative returns for much of the year.
Elsewhere, the same market concentration in mega - cap technology and AI infrastructure stocks that affected the whole range weighed on this Fund's Growth Component, as did our inability to hold gold, which we estimate cost the Fund in the region of 1% of re lative performance over the year given its typically higher weighting among sector peers. There was, however, a rare bright spot in the second quarter of 2026, when our all - active UK equity portfolio comfortably outpaced the index, and gold's sharp retreat removed a headwind that had built up over the preceding months. This helped this Fund to a small relative win for the quarter, a welcome change from the pattern seen for most of the year.
Within the Defence Component, changes were more measured, reflecting our long - term approach. We reduced exposure to the US dollar over the year in favour of the Japanese yen and increased our holding in UK Government Bonds at the expense of sterling cash f ollowing the rise in yields caused by the Iran conflict, given the improved value this offered.
Investment Strategy & Outlook There has been no change to our investment strategy. We still think the best way to make good long - term returns is by holding a portfolio of equities selected for you by experts in their own field.
We also believe that trying to second - guess markets using macroeconomic forecasts is a risky way to invest, so we don't do it. Instead, the Fund will remain fully invested as set out in its prospectus.
We remain hugely positive on our UK equity exposure in particular, given the calibre of the managers we own and the valuation s now on offer , several of our growth - orientated UK holdings are trading at their lowest ever forward earnings multiples relative to the FTSE, despite owning faster - growing, higher - quality businesses. More broadly, we believe the current dominance of mega cap and AI - related stocks will not persist indefinitely, and that our differentiated positioni ng , in UK small and mid - caps particularly , leaves the Fund well placed for when sentiment turns.
Downing LLP Investment Manager 03 August 2026
MGTS Downing Fox 60% Equity A Acc 7.68 % MGTS Downing Fox 60% Equity F Acc 7.72 %
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Portfolio S tatement As at 30 June 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 30.06.2025 COLLECTIVE INVESTMENT SCHEMES EUR ULTRA SHORT - TERM BOND 17,148 AMUNDI PRIME EURO GOV BONDS 0 - 1Y UCITS ETF DR CAP 1 319,849 0.99 TOTAL EUR ULTRA SHORT - TERM BOND 319,849 0.99 1.00
EUROPE EXCLUDING UK 471,607 M&G EUROPEAN EX - UK FUND CLASS E GBP ACC 681,8 50 2.1 3 TOTAL EUROPE EXCLUDING UK 681,8 50 2.1 3 3.36
EUROPE INCLUDING UK 4,177 COELI SICAV 1 – EUROPEAN FUND I ACC GBP 432,463 1.34 TOTAL EUROPE INCLUDING UK 432,463 1.34 -
EUROPEAN SMALLER COMPANIES 1,229 MIRABAUD DISCOVERY EUR EX UK I GBP ACC 418,388 1.30 TOTAL EUROPEAN SMALLER COMPANIES 418,388 1.30 -
GBP GOVERNMENT BOND 107,989 AMUNDI UK GOVERNMENT BOND 0 - 5Y UCITS ETF DIST GBP 1 1,907,086 5.93 22,407 AMUNDI UK GOVERNMENT BOND UCITS ETF DIST 1 2,268,48 4 7.05 TOTAL GBP GOVERNMENT BOND 4,175,570 12.98 11.8 4
GLOBAL 6,452 AVI GLOBAL SPECIAL SITUATIONS FUND CLASS B1 GBP ACC 663,049 2.06 43,206 COBAS LUX SICAV - PALM HARBOUR GLOBAL VALUE FUND - F ACC EUR
758,666 2.36
367,865 IFSL EVENLODE GLOBAL EQUITY F GBP ACC 518,249 1.61 461 KEMPEN (LUX) GLOBAL VALUE FUND IX ACC 706,140 2.19 556,820 LATITUDE GLOBAL FUND CLASS GBP ACC Y 820,586 2.55 42,056 LIONTRUST GF GLOBAL DIVIDEND FUND C10 GBP ACC 555,503 1.73 2,924 NUTSHELL GROWTH FUND GBP INSTITUTIONAL FOUNDER CLASS SHARES ACC
518,320 1.61
3,908 RANMORE GLOBAL EQUITY INSTITUTIONAL GBP ACC 694,680 2.16 1,680 REDWHEEL FUNDS - REDWHEEL GLOBAL INTRINSIC VALUE FUND I GBP ACC
756,855 2.35
