Title: URL Source: https://is.gd/B6b2zj Published Time: Wed, 12 Mar 2025 14:19:54 GMT Markdown Content: Company Information Investment Objective Key Facts Share Price 260p Market Capitalisation £137.8m Total Assets £172.2m Shares in issue Ticker MAJE.LN Sector Flexible Dividend payable Quarterly NAV per Share (Debt at Fair Value) 285.8p Premium / Discount (Debt at Fair Value) Debt at Fair Value £20.7m Financial Year End 30 September AGM February Quarterly dividend to 31.12.24 2.1p Dividends are paid quarterly at 0.75% of NAV Share Price & Net Asset Value (Debt at Fair Value) Price per share and Premium / Discount are based on the Company's estimated Net Asset Value released to the market. Marylebone Partners assumed management of the portfolio on 25 January 2023. Performance Analysis Attribution Analysis (Gross) 3YR 5YR Strategy (ann.) Special Investments External Managers Direct Investments Other Cash & Equivalents* Total * Includes gilts, the cost of gearing & expenses. 19% +83 bps 0% +0 bps 13% -37 bps 100% +297 bps 11% +133 bps 57% +118 bps Total Shareholder Return -1.5% 11.2% 12.9% 6.7% Net Asset Value (Debt at FV) 3.0% 0.8% 6.7% 4.5% MTD FY-to-Date 01/10/24 to 31/01/2025 Current Month (ann.) Allocation Contribution Founded in 1910, Majedie Investments PLC is an investment trust listed on the London Stock Exchange. In January 2023, the Company appointed Marylebone Partners LLP as its investment manager, whilst moving to a ‘liquid endowment’ strategy designed to deliver attractive real returns. With equities at its heart, the approach is long-term and fundamental. It emphasises differentiated return sources but does not incorporate deeply illiquid or hard-to-value assets. Marylebone Partners draws upon a proprietary ideas network, which the firm’s principals have built over several decades at industry-leading firms, to source each portfolio investment. The Majedie Investments PLC portfolio concentrates on three complementary strategies: Special Investments These are eclectic opportunities with high return potential, including co-investments, thematic funds and special purpose vehicles. These situations are often challenging to access and rarely come to the attention of other investors. All Special Investments are marked to market on a regular basis, and are expected to be monetised within 36 months of initiation. External Managers This strategy involves allocations to leading specialist funds that pursue a fundamental skill-based approach, capitalising on structural inefficiencies in specific niche areas. Each manager in the Majedie portfolio has a distinct style and/or expertise in a geographic region or industry sector. Marylebone Partners has extensive experience of identifying best-in-class funds globally, with a preference for independent owner-operated boutiques whose managers’ interests are aligned. Direct Investments This strategy focuses on long-term, non-consensual investments in the public equities of value-creating companies. Portfolio companies have robust growth prospects, good levels of business profitability, and unappreciated earnings power. The selection process targets idiosyncratic bottom-up opportunities, combined to provide high active share and no inherent style or sectoral bias. The Company's investment objective is to deliver long-term capital growth whilst preserving shareholders’ capital and paying a regular dividend. The performance target is to achieve net annualised total returns (in GBP) of at least 4 per cent. above the UK CPI, over rolling five-year periods. 52,998,795 -9.0% # Majedie Investments PLC Monthly Factsheet 31 January 2025 150 200 250 300 350 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 > pence per share Share Price NAV (Debt at FV) -30% -20% -10% 0% 01 Jan 20 01 Jan 21 01 Jan 22 01 Jan 23 01 Jan 24 01 Jan 25 Premium / Discount to NAV Exposure Analysis Strategy Allocation Geographic Profile Role in Portfolio Classification Active Currency Exposure Liquidity Analysis (i) Fair Value Hierarchy (ii) <30 days 38% Level I 21% 30-90 days 40% Level II 65% 90-365 days 16% Level III 1% >365 days 6% Cash 13% Largest Special Investment Holdings Largest External Manager Holdings Largest Direct Investment Holdings Security Profile Holding Security Specialism Holding Security Profile Holding Project Uranium Thematic 2.8% Helikon Long Short Equity Fund Regional (Europe) 6.7% Global