Momentum Multi Asset Value Trust pl : Momentum Multi-Asset Value Trust plc

MOMENTUM MULTI-ASSET VALUE TRUST

MONTH END FEBRUARY 2023

FOR PROFESSIONAL ADVISERS ONLY

INVESTMENT OBJECTIVE

INVESTMENT TEAM

Over a typical investment cycle, the Company seeks to achieve a total return of at least CPI plus 6% per annum after costs with low volatility and aims to increase the dividends paid to Shareholders at least in line with inflation, through the application of a Multi-Asset Investment Policy.

The manager takes active allocation decisions within defined ranges. These tactical moves are made through a combination of direct investment and commitments to third party funds, both open and closed ended.

Gary Moglione	Richard Parfect	Mark Wright	Tom Delic
Lead Oversight	Second Oversight	Portfolio Manager	Portfolio Manager
Portfolio Manager	Portfolio Manager

Our investment approach is team based with all portfolio managers having specific areas of research focus and access to and input from the wider Momentum Global Investments team.

FIVE YEAR HISTORICAL CUMULATIVE PERFORMANCE

90%

45%

0%

-45%

MAVT		MSCI UK All Cap		Benchmark ^

Source: MGIM, Bloomberg Finance LP. The value of the underlying funds and the income generated from them can go down as well as up, and is not guaranteed. Investors may not get back the original amount invested. The value of investments involving exposure to foreign currencies can be affected by currency exchange rate fluctuations. Past performance is not a guide to future performance.

Rebased to zero as at 28.02.2018.

CUMULATIVE	1	3	6	1	3	5
PERFORMANCE
month	months	months	year	years	years
(%)
Trust share price (bid)	(1.0)	6.3	1.2	(5.8)	13.6	15.3
Trust NAV	(0.3)	6.4	0.5	(5.6)	14.7	17.1
Benchmark^	1.7	2.5	7.0	17.1	40.2	63.3

DISCRETE ANNUAL	28 Feb	28 Feb	28 Feb	29 Feb	28 Feb
PERFORMANCE
2023	2022	2021	2020	2019
(%)
Trust share price (bid)	(5.8)	9.2	10.4	(1.0)	2.5
Trust NAV	(5.6)	7.5	12.9	(1.8)	3.9
Benchmark^	17.1	12.5	6.4	7.8	8.0

MONTHLY COMMENTARY

• After a benign three months, February proved to be altogether more challenging. Bond markets suffered a big sell-off as the market substantially repriced interest rate expectations in line with the Fed's view.
• Any dovishness was quickly dispelled in the face of data showing inflation stickier than expected, the labour market remaining very resilient, retail sales surprisingly buoyant, and leading indicators of activity across the US, Europe and China stronger than expected. The Fed's rhetoric, along with the ECB and other developed world central banks, became increasingly hawkish and the market rapidly adjusted to the narrative of higher terminal rates and tighter for longer policy.
• Cordiant Digital Infrastructure released a trading update suggesting strong progress among portfolio companies. In the nine months to end December 2022, aggregate revenue increased 8.8% to £146m, while EBITDA increased 5.9% to £76.5m, demonstrating the overall health of the Company's portfolio companies and the digital infrastructure market. Significant progress has also been made by the portfolio companies on sales initiatives during the period. The share price increased by over 7% in February.

Source: MGIM, Bloomberg Finance LP

TRUST CODES & DETAILS

SEDOL	0876999
ISIN	GB0008769993
CITICODE	IS61
Bloomberg ticker	MAVT LN
Investment Manager	Momentum Global Investment Management Ltd (MGIM)
Financial Times	Investment Companies
AIC sector	Flexible Investment
ISA eligible	Yes, the Trust is fully ISA eligible
NAV with income	163.37p
Share price (mid)	162.50p

DIVIDEND PAYMENTS
Year	2019	2020	2021	2022	2023
March	1.64p	1.68p	1.68p	1.68p	1.80p
June	1.68p	1.68p	1.68p	2.16p	1.80p*
September	1.68p	1.68p	1.68p	1.80p
December	1.68p	1.68p	1.68p	1.80p

Source: Company Secretary/RNS

*Dividend note: As announced in the RNS of 15.02.2023 the Company will continue at least to maintain the 1.80p per share quarterly dividend rate for at least the financial year to 30 April 2023, barring unforeseen circumstances.

Cumulative & discrete figures are sourced from MGIM, Bloomberg Finance LP, Trading Economics & Morningstar. Share prices calculated on a total return basis with net dividends reinvested. NAV returns based on NAVs including income and with debt valued at par. Returns do not include current year revenue. ^Benchmark: CPI plus 6%. For the periods ending 28.02.2023, a forecast CPI is used. The information on this factsheet is as at 28.02.2023 unless otherwise stated. MGIM defines a typical investment cycle as one which spans 5-10 years, and in which returns from various asset classes are generally in line with their very long term averages. Low volatility is defined as being lower volatility than that which would be typical of a pure equity portfolio.