50,893 THIRD AVENUE GLOBAL VALUE FUND F GBP 653,617 2.03 22,716 THORNBURG GLOBAL OPPORTUNITIES I UNHEDGED ACC 272,594 0.85 387,172 WS AMATI GLOBAL INNOVATION FUND C ACC 544,093 1.69 451,030 WS HAVELOCK GLOBAL SELECT GBP I ACC 727,96 1 2.2 7 TOTAL GLOBAL 8,190,313 25.46 25.8 5
GLOBAL EMERGING MARKETS 3,593 MERLIN FIDELIS EMERGING MARKETS FUND CLASS F GBP AC 504,460 1.57 27,320 NEUBERGER EMERGING MARKETS EQUITY FUND USD I ACC 258,449 0.80 5,069 SKERRYVORE ICAV GLOBAL EM EQ F GBP ACC 578,763 1.80 TOTAL GLOBAL EMERGING MARKETS 1,341,672 4.17 4. 60
TOTAL GLOBAL EQUITY INCOME - - 1.64
GLOBAL FLEX - CAP EQUITY 31,545 LANGDON GLOBAL SMALLER COMPANIES FUND - UCITS (C GBP) ACC
324,791 1.01
TOTAL GLOBAL FLEX - CAP EQUITY 324,791 1.01 -
GLOBAL LARGE - CAP BLEND EQUITY 6,250 ORBIS OEIC GLOBAL EQUITY FUND STANDARD SHARE CLASS 285,764 0.89 TOTAL GLOBAL LARGE - CAP BLEND EQUITY 285,764 0.89 -
GLOBAL LARGE - CAP GROWTH EQUITY 149,346 WS GUINNESS GLOBAL INNOVATORS FUND Y GBP ACC 292,598 0.91 TOTAL GLOBAL LARGE - CAP GROWTH EQUITY 292,598 0.91 -
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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% OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 30.06.2025
INDIA/INDIAN SUBCONTINENT 15,360 CHIKARA INDIAN SUBCONTINENT FUND CLASS I GBP 194,554 0.60 TOTAL INDIA/INDIAN SUBCONTINENT 194,554 0.60 0.40
JAPAN 2,245 HC CADIRA SUSTAINABLE JAPAN EQUITY FUND GBP SI ACC 284,267 0.88 2,505 IUP ZENNOR JAPAN F GBP ACC 523,356 1.63 TOTAL JAPAN 807,623 2.51 3.37
JAPANESE SMALLER COMPANIES 1,825 SMD - AM JAPAN MID SMALL CAP VALUE CLASS P GBP 264,763 0.82 TOTAL JAPANESE SMALLER COMPANIES 264,763 0.82 -
MONEY MARKETS 2,041 UBS (IRL) SELECT MONEY MARKET FUND - GBP PREMIER ACC 248,335 0.77 1,857,308 WS KEYRIDGE STERLING LIQUIDITY FUND I ACC 2,248,828 6.99 TOTAL MONEY MARKETS 2,497,163 7.76 11.9 1
NORTH AMERICA 26,736 ARAVIS FUNDS (IRELAND) ICAV - SPYGLASS US GROWTH FUND (UCITS) CLASS F P GBP ACC
465,613 1.45
33,768 BROWN ADVISORY US VALUE FUND C ACC 375,166 1.17 3,996 HARRINGTON COOPER UCITS FUNDS ICAV - HC SNYDER US ALL CAP EQUITY FUND FOUNDER CLASS GBP ACC
605,07 8 1.8 7
2,886 IRIDIAN US CORP CHANGE EQUITY B GBP ACC 345,904 1.08 TOTAL NORTH AMERICA 1,791,761 5.57 6.2 5
OTHER BOND 175,067 UBS (LUX) FUND SOLUTIONS - BLOOMBERG JAPAN TREASURY 1 3 YEAR BOND UCITS ETF A JPY ACC 1
945,440 2.94
TOTAL OTHER BOND 945,440 2.94 1.96
SHORT TERM MONEY MARKET 1,041,520 INVESCO STERLING LIQUIDITY PORTFOLIO PREMIER INC 1,041,52 1 3.24 TOTAL SHORT TERM MONEY MARKET 1,041,52 1 3.24 -
SPECIALIST 152,682 LANDSEER GLOBAL ARTIFICIAL INTELLIGENCE FUND CLASS I GBP BASE ACC
752,418 2.34
TOTAL SPECIALIST 752,418 2.34 2.44
UK ALL COMPANIES 266,255 PREMIER MITON UK VALUE OPPORTUNITIES FUND B INSTITUTIONAL ACC
877,577 2.73
439,139 SVS DOWGATE CAPE WRATH FOCUS £ A NET ACC 617,868 1.92 346,682 VT CASTLEBAY UK EQUITY FUND C ACC 646,526 2.01 TOTAL UK ALL COMPANIES 2,141,971 6.66 7.39
UK EQUITY INCOME 355,381 VT TYNDALL UNCONSTRAINED UK INCOME FUND GBP A ACC 615,876 1.91 TOTAL UK EQUITY INCOME 615,876 1.91 0.92
UK GILTS 2,339,440 FIDELITY INDEX UK GILT FUND S GBP ACC 1,936,355 6.02 25,903 INVESCO UK GILT 1 - 5 YEAR UCITS ETF GBP INC 1 944,812 2.94 TOTAL UK GILTS 2,881,167 8.96 8.9 4
UK SMALLER COMPANIES 549,718 YFS WHITMAN UK SMALL CAP GROWTH FUND C ACC GBP 676,043 2.10 TOTAL UK SMALLER COMPANIES 676,043 2.10 3.78
USD GOVERNMENT BOND 20,909 AMUNDI INDEX SOLUTIONS - AMUNDI PRIME US TREASURY UCITS ETF DR GBP 1
297,834 0.93
TOTAL USD GOVERNMENT BOND 297,834 0.93 1.97
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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% OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 30.06.2025 PORTFOLIO OF INVESTMENTS 31,371,392 97.52 97.62 NET CURRENT ASSETS 799,340 2.48 2.38 TOTAL NET ASSETS 32,170,732 100.00 100.00 The investments have been valued in accordance with note 1(b). The investments are collective investment schemes and are not traded on the regulated securities market unless stated otherwise . 1 Exchange traded fund.
