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Dear Fintax Investor

Please find attached November’s fund fact sheets and fund commentary from the investment team.

Both Funds meaningfully participated in the November market rally, delivering 7.2% (Balanced) and 10.0% (Growth) relative to 12.3% for global equities (MSCI ACWI) and 1.6% for global fixed income (ICE BofA Global Broad Market index).

One of the long-held underlying holdings in the Funds is Stenprop. Investors may recall that Stenprop transferred its Bermuda listing to the London Stock Exchange in 2018 and that they are in the process of implementing a multi-let industrials strategy. The gap between the share price and the Net Asset Value of the company has declined to 7%. Despite a tough operating environment, Stenprop have managed to increase their NAV by 4.3% to GBP1.44 (current share price of GBP1.34) and are, for the first time, guiding on a full-year dividend (with a full year current dividend yield of 5% in Sterling).

Below we have included a link to their recent interim results video presentation.

https://stenprop.com/investors/latest-results/

Please don’t hesitate to contact us should you have any queries or comments.