VT ROSSIE HOUSE INVESTMENT MANAGEMENT … Annual Report.pdfCOMPANY OVERVIEW VT ROSSIE HOUSE...

VT ROSSIE HOUSE INVESTMENT

MANAGEMENT FUNDS ICVC

(Sub-fund VT Rossie House Portfolio Fund)

Annual Report and Financial Statements

for the year ended 31 December 2017

CONTENTS

VT ROSSIE HOUSE INVESTMENT MANAGEMENT FUNDS ICVC –

VT ROSSIE HOUSE PORTFOLIO FUND Year Ended 31 December 2017

Company Overview 1

Investment Manager’s Review 3

Performance Record 5

Portfolio Statement 8

Summary of Material Portfolio Changes 9

Statement of Authorised Corporate Director’s (ACD’s) Responsibilities 10

Statement of the Depositary’s Responsibilities and Report of the Depositary 11

Independent Auditor’s Report to the Shareholders of VT Rossie House

Investment Management Funds ICVC 12

Statement of Total Return 14

Statement of Changes in Net Assets Attributable to Shareholders 14

Balance Sheet 15

Notes to the Financial Statements 16

Distribution Tables 24

Information for Investors 26

Corporate Directory 28

COMPANY OVERVIEW


VT ROSSIE HOUSE PORTFOLIO FUND 1 Year Ended 31 December 2017

Size of Company £11,368,648

Launch date 11 April 2014

Company objective and policy The Fund’s objective is to achieve long term capital and income growth.

The Fund will aim to meet its objective by investing primarily, though

not exclusively, in investment trusts and collective investment schemes

that invest predominantly in equity securities. The Fund may also have

some direct exposure to bonds and other non-equity investments,

including cash, gold and derivatives.

The Fund can use derivatives for the purpose of meeting its investment

objective and for efficient portfolio management (including hedging)

(“EPM”). It is envisaged however that the Investment Manager will not

make a significant use of derivatives in the ordinary course of investing

the assets of the Fund.

Type of Company VT Rossie House Investment Management Funds ICVC is an

investment company with variable capital under regulation 12

(Authorisation) of the Open Ended Investment Companies (OEIC)

Regulations 2001, authorised by the FCA. The company is

incorporated under registration number IC000991. The company is a

‘Non-UCITS Retail Scheme’ umbrella company comprising one sub-

fund, VT Rossie House Portfolio Fund (“the Fund”). You as a

shareholder are not liable for the debts of the company.

Authorised Corporate Director (ACD) Valu-Trac Investment Management Limited

Ex-distribution dates 30 June, 31 December

Distribution dates 31 August, 28 February

Individual Savings Account (ISA) The Company is a qualifying investment for inclusion in an ISA.

Minimum investment

Lump sum subscription: A Class = £250,000

B Class = £10,000

Top-up: A Class = £1,000

B Class = £1,000

Holding: A Class = £1,000

B Class = £1,000

Redemption: A Class = lower of £1,000 or total remaining holding

B Class = lower of £1,000 or total remaining holding

Switching: A Class = £10,000

B Class = £10,000

Initial Charges 9%

Redemption Charges 3%

The ACD may at its discretion accept subscriptions lower than the minimum amount and at its discretion waive the

initial and redemption charges.

INVESTMENT MANAGER’S REVIEW



ACD charges

The annual management charge is comprised of a fixed element which is retained by the ACD for its own account

and a variable element which is paid by the ACD to the Investment Manager.

The fixed element, which is equal to £10,000 per annum, is taken from A Class and B Class Shares pro-rata to their

Net Asset Value.

The variable element in respect of the A Class Shares is nil.

The variable element in respect of the B Class Shares is equal to 0.8% per annum of the Net Asset Value of the B

Class Shares.

INVESTMENT MANAGER’S REVIEW



ROSSIE HOUSE PORTFOLIO FUND

Performance

The Rossie House Portfolio Fund Class B income shares(1) rose 12.0% in the 2017 calendar year. In comparison

the benchmark MSCI WMA Balanced Index rose 9.9%.

Top Ten Holdings

Our top ten holdings remain similar to last year. Below we have given a brief summary of each holding, with the

percentage value of the Fund in brackets.

1. Monks Investment Trust (7.4%)

The Baillie Gifford investment style is active, biased to growth and long term. Capital growth takes priority

over income. The growth stock bias has proved immensely successful in the current year. This has led to

the trust trading on a narrow premium to asset value and has allowed new shares to be issued.