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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Financial Statements
Statement of Total Return
For the year ended 30 June 2026 01.07.2025 to 01.07.2024 to Notes 30.06.2026 30.06.2025 Income £ £ £ £ Net capital gains 4 1,415,421 686,624 Revenue 6 444,741 186,923 Expenses 7 (61,582) (33,388) Net revenue before taxation 383,159 153,535 Taxation 8 (38,226) (22,217) Net revenue after taxation 344,933 131,318 Total return before distributions 1,760,354 817,942 Finance costs: Distribution 9 (347,551) (134,872) Change in net assets attributable to shareholders from investment activities
1,412,803 683,070
Statement of Change in Net Asset Attributable to Shareholders
For the year ended 30 June 2026 01.07.2025 to 01.07.2024 to Notes 30.06.2026 30.06.2025 £ £ £ £ Opening net assets attributable to shareholders 17,821,317 9,991,647
Amounts receivable on issue of shares 17,171,288 10,585,433 Amounts payable on cancellation of shares (4,641,719) (3,602,991)
Dilution adjustment 1,346 12,530,915 6,982,442 Change in net assets attributable to shareholders from investment activities
1,412,803 683,070
Retained distribution on accumulation shares 405,697 164,158
Closing net assets attributable to shareholders 32,170,732 17,821,317
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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Balance Sheet
As at 30 June 2026 Notes 30.06.2026 30.06.2025 Assets £ £ £ £ Investment assets 31,371,392 17,397,446 Debtors 10 330,123 117,296 Bank balances 641,294 381,764 Total other assets 971,417 499,060 Total assets 32,342,809 17,896,506
Liabilities Creditors 11 172,061 75,182 Distribution payable on income shares 16 7 Total other liabilities 172,077 75,189 Net assets attributable to shareholders 32,170,732 17,821,317
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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Notes to the Financial Statements
As at 30 June 2026
4 Net Capital Gains 01.07.2025 to 01.07.2024 to 30.06.2026 30.06.2025 £ £ Proceeds from sales of investments during the year 12,558,973 11,933,670 Original cost of investments sold during the year (11,860,205) (11,567,810) Gains realised on investments sold during the year 698,768 365,860 Net appreciation thereon already recognised in prior periods (396,674) (21,056) Net realised appreciation for the year 302,094 344,804 Net unrealised appreciation for the year 1,113,677 338,707 Net gains on non - derivative securities 1,415,771 683,511 Net gains on currencies (350) 3,113 Net capital gains on investments 1,415,421 686,624
5 Purchases, Sales and Transaction Costs 01.07.2025 to 30.06.2 02 6
01.07.2024 to 30.06.2 02 5 £ £
Collective Investment Schemes Purchases excluding transaction costs 24,779,382 26,623,757 Commissions and charges: 0.03% [0.02%] 6,381 4,034 Trustee transaction charges: 0.02% [0.01%] 4,021 1,485 Purchases including transaction costs 24,789,784 26,629,276
Sales excluding transaction costs 12,565,865 10,233,953 Commissions and charges: 0.02% [0.03%] (2,531) (3,144) Trustee transaction charges: 0.01% [0.01%] (1,648) (678) Sales including transaction costs 12,561,686 10,230,131
ETF Purchases excluding transaction costs - 338,709 Commissions and charges: 0.00% [0.05%] - 169 Trustee transaction charges: 0.00% [0.01%] - 17 Purchases including transaction costs - 338,895
Sales excluding transaction costs - 330,349 Commissions and charges: 0.00% [0.05%] - (165) Trustee transaction charges: 0.00% [0.00%] - (6) Sales including transaction costs - 330,178
Trustee transaction charges have been deducted in determining net capital Transaction charges are displayed as percentage of purchase/sale
Total commissions and charges: 0.04% [0.05%] 8,912 7,512 Total trustee transaction charges: 0.03% [0.01%] 5,669 2,186
Total charges displayed as percentage of average net asset value
Average portfolio dealing spread: 0.02% [0.02%]
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6 Revenue 01.07.2025 to 01.07.2024 to 30.06.2026 30.06.2025 £ £ UK franked income 151,098 57,441 UK unfranked income 41,745 32,49 8 Overseas franked income 63,534 Overseas unfranked income 160,936 69 , 058 Rebate of annual management charges 23,005 5,556 Bank interest 4,423 22,370 Total revenue 444,741 186,923
7 Expenses 01.07.2025 to 01.07.2024 to 30.06.2026 30.06.2025 £ £ Payable to the ACD, associates of the ACD and agents of either: ACD's periodic charge 79,360 59,344 Registration fees 193 73 Transfer agency fee 30,048 Distribution costs 1,186 14,237 110,787 73,654 Payable to the Depositary associates of the Depositary and agents of either: Depositary's fee 7,151 11,755 Safe custody 3,320 2,210 10,471 13,965 Other expenses: FCA fee - 2 Audit fee 7,491 7,344 Sundry charges - 2,314 Printing & publication fee 1,231 435 AMC Payable 437 OCF reduction (75,249) (64,326) License fee 95 Take on fee 6,319 Total expenses 61,582 33,388
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8 Taxation 01.07.2025 to 01.07.2024 to 30.06.2026 30.06.2025 £ £ a) Analysis of the tax charge for the year: UK Corporation tax 41,224 19,219 Current tax charge (note 8b) 41,224 19,219 Deferred tax (note 8c) (2,998) 2,998 Total tax charge 38,226 22,217
b) Factors affecting the tax charge for the year: Net income before taxation 383,159 153,535 Corporation tax at 20% 76,632 30,707 Effects of: Franked dividends (42,926) (11,488) Tax on realised gain on offshore non - reporting fund 7,518 Corporation tax charge 41,224 19,219 Current tax charge for the year (note 8a) 41,224 19,219
c) Provision for deferred taxation: Provision at start of year 2,998 Deferred tax charge in year (2,998) 2,998 Provision at end of year - 2,998
9 Finance Costs 01.07.2025 to 01.07.2024 to 30.06.2026 30.06.2025 £ £ Distributions Interim 168,843 97,473 Final 236,887 66,692 405,730 164,165 Amounts deducted on cancellation of shares 13,375 13,060 Amounts received on issue of shares (71,554) (42,353) Finance costs: Distributions 347,551 134,872 Total finance costs 347,551 134,872
Represented by: Net revenue after taxation 344,933 131,318 Other capital expenses 5,626 Deferred Tax (2,998) 2,998 Prior year adjustment - 2,052 Balance of revenue brought forward 4 (1,492) Balance of revenue carried forward (14) (4) Finance costs: Distributions 347,551 134,872
10 Debtors 30.06.2026 30.06.2025 £ £ Amounts receivable for issue of shares 207,666 87,449 Amounts receivable for investment securities sold 35,346 -
Accrued income: Investment manager rebate 87,111 29,039 Rebates from underlying holdings - 808 87,111 29,847 Total debtors 330,123 117,296
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11 Creditors 30.06.2026 30.06.2025 £ £ Amounts payable for cancellation of shares 11,540 8,037 Amounts payable for investment securities purchased 64,266 23,014 Accrued expenses: Amounts payable to the ACD, associates and agents: ACD's periodic charge 9,512 5,282 Transfer agency fee 8,033 2,536 Trade execution fee 1,050 18,595 7,818 Amounts payable to the Depositary, associates and agents: Depositary's fees 3,531 4,181 Transaction charges 4,307 1,402 Safe custody fee 1,052 734 8,890 6,317 Other expenses 27,546 7,779 Taxation payable: Deferred Tax - 2,998 Corporation tax 41,224 19,219 Total creditors 172,061 75,182
12 Contingent Liabilities and Commitments
There were no contingent liabilities or outstanding commitments at the Balance Sheet date.
