REG - Majedie Invs.PLC - Annual Financial Report
18/12/2023 07:00
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RNS Number : 0640X Majedie Investments PLC 18 December 2023
18 December 2023
Majedie Investments PLC
Annual Financial Report
Majedie Investments PLC ("Majedie" or "the Company") announces its full year
results for the 12 months ended 30 September 2023.
Highlights:
· Successful transition to a new investment manager, Marylebone
Partners LLP, on 25 January 2023.
· Adoption of a new benchmark, to achieve net annualised total
returns (in GBP) of at least 4% above the UK Consumer Prices Index (CPI) over
rolling five-year periods.
· The new, long-term 'liquid endowment' strategy is designed to
deliver attractive real returns and comprises three primary elements:
o Special Investments: eclectic opportunities with high return potential,
which include co-investments, thematic funds and special purpose vehicles.
Over time, these are expected to comprise at least 20% of the portfolio;
o External Managers: specialist funds managed by some of the world's leading
fundamental investors, comprising 60% of the portfolio at present;
o Direct Investments: a focused selection of publicly listed equities
selected by Marylebone Partners' in-house team, each meeting stringent
criteria regarding growth potential, business profitability and quality.
· Strong performance for the year, comprising a total
shareholder return (including dividends) of +26.2%.
· The discount to Net Asset Value narrowed from -25.8% to
-18.7% at the end of September.
· New dividend policy adopted, which pays out c.0.75% of NAV
each quarter, making 3% of NAV per annum.
Christopher Getley, Chairman of Majedie Investments, said: "We are pleased to
have appointed Marylebone Partners as Majedie's portfolio manager, and welcome
the way in which they have implemented the transition to the new liquid
endowment model. The new approach has been well received by existing
shareholders and brought new holders onto the register. This is an excellent
juncture at which to be deploying capital. Following a transition from a
multi-year regime that was characterised by low interest rates, abundant
liquidity and generally rising asset prices, the Board expects the period
ahead to be defined by structurally higher rates, variable liquidity, more
geopolitical and cyclical volatility, and greater fundamental price dispersion
within markets. This is the sort of environment in which a highly selective,
fundamental approach that features distinctive bottom-up investments should
thrive."
Dan Higgins, CIO of Marylebone Partners and investment manager at Majedie
Investments, said: "We are excited about the prospect of pursuing our
distinctive approach for Majedie's shareholders, especially when a recent
transition of the market regime has created so many opportunities for
discriminating bottom-up investors. Our ambition over the years ahead is to
provide Majedie's shareholders with a dynamic alternative, predominantly
invested in liquid underlying assets. Ultimately, a shareholder in Majedie
Investments PLC is buying into our people and our process. We believe that
more challenging conditions should only highlight the merits of our approach
as the fortunes of individual enterprises, sectors, geographic regions, and
asset classes diverge.
For further information please contact:
Majedie Investments PLC +44 (0)7880 528774
William Barlow
J.P. Morgan Cazenove +44 (0)20 7742 4000
William Simmonds
Rupert Budge
TB Cardew (PR Adviser to Majedie Investments) +44 (0)20 7930 0777
Tania Wild +44 (0)7425 536903
Will Baldwin-Charles +44 (0)7834 524833
About Majedie Investments (https://www.majedieinvestments.com/) :
Majedie Investments PLC is an investment trust whose 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.
The Majedie Investments PLC portfolio features a combination of hard-to-access
special investments, allocations to funds managed by boutique third-party
managers, and direct investments in public equities.
LEI: 2138007QEY9DYONC2723
About Marylebone Partners (https://www.marylebonepartners.com/) :
Marylebone Partners LLP is an independent investment manager, owned by its
principals. We help families, charities, endowments, trusts and private
investors to protect and grow their wealth in real terms.
Our defining characteristic is an ability to access differentiated fundamental
investments, many of which never come onto the radar screen of other
allocators. We believe this capability will be the key to delivering superior
performance outcomes over the years ahead.
Our partnership was founded in 2013 with the vision of bringing a distinctive
investment approach to clients who sought a relationship based on trust and
transparency. This remains our sole purpose today. We invest our own capital
alongside our clients.