2. Odey Allegra Developed Markets Fund (6.4%)

This is an actively managed fund backed by one of the strongest analytical departments in the city, in our

view. The manager takes large positions in companies where they see outsize returns. It made good gains

this year following a slightly disappointing period in the previous twelve months.

3. CG Real Return (5.8%)

This fund invests in overseas, sovereign index-linked bonds. It provides some protection against inflation

and exposure to a range of currencies, predominantly the US Dollar at present. It has a low fee of 0.25%.

4. Trojan Fund (5.3%)

The fund aims to grow capital in real terms over the long term whilst also preserving capital in difficult

times. It holds index-linked bonds, gold through ETFs, as well as mainly large cap international consumer

companies.

5. Caledonia Investments (4.7%)

This is a family backed, self-managed investment trust standing on an attractive discount. It holds unquoted

businesses (e.g. specialist care homes) as well as quoted companies, often held for the long term (e.g. Close

Bros, AG Barr). It sold their holding in a caravan park operator and the Sloane Club during the year, paying

a special dividend whilst leaving some liquidity to take advantage of any market falls.

6. Findlay Park American Fund (4.7%)

Originally a smaller company fund it has now moved up the market capitalisation scale and holds some large

companies. The fund can invest in Canada and Mexico though has modest weightings at present. The

managers concentrate on companies that have strong free cash flow. It held about 15% in cash as a defensive

measure.

7. Capital Gearing Trust (4.5%)

The trust aims for capital growth in absolute terms, and preservation of shareholders’ wealth is an important

consideration. It holds index-linked gilts as well as some corporate bonds, preference shares and some

equity exposure mainly through investment trusts. Unlike hedge funds this has a reasonable management

fee.

8. Law Debenture (4.4%)

This trust consists of a normal investment portfolio and a fiduciary service business. The former is well

managed and has a good long term track record. The separate fiduciary service business has recently been

extricating itself from the US market and has had a management change. It is valued independently and

contributes to the income of the fund, which is above average.

9. Ruffer Investments (3.6%)

This investment company aims to produce a positive return each year of at least twice the return from the

Bank of England base rate. It has a significant exposure to index-linked bonds including some very long

dated ones. Equities represent about 45% of the trust, of which Japanese equities are just under 20%.

10. Herald Investment Trust (3.4%)

An investment trust investing in smaller companies in the technology, telecom and media sectors. It has

performed very well in the current year due to its exposure to growth sectors and the discount, which has

been fairly wide in previous periods, has begun to narrow. (1) With distributions added back

INVESTMENT MANAGER’S REVIEW (Continued)



Market Review and Portfolio Highlights

Overall the Fund made good progress in the current year. With the help of market gains and some inflows into the

Fund it is now standing at over £11m. It is worth noting the partners and staff of Rossie House Investment

Management (RHIM) own significant holdings in the Fund.

The year saw very differing performances between value and growth investment strategies. Those investing for

growth made excellent gains whilst value investors have had a less successful year. Technology stocks in particular,

especially the largest well-known names in the US, have all performed spectacularly well. Herald Investment Trust

(+32%), a technology specialist but not invested in the larger companies, appreciated sharply. Similarly, Monks

Investment Trust (+34%), which has a growth bias, also made good progress. In contrast value investors such as

Kennox Strategic Value Fund (no change) and Overstone Global Equity Fund (+6%) performed less well. The Fund

benefited from a strong gain in Odey Allegra Developed Markets Fund (+22%) due to good stock picking rather

than any particular investment style.

The UK exposure had a difficult year in 2016 so it was a relief that this reversed in 2017. As the economy continued

to grow the worries about a Brexit recession dissipated and the market made decent gains, especially smaller

companies. Standard Life UK Smaller Companies Trust (+35%) has a growth bias and performed much better than

Miton UK Microcap Trust (+16%) and Aberforth UK Smaller Companies Trust (+20%), both of which still made

decent gains even with their value oriented styles. The bigger company trusts we own were dull, especially JO

Hambro UK Opportunities Fund which has built up a very defensive cash position and was sold to fund a redemption

at the year end.

