Title: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx/ URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_class_doc_factsheet_private&id=4fd95fd3-c0a0-45dc-b240-b0afa86f837f&user=hl_website_documents Published Time: Thu, 19 Feb 2026 11:48:52 GMT Number of Pages: 2 Markdown Content: Manchester and London # Investment Trust plc Investment Objective: The principal objective of the Manchester and London Investment Trust plc (“ MNL ” or the “Fund ”) is to achieve capital appre- ciation. Before making an investment you should ensure that you have read and understood Manchester and London Investment Trust plc ’s latest Annual Report, KID and Investor Disclosure Document in detail, which can be found on the following website: www.mlcapman.com. Please ensure you read the Key Risk Considera- tions section overleaf. > This material is not a solicitation or an offer to invest > with Manchester and London Investment Trust plc > (“ MNL ”or the “Fund ”) or any other security. Share market conditions are affected by many fac- tors such as: general economic outlook, movement in or outlook on interest rates and inflation rates, currency fluctuations, commodity prices, changes in investor sentiment towards particular market sec- tors and the demand and supply for capital. As a result, the price of the Ordinary Shares could be highly volatile and can go up or down. Past perfor- mance should not be seen as an indication of future performance. The value of investments can go down as well Strategy: Global Growth Indicative Dividend Yield 5: 5.0% NAV per share 1: 1091.7p (Premium)/Discount 1: 26.5% Net Assets 1: £415.1m Share last price 2: 802.0p Tax Wrapper Friendly: SIPP, ISA, SSAS Ongoing Charges 3: 0.9% Launch date: January 1972 Shares in issue 1,6 : 38,024,587 Tickers: MNL LN; MNL.L ISIN: GB0002258472 Listed: London Stock Exchange ESG 2,4 : 82.6% (Med. 50%) 1 ## Fund News At CES 2026, Nvidia CEO Jensen Huang delivered bullish commentary regarding AI mo- mentum, stating “Demand for AI compute is skyrocketing ”. Since the end of October 2025, consensus estimates for FY2027 revenue have been revised upward by ~18 per cent ($280bn to $330bn), yet the stock trades ~10 per cent lower. Q1 2026 could be an important quarter for NVDA as we await the first wave of AI models trained on the Blackwell architecture. A material step -change in capability could reaffirm Nvidia's training edge over the competing TPU ecosystem. In response to Nvidia ’s strengthening roadmap and rising competition from Google ’s cus- tom silicon, we have cut our position in AMD . We also reduced exposure to Dell due to potential margin compression from rising memory costs. Capital has been reallocated to- wards non -accelerator AI beneficiaries, including Lumentum , Coherent , and Ciena (optics), Vertiv (cooling), Infineon (power chips), Lam Research (semi -cap), and TSMC (semi manufacturing). ## Market Update December was the month that saw the second line, more leveraged AI plays suffer with the likes of Fermi -51 per cent and Iren -21 per cent. Other leveraged plays such as Oracle and CoreWeave remain 38 per cent and 52 per cent down from their ATHs. We have owned a few of these names in the past but took profits earlier in the year. The fund's monthly performance was bang in line with NDXT GBP at minus 1 per cent with our worst attributor being Broadcom, the Market's recent darling. We made numerous changes to the portfolio over the YE and hence it is worth reviewing the new portfolio on our LNKD site at https://www.linkedin.com/company/mnl -ln . Bloomberg consensus estimates imply Earnings strength for our Portfolio of 45 per cent in 2026, but we anticipate little forthcoming reduction in the 10yr Treasury yield. Nonetheless, we see the Earnings growth driving double digit returns from Growth Equities in 2026. Holding: NVIDIA Corp Microsoft Corp Broadcom Inc Robinhood Markets Inc Lumentum Holdings Inc Synopsys Inc Liberty Media Corp -Liberty Fo TSMC Ciena Corp ROBO Global Robotics and Auto Arista Networks Inc Intuitive Surgical Inc Vertiv Holdings Co iShares Global Clean Energy E Infineon Technologies AG Celsius Holdings Inc Karman Holdings Inc AeroVironment Inc Lam Research Corp Coherent Corp > Data as at 6 January 2026 Net:* 41.8% 21.8% 8.1% 3.4% 3.4% 3.1% 2.8% 2.7% 2.5% 2.5% 2.0% 1.9% 1.6% 1.2% 1.2% 1.1% 1.1% 1.0% 1.0% 1.0% Top 20 Equity & Bond Net* Exposures as a percentage of Net Assets Net Equity Exposure Breakdown: Large Cap Equity Mid Cap Equity Small Cap Equity Equity Options Equity ETFs, Funds & Baskets Net:* 109.5% 0.6% 0.0% (2.3)% 4.6% *Net = Exposure on a marked -to -market basis combined with the delta adjusted exposure of options (as defined in the Fund Investor Disclo- sure Document). Ranked on a modulus basis. Current Total Net Equity Exposure: > For further info on delta adjusted exposure please see > fund FAQs: https://mlcapman.com/faq/ > 1 Calculated by Waystone Administration Solutions (UK) Limited (“ Waystone ”) as at 6 January 2026. > 2 Source Bloomberg L.P. (inc PORT) as at 6 Janu- ary 2026. > 3 Based on the Association of Investment Compa- nies (AIC) methodology for calculating the Ongoing Charge figure. As at 31 July 2025. > 4 Sustainalytics Environment Percentile. > 5 Based on the Company ’s indication to pay out at least 40p per share annual dividend over the next 5 