Marylebone Partners LLP is authorised and regulated by the Financial Conduct
Authority.
ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Directors of Majedie Investments PLC are pleased to announce the Annual
Report and Accounts ("Annual Report") for the year ended 30 September 2023.
The Annual Report can be obtained from the Company's website at
www.majedieinvestments.com (http://www.majedieinvestments.com) or by
contacting the Company Secretary on telephone number 0131 378 0500.
Investment Objective
The Company's investment objective is to deliver long-term capital growth
whilst preserving shareholders' capital, and to pay a regular dividend.
Performance Target
The performance target is to achieve net annualised total returns (in GBP) of
at least 4% above the UK Consumer Prices Index over rolling five-year periods.
Financial Highlights
2023 2022
Total shareholder return (including dividends) * 26.2% -24.9%
Net asset value total return (debt at fair value including dividends) * 14.1% -18.2%
Net asset value total return (debt at par including dividends) * 14.2% -19.8%
Total dividends (per share): 5.4p 10.4p
*Alternative Performance Measures
Please refer to pages 88 and 89 of the Company's Annual Report
YEAR'S SUMMARY
Capital Structure Note 2022 %
(see below) 2023
As at 30 September
Total assets less current liabilities 1 £148.8m £137.6m 8.1
Which are attributable to:
Financial liabilities (debt at par value) 1 £20.7m £20.8m -
Equity Shareholders' Funds £128.1m £116.9m 9.6
Gearing 1 9.2% 12.6% -
Potential Gearing 1 16.2% 17.8% -
Total returns (capital growth plus dividends) ("TR")
Net asset value per share TR (debt at par value) 1 14.2% -19.8% -
Net asset value per share TR (debt at fair value) 1 14.1% -18.2% -
Share price TR 1 26.2% -24.9% -
Capital returns
Net asset value per share (debt at par value) 241.7p 220.6p 9.6
Net asset value per share (debt at fair value) 241.6p 220.5p 9.6
Share price 196.5p 163.5p 20.2
Discount of share price to net asset value per share
Debt at par value 1 18.7% 25.9% -
Debt at fair value 1 18.7% 25.8% -
Revenue and dividends
Net revenue available to Equity Shareholders £0.9m £2.8m -67.9
Net revenue return per share 1.6p 5.2p -69.2
Total dividends per share 2 5.4p 10.4p -48.1
Total administrative expenses and management fees £3.4m £1.7m 100.0
Ongoing Charges Ratio 1,3 1.6% 1.3% -
Ongoing charges of underlying funds 0.4% - -
Ongoing Charges Ratio plus look through fund costs 2.0% 1.3% -
1. Alternative Performance Measures
Please refer to pages 88 and 89 of the Company's Annual Report for definitions
and a reconciliation of the Alternative Performance Measures to the financial
statements.
2. The 10.4p dividend in 2022 includes a 1.8p special dividend
paid on 27 January 2023. This dividend represented the first quarterly payment
to 31 December 2022 under the Company's new dividend policy.
3. Excludes performance fee where payable.
Year's High/Low
2023 2022
Share price high 223.0p 243.0p
low 158.0p 160.0p
Net asset value - debt at par high 259.2p 297.1p
low 220.6p 220.7p
Discount - debt at par high 31.2% 28.7%
low 8.3% 14.9%
Discount - debt at fair value high 30.8% 28.5%
low 8.0% 13.4%
Ten Year Record
to 30 September 2023
Year End Total Equity share-holders' Funds NAV Per Share (Debt at par value) Share Discount Earnings Pence Total Dividend** Pence Gearing† Potential Gearing† Ongoing Charges Ratio(#)
Price
Assets ++ £000 Pence
Pence % % % %
£000
2014 167,934 134,061 256.7 229.0 10.79 9.36 7.50 23.39 25.27 1.66
2015 183,708 149,807 281.9 257.3 8.74 9.42 8.00 21.25 22.63 1.88
2016 203,917 169,986 318.1 257.1 19.18 9.25 8.75 18.46 19.96 1.58
2017 216,507 182,544 341.6 281.5 17.59 11.14 9.75 17.09 18.61 1.54
2018 199,151 178,626 334.3 277.5 16.99 12.47 11.00 10.01 11.49 1.33
2019 175,621 155,074 292.3 256.0 12.42 12.92 11.40 11.50 13.25 1.34
2020 152,153 131,333 247.7 176.5 28.74 9.11 11.40 10.97 15.85 1.34
2021 172,951 152,153 287.1 230.0 19.89 9.41 11.40 12.26 13.67 1.25
2022 137,647 116,887 220.6 163.5 25.80 5.20 10.40 12.65 17.80 1.34
2023 148,794 128,073 241.7 196.5 18.70 1.62 5.40 9.16 16.23 1.98
Notes:
++ Total Assets are defined as total assets less current liabilities.