Overseas equity markets generally assisted returns. Findlay Park American Fund (+12%) proved reliable. The

Japanese exposure was also helpful with Capita MW Japan Fund (+16%) – a value investor – performing well and

Baillie Gifford Japan Trust (+46%) shooting the lights out. As the trust had moved to a significant premium to assets

this was sold at the end of the year. Asian and emerging market exposure was also strong. Edinburgh Dragon Trust

(+24%), Somerset Emerging Markets Smaller Companies Fund (+20%) and Utilico Emerging Markets Investment

Trust (+16%) all contributed handsomely as well. Finally, the relatively small holding of Hansa Trust (+26%) which

stands at a discount that we believe is too large, started to perform better.

As one would expect, the defensive part of the portfolio did not really participate in the strong market gains. The

likes of Trojan Fund (+4%), Ruffer Investments (no change) and Capital Gearing Trust (+5%) generally performed

satisfactorily. The overseas index linked bonds exposure gained through CG Real Return Fund (-6%) was affected

by the strength of Sterling against the US Dollar because the fund largely consists of US TIPS (Treasury Inflation

Protected Securities). We continue to feel there is a role for this holding especially with the US Dollar trading at a

fairly depressed level. A holding in Gold Bullion Securities (-3%) was added towards the end of the year. It too

was affected by Dollar weakness but this is held as an alternative to cash with potential for non-correlated returns

when securities markets are experiencing volatility.

Outlook

We enter 2018 with expectations of synchronised growth in all major economies. This bodes well for profits growth.

The downside to this good news is that it looks like central banks will, for the first time in a long period, start to

increase interest rates (UK and US) as well as reverse or reduce (US / Europe respectively) their QE programmes.

This comes at a time when many equity markets are quite highly rated and there has been an uneasy period of extreme

low volatility.

At the time of writing we have just experienced some quite severe equity market falls. After a period of strength

this can be seen as a healthy correction which may allow further gains as the year progresses. However, we know

debt levels are very stretched in many places and no one quite understands how this will work out. We certainly

feel that we are nearer the end of an economic cycle than the beginning but, as the growth over the past ten years

has been so anaemic, it is possible that we have a much extended economic cycle.

Our approach to this conundrum is to retain a balanced portfolio. We resolve to continue holding at least a quarter

of the Fund in defensive assets that we expect to perform better than equities if stock markets fall. With the balance,

the Fund is positioned to take advantage of any further equity gains. It holds some outstanding funds, managed by

exceptionally talented managers, with contrasting styles so we are not too dependent on any one outcome.

Rossie House Investment Management

Investment Manager to the Fund

PERFORMANCE RECORD



Financial Highlights

Class A Net Income GBP Year to 31

December

2017

Year to 31

December

2016

Year to 31

December

2015

Changes in net assets per unit GBp GBp GBp

Opening net asset value per unit 120.5029 108.9354 105.6411

Return before operating charges 16.9846 14.4238 6.3223

Operating charges (note 1) (1.4520) (1.3881) (1.5719)

Return after operating charges* 15.5326 13.0357 4.7504

Distribution on income units (1.8060) (1.4682) (1.4561)

Closing net asset value per unit 134.2295 120.5029 108.9354

*after direct transaction costs of: 0.0382 0.0344 0.1409

Performance

Return after charges 12.89% 11.97% 4.50%

Other information

Closing net asset value £1,095,265 £978,312 £289,740

Closing number of units 815,965 811,857 265,975

Operating charges (note 2) 1.14% 1.21% 1.45%

Direct transaction costs 0.03% 0.03% 0.13%

Prices

Highest unit price 135.73 121.25 113.41

Lowest unit price 120.60 101.95 102.39

Class B Net Income GBP Year to 31

December

2017

Year to 31

December

2016

Year to 31

December

2015





Return after operating charges* 14.0610 11.8307 4.0356

Distribution on income units (1.7503) (1.4347) (1.4331)



Performance

Return after charges 11.99% 11.07% 3.87%

Other information

Closing net asset value £863,538 £595,783 £472,441




Prices



PERFORMANCE RECORD



Financial Highlights (continued)

Class A Net Accumulation GBP Year to 31

December

2017

Year to 31

December

2016

Period from

1 April 2015

to 31

December

2015^





Return after operating charges* 14.4485 11.9568 (0.2233)


Retained distributions on accumulated units 1.6878 1.3488 1.2744


Performance

Return after charges 12.93% 11.98% (0.22%)

Other information

Closing net asset value £8,585,709 £7,590,067 £6,463,127

Closing number of units 6,804,226 6,793,012 6,477,594



Prices



^Share class launched 1 April 2015.

