Contact DetailsKing & Shaxson Ethical Investing www.kingandshaxsonethical.co.uk1st Floor, Cutlers Court, 115 Houndsditch, London EC3A 7BR T: 020 7426 5960 E: ethical@kasl.co.ukDisclaimer: Please remember this factsheet is just a snapshot in time in relation to performance data, and is not intended or to be relied upon by retail investors. Note that the value of investments and the income arising from them, may fall as well as rise and is not guaranteed. You may not get back the amount invested, especially in the early years. Investors should be aware of the underlying risk associated with investing in shares of small-cap stocks and emerging markets. These can prove to be more volatile than in more developed stock markets. Derivative instruments may be used from time to time for the purpose of efficient portfolio management. King & Shaxson Asset Management Limited (Reg. No. 3870667) has its registered office at 1st floor, Cutlers Court, 115 Houndsditch, London, EC3A 7BR. The Company is registered in England and Wales and is part of the PhillipCapital Group. King & Shaxson Asset Management Limited (FCA Reg. No. 823315) is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.

King & Shaxson Ethical Balanced Portfolio

Monthly factsheet as at 28 February 2021

Fees0.48% to 0.24% inc VAT (based on AUM level)

360 Day Volatility 14.68%

Portfolio Underlying Fund Charges 0.65%

Ethical Analysis*

Cash6.00%

Acceptable/Responsible22.00%

Impact26.00%

Sustainable46.00%

Asset Allocation* Equity 49.00%

Fixed Income 30.00%

Infrastructure/Clean Energy 15.00%

Cash 6.00%

Cumulative Performance (Net of DFM fee & OCF’s)*

3 months 6 months 1 year 3 years 5 years

1.39% 7.17% 12.71% 26.38% 51.73%

Top 10 Holdings*Liontrust SF UK Growth Fund 8.00%

Rathbone Ethical Bond Fund 8.00%

Threadneedle Social Bond Fund 8.00%

Aegon Ethical Corp Bond Fund 7.00%

Edentree Resp & Sust Bond Fund 7.00%

Cash 6.00%

M&G Positive Impact Fund 6.00%

Montanaro Better World Fund 6.00%

Stewart Asia Sustainability 6.00%

Aegon Global Sustainability Fund 5.00% *Sou

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Fund Manager’s ReportStocks sensitive to higher yields came under pressure in the second half of the month as we saw an accelerated steepen in the yield curve. Bond markets adjusted for higher inflation expectations on the back of a strong economic outlook as the vaccination roll out accelerates. This move raised questions about how long ultra-accommodative policy will stay ultra-accommodative. Fed chair Powell tried to alleviate some of these concerns as he painted a bleak picture of the jobs market, confirming the central bank will maintain current policy to foster further economic recovery. Markets had been expecting central banks to allow economies to run hot, with a certain level of inflation desirable after many years of lacklustre price pressure. However, some now express concerns that we are heading for an uncontrollable overshoot, and some data points lends credence to this argument. US personal incomes were 10% higher in January, the second largest rise on record as the government delivered stimulus payments. Reflected in the jump in US retail sales, but also the large savings that US consumers are sitting on waiting to be released. The most important factor is that this does not include any impact from Biden’s $1.9 trillion pandemic relief bill, which has only just been approved by the House of Representatives. This bill includes another round of stimulus cheques as well as a number of tax credits, further increasing the money supply. Meanwhile, the Bank of England’s chief economist, Andy Haldane, described the UK economy as a “coiled spring”, ready to expand into life once its containment is released. This was evident in the jump in summer holiday bookings for later in the summer, whilst a recent UK employment report suggests a number of companies are looking to add staff this quarter. However there was no mention of coiled springs when a number of policy makers appeared before the Treasury Select Committee. Echoing comments from their US counterparts, they highlighted the downside risks, particularly in relation to unemployment. Surprisingly, they played down the expected release of spending from the consumer, pointing out that their survey data suggests 70% of consumers intend to hold on to their stashed cash. This is not an argument we would support, and we are very much in the ‘coiled spring’ camp.I think it’s fair to say inflation is the main conundrum challenging investors right now. We have seen commodities rising in tandem, from oil to coffee and soybeans. Recent years of low prices has curbed spending in commodity areas, noticeably oil but also areas like mining. This is expected to lead to demand outstripping supply in the coming months, fuelling the inflation debate. The latest company reports from miners and steelmakers suggest good times are ahead on the back of rising prices and demand, but this raises the question who will pick up the cost? The rotation in equity markets this month hit tech stocks quite hard, but green investments also sold off. This reflation trade will favour some sectors that were hard hit in 2020, and this has taken some of the heat out of many of the global impact and ESG investments we favour. In the medium term, the new lease of life in energy storage, clean mobility and energy, good and affordable housing, good food, and a resurgence in medical technology as well as more sustainable working and living have all gained a new momentum that we see as only just starting. We see this as a bump and not a change in momentum.

