Montanaro UK Smaller Companies Investment Trust PLC

213800UDDXXTXIF29P85

Final Results

2025 Annual Results and notice of annual general meeting

Montanaro UK Smaller Companies Investment Trust PLC (or the 'Company') announces its annual results for the year ended 31 March 2025 and the publication of its annual report and accounts for the same period, which includes the notice of its 2025 annual general meeting.

Highlights

for the year ended 31 March 2025

Performance

Sources: Deutsche Numis, Bloomberg, Association of Investment Companies ("AIC"), Montanaro Asset Management Limited ("MAM").

1 Details provided in Alternative Performance Measures on pages 64 to 65 of the Annual Report.

2 The Benchmark is a composite index with the NSCI used since 1 April 2013.

3 This represents the Benchmark with the NSCI including AIM used since 1 April 2013.

How to Invest

The Board has dedicated a great deal of time to make MUSCIT readily available to all investors. MUSCIT has continued to grow its presence across the UK's investment platforms. We are delighted to see a steady increase in MUSCIT's retail following.

For further details about how to invest, please refer to the website: https://montanaro.co.uk/trust/montanaro-uksmaller-companies-investment-trust/

Chairman's Statement

I am pleased to present the annual report of MUSCIT for the year ended 31 March 2025. This year also marks MUSCIT's 30th anniversary.

Results

In the year to 31 March 2025, the Net Asset Value ("NAV") of MUSCIT decreased by 6.9%. In comparison, the Numis Smaller Companies Index (excluding investment companies) (the "NSCI") gained 2.3% and the NSCI including AIM decreased by 0.4%.

During the same period, the share price of MUSCIT returned 1.0% as the discount tightened from 15.1% to 8.4%. Compared with the NSCI including AIM, MUSCIT's Share Price outperformed by 1.4%.

Since inception in 1995, the Company has delivered a cumulative NAV total return of 809%, significantly outperforming the composite benchmark which delivered a return of 571%.

Dividends

The Board believes it is important that the Company's dividend policy continues to play a key role in attracting new investors and, in doing so, helps to narrow the discount.

While the Company's primary investment objective and focus remain capital growth - and this has not changed - the Board recognised the evolving interest rate environment.

In December 2024, the quarterly dividend was increased from 1% to 1.5% of the Company's NAV, equivalent to an annual yield of approximately 6%.

Based on the current discount of 8.4%, this implies a share price yield of 6.5%. This would place MUSCIT in the top 10 highest-yielding UK equity trusts out of over 400 and one of only seven strategies offering yields in excess of 6% (Source: Quoted Data).

Quarterly dividends continue to be calculated on the NAV on the last business day of the preceding financial quarter, being the end of March, June, September and December.

During the Financial Year, the Company paid four quarterly dividends amounting to a total of 5.43p per share, equivalent to 5.4% of the share price at the start of the year and 5.6% at the end of the period.

The Company holds substantial reserves which are available for distribution in future.

Costs

The Board remains highly focused on reviewing and managing costs. Effective from 31 December 2024, the investment management fee of 0.50% per annum is now calculated based on net assets rather than gross assets. The fee remains one of the most competitive within the UK SmallCap investment trust sector.

In addition, the Board conducts regular reviews of all service providers to ensure that fees remain competitive and at least aligned with market standards.

We are pleased to report that the Company's Ongoing Charge has remained stable at 0.9%, despite a decrease in net assets during the Financial Year.

Share Buybacks

The Board is responsible for share buy-backs which are undertaken at arms' length from the Manager. These are regularly considered by the Board and implemented when considered to be in the interests of shareholders as a whole.

In recognition of changing market dynamics, the Board confirmed its commitment to an active buyback policy, with the view to maintaining the discount in single digits in normal market conditions.

The share buyback authority was renewed at a General Meeting held on 31 March 2025.

During the financial year, the Company bought back 24,927,148 shares (14.9% of outstanding shares) which are held in Treasury.

In addition, during the life of MUSCIT, the Company has bought back and cancelled 29% of the shares outstanding.

Discount

Over the last financial year, the discount of MUSCIT's share price to NAV, as shown in the graph on page 4 of the Annual Report, narrowed from 15.1% to 8.4%.

