Lowland Investment Co PLC · LSE:LWI
Lowland Investment — Investor Presentation (May 2026)
25 slides from Lowland Investment's investor presentation, May 2026
Slide 1: Lowland Investment Company
Lowland Investment Company Investing across the UK - for income today and growth over time May 2026 Laura Foll Co-Fund Manager Marketing Communication. Not for onward distribution. The value of an investment and the income from it can fall as well as rise and you may not get back the amount original
Slide 2: Using the full advantage of the investment trust vehicle
Lowland Investment Company Using the full advantage of the investment trust vehicle ▪ Differentiated UK income trust with the flexibility to invest in smaller companies – in ‘normal circumstances’ less than half the portfolio in FTSE 100* ▪ Total return focus, but shareholders ‘paid to wait’ via pre
Slide 3: Investing in a blend of large, mid and small UK companies
Lowland Investment Company Investing in a blend of large, mid and small UK companies FTSE 100 Portfolio weight (%) 48.8 Benchmark weight (%) 88.8 FTSE 250* Portfolio weight (%) 24.7 Benchmark weight (%) 10.0 Small-Cap Portfolio weight (%) 9.6 Benchmark weight (%) 1.2 Non All-Share Portfolio weight (
Slide 4: Performance summary
Performance summary As of 31 March 2026 Cumulative performance (%) 6 months 1 year 3 years 5 years 10 years 25 years Net asset value total return 7.1 32.1 51.8 66.2 102.7 670.8 Share price total return 6.8 29.0 46.8 65.0 94.8 666.7 FTSE All-Share total return 8.9 21.5 45.6 69.3 129.8 408.2 UK Equity
Slide 5: Performance attribution
Performance attribution 3 year attribution to end 31 March 2026 Attribution returns (%) 60 3.7 1.2 51.8 50 28.2 -1.9 45.6 40 30 20 -24.9 10 0 Benchmark Asset Allocation Selection Gearing Share Buybacks 3 Year Fee Company (NAV) Source: Janus Henderson Investors Analysis, as at 31 March 2026. Notes: C
Slide 6: Performance attribution
Performance attribution 3 year attribution to end 31 March 2026 Company (NAV) % FTSE All Share % Excess return % 3 year Lowland performance 51.8 45.6 6.2 Stock positive contributors (%) Stock negative contributors (%) Diageo u/w 3.8 Vanquis Banking o/w -2.3 International Personal Finance o/w 2.3 HSB
Slide 7: Historic Lowland dividend per share
Historic Lowland dividend per share Lowland dividend per share (pence) 7 6 Lowland dividend per share (pence) 5 6.5% CAGR* 4 3 2 1 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: Janu
Slide 8: UK equities remain at a large valuation discount to overseas
UK equities backdrop UK equities remain at a large valuation discount to overseas 1.05 UK equity valuation compared to RoW1 Every UK sector is at a discount to the US 20% 1.00 0.95 0% 0.90 -6% 0.85 -20% -12% -24% -24% -23% 0.80 -26% -33% -30% 0.75 -40% -36% -45% Current Median 0.70 -55% 0.65 -60% -5
Slide 9: The UK market is predominantly owned by overseas investors
The context for the valuation discount The UK market is predominantly owned by overseas investors 100% 90% Rest of the World 80% Foreign (68)% 70% 60% 50% Households 40% Government 30% Insurance corporations and pension funds Domestic (32%) 20% Monetary financial institutions 10% Other financial int
Slide 10: The UK does have good companies
The UK does have good companies We may not have tech… but we do have pigs and zinc baths. 1800 Hill & Smith Cranswick S&P 500 1600 1400 +1321% +1247% 1200 1000 +874% 800 600 400 200 0 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Source: Datastream, as at 31 March 2026. Total return in GBP
Slide 11: UK equities remain out of favour
UK equities remain out of favour EM Cash Commodity Health Care Materials Tech Telecoms Equities Banks Industrials Energy Eurozone EUR Utilities GBP US Japan Insurance USD UK REITs Discretionary Staples Bonds -35 ppt -25 ppt -15 ppt -5 ppt +5 ppt +15 ppt +25 ppt +35 ppt Source: Bank of America Fund M
Slide 12: Large companies have outperformed, small and mid cap has lagged
UK equities backdrop Large companies have outperformed, small and mid cap has lagged 150 1 FTSE 100 FTSE 250 FTSE Small Cap. Ex Investment Trusts AIM All Share 140 130 +30.1% 120 110 +7.3% +5.6% 100 +1.9% 90 80 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-2
Slide 13: Why have smaller companies underperformed?