Geographical Analysis*

Asia4.93%

Europe7.99%

Cash10.18%

North America17.58%

Other18.31%

UK41.01%

* Please see our brochure for full details

A “Balanced” risk portfolio seeks to provide a balance between capital protection and appreciation by investing in a diversified portfolio of asset classes over the long-term (10 years). The portfolio is suitable for those whose financial situation can tolerate a moderate level of volatility in performance.

Fees0.48% to 0.24% inc VAT (based on AUM level)

360 Day Volatility 14.03%

Portfolio Underlying Fund Charges 0.63%

Contact DetailsKing & Shaxson Ethical Investing www.kingandshaxsonethical.co.uk1st Floor, Cutlers Court, 115 Houndsditch, London EC3A 7BR T: 020 7426 5960 E: ethical@kasl.co.ukDisclaimer: Please remember this factsheet is just a snapshot in time in relation to performance data, and is not intended or to be relied upon by retail investors. Note that the value of investments and the income arising from them, may fall as well as rise and is not guaranteed. You may not get back the amount invested, especially in the early years. Investors should be aware of the underlying risk associated with investing in shares of small-cap stocks and emerging markets. These can prove to be more volatile than in more developed stock markets. Derivative instruments may be used from time to time for the purpose of efficient portfolio management. King & Shaxson Asset Management Limited (Reg. No. 3870667) has its registered office at 1st floor, Cutlers Court, 115 Houndsditch, London, EC3A 7BR. The Company is registered in England and Wales and is part of the PhillipCapital Group. King & Shaxson Asset Management Limited (FCA Reg. No. 823315) is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.

