Mobius Investment Trust : Monthly Fact Sheet as at 30 November 2023

Investor Report

30 November 2023

CQS Natural Resources Growth and Income Fund

Key Fund Facts1

Fund Managers	Ian 'Franco' Francis
	Keith Watson
	Robert Crayfourd
Launch Date	August 2003
Total Gross Assets	£147.66m
Reference Currency	GBP
Ordinary Shares	Net Asset Value:
	199.82p
	Mid-Market Price:
	175.00p
Dividend Yield	3.2%
(estimated)
Net gearing4	7.6%
Discount	(12.42%)
Ordinary Shares in Issue 66,888,509
Annual Management	1.2% on adjusted net
Fee	assets
Bloomberg	CYN LN
Reuters	CYN.L
Sedol	0035392
Year End	30 June
Contact Information	[e-mail]
Company Broker	FinnCap
	020 7220 0500
AGM	December
Dividend Information	1.26p interim paid 27
2023/24	November 2023
Fiscal Year-End	30 June
Previous Dividend	2012/13 Total 5.50p
Information	2013/14 Total 5.60p
	2014/15 Total 5.60p
	2015/16 Total 5.60p
	2016/17 Total 5.60p
	2017/18 Total 5.60p
	2018/19 Total 5.60p
	2019/20 Total 5.60p
	2020/21 Total 5.60p
	2021/22 Total 5.60p
	2022/23 Total 8.60p
Investor Report	Monthly Factsheet
Annual Report &	Published: October
Accounts
Results Announced	Finals: October
	Interims: March

Please see page 2 for footnotes.

Portfolio Managers

Ian Francis, Keith Watson and Robert Crayfourd

Fund Description

The Fund aims to generate capital growth and income, predominantly from a portfolio of mining and resource equities, and from mining, resource and industrial fixed interest securities.

Key Advantages for the Investor

• Access to under-researched, mid and smaller-cap companies in the Natural Resources sector
• Quarterly dividend paid to shareholders
• Potential inflation hedge

Ordinary Share and NAV Performance2

							Since
	1 Month	3 Months	6 Months	1 Year	3 Year	5 Year	Inception
	(%)	(%)	(%)	(%)	(%)	(%)	(%)
NAV	(0.4)	(3.4)	6.1	(14.8)	80.7	122.2	593.7
Share Price	7.5	3.9	5.3	(8.9)	93.4	143.2	589.2

Commentary3

The US Federal Open Market Committee (FOMC) minutes from the October meeting showed a unanimous agreement that policy decisions would remain data-dependant. However, with economic indicators pointing towards ebbing inflationary pressures, expectations moved to anticipate a pause in rate increases until March and some easing thereafter. Similarly, minutes from the European Central Bank's (ECB) September meeting showed that all members agreed to keep ECB interest rates at their current levels. Removing a drag on economic growth, the more dovish outlook provided a firmer footing for commodities. In addition, news of a possible bailout of troubled Chinese property developer, Country Garden, provided support for industrial metals. Iron ore prices remained resilient, rising 5.5%, while LME copper futures gained 4.4%.

The gold price gained 2.6% to finish the month at $2,038/oz, close to its all-time high, while silver rose 10.6% over the month. Sentiment towards precious metal equities, which have been trading near record low price to NAV multiples, improved markedly as reflected by the 11% rise in the Philadelphia Gold and Silver Index. In addition to the strong relative performance, the Fund added to positions in Karora Resources and Ora Banda, both with gold mines in Australia. Precious metal exposure currently stands at 24.5%.

The performance of energy commodities lagged that of metals, and the collective exposure to related E&P from base metal miners offset the strong positive contributions from precious metal equities. Crude prices fell 5-6% after OPEC delayed a scheduled in-person meeting, holding a remote meeting four days later, due to disagreements on how any further cuts would be allocated. Nigeria and Angola were cited as those opposing their reduced output allocations. This raised questions as to OPEC's ability to enforce future production quotas, if required, to balance the market. Mild northern hemisphere temperatures together with high winter gas inventories caused near-term gas prices to fall. In Europe, which has yet to see any meaningful draw on winter inventories, benchmark gas prices fell 11%, weighing on the share price of Vermilion which has exposure to the region's gas market. The Fund continues to hold a large energy weighting, partly due to the belief that the oil market should tighten through next year, but also due to energy stocks trading at attractive discounted levels that we believe offer some protection against this volatility.

Uranium miners were strong performance contributors ahead of the COP28 climate conference, at which nuclear power's role was expected to figure significantly. With a 4% sterling share price sustaining its positive momentum, Nexgen, a company with ownership of a high-grade undeveloped uranium mine in Saskatchewan Canada, became the Fund's largest position. Nexgen was boosted by First Nation support, a provincial permit, and an expected federal permit - due in the next 12 months. Permitting timelines are never certain, but the high quality of this asset, completed environmental work and the global significance of the project's future uranium supply make this much lower risk than a typical mining project.