years divided by the MNL share last price as at 6 January 2026. > 6 Excluding shares held in treasury. > Source: Bloomberg L.P., Waystone # Fact Sheet December 2025 0 > 10 > 20 > 30 > 40 > 50 60 70 80 90 100 > 110 > 120 > 130 > 140 > 150 > 112.4% > Portfolio Net Delta > Adjusted Equity > Exposure > min .max. ## Manchester and London ## Investment Trust plc ## Fact Sheet December 2025 Certificates, Dividends and Other Shareholding Enquiries : MUFG Pension & Market Services, Central Square, 29 Wellington Street, Leeds, LS1 4DL. Tel: 0371 664 0300 Email: Lyndsay.Muffitt1@mpms.mufg.com Issued by: M&L Capital Management Ltd (“ MLCM ”) who are authorised and regulated by the Financial Conduct Authority under Firm Reference Number 672181. Enquiries: Website: www.mlcapman.com E-mail: ir@mlcapman.com Registered Office of MNL: 12a Princes Gate Mews, London, SW7 2PS. Registered in England & Wales: 01009550 Notes for Risk Management & Valuation Metrics: > 1 Source: Bloomberg L.P. (inc PORT) as at 6 January 2026. > 2 As defined by the Alternative Investment Fund Man- agers Directive (as implemented in the UK on 22 July 2013), calculated using data from Bloomberg L.P. and Waystone. > 3 Forward 12m. > 4 Estimated weighted average sales exposure to China & Taiwan. Where sales exposure to these countries has not been disclosed by our holdings, broker esti- mated ranges or other subjective measures have had to be used instead. Therefore, there is a high degree of subjectivity within this figure and it should only be viewed as a rough guide. 2 Domicile of Net Equity Exposures (Source: Bloomberg L.P., Waystone, MNL) Sector Weightings of Net Equity Exposures (Source: Waystone, MNL) 1 2 3 4 5 6 7 > The Fund is categorised as a 6 on the SRI scale, which is the second highest risk class. This is calculated on past performa nce data using the prescribed > PRIIPS methodology and actual risk may vary significantly. For further information on SRI -including key risk disclaimers -please read the Fund > Key Information Document available at www.mlcapman.com. 1yr Share Price volatility 1: 41.2% AIFMD Leverage 2 - Commitment: 121.3% AIFMD Leverage 2 - Gross: 127.3% Risk Management & Valuation Metrics (Source: Bloomberg L.P. (inc PORT), Waystone) See through P/E 1,3 : 29.4x See through EV/EBITDA 1,3 : 19.0x China & Taiwan est. Sales exp. 4: 22.2% Performance - Total Return (Source: Bloomberg L.P., Waystone) > Data as at 6 January 2026. Return figures are sourced from Bloomberg L.P. Returns are on a total return basis (dividends reinve sted). Fund NAV is calculat- > ed weekly by Waystone. Calculation time periods depend on the timing of NAV releases and so may differ slightly to the perio dic labels. The performance > figures shown relate to past returns and are not a reliable indicator of future returns. PRIIPS Summary Risk Indicator (‘ SRI ’) Lower Risk Higher Risk > Data as at 6 January 2026 > Data as at 6 January 2026 Key Risk Considerations - Capital At Risk MLCM has not taken any steps to verify the adequacy, accuracy or completeness of any information. MLCM, MNL nor any of their respective affiliates, officers, directors, agents and employees make any warranty, expressed or implied, of any kind whatsoev- er, and none of these parties shall be liable for any losses, damages, costs or expenses, of every kind and description, relating to the adequacy, accuracy or completeness of any information in this document or the use of this information. As with all historical perfor- mance data, it may not be used to predict future char- acteristics or performance relied on in making any investment decisions. The value of investments can go down as well as up and investors may not get back the amount originally invested. Holdings in overseas investments are subject to changes in currency exchange rates, which may cause the value of such investments to go down as well as up. Gearing, sometimes referred to as leverage, can be used by the Fund to borrow to gain additional expo- sure to investments. Gearing works by magnifying the performance, this can result in either greater loses or profit had the Fund not used Gearing. Derivatives can be utilised by the Fund, these instru- ments also give rise to leverage without the need to borrow. Derivatives may in addition also give rise to counterparty risk, the risk the issuer of the derivative cannot fulfil its obligations (profit that maybe due to the Fund). For a full list of risks and definitions of the portfolio risk statistics provided please refer to the Investment Dis- closure Document and KID at www.mlcapman.com . Past performance is not a reliable indicator of current or future results. Periodic Performance (TR) 1 Year 3 Years 5 Years 10 Years NAV 25.4% 197.0% 102.4% 377.5% Share Price 15.9% 161.6% 50.1% 350.9% 5 Year Discrete Performance (TR) 31/12/2024 - 02/01/2024 - 03/01/2023 - 04/01/2022 - 29/12/2020 - 06/01/2026 31/12/2024 02/01/2024 03/01/2023 04/01/2022 NAV 25.4% 53.2% 54.6% -36.2% 6.9% Share Price 15.9% 36.7% 65.2% -37.9% -7.6% 1.1 > 2.2 > 2.2 > 3.4 > 4.6 > 4.6 > 94.2 > -25.0 -5.0 15.0 35.0 55.0 75.0 95.0 115.0 Energy Industrials & Defence Healthcare Financials Consumer Funds, ETFs & Baskets Technology % Net Delta Adjusted Exposure 2.2 > 2.7 > 107.5 > 0.0 20.0 40.0 60.0 80.0 100.0 120.0 EU & UK Other North America % Net Delta Adjusted Exposure 0