Ethical Analysis*

Cash7.00%

Impact24.00%

Acceptable/Responsible26.00%

Sustainable43.00%

Asset Allocation* Equity 41.00%

Fixed Income 36.00%

Infrastructure/Clean Energy 16.00%

Cash 7.00%

Cumulative Performance (Net of DFM fee & OCF’s)*

3 months 6 months 1 year 3 years 5 years

0.84% 5.96% 9.61% 22.87% 43.09%

Top 10 Holdings*Rathbone Ethical Bond Fund 10.00%

Threadneedle Social Bond Fund 10.00%

Aegon Ethical Corp Bond Fund 8.00%

Edentree Resp & Sust Bond Fund 8.00%

Liontrust SF UK Growth Fund 8.00%

Cash 7.00%

Foresight UK Infrastructure Inc Fund 6.00%

Gravis Clean Energy Fund 5.00%

JH Global Sustainability Fund 5.00%

Montanaro Better World Fund 5.00% *Sou

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Fund Manager’s ReportStocks sensitive to higher yields came under pressure in the second half of the month as we saw an accelerated steepen in the yield curve. Bond markets adjusted for higher inflation expectations on the back of a strong economic outlook as the vaccination roll out accelerates. This move raised questions about how long ultra-accommodative policy will stay ultra-accommodative. Fed chair Powell tried to alleviate some of these concerns as he painted a bleak picture of the jobs market, confirming the central bank will maintain current policy to foster further economic recovery. Markets had been expecting central banks to allow economies to run hot, with a certain level of inflation desirable after many years of lacklustre price pressure. However, some now express concerns that we are heading for an uncontrollable overshoot, and some data points lends credence to this argument. US personal incomes were 10% higher in January, the second largest rise on record as the government delivered stimulus payments. Reflected in the jump in US retail sales, but also the large savings that US consumers are sitting on waiting to be released. The most important factor is that this does not include any impact from Biden’s $1.9 trillion pandemic relief bill, which has only just been approved by the House of Representatives. This bill includes another round of stimulus cheques as well as a number of tax credits, further increasing the money supply. Meanwhile, the Bank of England’s chief economist, Andy Haldane, described the UK economy as a “coiled spring”, ready to expand into life once its containment is released. This was evident in the jump in summer holiday bookings for later in the summer, whilst a recent UK employment report suggests a number of companies are looking to add staff this quarter. However there was no mention of coiled springs when a number of policy makers appeared before the Treasury Select Committee. Echoing comments from their US counterparts, they highlighted the downside risks, particularly in relation to unemployment. Surprisingly, they played down the expected release of spending from the consumer, pointing out that their survey data suggests 70% of consumers intend to hold on to their stashed cash. This is not an argument we would support, and we are very much in the ‘coiled spring’ camp.I think it’s fair to say inflation is the main conundrum challenging investors right now. We have seen commodities rising in tandem, from oil to coffee and soybeans. Recent years of low prices has curbed spending in commodity areas, noticeably oil but also areas like mining. This is expected to lead to demand outstripping supply in the coming months, fuelling the inflation debate. The latest company reports from miners and steelmakers suggest good times are ahead on the back of rising prices and demand, but this raises the question who will pick up the cost? The rotation in equity markets this month hit tech stocks quite hard, but green investments also sold off. This reflation trade will favour some sectors that were hard hit in 2020, and this has taken some of the heat out of many of the global impact and ESG investments we favour. In the medium term, the new lease of life in energy storage, clean mobility and energy, good and affordable housing, good food, and a resurgence in medical technology as well as more sustainable working and living have all gained a new momentum that we see as only just starting. We see this as a bump and not a change in momentum.

Geographical Analysis*

Asia2.81%

Europe8.34%

Cash10.97%

Other13.47%

North America17.73%

UK46.68%

* Please see our brochure for full details

King & Shaxson Ethical Cautious Portfolio

Monthly factsheet as at 28 February 2021

A “Cautious” risk portfolio seeks to provide a high level of capital protection whilst still allowing investors the ability to achieve long-term growth (10 years). The portfolio is suitable for risk-averse investors whose financial temperament cannot tolerate much variation in performance. Whilst the emphasis is on lower volatility and capital preservation, a small amount of risk will be taken to seek a higher return.

Contact DetailsKing & Shaxson Ethical Investing www.kingandshaxsonethical.co.uk1st Floor, Cutlers Court, 115 Houndsditch, London EC3A 7BR T: 020 7426 5960 E: ethical@kasl.co.ukDisclaimer: Please remember this factsheet is just a snapshot in time in relation to performance data, and is not intended or to be relied upon by retail investors. Note that the value of investments and the income arising from them, may fall as well as rise and is not guaranteed. You may not get back the amount invested, especially in the early years. Investors should be aware of the underlying risk associated with investing in shares of small-cap stocks and emerging markets. These can prove to be more volatile than in more developed stock markets. Derivative instruments may be used from time to time for the purpose of efficient portfolio management. King & Shaxson Asset Management Limited (Reg. No. 3870667) has its registered office at 1st floor, Cutlers Court, 115 Houndsditch, London, EC3A 7BR. The Company is registered in England and Wales and is part of the PhillipCapital Group. King & Shaxson Asset Management Limited (FCA Reg. No. 823315) is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.

