Menhaden Resource Efficiency : Monthly Fact Sheet as at 30 April 2024

Menhaden Resource Efficiency PLC

Information as at 30 April 2024

Investment Objective

Menhaden Resource Efficiency PLC (the "Company") seeks to generate long-term shareholder returns, predominantly in the form of capital growth, by investing in businesses and opportunities that are demonstrably delivering or benefiting significantly, from the efficient use of energy and resources, irrespective of their size, location or stage of development. To reflect its non-benchmarked total return investment strategy, the Company uses RPI+3% as its primary long term financial performance comparator. In addition to this absolute return performance measure, the Company also uses a range of specialist, sectoral and peer group benchmarks to assess its relative performance.

Ten Largest Holdings as at 30 April 2024 (%)

Name	Investment Theme	Total
Alphabet	Digitalisation	12.2
Airbus	Sustainable Infrastructure & Transportation	11.5
Safran	Industrial Emissions Reduction	11.2
Microsoft	Digitalisation	9.0
VINCI	Sustainable Infrastructure & Transportation	8.4
Canadian Pacific Kansas City	Sustainable Infrastructure & Transportation	6.7
Canadian National Railway	Sustainable Infrastructure & Transportation	6.1
TCI Real Estate Partners IV	Sustainable Infrastructure & Transportation	4.7
Amazon	Digitalisation	4.7
Ocean Wilsons	Sustainable Infrastructure & Transportation	3.7
Total		78.2

Menhaden Resource Efficiency PLC conducts its affairs so that its shares can be recommended by independent financial advisers ("IFAs") to retail private investors. The shares are excluded from the Financial Conduct Authority's ("FCA's") restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust.

Commentary

During April, the Company's net asset value ('NAV') per share was down 2.7%, the share price was up 0.5%, while the RPI+3% was up 0.8%.

Our public equities portfolio decreased 3.5% over the month, detracting 2.7% from our NAV.

Alphabet performed well, increasing 8% in USD and contributing 1.0% to our NAV. Progress is being made on costs and capital allocation, with the company delivering a further step up in operating margins and announcing a dividend at the last quarterly results. We remain optimistic on the company's growth prospects, with ecommerce still a small portion of total retail sales and AI opening up new use cases for search. We believe Alphabet is well placed to serve these new queries, manage their cost and monetise them. Closing arguments in the US Department of Justice's case against Google Search were heard in early May and we now await a verdict with the timeline uncertain.

Canadian National Railway and Canadian Pacific Kansas City decreased 8% and 11% in USD, detracting 0.4% and 0.7% from our NAV respectively. The North American freight environment remains subdued, but both management teams believe volumes should improve through the year.

Shares of Microsoft decreased 7% in USD, detracting 0.6% from our NAV. The Azure cloud business continues to grow robustly, with the underlying growth rate accelerating to 31% on a year-over-year basis. The company also provided guidance for revenues and operating income to grow in the double digits in the fiscal year to end June 2025.

Airbus was the largest detractor, with the shares decreasing 8% in EUR and reducing our NAV by 1.0%. The company confirmed its current year outlook and raised its long term production target for the A350 aircraft at its latest quarterly results. The ongoing production ramp should underpin substantial earnings growth going forwards.

Within our private portfolio, we made another capital contribution (USD 2.2m) to the TCI Real Estate Partners Fund IV. This was partly offset by the receipt of an equalisation payment (USD 1.8m) upon the Fund's fifth close. This left the position representing 4.8% of NAV at the month end.

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Fast Facts

AIC Sector	Environmental
Launch Date	31 July 2015

Annual Management Fee (payable by the Company): Portfolio Management Fee 1.25% p/a on first £100m of AUM, 1.0% thereafter; AIFM Fee 0.225% p/a up to £100m, 0.20% p/a thereafter up to £500m, 0.175% in excess of£500m

	Performance fee		See Annual Report
		for details
	Ongoing charges*		1.7%
	Continuation Vote		At AGM in 2025;
		every 5 years
	Year / Half Year		31 December / 30
		June
	Capital Structure		79,025,001 Ordinary
		Shares of 1p

*Calculated at the financial year-end, includes management fees and all other operating expenses.

Trust Characteristics

Number of Holdings	17
Total Net Assets (£m)	£136.7m
Market Capitalisation (£m)	£82.6m
Gearing *		0%
Leverage*:	Gross	85.3%
	Commitment	100.6%
Share Price (p)		104.50
NAV (p)		173.02
(Discount) / Premium	(39.6%)

• Calculated as exposures (as defined in the AIFMD) / Net Assets. The Gross method takes the absolute exposure of all instruments, including hedging arrangements, whilst the commitment method takes the net exposure. The Board has set a maximum leverage level of 200% under the gross method and the commitment method.

Source: All portfolio information sourced from Frostrow Capital LLP. Geographic classificationbased on location of primary economic activity.

