Q1 SL Ninety One UK Special

Situations Pension Fund

2025
31 March 2025
This document is intended for use by individuals who are familiar with investment terminology. Please contact your financial adviser if you
need an explanation of the terms used.

The SL Ninety One UK Special Situations Pension Fund invests primarily in the Ninety One UK Special
Situations Fund. The aim of the Ninety One UK Special Situations Fund is summarised below. Pension
Investment
The Fund aims to provide capital growth (to grow the value of your investment) and income over at Fund
least 5 years. The Fund invests primarily (at least two-thirds) in the shares of UK companies (those
incorporated in, domiciled in, or that have significant economic exposure to, the UK) and in related
derivatives (financial contracts whose value is linked to the price of the shares of such UK companies).
Equity Fund
The value of any investment can fall as well as rise and is not guaranteed – you may get back less than
you pay in.
For further information on the Ninety One UK Special Situations Fund, please refer to the fund
manager fact sheet, link provided below.
Quarterly
Standard Life does not control or take any responsibility for the content of this.

Ninety One UK Special Situations - Fund Factsheet - Underlying Factsheet link

Standard Life Launch Date 06/12/2012 Underlying Fund Launch Date 02/10/1978
Standard Life Fund Size (31/03/2025) £27.6m Underlying Fund Size (31/03/2025) £564.7m
Standard Life Fund Code KKBK Underlying Fund Manager(s) Alessandro
Volatility Rating (0-7) 7 Dicorrado

The investment performance you will experience from investing in the Standard Life version of the fund will vary from the
investment performance you would experience from investing in the underlying fund directly. This will be as a result of a
number of differences, such as charges, tax and timing of investment.

Underlying Fund Information *

Note: Asset / Sector / Regional compositions are shown in a standardised format due to categorisation of items. This may be marginally
different to the way the same information is displayed by the underlying fund manager. Figures may not add up to 100 due to rounding.

Composition by Sector Top Holdings

Consumer Discretionary 25.1% Fund (%)
Financials 22.3%
ROLLS-ROYCE HOLDINGS PLC 8.1
Consumer Staples 21.1%
NATWEST GROUP PLC 5.8
Industrials 15.7%
BRITISH AMERICAN TOBACCO PLC 5.1
Technology 7.1%
Utilities 3.3% RECKITT BENCKISER GROUP PLC 4.9
Health Care 2.7% BEAZLEY PLC 4.3
Real Estate 1.1% DOWLAIS GROUP PLC 4.3
Money Market 1.0% PRUDENTIAL PLC 3.6
Energy 0.6% CAIRN HOMES PLC 3.4
Source: FE fundinfo 31/03/2025 PENNON GROUP PLC 3.3
TESCO PLC 3.1
Total 45.9

Source: FE fundinfo 31/03/2025

Fund Performance *
Year on Year
Source: FE fundinfo

Year to Year to Year to Year to Year to

31/03/2025 (%) 31/03/2024 (%) 31/03/2023 (%) 31/03/2022 (%) 31/03/2021 (%)

SL Ninety One UK Special Situations

9.1 24.9 13.5 -5.0 54.6
Pension Fund

ABI UK All Companies 6.5 7.4 -1.2 5.4 35.5

Performance
Source: FE fundinfo
Figures quoted are calculated over the
150%
stated period on a bid to bid basis with
gross income reinvested and are based
on units which contain an Annual
Management Charge (AMC) of 1.68%
and Additional Expenses of 0.10%, i.e. a
100% Total Fund Charge of 1.78%. For the
relevant charges on your policy,
including any rebates or discounts that
may apply, please refer to your policy
documentation.
50%

0%

03/20 06/21 09/22 12/23 03/25

31/03/2020 - 31/03/2025 Powered by data from FE fundinfo

SL Ninety One UK Special Situations Pension Fund

ABI UK All Companies

Cumulative Performance
Source: FE fundinfo

3 Months (%) 1 Year (%) 3 Years (%) 5 Years (%)

SL Ninety One UK Special Situations

1.7 9.1 54.8 127.3
Pension Fund

ABI UK All Companies 2.0 6.5 13.0 61.3

Note(s): The information shown relates to the past. Past performance is not a guide to the future. The value of your investment can go
down as well as up. For the relevant charges on your policy please refer to your policy documentation.
Where a fund holds overseas assets the Sterling value of these assets may rise and fall as a result of exchange rate fluctuations.
Definition(s): Volatility Rating - The volatility rating of a fund indicates how much the fund price might move compared to other funds.
The higher the volatility rating, the less stable the fund price is likely to be. You can use this to help you decide how much risk you’re
comfortable taking with your investments. Volatility ratings are calculated on a scale of 0-7.
Money Market - may include bank and building society deposits, other money market instruments such as Certificates of Deposits (CDs),
Floating Rate Notes (FRNs) including Asset Backed Securities (ABSs), Money Market Funds and allowances for tax, dividends and
interest due if appropriate.
*Any data contained herein which is attributed to a third party ("Third Party Data") is the property of (a) third party supplier(s) (the "Owner")
and is licensed for use by Standard Life. Third Party Data may not be copied or distributed. Third Party Data is provided "as is" and is not
warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Standard Life or any other third
party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any
use made of Third Party Data. Past performance is no guarantee of future results. Neither the Owner nor any other third party sponsors,
endorses or promotes the fund or product to which Third Party Data relates.

"FTSE®", "FT-SE®", "Footsie®", ["FTSE4Good®" and "techMARK] are trade marks jointly owned by the London Stock Exchange Plc and The
Financial Times Limited and are used by FTSE International Limited ("FTSE") under licence. ["All-World®", "All- Share®" and "All-Small®" are
trade marks of FTSE.]

The Fund is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE"), by the London Stock Exchange Plc
(the "Exchange"), Euronext N.V. ("Euronext"), The Financial Times Limited ("FT"), European Public Real Estate Association ("EPRA") or the
National Association of Real Estate Investment Trusts ("NAREIT") (together the "Licensor Parties") and none of the Licensor Parties make any
warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE EPRA NAREIT
Developed Index (the "Index") and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The
Index is compiled and calculated by FTSE. However, none of the Licensor Parties shall be liable (whether in negligence or otherwise) to any
person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein.

"FTSE®" is a trade mark of the Exchange and the FT, "NAREIT®" is a trade mark of the National Association of Real Estate Investment Trusts
and "EPRA®" is a trade mark of EPRA and all are used by FTSE under licence."

Useful numbers -
Pension Fund Servicing
0345 60 60 012

Call charges will vary.

standardlife.co.uk

Phoenix Life Limited, trading as Standard Life, is registered in England and Wales (1016269) at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG.
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www.standardlife.co.uk © 2025 Phoenix Group Management Services Limited. All rights reserved. FFS KKBK Q1 Mar 25