Majedie Investments : 30 June 2023 Factsheet

MAJEDIE INVESTMENTS PLC

Monthly Factsheet		As at 30 June 2023
Company Information	Investment Objective

Founded in 1910, Majedie Investments PLC is an investment trust listed on the London Stock Exchange. In January 2023, the Company appointed Marylebone Partners LLP as its investment manager, whilst moving to a 'liquid endowment' strategy designed to deliver attractive real returns. With equities at its heart, the approach is long-term and fundamental. It emphasises differentiated return sources but does not incorporate deeply illiquid or hard-to-value assets. Marylebone Partners draws upon a proprietary ideas network, which the firm's principals have built over several decades at industry-leading firms, to source each portfolio investment.

The Majedie Investments PLC portfolio concentrates on three complementary strategies:

Special Investments

These are eclectic opportunities with high return potential, including co-investments, thematic funds and special purpose vehicles. These situations are often challenging to access and rarely come to the attention of other investors. All Special Investments are marked to market on a regular basis, and are expected to be monetised within 36 months of initiation.

External Managers

This strategy involves allocations to leading specialist funds that pursue a fundamental skill-based approach, capitalising on structural inefficiencies in specific niche areas. Each manager in the Majedie portfolio has a distinct style and/or expertise in a geographic region or industry sector. Marylebone Partners has extensive experience of identifying best-in-class funds globally, with a preference for independent owner-operated boutiques whose managers' interests are aligned.

Direct Investments

This strategy focuses on long-term,non-consensual investments in the public equities of value-creating companies. Portfolio companies have robust growth prospects, good levels of business profitability, and unappreciated earnings power. The selection process targets idiosyncratic bottom-up opportunities, combined to provide high active share and no inherent style or sectoral bias.

The Company's investment objective is to deliver long-term capital growth whilst preserving shareholders' capital and paying a regular dividend.

The performance target is to achieve net annualised total returns (in GBP) of at least 4 per cent. above the UK CPI, over rolling five-year periods.

Key Facts
Share Price	181.0p
Market Capitalisation	£95.9m
Total Assets	£151.1m
Shares in issue	52,998,795
Ticker	MAJE.LN
Sector	Flexible
Dividend payable	Quarterly
NAV per Share (Debt at Fair Value)	246.1p
Premium / Discount (Debt at Fair Value)	-26.1%
Debt at Fair Value	£20.6m
Financial Year End	30 September
Final dividend for the year to 30.09.22	4.2p
Special dividend for the year to 30.09.22	1.8p
Quarterly dividend to 31.03.23	1.8p
AGM	January

Share Price & Net Asset Value (Debt at Fair Value)

	350
	300
	250
share	200
per
pence	150
	100
	50		Share Price	NAV (Debt at FV)
	0
	Jun-18	Jun-19	Jun-20		Jun-21	Jun-22	Jun-23
	0%
	-10%
	-20%
	-30%		Premium / Discount to NAV
	Jun-18	Jun-19	Jun-21	Jun-22	Jun-23
	Jun-20

Price per share and Premium / Discount are based on the Company's estimated Net Asset Value released to the market.

Marylebone Partners assumed management of the portfolio on 25 January 2023.

Performance Analysis

	MTD	FY-to-Date	3YR	5YR
	30/09/22 to 30/06/23	(ann.)	(ann.)
Net Asset Value	+3.2%	+15.5%	+5.4%	-1.9%
(Debt at FV)
Total Shareholder	-5.7%	+15.2%	+3.3%	-4.3%
Return

Attribution Analysis (Gross)

Strategy	Current Month
	Allocation	Contribution
Special Investments	8%	+37 bps
External Managers	60%	+121 bps
Direct Investments	18%	+117 bps
Other	1%	0 bps
Cash & Equivalents*	13%	0 bps
Total	100%	+274 bps

*Including forward FX P&L and gilts. Excludes the effects of gearing.

Exposure Analysis

Strategy Allocation

External Managers 60%

Direct Investments 18%

Special Investments 8%

Gilts (UK Treasuries) 7%

Cash & Equivalents 5%

Other 1%

Geographic Profile

N. America 36%

Europe 26%

Global 20%

UK 9%

Emerging Markets 9%

Refers to GICS regional classification (in the case of direct investments), or area of primary

geographic focus (in the case of external managers).

