Menhaden Resource Efficiency : Monthly Fact Sheet as at 31 May 2024

Menhaden Resource Efficiency PLC

Information as at 31 May 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

Fast Facts

uses RPI+3% as its primary long term financial performance comparator. In addition to this

AIC Sector

Environmental

absolute return performance measure, the Company also uses a range of specialist, sectoral

and peer group benchmarks to assess its relative performance.

Launch Date

31 July 2015

Ten Largest Holdings as at 31 May 2024 (%)

Annual Management Fee (payable by the

Name

Investment Theme

Total

Company): Portfolio Management Fee 1.25%

p/a on first £100m of AUM, 1.0% thereafter;

Alphabet

Digitalisation

12.1

AIFM Fee 0.225% p/a up to £100m, 0.20% p/a

thereafter up to £500m, 0.175% in excess of

Safran

Industrial Emissions Reduction

11.3

£500m

Airbus

Sustainable Infrastructure & Transportation

11.0

Performance fee

See Annual Report

for details

Avantus

Sustainable Infrastructure & Transportation

10.0

Ongoing charges*

1.7%

Microsoft

Digitalisation

9.0

Continuation Vote

At AGM in 2025;

VINCI

Sustainable Infrastructure & Transportation

8.3

every 5 years

Year / Half Year

31 December / 30

Canadian Pacific Kansas City

Sustainable Infrastructure & Transportation

6.3

June

Canadian National Railway

Sustainable Infrastructure & Transportation

5.9

Capital Structure

79,025,001 Ordinary

Shares of 1p

TCI Real Estate Partners IV

Sustainable Infrastructure & Transportation

5.5

*Calculated at the financial year-end, includes

Amazon

Digitalisation

4.3

management fees and

all other operating

Total

83.7

expenses.

Menhaden Resource Efficiency PLC conducts its affairs so that its shares can be

recommended by independent financial advisers ("IFAs") to retail private investors. The

Trust Characteristics

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

Number of Holdings

18

trust.

Commentary

During May, the Company's net asset value ('NAV') per share was up 1.6%, the share price was up 1.9%, while the RPI+3% was up 0.8%.

Our public equities portfolio increased 2.3% over the month, contributing 1.8% to our NAV.

Safran increased 5.9% in EUR, contributing 0.6% to our NAV. Passenger traffic remains strong, whilst the delivery of new aircraft to airlines remains constrained by supply chain and regulatory issues. These dynamics benefit Safran by translating into robust demand for spare parts due to high utilisation rates on the existing CFM engine fleet and low retirements.

Total Net Assets (£m)	£138.9m
Market Capitalisation (£m)	£84.2m
Gearing *		0%
Leverage*:	Gross	92.9%
	Commitment	99.2%
Share Price (p)		106.50
NAV (p)		175.78
(Discount) / Premium	(39.4%)

Alphabet and Microsoft increased 6.0% and 6.8% in USD respectively, each contributing 0.5% to our NAV. Both companies held their annual developer conferences during the month, where they made a number of new product and feature announcements. We expect both companies will continue to be beneficiaries of the growing use of artificial intelligence.

Within our private portfolio, we funded our US$17.5M co-investment with KKR for US solar and storage developer, Avantus. We believe the deal is opportunistic and expect it to produce returns significantly in excess of public equity markets. The position represented 9.9% of our NAV at the month end.

Finally, we decided to realise some more profits on our largest public equity positions before the end of the month, reducing our holdings by an aggregate 3.5% of NAV. This was primarily driven by higher valuations compressing forward returns. Cash including the sales awaiting settlement represented 7.8% of NAV at the month end.

• 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.

menhaden.com

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

Geographical Breakdown

Asset

US Europe Canada Emerging Markets

UK Liquidity

Total

Menhaden Resource Efficiency PLC

Information as at 31 May 2024

Asset Allocation Breakdown as at 31 May 2024 (%)

Asset

Public equities

Private investments

Liquidity

Total

Source: All portfolio information sourced from Frostrow Capital LLP

as at 31 May 2024 (%)

Codes

Total			Sedol		BZ0XWD0
74.0
		ISIN		GB00BZ0XWD04

19.6 Legal Entity Identifier

6.4				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

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

31.1 external funds, in a portfolio that is

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

3.4 investments. The flexibility to invest across

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

6.4 a portfolio based on an assessment of

100.0market 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 31 May 2024 (%)

The portfolio will be predominantly focused

on investments in developed markets,

though

if

opportunities

that present

an

Sustainable Infrastructure and Transportation

55.0

attractive risk and reward profile are

Digitalisation

26.6

available in emerging markets then these

may also be pursued. While many of the

Industrial Emissions Reduction

11.2

companies forming the portfolio are

Water & Waste Management

0.8

headquartered in the UK, USA or Europe, it

should

be

noted

that

many

of

those

Liquidity

6.4

companies are global in nature so their

Total

100.0

reporting currency may not reflect their

actual geographic or currency exposures.

Subject to any applicable investment

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

restrictions contained in the Listing Rules

Report for the year ended 31 December 2023.

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

Standardised Discrete Performance as at 31 May 2024 (%)

point of investment: 1) no more than 20% of

the Company's gross assets may be

invested, directly or indirectly through

Percentage

1

YTD

1 Year

3 Years

5 Years

Since

external

funds,

in

the

securities

of

any

Growth

month

Inception

single entity; and, 2) no more than 20% of

the Company's

gross

assets

may

be

NAV

1.6%

9.7%

18.5%

21.9%

75.7%

82.7%

invested in a single external fund.

Share Price

1.9%

5.7%

5.3%

2.5%

29.7%

5.9%

Index^

0.8%

3.3%

6.4%

39.8%

55.1%

91.9%

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.

menhaden.com

Menhaden Resource Efficiency PLC

Information as at 31 May 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]

menhaden.com