** Dividends disclosed represent dividends that relate to the Company's
financial year. Under UK adopted International Accounting Standards dividends
are not accrued until paid or approved. Total dividends include special
dividends paid, if any.
† Calculated in accordance with AIC guidance.
# Excludes performance fee where payable and includes ongoing charge ratio of
underlying funds.
STRATEGIC REPORT
CHAIRMAN'S STATEMENT
During the year ended 30 September 2023 Majedie Investments has successfully
implemented the transition to a liquid endowment investment policy* following
its approval at the AGM in January 2023, principally through transferring
responsibility for management of the Company's assets to Marylebone Partners
LLP ("Marylebone" or the "Investment Manager"). The Net Asset Value (with debt
at fair value) grew by 14.1% during the year and the discount closed somewhat
from 25.8% at the start of the financial year to 18.7% at its close.
Investment conditions were challenging throughout the year as global equity
and bond markets were volatile as inflationary expectations and political
events created uncertainty for investors and governments. A growing acceptance
that interest rates are to remain considerably higher for some time, together
with a weaker than expected economic recovery in China after its pandemic
restrictions were removed in January 2023, also put pressure on the broader
equity markets. Notably, the US equity market was one of the best performers,
once again driven by a very narrow selection of technology stocks.
The background to market performance helps explain the decision of your Board
in late 2022 to appoint Marylebone as the Company's portfolio manager. It also
reinforces the central view that the ending of a thirty year down trend of
interest rates is likely to lead to significant change in the sources of
investment returns. The Board focused on identifying an endowment style
strategy that would enable the Company to grow over time through strong
performance, developing the Company's culture and clear differentiation that
uses the benefits of the investment trust structure. Whilst still in its very
early days, the liquid endowment portfolio has now been in place since
February 2023, the Board believes that the evidence to date vindicates its
decision. In addition to the distinctive and compelling investments that
feature in the portfolio, the Board notes that virtually all of its underlying
assets are priced frequently by an independent source.
The investment approach includes three complementary strategies comprising, at
September 2023: External Managers (62%), Direct Investments (20%) and Special
Investments (9%). The remaining 9% was in cash and UK gilts pending investment
into additional Special Investment opportunities. Whilst remaining
equity-centric, the drivers of the investments are fundamental, idiosyncratic
and generally not macro-predicated. The Board is confident that this style of
investing will stand the test of time and achieve the clear targets set out by
the Manager Review carried out in 2022.
Subsequent to the approval of the new investment policy by shareholders, the
Board has also transferred responsibilities under the AIFMD to Marylebone.
Further, the remaining administration arrangements for Majedie that had been
carried out internally have now been outsourced to Juniper Partners Limited
("Juniper"). The Board looks forward to developing both of these important new
relationships. These steps have however resulted in Majedie's offices in Kings
Arms Yard being vacated† and I would like to take this opportunity to record
our thanks to the Majedie executive team for their consistent and professional
contribution throughout this period despite the consequences to their own
positions.
Of particular note through this year has been the development of the
shareholder base, which was one of the key aims of the Manager Review.
Approximately 25% of the shares in issue have changed hands during the year
and the Company remains fortunate in having a supportive Barlow family
shareholder group. The increased marketing presence of the Company, well
supported by the Marylebone team and a refreshed website with explanatory
short videos, has been helpful in achieving this important step towards
growth.
