Percentage

1 HALMA PLC 2.6%

2 RELX PLC 2.4%

3 UNILEVER PLC 2.3%

4 EXPERIAN PLC 2.3%

5 COMPASS GROUP PLC 2.3%

6 DIAGEO PLC 1.9%

7 CRODA PLC 1.8%

8 BURBERRY PLC 1.7%

9 SHAFTESBURY PLC 1.7%

10 RENISHAW PLC 1.7%

Percentage

1 VANGUARD S&P 500 ETF 5.7%

2 JUPITER EUROPEAN OPPORTUNITIES TRUST 4.5%

3 HSBC S&P 500 ETF 4.3%

4 STEWART ASIA PACIFIC LEADERS 3.9%

5 CAPITAL GEARING TRUST 3.6%

6 PERSONAL ASSETS TRUST 3.6%

7 FUNDSMITH LLP EQUITY 3.1%

8 SCOTTISH MORTGAGE INVESTMENT TRUST 3.0%

9 PRUSIK ASIA 2.5%

10 TWENTYFOUR ABSOLUTE RETURN CREDIT 2.4%

30 September 2019

£1.440.5%

Growth Portfolio

KEY

Bonds

Corporate DirectCorporate Funds

Mkt Cap > £2bnMkt Cap < £2bn

North AmericaEurope JapanAsia/ChinaGlobal

Property

Alternatives

Cash

UK Equities

International Equities

Coleman Street Investments

Investment objectiveTo seek a combination of long-term capital appreciation and income,but with a focus on growth, with a medium risk investment profile.

BenchmarkThe Fund is benchmarked against the WMA Growth Index (Total Return)and will take active positions relative to this index on both asset allocation and stock selection. The Fund’s broad asset allocation (split by equities, fixed income and alternatives) will typically be restricted to a range, relative to the benchmark, set by the CSI Investment Committee. For further information on the WMA and the CSI Investment Committeeplease see the Additional information.

On 1 March 2017 the WMA range of Private Investor comparatorsreplaced FTSE International with indices provided by MSCI and Markit.

Investment policyIn order to achieve its objective, the Fund will invest principally in adiversified portfolio of different asset classes such as equities, equitylinked securities (including warrants and convertible securities), fixed and floating rate debt securities, index linked bonds, cash and cash equivalents.

Equities will be the dominant asset class. The Fund is invested principally in direct UK equities and International equity collective funds (both active and passive). The Fund also has a small allocation to sovereign and corporate debt, alternatives and cash in order to diversify exposure and lower volatility of returns.

In direct UK equities the Fund seeks to invest predominantly in the highest quality London-listed companies with exposure to long term structural growth, market leading positions and sustainable competitiveadvantages. The Fund strives to be disciplined on valuation and not tooverpay for quality.

Asset allocation

Top 10 direct holdings Top 10 fund holdings

Key information - 30 September 2019

Jan & Jul

Benchmark: MSCI WMA Growth Index Unit Price (A Acc Shares) Historical Yield*Dividend Payment (month end) Inception 15-Apr-13

Accumulation shares SEDOL B9L75Q3Accumulation shares ISIN LU0904708921

James Godrich, CFAFund Manager (since 26/07/19) Fund Manager (since 27/01/16) Karen Lau

1JM Finn

Class A Accumulation Shares, GBP

0.8

34.2

Cash

4.7

16.5

8.0

4.7

6.4

2.8

9.0

6.1

Prop.

Intl.Equities

UK Equities

BondsAlts.

4.5

2.5

0.19%

n/a

Charges: Ongoing Charges** Transaction Costs Total Cost of Ownership

Performance Fee Exit Charge

1.25%

1.44%

n/a

*The yield reflects historic distributions declared over the past twelve months as a percentage of the mid-market unit price, as at the date shown and

after the deduction of the funds expenses. All fund's expenses are charged to income.

**Ongoing charge represents the direct costs of running a fund, which are deducted from the assets of the fund and provide a comparable number for

the cost of investing. The annual management charge is included in the ongoing charge. *

In the third quarter of 2019 the Growth fund returned a positive 0.39%, against the WMA Growth Index which was up 2.50%. Our tilt towards high quality equities and short duration fixed income caused the majority of the underperformance over the quarter.

To look at headline market levels at the start of and the end of Q3 doesn’t tell much of the story. Over the quarter, the S&P was up only slightly, the FTSE100 broadly flat and UK 10 year Gilts moved a little higher. But within that there were moments of excitement where Argentinian 100 year debt fell more than 20% in a day, the Chinese Renminbi completed its biggest monthly fall in more than 25 years and iron ore gave up much of its year to date gains, down nearly 20% over the quarter. The global economy ended the month on course but sailed through some choppy seas in getting there.