ASSET ALLOCATION	INCOME GENERATION
UK equity	38.0%
Overseas equity	21.7%
Credit	7.4%
Specialist assets	28.8%
Defensive assets*	3.5%
Cash & equivalents	0.6%

UK equity	28.4%
Overseas equity	19.2%
Credit	9.8%
Specialist assets	42.0%
Defensive assets*	0.0%
Cash & equivalents	0.6%

As at 28.02.2023, allocations subject to change. Source: MGIM

*Defensive assets have reduced/negative correlation to equity markets to provide a more defensive element during times of stress Defensive assets consists of a variety of investments such as gold**, government bonds, short ETFs, alternative/uncorrelated strategies and managed futures strategies. **Exposure to physical gold is achieved through investments in exchange traded certificates (ETC) which aim to provide the performance of gold, as measured by the LBMA Gold Price (PM), which is a recognised benchmark for gold. A Gold ETC is a certificate which is secured by gold bullion, held within the vaults of a nominated custodian.

	TOP FIVE HOLDINGS BY ASSET CLASS			TRUST FACTS
	UK EQUITIES			KEY FACTS
	1.	Babcock International Group	2.6%		Current dividend yield¹	4.14%
	2.	Conduit Holdings	2.3%		Total net assets²	£46.25m
	3.	Senior	2.2%		% Net gearing ratio³	12.51%
	4.	OSB Group	2.1%		Year end	30 April
	5.	Accrol Group Holdings	2.1%		Interim	October
					Premium (discount)	-0.53%
	OVERSEAS EQUITIES			Ongoing charges⁴	1.66% per account
	1.	Morant Wright Fuji Yield	4.3%
	2.	CIM Dividend Income	3.7%
	3.	Samarang Asian Prosperity	2.7%		PLATFORM AVAILABILITY
	4.	Prusik Asian Equity Income	2.6%
	5.	iShares Emerging Markets Dividend	2.4%
	CREDIT
	1.	Absalon Emerging Markets Corporate Debt	2.6%
	2.	TwentyFour Select Monthly Income	2.4%
	3.	Royal London Short Duration Global High Yield	1.3%
	4.	Royal London Sterling Extra Yield Bond	1.0%
		-	-
	SPECIALIST ASSETS
	1.	Fair Oaks Income	2.7%		TRUST RATINGS
	2.	Doric Nimrod Air Two	2.4%
	3.	Ediston Property Investment Company	2.3%
	4.	Syncona	2.1%
	5.	RM Infrastructure Income	1.8%
		As at 28.02.2023. Source: MGIM
	CONTACT US
	EMMA CLIFT	STEVE HUNTER		RONA GRANT
	Head of Distribution Services	Head of Business Development		Company Secretary Juniper Partners Limited
	D 020 7618 1806	T 0151 906 2481		T 0131 378 0500
	E [e-mail]	E [e-mail]	E [e-mail]

IMPORTANT INFORMATION

¹Current yield: the yield calculation is based on the latest quarterly dividend, annualised, compared against the month end share price. ²Excl. current period revenue and debt. ³Gearing is the proportion

of the Company's debt to its total net assets. ⁴Based on expenses as at 30.04.2022. Annual Investment Management Fee. Based on Market Cap (from 01.07.2014): below £50m = 0.90%. above

£50m = 0.65%. Source: Juniper Partners Limited, MGIM, Bloomberg Finance LP.

The views of Momentum Global Investment Management Limited (MGIM) do not constitute investment advice. Whilst MGIM has used all reasonable efforts to ensure the accuracy of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content. Investment in the Trust may not be suitable for all investors. This document is for information only and does not provide you with all the facts that you need to make an informed investment decision. Investors. Before investing you should refer to the Key Information Document (KID) for details of the principle risks and information on the Trust's fees and expenses. Net Asset Value (NAV) performance may not be linked to share price performance, and shareholders could realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital. The KID, Investor Disclosure Document and latest Annual Report are available at momentum.co.uk. MGIM is the Investment Manager of the Trust (0151 906 2450). MGIM is registered in England and Wales (Company Registration No. 3733094). The registered address is The Rex Building, 62 Queen Street, London, EC4R 1EB. MGIM is authorised and regulated by the Financial Conduct Authority in the United Kingdom (232357).

Past performance is no guarantee of future results. All calls are recorded. Your capital is at risk.

Ratings: Profile published 03.03.2023 by Distribution Technology based on data and information as at 31.12.2022. FE Crown Fund Ratings as of 28.07.2022, do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision.

Momentum Global Investment Management Ltd The Rex Building, 62 Queen Street, London EC4R 1EB momentum.co.uk