MAJEDIE INVESTMENTS PLC - Portfolio Manager Commentary

28 July 2026, Majedie Investments PLC (the "Company") issues the following commentary from its Portfolio Manager, Marylebone Partners LLP, covering the third quarter ending 30 June 2026. The full quarterly report can be found on Majedie Investments' website linked here.

Performance over the quarter

Despite continuing fallout from events in the Middle East, a significant shift in interest-rate expectations and bouts of volatility in AI-related stocks, the Portfolio Manager considers this to be a positive quarter for performance, with the Company's NAV total return of +10.7% over the quarter to the end of June and +15.6% for the financial year to date.  We attribute this partly to Majedie's resolve during the preceding market correction in March, but primarily to the recognition of fundamental progress from the portfolio's underlying investments.

Performance came mostly from external managers with an equity-centric profile, although it is important to note how varied the sources of return were even within that category. Direct Investments also fared well, with a mixture of soft catalysts such as earnings results and M&A contributing.

The strongest contributions came from our specialist Korean fund, a special situations manager, a China specialist, a Biotech specialist and a direct holding in a UK-listed unappreciated change situation. Another, smaller direct investment holding was the subject of a publicly announced takeover approach. Copper stocks lost ground, albeit the impact was limited because we had reduced exposure earlier in the year. Special Investments were a mixed bag, performance wise, although fundamental progress was generally good. We received full or partial proceeds from two highly successful co-investments, Orizon Valorização de Resíduos SA and CVS Health Corp.

Portfolio changes

Within External Managers, the composition of the sub-strategy has remained stable. In the funds Direct Investments category, having been consciously under-represented in large cap 'quality growth' stocks for several years, we have used the recent weakness in this area to gradually build-up targeted exposure through the Brown Advisory Global Focus Fund (BGF). There were no other changes of note in Direct Investments or Special Investments.

Dan Higgins, investment manager at Majedie Investments and CIO at Marylebone Partners, commented: "Last quarter, we wrote that events in the Middle East did not justify a wholesale change in positioning. Our central case was, and remains, an uneasy compromise, although it is far from assured. Energy is flowing again but prices are unlikely to return to previous levels. In his first meeting as Fed Chair, Kevin Warsh cited supply shocks while adopting a hawkish stance. Bond markets now expect policy rates to rise by year end before easing again in 2027.

Overall, we expect geopolitical and policy uncertainty to remain elevated through the second half of the year, with monetary policy becoming an increasingly important driver of markets. We believe this environment will reward disciplined security selection, patience and a consistent focus on fundamentals supported by an adequate margin of safety."

 About Majedie Investments PLC:

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:

Marylebone Partners LLP is known for its ability to access differentiated, fundamental investment opportunities through a global network of external managers, situation-specific and thematic strategies. Marylebone was founded with the vision of delivering superior investment outcomes through relationships built on trust and transparency.

On 21 November 2025 it was announced that Marylebone Partners would become part of Brown Advisory.

Marylebone Partners LLP is authorised and regulated by the Financial Conduct Authority.

About Brown Advisory

Brown Advisory is an independent investment management firm committed to providing its clients with a combination of investment performance, strategic advice and the highest level of service. Brown Advisory has been a private and independent firm since 1998. Today, the firm has more than 1,000 colleagues - each with an equity interest - serving private clients, institutions and charities in over 49 countries from 20 offices globally and is responsible for approximately $188.4 billion in client assets as at end of June 30, 2026. The firm's colleague equity ownership, experienced investment professionals and client-first culture help to make a material difference in the lives of its clients.