Title: DGW-Onward-Opportunities-Factsheet-May-2026 URL Source: https://documentscdn.financialexpress.net/Literature/3145858D9A19B542CD13BC6A4A8D367C/242637652.pdf Number of Pages: 2 Markdown Content: Fund Characteristics: Launch date Lead Fund Manager Fund currency Fund size Number of equity holdings AIC Sector Fund Structure Administrator Custodian Management fee Performance fee ISA & SIPP eligible 30th March 2023 Laurence Hulse Pound Sterling £43.2m 22 UK Smaller Companies Investment Company NSM Funds Butterfield 1.50%, tapers to 1.0% 12.50% over 6% hurdle Yes # KEY FACTS Laurence Hulse Lead Fund Manager Laurence.Hulse@dowgate.co.uk +44 (0) 20 3874 7056 # LEAD FUND MANAGER 3 Year > % Total Return Source: Bloomberg as at 29.05.2026 Past performance is not a reliable indicator of current or future results ONWD NAV IA UK SMALLER CO TR ONWD SP UK AIM ALL-SHARE TR AIC UK SMALLER CO NAV Dowgate Wealth Ltd, registered in England number 12221221, is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Registered address: 15 Fetter Lane, London, EC4A 1BW # Onward Opportunities Limited (ONWD LN) Factsheet: 29 May 2026 # INVESTMENT OBJECTIVE The Company aims to generate absolute returns of 15% or more per annum through investments in UK smaller companies. To find out more information regarding our investment philosophy, please visit us at https://onwardopportunities. co.uk/our-strategy/ Our investment committee has a combined experience of c.120 years and a history of value creation for clients. As a team, we are convinced that employing an active investment approach for identifying investment opportunities and driving those investments to an outcome can result in higher returns by capitalising on market inefficiencies. To this end the investment committee members and lead manager have c£1.8m of ‘skin in the game’, cash directly invested in the fund which is c.5% of the issued capital. # THE TEAM # TOP 10 HOLDINGS (%) ONWD SP # PERFORMANCE Since Inception 1Y Source: Bloomberg/AIC as at 29.05.2026 Past performance is not a reliable indicator of current or future results 2Y 3Y 1M +25.5% +3.3% +2.9% +19.0% -0.4% +7.0% +4.4 %+4.8% +3.2% AIC UK Smaller Co NAV ONWD NAV UK AIM All-Share TR IA UK Smaller Co TR +10.9 %+12.2 %+8.3% +7.5% +15.3% +6.5 %+4.9% +4.0% +35.2 %+9.8% +19.4% +17.9% +34.8% +8.2% +19.8% +16.8% Holding Name % of > Portfolio Total > Return (£) Total > Return % # TOP 10 HOLDINGS Source: Onward Opportunities as at 29.05.2026 Total Returns are net 84.9% 9.7% £2.09m AUDIOBOOM GROUP ANGLING DIRECT LIKEWISE GROUP 7.4% £0.52m 19.1% FINTEL 7.7% -£0.27m -7.2% SYNECTICS 5.7% -£0.67m -20.9% PEBBLE BEACH GROUP 7.7% £1.85m 122.2% ALUMASC GROUP 5.6% £0.15m 4.4% RENTGUARANTOR HOLDINGS 6.1% £1.54m 120.7% MINCON GROUP 5.0% £0.69m 27.2% LIGHT SCIENCE 6.6% £0.90m 41.1% 8.0% £1.08m 41.6% This document has been prepared by Dowgate Wealth Limited (“DGW”). Dowgate Wealth Ltd, registered in England number 12221221, is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Registered address: 15 Fetter Lane, London, EC4A 1BW. All data has been sourced by DGW. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. If you’re unsure of the suitability of an investment please seek advice. the tax treatment depends on the individual circumstances of each client and may be subject to change in the future. The value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. It was a second month of recovery for the Company as the NAV rebounded +7.0% to 128.96p/share following a number of portfolio catalysts executing whilst the crisis in the Middle East dragged on. Standout portfolio performers were Pebble Beach Systems (+30%), Light Science Technologies (+50%) and RentGuarantor Holdings (+21.7%), offsetting ongoing malaise across most UK equities in line with the rest of the domestic market*. The team remains focused on controllable factors, with additional catalysts anticipated over the current quarter and into the second half of the year. While we continue to monitor the UK domestic backdrop for political and inflationary risks, several investment theses appear well positioned to perform across all but the most adverse end-market conditions. RentGuarantor is seeing trading accelerate now that the Renters Rights Act has entered into law, Pebble Beach Systems appears to be making breakthroughs in the global streaming market. Light Science