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=f0b45e62-0138-426f-87ac-d012b76eaeff&user=hl_website_documents Published Time: Wed, 13 May 2026 09:37:51 GMT Number of Pages: 2 Markdown Content: MONTHLY F ACTSHEET # 31 M ARCH 2026 Net Assets £6.48m Net Assets excluding unaudited current period revenues £6.53m O RDINARY S HARES Share Price 70.30p NAV per Share 70.55p* Premium / (Discount to NAV) (-0.36%) Share Capital 9,186,025** * includes unaudited revenue reserve to 31/03/2026 ** excludes shares held in Treasury ## F UND MANAGERS INVESTMENT O BJECTIVE AND POLICY The Company invests in cash -generative quoted UK Small and Mid -Cap Companies that are expected to grow faster than the UK stock market as a whole over the long term and which can finance their own organic growth. The Company ’s objective is to outperform the UK equity market by investing in companies with higher -than - average earnings growth that are listed outside the top 100 stocks on either of the Main Market, AQSE or traded on AIM, to capture the smaller companies ’ outperformance effect. The Investment Manager believes the investment trust structure of the Company lends itself to investing in smaller, more illiquid growth stocks, as the closed -end structure removes the potential scenario where the Company needs to sell holdings at the wrong time to meet redemptions. The Company principally invests (approximately 75 per cent of its funds) in shares of companies which are listed on the Main Market or AQSE or traded on AIM, with market capitalisations of less than £250 million. The Company also invests (approximately 25 per cent of its funds) in some UK listed companies with larger market capitalisations, for liquidity purposes. MONTHLY MANAGER C OMMENTARY March was a volatile month for global equity markets, dominated by escalating tensions in the Middle East, with hopes for a swift resolution appearing increasingly unlikely. The macroeconomic backdrop has become incrementally more uncertain, with rising energy prices renewing concerns around inflation, which may constrain the pace of interest rate cuts. Investor sentiment towards Technology and Media remained fragile following February ’s sharp sell -off. As highlighted previously, we believe the market reaction remains somewhat indiscriminate, failing to fully differentiate between companies with durable competitive advantages and those more exposed to AI -driven structural change. From a sector perspective, the Industrials, Technology, Consumer and Construction sectors all performed poorly, as expectations of a recovery in H2 were pushed out amid the evolving geopolitical backdrop. The Trust ’s structural underweight to Energy was also unhelpful given the strength in oil and gas prices during the month. At the stock level, the Trust ’s largest detractors were concentrated across a number of core holdings, many of which reported broadly in -line results. Gamma continues to experience a subdued UK SME backdrop, although this has been partially offset by growth in its German business. Everplay saw investor concerns following an increase in FY26 capex expectations, whilst Genuit weakened as expectations of a recovery in housebuilding faded. There were pockets of resilience during the month, including Bloomsbury, which benefited from an upgrade following the announcement of the next Sarah J Maas book release, whilst Clarkson performed well as freight rates rose in response to disruption in the Gulf. ## RETURNS 31/03/2026 Since change of investment policy (26 July 2023)* C URRENT MONTH 3 MONTHS 6 MONTHS 1 YEAR F ROM > INCEPTION Share Price Ordinary Shares -1.40% 3.38% 9.84% 4.93% 6.52% NAV Ordinary Shares -9.37% -9.60% -11.42% -3.95% 4.51% Deutsche Numis Smaller Companies plus AIM ex Investment Trusts Total -11.65% -6.58% -5.06% 11.02% 12.37% The Key Information Document (“ KID ”) is available on The Investment Company plc website - theinvestmentcompanyplc.co.uk Henry joined Chelverton Asset Management in 2021 and was appointed co -manager in August 2022. Prior to joining, Henry worked on the Equity Sales team at FinnCap, where he specialised in UK small and micro -cap companies. He has a degree in Economic and Social History from the University of Edinburgh and prior investment management experience at Rathbones and OLIM. Henry is a CFA Charterholder. HENRY BOTTING E DWARD BOOTH J AMES BAKER James joined Chelverton Asset Management in June 2014 to manage MI Chelverton UK Equity Growth Fund. A history graduate from Cambridge University, he has over 30 years of equity market experience on both buy and sell sides, specialising for all of his career in UK small and mid - capitalisation stock selection. He has worked for several organisations over the years, but most notably spent from 1999 to 2011 as part of the ABN Amro, small mid cap sales team which was consistently top ranked by Extel. Prior to joining Chelverton he worked as the assistant fund manager on the Rathbone UK Recovery Fund. Edward joined Chelverton Asset Management in 2016 as an Assistant Fund