King & Shaxson Ethical Defensive Portfolio

Monthly factsheet as at 28 February 2021

Fees0.48% to 0.24% inc VAT (based on AUM level)

360 Day Volatility 10.61%

Portfolio Underlying Fund Charges 0.47%

Ethical Analysis*

Cash10.00%

Impact14.00%

Sustainable21.00%

Acceptable/Responsible55.00%

Asset Allocation* Fixed Income 55.00%

Equity 20.00%

Infrastructure/Clean Energy 15.00%

Cash 10.00%

Cumulative Performance (Net of DFM fee & OCF’s)*

3 mths 6 mths 1 yr 2 yr Inception (20/11/2018)

-0.79% 3.02% 5.17% 14.62% 16.84%

Top 10 Holdings*Vanguard UK Inflation-Linked Gilt Index 15.00%

Allianz Gilt Yield 10.00%

Cash 10.00%

Edentree Resp & Sust Bond Fund 10.00%

Foresight UK Infrastructure Fund 10.00%

Liontrust UK Ethical Fund 10.00%

Rathbone Ethical Bond Fund 10.00%

Threadneedle UK Social Bond 10.00%

Foresight Global Real Infra Fund 5.00%

M&G Positive Impact Fund 4.00% *Sou

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Fund Manager’s ReportStocks sensitive to higher yields came under pressure in the second half of the month as we saw an accelerated steepen in the yield curve. Bond markets adjusted for higher inflation expectations on the back of a strong economic outlook as the vaccination roll out accelerates. This move raised questions about how long ultra-accommodative policy will stay ultra-accommodative. Fed chair Powell tried to alleviate some of these concerns as he painted a bleak picture of the jobs market, confirming the central bank will maintain current policy to foster further economic recovery. Markets had been expecting central banks to allow economies to run hot, with a certain level of inflation desirable after many years of lacklustre price pressure. However, some now express concerns that we are heading for an uncontrollable overshoot, and some data points lends credence to this argument. US personal incomes were 10% higher in January, the second largest rise on record as the government delivered stimulus payments. Reflected in the jump in US retail sales, but also the large savings that US consumers are sitting on waiting to be released. The most important factor is that this does not include any impact from Biden’s $1.9 trillion pandemic relief bill, which has only just been approved by the House of Representatives. This bill includes another round of stimulus cheques as well as a number of tax credits, further increasing the money supply. Meanwhile, the Bank of England’s chief economist, Andy Haldane, described the UK economy as a “coiled spring”, ready to expand into life once its containment is released. This was evident in the jump in summer holiday bookings for later in the summer, whilst a recent UK employment report suggests a number of companies are looking to add staff this quarter. However there was no mention of coiled springs when a number of policy makers appeared before the Treasury Select Committee. Echoing comments from their US counterparts, they highlighted the downside risks, particularly in relation to unemployment. Surprisingly, they played down the expected release of spending from the consumer, pointing out that their survey data suggests 70% of consumers intend to hold on to their stashed cash. This is not an argument we would support, and we are very much in the ‘coiled spring’ camp.I think it’s fair to say inflation is the main conundrum challenging investors right now. We have seen commodities rising in tandem, from oil to coffee and soybeans. Recent years of low prices has curbed spending in commodity areas, noticeably oil but also areas like mining. This is expected to lead to demand outstripping supply in the coming months, fuelling the inflation debate. The latest company reports from miners and steelmakers suggest good times are ahead on the back of rising prices and demand, but this raises the question who will pick up the cost? The rotation in equity markets this month hit tech stocks quite hard, but green investments also sold off. This reflation trade will favour some sectors that were hard hit in 2020, and this has taken some of the heat out of many of the global impact and ESG investments we favour. In the medium term, the new lease of life in energy storage, clean mobility and energy, good and affordable housing, good food, and a resurgence in medical technology as well as more sustainable working and living have all gained a new momentum that we see as only just starting. We see this as a bump and not a change in momentum.

Geographical Analysis*

Asia1.51%

Other3.00%

Europe6.12%

North America10.24%

Cash12.45%

UK66.68%

* Please see our brochure for full details

A “Defensive” risk portfolio seeks to provide an enhanced level of capital protection whilst still allowing investors the ability to achieve modest long-term growth (10 years). The portfolio is suitable for risk-averse investors whose financial temperament cannot tolerate variation in performance.