Technologies has now got control of the InjectaClad IP and has won its first contracts, whilst our thesis that Likewise could cannibalise its larger competitor Headlam appears to be starting to have real potential. Angling Direct beat forecasts again and set out new growth targets. Other holdings have had their boards instructed to directly extract value for shareholders. We recently took part in the Money Makers podcast where some of these investment theses and our views on domestic economy are discussed in more depth and it was a great moment for Onward to be recognised by Jonathan Davis and the investment trust community with an invitation to take part. Likewise delivered a similar domestic resilience with a trading update that flagged 15% sales growth and record daily trading metrics from a UK flooring market that has been threadbare for three years now. Direct competitors have been announcing sales contractions of 20%, flagging a LIKE market outperformance of 35% and thus significant market share capture taking place now. This is crucial to our well documented investment thesis (read last onward accounts) which is predicated on better management, better sales team and a better balance sheet allowing Likewise to cannibalise its larger peers who have stretched balance sheets and create some very attractive competitive dynamics. We have seen the strongest evidence yet this quarter that this calculation, first made in 2024 at 14p/share, is starting to play out. Past performance is not a reliable indicator of current or future performance. We believe the information provided here is reliable but should not be assumed to be accurate or complete. This factsheet is a marketing communication document. The UK AIM All Share Index is shown for illustrative purposes only and may not be an appropriate comparator for the Company’s risk profile or investment strategy. All information accurate as at 29 May 2026 Sources for all tables and images: Dowgate Wealth 29.05.2026 The Key Information Document (KIID) and Admission Document are available, in English, free of charge and can be obtained directly using the contact details in this document. They can also be downloaded from: https://onwardopportunities.co.uk/document-centre/ # PERFORMANCE COMMENTARY The management team at Angling Direct continued to successfully navigate one of the toughest retailing markets, with a set of results ahead of forecasts, which meant they hit their strategic growth targets ahead of schedule under the now not so new management team. The Chief Executive Steve Crowe has shown the way forward with innovation at both the top line and gross margin levels, growing the loyalty app to 600k members in two years, dramatically expanding own brand sales and aggressively improving supplier terms with all of these benefiting an ever-growing store footprint. Management has outlined a new set of medium-term sales and profit targets that position AD to become the clear dominant player in the UK angling market, with multiple avenues for furthe r growth, including own brand and new store development. Frustratingly, the shares are currently below where they started the year due to ongoing political unce rtainty and a difficult flows picture in the UK funds market, but the company is focused on what it can control and we are encouraged that the company is increasingly being perceived as a reliable and defensive UK retail play. *Source: Onward Opportunities # ANGLING DIRECT PLC (ANG LN) - CORE HOLDING UPDATE # LIKEWISE PLC (LIKE LN) - CORE HOLDING UPDATE We identified the opportunity for LST to vertically expand through the acquisition of the Injectaclad intellectual property as a crucial strategic objective for the company when building a nursery position in the stock last year. There is a very strong business case for Injectaclad in helping to address the large cladding liabilities facing UK property owners - as this is a quicker and lower cost solution. The company persevered through recent market volatility to get the deal secured in the week in which the Strait of Hormuz was closed and it was encouraging to see the business quickly win its first contract during the integration phase. # LIGHT SCIENCE TECHNOLOGIES PLC (LST LN) -CORE HOLDING UPDATE # DISCLAIMERS 15 Fetter Lane, London, EC4A 1BW Phone: +44 (0)20 3416 9143 Email: funds@dowgate.co.uk