Role in Portfolio Classification

Active Currency Exposure

100%

50%

Equity-centric 51%

Absolute Return 28%

0%

-6%

6%

0%

Other 12%

Real Assets 3%

-50%

Cash 5%

-100%

GBP

USD

EUR

Liquidity Analysis(i)

Fair Value Hierarchy(ii)

Special Investments

External Managers

Direct Investments

<30 days

38%

Level I

31%

Asset Hedge

Others

Cash

30-90 days

39%

Level II

63%

90-365 days

19%

Level III

1%

Active Net of Hedges

>365 days

4%

Cash

5%

Largest Special Investment Holdings

Largest External Manager Holdings

Largest Direct Investment Holdings

Security

Profile

Holding

Security

Specialism

Holding

Security

Profile

Holding

Project Bungalow

Co-invest

2.6%

Helikon Long Short Equity Fund

Regional (Europe)

5.7%

KBR Inc

Govt Servs

2.1%

Project Uranium

Thematic

1.7%

Silver Point

Credit

5.4%

Sage Group plc

Software

1.7%

Project Retain

SPV

1.4%

Contrarian Emerging Markets

EM Credit

4.9%

Wabtec Corp.

Industrials

1.7%

Project Challenger

Co-invest

1.3%

Millstreet

Credit

4.9%

Pernod Ricard SA

Consumer

1.7%

Project Saint

Co-invest

1.2%

Praesidium

Software

4.3%

Weir Group plc

Industrials

1.6%

Important Information

1. Liquidity analysis assumes a liquidation of all assets under management. For Direct holdings, the days liquidity is calculated at one-third of the three-month average daily trading volume. For external manager and special investment holdings, it is assumed that any applicable soft lock up fees are paid.
2. As part of the disclosure requirements for fair value measurements, an entity shall classify fair value measurements using a "fair value hierarchy" that categorises the inputs to valuation techniques used to measure fair value. The fair value hierarchy has three different levels and gives the highest priority to quoted (unadjusted) prices in active markets and the lowest priority to unobservable inputs. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities the entity can access at the measurement date; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset and liability, either directly or indirectly and Level 3 inputs are unobservable inputs for the asset or liability. Investments in external funds for which a NAV is calculated on a monthly basis and in which subscriptions and redemptions are permitted on a monthly or quarterly basis have been classified as Level 2, whilst special investments in which there is no observable pricing in markets have been classified as Level 3.

The contents of this report have been issued and approved on 11 July 2023 by Majedie Investments PLC, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA) as a self managed AIF. Majedie Investments believes that the information contained on this factsheet is accurate at the date of publication, but accepts no liability for inaccuracy. It may be changed without prior notice. Following the appointment of Marylebone Partners LLP, shareholder approval of the change in investment policy and the transition to the new 'liquid endowment' model, the Company announces that as of 1 March 2023 a revised timetable for publication of the Net Asset Value ("NAV"). An estimate of the month-end NAV will be published on around the 10th day of the subsequent calendar month. A mid-month NAV estimate will be published on around the 25th day of each month, accompanied by the final NAV for the prior month. You should always bear in mind that: the value of investments may fluctuate; past performance is not a guarantee to future returns; the price of shares, and any income from them, can go down as well as up and you may not get back the full amount invested; any tax concessions are not guaranteed and may change at any time and their value will depend on your individual circumstances; the price of the shares in investment trusts is determined by supply and demand and is therefore not necessarily the same as the value of the underlying assets; there is a currency risk when an underlying asset is acquired which is a non-sterling asset; the value of the asset may be offset by a depreciation of the currency of denomination of the asset against sterling, and vice versa; in a building society or bank account your money is highly secure, whereas in a stock market based investment it is exposed to a degree of risk.

Contact Information

Majedie Investments PLC	Marylebone Partners LLP
1 King's Arms Yard	Second Floor, 35 Portman Square
London EC2R 7AF	London W1H 6LR
Tel: [phone]	Tel: [phone]
Email: [e-mail]	Email: [e-mail]
www.majedieinvestments.com	www.marylebonepartners.com
Authorised and regulated by the Financial Conduct Authority www.majedieinvestments.com