The Board and the Manager have worked hard to make MUSCIT attractive to private clients, including implementing a five-for-one share split in 2018; twice enhancing its dividend policy; reducing costs and increasing the focus on marketing. These initiatives are bearing fruit, with a growing number of retail investors now appearing on the share register. Over time, this broader ownership base should help to reduce discount volatility in MUSCIT's shares.

Gearing

The Board, in consultation with the Manager, regularly reviews the gearing strategy of the Company and it approves the arrangement of any gearing facility. The ability to issue debt to gear the portfolio is a key feature of investment trusts that we believe offers a strong competitive advantage over open‑ended investment funds. Gearing can enhance investment returns to shareholders. The Board strongly encourages the Manager to actively use the gearing facility while delegating the decision on optimum levels to their discretion.

On 17 December 2024, the borrowing facilities were renewed with BNY Mellon for a period of two years. The interest rate on the £30 million revolving credit facility is calculated as the prevailing SONIA rate plus 1.3% (the bank margin).

At 31 March 2025, net gearing was 5.2%, a level that the Manager considered to be appropriate in light of the macroeconomic uncertainty and volatility in financial markets at that time.

Environmental, Social and Corporate Governance ("ESG")

The Board and Montanaro believe there is a strong correlation between how well a business fares on ESG grounds and the value it creates for its shareholders. This is why ESG considerations form an integral part of the Manager's assessment of a company's "Quality" and have been fully integrated into the investment process for many years.

The depth of Montanaro's commitment is perhaps best exemplified by the fact that they are one of the few UK asset managers to be a certified B Corporation - a certification Montanaro have held since 2019. Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency and legal accountability to balance profit and purpose. The certification was renewed for a further three years in 2022. Montanaro's score rose from 81.8 to 105.5 (classified as "outstanding"), demonstrating their commitment to continual improvement.

An ESG Report is included on pages 7 to 8 of the Annual Report.

AGM

The Annual General Meeting will be held on Wednesday, 23 July 2025 at 10 a.m. at the office of Montanaro Asset Management, 53 Threadneedle Street, London EC2R 8AR. Shareholders are warmly invited to attend the Meeting where, after the formal business has been concluded, there will be an opportunity to meet and ask questions of the Board and the Manager.

Continuation Vote

The next Continuation Vote is scheduled to be held in 2027.

At the AGM held on 12 August 2021, over 99% of shareholders voted in favour of continuation of the Company for a further five years.

Directors' Fees

In light of the adjustments to the investment management fee and reduced NAV of the Company, the Board has agreed to reduce Directors' remuneration by 10% from 1 April 2025. This decision reflects the Board's commitment to managing the Company's costs. Directors are encouraged to invest a proportion of their remuneration in shares of the Company. We will continue to review remuneration levels to ensure they remain appropriate and competitive within our peer group.

Outlook

The financial year to 31 March 2025 was shaped by considerable turbulence, both in international relations and financial markets. The re-election of Donald Trump and the announcement of sweeping tariffs - dubbed "Liberation Day" measures - shocked the global economy, heightening volatility and damaging investor confidence. These developments have added considerable uncertainty to the global outlook and are reshaping established trading relationships in ways that are still unfolding.

Closer to home, the UK faced its own challenges. The Budget announcements in November 2024 and again in March 2025 were generally poorly received by the business community, with tax and minimum wage increases viewed as disappointing. These measures weighed on domestic sentiment and contributed to a difficult environment for UK smaller companies in particular. Growth companies faced the additional headwind of rising bond yields.

Nonetheless, as we look ahead, there are reasons for cautious optimism. Recent data show that UK GDP growth in Q1 2025 outperformed expectations, while inflation has come in below forecast. As a result, investor sentiment towards UK equities is perhaps beginning to improve from deeply depressed levels.

Furthermore, early signs suggest that a potential 'brain drain' from US universities - as international academics and students look elsewhere - could benefit the UK's world-leading higher education sector and, over time, the broader economy. UK equity valuations - particularly among smaller companies - are close to generational lows compared to other major markets, while global investor allocations to UK equities remain exceptionally low. A combination of attractive valuations and improving sentiment could set the stage for a meaningful reappraisal of UK equities in the years ahead.

Against this backdrop, we remain confident that our portfolio of high-quality, resilient smaller companies - of which the overwhelming majority are unaffected by trade tariffs - offers attractive opportunities for long-term investors.

