Momentum Multi Asset Value Trust pl : Momentum Multi-Asset Value Trust plc

MOMENTUM MULTI-ASSET VALUE TRUST

MONTH END AUGUST 2022

FOR PROFESSIONAL ADVISERS ONLY

INVESTMENT OBJECTIVE

INVESTMENT TEAM

Over a typical investment cycle, the Company seeks to achieve a total return of at least CPI plus 6% per annum after costs with low volatility and aims to increase the dividends paid to Shareholders at least in line with inflation, through the application of a Multi-Asset Investment Policy.

The manager takes active allocation decisions within defined ranges. These tactical moves are made through a combination of direct investment and commitments to third party funds, both open and closed ended.

Gary Moglione	Richard Parfect	Mark Wright	Tom Delic
Lead Oversight	Second Oversight	Portfolio Manager	Portfolio Manager
Portfolio Manager	Portfolio Manager

Our investment approach is team based with all portfolio managers having specific areas of research focus and access to and input from the wider Momentum Global Investments team.

FIVE YEAR HISTORICAL CUMULATIVE PERFORMANCE

60%

30%

0%

-30%

MAVT		MSCI UK All Cap		Benchmark ^

Source: MGIM, Bloomberg Finance LP. The value of the underlying funds and the income generated from them can go down as well as up, and is not guaranteed. Investors may not get back the original amount invested. The value of investments involving exposure to foreign currencies can be affected by currency exchange rate fluctuations. Past performance is not a guide to future performance.

Rebased to zero as at 31.08.2017.

CUMULATIVE	1	3	6	1	3	5
PERFORMANCE
month	months	months	year	years	years
(%)
Trust share price (bid)	(1.2)	(7.4)	(6.9)	(10.4)	6.1	12.9
Trust NAV	(2.4)	(7.2)	(6.0)	(11.3)	8.9	15.8
Benchmark^	1.3	3.8	7.3	13.0	29.9	52.6

DISCRETE ANNUAL	31 Aug	31 Aug	31 Aug	31 Aug	31 Aug
PERFORMANCE
2022	2021	2020	2019	2018
(%)
Trust share price (bid)	(10.4)	35.9	(12.9)	5.9	0.5
Trust NAV	(11.3)	37.3	(10.6)	6.2	0.2
Benchmark^	13.0	7.3	7.2	8.1	8.7

MONTHLY COMMENTARY

• The two dominant factors driving markets in August were a) a massive surge in natural gas and power prices in Europe; and b) a further hawkish shift by central banks to counter the persistence of high rates of inflation.
• We took the opportunity to further increase Capita following the release of their H1 22 results which showed progress on important aspects such as balance sheet, margin and restructuring costs. The share price fell by 7% and we believe the shares offer significant upside from here and so increased our holding into this weakness.
• OSB Group released a very strong set of H1 22 results leading to analysts upgrading earnings for FY22 by mid to high single digits, with the share price rising by 5% on the day.
• Infrastructure holding Greencoat UK Wind released their interim results reporting a total NAV return of 17.8% over the 6 month period. The company is performing well in the current environment with ultra-high power prices and it is positive to hear that they welcome the prospect of modernising the power market in order to disconnect its dependence on gas for pricing. The company remains a good hedge against the effects of high power prices elsewhere in the portfolio.

Source: MGIM, Bloomberg Finance LP

TRUST CODES & DETAILS

SEDOL	0876999
ISIN	GB0008769993
CITICODE	IS61
Bloomberg ticker	MAVT LN
Investment Manager	Momentum Global Investment Management Ltd (MGIM)
Financial Times	Investment Companies
AIC sector	Flexible Investment
ISA eligible	Yes, the trust is fully ISA eligible
NAV with income	168.05p
Share price (mid)	166.00p

DIVIDEND PAYMENTS
Year	2019	2020	2021	2022	2023
March	1.64p	1.68p	1.68p	1.68p	1.80p*
June	1.68p	1.68p	1.68p	2.16p
September	1.68p	1.68p	1.68p	1.80p*
December	1.68p	1.68p	1.68p	1.80p*

Source: Company Secretary/RNS

*Dividend note: As announced in the RNS of 22.08.2022, the Company will continue at least to maintain the 1.80p per share quarterly dividend rate for at least the financial year to 30 April 2023, barring unforeseen circumstances.

Cumulative & discrete figures are sourced from MGIM, Bloomberg Finance LP, Trading Economics & Morningstar. Share prices calculated on a total return basis with net dividends reinvested. NAV returns based on NAVs including income and with debt valued at par. Returns do not include current year revenue. ^Benchmark: CPI plus 6%. For the periods ending 31.08.2022, a forecast CPI is used. The information on this factsheet is as at 31.08.2022 unless otherwise stated. MGIM defines a typical investment cycle as one which spans 5-10 years, and in which returns from various asset classes are generally in line with their very long term averages. Low volatility is defined as being lower volatility than that which would be typical of a pure equity portfolio.