Class B Net Accumulation GBP Year to 31

December

2017

Year to 31

December

2016

Period from

9 June 2015

to 31

December

2015^





Return after operating charges* 13.2169 10.9975 (0.8468)


Retained distributions on accumulated units 1.5160 1.3352 1.1912


Performance Return after charges 12.00% 11.09% (0.85%)

Other information

Closing net asset value £849,838 £346,792 £246,569




Prices



^Share class launched 9 June 2015

PERFORMANCE RECORD



1. The operating charges per unit figure is calculated by applying the operating charges percentage to the average net

asset valuation per share throughout the period.

2. The operating charges percentage is based on expenses incurred during the period annualised, as a proportion of the average net asset value of the fund.

Risk Profile

Based on past data, the fund is ranked a ‘4’ on the synthetic risk and reward indicator scale (of 1 to 7) as described fully in the Key Investor Information Document. The Fund is ranked ‘4’ because monthly historical performance data indicates that it has

experienced average rises and falls in market prices historically.

PORTFOLIO STATEMENT



As at 31 December 2017

Holding Value £ % of net

assets

FIXED INTEREST (31 December 2016: 6.78%) 3,455 CG Real Return 662,600 5.83

662,600 5.83

CAPITAL PRESERVATION (31 December 2016: 15.14%)

241,000 Trojan Fund (O Inc.) 605,898 5.34

175,000 Ruffer Investments 410,812 3.61

13,000 Capital Gearing Trust 515,580 4.53

1,532,290 13.48

UK (31 December 2016: 17.58%)

21,500 Keystone Investment Trust 382,162 3.37

22,500 Aberforth UK Smaller Companies Trust 298,013 2.62 128,000 Garraway UK Equity Market Fund (F Net Inc.) 240,816 2.12

60,000 Standard Life UK Smaller Companies Ord 294,900 2.59

337,050 Miton UK Microcap Trust 218,661 1.92

1,434,552 12.62

INTERNATIONAL (31 December 2016: 22.72%)

80,000 Law Debenture 500,600 4.40

110,000 Monks Investment Trust 838,475 7.38

1,400 Overstone Global Equity Fund (A) 199,035 1.75

199,909 Kennox Strategic Value (A Net Inc.) 257,883 2.27

4,000 Odey Allegra Developed Markets Fund (£1) 726,760 6.39 17,500 RIT Capital Partners 343,175 3.02

2,865,928 25.21

US (31 December 2016: 5.03%)

6,700 Findlay Park American Fund (Dollar) 535,207 4.71

535,207 4.71

GOLD (31 December 2016:0.00%)

3,700 Gold Bullion Securities 335,820 2.95

335,820 2.95

JAPAN (31 December 2016:4.73%) 82,000 Morant Wright Japan Fund (B Inc.) 343,547 3.02

343,547 3.02

ASIA (31 December 2016:4.03%)

69,000 Edinburgh Dragon Trust 258,923 2.28 25,000 Scottish Oriental Smaller Companies Trust 263,125 2.31

522,048 4.59

EMERGING MARKETS (31 December 2016:3.62%) 151,000 Somerset Emerging Markets Smaller Companies (GBP Acc.) 241,950 2.13

101,000 Utilico Emerging Markets Investment Trust 225,609 1.98

14,600 Utilico Emerging Markets Investment Trust Subscription Shares 4,818 0.04

472,377 4.15

SPECIALIST (31 December 2016:11.47%)

9,000 North Atlantic Smaller Companies Investment Trust 243,675 2.14

33,000 Herald Investment Trust 385,275 3.39 19,000 Caledonia Investments 535,420 4.72

15,300 Hansa Trust Ord 158,508 1.39

1,322,878 11.64

PROPERTY (31 December 2016:3.27%)

300,000 Civitas Social Housing 338,625 2.98

338,625 2.98

Portfolio of Investments (31 December 2016:94.37%) 10,365,872 91.18

Net Other Assets (31 December 2016:5.89%) 1,024,032 9.01

Adjustment to revalue assets from Mid to Bid Prices

(31 December 2016:(0.26%))

(21,256) (0.19)

11,368,648 100.00

SUMMARY OF MATERIAL PORTFOLIO CHANGES



£

Total sales for the year (note 14) 699,956

JO Hambro UK Opportunities 438,270

Baillie Gifford Japan Trust 261,686

£

Total purchases for the year (note 14) 948,933

Morant Wright Japan Fund (B Inc.) 30,867

CG Real Return 64,375

Edinburgh Dragon Trust 60,512

Gold Bullion Securities 347,648

Hansa Trust Ord 25,083

Herald Investment Trust 28,415

Law Debenture 155,446

Odey Allegra Developed Market Fund (£1) 78,425

Overstone Global Equity Fund (A) 48,082

Trojan Fund (O Inc.) 50,070

Utilico Emerging Markets Investment Trust 60,010

The above transactions represent all of the sales and purchases during the year.