Menhaden Resource Efficiency PLC

Information as at 30 April 2024

Asset Allocation Breakdown as at 30 April 2024 (%)

Asset

Public equities

Private investments

Liquidity

Total

Source: All portfolio information sourced from Frostrow Capital LLP

Geographical Breakdown as at 30 April 2024 (%)

Asset

US

Europe

Canada

Emerging Markets

UK

Liquidity

Total

Codes

Total			Sedol		BZ0XWD0
76.0
		ISIN		GB00BZ0XWD04

8.8 Legal Entity Identifier

15.2				2138004NTCUZTHFWXS17
100.0			Bloomberg		MHN LN
			Epic		MHN

	Investment Policy
	The Company's investment objective is
	pursued through constructing a conviction-
	driven portfolio consisting primarily of direct
Total
listed and unlisted holdings across different

33.5 asset classes and geographies. The Company invests, either directly or through

31.5 external funds, in a portfolio that is

12.9 comprised predominantly of a combination of listed equities and private equity

3.7 investments. The flexibility to invest across

1. asset classes affords the Company two main benefits: 1) It enables construction of

1. a portfolio based on an assessment of

1. market cycles; and 2) It enables investment in all opportunities which benefit from the investment theme. It is expected the portfolio will comprise approximately 15 to 30 positions.

Portfolio split by investment theme as at 30 April 2024 (%)

	Sustainable Infrastructure and Transportation	45.8
	Digitalisation	27.0
	Industrial Emissions Reduction	11.2
	Water & Waste Management	0.8
	Liquidity	15.2
	Total	100.0

Full description of each investment theme can be found on page 14 of the Company's Annual

Report for the year ended 31 December 2023.

Standardised Discrete Performance as at 30 April 2024 (%)

	Percentage		1		YTD		1 Year		3 Years		5 Years		Since
	Growth		month						Inception
	NAV		-2.7%		7.9%		21.6%		21.1%		73.6%		79.8%
	Share Price		0.5%		3.7%		11.9%		2.1%		32.4%		4.0%

The portfolio will be predominantly focused on investments in developed markets, though if opportunities that present an attractive risk and reward profile are available in emerging markets then these may also be pursued. While many of the companies forming the portfolio are headquartered in the UK, USA or Europe, it should be noted that many of those companies are global in nature so their reporting currency may not reflect their actual geographic or currency exposures. Subject to any applicable investment restrictions contained in the Listing Rules from time to time, the Company will not make an investment if it would cause a breach of any of the following limits at the point of investment: 1) no more than 20% of the Company's gross assets may be invested, directly or indirectly through external funds, in the securities of any single entity; and, 2) no more than 20% of the Company's gross assets may be invested in a single external fund.

Index^	0.8%	2.5%	7.5%	41.0%	55.9%	90.5%

Past performance is not a guide to future performance. The value of investments and the income from them may fall as well as rise and is not guaranteed. An investor may receive backless than the original amount invested.

Source: Morningstar/Frostrow. ^ RPI +3%, and the data is quoted on a month lag.

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Menhaden Resource Efficiency PLC

Information as at 30 April 2024

Risk Warnings

This document is 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. 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. The Company does not seek any protection from future market performance so you could lose some or all of your investment. Shares of the Company are bought and sold on the London Stock Exchange. 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 further information on the principal risks the Company is exposed to please refer to the Company's Annual Report or Investor Disclosure Document available at www.menhaden.com.

The Company currently deploys leverage using currency forwards. These are designed to partially protect/hedge the NAV from unfavourable movements in foreign exchange rates by reducing the Company's exposure to foreign currencies. The Company can borrow but does not currently.

Target Market

The Company is suitable for investors seeking an investment that aims to deliver total returns over the longer term (at least five years), is compatible with the needs for retail clients, professional clients and eligible counterparties, and is eligible for all distribution channels.

The Company may not be suitable for investors who are concerned about short-term volatility and performance, have low or no risk tolerance or are looking for capital protection, who are seeking a guaranteed or regular income, or a predictable return profile. The Company does not offer capital protection.

Value Assessment

Frostrow Capital LLP has conducted an annual Value Assessment on the Company in line with Financial Conduct Authority (FCA) rules set out in the Consumer Duty regulation. The Assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations.

Within this, the assessment considers quality of services, performance of the Company (against both benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Company), and also considers whether vulnerable consumers are able to receive fair value from the product.

Frostrow Capital LLP concluded that the Company is providing value based on the above assessment.

Important Information

Menhaden Resource Efficiency PLC (the Company) is a public limited company whose shares are premium listed on the London Stock Exchange (LSE) and is registered with HMRC as an investment trust.

The Company has an indeterminate life although shareholders consider and vote on the continuation of the Company every five years (the next such vote will be held in 2025).

The Company may, but does not currently, borrow to purchase investments. Borrowing could potentially magnify any gains or losses made by the Company.

This financial promotion is issued by Frostrow Capital LLP which is authorised and regulated by the Financial Conduct Authority ("FCA").

How to Contact Us

Frostrow Capital LLP

25 Southampton Buildings, London, WC2A 1AL

Tel.: [phone]

Fax: [phone]

Website:www.frostrow.com

Email:[e-mail]

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