1 3 Related Party Transactions
Margetts Fund Management Limited as ACD, is a related party, and acts as principal in respect of all transactions of shares in the Company. The aggregate monies received through issues and paid on cancellations are disclosed in the statement of change in net assets attributable to shareh olders and N ote 9 .
Amounts paid to Margetts Fund Management Limited in respect of management services are disclosed in N ote 7 and amounts due at the end of the year in N ote 11 .
1 4 Shareholders’ Funds A Acc A Inc F Acc F Inc Opening number of shares 2,142,094 1,000 13,373,052 1,000 Shares issued 3,500,96 2 - 12,213,31 2 Shares redeemed (605,730) - (4,622,249) Closing number of shares 5,037,326 1,000 20,964,115 1,000
1 5 Post Balance Sheet Events
There were no material post Balance Sheet events which have a bearing on the understanding of the Financial Statements.
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1 6 Risk Disclosures
Debt securities may be held by the underlying investments of the Sub - f und. The Interest Rate Risk of these securities is managed by the relevant manager. The table below shows the Interest Rate Risk profile at the Balance Sheet date:
i. Interest risk 30.06.2026 30.06.2025 £ £ Floating rate assets (Pounds sterling): 11,235,552 4,084,048 Floating rate assets (US dollar): 1,150 1,107 Floating rate assets (Euro): 1,563,136 878,820
Assets on which interest is not earned (Pounds sterling): 18,784,305 12,336,518 Assets on which interest is not earned (US dollar): - 170,375 Assets on which interest is not earned (Euro): 758,666 425,640
Liabilities on which interest is not paid (Pounds sterling): (172,077) (75,189)
Net Assets 32,170,732 17,821,317
The floating rate financial assets and liabilities comprise bank balances, which earn or pay interest at rates linked to the UK base rate and collective investment schemes that pay interest distributions.
ii. Currency risk 30.06.2026 30.06.2025 £ £ Pounds sterling 29,847,780 16,345,375 US dollar 1,150 171,482 Euro 2,321,802 1,304,460 Net Assets 32,170,732 17,821,317
There are no material amounts of non - interest - bearing financial assets and liabilities, other than collective investment schemes, which do not have maturity dates.
1 7 Fair Value Techniques Basis of Valuation 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Assets Liabilities Assets Liabilities £ £ £ £ Level 1: Quoted Prices 6,683,506 - 3,521,742 Level 2: Observable market data 24,687,886 - 13,875,704 Level 3: Unobservable data - - - 31,371,392 - 17,397,446 -
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1 8 Periodic Disclosure
As required by FUND 3.2.5R the ACD is required to disclose certain information periodically in relation to the Sub - fund which is shown below.
At the end of the reporting period the percentage of the Sub - fund’s assets subject to special arrangements arising from their illiquid nature was 0% of the NAV.
There have been no new arrangements introduced for managing the liquidity of the Sub - f und.
The risk characteristics of the Sub - f und are explained in the Prospectus.
In order to assess the sensitivity of the Sub - f und’s portfolio to the risks to which the Sub - fund is or could be exposed, Margetts Fund Management Limited monitors relative value at risk, commitment, gross leverage and the results of stress tests.
The ACD has set limits considered appropriate to the risk profile of the Sub - fund . Any breaches of these limits are investigated by the Margetts risk committee and appropriate action taken if necessary.
During the reporting period there have been no changes to the maximum level of leverage that the Sub - fund can employ or any right of reuse of collateral or any guarantee granted under leveraging arrangements.
At the end of the reporting period the total amount of leverage, expressed as a ratio, calculated using the commitment approa ch was 0.98:1 and using the gross method was 0.98:1.
Leverage is limited to overdraft use and the gross exposure from EPM techniques. Although the ACD may use derivatives for EPM, no collateral arrangements are currently in place and no asset re - use arrangements are in place.
The maximum leverage expressed as the ratio of the exposure to net asset value using the commitment method is 2.1 :1 and using the gross method 2.1 :1.
19 Securities Financing Transactions (SFT) and Total Return Swaps (TRS)
The Sub - fund does not engage in securities financing transactions or loan securities or commodities to third parties.
There have been no arrangements made by the Depositary to discharge itself of contractual liability.