Contact DetailsKing & Shaxson Ethical Investing www.kingandshaxsonethical.co.uk1st Floor, Cutlers Court, 115 Houndsditch, London EC3A 7BR T: 020 7426 5960 E: ethical@kasl.co.ukDisclaimer: Please remember this factsheet is just a snapshot in time in relation to performance data, and is not intended or to be relied upon by retail investors. Note that the value of investments and the income arising from them, may fall as well as rise and is not guaranteed. You may not get back the amount invested, especially in the early years. Investors should be aware of the underlying risk associated with investing in shares of small-cap stocks and emerging markets. These can prove to be more volatile than in more developed stock markets. Derivative instruments may be used from time to time for the purpose of efficient portfolio management. King & Shaxson Asset Management Limited (Reg. No. 3870667) has its registered office at 1st floor, Cutlers Court, 115 Houndsditch, London, EC3A 7BR. The Company is registered in England and Wales and is part of the PhillipCapital Group. King & Shaxson Asset Management Limited (FCA Reg. No. 823315) is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.

King & Shaxson Ethical Growth Portfolio

Monthly factsheet as at 28 February 2021

Fees0.48% to 0.24% inc VAT (based on AUM level)

360 Day Volatility 17.72%

Portfolio Underlying Fund Charges 0.77%

Ethical Analysis*

Cash5.00%

Acceptable/Responsible10.00%

Impact29.00%

Sustainable56.00%

Asset Allocation* Equity 72.00%

Infrastructure/Clean Energy 13.00%

Fixed Income 10.00%

Cash 5.00%

Cumulative Performance (Net of DFM fee & OCF’s)*

3 months 6 months 1 year 3 years 5 years

2.27% 10.23% 18.42% 33.24% 65.60%

Top 10 Holdings*Liontrust SF UK Growth Fund 10.00%

Montanaro Better World Fund 8.00%

Stewart Asia Sustainability 8.00%

WHEB Sustainability Fund 8.00%

Aegon Global Sustainability Fund 7.00%

JH Global Sustainability Equity 7.00%

M&G Positive Impact Fund 7.00%

Rathbone Ethical Bond Fund 6.00%

Triodos Pioneer Impact Fund 6.00%

Gravis Clean Energy Fund 5.00% *Sou

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Fund Manager’s ReportStocks sensitive to higher yields came under pressure in the second half of the month as we saw an accelerated steepen in the yield curve. Bond markets adjusted for higher inflation expectations on the back of a strong economic outlook as the vaccination roll out accelerates. This move raised questions about how long ultra-accommodative policy will stay ultra-accommodative. Fed chair Powell tried to alleviate some of these concerns as he painted a bleak picture of the jobs market, confirming the central bank will maintain current policy to foster further economic recovery. Markets had been expecting central banks to allow economies to run hot, with a certain level of inflation desirable after many years of lacklustre price pressure. However, some now express concerns that we are heading for an uncontrollable overshoot, and some data points lends credence to this argument. US personal incomes were 10% higher in January, the second largest rise on record as the government delivered stimulus payments. Reflected in the jump in US retail sales, but also the large savings that US consumers are sitting on waiting to be released. The most important factor is that this does not include any impact from Biden’s $1.9 trillion pandemic relief bill, which has only just been approved by the House of Representatives. This bill includes another round of stimulus cheques as well as a number of tax credits, further increasing the money supply. Meanwhile, the Bank of England’s chief economist, Andy Haldane, described the UK economy as a “coiled spring”, ready to expand into life once its containment is released. This was evident in the jump in summer holiday bookings for later in the summer, whilst a recent UK employment report suggests a number of companies are looking to add staff this quarter. However there was no mention of coiled springs when a number of policy makers appeared before the Treasury Select Committee. Echoing comments from their US counterparts, they highlighted the downside risks, particularly in relation to unemployment. Surprisingly, they played down the expected release of spending from the consumer, pointing out that their survey data suggests 70% of consumers intend to hold on to their stashed cash. This is not an argument we would support, and we are very much in the ‘coiled spring’ camp.I think it’s fair to say inflation is the main conundrum challenging investors right now. We have seen commodities rising in tandem, from oil to coffee and soybeans. Recent years of low prices has curbed spending in commodity areas, noticeably oil but also areas like mining. This is expected to lead to demand outstripping supply in the coming months, fuelling the inflation debate. The latest company reports from miners and steelmakers suggest good times are ahead on the back of rising prices and demand, but this raises the question who will pick up the cost? The rotation in equity markets this month hit tech stocks quite hard, but green investments also sold off. This reflation trade will favour some sectors that were hard hit in 2020, and this has taken some of the heat out of many of the global impact and ESG investments we favour. In the medium term, the new lease of life in energy storage, clean mobility and energy, good and affordable housing, good food, and a resurgence in medical technology as well as more sustainable working and living have all gained a new momentum that we see as only just starting. We see this as a bump and not a change in momentum.