The Board has enjoyed a year of stability and I am grateful for the commitment
and wise counsel of my colleagues. Formal internal Board reviews are carried
out annually in October. The principal areas for further focus in 2022
involved concluding and effectively implementing the Manager Review
conclusions and increasing the demand for the Company's shares. In 2023 the
Board has identified targets relating to the development and monitoring of the
relationships with Marylebone and Juniper, planning for Board member
succession and building on the progress made on expanding the shareholder
base.
The Company's policy on dividends also changed following the introduction of
the new investment policy. Quarterly dividends of approximately 0.75% of the
NAV have been declared, albeit that in this transition year the first
quarterly payment to December 2022 was paid in January 2023 as a Special
Dividend of 1.8p accrued in the prior year. Going forward the Board hopes that
the clarity of quarterly dividend payments, equating to approximately 3% of
NAV over the year, is helpful to shareholders.
It is a core function of an investment trust Board to bear down on costs where
possible. The Board notes that investments through External Managers as a
significant part of the portfolio has increased the cost measured by the
Ongoing Charges Ratio ("OCR") from 1.3% in 2022 to 2.0% in September 2023. The
skills in specialist areas that require substantial original research work
inevitably come with additional cost. However, in terms of true active
management of a liquid endowment style strategy the Board understands this
requirement whilst also noting that the costs associated with the External
Managers is expected to fall over time as the exposure to Special Investments
grows, as they typically have low additional management fees. The remaining
underlying costs are made up of core management, administrative and
transaction costs; as all activities are now outsourced the Board expects that
these costs will also fall in 2024. Overall the OCR is expected to fall in
2024.
In terms of investment outlook, Marylebone believes that this is an excellent
juncture at which to be deploying capital. Following a transition from a
multi-year regime that was characterised by low interest rates, abundant
liquidity and generally rising asset prices, the Board expects the period
ahead to be defined by structurally higher rates, variable liquidity, more
geopolitical and cyclical volatility, and greater fundamental price dispersion
within markets. This is precisely the sort of environment in which a highly
selective, fundamental approach that features distinctive bottom-up
investments should thrive. Marylebone is confident that current and future
Special Investments are capable of achieving their ambitious return targets
for this component of the portfolio. With respect to External Managers, those
with an equity-centric profile should be capable of annualised returns that
are substantially better than broad markets, whilst providing shareholders
with positions and style diversification away from the indices. In addition,
the External Manager allocation features a significant exposure to leading
practitioners in the specialist credit strategies arena, an area of true
differentiation for Marylebone who see the best risk-adjusted return
opportunity here for many years. Finally, the Direct Investments component of
the new portfolio features an eclectic mix of positions that have been
researched and identified by Marylebone's inhouse team. These provide not only
return potential in the low-teens over a multi-year period but also benefit
the portfolio in terms of its overall liquidity.
The Board was very pleased that the 2022 Annual General Meeting could be held
in person as it enabled a welcome opportunity to meet again and learn directly
from our shareholders. This year's AGM will be held at Pewterers' Hall, Oat
Lane, London EC2V 7DE at 12.00pm on Wednesday 17th January 2024. The
Investment Manager will present the details of the portfolio, its strategy and
outlook. My colleagues and I look forward to welcoming shareholders to that
meeting. Following the AGM the Investment Manager's presentation will be
available on the Company's website for those who cannot attend.
In the meantime, I thank you for both trusting and supporting Majedie
Investments.
Christopher D Getley
Chairman
15 December 2023
* Please refer to page 6 of the Investment Manager's Report in the Company's
Annual Report
† Please refer to note 20 on page 74 of the Company's Annual Report for more
information.
INVESTMENT MANAGER'S REPORT
Strategy
Marylebone Partners' appointment as the investment manager of Majedie
Investments PLC ("Majedie") marked a significant milestone. We are excited
about the prospect of pursuing our distinctive approach for Majedie's
shareholders, especially when the recent transition of the market regime has
created so many opportunities for discriminating bottom-up investors. We
welcome Majedie's shareholders to our Partnership, by virtue of the membership
stake granted to the Company in a demonstration of our alignment. Given the
importance of this mandate to our business, it is only right that Majedie's
shareholders should participate in our future success.