As at the Balance Sheet date, the amount of securities and commodities on loan as a proportion of total lendable assets is 0. 00%
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Distribution Table
For the year ended 30 June 2026 – in pence per share
Final payment/allocation date 31 August 2026 Group 1 – – shares purchased prior to 01.0 1 .202 6 Group 2 – – shares purchased on or after 01.0 1 .202 6
MGTS Downing Fox 60% Equity A Acc Shares Shares Net Income Equalisation Allocat ed 31.08.2026 Allocat ed 31.08.2025 Group 1 0.8864 - 0.8864 0.4011 Group 2 0. 4938 0. 3926 0.8864 0.4011
MGTS Downing Fox 60% Equity A Inc Shares Shares Net Income Equalisation Paid 31.08.2026 Paid 31.08.2025 Group 1 0.7680 - 0.7680 0.3570 Group 2 0.7680 - 0.7680 0.3570
MGTS Downing Fox 60% Equity F Acc Shares Shares Net Income Equalisation Allocat ed 31.08.2026 Allocat ed 31.08.2025 Group 1 0.9169 - 0.9169 0.4344 Group 2 0. 3692 0.5477 0.9169 0.4344
MGTS Downing Fox 60% Equity F Inc Shares Shares Net Income Equalisation Paid 31.08.2026 Paid 31.08.2025 Group 1 0.8050 - 0.8050 0.3830 Group 2 0.8050 - 0.8050 0.3830
Interim payment/allocation date 28 February 2026 Group 1 – – shares purchased prior to 0 1 .0 7 .202 5 Group 2 – – shares purchased on or after 0 1 .0 7 .202 5
MGTS Downing Fox 60% Equity A Acc Shares Shares Net Income Equalisation Allocated 28.02.2026 Allocated 28.02.2025 Group 1 0.9545 - 0.9545 0.6945 Group 2 0.6449 0.3096 0.9545 0.6945
MGTS Downing Fox 60% Equity A Inc Shares Shares Net Income Equalisation Paid 28.02.2026 Paid 28.02.2025 Group 1 0.8320 - 0.8320 0.0910 Group 2 0.8320 - 0.8320 0.0910
MGTS Downing Fox 60% Equity F Acc Shares Shares Net Income Equalisation Allocated 28.02.2026 Allocated 28.02.2025 Group 1 0.9851 - 0.9851 0.6996 Group 2 0.7856 0.1995 0.9851 0.6996
MGTS Downing Fox 60% Equity F Inc Shares Shares Net Income Equalisation Paid 28.02.2026 Paid 28.02.2025 Group 1 0.8690 - 0.8690 0.0910 Group 2 0.8690 - 0.8690 0.0910
Equalisation only applies to shares purchased during the distribution period (group 2 shares). It represents the accrued income included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to inc ome tax but must be deducted from the cost of the shares for capital gains tax purposes.
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Net Asset Value per Share and Comparative Tables
A Accumulation 01.07.2025 to 01.07.2024 to 27 .0 6 .2023 to Change in net assets per share 30.06.2026 30.06.2025 30.06.2024 Opening net asset value per share 114.7492 109.3364 100.0000 Return before operating charges * 9.2129 5.7328 9.9696 Operating charges (0.3900) (0.3200) (0.6332) Return after operating charges 8.8229 5.4128 9.3364 Distribution (1.8409) (1.0956) (1.9649) Retained distribution on acc shares 1.8409 1.0956 1.9649 Closing net asset value per share 123.5721 114.7492 109.3364 * After direct transaction costs of 0.0789 0.0793 0.0000
Performance Return after charges 7.69% 4.95% 9.34%
Other Information Closing net asset value (£) 6,224,732 2,458,036 970,905 Closing number of shares 5,037,326 2,142,094 887,998 OCF 0. 6 0% ^ 0.60% 0.60% Direct transaction costs 0.07% 0.07% 0.00%
Prices Highest share price (pence) 123.91 115.24 110.24 Lowest share price (pence) 114.78 105.36 97.86
A Income 01.07.2025 to 02 . 12 .2024 to Change in net assets per share 30.06.2026 30.06.2025 Opening net asset value per share 101.4000 100.0000 Return before operating charges * 8.0600 2.1780 Operating charges (0.3600) (0.3300) Return after operating charges 7.7000 1.8480 Distribution (1.6000) (0.4480) Closing net asset value per share 107.5000 101.4000 * After direct transaction costs of 0.0357 0.0673
Performance Return after charges 7.59% 1.85%
Other Information Closing net asset value (£) 1,075 1,014 Closing number of shares 1,000 1 1,000 OCF 0. 6 0% ^ 0.60% Direct transaction costs 0.03% 0.07%
Prices Highest share price (pence) 108.60 102.16 Lowest share price (pence) 101.40 93.40
1 There are currently no investors in the A income share class and the shares are only shown for the purpose of pricing and performance monitoring.
^The OCF stated for the year ended 30 June 2026 does not include costs incurred by underlying closed ended funds. Where prior year OCFs included such costs, those figures may not be directly comparable year on year. Cost associated with investments in closed - ended funds were 0.00%
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47 Margetts Fund Management Limited
Net Asset Value per Share and Comparative Tables (continued)
F Accumulation 01.07.2025 to 01.07.2024 to 27 .0 6 .2023 to Change in net assets per share 30.06.2026 30.06.2025 30.06.2024 Opening net asset value per share 114.8672 109.4006 100.0000 Return before operating charges * 9.1964 5.7166 9.9706 Operating charges (0.3100) (0.2500) (0.5700) Return after operating charges 8.8864 5.4666 9.4006 Distribution (1.9020) (1.1340) (2.0266) Retained distribution on acc shares 1.9020 1.1340 2.0266 Closing net asset value per share 123.7536 114.8672 109.4006 * After direct transaction costs of 0.0774 0.0741 0.0000
Performance Return after charges 7.74% 5.00% 9.40%
Other Information Closing net asset value (£) 25,943,851 15,361,254 9,033,780 Closing number of shares 20,964,115 13,373,052 8,257,522 OCF 0. 54 % ^ 0.54% 0.54% Direct transaction costs 0.06% 0.07% 0.00%
Prices Highest share price (pence) 124.09 115.33 110.30 Lowest share price (pence) 114.90 105.46 97.88
F Income 01.07.2025 to 0 2 . 12 .2024 to Change in net assets per share 30.06.2026 30.06.2025 Opening net asset value per share 101.3419 100.0000 Return before operating charges * 8.0921 2.1459 Operating charges (0.3600) (0.3300) Return after operating charges 7.7321 1.8159 Distribution (1.6740) (0.4740) Closing net asset value per share 107.4000 101.3419 * After direct transaction costs of 0.0357 0.0673
Performance Return after charges 7.63% 1.82%
Other Information Closing net asset value (£) 1,074 1,013 Closing number of shares 1,000 1 1,000 OCF 0. 54 % ^ 0.54% Direct transaction costs 0.03% 0.07%
Prices Highest share price (pence) 108.53 102.16 Lowest share price (pence) 101.37 93.40
1 There are currently no investors in the F income share class and the shares are only shown for the purpose of pricing and performance monitoring.
