Spectrum Fund Prices 241.14p 29.08p The investment objective of the Spectrum Fund is to seek to achieve capital ‘growth over the longer term (5-7 years). The Fund is a fund of funds and its investment policy is to invest at least 70% of the fund's assets globally in collective investment schemes, which may invest in underlying assets. Any ‘comparisons against indices ae for illustrative purposes only Fund Size £134m Enon UK OFF Bane Base Rate tion A Flows invesent TR) ox Reta Paces index spectrum OAce 200 150 100 50 ° a RRR RRR ERR RRR RK Source: Lipper Developed Market Equity 72% Gold 9% Global Index Linked 7% Asia Equities 5% Cash 5% Emerging Markets Equity 1% = Alternatives 1% Source: Facset,Aset Alocation subject o cange UK Retail Prices Index +39.2% +30.3% 413.4% 46.9% +H1.3% 40.6% 1A Flexible Investment (TR) +84.7% 474.8% +33.9% 45.6% 40.5% 47.1% ‘Spectrum Fund O Acc 3.0% 419.2% 17.8% 35% +6.4% 43.5% 474% Soman 290208 Source: Lipper October mentary Your Fund returned -2.0% during the month ‘compared toa return of-1.3% for thelA Flexible Investment TR. HAL Trst("HAL", a constituent in Spectrum, is ‘2 Europeamlisted halding company that invests in both public and private companies. HAL ‘owns a diverse collection of businesses, ranging from maitime services and optical retaling through to fight simulation and ecommerce. Established in 1989, HAL Trust has an impressive track record that far outstrips the performance of better known holding ‘companies ke Berkshire Hathaway. However, HAL has struggled more recently. This is party because some of HAL’s larger holdings, including Bostalis, the dredging and maritime Past performance isnot a gh contractor, have faced headwinds. It is also because HAL's shares have devated from trading ata small premium to its net asset value INAV) 2 fow years ago to tading at 2 25-20% scount tody. Such a discount is compelling, especially as we believe HAL has 2 number of structural advantages that should persist. As a family: Controlled investment vehicle, HAL has a trly longterm investment horizon maintained by patient and farsighted stewards. It can navigate inevitable bumps in the road to build successful businesses. A consistently strong balance sheet also enables HAL to support ‘axisting holdings during tmes of stress and invest countercycealy le to future performance. HAL has certainly been active in 2020. It has increased its stake in some existing holdings and ‘acquired a number of new businesses including Stolze and Prins Group, two companies that are ‘active i greenhouses and electrical nrigation, We are also excited by the prospects for HAL's ‘other holdings. Coolblue, for instance, is 2 leading Benelucbased* ecommerce business that generated €1.5bn sales in 2019 and has benefited from solid growth this year. HAL's value may not be widely recognised today but its abilty 0 allocate capital eectvely and be a longterm owner should ultimately reward like minded shareholders, *Callecive name for Belgium, the Nethefands ard Lnemboug160 Egerton Capital E ng ‘io Spectrum Fund © Ace pee Ey) to WCM Global Equity 3 00 sh Flexible lnvdstment (FR Findlay Park American 105 8 é . Gold Bullion Securities 87 B40 3 to. UeRetal pre Index Polar Capital Global insurance 80 20 Bank of England Base Rate ‘AMP Capital Global Companies 7.3 ° ‘00 20 40 60 20 100 120 _Lindsell Train Global Equity 64 Standard deviation (8) Soute Lipper Evenlode Income 87 Samarang Asian Prosperity 54 CG Portfolio Real Return 38 Total Return 141.1% UM ap Te Max Drawdown' 19.1% saa) _Tovel Top “ Best Month 48.4% +7.2% | Tother holdings 165, Worst Month 11.5% 12.9%) Cash & Equivalent 54 Positive Months +63.2% 8260 Annualised Volatility? 49.6% 411.2% TOTAL 100.0 Source: Lipper! Measures the worst iwestment period. * Measured by standard deviation of annual eturas Source: Facset, olcings subject o change Ene ‘A copy of the latest Prospectus and the KID for each cass (in English) upon which you should base your investment decisions available from Link Fund Solutions Ld, the Fund's Authorised Corporate Director and Link Fund Administrators Lid (Authorised and Regulated by the Financial Conduct Authority) ‘on 0345 608 0950. Structure Ongoing Charges Dealing ‘Subsfrdl of Tejan Investment Funds 10 frinay shares: 1.48% Dally atnoon vars rr 608 0950 iden x Dates Investment Manager {1 Asgist(imerim, 1 Februsrytina Registrar Troy Asset ManegemertLited ind Acris iit 33 Daves Sreet Dividend Pay Dates London Wik aBP 30 September imerin) 31 Mach fina) em Tel 0207499 4030, Ernst Young IL? Faw 0207491245 HistrcFund VieldO' nc) 025% Deposiury cena: busdev@ta cole ———— The tank of New Yere Melon ternational Limited ee eet Atrised Corporat Director ——— Fund Manager Tomveowar Link Fane Solutions United Bloomberg — Tet 00s 3002110 CCFTSPOA LN (OAc, CFTSPOLLN (On) Currency String a | Initial Fee Nil eS ITEC) 2990820 Aco, B2796V4(0 Ine) Tahoma oro noop TT Bewihimars Launch Date 29 Febrary 208, Formore infomation onthebenchnacs wed please Png ‘eferto he ‘ae of berchark' secon nthe fond iste ee rau aay infomation het, avalble ron ourwabste Important information dda tats Ova restr yo del movenarts haan ehune tues: Toe an iar cndony Yur Fant yo ol ra ao oy tbo any teed The exbeasaltteaseolan naan dsaun Ay Sse ene: bean lematen ortarei fe pu eee tae io pe al ce esa ln iy ye lel cus ye at ah Re = [cst oty aes ctn aarti 2 eal es seat Aa Toy ant rage ied res ec eth nr ry cardi ce de a cana nthe rad eho peut tes cna ade roy tang to pry he el deans te cnr Uo nba ay cet he lt kil eh aa tat Sete as ones an senha est re? oat er tac Fane rcpt els seus ae ara, ert ol an sree aan Core deren dar Pt Ge, Sah we cae fer PS Seeds teat ae cee feted the rons tabs rr an are a ert ley raha fit ‘Scone eSPA wee bl be rns pci apn Sel Se of om wanda ‘Sardi esther oppo ad nsaurdec ah ecrcareal ey ote a imingdt Wace std seas ies, ne hon oer ange ‘ong mtredes Tran dns pode ha wera or ‘hse hans abrcbel fn tne fr Su at Tones aus fr eure Wis a foe te ein clo inde rare erg rl eA aly yAt rat e 5 an eet KG red ral pdb ral Gar ary FAN HEN Copy Saat Managem