Fund Details

Launch Date:

1st October 2018

AIC Sector:

Emerging Markets Global

Annual Management Fee:

1.0%

Ongoing Charges:

1.5%**

Year / Half Year:

30 November / 31 May

Capital Structure:

115,420,336 Ord Shs

Number of Holdings:

27

Total Net Assets (£m):

173.3

Market Capitalisation (£m):

157.5

Gearing (AIC basis):

0.0%

Share Price (p):

136.50

Net Asset Value (p):

150.17

(Discount) / Premium:

(9.1%)

ISIN:

GB00BFZ7R980

Sedol:

BFZ7R98

LEI:

21380033EKFQS15X1W22

GIIN:

J9AYNU.99999.SL.826

Bloomberg:

MMIT LN

** calculated at the financial year end, includes management fees and other operating expenses

Investment Strategy

Mobius Investment Trust plc's objective is to deliver long-term absolute returns by investing in emerging and frontier market equities. The Fund manager aims to identify companies with resilient and innovative business models which are mispriced. The Fund follows an active investment style by partnering with portfolio companies. This is achieved by engaging with stakeholders to improve corporate governance and act as a catalyst for wider operational and financial improvements including aclear ESG pathway.

Portfolio Manager

Date: 29.02.2024

MOBIUS INVESTMENT TRUST PLC

Active Ownership in Emerging and Frontier Markets

Performance since launch to 29 February 2024*

60.0%

40.0%

20.0%

0.0% -20.0%-40.0%

Nov-18Oct-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

May-23

Nov-23

Feb-24

Net Asset Value Per Share +55.7%

Share Price +38.7%

Accumulated Performance*

1 Month

YTD

1 Year

2 Years

3 Years

5 Years

Since Launch

Net Asset Value

4.0%

1.8%

10.5%

5.7%

29.0%

54.7%

55.7%

Share Price

3.4%

-0.4%

1.7%

0.6%

27.0%

34.0%

38.7%

Source: Morningstar

Monthly Performance in GBP*

12%

10.4%

10%

8.7%

8%

6%

4.0%

3.4%

2.2%

3.4%

4%

1.7%

2%

0%

-2%

-1.5%

-4%

-2.1%

-6%

-3.6%

-8%

-6.5%

-10%

-12%

-10.1%

Feb-24

Jan-24

Dec-23

Nov-23

Oct-23

Sep-23

Net Asset Value Per Share

Share Price

Sector Breakdown

Geographical Breakdown

Carlos Hardenberg

Carlos Hardenberg co-founded MCP in 2018 and has been the portfolio manager in charge of investment strategy since

inception.

Contact

Tel: +44 (0) 203 829 8500

Mail: trust@mobiuscapitalpartners.com

Website: www.mobiusinvestmenttrust.com

Technology

62.0%

Health Care

10.3%

Industrials

6.0%

Consumer Discretionary

5.6%

Consumer Staples

5.3%

Financials

3.2%

Communications

1.9%

Cash

5.7%

100.0%

*Past performance cannot be relied on as a guide to future performance.

Taiwan

23.9%

India

18.5%

South Korea

15.4%

Turkey

8.6%

Brazil

7.9%

United States

6.1%

Thailand

3.4%

China

3.3%

Vietnam

2.9%

South Africa

2.4%

Kenya

1.9%

UK*

5.7%

100.0%

*includes uninvested cash Source: Frostrow Capital LLP, Date: 29.02.2024

© Mobius Investment Trust plc 2024

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Date: 29.02.2024

MOBIUS INVESTMENT TRUST PLC

Active Ownership in Emerging and Frontier Markets

Investor Profile

Mobius Investment Trust plc has no required minimum holding period and is designed for long- term investment (at least five years). MMIT invests in equities and it may therefore be subject to volatility. This requires an elevated risk tolerance.

