Menhaden Resource Efficiency : Monthly Fact Sheet as at 29 February 2024

Menhaden Resource Efficiency PLC

Information as at 29 February 2024

Investment Objective

Menhaden Resource Efficiency PLC (the "Company") seeks to generate long-term shareholder returns, predominantly in the form of capital growth, by investing in businesses and opportunities that are demonstrably delivering or benefiting significantly, from the efficient use of energy and resources, irrespective of their size, location or stage of development. To reflect its non-benchmarked total return investment strategy, the Company uses RPI+3% as its primary long term financial performance comparator. In addition to this absolute return performance measure, the Company also uses a range of specialist, sectoral and peer group benchmarks to assess its relative performance.

Ten Largest Holdings as at 29 February 2024 (%)
Name	Theme	Total
Airbus	Sustainable Infrastructure and Transportation	12.9
Alphabet	Digitalisation	12.1
Safran	Industrial Emissions Reduction	11.7
Microsoft	Digitalisation	11.3
VINCI	Sustainable Infrastructure and Transportation	9.2
Canadian Pacific Kansas	Sustainable Infrastructure and Transportation	7.3
City
Canadian National Railway	Sustainable Infrastructure and Transportation	6.5
Amazon	Digitalisation	6.5
TCI Real Estate Partners IV	Sustainable Infrastructure and Transportation	4.5
Ocean Wilsons	Sustainable Infrastructure and Transportation	3.6
Total		85.6

*investment made through Helios Co-Invest LP

Menhaden Resource Efficiency PLC conducts its affairs so that its shares can be recommended by independent financial advisers ("IFAs") to retail private investors. The shares are excluded from the Financial Conduct Authority's ("FCA's") restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust.

Commentary

During February, the Company's net asset value ('NAV') per share was up 4.2%, the share price was down 1.0%, while the RPI+3% was unchanged.

Safran performed strongly, increasing 12% in EUR, contributing 1.3% to our NAV. Management issued a robust outlook for 2024, with expectations for civil aftermarket revenues to grow 20% year-over-year.

Amazon also performed well, increasing 14% in USD, contributing 0.9% to our NAV. Productivity improvements and continued Advertising and 3P Seller Services growth are driving significant free cash flow growth. Management believes that the Retail business can exceed its previous margin highs and expects AWS growth to continue accelerating this year.

Airbus, Canadian Pacific Kansas City and Microsoft all performed positively, each contributing 0.5% to our NAV. Airbus continues to ramp production, with a target of delivering 800 aircraft in 2024. Canadian Pacific continues to enjoy a strong pricing environment and reiterated its outlook for fiscal year 2024. Microsoft's Azure cloud business grew 28% year-over-yearin constant currency in the last quarter, helped by a 6% point contribution from AI services.

Within our private portfolio, we received a $1.0m distribution from TCI Real Estate Partners Fund III. This was driven by the repayment of one of the fund's three remaining loans following a successful refinancing by the borrowers. The position now represents 0.8% of our NAV.

Fast Facts

AIC Sector	Environmental
Launch Date	31 July 2015

Annual Management Fee (payable by the Company): Portfolio Management Fee 1.25% p/a on first £100m of AUM, 1.0% thereafter; AIFM Fee 0.225% p/a up to £100m, 0.20% p/a thereafter up to £500m, 0.175% in excess of£500m

	Performance fee		See Annual Report
		for details
	Ongoing charges*		1.8%
	Continuation Vote		At AGM in 2025;
		every 5 years
	Year / Half Year		31 December / 30
		June
	Capital Structure		79,025,001 Ordinary
		Shares of 1p

*Calculated at the financial year-end, includes management fees and all other operating expenses.

Trust Characteristics

Number of Holdings	17
Total Net Assets (£m)	£134.7m
Market Capitalisation (£m)	£80.2m
Gearing (AIC basis) *	0%
Leverage**:	Gross	93.3%
	Commitment	101.0%
Share Price (p)		101.50
NAV (p)		170.47
(Discount) / Premium	(40.5%)

• Calculated as borrowings / by Net Assets
• Calculated as exposures (as defined in the AIFMD) / Net Assets. The Gross method takes the absolute exposure of all instruments, including hedging arrangements, whilst the commitment method takes the net exposure. The Board has set a maximum leverage level of 200% under the gross method and the commitment method.

menhaden.com

Menhaden Resource Efficiency PLC

Information as at 29 February 2024

Asset Allocation Breakdown as at 29 February 2024 (%)

Asset	Total
Public equities	83.9
Private investments	8.5
Liquidity	7.6
Total	100.0
Source: All portfolio information sourced from Frostrow Capital LLP

Geographical Breakdown as at 29 February 2024 (%)

Asset	Total
US	37.3
Europe	34.4
Canada	13.8
Emerging Markets	3.6
UK	3.3
Liquidity	7.6
Total	100.0

Source: All portfolio information sourced from Frostrow Capital LLP. Geographic classificationbased on location of primary economic activity.