Sterling's 3.9% strengthening against the dollar dragged overall performance and the Fund NAV consequently closed the month little changed at 199.8p. Early in the month, positions in Precision Drilling and BWLPG were reduced and the residual position in First Quantum was sold. While the Fund increased exposure to Karora and Ora Banda, the holdings of Emerald Resource and West African Resources were trimmed.

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Monthly Investor Report - CQS Natural Resources Growth and Income Fund - November 2023

Portfolio Analysis1

Sector

		Other
	Fixed	8.7%
	Interest			Oil & Gas
3.6%		26.7%
	Lithium
5.1%
	Coal
5.7%
	Base
	Metals
6.4%
	Shipping			Precious
			Metals
9.4%	Uranium
24.5%
		10.0%
Top 20 Holdings (% of MV) 1,7
	Name			(% of MV)
	NEXGEN ENERGY NPV		7.1
	BW LPG USD0.01		5.6
	EMERALD RESOURCES NPV	4.7
	TRANSOCEAN USD0.01		4.5
	PRECISION DRILLING COM NPV	4.0
	DIAMONDBACK ENERGY USD0.01	4.0
	VERMILION ENERGY COM NPV	3.2
	DIVERSIFIED ENERGY GBP0.01	3.0
	EOG RESOURCES USD0.01		2.9
	FRONTLINE USD1.0000		2.7
	Top 10 Holdings Represent		41.6

Region

Asia	Europe
7.8%	2.1%
Latam
7.4%
	North
	America
	46.3%
Africa
9.3%
Global
11.4%
Australia
15.8%

Name	(% of MV)
REA HLDGS 9% CUM PREF GBP1	2.6
KARORA RESOURCES NPV	2.6
LEO LITHIUM NPV	2.5
FORAN MINING CORP NPV	2.4
WEST AFRICAN RESOURCES NPV	2.4
LYNAS RARE EARTHS NPV	1.8
PEABODY ENERGY CORP NPV	1.7
THUNGELA RESOURCES NPV	1.7
ORA BANDA MINING NPV	1.7
SIGMA LITHIUM CORP NPV	1.6
Top 20 Holdings Represent	62.5

AIFMD Leverage Limit Report (% of NAV)

	Gross Leverage (%)5	Commitment Leverage (%)6
CQS Natural Resources Growth and Income	110	110

Sources: 1CQS as at the last business day of the month indicated at the top of this investor report. 2Total return performance net of fees and expenses as at the last business day of the month indicated at the top of this investor report. 3All market data sourced from Bloomberg unless otherwise stated. All returns quoted in local currency unless otherwise stated. The Company may since have exited some or all of the positions detailed in the commentary. 4CQS as at the last business day of the month indicated at the top of this investor report. 5CQS, as at the last business day of the month indicated at the top of this investor report. For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 7, 9 and 10 of Delegated Regulation 231/2013. 6CQS as at the last business day of the month indicated at the top of this investor report. For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 8, 9, 10 and 11 of Delegated Regulation 231/2013. 7All holdings data are rounded to one decimal place. Totals may therefore differ to sum of constituents. These include historic returns and past performance is not a reliable indicator of future results. The value of investments can go down as well as up. Please read the important legal notice at the end of this document.

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Monthly Investor Report - CQS Natural Resources Growth and Income Fund - October 2023

Important Information

This document has been issued by CQS (UK) LLP which is authorised and regulated by the UK Financial Conduct Authority, CQS (US), LLC which is a registered investment adviser with the US Securities and Exchange Commission, and/or CQS (Hong Kong) Limited, which is authorised and regulated by the Hong Kong Securities and Futures Commission. The term "CQS" as used herein may include one or more of CQS (UK) LLP, CQS (US), LLC, and CQS (Hong Kong) Limited or any other affiliated entity. The information is intended solely for sophisticated investors who are (a) professional investors as defined in Article 4 of the European Directive 2011/61/EU or (b) accredited investors (within the meaning given to such term in Regulation D under the U.S. Securities Act of 1933, as amended) and qualified purchasers (within the meaning given to such term in Section 2(a)(51) of the U.S Investment Company Act 1940, as amended). This document is not intended for distribution to, or use by, the public or any person or entity in any jurisdiction where such use is prohibited by law or regulation.

