The Fund recorded a 0.41% return in August and marked a new all - time high during the period (C Accumulation GBP). A significant majority of underlying holdings contributed positively to performance with broad - based (albeit modest) upside evident across the range of sub -sectors and security types represented in the portfolio.

While the greatest individual performances came from holdings with relatively modest allocations, including Kier Group (+9.3% in August), Renew Holdings (+8.9%) and Gresham House Energy Storage (+7.0%), the Fund’s renewable energy generators continued to rally during the period and have been significant drivers of the strategy’s performance year - to -date. The Fund continues to run a sizeable allocation to the sub -sector (33.6% Renewable Energy & Energy Storage as of 28 th August) with the Investment Manager taking a view that tight energy markets driving firm power pricing will likely provide a catalyst for solid Q3 NAV updates – particularly for Greencoat UK Wind, which typically retains far greater exposure to spot prices when compared with peers that typically hedge output on a 1 - 3 year view.

Heading into the winter months, natural gas inventories are at historically low levels across Europe while sustained disruption in the Middle East continues to constrain supply. These dynamics are likely to keep gas prices – and by extension electricity pr ices – firm in the region, while a concerted effort to replenish inventories could lead to a surge in winter power prices. This is borne out in the price of UK electricity price futures over the winter 2026/27 season and could prove a strong tailwind for generators held within the portfolio, underpinning the rationale for maintaining meaningful exposure t o such companies.

Holdings in Cordiant Digital Infrastructure, Foresight Environmental Infrastructure, GCP Infrastructure, HICL and The Renewables Infrastructure Group were reduced at the margins. No capital was deployed during the period and the Fund closed August with a cash balance of approximately 6%, bolstered through the receipt of proceeds following the takeover of Bluefield Solar Income and capital returns from GCP Asset Backed Income and Residential Secure Income as both entities progressed the ir respective managed wind downs. Following a strong run of positive performance across the broader sector, the investment manager anticipates opportunities for capital deployment will appear as we approach the Autumn budget, which could augur some bouts of market volatility. It was encouraging to see Tritax BigBox REIT raise ~£350m in an oversubscribed equity raise that will provide funding to “unlock its enlarged pipeline of data centre opportunities”. However, the Investment Manager opted not to participate, noting that new stock was not eligible for the quarterly dividend (ex - date 13th August) and the Fund is already meaningfully exposed to the name.