What exactly do we mean when we refer to the 'liquid endowment' model we
deploy for Majedie? The 'endowment' element evokes a truly long-term
investment mentality that is behind the success of the elite university
endowments (mostly based in the United States). These institutions have
harnessed differentiated - and sometimes alternative - return sources,
eschewing market timing or tactical trading in favour of active fundamental
strategies designed to compound wealth at an attractive rate, after the
potential effects of inflation.
We aim to replicate this success for Majedie's shareholders by identifying and
assessing compelling, long-term investment opportunities, few of which ever
come onto the radars of our industry peers. Unlike many university endowments,
however, we refrain from allocating to deeply illiquid and hard-to-price asset
classes such as private equity, venture capital, real estate, or
infrastructure. Our proficiency lies in more liquid markets, and we do not
believe it is necessary to lock up capital for extended periods to generate
attractive total returns.
Our ambition over the years ahead is to provide Majedie's shareholders with an
alternative to generic investment offerings or strategies whose historic
success depended on cheap leverage, abundant liquidity, and rising asset
prices. Ultimately, a shareholder in Majedie is buying into our people and our
process. We believe that more challenging conditions should only highlight the
merits of our approach as the fortunes of individual enterprises, sectors,
geographic regions, and asset classes diverge.
The Company delivered strong returns over the financial year, investment
performance between February 2023 (when we assumed investment management
responsibility) and the financial year-end was effectively flat as
contributions at the position level offset one another. We implemented the
transition towards the new portfolio in a swift and cost-effective manner,
with legacy positions exited and holdings in place by the end of March. As
part of this exercise, we have substantially sold down the strategic holding
in Liontrust PLC and it is now below 0.5%.
The portfolio
The portfolio is eclectic and focused. It features high-conviction investments
of differing profiles and with varying underlying return drivers. Although of
course there can be no guarantee of success, we believe that Majedie's most
conservative investments can achieve target returns over the next few years,
while some of its more ambitious positions have the potential to deliver much
stronger outcomes. It was simply not possible to achieve portfolio balance,
whilst striving for returns of this magnitude, in the latter stages of the
pre-COVID era.
The portfolio comprises three primary elements:
1. Special Investments. We identify co-investments, Special Purpose Vehicles,
and thematic opportunities, through a proprietary ideas network built over
nearly three decades. To earn a place in the Majedie portfolio, a Special
Investment must originate from a trusted source, and have the potential to
deliver annualised returns of at least 20% over a time horizon of typically
2-3 years. As an important aside, our investments are all marked-to-market at
least quarterly. So Majedie's shareholders should be confident that the stated
Net Asset Value is representative.
It will take time for us to build the portfolio's exposure to Special
Investments to its initial target of 20% (by definition, these opportunities
are situation specific and the bar for inclusion is extremely high).
Nevertheless, we had already made five allocations by the Company's financial
year-end, plus another three on 1st October. These include targeted activist
co‑investments in public equities, a thematic investment in the listed
Uranium sector, a unique factoring strategy and two stressed/distressed credit
co-investments. We have a strong pipeline of new ideas.
2. External Managers. We have selected a total of 14 funds managed by
third-party managers, each of whom specialises in a niche sector or geographic
region that is structurally inefficient and therefore offers potential for
skill-based returns ('alpha'). These managers work within owner-operated
boutiques that are largely unknown to/inaccessible by most allocators. In
keeping with Majedie's longstanding philosophy, nine of the managers we have
selected pursue equity-centric strategies. Their role is to add value through
stock-picking in areas as diverse as midcap biotechnology, value-style
activism, Scandinavian equities, software, Greater China, and Continental
European value stocks. To supplement nine managers with an equity-centric
profile, we have identified five leading managers who seek to deliver
less-correlated absolute returns, mostly though specialist credit strategies.