X Copper Miners ETF Commodities 2.2% Project Sherpa Co-invest 1.9% Contrarian EM Fund EM Credit 6.7% Weir Group plc Industrials 2.1% Project Wrigley Co-invest 1.8% CastleKnight Fund Special Situations 4.9% SS&C Technologies Business Services 2.1% Project Fortress Co-invest 1.5% Silver Point Capital Fund Credit 4.7% Computacenter plc Computer Services 2.1% Project Vista Co-invest 1.2% Millstreet Credit Fund Credit 4.6% KBR, Inc. Govt Services 2.0% Important Information Contact Information The Company The Manager Press & PR Majedie Investments PLC Marylebone Partners LLP Cardew Group Dashwood House Old Broad Street Second Floor, 35 Portman Square 29 Lincoln’s Inn Fields London EC2M 1QS London W1H 6LR London WC2A 3EG Tel: +44 (0)20 3468 9910 Tel: +44 (0)20 3468 9910 Tel: +44 (0)20 7930 0777 Email: wb@marylebonepartners.com Email: contacts@marylebonepartners.com Email: majedie@tbcardew.com www.majedieinvestments.com www.marylebonepartners.com www.cardewgroup.com Marylebone Partners LLP is authorised and regulated by the Financial Conduct Authority The contents of this report have been issued and approved on 12 February 2025 by Marylebone Partners LLP ("Marylebone") in its capacity as alternative investment fund manager of Majedie Investments PLC (“the Company”). Marylebone Partners LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 596118). Marylebone is registered in England and Wales (Company Number: OC381480) and has its registered office at: 1 Giltspur Street, Farringdon, London, EC1A 9DD, United Kingdom. The Company is registered in England and Wales (Company Number 109305) and has its registered office at: Dashwood House Old Broad Street, London, EC2M 1QS, United Kingdom. Marylebone believes that the information contained on this factsheet is accurate at the date of publication, but accepts no liability for inaccuracy. You should always bear in mind that: the value of investments may fluctuate; past performance is not a guarantee to future returns; the price of shares, and any income from them, can go down as well as up and you may not get back the full amount invested ; the price of the shares in investment trusts is determined by supply and demand and is therefore not necessarily the same as the value of the underlying assets; there is a currency risk when an underlying asset is acquired which is a nonsterling asset; the value of the asset may be offset by a depreciation of the currency of denomination of the asset against sterling, and vice versa. Refers to GICS regional classification (in the case of direct investments), or area of primary geographic focus (in the case of external managers). (i) Liquidity analysis assumes a liquidation of all assets under management. For direct holdings, the days liquidity is calculated at one-third of the three-month average daily trading volume. For external manager and special investment holdings, it is assumed that any applicable soft lock up fees are paid. (ii) As part of the disclosure requirements for fair value measurements, an entity shall classify fair value measurements using a "fair value hierarchy" that categorises the inputs to valuation techniques used to measure fair value. The fair value hierarchy has three different levels and gives the highest priority to quoted (unadjusted) prices in active markets and the lowest priority to unobservable inputs. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities the entity can access at the measurement date; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset and liability, either directly or indirectly and Level 3 inputs are unobservable inputs for the asset or liability. Investments in external funds for which a NAV is calculated on a monthly basis and in which subscriptions and redemptions are permitted on a monthly or quarterly basis have been classified as Level 2, whilst special investments in which there is no observable pricing in markets have been classified as Level 3. External Managers 57% Direct Investments 19% Special Investments 11% Cash & Equivalents 9% Gilts (UK Treasuries) 4% N. America 30% Global 24% Europe 14% Emerging Markets 11% UK 6% Japan 1% South America 1% Equity-centric 55% Absolute Return 27% Other 1% Real Assets 5% Overlays 0% Cash 13% -15% 15% 0% 0% -100% -50% 0% 50% 100% GBP USD EUR JPY Special Investments External Managers Direct Investments Asset Hedge Others Cash Active Net of Hedges