^The OCF stated for the year ended 30 June 2026 does not include costs incurred by underlying closed ended funds. Where prior year OCFs included such costs, those figures may not be directly comparable year on year. Cost associated with investments in closed - ended funds were 0.00%
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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48 Margetts Fund Management Limited
Risk Warning An investment in an open - ended investment company (OEIC) should be regarded as a medium to long term investment. Investors should be aware that the price of shares and the income from them can fall as well as rise and investors may not receive back the ful l amount invested. Past performance is not a guide to future performance.
Fund Performance The performance of the Sub - fund is shown in the Investment Manager’s Report.
Synthetic Risk and Reward Indicator
The risk and reward score is based on past performance and calculated in accordance with European legislation. It may not be a reliable indication of the future risk profile.
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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49 Margetts Fund Management Limited
MGTS Downing Fox 80% Equity Fund Report & Accounts
Investment Manager’s Report
For the year ended 30 June 2026
Investment Objective The investment objective of the Sub - fund is to achieve capital growth over the medium to long term (five years and over).
Investment Policy The Sub - fund will seek to achieve its objective by actively selecting and investing approximately 80% of its portfolio in a range of actively - managed OEICS, Unit Trusts, and other collective investment vehicles (exchange traded funds and which may include funds managed by the ACD or Investment Manager) providing exposure to a globally - diversified range of equities. The funds held in this part of the Sub - fund's portfolio will be managed by a carefully selected range of active investment managers. As a global portfolio, this part of the Sub - fund will hold sterling and non - sterling assets. The UK will generally form one of the largest single country exposures, representing up to 30% of this portion of the portfolio.
The remainder of the Sub - fund will be invested in a combination of cash, money - market instruments and government bonds, and (particularly during the early stages of the Sub - fund's growth) in collective investment vehicles (which may be actively or passivel y managed) that provide exposure (indirectly) to cash, money - market instruments and/or government bonds. There may also be incidental exposure other fixed income instruments, such as corporate bonds.
The mix between cash, money market instruments and fixed income instruments is not fixed. This means that there may be times where a large portion of the Sub - fund is held in money market instruments, cash or cash equivalents, however the Sub fund will not hold more than 20% in direct cash investments.
This (non - equity) part of the Sub - fund will be actively managed with the aim of reducing the volatility of the overall Sub - fund, with the underlying exposure to different instruments and vehicles varying based on the Investment Manager's assessment of wide r market conditions and which investments will best assist in the objective of the Sub - fund being achieved. This part of the Sub - fund will be exposed to both sterling and non - sterling currencies. Save as noted above, the Sub - fund will not have any particul ar geographic, industry or economic sector focus and as such weightings in these may vary as required.
Through its investments in these funds and instruments noted above, the Sub - fund will have a higher exposure between equities (via collective investment schemes) than the combined asset classes of cash, fixed income securities (bonds) and cash equivalents.
Performance Comparison There are three types of benchmarks which can be used:
1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation. 2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio. 3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance.
The Sub - fund does not have a performance target and is not constrained by any index, IA sector or similar factor.
Investors can use the Investment Association (IA) Mixed Investment 40% - 85% Shares sector average as a comparator. The sector is considered appropriate as the asset allocation of the Sub - fund is similar to the asset allocation of other funds in this sector. The IA sector is not constructed as an index, therefore as funds enter or leave the sector composition can change .
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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50 Margetts Fund Management Limited
Investment Manager’s Report (continued)
Investment Review
Source: Morningstar. Performance is bid to bid with income reinvested.
Benchmarks IA Mixed Investment 40 - 85% Shares 17.0 6 %
Source: Morningstar. Performance is bid to bid with income reinvested.
Investment Performance MGTS Downing Fox 8 0% Equity Fund (F Acc share class) returned 10. 03 % over the period, underperforming the IA Mixed Investment 40 - 85% Sector average, which returned 17.06%. On its own, 10. 03 % is a decent one - year return, but compared to its average competitor it looks tame to say the least. It has been an exceptionally narrow and , in our view , speculative year for global stock markets, driven by the excitement around the build out of AI infrastructure, and the Fund is designed to avoid speculative frenzies like this, not join in with them.
Investment Review & Activities Our funds are a mixture of our Growth and Defence Component. This Fund has 80% exposure to our Growth Component and 20% exposure to the Defence Component. Looking at the two components is a useful way to illustrate how the Fund performed.
At 80% invested in equities, this Fund carries more equity exposure than the average fund in its sector, which was generally beneficial, given it was a period in which equity markets rose strongly overall, albeit with significant volatility. Most not ably w as the sharp sell - off triggered by the outbreak of war in Iran in March 2026, and the sharp AI - driven narrowing of markets either side of it.
The Growth Component's underperformance stemmed from the same causes seen across the range: heavy market concentration in mega - cap technology and, latterly, AI infrastructure stocks, alongside a prolonged period of underperformance among small and mid - cap companies globally, most acute in the UK. Our inability to hold gold also detracted versus peers during periods when the gold price rallied hard (notably the second half of 2025 and January 2026). However, this reversed abruptly in March, when gold fell ar ound 17% peak - to - trough at the same time equities sold off , reinforcing our reasons for avoiding it as a defensive asset.
Within the Defence Component, activity was more measured, given we manage this on a long - term basis with changes usually made at the margin. We reduced our exposure to the US dollar over the year, given ongoing concerns about the currency's safe haven char acteristics amid White House policy, adding instead to our Japanese yen position. Following the rise in bond yields caused by the Iran conflict, we increased our exposure to UK Government Bonds at the expense of sterling cash, given the improved value and defensive characteristics this offered. The Defence Component performed as intended during March's sell off, proving considerably more resilient than other “defensive” assets favoured by many peers, such as gold and corporate bonds.
