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SINCE INCEPTION 5 YEAR 3 YEAR 12 MONTH 3 MONTH 1 MONTH YTD VOLATILITY 3 T M Gravis UK Listed Property 5 . 16 % - 18 18 . 4 1% 1% 18 18. 54 % 7 . 16 % 5 . 89 % - 1. 1. 18% 8% 4 . 01 % 2 0 . 3 8 % M SCI UK IMI Core Real Estate - 7.89% - 16.82% 23.48% 20.1 3% 11.71% - 1.64% 10.69% 23.06% Past performance is not necessarily indicative of future results Fund launched on 31 October 2019 . The A FM changed from Valu - Trac Investment Management Limite d to Thesis Unit Trust Management Limited on 11 th August 2025. Fund performance is illustrated by the A G BP Net Accumulation share class . The Fund does not have a specific benchmark. The performance of the Fund can be measured by considering whether the objective is achieved (i.e. whether a periodic income is provided and there is any capital growth over a market cycle of 7 years).
DIVIDENDS Dividends 4 paid since inception for A GBP Income share class.
Fund overview
Name T M Gravis UK Listed Property (PAIF) Fund Regulatory Status FCA Authorised UK NURS OEIC with PAIF Status Sector IA Listed Property
Launch Date 31 October 2019
Fund Size £ 14 2 . 97 m
Number of holdings 2 1
Share Classes Income and Accumulation (£,$,€) Min. Investment A: £100 F: £100 Net Asset Value per share
A Acc (£): 10 5 . 16 p A Inc (£): 79.84 p
Investment Manager income target 1
4 %
Trailing 12 - month gross yield
A Inc (£): 5.4 7 %
Annual Management Charge
0.70%
Capped fund OCF 2 0.70%
Dividends Paid End of Jan, Apr, Jul, Oct
Classification Non - complex
Liquidity Daily dealing
ISINs A Acc (£): GB00BK8VW755 A Inc (£): GB00BK8VW532 Feeder ISINs F Acc (£): GB00BKDZ8Y17 F Inc (£): GB00BKDZ8V85
1. This is an unofficial target and there is no guarantee it will be achieved. Per annum by reference to launch price of £1.00 per unit, payable quarterly, one month in arrears. 2. OCF for all share classes is capped at the AMC , as per the KIID. A ny costs in excess of the OCF/AMC will be paid by the Investment Manager . 3. Using the annualised standard deviation of daily returns. 4. As of 30.06.2021, the Fund's financial year was changed to align with calendar quarters, resulting in a change to distribution dates. Subsequently 5 distributions were actually made in 2021 (of which 2 were in the second quarter period). Ex - dividend dates are now Jan , April , July and Oct. 5. Part period from 31.10.2019 – 30.11.2019. 6. Ex date for published dividends is the first working day of the month after the previous quarter. Prior to Q3 2025, the ex date was the last working day of the quarter. The pay date remains unchanged . All data, source s : Bloomberg, Gravis Advisory Limited, and Thesis Unit Trust Management Limited.
0 1 2 3 4 5
2026
2025
2024
2023
*
2022
2021
2020
2019 Q1 Q2 Q3 Q4
3.013
23
*
– To achieve capital growth through market cycles (we expect this to be a period of 7 years) – To p rimarily (70% +) invest in a diversified portfolio of transferable real estate securities such as real estate investment trusts ("REITs") listed on the London Stock Exchange, real estate operating companies ("REOCs"), bonds and equities – T o deliver periodic income
1
PERFORMANCE CHART T M Gravis UK Listed Property (PAIF) Fund – A Acc GBP (Total r eturn after charges) The Fund does not have a specific benchmark or comparator ; h owever , the MSCI UK IMI Core Real Estate Index is shown here for illustrative purposes to provide con text for the Fund versus the wider sector . 31 . 10 . 2019 – 3 1. 1. 0 8 .202 6
FUND OBJECTIVES
RETURNS
5 0.1556p 3.0501p
3.8321p
4.0175p
3. 7404p
3. 5129 p
4 . 1306 p
MONTHLY FACTSHEET
3 1 AUGUST 202 6
6
2 . 4711p 1p
For Investment Professionals Only
60
70
80
90
100
110
120
130
140
Oct 19 Dec 20 Feb 22 Apr 23 Jun 24 Aug 25
TM Gravis UK Listed Property (PAIF) Fund TR MSCI UK IMI Core Real Estate TR
Aug 26
Page 2
Investment Manager
Gravis Advisory Limited is owned and managed by Gravis Capital Management Ltd (“Gravis”). Gravis was established in May 2008 as a specialist investor in property and infrastructure and now manages c.£ 2 bn of assets in these sectors in the UK. Gravis Advisory Limited is also the Investment Manager to the c.£ 4 0 5 m T M Gravis UK Infrastructure Income Fund, the c.£ 140 40 m T M Gravis Clean Energy Income Fund and the c. £1 5 m T M Gravis Digital Infrastructure Income Fund.