Why have smaller companies underperformed? UK domestic uncertainty Index geographical exposure (% of sales) Performance of domestic vs international earners* 60% 40.0% Domestic earners 50% 30.0% International earners 40% 20.0% 30% 10.0% 20% 0.0% 10% -10.0% 0% -20.0% UK exposure (%) Jan 15 Jan 16 Jan
Slide 14: This underperformance could lead to unusual opportunities
This underperformance could lead to unusual opportunities 12m forward P/E percentile FTSE 250 dividend yield relative to FTSE 100 (%) 1.3 100% 92.4% 92.1% 1.2 80% 1.1 60.6% 1.0 60% 0.9 40.8% 40% 0.8 22.7% 0.7 20% 0.6 0% 0.5 US World FTSE 100 FTSE Small FTSE 250 02 02 03 04 05 06 07 08 09 10 11 12 13
Slide 15: UK public markets are not the only buyers of these assets
UK public markets are not the only buyers of these assets Recent Lowland takeover offers Renold H&T Epwin ▪ An industrial chain ▪ A pawnbroker ▪ A window frame manufacturer ▪ Agreed to a cash bid supplier ▪ Agreed to a cash bid by from an international ▪ Agreed to a cash bid private equity at 82p pe
Slide 16: Where do we see opportunity? Depressed earnings
Where do we see opportunity? Depressed earnings trading on depressed valuations Potential Current recovered Historic average profitability profitability Current valuation valuation Marshalls ~£50mn PBT ~£90mn PBT ~10x 12m forward ~18x 12m forward Halfords ~£40mn PBT ~£60mn PBT ~9x 12m forward ~11x 1
Slide 17: Where do we see opportunity? Discounts to book value
Where do we see opportunity? Shares trading at substantial discounts to book value Book value per share Discount to book (pence) Current share price value (%) Shaftesbury Capital 215p 143p 33% Young & Co’s Brewery 1271p 843p 34% IP Group 110p 62p 44% Source for book values: Shaftesbury Capital full
Slide 18: Current portfolio positioning
Current portfolio positioning Top 20 holdings (%) Sector weightings (%) HSBC Financials 28.3 BP Shell Industrials 24.4 GSK M&G Consumer Discretionary 9.0 Barclays Serica Energy Energy 9.0 Senior FBD Holdings Basic Materials 7.6 Rio Tinto Real Estate 5.7 Standard Life Irish Continental Group Health C
Slide 19: Summary
Summary Lowland has outperformed in its last three financial years despite headwinds from smaller company underperformance. The UK market remains lowly valued, but there is a subset of UK equities that has been (even more) left behind. The Trust structure is well placed to take advantage of this val
Slide 20: Appendix
Appendix MARKETING COMMUNICATION. NOT FOR ONWARD DISTRIBUTION
Slide 21: Discrete performance
Discrete performance Lowland NAV* Lowland share price FTSE All-Share Discrete performance (%) total return total return total return March 2025 – March 2026 32.1 29.1 21.5 March 2024 – March 2025 5.9 11.8 10.5 March 2023 – March 2024 8.5 1.8 8.4 March 2022 – March 2023 -0.4 -1.5 2.9 March 2021 – Mar
Slide 22: Global Equity Income Team
Global Equity Income Team Highly experienced, dedicated equity income team managing £14bn Ben Lofthouse, CFA Portfolio Manager Alex Crooke, ASIP Job Curtis, ASIP Andrew Jones Global Equity Income Head Portfolio Manager Portfolio Manager Portfolio Manager 28 years’ experience 36 years’ experience 43
Slide 23: Specific risks
Specific risks ▪ If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio that is diversified across more countries. ▪ Some of the investments in this portfolio are in smaller company shares. They may be more d
Slide 24: Glossary
Contact us janushenderson.com Glossary Dividend per share (DPS) The sum of declared dividends issued by a company for every ordinary share outstanding. *Compounded annual growth rate – a measure of the average annual growth rate of an investment over a certain period of time. Small Cap A small-cap s
Slide 25: Important Information
Contact us janushenderson.com Important Information Important Information Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is
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