Menhaden Resource Efficiency : Monthly Fact Sheet as at 31 December 2022

Menhaden Resource Efficiency Plc

Information as at 31 December 2022

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,	Fast Facts
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

AIC Sector

Environmental

performance comparator. In addition to this absolute return performance measure, the

Company also uses a range of specialist, sectoral and peer group benchmarks to

Launch Date

31 July 2015

assess its relative performance.

Annual Management Fee (payable by the

Company): Portfolio Management Fee 1.25%

Ten Largest Holdings as at 31 December 2022 (%)

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

Name

Total

Performance fee

See Annual Report

Alphabet

22.6

for details

Microsoft

11.7

Ongoing charges*

1.9%

Canadian Pacific Railway

10.1

Continuation Vote

At AGM in 2020;

every 5 years

X-ELIO *

9.5

Year / Half Year

31 December / 30

June

Safran

9.0

Capital Structure

80,000,001 Ordinary

Canadian National Railway

7.4

Shares of 1p

VINCI

6.7

*Calculated at the financial year-end, includes

John Laing Group **

5.1

management fees and

all other operating

expenses.

Amazon

4.0

Ocean Wilsons

3.2

Trust Characteristics

Total

89.3

Number of Holdings

16

*investment made through Helios Co-Invest LP

Total Net Assets (£m)

£103.1m

**investment made through Aqueduct 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.

Asset Allocation Breakdown as at 31 December 2022 (%)

	Asset	Total
	Public equities	77.7
	Private investments	16.2
	Liquidity	6.1
	Total	100.0

Source: All portfolio information sourced from Frostrow Capital LLP

Market Capitalisation (£m)	£71.2m
Gearing (AIC basis) *	0%
Leverage**:	Gross	141.1%
	Commitment	75.0%
Share Price (p)		89.00
NAV (p)		128.82
(Discount) / Premium	(30.9%)

• 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.

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Menhaden Resource Efficiency Plc

Information as at 31 December 2022

Geographical Breakdown as at 31 December 2022 (%)

Codes

Sedol

BZ0XWD0

Asset

Total

ISIN

GB00BZ0XWD04

US

42.3

Legal Entity Identifier

Europe

25.8

2138004NTCUZTHFWXS17

Canada

17.5

Bloomberg

MHN LN

UK

5.1

Epic

MHN

Emerging Markets

3.2

Investment Policy

Liquidity

6.1

The

Company's

investment objective is

Total

100.0

pursued through constructing a conviction-

Source: All portfolio information sourced from Frostrow Capital LLP. Geographic classification

driven portfolio consisting primarily of direct

based on location of primary economic activity

listed and unlisted holdings across different

asset

classes

and

geographies.

The

Company invests, either directly or through

external funds, in a portfolio that is

Standardised Discrete Performance (%)

comprised predominantly of a combination

of listed equities and private equity

investments. The flexibility to invest across

Percentage

1 month

YTD

1 Year

3 Years

5 Years

Since

asset

classes affords

the

Company

two

Growth

Inception

main benefits: 1) It enables construction of

a portfolio

based

on

an

assessment of

NAV

-6.2%

-17.1%

-17.1%

10.2%

41.6%

33.5%

market cycles; and 2) It enables investment

Share Price

-3.8%

-20.4%

-20.4%

-7.1%

32.0%

-11.8%

in all opportunities which benefit from the

investment

theme.

It

is

expected

the

Index^

0.8%

15.9%

17.4%

34.6%

50.8%

71.2%

portfolio will comprise approximately 15 to

Past performance is not a guide to future performance. The value of investments and the

30 positions.

income from them may fall as well as rise and is not guaranteed. An investor may receive back

less than the original amount invested.

The portfolio will be predominantly focused

on investments in developed markets,

Source: Morningstar/Frostrow.

though if opportunities that present an

^ RPI +3%, and the data is quoted on a month lag.

attractive risk and reward profile are

available in emerging markets then these

may also be pursued. While many of the

Commentary

companies forming the portfolio are

headquartered in the UK, USA or Europe, it

During December, the Company's net asset value ('NAV') per share was down 6.2%, the

should

be

noted

that

many

of

those

companies

are

global

in

nature

so

their

share price was down 3.8%, while the RPI+3% was up 0.8%.

reporting currency may not reflect their

Our public equities portfolio declined 8.2% over the month, detracting 6.2% from our NAV.

actual geographic or currency exposures.

Subject to any applicable investment

restrictions contained in the Listing Rules

The S&P 500 fell 5.8% in US dollars during the month and our listed equity holdings suffered.

from time to time, the Company will not

Microsoft fell approximately in line with the market, detracting 0.8% from our NAV. Canadian

make an investment if it would cause a

National's and Canadian Pacific's share prices decreased 7.5% and 8.9% in US dollars,

breach of any of the following limits at the

detracting 0.6% and 1.0% from our NAV respectively.

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

the Company's gross assets may be

Alphabet and Amazon performed significantly worse, with their share prices falling 12.7%

invested,

directly

or

indirectly

through

external funds,

in

the

securities

of

any

and 13.0% in US dollars respectively, detracting 3.2% and 0.6% from our NAV. Both

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

companies continue to suffer from the slowdowns in digital advertising and ecommerce but

the

Company's

gross

assets

may

be

are becoming increasingly focused on controlling costs and raising productivity.

invested in a single external fund.

Within our private portfolio, we received a $2.4m distribution from Spanish solar developer,

X-Elio. The position now represents 9.2% of our NAV.

menhaden.com

Menhaden Resource Efficiency Plc

Information as at 31 December 2022

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.

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.

How to Contact Us

Frostrow Capital LLP

25 Southampton Buildings,

London, WC2A 1AL

Tel.: [phone]

Fax: [phone]

Website:www.frostrow.com

Email:[e-mail]

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

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