The Board and the Manager remain focused on delivering strong, sustainable returns while managing risk carefully in what continues to be an evolving and unpredictable environment.

ARTHUR COPPLE

Chairman

16 June 2025

Manager's Report

The Attractions of Quoted UK Smaller Companies ("UK SmallCap")

The key attraction of investing in quoted smaller companies is their long-term record of delivering higher returns to investors than large companies. In the UK, over the last 70 years, this has amounted to an average of 3.1% per annum (the "SmallCap Effect").

£1 invested in UK large companies in 1954 would now be worth £1,530 whereas the same £1 invested in UK smaller companies would now be worth £10,040 - almost seven times more.

The market for UK smaller companies is inefficient. While some large companies are analysed by more than 50 brokers, many smaller companies have little or no coverage. We believe that this makes it easier for those with a high level of internal resources to identify attractive, undervalued and overlooked investment opportunities. This in turn makes it possible to deliver long-term performance over and above that of the benchmark.

Montanaro Asset Management

Montanaro was established in 1991. We have one of the largest and most experienced specialist teams in the UK dedicated exclusively to researching and investing in quoted smaller companies. Our team of 37 includes 11 nationalities and 16 Analysts and Portfolio Managers, which gives us the breadth of resources to conduct thorough in-house research.

At 31 March 2025, we were looking after around £3 billion of client assets.

Investment Philosophy and Approach

We specialise in researching and investing in quoted smaller companies.

We have a disciplined, two-stage investment process. Firstly, we identify "good businesses" within our investable universe. In the second stage, we determine the intrinsic value of each company to ensure they will make a "good investment" (the two are not always the same).

When we consider that we have identified a potentially "good" company, it must pass our stringent Quality and ESG Checklists and be approved by our Investment Committee before it can be added to our "Approved List". ESG has been integrated within our disciplined investment process for almost three decades. Only the most attractive companies make it on to the Approved List and it is from these that we construct your portfolio.

Our in-house team of Analysts are sector specialists and one of the largest specialist teams in the country. Utilising their industry knowledge and a range of proprietary screens, they are continually searching for new ideas. With around 1,600 quoted companies in the UK to choose from, we are spoiled for choice.

We look for high quality companies in markets that are structurally growing and simple to understand. They must be profitable; have good and experienced management; deliver sustainably high returns on capital employed; enjoy high and ideally growing profit margins reflecting pricing power and a strong market position; and provide goods and services that are in demand and likely to remain so. We like focused companies that are well-established with a long history so that we can see how they perform over different cycles. Ideally, they should deliver self-funded organic growth rather than rely on acquisitions and stick firmly to their core areas of expertise.

Conversely, we avoid those with stretched balance sheets; poor free cash flow generation; incomprehensible or heavily adjusted accounts; unproven or unreliable management; structurally challenged business models with stiff competition; and "special situations" or recovery companies.

We believe that a deep understanding of a company's business model and the way it is managed are essential. We meet or speak to our investee companies on a regular basis, typically after they announce their semi-annual or annual figures. Site visits are particularly useful. They allow us to meet management in situ when they can give us more time and we can talk to more people. Investing in small companies is all about meeting the executive team. It is a privilege for us and where we can add most value.

Management's past track record is examined in detail as we seek to understand their goals and aspirations. In smaller companies, the decisions of management can make or break a company (which is why meeting them is so important). We look closely at the board structure; the level of insider ownership; and carefully examine remuneration and corporate governance policies.

Once a company has been added to the portfolio, our Analysts conduct ongoing reviews. We will sell a holding if we believe that the company's underlying quality is deteriorating or if there has been a fundamental change to the investment case or indeed management. We will get things wrong and make mistakes, but we try to learn from them.

In summary, we invest in well managed, focused, high quality, growing companies bought at sensible valuations.

We keep turnover and transaction costs low and follow our companies closely over many years. We would rather pay more for a higher quality, more predictable company that can be valued with greater certainty.

Environmental, Social and Governance ("ESG")

Montanaro became a certified B Corporation in 2019, placing sustainability at its core. This was achieved by meeting verified standards of social and environmental performance, transparency and accountability. It is regarded as one of the toughest sustainability standards to achieve globally. Montanaro recertified for "B Corp" status in 2022 and achieved a score of 105.5, well above the 81.8 originally achieved in 2019 and an achievement of which we are proud.