We believe the stressed/ distressed credit markets offer extremely attractive
risk-to-reward characteristics at the present time.
At 62% of the total, the portfolio's initial allocation to external managers
is higher than one should expect over the medium term. The weighting to this
category should naturally decrease over time, as we identify more Special
Investments. In turn, this should help to reduce look-through costs, although
our primary concern is always to maximise the net returns to shareholders
whilst achieving portfolio balance. In the meantime, we feel confident about
the performance potential of this group and believe they represent a very
attractive and differentiated combination of active managers.
3. Direct Investments. Our in-house team has carefully selected 15 public
equities, listed in the developed markets, each of which meets our stringent
criteria regarding growth potential, business profitability and quality.
Valuation also plays an important part of our decision-making process; this
sub-portfolio of eclectic, factor-diverse and catalyst-rich stocks currently
trades on quite reasonable multiples of earnings and cash flow.
Its largest weightings are to the Industrials, Consumer, Services and
Healthcare sectors. By geography, the sub portfolio is well spread across
companies listed in the United States, Europe, and our un-loved home market,
the U.K. Reflecting much higher valuation differentials, there is a mid-cap
bias to our portfolio and no exposure to the handful of mega-cap technology
stocks that are so heavily represented in the major indices.
Largest Five Holdings in each strategy at 30 September 2023
Largest Special Investment Holdings
Position Name Underlying Profile Asset Class % of
Total
Assets
Project Uranium Cameco Corporation Thematic Public Equity 1.8%
Project Bungalow Shake Shack Inc. Co-invest Public Equity 1.6%
Project Sherpa V.F. Corporation Co-invest Public Equity 1.6%
Project Challenger Metro Bank Snr Non Pref Co-invest Corporate Debt 1.4%
Project Retain Marblegate Overflow II Thematic Factoring 1.1%
Largest External Managers Holdings
Position Name Strategy Profile Region % of
Total
Assets
Silver Point Capital Offshore Fund Absolute (Specialist Credit) Distressed/Event DM Global 6.3%
Helikon Long Short Equity Fund Equity-centric Special Situations Europe 6.0%
Millstreet Credit Fund Absolute (Specialist Credit) High Yield North America 6.0%
Contrarian Emerging Markets Absolute (Specialist Credit) Distressed/Event Emerging Markets 5.3%
Eicos Fund S.A. SICAV-RAIF Absolute (Specialist Credit) High Yield Europe 4.2%
Largest Direct Investments Holdings
Position Name Strategy GICS Sector Region % of
Total
Assets
KBR Inc Equity-centric IT Consulting United States 2.0%
Weir Group PLC Equity-centric Engineering United Kingdom 1.8%
UnitedHealth Group Inc Equity-centric Healthcare United States 1.7%
Westinghouse Air Brake Technologies Corp Equity-centric Construction Machinery United States 1.7%
Sage Group plc Equity-centric Technology United Kingdom 1.5%
As we await entry points in certain investments, we have maintained liquidity
to take advantage of currently high short-term interest rates by purchasing
short-dated gilts.
To follow the progress of the portfolio and our approach, we encourage you to
visit the refreshed Majedie website where we post video clips with examples
along with a quarterly Portfolio Manager commentary. We intend to be very
transparent with shareholders.
Outlook
Markets have largely completed a transition to a new regime that will be
characterised by higher interest rates, variable liquidity, and more
geopolitical and cyclical volatility. Many of the tailwinds upon which the
fortunes of conventional investment strategies rode have turned into
headwinds. Against a backdrop that is likely to be more challenging, an
investor's ability to identify - and capitalise upon - idiosyncratic,
bottom-up situations will be critical to success. The portfolio represents a
distinctive mix of fundamental bottom-up ideas with low cross-correlation to
one another. This results in a proposition that should not only be capable of
achieving inflation-beating returns over the medium-term but also act as a
complementary investment for shareholders.