This document is a marketing communication prepared for general information purposes only and has not been delivered for registration in any jurisdiction nor has its content been reviewed by any regulatory authority in any jurisdiction. The information contained herein does not constitute: (i) a binding legal agreement; (ii) legal, regulatory, tax, accounting or other advice; (iii) an offer, recommendation or solicitation to buy or sell shares or interests in any fund or investment vehicle managed or advised by CQS (a "CQS Fund") or any other security, commodity, financial instrument, or derivative; or (iv) an offer to enter into any other transaction whatsoever (each a "Transaction"). Any decision to enter into a Transaction should be based on your own independent investigation of the Transaction and appraisal of the risks, benefits and appropriateness of such Transaction in light of your circumstances. Any decision to enter into any Transaction should be based on the terms described in the relevant offering memorandum, prospectus or similar offering document, subscription document, key investor information document (where applicable), and constitutional documents and/or any other relevant document as appropriate (together, the "Offering Documents"). Any Transaction will be subject to the terms set out in the Offering Documents and all applicable laws and regulations. The Offering Documents supersede this document and any information contained herein. The Offering Documents for CQS UCITS range of funds is availablehere (https://www.cqs.com/ucits-funds#global-convertibles)in English (US persons will not be eligible to invest in CQS managed UCITS funds save to the extent set out in the relevant Offering Document). A copy of CQS' Complaints Policy, which sets out a summary of investors' rights, is availablehere (www.cqs.com/site-services/regulatory-disclosures)in English. CQS may terminate the arrangements for marketing or distribution of any CQS Fund at any time.

Nothing contained herein shall give rise to a partnership, joint venture or any fiduciary or equitable duties. The information contained herein is provided on a non-reliance basis, not warranted as to completeness or accuracy, and is subject to change without notice. Any information contained herein relating to any non-affiliated third party is the sole responsibility of such third party and has not been independently verified by CQS. The accuracy of data from third party vendors is not guaranteed. If such information is not

accurate, some of the conclusions reached or statements made may be adversely affected. CQS is not liable for any decisions made or action taken by you or others based on the contents of this document and neither CQS nor any of its directors, officers, employees or representatives accept any liability whatsoever for any errors or omissions or any loss howsoever arising from the use of this document.

Information contained in this document should not be viewed as indicative of future results as past performance of any Transaction is not indicative of future results. Any investment in a CQS Fund or any of its affiliates involves a high degree of risk, including the risk of loss of the entire amount invested. The value of investments can go down as well as up. Don't invest unless you're prepared to lose all the money you invest. This is a high-riskinvestment and you are unlikely to be protected if something goes wrong.Future performance is subject to taxation which depends on the personal situation of each investor and which may change in the future. Investments may lead to a financial loss if no guarantee on the capital is in place. An investment in any CQS Fund will involve a number of material risks which include, without limitation, risks associated with adverse market developments, currency and exchange rate risks, risk of counterparty or issuer default, and risk of illiquidity. Any assumptions, assessments, targets (including target returns and volatility targets), statements or other such views expressed herein (collectively "Statements") regarding future events and circumstances or that are forward looking in nature constitute CQS' subjective views or beliefs and involve inherent risk and uncertainties beyond CQS' control. Any indices included in this document are for illustrative purposes only and are not representative of CQS Funds in terms of either composition or risk (including volatility and other risk related factors). Unless stated to the contrary CQS Funds are not managed to a specific index.

The information contained herein is confidential and may be legally privileged and is intended for the exclusive use of the intended recipient(s) to which the document has been provided. In accepting receipt of the information transmitted you agree that you and/or your affiliates, partners, directors, officers and employees, as applicable, will keep all information strictly confidential. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information is prohibited. Any distribution or reproduction of this document is not authorized and prohibited without the express written consent of CQS, or any of its affiliates. Unless otherwise stated to the contrary herein, CQS owns all intellectual property rights in this document.

CQS is a founder of the Standards Board for Alternative Investments ("SBAI") which was formed to act as custodian of the alternative investment managers' industry best practice standards (the "Standards"). By applying the Standards, managers commit to adopt the "comply or explain" approach described in the Standards. CQS is a signatory of the UN Principles for Responsible Investment and a supporter and participant of certain other responsible investment related industry associations.

PRI Note: PRI is an investor initiative in partnership with UNEP Finance and the UN Global Compact. GMv11.

G1145726 / 11.23

CQS (UK) LLP

4th Floor, One Strand, London WC2N 5HR, United Kingdom T: [phone] | F: [phone]

CQS (US), LLC

152 West 57th Street, 40th Floor, New York, NY 10019, US T: [phone] | F: [phone]

CQS (Hong Kong) Limited

3305 AIA Tower, 183 Electric Road, North Point, Hong Kong T: [phone] | F: [phone]

[e-mail]

www.cqs.com

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