Montanaro has a long track record of sustainable investing which has always been reflected in the way the portfolio has been managed. Ethical restrictions mean that we do not invest in companies that generate a significant proportion of sales from products with negative societal impact such as tobacco, gambling, alcohol, high-interest-rate lending and fossil fuels. Similarly, we do not invest in companies that conduct animal testing, unless it is required by law for healthcare or regulatory purposes.

The analysis of ESG factors has long formed part of our definition of a company's "Quality". The analysis of such information allows us to better understand the risks - and opportunities - that our companies may be exposed to, from factors such as climate change, supply chain risks and the structure of company boards.

MUSCIT was awarded an 'AA' rating for its ESG credentials by MSCI - the second best rating out of a possible seven - placing it among the highest-rated funds in its category.

In March 2022, Montanaro won "the Best Small & Mid-Cap Sustainable Investment Boutique" award from Ethical Finance. This recognised Montanaro's continuing commitment to sustainable investing within its own business, across the investment industry and in our investment process. We were delighted to receive this award again in 2024.

Examples of Recent Investee Company Engagement

We continued our active engagement with portfolio companies over the past year, focusing on areas such as environmental transparency, executive pay, and sustainability reporting.

As part of the 2024 CDP Non-Disclosure Campaign, we engaged with Hilton Foods to discuss how they could improve their environmental reporting. In previous years, the company had not responded to CDP requests for disclosure. Our discussions were constructive as always. Subsequently, they completed all three CDP questionnaires covering climate change, water security and deforestation. This marks a significant step forward and shows the company's growing commitment to sustainability and investor transparency.

We took part in a shareholder consultation with discoverIE regarding proposed changes to its executive pay structure, including increases to performance-based long-term incentives. Our engagement focused on ensuring a clear link between reward and long-term value creation. The company provided reassurance on how performance metrics were being designed to align with shareholder interests. After a thorough review, we voted in favour of the proposals at the AGM.

How to Invest

We have dedicated a great deal of time to make MUSCIT readily available to all investors. We have continued to grow our presence across the UK's investment platforms and are delighted to see a steady increase, year after year, in MUSCIT's retail following.

Together with the Board, we have appointed Marten & Co to provide sponsored research. The latest report published in May 2025 is available here: https://quoteddata.com/research/montanaro-uk-smaller-companies-high-growth-bigger-yield-mc/

For further details about how to invest, please refer to the following website: https://montanaro.co.uk/trust/montanaro-uk-smaller-companies-investment-trust/

The Portfolio

On 31 March 2025, the portfolio consisted of 40 companies of which the top ten holdings represented 41% (2024: 46%) of the portfolio by value. MUSCIT held 8 companies traded on AIM representing 16% of the Portfolio by value (2024: 21%).

Sector distribution within the portfolio is driven by stock selection. Although weightings relative to the market are monitored, overweight and underweight positions are held based on where the greatest value and upside are perceived to be.

Gearing

The Board is responsible for setting the Company's gearing strategy and approves the arrangement of any borrowing facilities. The Manager is responsible for determining the gearing level within parameters set by the Board. On 31 March 2025, gearing stood at 5.2%.

Performance Review

In the year ended 31 March 2025, the NAV decreased by 6.9% in comparison with the benchmark gain of 2.3%. Including AIM, the benchmark was flat. Style proved a headwind: Growth underperformed Value by 8% last year, accounting for the underperformance.

During this period, the share price of MUSCIT returned 1.0% as the discount narrowed from 15.1% to 8.4%. Compared with the NSCI including AIM, MUSCIT's share price outperformed by 1.4%.

Since its launch in March 1995, MUSCIT has delivered an average annualised NAV return of 7.6% p.a. (including dividends reinvested), outperforming the composite benchmark by 1.1% p.a.. This is a cumulative NAV total return of 809%, significantly outperforming the composite benchmark return of 571%.

Performance Attribution

The largest positive contributors over the period were:

XPS Pensions, a leading provider of pension administration and consulting services, continued its strong run. Demand for expert advice remains high following the LDI crisis caused by Liz Truss's mini-budget in September 2022. The group has been gaining market share through new client wins and awards. This is the second year in a row that XPS has been among our top performers.

