Fund Details

Launch Date:

1st October 2018

AIC Sector:

Emerging Markets Global

Annual Management Fee:

1.0%

Ongoing Charges:

1.5%**

Year / Half Year:

30 November / 31 May

Capital Structure:

107,548,983 Ord Shs

Number of Holdings:

22

Total Net Assets (£m):

142.5

Market Capitalisation (£m):

144.9

Gearing (AIC basis):

0.0%

Share Price (p):

134.75p

Net Asset Value (p):

132.53p

Premium / (Discount):

1.7%

ISIN:

GB00BFZ7R980

Sedol:

BFZ7R98

LEI:

21380033EKFQS15X1W22

GIIN:

J9AYNU.99999.SL.826

Bloomberg:

MMIT LN

** calculated at the financial year end, includes management fees and other operating expenses

Investment Strategy

Mobius Investment Trust plc's objective is to deliver long-term absolute returns by investing in emerging and frontier market equities. The Fund manager aims to identify companies with resilient and innovative business models which are mispriced. The Fund follows an active investment style by partnering with portfolio companies. This is achieved by engaging with stakeholders to improve corporate governance and act as a catalyst for wider operational and financial improvements including aclear ESG pathway.

Partners

Mark Mobius

Date: 31.12.2022

MOBIUS INVESTMENT TRUST PLC

Active Ownership in Emerging and Frontier Markets

Performance since launch to 31 December 2022*

60.0%

40.0%

20.0%

0.0% -20.0%-40.0%

Jun-20May-20Apr-20Mar-20Feb-20Jan-20Dec-19Nov-19Oct-19Sep-19Aug-19Jul-19Jun-19May-19Apr-19Mar-19Feb-19Jan-19Dec-18Nov-18Oct-18

Dec-22Nov-22Oct-22Sep-22Aug-22Jul-22Jun-22May-22Apr-22Mar-22Feb-22Jan-22Dec-21Nov-21Oct-21Sep-21Aug-21Jul-21Jun-21May-21Apr-21Mar-21Feb-21Jan-21Dec-20Nov-20Oct-20Sep-20Aug-20Jul-20

Net Asset Value Per Share +36.1%

Share Price +35.4%

Accumulated Performance*

1 Month

YTD

1 Year

2 Years

3 Years

Since Launch

Net Asset Value

-1.2%

-14.0%

-14.0%

+17.8%

+38.5%

+36.1%

Share Price

+2.9%

-12.3%

-12.3%

+24.5%

+58.7%

+35.4%

Source: Morningstar, Date: 31.12.2022

Monthly Performance in GBP*

12%

9.1%

10.3%

10%

6.4%

8%

5.3%

6%

3.6%

2.9%

3.2%

4%

2%

0%

-2%

-1.2%

-1.2%

-4%

-3.5%

-6%

-3.9%

-8%

-6.5%

-10%

-12%

Dec-22

Nov-22

Oct-22

Sep-22

Aug-22

Jul-22

Net Asset Value Per Share

Share Price

Sector Breakdown

Geographical Breakdown

Carlos Hardenberg

Contact

Tel: +44 (0) 203 829 8500

Mail: trust@mobiuscapitalpartners.com

Website: www.mobiusinvestmenttrust.com

Technology

50.7%

Health Care

18.1%

Consumer Staples

6.0%

Industrials

5.5%

Communications

4.7%

Consumer Discretionary

3.1%

Cash

11.9%

100.0%

*Past performance cannot be relied on as a guide to future performance.

Taiwan

22.2%

India

12.9%

China

11.1%

South Korea

10.5%

United States

7.3%

Turkey

6.4%

Brazil

5.5%

Kenya

4.8%

Vietnam

4.1%

South Africa

2.0%

Malaysia

1.3%

UK*

11.9%

100.0%

*includes uninvested cash Source: Frostrow Capital LLP, Date: 31.12.2022

© Mobius Investment Trust plc 2022

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Date: 31.12.2022

MOBIUS INVESTMENT TRUST PLC

Active Ownership in Emerging and Frontier Markets

Investor Profile

Mobius Investment Trust plc has no required minimum holding period and is designed for long- term investment (at least five years). MMIT invests in equities and it may therefore be subject to volatility. This requires an elevated risk tolerance.