Codes

Sedol		BZ0XWD0
ISIN		GB00BZ0XWD04
Legal Entity Identifier
	2138004NTCUZTHFWXS17
Bloomberg		MHN LN
Epic		MHN

Investment Policy

The Company's investment objective is pursued through constructing a conviction- driven portfolio consisting primarily of direct listed and unlisted holdings across different asset classes and geographies. The Company invests, either directly or through external funds, in a portfolio that is comprised predominantly of a combination of listed equities and private equity investments. The flexibility to invest across asset classes affords the Company two main benefits: 1) It enables construction of a portfolio based on an assessment of market cycles; and 2) It enables investment in all opportunities which benefit from the investment theme. It is expected the portfolio will comprise approximately 15 to 30 positions.

Portfolio split by investment theme as at 29 February 2024 (%)

The portfolio will be predominantly focused

on investments in developed markets,

though if opportunities that present an

Sustainable Infrastructure and Transportation

48.6

attractive risk and reward profile are

Digitalisation

31.4

available in emerging markets then these

may also be pursued. While many of the

Industrial Emissions Reduction

11.7

companies forming the portfolio are

Water & Waste Management

0.7

headquartered in the UK, USA or Europe, it

should be noted that many of those

companies are global in nature so their

Liquidity

7.6

reporting currency may not reflect their

actual geographic or currency exposures.

Total

100.0

Subject to any applicable investment

Full description of each investment theme can be found on page 4 of the Company's Annual

restrictions contained in the Listing Rules

Report for the year ended 31 December 2022.

from time to time, the Company will not

make an investment if it would cause a

breach of any of the following limits at the

Standardised Discrete Performance as at 29 February 2024

point of investment: 1) no more than 20% of

(%)

the Company's gross assets may be

invested, directly or indirectly through

external funds, in the securities of any

Percentage

1

Since

YTD

1 Year

3 Years

5 Years

single entity; and, 2) no more than 20% of

Growth

month

Inception

the Company's gross assets may be

NAV

4.2%

6.4%

27.2%

29.4%

79.5%

77.2%

invested in a single external fund.

Share Price

-1.0%

0.7%

7.3%

1.6%

41.8%

1.0%

Index^

0.0%

0.7%

8.1%

40.3%

55.0%

87.1%

Past performance is not a guide to future performance. The value of investments and the income from them may fall as well as rise and is not guaranteed. An investor may receive backless than the original amount invested.

Source: Morningstar/Frostrow. ^ RPI +3%, and the data is quoted on a month lag.

menhaden.com

Menhaden Resource Efficiency PLC

Information as at 29 February 2024

Risk Warnings

This document is for information purposes only and does not constitute an offer or invitation to purchase shares in the Company and has not been prepared in connection with any such offer or invitation. Before investing in the Company, or any other investment product, you should satisfy yourself as to its suitability and the risks involved, and you may wish to consult a financial adviser.

Any return you receive depends on future market performance and is uncertain. The Company does not seek any protection from future market performance so you could lose some or all of your investment. Shares of the Company are bought and sold on the London Stock Exchange. The price you pay or receive, like other listed shares, is determined by supply and demand and may be at a discount or premium to the underlying net asset value of the Company. Usually, at any given time, the price you pay for a share will be higher than the price you could sell it. For further information on the principal risks the Company is exposed to please refer to the Company's Annual Report or Investor Disclosure Document available at www.menhaden.com.

The Company currently deploys leverage using currency forwards. These are designed to partially protect/hedge the NAV from unfavourable movements in foreign exchange rates by reducing the Company's exposure to foreign currencies. The Company can borrow but does not currently.

Target Market

The Company is suitable for investors seeking an investment that aims to deliver total returns over the longer term (at least five years), is compatible with the needs for retail clients, professional clients and eligible counterparties, and is eligible for all distribution channels.

The Company may not be suitable for investors who are concerned about short-term volatility and performance, have low or no risk tolerance or are looking for capital protection, who are seeking a guaranteed or regular income, or a predictable return profile. The Company does not offer capital protection.

Value Assessment

Frostrow Capital LLP has conducted an annual Value Assessment on the Company in line with Financial Conduct Authority (FCA) rules set out in the Consumer Duty regulation. The Assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations.

Within this, the assessment considers quality of services, performance of the Company (against both benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Company), and also considers whether vulnerable consumers are able to receive fair value from the product.

Frostrow Capital LLP concluded that the Company is providing value based on the above assessment.

Important Information

Menhaden Resource Efficiency PLC (the Company) is a public limited company whose shares are premium listed on the London Stock Exchange (LSE) and is registered with HMRC as an investment trust.

The Company has an indeterminate life although shareholders consider and vote on the continuation of the Company every five years (the next such vote will be held in 2025).

The Company may, but does not currently, borrow to purchase investments. Borrowing could potentially magnify any gains or losses made by the Company.

This financial promotion is issued by Frostrow Capital LLP which is authorised and regulated by the Financial Conduct Authority ("FCA").

How to Contact Us

Frostrow Capital LLP

25 Southampton Buildings, London, WC2A 1AL

Tel.: [phone]

Fax: [phone]

Website:www.frostrow.com

Email:[e-mail]

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