Blue Planet Investment Trust : Monthly Factsheet

IN VES TMEN T TR UST PL C

I N V E S T M E N T P O L I C Y

The Company invests in securities (including equities, exchange traded funds, equity-related securities, bonds and derivatives) issued by companies, governments and other types of issuers located throughout the World.

I N V E S T M E N T O B J E C T I V E & F O C U S

The objective of the Company is to provide investors with a combination of capital growth and income.

Its focus, since October 2020, has been on capital growth to increase the Company's NAV and share price by investing in innovative and disruptive companies, primarily in the Technology sector.

K E Y I N F O R M A T I O N

Investment Manager	Blue Planet Investment Management Ltd
Gross Assets				£9.1m
Base Currency				Sterling
AIC Sector				Global
AGM Date				TBC
Continuation Vote			AGM, 2024
Month End Gearing			49%
ISIN	GB0005327076	LSE Code	BLP

JUNE 2022 FAC TSHEET

T O P 2 0 H O L D I N G S

Company	% of Portfolio
Dynatrace Inc	6.0%
Arista Networks Inc	5.1%
DigitalOcean Holdings Inc	5.0%
Repligen Corporation	5.0%
Taiwan Semiconductor ADR	4.8%
Advanced Micro Devices Inc	4.5%
Micron Technology Inc	4.5%
Qualcomm Inc	4.4%
PubMatic Inc	4.4%
STAAR Surgical Co	3.7%
Keysight Technologies Inc	3.6%
Microsoft Corp	3.4%
Mirriad Advertising plc	3.2%
ASML Holding NV	3.1%
Palantir Technologies Inc	3.1%
Lam Research Corporation	3.0%
Illumina Inc	2.8%
CareCloud Inc	2.7%
Activision Blizzard Inc	2.6%
Texas Instruments Inc	2.6%

P O R T F O L I O B R E A K D O W N , B Y I N D U S T R Y ( % )		B Y C O U N T R Y ( % )		B Y M A R K E T C A P ( % )
												Semiconductors 27.9%
											Software 22.8%
										Communications 12.4%
										Life Sciences Tools 11.5%
								Media 8.7%
							Interactive Media 5.7%
						Electronic Equipment 3.6%
						Health Care Technology 2.7%
					Pharmaceuticals 2.1%
					Consumer Finance 1.7%
				Biotechnology 1.0%
C U M U L A T I V E P E R F O R M A N C E
												Current (p)	1 month	3 months	6 months	1 year
	NAV + Dividend	12.13	-17.6%	-40.4%	-57.7%	-63.8%
	Share Price + Dividend	10.00	0.0%	-23.1%	-52.4%	-59.5%
	Benchmark*			-5.5%	-	-	-
	Discount / + Premium (%)	-17.6%	-17.6%	-36.1%	-26.7%	-25.6%

*Benchmark changed to NASDAQ Composite Index (GBP) on 1st May 2022

Source: Blue Planet, share price bid to bid, net income reinvested.

Blue Planet Investment Management Ltd︱17 Grosvenor Crescent, Edinburgh, EH12 5EL ︱[e-mail] ︱www.blueplanet.eu︱Tel: [phone]

I N V E S T M E N T M A N A G E R ' S R E V I E W

June was another very weak month for equity markets. The S&P 500 Index fell 8.4%, taking its 2022 year-to-date performance to -20.6%, its worst first half performance of a year since 1970, where it fell 21.0%. The Nasdaq Composite Index fell 8.7% during the month, taking its year-to-date performance to -29.5%, its worst first half performance of a year since the index was created in 1971. In Europe, the FTSE 100 Index fell 5.5% whilst the Stoxx Europe 600 Index fell 8.2%.

Growth focused funds such as Scottish Mortgage Investment Trust plc and ARK Innovation ETF fell 11.3% and 9.5% respectively. Our net asset value fell 17.6%, underperforming largely due to our gearing and our exposure to semiconductors, whose index, the Philadelphia Stock Exchange Semiconductor Index, fell 17.5% during the month, its worst monthly performance since 2008.

Whilst semiconductors have had a rough month, we still continue to be positive on the sector. Semiconductors are an essential component to almost everything we use in our modern lives. From our computers to mobile phones, to our cars and home appliances, they will continue to be a critical element in our lives for the foreseeable future and a slight dip in demand, which may or may not materialise due to a recession, is only a short-term bump in the road. Valuations are attractive and we remain committed to the investments we have in this sector.

One such example is Micron Technology Inc who reported quarterly earnings at the end of June. Revenues rose 16% year-over- year to a record $8.64 billion. Net Income was up 51% to $2.6 billion and on a Non-GAAP basis, net income was up 35% to $2.9 billion. Earnings per share were $2.34 (GAAP) and $2.59 (Non-GAAP). The company has a market capitalisation of $59 billion and an enterprise value of $55 billion. Based on the last 4 quarters, the stock is trading on a PE ratio of just 5.8x, whilst based on FY 2022 earnings estimates, the PE ratio is 6.3x, and using FY 2023 estimates, the PE ratio is 8.2x. So despite an expected slowdown in earnings, the stock still trades below historical averages and is cheap.

The market's main concern continues to be high inflation and the possibility that higher interest rates may induce a recession. After six consecutive months of gains in the oil price, a key driver of inflation, June finally saw the oil price decline. This should, along with declines in the price of other goods that have contributed to the recent surge in inflation, such as used car prices, indicate that inflation may have peaked and be on the way down. If that is the case it is likely to stimulate a rally in equities. Slowing growth and a recession will then be the focus but we believe if a recession does occur, it will be mild and hopefully short-lived.

B O A R D O F D I R E C T O R S
Mr Russell Frith	Chairman
Ms Victoria Killay	Non-Executive
Mr Kenneth Murray	Non-Executive
D I R E C T O R ' S S H A R E H O L D I N G ,
I N C L U D I N G B E N E F I C I A L I N T E R E S T S
Number of Shares	14,442,738
% Holding of Trust	29.19%

R E G I S T R A R S

LINK GROUP, 10th FLOOR, CENTRAL SQUARE, 29 WELLINGTON STREET, LEEDS, LS1 4DL

SHAREHOLDER HELPLINE TEL [phone]*

[e-mail]︱www.LINKGROUP.EU

*calls charged at the standard geographic rate and vary by provider, lines are open 9am- 5.30pm Mon-Fri

This document does not constitute an offer or invitation to any person to subscribe for or purchase shares in the Trust. This document is for information only. The information contained in it has been compiled from sources believed to be reliable and given in good faith but no representation is given to their accuracy, completeness or correctness and should not be construed as investment advice. Stock market and currency movements may cause the value of investments and income from them to fall as well as rise and investors may not get back the amount invested. The performance figures quoted refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. Issued by Blue Planet Investment Management Ltd: authorised and regulated by the FCA.

Blue Planet Investment Management Ltd︱17 Grosvenor Crescent, Edinburgh, EH12 5EL ︱[e-mail] ︱www.blueplanet.eu︱Tel: [phone]