Fund Manager
Matthew Norris , CFA is the fund manager of the T M Gravis UK Listed Property Fund and the T M Gravis Digital Infrastructure Income Fund . Matthew has over two decades investment management experience and has a specialist focus on real estate securities. He was previously at Grosvenor with responsibility for investing in global real estate securities including the highly successful global logistics strategy. He joined Grosvenor from Fulcrum Asset Management and Buttonwood Capital Partners where he ran inte rnational equity strategies which incorporated exposure to real estate equities. Matthew is a part of the EPRA (European Public Real Estate Association) Research Committee.
Sales Contacts
Cameron Gardner 07835 142763 cameron.gardner@graviscapital.com Jason Anderson 020 3405 8527 jason.anderson @graviscapital.com Jonathan Feely 07894 107075 jonathan.feely@graviscapital.com Ollie Matthews 07787 415151 ollie.matthews @graviscapital.com
Dealing 2
Thesis Unit Trust Management 0333 300 0375 Available on all major platforms
The strategy of the Fund is to invest in a diversified portfolio of thematic real assets. The Fund’s 21 investments are set to benefit from four socio economic mega trends: ageing population (15.2% portfolio weight), digitalisation (29.9%), generation rent (16.4%), and urbanisation (13.0%). It will also invest in REITs with assets that encompass more than one of these trends (24.9%). Within each mega trend, the Fund Manager undertakes fundamental research to identify the most attractive investment opportunities. Combining top - down analysis of socio - economic mega trends with bottom - up fundamental research has yielded good results for th e Fund. Over the course of August, the NAV of the Fund decreased by 1.2% (A Acc GBP) , compared to the U K real estate index 1 which decreased by 1.6 % . Since its launch, the Fund has increased by 5.2% (A Acc GBP) outperforming th e UK real estate index 1 wh ich has fallen by 7.9 % . Markets were strong in August, with the FTSE 250 touching a fresh record high early in the month. However, renewed attacks in the Middle East caused progress to stall on the reopening of the Strait of Hormuz, which pushed Brent crude back above $90 a barre l for much of the month. July's inflation data showed an acceleration to 2.9% from 2.6%, a sign that energy pressure is feeding through to markets rather than easing. October 28th was confirmed as the date for the Autumn Budget, however, uncertainty over new Prime Minister Andy Burnham’s fiscal plan continues to weigh on market sentiment. August was a mixed month for the Fund, with multi theme assets, urbanisation and ageing population delivering positive returns. Digitalisation and generation rent delivered negative returns for the Fund.
The Board of SEGRO (portfolio weight 9.6%) recommended Prologis’s “best and final” cash and stock offer valuing the company at 1,031.7p per share. SEGRO’s shareholders will now vote on the deal, which if approved is likely to take effect during the first h alf of 2027.