ASSET ALLOCATION

INCOME GENERATION

UK equity	32.5%
Overseas equity	22.5%
Credit	7.0%
Specialist assets	32.4%
Defensive assets*	3.4%
Cash & equivalents	2.2%

UK equity	26.0%
Overseas equity	20.8%
Credit	9.1%
Specialist assets	43.4%
Defensive assets*	0.0%
Cash & equivalents	0.7%

As at 31.08.2022, allocations subject to change. Source: MGIM

*Defensive assets have reduced/negative correlation to equity markets to provide a more defensive element during times of stress Defensive assets consists of a variety of investments such as gold**, government bonds, short ETFs, alternative/uncorrelated strategies and managed futures strategies. **Exposure to physical gold is achieved through investments in exchange traded certificates (ETC) which aim to provide the performance of gold, as measured by the LBMA Gold Price (PM), which is a recognised benchmark for gold. A Gold ETC is a certificate which is secured by gold bullion, held within the vaults of a nominated custodian.

	TOP FIVE HOLDINGS BY ASSET CLASS			TRUST FACTS
	UK EQUITIES			KEY FACTS
	1.	Babcock International Group	2.4%		Current dividend yield¹	4.05%
	2.	Diversified Energy	2.1%		Total net assets²	£49.00m
	3.	OSB Group	1.9%		% Net gearing ratio³	14.29%
	4.	Senior	1.6%		Year end	30 April
	5.	Origin Enterprises	1.6%		Interim	October
					Premium (discount)	-1.22%
	OVERSEAS EQUITIES			Ongoing charges⁴	1.66% per account
	1.	Morant Wright Fuji Yield	4.6%
	2.	CIM Dividend Income	3.6%
					PLATFORM AVAILABILITY
	3.	Samarang Asian Prosperity	3.1%
	4.	Prusik Asian Equity Income	3.1%
	5.	JP Morgan European Investment Trust	2.5%
	CREDIT
	1.	Absalon Emerging Markets Corporate Debt	2.4%
	2.	TwentyFour Select Monthly Income	2.3%
	3.	Royal London Short Duration Global High Yield	1.3%
	4.	Royal London Sterling Extra Yield Bond	1.0%
		-	-

SPECIALIST ASSETS

1.	Fair Oaks Income	2.5%
2.	Ediston Property Investment Company	2.5%
3.	Syncona	2.3%
4.	Round Hill Music Royalty	2.1%
5.	Doric Nimrod Air Two	1.9%

As at 31.08.2022. Source: MGIM

TRUST RATINGS

CONTACT US

EMMA CLIFT	STEVE HUNTER	RONA GRANT
Head of Distribution Services	Head of Business Development	Company Secretary Juniper Partners Limited
D 020 7618 1806	T 0151 906 2481	T 0131 378 0500
E [e-mail]	E [e-mail]	E [e-mail]

IMPORTANT INFORMATION

¹Current yield: the yield calculation is based on the latest quarterly dividend, annualised, compared against the month end share price. ²Excl. current period revenue and debt. ³Gearing is the

proportion of the debt to its total net assets. ⁴Based on expenses as at 30.04.2022. Annual Investment Management Fee. Based on Market Cap (from 01.07.2014): below £50m = 0.90%.

above £50m = 0.65%. Source: Juniper Partners Limited, MGIM, Bloomberg Finance LP.

The views of Momentum Global Investment Management Limited (MGIM) do not constitute investment advice. Whilst MGIM has used all reasonable efforts to ensure the accuracy of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content. Investment in the Trust may not be suitable for all investors. This document is for information only and does not provide you with all the facts that you need to make an informed investment decision. Investors. Before investing you should refer to the Key

Information Document (KID) for details of the principle risks and information on the fees and expenses. Net Asset Value (NAV) performance may not be linked to share price performance, and shareholders could realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital. The KID, Investor Disclosure Document and latest Annual Report are available at momentum.co.uk. MGIM is the Investment Manager of the Trust (0151 906 2450). MGIM is registered in England and Wales (Company Registration No. 3733094). The registered address is The Rex Building, 62 Queen Street, London, EC4R 1EB. MGIM is authorised and regulated by the Financial Conduct Authority in the United Kingdom (232357).

Past performance is no guarantee of future results. All calls are recorded. Your capital is at risk.

Ratings: Profile published 14.06.2022 by Distribution Technology based on data and information as at 31.03.2022. FE Crown Fund Ratings as of 28.07.2022, do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision.

Momentum Global Investment Management Ltd

The Rex Building, 62 Queen Street, London EC4R 1EB

T 0151 906 2450 E [e-mail] W momentum.co.uk