Investment Strategy & Outlook There has been no change to our investment strategy. We still think the best way to make good long - term returns is by holding a portfolio of equities selected for you by experts in their own field.
We also believe that trying to second - guess markets using macroeconomic forecasts is a risky way to invest, so we don't do it. Instead, the Fund will remain fully invested as set out in its prospectus.
MGTS Downing Fox 80% Equity A Acc 9.95 % MGTS Downing Fox 80% Equity F Acc 10. 03 %
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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51 Margetts Fund Management Limited
Investment Manager’s Report (continued)
We believe the Fund remains well positioned relative to its peer group over the long term. The dominance of mega - cap US technology stocks and AI infrastructure names has created a serious headwind for diversified active managers, given how concentrated global indices hav e become. We believe this concentration increases the market's fragility, and that valuations away from the largest stocks remain attractive by comparison. When market leadership eventually broadens out, as we expect it to, we believe our positioning , both in equities and in a genuinely defensive Defence Component , leaves the Fund well placed to benefit.
Downing LLP Investment Manager 03 August 2026
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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52 Margetts Fund Management Limited
Portfolio S tatement As at 30 June 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 30.06.2025 COLLECTIVE INVESTMENT SCHEMES EUR ULTRA SHORT - TERM BOND 14,711 AMUNDI PRIME EURO GOV BONDS 0 - 1Y UCITS ETF DR CAP 1 274,393 0.55 TOTAL EUR ULTRA SHORT - TERM BOND 274,393 0.55 0.50
EUROPE EXCLUDING UK 978,061 M&G EUROPEAN EX - UK FUND CLASS E GBP ACC 1,414,080 2.82 TOTAL EUROPE EXCLUDING UK 1,414,080 2.82 4.40
EUROPE INCLUDING UK 8,562 COELI SICAV 1 – EUROPEAN FUND I ACC GBP 886,449 1.77 TOTAL EUROPE INCLUDING UK 886,449 1.77 -
EUROPEAN SMALLER COMPANIES 2,472 MIRABAUD DISCOVERY EUR EX UK I GBP ACC 841,410 1.68 TOTAL EUROPEAN SMALLER COMPANIES 841,410 1.68 -
GBP GOVERNMENT BOND 81,365 AMUNDI UK GOVERNMENT BOND 0 - 5Y UCITS ETF DIST GBP 1 1,436,906 2.86 17,508 AMUNDI UK GOVERNMENT BOND UCITS ETF DIST 1 1,772,510 3.5 4 TOTAL GBP GOVERNMENT BOND 3,209,416 6.40 6.00
GLOBAL 13,591 AVI GLOBAL SPECIAL SITUATIONS FUND CLASS B1 GBP ACC 1,396,638 2.78 86,699 COBAS LUX SICAV - PALM HARBOUR GLOBAL VALUE FUND - F ACC EUR
1,522,384 3.04
712,866 IFSL EVENLODE GLOBAL EQUITY F GBP ACC 1,004,285 2.00 947 KEMPEN (LUX) GLOBAL VALUE FUND IX ACC 1,451,747 2.89 1,124,016 LATITUDE GLOBAL FUND CLASS GBP ACC Y 1,656,463 3.30 93,339 LIONTRUST GF GLOBAL DIVIDEND FUND C10 GBP ACC 1,232,868 2.46 6,349 NUTSHELL GROWTH FUND GBP INSTITUTIONAL FOUNDER CLASS SHARES ACC
1,125,515 2.24
8,871 RANMORE GLOBAL EQUITY INSTITUTIONAL GBP ACC 1,576,838 3.14 3,308 REDWHEEL FUNDS - REDWHEEL GLOBAL INTRINSIC VALUE FUND I GBP ACC
1,489,945 2.97
101,662 THIRD AVENUE GLOBAL VALUE FUND F GBP 1,305,639 2.60 50,269 THORNBURG GLOBAL OPPORTUNITIES I UNHEDGED ACC 603,230 1.2 1 810,602 WS AMATI GLOBAL INNOVATION FUND C ACC 1,139,13 9 2.2 8 912,125 WS HAVELOCK GLOBAL SELECT GBP I ACC 1,472,1 70 2.9 4 TOTAL GLOBAL 16,976,861 33.85 34.36
GLOBAL EMERGING MARKETS 7,113 MERLIN FIDELIS EMERGING MARKETS FUND CLASS F GBP AC 998,602 1.99 61,648 NEUBERGER EMERGING MARKETS EQUITY FUND USD I ACC 583,186 1.16 10,666 SKERRYVORE ICAV GLOBAL EM EQ F GBP ACC 1,217,663 2.43 TOTAL GLOBAL EMERGING MARKETS 2,799,451 5.58 6.17
TOTAL GLOBAL EQUITY INCOME - - 2.20
GLOBAL FLEX - CAP EQUITY 69,446 LANGDON GLOBAL SMALLER COMPANIES FUND - UCITS (C GBP) ACC
715,021 1.43
TOTAL GLOBAL FLEX - CAP EQUITY 715,021 1.43 -
GLOBAL LARGE - CAP BLEND EQUITY 13,475 ORBIS OEIC GLOBAL EQUITY FUND STANDARD SHARE CLASS 616,127 1.23 TOTAL GLOBAL LARGE - CAP BLEND EQUITY 616,127 1.23 -
GLOBAL LARGE - CAP GROWTH EQUITY 313,556 WS GUINNESS GLOBAL INNOVATORS FUND Y GBP ACC 614,319 1.22 TOTAL GLOBAL LARGE - CAP GROWTH EQUITY 614,319 1.22 -
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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53 Margetts Fund Management Limited
% OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 30.06.2025