STATEMENT OF THE DEPOSITARY’S RESPONSIBILITIES AND REPORT OF

THE DEPOSITARY



The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s

Collective Investment Schemes Sourcebook, the Investment Funds Sourcebook, the Open-Ended Investment

Companies Regulations 2001 (SI 2001/1228) (the OEIC Regulations), as amended, the Financial Services and

Markets Act 2000, as amended, (together “the Regulations”), the Company’s Instrument of Incorporation and

Prospectus (together “the Scheme documents”) as detailed below.

The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests

of the Company and its investors.

The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets

of the Company in accordance with the Regulations.

The Depositary must ensure that:

the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash

accounts in accordance with the Regulations;

the sale, issue, redemption and cancellation of shares are carried out in accordance with the Regulations;

the value of shares of the Company are calculated in accordance with the Regulations;

any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual

time limits;

the Company’s income is applied in accordance with the Regulations; and

the instructions of the Alternative Investment Fund Manager (the “AIFM”) are carried out (unless they conflict

with the Regulations).

The Depositary also has a duty to take reasonable care to ensure that the Company is managed in accordance with

the Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the

Company.

Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the

Company, it is our opinion, based on the information available to us and the explanations provided, that in all material

respects the Company, acting through the AIFM:

(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the

Company’s shares and the application of the Company’s income in accordance with the Regulations

and the Scheme documents of the Company, and

(ii) has observed the investment and borrowing powers and restrictions applicable to the Company.

National Westminster Bank Plc

01 January 2018

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF VT

ROSSIE HOUSE INVESTMENT MANAGEMENT FUNDS ICVC



We have audited the financial statements of VT Rossie House Investment Management Funds ICVC (“the

Company”) for the year ended 31 December 2017 which comprise the Statement of Total Return, Statement of

Changes in Net Assets Attributable to Shareholders, Balance Sheet, the related Notes to the Financial Statements

and the Distribution Tables. The financial reporting framework that has been applied in their preparation is

applicable law and United Kingdom Generally Accepted Accounting Practice including FRS102 “The Financial

Reporting Standard applicable in the UK and Republic of Ireland”.

This report is made solely to the Company’s shareholders, as a body, in accordance with Rule 4.5.12 of the Collective

Investment Schemes sourcebook (“the COLL Rules”) issued by the Financial Conduct Authority under the Open-

Ended Investment Companies Regulations 2001. Our audit work has been undertaken so that we might state to the

Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company

and the Company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

• give a true and fair view of the financial position of the Company at 31 December 2017 and of the net

revenue and the net capital gains on the scheme property of the Company for the year then ended; and

• have been properly prepared in accordance with the IA Statement of Recommended Practice for

Authorised Funds, the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct

Authority and the Instrument of Incorporation.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable

law. Our responsibilities under those standards are described further in the auditor’s responsibilities for the audit of

the financial statements section of our report. We are independent of the Company in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical

Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe

that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report

to you where:

• the ACD’s use of the going concern basis of accounting in the preparation of the financial statements is

not appropriate; or

• the ACD has not disclosed in the financial statements any identified material uncertainties that may cast

significant doubt about the Company’s ability to continue to adopt the going concern basis of accounting

for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The ACD is responsible for the other information. The other information comprises the information included in the

annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial

statements does not cover the other information and, except to the extent otherwise explicitly stated in our report,

we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in

doing so, consider whether the other information is materially inconsistent with the financial statements or our

knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material

inconsistencies or apparent material misstatements, we are required to determine whether there is a material

misstatement in the financial statements or a material misstatement of the other information. If, based on the work

we have performed, we conclude that there is a material misstatement of this other information, we are required to

report that fact.

