MPS QUARTERLY UPDATE

• The FTSE 100 had a strong quarter overall, buoyed by robust corporate earnings and signals from the Bank of England pointing to further rate cuts. While there was a late pullback, the index still finished the quarter on strong footing.

• Global markets were rattled by escalating trade tensions between the US and other major economies. This uncertainty led to a sharp decline in the S&P 500. Despite the heavy US exposure inherent in global indices, our Robeco Global fund delivered strong outperformance, thanks to its disciplined value-driven approach - validating its place in a multi-asset portfolio.

• Liontrust European Dynamic was a beneficiary of the rotation away from US equities and into European markets, a trend amplified by Germany’s announcement of a substantial fiscal package.

• The Liontrust Special Situations UK fund underperformed during the period, primarily due to its current bias towards growth stocks. Nevertheless, we remain confident in management and their process. Current valuations offer an appealing starting point for future returns.