Geographical Analysis*Asia7.96%

Cash9.05%

Europe10.47%

Other22.48%

North America23.77%

UK26.27%

* Please see our brochure for full details

A “Growth” risk portfolio seeks to have a higher bias towards capital appreciation and is suitable for those whose financial situation can tolerate a moderate to high level of volatility in performance, in return for above average returns over the long term (10 years). The portfolio will have a high allocation to equity funds.

April 2018

Contact DetailsKing & Shaxson Ethical Investing www.kingandshaxsonethical.co.uk1st Floor, Cutlers Court, 115 Houndsditch, London EC3A 7BR T: 020 7426 5960 E: ethical@kasl.co.ukDisclaimer: Please remember this factsheet is just a snapshot in time in relation to performance data, and is not intended or to be relied upon by retail investors. Note that the value of investments and the income arising from them, may fall as well as rise and is not guaranteed. You may not get back the amount invested, especially in the early years. Investors should be aware of the underlying risk associated with investing in shares of small-cap stocks and emerging markets. These can prove to be more volatile than in more developed stock markets. Derivative instruments may be used from time to time for the purpose of efficient portfolio management. King & Shaxson Asset Management Limited (Reg. No. 3870667) has its registered office at 1st floor, Cutlers Court, 115 Houndsditch, London, EC3A 7BR. The Company is registered in England and Wales and is part of the PhillipCapital Group. King & Shaxson Asset Management Limited (FCA Reg. No. 823315) is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.

King & Shaxson Ethical Income Portfolio

Monthly factsheet as at 28 February 2021

Fees0.48% to 0.24% inc VAT (based on AUM level)