We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF VT

ROSSIE HOUSE INVESTMENT MANAGEMENT FUNDS ICVC (Continued)



Opinions on other matters prescribed by the COLL Regulations

In our opinion, based on the work undertaken in the course of the audit:

• Proper accounting records for the Company have been kept and the accounts are in agreement with those

records;

• We have received all the information and explanations which, to the best of our knowledge and belief, are

necessary for the purposes of our audit; and

• The information given in the report of the ACD and in the report of the authorised fund manager for the

year is consistent with the financial statements.

Responsibilities of the Authorised Corporate Director

As explained more fully in the Authorised Corporate Director’s Responsibilities Statement set out on page 10, the

Authorised Corporate Director is responsible for the preparation of the financial statements and for being satisfied

that they give a true and fair view and for such internal controls as the ACD determines is necessary to enable the

preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the ACD is responsible for assessing the Company’s ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the ACD either intends to liquidate the Company or to cease operations, or has no realistic

alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error

and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional

scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is

sufficient and appropriate to provide a basis for our opinion. The risk of not detecting material

misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that

are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness

of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates

and related disclosures made by the ACD.

• Conclude on the appropriateness of the ACD’s use of the going concern basis of accounting and, based on

the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may

cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a

material uncertainty exists, we are required to draw attention in our auditor’s report to the related

disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future

events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in a

manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing

of the audit and significant audit findings, including any significant deficiencies in internal control that we identify

during our audit.

Johnston Carmichael LLP

Chartered Accountants

Statutory Auditor

Elgin

DMcbain

Stamp

DMcbain

Stamp

STATEMENT OF TOTAL RETURN



For the year ended 31 December 2017

31.12.17 31.12.16

Notes £ £ £ £

Income

Net capital gains 2 1,164,757 951,252

Revenue 3 150,467

110,096

Expenses 4 (49,522) (44,534)

Interest payable and similar charges 6 - (28)

Net revenue before taxation 100,945 65,534

Taxation 5 - -

Net revenue after taxation 100,945 65,534

Total return before distributions 1,265,702 1,016,786

Finance costs 6 (150,467) (110,096)

Change in net assets attributable to

shareholders from investment activities 1,115,235 906,690

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO

SHAREHOLDERS


31.12.17 31.12.16

£ £

Opening net assets attributable to shareholders 9,486,119 7,452,886

Amounts receivable on creation of shares 976,567 1,078,052

Amounts payable on cancellation of shares (335,573) (47,140)

Retained accumulation distributions 126,300 95,631

Change in net assets attributable to shareholders

from investment activities (see above) 1,115,235 906,690

Closing net assets attributable to shareholders 11,368,648 9,486,119

BALANCE SHEET



As at 31 December 2017

31.12.17 31.12.16

Notes £ £ £ £

ASSETS

Investment assets 10,344,616 8,927,724

Current assets

Debtors 7 707,695 7,260

Cash and bank balances 8 348,420 574,807

Total other assets 1,056,115 582,067

Total assets 11,400,731 9,509,791

LIABILITIES

Creditors

Bank overdrafts 8 (55) (30)

Distribution payable on income shares (17,061) (9,527)

Other creditors 9 (14,967) (14,115)

Total liabilities (32,083) (23,672)

Net assets attributable to shareholders 11,368,648 9,486,119

NOTES TO THE FINANCIAL STATEMENTS




1. Accounting policies (a) The financial statements have been prepared in compliance with FRS 102 and in accordance with the

Statement of Recommended Practice for Authorised Funds (SORP) issued by the Investment Association (IA) in May 2014. The functional currency of the fund is Sterling.

(b) The expenses of the Fund are paid out of capital.

(c) Dividends on equities are recognised when the security is quoted ex-dividend. Interest on deposits is accounted for on an accruals basis. Other revenue is accounted for on a receipts basis.

Equalisation received by the way of distributions from OEICs/unit trust investment is not included in revenue but is reflected as a reduction in the book cost of that investment.

Management fee rebates arising from the holding of units or shares in underlying funds are recognised on an accruals basis. Where the policy of the underlying fund is to charge its management fees to capital in

determining distributions, then the management rebates are recognised in capital. Otherwise the fee rebates

are recognised in revenue.

(d) The ordinary element of stocks received in lieu of cash dividends is recognised as revenue of the Fund, and

where applicable is included in the distribution. In the case of an enhanced stock dividend the value of the enhancement is treated as capital.

(e) Special dividends are treated as repayments of capital or revenue depending on the facts of each particular case.