Games Workshop, the fantasy miniatures company behind Warhammer, delivered impressive results once again. A growing global fanbase, successful new product launches, and expanding royalty income from licensing deals - including with Amazon - all contributed to investor enthusiasm. The business remains highly profitable and cash generative with a strong dividend track record.

Raspberry Pi, a Cambridge-based semiconductor company and educational computing pioneer, made a successful debut on the London Stock Exchange. We participated in the IPO (see below). Early trading has been encouraging and in line with market expectations.

As ever, the year was not without some disappointments. The largest detractors were:

Tracsis, a provider of software and services to the transport industry, saw its shares weaken after failing to secure any large train orders in America that had been anticipated. At the time of writing, the shares are trading on c.11x forward earnings, which suggests to us that the news has been fully discounted by the market. The share price has been quietly rallying since the end of the financial year.

4imprint, the direct marketer of promotional products in the US, gave back some of its previous strong gains. As most of their products are sourced from China, investors became concerned about the impact of trade tariffs and the likelihood of price increases that might result. One of our top performers last year, 4imprint remains a core holding and has one of the best management teams we have the privilege to know.

YouGov, the international market research and data analytics company, issued a profit warning following operational missteps, including delayed project delivery and cost overruns. So soon after a large acquisition, management credibility was sufficiently in doubt that we sold the holding. Subsequently, the Chief Executive stood down.

Case Study - Raspberry Pi

This year saw us participate in the IPO of Raspberry Pi - our first for MUSCIT since Auction Technology Group in February 2021. IPOs are rare for us. We prefer companies with a long track record on the public market, not least because listing is a gruelling process. The obligations once public are considerable. Add in fund managers like us asking endless (and probably quite annoying) questions and you can understand why some founders choose to stay private.

But we do like a good prospectus. The trick, as ever, is to read it from the back - litigation, accounting adjustments, related party transactions, etc. are all buried at the end. Most don't have the stamina to read every page to the last. We do.

In 2024, just 17 companies came to market in the UK - down 96% from the 2005 peak. But this could not go on. Private equity needed exits. Bankers needed bonuses. The London Stock Exchange needed a win. Step forward: Raspberry Pi.

Founded in Cambridge, Raspberry Pi began as an educational charity to inspire the next generation of computer programmers. Eben Upton and colleagues launched the first credit card-sized computer boards in 2012, priced at under £15, hoping schools would use them to teach coding. They caught on fast: first with kids and hobbyists; later with engineers and OEMs. Today, Raspberry Pi is a global business selling into both education and industry.

The IPO prospectus was one of the cleanest I have ever read. It passed the key tests: management were not selling a single share (always "follow the money"); they retained a meaningful 5% stake; they had impressive backers such as ARM and Lansdowne who were cornerstone investors; Sony Semiconductor was already involved. Most importantly, the main seller was the Raspberry Pi Foundation - not private equity - and proceeds would continue to support its charitable mission.

The company ticked every MUSCIT box: c.£500 million market cap (too small for the index-huggers and big institutions), profitable and growing fast. From 2021 to 2023, revenues rose by over 90% and operating profits had more than doubled. We had a long meeting with management who are passionate, open and trustworthy. We felt it would be priced attractively. There were too many people who had a vested interest in a successful outcome.

The IPO was around 10 times oversubscribed. Half the institutions walked away empty handed. Fortunately, we received an allocation which we quickly increased to our target weight. Raspberry Pi listed at £2.80 on 10 June 2024 and has since more than doubled. Such successes are rare but in this instance all the stars were aligned. A founder-led, mission-driven, profitable UK technology company, backed by long-term sophisticated investors built for the long term at a time when the London Stock Exchange needed something to shout about.

There is a postscript. Whilst reading the prospectus, I spotted a familiar name: David Braben, one of the co-founders, is also Chairman of Frontier Developments, a company we've known for many years. I gave him a call. As ever, some of the most valuable insights come not from broker notes, prospectuses or roadshows but rather from relationships built over decades.

This is what UK SmallCap is all about. Raspberry Pi reminds us why it is so exciting and rewarding.

Outlook

UK equities as a whole are trading at just 12x earnings, one of the cheapest global stock markets. UK SmallCap is even cheaper, languishing at around 10x depressed profits.

For long-term investors, this has the hallmarks of a generational buying opportunity.