Current Yield 2.87%

360 Day Volatility 14.79%

Portfolio Underlying Fund Charges 0.67%

Ethical Analysis*

Cash3.00%

Impact10.00%

Sustainable30.00%

Acceptable/Responsible57.00%

Asset Allocation* Fixed Income 40.00%

Infrastructure/Clean Energy 30.00%

Equity 27.00%

Cash 3.00%

Cumulative Performance (Net of DFM fee & OCF’s)*

3 months 6 months 1 year 3 years 5 years

0.98% 5.69% 7.24% 17.86% 35.92%

Top 10 Holdings*Aegon Ethical Corp Bond Fund 10.00%

Edentree Resp & Sust Bond Fund 10.00%

Foresight Global Real Infra Fund 10.00%

Foresight UK Infrastructure Fund 10.00%

Gravis Clean Energy Fund 10.00%

Rathbone Ethical Bond Fund 10.00%

Threadneedle Social Bond Fund 10.00%

Janus Henderson UK Responsible Income 9.00%

Liontrust UK Ethical Fund 9.00%

Montanaro European Income Fund 9.00% *Sou

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Fund Manager’s ReportStocks sensitive to higher yields came under pressure in the second half of the month as we saw an accelerated steepen in the yield curve. Bond markets adjusted for higher inflation expectations on the back of a strong economic outlook as the vaccination roll out accelerates. This move raised questions about how long ultra-accommodative policy will stay ultra-accommodative. Fed chair Powell tried to alleviate some of these concerns as he painted a bleak picture of the jobs market, confirming the central bank will maintain current policy to foster further economic recovery. Markets had been expecting central banks to allow economies to run hot, with a certain level of inflation desirable after many years of lacklustre price pressure. However, some now express concerns that we are heading for an uncontrollable overshoot, and some data points lends credence to this argument. US personal incomes were 10% higher in January, the second largest rise on record as the government delivered stimulus payments. Reflected in the jump in US retail sales, but also the large savings that US consumers are sitting on waiting to be released. The most important factor is that this does not include any impact from Biden’s $1.9 trillion pandemic relief bill, which has only just been approved by the House of Representatives. This bill includes another round of stimulus cheques as well as a number of tax credits, further increasing the money supply. Meanwhile, the Bank of England’s chief economist, Andy Haldane, described the UK economy as a “coiled spring”, ready to expand into life once its containment is released. This was evident in the jump in summer holiday bookings for later in the summer, whilst a recent UK employment report suggests a number of companies are looking to add staff this quarter. However there was no mention of coiled springs when a number of policy makers appeared before the Treasury Select Committee. Echoing comments from their US counterparts, they highlighted the downside risks, particularly in relation to unemployment. Surprisingly, they played down the expected release of spending from the consumer, pointing out that their survey data suggests 70% of consumers intend to hold on to their stashed cash. This is not an argument we would support, and we are very much in the ‘coiled spring’ camp.I think it’s fair to say inflation is the main conundrum challenging investors right now. We have seen commodities rising in tandem, from oil to coffee and soybeans. Recent years of low prices has curbed spending in commodity areas, noticeably oil but also areas like mining. This is expected to lead to demand outstripping supply in the coming months, fuelling the inflation debate. The latest company reports from miners and steelmakers suggest good times are ahead on the back of rising prices and demand, but this raises the question who will pick up the cost? The rotation in equity markets this month hit tech stocks quite hard, but green investments also sold off. This reflation trade will favour some sectors that were hard hit in 2020, and this has taken some of the heat out of many of the global impact and ESG investments we favour. In the medium term, the new lease of life in energy storage, clean mobility and energy, good and affordable housing, good food, and a resurgence in medical technology as well as more sustainable working and living have all gained a new momentum that we see as only just starting. We see this as a bump and not a change in momentum.

Geographical Analysis*

Other2.34%

Cash7.92%

North America9.31%

Europe15.21%

UK65.22% * Please see

our brochure for full details

An “Income” portfolio seeks to provide a balance between capital protection and appreciation in a diversified portfolio of assets that have a bias towards income generation. The portfolio is suitable for those whose financial situation can tolerate a moderate level of volatility in performance.

Contact DetailsKing & Shaxson Ethical Investing www.kingandshaxsonethical.co.uk1st Floor, Cutlers Court, 115 Houndsditch, London EC3A 7BR T: 020 7426 5960 E: ethical@kasl.co.ukDisclaimer: Please remember this factsheet is just a snapshot in time in relation to performance data, and is not intended or to be relied upon by retail investors. Note that the value of investments and the income arising from them, may fall as well as rise and is not guaranteed. You may not get back the amount invested, especially in the early years. Investors should be aware of the underlying risk associated with investing in shares of small-cap stocks and emerging markets. These can prove to be more volatile than in more developed stock markets. Derivative instruments may be used from time to time for the purpose of efficient portfolio management. King & Shaxson Asset Management Limited (Reg. No. 3870667) has its registered office at 1st floor, Cutlers Court, 115 Houndsditch, London, EC3A 7BR. The Company is registered in England and Wales and is part of the PhillipCapital Group. King & Shaxson Asset Management Limited (FCA Reg. No. 823315) is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.