Opportunities

  • Focus on dynamic small and mid-sized companies in many of the fastest growing economies in the world
  • Fundamental bottom-up research process identifies resilient business models which are undervalued and mispriced
  • Lower ESG standards in emerging and frontier markets offer a unique opportunity for active engagement approach
  • Create value by delivering a clear ESG pathway for our portfolio companies
  • Concentrated portfolio allows a customised engagement strategy for each company

Risks

  • MMIT pursues an active management style. Its performance may therefore deviate considerably from that of a comparable market return
  • Pronounced fluctuations in price are characteristic of emerging and frontier economies. Other characteristics include specific risks such as lower market transparency, regulatory hurdles, illiquidity of markets as well as political and social challenges
  • Investments via Shanghai or Shenzhen Stock Connect are subject to additional risks, quota limitations, custody risk, clearing/settlement risk and counterparty risk
  • Focusing intentionally on stocks in small and medium cap companies may entail additional risks (e.g. lower liquidity)

Top 10 Positions (% of Net Assets)

1.

EC Healthcare

8.8

2.

EPAM Systems

7.3

3.

Persistent Systems

5.6

4.

Apollo Tubes

5.5

5.

TOTVS

5.5

6.

LEENO Industrial

5.4

7.

Classys

5.1

8.

Safaricom

4.7

9.

eMemory Technology

4.6

10.

Sinbon Electronics

4.2

Total

56.7%

Source: Frostrow Capital LLP, Date: 31.12.2022

Commentary

The last quarter of 2022 saw a recovery in emerging market equities driven by China's U-turn on the zero-Covid policy, easing inflation and a weakening US dollar. Asian markets rallied, with Chinese equities up 3.9% during December in GBP terms. However, the gains global stock markets saw in November were partly offset in December when the Fed signalled further monetary tightening (albeit at a slower pace), fuelling investors' recession fears. Over the reporting period, the Mobius Investment Trust's net asset value decreased by 1.2%, while the share price increased by 2.9% driven by strong investor demand.

Non-hospital health care provider EC Healthcare (+2.9%) was the strongest contributor to December performance, as the reopening of China's borders meant that patients from the mainland would finally be able to return to the Hong Kong- based high-end clinics. MMIT's Turkish holdings, retailer Mavi (+0.4%) and software firm Logo (+0.3%), also delivered strong returns. Software companies EPAM (-1.0%), TOTVS (-1.0%), and Persistent Systems (-0.6%) were the main detractors during the period.

For updates from the investment manager including videos and blogs, please visit the Mobius Capital Partners website: https://www.mobiuscapitalpartners.com.

Risk Warnings: This document is issued by Mobius Investment Trust plc 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. Nothing in this document should be construed as investment advice or a recommendation to buy or sell shares. 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. Past performance cannot be relied on as a guide to future performance. The Company does not seek any protection from future market performance, so you could lose some or all your investment. Shares of the Company are bought and sold on the London Stock Exchange (LSE). 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. For further information on the principal risks the Company is exposed to please refer to the Company's Investor Disclosure Document available at www. mobiusinvestmenttrust.com. The Company can borrow to purchase investments, this could potentially magnify any losses or gains made by the Company.

Mobius Investment Trust plc has used all reasonable efforts to ensure the accuracy of the information contained in this document but makes no guarantee or representation as to the reliability, completeness or accuracy of such information.

Mobius Investment Trust plc is a public limited company whose shares are premium listed on the LSE and is registered with HMRC as an investment trust. The Company has a Redemption Facility through which shareholders will be entitled to request the redemption of all or part of their holding of Ordinary Shares on a periodic basis. The first Redemption point for the Ordinary Shares was on 30 November 2022 and each subsequent Redemption point shall fall on 30 November every third year thereafter.

© Mobius Investment Trust plc 2022

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Mobius Investment Trust plc published this content on 27 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2023 12:58:15 UTC.