The global economic outlook is uncertain and is likely to remain so. When
framing our decisions, we do not dismiss the possibility of a recession over
the next 12-24 months. We can identify numerous possible threats to the
equilibrium of markets, which include a sharper-than-expected economic
slowdown, geopolitical instability, a possible resurgence of inflation (which
would most likely be caused by rising commodity prices), or some other
extraneous variable. The 'equity risk premium' is low by historic standards,
i.e. the projected earnings yield on equities is very close to the yield on
long-dated government bonds, which suggests that stocks are expensive at an
aggregate level.
Hence, at an asset class level, we are not especially bullish. However, we
also believe it is a mistake to generalise, especially at a time of widening
dispersion at an individual-security level.
There is no shortage of attractive bottom-up situations that meet our
selection criteria, especially when one hunts for them in areas that are off
the beaten track. Selectivity, and an ability to identify differentiated
fundamental return sources, will be the key to unlocking good investment
outcomes over the years ahead.
Portfolio as at 30 September 2023
Market Value (£000) % of Total Assets less Current Liabilities
Direct Investments
KBR Inc 3,016 2.0%
Weir Group PLC 2,615 1.8%
UnitedHealth Group Inc 2,588 1.7%
Westinghouse Air Brake Technologies Corp 2,533 1.7%
Sage Group plc 2,210 1.5%
Heineken NV 2,153 1.5%
Computacenter plc 2,112 1.4%
Pernod Ricard SA 1,969 1.3%
Alight Inc 1,917 1.3%
Howmet Aerospace Inc 1,907 1.3%
Thermo Fisher Scientific Inc 1,846 1.2%
Breedon Group PLC 1,541 1.0%
Other Direct Investments 3,549 2.4%
29,956 20.1%
External Managers
Silver Point Capital Offshore Fund, Ltd 9,447 6.3%
Helikon Long Short Equity Fund ICAV 8,911 6.0%
Millstreet Credit Offshore Fund, Ltd 8,896 6.0%
Contrarian Emerging Markets Offshore Fund, Ltd 7,971 5.3%
Eicos Fund S.A. SICAV-RAIF 6,319 4.2%
Praesidium Strategic Software Opportunities Offshore Fund, LP 6,229 4.2%
Keel Capital S.A., SICAV-SIF - Longhorn Fund 6,204 4.2%
Perseverance DXF Value Feeder Fund, Ltd. 6,140 4.1%
KL Event Driven UCITS Fund 6,067 4.1%
CastleKnight Offshore Fund Ltd 6,010 4.0%
Paradigm BioCapital Partners Fund Ltd 5,909 4.0%
Energy Dynamics Fund Ltd 5,447 3.7%
Andurand Climate and Energy Transition Fund 4,112 2.8%
Engaged Capital Flagship Fund, Ltd 2,797 1.9%
Other External Managers 1,152 0.8%
91,611 61.6%
Special Investments
Project Uranium 2,647 1.8%
Project Bungalow 2,424 1.6%
Project Sherpa 2,297 1.6%
Project Challenger 2,109 1.4%
Project Retain 1,696 1.1%
Project Diameter 1,651 1.1%
Other Special Investments 263 0.2%
13,087 8.8%
Fixed Interest
United Kingdom Gilt 0.125 31/01/2024 4,325 2.9%
Other Investments 700 0.5%
Total Investments 139,679 93.9%
Cash and Cash Equivalents 5,441 3.6%
Net Current Assets 3,674 2.5%
Total Assets less Current Liabilities 148,794 100.0%
Dan Higgins
Marylebone Partners LLP
15 December 2023
ANNUAL GENERAL MEETING
The Company's Annual General Meeting will be held on Wednesday 17 January 2024
at Pewterers' Hall, Oat Lane, London EC2V 7DE at 12 noon.
FURTHER INFORMATION
The Annual Report and Accounts for the year ended 30 September 2023 can be
obtained from the Company's website at www.majedieinvestments.com
(http://www.majedieinvestments.com) .
A copy of the Annual Report and Accounts will be submitted shortly to the
National Storage Mechanism ("NSM") and will be available for inspection at the
NSM, which is situated at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) , in accordance with
DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
END
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on this announcement (or any other website) is
incorporated into, or forms part of, this announcement.
LEI: 2138007QEY9DYONC2723
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