King & Shaxson Ethical Adventurous Portfolio

Monthly factsheet as at 28 February 2021

Fees0.48% to 0.24% inc VAT (based on AUM level)

360 Day Volatility 18.41%

Portfolio Underlying Fund Charges 0.82%

Ethical Analysis*

Cash3.00%

Impact37.00%

Sustainable60%

Asset Allocation* Equity 82.00%

Infrastructure/Clean Energy 12.00%

Cash 3.00%

Fixed Income 3.00%

Cumulative Performance (Net of DFM fee & OCF’s)*

3 months 6 months 1 year 3 years 5 years

2.37% 10.86% 19.52% 34.34% 71.48%

Top 10 Holdings*Liontrust SF UK Growth Fund 10.00%

Stewart Asia Sustainability 10.00%

Montanaro Better World Fund 9.00%

Triodos Pioneer Impact Fund 9.00%

JH Global Sustainability Equity 8.00%

WHEB Sustainability Fund 8.00%

Aegon Global Sustainability Fund 7.00%

M&G Positive Impact Fund 7.00%

Pictet Water 5.00%

Regnan Gbl Eqty Impact Solutions 5.00% *Sou

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Fund Manager’s ReportStocks sensitive to higher yields came under pressure in the second half of the month as we saw an accelerated steepen in the yield curve. Bond markets adjusted for higher inflation expectations on the back of a strong economic outlook as the vaccination roll out accelerates. This move raised questions about how long ultra-accommodative policy will stay ultra-accommodative. Fed chair Powell tried to alleviate some of these concerns as he painted a bleak picture of the jobs market, confirming the central bank will maintain current policy to foster further economic recovery. Markets had been expecting central banks to allow economies to run hot, with a certain level of inflation desirable after many years of lacklustre price pressure. However, some now express concerns that we are heading for an uncontrollable overshoot, and some data points lends credence to this argument. US personal incomes were 10% higher in January, the second largest rise on record as the government delivered stimulus payments. Reflected in the jump in US retail sales, but also the large savings that US consumers are sitting on waiting to be released. The most important factor is that this does not include any impact from Biden’s $1.9 trillion pandemic relief bill, which has only just been approved by the House of Representatives. This bill includes another round of stimulus cheques as well as a number of tax credits, further increasing the money supply. Meanwhile, the Bank of England’s chief economist, Andy Haldane, described the UK economy as a “coiled spring”, ready to expand into life once its containment is released. This was evident in the jump in summer holiday bookings for later in the summer, whilst a recent UK employment report suggests a number of companies are looking to add staff this quarter. However there was no mention of coiled springs when a number of policy makers appeared before the Treasury Select Committee. Echoing comments from their US counterparts, they highlighted the downside risks, particularly in relation to unemployment. Surprisingly, they played down the expected release of spending from the consumer, pointing out that their survey data suggests 70% of consumers intend to hold on to their stashed cash. This is not an argument we would support, and we are very much in the ‘coiled spring’ camp.I think it’s fair to say inflation is the main conundrum challenging investors right now. We have seen commodities rising in tandem, from oil to coffee and soybeans. Recent years of low prices has curbed spending in commodity areas, noticeably oil but also areas like mining. This is expected to lead to demand outstripping supply in the coming months, fuelling the inflation debate. The latest company reports from miners and steelmakers suggest good times are ahead on the back of rising prices and demand, but this raises the question who will pick up the cost? The rotation in equity markets this month hit tech stocks quite hard, but green investments also sold off. This reflation trade will favour some sectors that were hard hit in 2020, and this has taken some of the heat out of many of the global impact and ESG investments we favour. In the medium term, the new lease of life in energy storage, clean mobility and energy, good and affordable housing, good food, and a resurgence in medical technology as well as more sustainable working and living have all gained a new momentum that we see as only just starting. We see this as a bump and not a change in momentum.

Geographical Analysis*

Cash7.18%

Asia9.61%

Europe10.26%

UK21.17%

Other25.33%

North America26.45%

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An “Adventurous” risk portfolio seeks to achieve high returns. Investors must be prepared to accept a higher level of risk and volatility in the expectations of higher than average returns over the longer term (10 years). The portfolio will mainly consist of equity funds so investors will take a high degree of risk with their capital.