Title: 241164399.pdf URL Source: https://documentscdn.financialexpress.net/Literature/F03BAD220FE246B78CC25FEE7AD5FE62/241164399.pdf Number of Pages: 3 Markdown Content: Puma AIM VCT F A C T S H E E T | 3 1 M A R C H 2 0 2 6 1The indices shown are for illustrative purposes only and are not considered directly comparable to the performance of this Product. Source: FactSet. Data correct as at 31 March 2026. Past performance is no guarantee of future results. Date of inception: 17 September 2024. ²Puma AIM VCT launched on 17 September 2024 and commenced trading activity upon its listing in March 2025. The performance data presented therefore reflects figures from March 2025 onwards. Portfolio holdings by sector % of portfolio Cumulative investment performance % 1 M O N T H Mar 2026 3 M O N T H S Jan 2026 - Mar 2026 6 M O N T H S Oct 2025 - Mar 2026 1 Y E A R Mar 2025 - Mar 2026 S I N C E I N C E P T I O N Puma AIM VCT NAV/Share -3.99% -8.36% 2.15 4.31% 1.26% FTSE AIM All-Share Index 1 -12.50% -6.43% -8.43% 5.15% 2.94% FTSE All-Share Index 1 -7.19% 1.50% 7.29% 17.46% 16.26% 2 0 2 5 2 Puma AIM VCT NAV/Share 10.50% FTSE AIM All-Share Index (AXX)1 10.02% FTSE All-Share Index (ASX)1 14.54% Pharmaceuticals and biotechnology 11% Industrial support services 12% Technology hardware and equipment 10% Software and computer services 4% Aerospace and defense 10% Media 9% Non-qualifying holdings 38% Cash 7% Performance % # Performance update To 31 March 2026 Puma AIM VCT launched on 17 September 2024 and commenced trading activity upon its listing in March 2025. The performance data presented therefore reflects figures from March 2025 onwards. Past performance is no guarantee of future results. 1The indices shown are for illustrative purposes only and are not considered directly comparable to the performance of this VCT. Source: FactSet. Data correct as at 31 March 2026. As at 31 March 2026. Figures may be subject to rounding errors. Figures shown relate to portfolio holdings only. Other balance sheet items, such as debtors and creditors are not included in the breakdown. Past performance is no guarantee of future results. Discrete investment performance % Puma AIM VCT FTSE AIM All-Share Index FTSE All-Share Index Figures correct 31 March 2026. Source: FactSet. Mar 2026 Mar 2025 June 2025 Sep 2025 Dec 2025 30% 25% 20% 15% 10% 5% 0% -5% -10% 11% 12% 10% 4% 9% 9% 38% 7% 16.26% 2.94% 1.26% UK equity markets have remained highly sensitive to a series of geopolitical and fiscal developments. Domestic factors, including tight fiscal headroom and uncertainty across two successive Budgets, have weighed on sentiment. The UK relies on imported oil and gas so the recent tensions involving Iran, and the potential implications of a prolonged conflict on UK inflation, led to broad -based declines across both Gilts and equities in recent weeks. Against this challenging backdrop, it is encouraging to report a healthy flow of VCT -qualifying opportunities since launch. Ongoing market uncertainty has enabled the Puma AIM VCT to access growth -oriented businesses at valuations that the Manager believes offer compelling long -term upside potential. One recent investment is profitable. Two are operating at or near cash -flow breakeven and continue to invest in research and development to support revenue expansion. These are scale -up rather than start -up opportunities, characterised by more established commercial traction and clearer margin development. Co -investment alongside non -VCT funds has also supported the creation of diversified, institutionally backed shareholder bases. From 6 April 2026, changes to the VCT rules are expected to expand the investable universe meaningfully. The increase in the Gross Assets test to £35 million, alongside higher annual and lifetime fundraising limits, should allow eligible scale -up companies to raise and deploy capital more strategically. Although the reduction in upfront income -tax relief from 30% to 20% is disappointing, the broader regulatory enhancements remain supportive. A normalising interest -rate environment, with Bank Rate now at 3.75%, aids financing conditions for smaller companies. While uncertainties persist, the progress observed across the growing portfolio provide a solid foundation for long -term value creation. # Investment Director’s quarterly # portfolio commentary S U M M A R Y Pictured left to right: Daniel Cane – Investment Director, Dr Stuart Rollason – Investment Director, Joseph Cornwall, CFA – Investment Manager # £9.14 m Net assets # 98.22 p Net Asset Value per Share # 95 p Share price # 7 Investments made to date Launch date 17 September 2024 Year end 28 February 2026 As at 31 March 2026. *Percentages are rounded to the nearest whole number. As a result, smaller holdings may appear as 0%. Holdings % hold - ing Quantum Base 10% Time To Act 0%* Verici Dx 9% Aurrigo International plc 9% KRM 22 3% RC Fornax 8% Pathos Communications 8% Non-qualifying holdings 33% Cash 6% An investment in Puma AIM VCT carries significant risk and you should seek independent financial advice. You should only invest in Puma AIM VCT on the basis of the Prospectus, which details the risks of the investment. Below is a summary of the key risks. Tax reliefs Tax reliefs are not guaranteed, depend on individuals’ personal circumstances and require holding the investment for a minimum of five years. Tax reliefs may also be subject to change. Liquidity It is highly unlikely there will be a liquid market in the ordinary shares of Puma AIM VCT, and it may prove difficult for investors to realise their investment immediately, in full or at all. Capital at risk An investment in Puma AIM VCT involves a high degree of risk. Investors’ capital may be at risk. There is a possibility you may lose all of your capital invested. General Past performance of Puma Investments in relation to its other VCTs is no indication of future results, either in relation to these VCTs or in relation to Puma AIM VCT. Investors have no direct right of action against ## Summary of fees ## Risk factors > PI003063-0426 > AIMVCTCL -2604 • Up to 20% upfront income tax relief on an investment of up to £200,000 per tax year. • 100% tax-free dividends from the VCT. • 100% tax-free capital gains if selling the shares. • An investment needs to be held for at least five years to be eligible for tax relief, and you should be willing to hold the investment with limited or no ability to exit before the five years. Puma Investments. The Financial Ombudsman Service/the Financial Services Compensation Scheme are not available. References in this document to Puma Investments include, where applicable, references to its wider corporate group. Dividends The payment of any dividends is not guaranteed, and any such payments may erode the capital value of any underlying investment. ## Tax benefits of investing in a VCT Investment details • Minimum investment: £3,000 • Maximum investment: There is no maximum, but income tax relief is only available on investments of up to £200,000 each tax year. • Length of investment: It may be possible to exit a VCT earlier, but tax reliefs only apply if shares are held for at least five years. Puma Investments is a trading name of Puma Investment Management Limited (FCA No 590919), which is authorised and regulated by the Financial Conduct Authority. Registered office address: Cassini House, 57 St James’s Street, London SW1A 1LD. Registered as a private limited company in England and Wales No 08210180. Initial fee Puma initial fee 3% (plus VAT if applicable) of amount subscribed Ongoing fees Annual management fee 2% (plus VAT if applicable) of net asset value paid quarterly in arrears Admin fee 0.35% (plus VAT if applicable) of net asset value paid quarterly in arrears Performance fee 20% (plus VAT if applicable) of the investment gain within the portfolio net of costs (after first achieving a high-water mark of 110p per share) # Get in touch Adviser enquiries: 020 7096 8451 businessdevelopment@pumainvestments.co.uk Investor enquiries: 020 7096 8453 clientrelations@pumainvestments.co.uk www.pumainvestments.co.uk