Manager, becoming a Fund Manager in November 2017. Having graduated from the London School of Economics with a degree in Economics with Economic History, Edward qualified as a Chartered Accountant at Deloitte, where he focused on the insurance sector. Prior to joining Chelverton, he worked as a Business Analyst for Barclays, focusing on a number of areas including Investment Bank Revenue and Group Capital performance. Source: Chelverton Asset Management Limited and Morningstar and Deutsche Numis Past performance is not a guide to future results > The Investment Company PLC changed its investment policy on 26 July 2023. The NAV > as of that date has been taken as the tender price, which was equal to the estimated > Post -Transaction NAV per Ordinary Share. For reasons of clarity, previous track > record has been excluded from the performance table. For the avoidance of doubt, this > fund does not have a formal benchmark. All comparisons are for information purposes > only. For details of previous performance please see annual reports on The Investment > Company plc website: https://theinvestmentcompanyplc.co.uk . D IRECTORS IAN D IGHÉ Non -Executive Chairman T IM METCALFE Senior Independent Non -Executive Director MARTIN PERRIN Non -Executive Director D AVID H ORNER Non -Independent Non -Executive Director C ALENDAR Year End 30 June AGM November Management Fee Up to 0.75%* Ongoing Fee 2%* * The Investment Manager has waived the management fee of 0.75% and shall instead make a contribution to the company costs to ensure that the annualised ongoing charge does not exceed 2% of NAV. PRICE INFORMATION Reuters INVM.L SEDOL 0465825 C ONTACT US E: info@theinvestmentcompany.com A: The Investment Company plc The Office Suite, Den House, Den Promenade Teignmouth TQ14 8SY W: www.theinvestmentcompanyplc.co.uk ## T OP T WENTY H OLDINGS Holding Sector* % of Net Assets JTC Financials 3.0% Man Group Financials 2.8% GB Group Technology 2.4% Premier Foods Consumer 2.4% Restore Support Services 2.1% Luceco Construction 2.0% Bloomsbury Publishing Media 1.7% Discoverie Group Industrials 1.7% Gamma Communications Technology 1.6% Coats Group Consumer 1.5% Everplay Group Consumer 1.5% Advanced Medical Solutions Group Healthcare 1.5% Genuit Group Construction 1.5% Auction Technology Group Technology 1.5% Big Technologies Technology 1.4% Hostelworld Consumer 1.4% Bodycote Industrials 1.4% Alfa Financial Software Holdings Technology 1.4% Telecom Plus Utilities 1.3% Norcros Construction 1.2% Total 36.0% * Source Chelverton Asset Management Limited S ECTOR BREAKDOWN % MARKET C AP BREAKDOWN Risk Factors The value of investments and the income from them may go down as well as up and you may not get back your original investment . “Investment trusts can borrow money to make additional investments on top of shareholders funds (gearing), however, this is investment trust does not currently use any gearing. An investor could lose all of their capital. Smaller companies are riskier and less liquid than larger companies which means their share price may be more volatile. Some of the annual management fee is currently charged to the capital of the Fund. Whilst this increases the yield, it will restrict the potenti al for capital growth. The level of yield may be subject to fluctuation and is not guaranteed. Net Asset Value (“ NAV ”) performance is not the same as share price performance and investors may not realise returns the same as NAV performance. Risk Rating of Shares Ordinary shares - High This document is provided for information purposes only and should not be interpreted as investment advice. If you have any d oub ts as to the suitability of an investment, please consult your financial adviser. The information contained in this document has been obtained from sources that Chelverton Asset Management Limited (“ CAM ”) considers to be reliable. However, CAM cannot guarantee the accuracy or completeness of the information provided, and therefo re no investment decision should be based solely on this data. Past performance is not a guide to future performance. This document is issued by CAM, authorised and regulated by the Financial Conduct Authority. This document does not represent a recommendation by CAM to purchase shares in this Fund. This is a marketing communication and is intended for Professional Investors and Eligible Counterparties on ly . We recommend private investors seek the services of a Financial Adviser. THE INVESTMENT COMPANY PLC IS REGISTERED IN ENGLAND: COMPANY NUMBER 00004205 Sector % % of Net Assets Technology 14.6% Consumer 11.0% Financials 9.8% Industrials 9.3% Construction 8.5% Support Services 6.0% Media 5.3% Healthcare 2.7% Utilities 1.4% Property 0.9% Resources 0.0% Cash and Income 30.5% Total 100.0% % of Net Assets No of stocks Above £1bn 20.9% 16 £500m - £1bn 9.2% 9 £250m - £500m 19.5% 15 £100m - £250m 15.3% 21 < £100m 4.6% 10 Cash and Income 30.5% Total 100.00% 71 # MONTHLY F ACTSHEET # 31 M ARCH 2026 Source: Chelverton Asset Management Limited Source: Chelverton Asset Management Limited