Unicorn Mastertrust Fund July 2018

1 Unicorn Mastertrust fund July 2018. Investment Objective The Unicorn Mastertrust fund aims to achieve long term capital growth by investing in a wide Unicorn Asset Management Limited ( Unicorn ) is range of listed investment companies . an independent, specialist fund management group, established in July 2000. Investment Policy/Strategy To invest in listed Investment companies to provide diversification across a range of asset Unicorn focuses on long term, long only, classes and geographical areas. In addition to the shares and related securities of conventional investment in UK quoted companies and aims to Investment companies the fund may invest in Alternative investments, including Listed Private achieve superior absolute returns through the Equity Funds.

2 The investment manager adopts a contrarian investment approach which at application of traditional, fundamental principles times seeks to take advantage of pricing anomalies within the Investment companies sector. of investment. Asset allocation is not restricted by reference to any particular benchmark although the manager aims to achieve superior returns relative to the UK Equity Market over the long term. Manager Peter Walls fund Commentary 8. Mastertrust 's net asset value appreciated by in June, while the average Investment PETER WALLS. Company share price increased by Positive contributions to performance during the month came from Independent Investment Trust (+ ), Caledonia Investments (+ ), Gresham House Strategic (+ ), Gabelli Value+ (+ ) and North Atlantic Smaller companies (+ ).

3 The largest negatives were BlackRock World Mining ( ), City Natural Resources ( ), Aberdeen New Dawn ( ) and Invesco Asia ( ). Additional shares were acquired in a number of existing holdings including Caledonia, HarbourVest Global Private Equity, Hansa Trust A and Strategic Equity Capital. Cumulative Performance YTD 1 Year 3 Year 5 Year 10 Year Mastertrust (B-Shares) Rank 17/255 14/246 1/211 2/181 1/110. Sector Average Source: Financial Express (Using bid to bid market value, total return). Discrete Performance 2017 2016 2015 2014 2013. Mastertrust (B-Shares) Rank 7/232 49/217 7/207 121/187 11/177. Sector Average Source: Financial Express (Using bid to bid market value, total return).

4 Past Performance - 10 Years 180%. Past performance is not a guide to 150% future performance. The value of investments and the income from 120% them may go down as well as up 90%. and investors may not get back the full amount of their original 60% investment. 30%. 0%. -30%. -60%. Aug 07 Aug 08 Aug 09 Aug 10 Aug 11 Aug 12 Aug 13 Aug 14 Aug 15 Aug 16 Aug 17. A - Unicorn - Mastertrust B TR in GB[ ] B -UT Flexible Investment TR in GB[ ]. 30/06/2008 - 30/06/2018 Data from FE 2018. Unicorn Mastertrust fund July 2018. Top 10 Holdings Sector Breakdown Alliance Trust Investment Trusts British Empire Trust Cash Caledonia Investments Total Harbourvest Global Private Equity Foreign & Colonial Investment Trust TR Property Investment Trust Hansa Trust Aberforth Smaller companies Law Debenture Corp Herald Investment Trust Total fund Facts Share Class Information fund Manager Peter Walls A - Income B - Income O - Income fund Size 83m Intial Charge Launch Date 31 December 2001 On Going Charge fund Sector Active Managed ISIN Code GB0031269367 GB0031218018 GB00 BJTMQ677.

5 Number of Holdings 55 Sedol Code 3126936 3121801 BJTMQ67. Pricing 10:00 Daily Bloomberg Code UNMSTAI UNMSTAI UNMSTAI. ISAs/JISAs Available MEX ID U2MA U2 MSAA U2 AAAD. Dividend Dates Ex-Div: 30/9 Initial Investment 2, 100, 10, Payment: 30/11. Risk Ratios 1yr 3yr How to buy the fund : The fund is available through a number of Volatility distributors including Alpha 7IM HL Vantage Beta Aegon Hubwise Sharpe Alliance Trust James Hay Information Ratio Ascentric/Funds Direct Novia Aviva Nucleus Bestinvest Pershing Nexus Funds Charles Stanley Direct Standard Life Fundzone Cofunds Transact Fidelity Funds Network Zurich All figures within this factsheet have been calculated with reference to 30 June 2018 with exception to the on going charge figure which is based on the interim accounts for the 12 months ended 31 March 2018.

6 Authorised and regulated by the Financial Conduct Authority. We do not give investment Fact sheet issued by: advice so you will need to decide if this investment is suitable to you. The information should Unicorn Asset Managment not be construed as an invitation, offer or recommendation to buy or sell investments, shares Preacher's Court or securities or to form the basis of a contract to be relied on in any way. We recommend that The Charterhouse you contact a financial adviser if you are unsure whether to invest. Investors should also read Charterhouse Square the Prospectus and KIID document of the fund before making an investment.

7 Unicorn Asset London Management Limited provides no guarantees, representations or warranties regarding the EC1M 6AU. accuracy of this information. No third party liability is accepted by Unicorn Asset Management Limited, its directors and employees, or its affiliates and their directors, in respect of errors and Telephone: 020 7253 0889. omissions, other than under the duties and liabilities of the Financial Services and Markets Act, Fax: 020 7251 4028. 2000. Past performance is not a guide to future performance. The value of investments and the Email: income from them may go down as well as up and investors may not get back the full amount Website: of their original investment.

8 You should not invest unless you are prepared to accept a high Dealing Helpline: 0345 026 4287. degree of risk. Taxation levels, benefits and reliefs may all vary depending on individual circumstances and are subject to change. Investing in smaller companies , including AIM. companies , can carry greater risks than those usually associated with large capitalisation companies . Smaller companies are likely to be less established and may not have access to the financial resources available to their larger counterparts. The shares of smaller companies are relatively illiquid and under-researched.