Opportunities

  • Focus on dynamic small and mid-sized companies in many of the fastest growing economies in the world
  • Fundamental bottom-up research process identifies resilient business models which are undervalued and mispriced
  • Lower ESG standards in emerging and frontier markets offer a unique opportunity for active engagement approach
  • Create value by delivering a clear ESG pathway for our portfolio companies
  • Concentrated portfolio allows a customised engagement strategy for each company

Risks

  • MMIT pursues an active management style. Its performance may therefore deviate considerably from that of a comparable market return
  • Pronounced fluctuations in price are characteristic of emerging and frontier economies. Other characteristics include specific risks such as lower market transparency, regulatory hurdles, illiquidity of markets as well as political and social challenges
  • Investments via Shanghai or Shenzhen Stock Connect are subject to additional risks, quota limitations, custody risk, clearing/settlement risk and counterparty risk
  • Focusing intentionally on stocks in small and medium cap companies may entail additional risks (e.g. lower liquidity)

Top 10 Positions (% of Net Assets)

1.

LEENO Industrial

6.1

2.

EPAM Systems

6.1

3.

E Ink

6.0

4.

Elite Material

5.5

5.

TOTVS

5.2

6.

Classys

4.9

7.

Persistent Systems

4.9

8.

Park Systems

4.3

9.

Apollo Tubes

3.8

10.

Bluebik

3.4

Total

50.2

Source: Frostrow Capital LLP, Date: 29.02.2024

Commentary

Emerging markets underperformed their developed market peers in February, largely due to the sustained rally in the US equity market. Nvidia's outstanding quarterly results added global optimism to an already bullish outlook for AI. The Japanese stock market reached its highest level in 34 years and South Korea introduced its own value-up initiative, mirroring measures previously undertaken in Japan. Indonesia, the world's third-largest democracy, held elections, with former army general, Prabowo, poised for a victory that is set to be official in March.

Over the period, the Mobius Investment Trust (MMIT) NAV per share and share price rose by 4.0% and 3.4% respectively, while the MSCI EM Mid Cap Net TR Index returned 5.4% in sterling terms. The main contributors to performance in February were E Ink (+0.9%), 360 One Wam (+0.5%) and Leeno Industrial (+0.5%). The main detractors were CE Info Systems (-0.2%), Parade Technologies (-0.2%) and Dreamfolks (-0.2%). Several portfolio companies reported robust Q4 2023 earnings and positive 2024 outlooks. EPAM Systems, a digital engineering services provider, reported a positive outlook for 2024 and some early signs of revived customer spending in the US, their largest market. EPAM continues to expand their workforce in India & Latam and we see this strengthening of employee base in new markets as a positive.

Further information, including a recent strategy update webinar and MCP's new podcast, Insiders and Outliers, is available on the Mobius Capital Partners' website: https://www.mobiuscapitalpartners.com.

Risk Warnings: This document is issued by Mobius Investment Trust plc for information purposes only and does not constitute an offer or invitation to purchase shares in the Company and has not been prepared in connection with any such offer or invitation. Nothing in this document should be construed as investment advice or a recommendation to buy or sell shares. Before investing in the Company, or any other investment product, you should satisfy yourself as to its suitability and the risks involved, and you may wish to consult a financial adviser. Any return you receive depends on future market performance and is uncertain. Past performance cannot be relied on as a guide to future performance. The Company does not seek any protection from future market performance, so you could lose some or all your investment. Shares of the Company are bought and sold on the London Stock Exchange (LSE). The price you pay or receive, like other listed shares, is determined by supply and demand and may be at a discount or premium to the underlying net asset value of the Company. Usually, at any given time, the price you pay for a share will be higher than the price you could sell it for. For further information on the principal risks the Company is exposed to please refer to the Company's Investor Disclosure Document available at www. mobiusinvestmenttrust.com. The Company can borrow to purchase investments, this could potentially magnify any losses or gains made by the Company.

Mobius Investment Trust plc has used all reasonable efforts to ensure the accuracy of the information contained in this document but makes no guarantee or representation as to the reliability, completeness or accuracy of such information.

Mobius Investment Trust plc is a public limited company whose shares are premium listed on the LSE and is registered with HMRC as an investment trust. The Company has a Redemption Facility through which shareholders will be entitled to request the redemption of all or part of their holding of Ordinary Shares on a periodic basis. The first Redemption point for the Ordinary Shares was on 30 November 2022 and each subsequent Redemption point shall fall on 30 November every third year thereafter.

© Mobius Investment Trust plc 2024

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Mobius Investment Trust plc published this content on 18 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2024 09:40:04 UTC.