We are not alone in this view. Around the world, the investment community is reassessing its exposure to Wall Street. The return of Donald Trump and "Liberation Day" politics have reignited concerns around deficits, US dollar stability and the sustainability of the dominance and so called "excellence" of America. Is it still a reliable trading partner? It may no longer be the obvious safe haven for investors - Wall Street underperformed the rest of the world by 10.5% in the first quarter of 2025, the most in 23 years. This is remarkable and may signal a change in the world order never seen before in our lifetime. As the risk premium on US equities rises, capital is beginning to search for alternative homes. The UK is on the radar once again.

Consensus earnings for UK SmallCap companies forecast a rise of over 17% in 2025, outpacing larger peers by some margin. The combination of a valuation discount and an improving earnings outlook bodes well. Currently, UK smaller companies are unloved and under-owned. Over the past thirty years, we have seen sentiment change dramatically almost overnight - March 2003 and March 2009 come to mind - which heralded several years of strong returns. It pays to remain patient and keep the faith.

CHARLES MONTANARO

16 June 2025

Top 10 Holdings

as at 31 March 2025

1.     discoverIE - A global electronics group designing customised components for industrial applications. Its high-margin, design-led model and exposure to structural growth markets such as renewables and automation make it a compelling long-term compounder.

2.     XPS Pensions - A leader in pension consultancy and administration, XPS is well positioned to grow as regulation drives demand for independent, expert advice. Its scalable model and market share gains support long-term, structural growth. XPS won the John Lewis Pension Fund last year with 165,000 members, the largest in the company's history.

3.     Big Yellow - Big Yellow is the UK's leading self-storage provider with over 100 stores nationwide and a focus on London and the South East. Demand is driven by decluttering, moving, home improvements, student storage, travel, business needs and life events ("death, divorce and downsizing"). Since listing in 2000, it has achieved consistent earnings and dividend growth with annualised total shareholder returns of 13.6%.

4.     Hilton Foods - A global food packaging business partnering with leading supermarkets such as Tesco, Woolworths (Australia) and the Co-op. Innovation in sustainable packaging and plant-based products, plus geographic expansion such as in Saudi Arabia, support strong growth. Walmart have just announced a $6.5 billion landmark investment in Canada where they will be working with Hilton Foods.

5.     Telecom Plus - Trading as Utility Warehouse, TelecomPlus bundles energy, broadband, mobile and insurance into a one-stop shop proposition. Its unique referral model fuels customer growth, with rising energy costs enhancing its relative value proposition. It has over one million customers in the UK.

6.     Baltic Classifieds - BCG are the dominant classifieds business in the Baltics, operating 14 online portals across autos, real estate, jobs, services and generalist verticals. High margins and pricing power, strong network effects and digital transition underpin its exceptional profitability and scalability. Each resident in the Baltics, on average, visits BCG sites 10 times per month

7.     Porvair - Specialising in filtration for environmental and industrial markets, Porvair benefits from global regulations and decarbonisation trends. Its niche technologies serve mission-critical applications with high barriers to entry.

8.     4imprint - 4imprint is the leading direct marketer of promotional products in the USA, Canada, the UK and Ireland offering more than 43,000 products. They hold a 2% market share in a highly fragmented market indicating substantial room for growth to compete successfully with Amazon.

9.     Bytes Technology - One of the UK's largest software resellers, Bytes provides IT solutions including software licensing, security, cloud services and digital transformation across public and private sectors. They have strong vendor relationships including with Microsoft (about half of sales) winning awards such as "Microsoft Partner of the Year". High cash generation and increasing cloud adoption support continued growth.

10.   JTC - A global fund and corporate services provider with a strong M&A track record. Its client-first culture and scalable platform deliver high recurring revenues and consistent margin expansion.

Twenty Largest Holdings

as at 31 March 2025

All investments are in ordinary shares.

As at 31 March 2025, the Company did not hold any equity interests in excess of 3% of any investee company's share capital.

FURTHER INFORMATION

Montanaro UK Smaller Companies Investment Trust PLC's annual report and accounts for the year ended 31 March 2025 (which includes the notice of meeting for the Company's AGM) will be available today on https://montanaro.co.uk/trust/montanaro-uk-smaller-companies-investment-trust/

It has also been submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and is available for inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism in accordance with DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.