(f) All expenses are accounted for on an accruals basis.

(g) As this Fund pays its expenses out of capital the revenue from investments is paid out in half yearly

distributions to all holders of income shares. In all cases, tax vouchers will be issued to shareholders.

(h) Investments are stated at their fair value at balance sheet date. In determining fair value, the valuation point

is 4.30pm on 29 December 2017 with reference to quoted bid prices from reliable external sources. Where an observable market price is unreliable or does not exist, investments are valued at the Fund’s best estimate

of the amount that would be received from an immediate transfer at arm’s length.

(i) All transactions in foreign currencies are converted into Sterling at the rates of exchange ruling at the date

of such transactions. Foreign currency assets and liabilities at the end of the accounting period are translated

at the exchange rates at the closing valuation point on 29 December 2017.

(j) Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay less or receive more tax.

Deferred tax assets are recognised only to the extent that the ACD considers that it is more likely than not there will be taxable profits from which underlying timing differences can be deducted.

(k) In certain circumstances the ACD may charge a dilution levy on the sale or repurchase of shares. The levy, which is paid into the Fund, is intended to cover certain charges not included in the bid market value of the

Fund, used in calculating the share price, which could have a diluting effect on the performance of the Fund.

No charge is made for switches between classes of shares within the Fund, and in such cases the net effect

of the switch is shown in the ‘Statement of Changes in Net Assets’ schedule.

(l) Equalisation will be applied to the Fund. An allocation of income to be made in respect of each Share issued

or sold by the ACD during an accounting period in respect of which that income allocation is made may

include a capital sum (“income equalisation”) representing the ACD’s best estimate of the amount of income included in the price of that Share.

The amount of income equalisation in respect of any Share may be the actual amount of income included in

the issue price of the Share in question or it may be an amount arrived at by taking the aggregate of the

ACD’s best estimate of the amounts of income included in the price of Shares in that class issued or sold in the annual or interim period in question and dividing that aggregate by the number of those Shares and

applying the resultant average to each of the shares in question.

NOTES TO THE FINANCIAL STATEMENTS (continued)



2 Net capital gains 31.12.17 31.12.16

The net capital gains comprise: £ £

Non-derivative securities gains – unrealised 940,507 974,795

realised 225,208 (22,290)

Transaction charges (958) (1,540)

Currency gains - 287

Total net capital gains 1,164,757 951,252

3 Revenue 31.12.17 31.12.16

£ £

UK dividends 121,067 98,195

Unfranked income 21,202 10,563

Overseas dividends 8,198 1,338

Total revenue 150,467 110,096

4 Expenses 31.12.17 31.12.16

£ £

Payable to the Authorised Corporate Director, associates of the

Authorised Corporate Director, and agents of either of them:

ACD fee 20,760 15,760

Payable to the depositary, associates of the depositary, and agents of

either of them:

Depositary fee 17,951 18,770

Safe custody fee 57 160

18,008 18,930

Other expenses:

Audit fee 8,122 8,078

FCA fee 244 98

Transaction charges 1,968 1,668

Legal fees 420 -

10,754 9,844

Total expenses 49,522 44,534




5. Taxation 31.12.17 31.12.16

£ £

(a) Analysis of charge in the year

Irrecoverable income tax - -

Total tax charge for the year (note 5b) - -

(b) Factors affecting current tax charge for the year

The tax assessed for the year is lower than the standard rate of

corporation tax in the UK for an open-ended investment company

19.25% (2016: 20%). The differences are explained below:

Net revenue before taxation 100,945 65,534

Corporation tax at 19.25% (2016:20%) 19,432 13,107

Effects of:

Revenue not subject to UK corporation tax (24,883) (19,639)

Current year expenses not utilised 5,451 6,532

Total tax charge for year (note 5a) - -

(c) Provision for deferred taxation

At 31 December 2017 there is a potential deferred tax asset of £16,176 (31 December 2016: £13,368) in relation

to surplus management expenses. It is unlikely the Company will generate sufficient taxable profits in the future

to utilise this amount and therefore no deferred tax asset has been recognised.