The quarter was notable as well for what appeared to have been a change in the prevailing wind as ‘cyclical value’ stocks had a brief day in the sun and outperformed ‘defensive growth’ stocks during the latter part of the quarter. This was reflected in some of our better performers within the fund during September which included the likes of Schroders, Lloyds and Prudential.

Macro tailwinds aside, Genus had an impressive quarter during which they reported full year results which included 4% revenue growth, 6% profit growth and a 7% increase in the dividend. Whilst it was disappointing to hear of the departure of their impressive CEO, Karim Bitar, earlier this year, we are comforted by the long transition period, the strong internal hire and Karim’s recent comments that he intends to hold onto all 96,000 of his shares (currently worth c.£3m).

Year to date however, our top performers have continued to be the ‘defensive growth’ names which make up the core of our portfolio. This includes the likes of Compass, the global catering business, Unilever, the nearly-century-old fast moving consumer goods (FMCG) company and Experian, the multinational credit bureau.

Whilst we continue to expect the ‘core’ of the portfolio to be made up of these high quality global leaders, we had increased our exposure to some of our domestically exposed businesses during the quarter where we saw, and continue to see extremes in valuation. An example of this is a new position which we initiated during the quarter; Close Brothers, the UK bank founded in 1878. Close have been on our radar for some time as a conservatively run, high quality, counter-cyclical bank - one only needs to look at their incredibly impressive record of never having cut the dividend since it was introduced in 1993 to see the success of their model. Brexit uncertainty and historically low interest rates mean that the investment is not without risk, but we believe the balance is in our favour investing in such a business on a near 5% dividend yield.

Our disciplined approach to investing must be considered in both purchases and sales and, as ever, we think it important to maintain just as sharp a focus on our investments that are outperforming as those that are underperforming. Two of our disappointments during 2019 have been Renishaw and Victrex who, as industrial businesses with significant Asian operations, have been caught in the teeth of a global manufacturing slowdown and ongoing trade war uncertainty. Whilst we do not know when the manufacturing cycle will turn back in their (and our) favour, we are confident that both of these businesses with their strong cash generation, high margins, net cash balance sheets and significant ‘insider’ ownership will be there to take advantage when the time comes.

The unpredictable nature of politics (for example Brexit and Trade Wars) remains a constant challenge for money managers and market commentators and whilst the global economy isn’t without concern, we continue to think that one of the great skills of the long term investor is a healthy dose of optimism. In remembering the old adage that ‘the market frequently underestimates economic risk and overestimates political risk’, we remain in a good position to take advantage of opportunities which might present themselves.

Fund manager commentary

The fund is a Luxembourg domiciled open-ended investment company (SICAV) which is a UCITS fund. The Management Company of the SICAV is Cadelux S.A., the Depositary, Administrative, Corporate and Domiciliary agent, Registrar and Transfer Agent is Delen Private Bank. JM Finn is the Investment Manager as appointed by Cadelux S.A. This Fund is not offered, sold or distributed in the United States or to US persons.

Registered Office:4 Coleman Street London, EC2R 5TA

+44 (0) 20 7600 1660info@jmfinn.comwww.jmfinn.com

JM Finn and JM Finn & Co are trading names of J.M. Finn & Co. Ltd which is registered in England with number 05772581. Authorised and regulated by the Financial Conduct Authority.

2JM Finn

31.12.18–30.09.19

30.09.18–30.09.19

30.09.17–30.09.18

CSI Growth 13.6% 3.6% 10.6%

WMA Growth 15.9% 5.5% 8.4%

Calendar year performance (% total return)

Performance summary (% total return)

3m 6m 1yr 3yr 5yrSince

Inception

CSI Growth 0.4% 6.4% 3.6% 28.3% 41.7% 44.4%

WMA Growth 2.5% 6.7% 5.5% 26.9% 53.5% 70.8%

Risks and important informationThe value of CSI Growth may go down as well as up and you may not receive back all the money you invest. Investment should be made on the basis of the Prospectus and Key Investor Information Document (KIID), available on our website. You should seek professional advice as to the suitability of the Fund before investing. Values may be affected by fluctuations in exchange rates where assets in the Fund are denominated in currencies other than sterling.

Source: Cadelam and Factset

+Please note that the WMA performance data included is blended to reflect the FTSE WMA Series up to 1 March 2017 and the WMA MSCI Series

thereafter. Past performance is not a guide to future performance.

12.1% 12.4%

10.9% 20.0%

30.09.16–30.09.17

30.09.15–30.09.16