Harworth (portfolio weight 2.6%) received an unsolicited all - cash offer from Peel Group, the company’s largest shareholder. The offer values Harworth at 172.5p per share, representing a 20% premium to the undisturbed share price and a 26% discount to the NAV. The Board of Harworth unanimously rejected the offer, which in the Board’s view “fundamentally und ervalues” the company and is “opportunistically timed”. Later in August, Harworth announced that it had entered into an exclusivity agreement with a “leading data centre provider” for a powered land sale, similar to the sale to Microsoft a few years ago. Altogether, Harworth’s data centre pipeline amounts to almost 1GW of power in various stages of the procurement process, the upside value of which is mostly not reflected in the company’s NAV. Tritax Big Box (portfolio weight 7.9%) raised approximately £350mn of equity capital, equivalent to almost 10% of issued share capital. The raise was priced at 164p, or at a 12% discount to NAV. The Fund Manager participated in the raise. The proceeds will be used to “unlock the next wave of data centre growth and returns”, and to that end, Tritax has secured 235MW of additional power for two new data centres, which combined with Manor Farm (147MW) and Chelmsford (125MW), mean that the company is planning to deliver more than 0.5GW of data centre developments out to 2030/31. Tritax also delivered a strong set of results for the first half of 2026, with like - for - like rental growth of 5% driving a 7% increase in earnings per share and a 4% increase in the company’s dividend. According to Chair Aubrey Adams, “Combined with the proposed equity issue… the enhanced data centre opportunity gives us the ambition to grow adjusted EPS by 65% by 2030/2031”. The Fund Manager remains optimistic about the Fund’s performance due to the strong underlying performance of portfolio assets and confidence in the mega trends, alongside continued M&A activity. Investors should look to the attractive, growing dividend yield and the potential for further upside, with the Fund continuing to invest in defensive, domestic and dependable assets. While inflationary concerns continue to impact capital markets, the four socio - economic mega trends - ageing population, digitalisation, generation rent and urbanisation - are set to gain.
1M 1MSCI UK IMI C ore Real Estate Net Total Return GBP 2 The A FM changed from Valu - Trac Investment Management Limited to Thesis Unit Trust Management Limited on 11th August 2025.
MONTHLY FACTSHEET
3 1 A UGUST 202 6
2
FUND M MANAGER’S REPORT
Matthew Norris, CFA Fund Manager Gravis Advisory Limited matthew.norris@graviscapital.com
Page 3
WARNING : The information contained in this report is issued by Gravis Advisory Limited (“GAL” or the “Firm”), which is authorised and regulated by the Financial Conduct Authority. GAL’s registered office address is 24 Savile Row, London, United Kingdom, W1S 2ES. T he company is registered in England and Wales under registration number 09910124. The TM Gravis UK Listed Property (PAIF) Fund (the “Fund”) is a sub - fund of TM Gravis Real Assets ICVC, which is a non - UCITS retail scheme and an umbrella company for the purposes of the OEIC Regulations. The Fund is a Property Authorised Investment Fund (“PAIF”). Thesis Unit Trust Management Limited is the Authorised Fund Manager of TM Gravis Real Assets ICVC and GAL is the investment manager of the Fund. Any decision to invest in the Fund must be based solely on the information contained in the Prospectus, the latest Key Invest or Information Document and the latest annual or interim report and financial statements. GAL does not offer investment advice and this report should not be considered a recommendation, invitation or inducement to invest in the Fund. Prospective investors are recommended to seek professional advice before making a decision to invest. Your capital is at risk and you may not get back the full amount invested. Past performance is not a reliable indicator of future results. Prospective investors should consider the risks connected to an investment in the Fund, which include (but are not limited to) exchange ra te risk, counterparty risk, inflation and interest rate risk and volatility. Please see the Risk Factors section in the Prospectus for further information. This report has been prepared by GAL using all reasonable skill, care and diligence. It contains information and analysis tha t is believed to be accurate at the time of publication but is subject to change without notice. The information contained in this report is not intended for distribution to, or use by, any person or entity in any jurisdic tion or country where such distribution or use would be contrary to local law or regulation. Any recipients outside the UK should i nform themselves of and observe any applicable legal or regulatory requirements in their jurisdiction.
COMPANY WEIGHT ING
SEGRO 9.6 %
Tritax Big Box REIT 7.9 %
Target Healthcare REIT 7.9 %
Grainger 7. 4 %
Primary He alth Prop erties 7. 3 %
LondonMetric Property 6. 2 %
Picton Property Income 5. 1% 1%
Unite Group 4.9 %
Sirius Real Estate 4. 7 %
S haftesbury Capital 4. 6 %
3
TOP 10 HOLDINGS
MEGA TREND BREAKDOWN
MONT NT HLY FACTSHEET
3 1 AUGUST 202 6
DISCLAIMER
Digitalisation 29.9% Multi-Theme 24.9% Generation Rent 16.4% Ageing Population 15.2% Urbanisation 13.0% Cash 0.6%
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