INDIA/INDIAN SUBCONTINENT 32,873 CHIKARA INDIAN SUBCONTINENT FUND CLASS I GBP 416,371 0.83 TOTAL INDIA/INDIAN SUBCONTINENT 416,371 0.83 0.54
JAPAN 4,705 HC CADIRA SUSTAINABLE JAPAN EQUITY FUND GBP SI ACC 595,795 1.19 5,259 IUP ZENNOR JAPAN F GBP ACC 1,098,662 2.19 TOTAL JAPAN 1,694,457 3.38 4.48
JAPANESE SMALLER COMPANIES 4,269 SMD - AM JAPAN MID SMALL CAP VALUE CLASS P GBP 619,242 1.23 TOTAL JAPANESE SMALLER COMPANIES 619,242 1.23 -
MONEY MARKETS 1,694 UBS (IRL) SELECT MONEY MARKET FUND - GBP PREMIER ACC 206,121 0.41 1,432,604 WS KEYRIDGE STERLING LIQUIDITY FUND I ACC 1,734,597 3.46 TOTAL MONEY MARKETS 1,940,718 3.87 5.97
NORTH AMERICA 59,105 ARAVIS FUNDS (IRELAND) ICAV - SPYGLASS US GROWTH FUND (UCITS) CLASS F P GBP ACC
1,029,315 2.05
65,248 BROWN ADVISORY US VALUE FUND C ACC 724,906 1.45 7,844 HARRINGTON COOPER UCITS FUNDS ICAV - HC SNYDER US ALL CAP EQUITY FUND FOUNDER CLASS GBP ACC
1,187,91 9 2.37
5,370 IRIDIAN US CORP CHANGE EQUITY B GBP ACC 643,607 1.28 TOTAL NORTH AMERICA 3,585,747 7.15 8.36
OTHER BOND 130,748 UBS (LUX) FUND SOLUTIONS - BLOOMBERG JAPAN TREASURY 1 3 YEAR BOND UCITS ETF A JPY ACC 1
706,098 1.41
TOTAL OTHER BOND 706,098 1.41 0.91
SHORT TERM MONEY MARKET 822,150 INVESCO STERLING LIQUIDITY PORTFOLIO PREMIER INC 822,150 1.64 TOTAL SHORT TERM MONEY MARKET 822,150 1.64 -
SPECIALIST 315,794 LANDSEER GLOBAL ARTIFICIAL INTELLIGENCE FUND CLASS I GBP BASE ACC
1,556,235 3.10
TOTAL SPECIALIST 1,556,235 3.10 3.27
UK ALL COMPANIES 567,483 PREMIER MITON UK VALUE OPPORTUNITIES FUND B INSTITUTIONAL ACC
1,870,42 6 3.73
939,149 SVS DOWGATE CAPE WRATH FOCUS £ A NET ACC 1,321,383 2.63 672,503 VT CASTLEBAY UK EQUITY FUND C ACC 1,254,150 2.50 TOTAL UK ALL COMPANIES 4,445,959 8.86 9.78
UK EQUITY INCOME 758,480 VT TYNDALL UNCONSTRAINED UK INCOME FUND GBP A ACC 1,314,446 2.62 TOTAL UK EQUITY INCOME 1,314,446 2.62 1.27
UK GILTS 1,824,864 FIDELITY INDEX UK GILT FUND S GBP ACC 1,510,4 39 3.0 0 20,114 INVESCO UK GILT 1 - 5 YEAR UCITS ETF GBP INC 1 733,658 1.46 TOTAL UK GILTS 2,244,09 7 4.4 6 4.41
UK SMALLER COMPANIES 1,051,103 YFS WHITMAN UK SMALL CAP GROWTH FUND C ACC GBP 1,292,646 2.58 TOTAL UK SMALLER COMPANIES 1,292,646 2.58 5.00
USD GOVERNMENT BOND 17,990 AMUNDI INDEX SOLUTIONS - AMUNDI PRIME US TREASURY UCITS ETF DR GBP 1
256,255 0.51
TOTAL USD GOVERNMENT BOND 256,255 0.51 0.9 8
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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54 Margetts Fund Management Limited
% OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 30.06.2025 PORTFOLIO OF INVESTMENTS 49,241,948 98.17 98.60 NET CURRENT ASSETS 918,387 1.83 1.40 TOTAL NET ASSETS 50,160,335 100.00 100.00 The investments have been valued in accordance with note 1(b). The investments are collective investment schemes and are not traded on the regulated securities market unless stated otherwise . 1 Exchange traded fund.
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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55 Margetts Fund Management Limited
Financial Statements
Statement of Total Return
For the year ended 30 June 2026 01.07.2025 to 01.07.2024 to Notes 30.06.2026 30.06.2025 Income £ £ £ £ Net capital gain s 4 2,873,879 996,536 Revenue 6 464,156 179,918 Expenses 7 (116,577) (57,431) Net revenue before taxation 347,579 122,487 Taxation 8 (20,107) (12,183) Net revenue after taxation 327,472 110,304 Total return before distributions 3,201,351 1,106,840 Finance costs: Distribution 9 (327,858) (121,672) Change in net assets attributable to shareholders from investment activities
2,873,493 985,168
Statement of Change in Net Asset Attributable to Shareholders
For the year ended 30 June 2026 01.07.2025 to 01.07.2024 to Notes 30.06.2026 30.06.2025 £ £ £ £ Opening net assets attributable to shareholders 22,465,292 14,340,481
Amounts receivable on issue of shares 29,622,915 10,513,321 Amounts payable on cancellation of shares (5,199,511) (3,514,420)
Dilution adjustment 95 (6,098) 24,423,499 6,992,803 Change in net assets attributable to shareholders from investment activities
2,873,493 985,168
Retained distribution on accumulation shares 398,051 146,840
Closing net assets attributable to shareholders 50,160,335 22,465,292
Docusign Envelope ID: F826C5D6-284C-8B9F-8294-C91C20C400FF
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MGTS Downing Fox Funds ICVC - MGTS Downing Fox 80% Equity Fund - fo for the
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