6. Finance costs 31.12.17 31.12.16

£ £

Interim distribution 53,559 56,780

Final dividend distribution 98,319 57,227

151,878 114,007

Add: Revenue deducted on cancellation of shares 2,560 159

Deduct: Revenue received on issue of shares (3,971) (4,070)

Dividends for the year 150,467 110,096

Interest charge - 28

Total finance costs 150,467 110,124

Reconciliation of distributions

Net revenue after taxation 100,945 65,534

Expenses paid by capital 49,522 44,562

Net distribution for the year 150,467 110,096




7 Debtors 31.12.17 31.12.16

£ £

Amounts receivable for sale of investments 699,956 -

Accrued revenue:

Dividends receivable 7,739 7,260

Total debtors 707,695 7,260

8 Cash and bank balances 31.12.17 31.12.16

£ £

Cash and bank balances 348,420 574,807

Bank overdrafts (55) (30)

9 Creditors 31.12.17 31.12.16

£ £

Other accrued expenses 14,967 14,115

Total creditors 14,967 14,115




10. Units held

Units Held – Class A Net Income

Opening units at 01.01.17 811,857

Units issued during the year 4,108

Units cancelled during the year -

Units converted during the year -

Closing units at 31.12.17 815,965

Units Held – Class A Net Accumulation

Opening units at 01.01.17 6,793,012


Units cancelled during the year (201,295)

Units converted during the year (157,733)

Closing units at 31.12.17 6,804,226

Units Held – Class B Net Income

Opening units as at 01.01.17 508,090



Units converted during the year -

Closing units at 31.12.17 666,464

Units Held - Class B Net Accumulation

Opening units as at 01.01.17 314,834



Units converted during the year 160,510

Closing units as at 31.12.17 688,866

11. Financial instruments

In pursuing its investment objective as stated on page 1, the Company holds a number of financial

instruments. The Company’s financial instruments, other than derivatives, comprise securities and other

investments, cash balances, debtors and creditors that arise directly from its operations, for example, in

respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions

and debtors for accrued revenue.

The main risks arising from the Company’s financial instruments, those of its underlying holdings and the

ACD’s policies for managing these risks are summarised below. These policies have been applied

throughout the year.




Market price risk

Market price risk is the risk that the value of the Company’s investment holdings will fluctuate as a result of

changes in market prices caused by factors other than interest rate or foreign currency movement. Market price

risk arises mainly from uncertainty about future prices of financial instruments the company holds. It represents

the potential loss the Company might suffer through holding market positions in the face of price movements.

The Company’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD

in pursuance of the investment objective and policy as set out in the Prospectus.

Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of

Incorporation, the Prospectus and in the rules of the Financial Conduct Authority’s Collective Investment

Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer.

If market prices at the balance sheet date had been 10% higher or lower while all other variables remained

constant, the return attributable to ordinary shareholders and equity for the year ended 31.12.17 would have

increased/decreased by £1,034,462 (2016 – £892,772).

Foreign currency risk

Foreign currency risk is the risk that the value of the Company’s investment holdings will fluctuate as a result

of changes in foreign currency exchange rates.

The Company’s investment portfolio is invested in funds that are registered overseas and collective investment

schemes which invest in overseas securities, and the balance sheet can be affected by movements in foreign

exchange rates. The ACD may seek to manage exposure to currency movements by using forward exchange

contracts or by hedging the sterling value of investments that are priced in other currencies. Revenue received

in other currencies is converted to Sterling on or near the date of receipt.

A portion of the net assets of the Company is denominated in currencies other than Sterling with the effect that

the balance sheet and total return can be affected by currency movements.

Net currency monetary assets and liabilities consist of:

Net monetary assets and

liabilities Non-monetary assets Total net assets

£ £ £

31.12.17 31.12.16 31.12.17 31.12.16 31.12.17 31.12.16

Sterling 1,024,059 558,425 9,473,630 8,450,889 10,497,689 9,009,314

US Dollars (27) (30) 870,986 476,835 870,959 476,805

Total 1,024,032 558,395 10,344,616 8,927,724 11,368,648 9,486,119

Interest rate risk

Interest rate risk is the risk that the value of the Company’s investment holdings will fluctuate as a result of

changes in interest rates.

The Company has one fixed rate investment (CG Real Return). Other than this the interest rate risk exposure is

restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected

by fluctuations in interest rates.

Maturity of financial liabilities

The financial liabilities of the company as at 31 December 2017 are payable either within one year or on demand.

Liquidity risk

The Company’s assets comprise mainly of readily realisable securities. The main liability of the Company is

the redemption of any shares that the investors wish to sell. Assets of the Company may need to be sold if

insufficient cash is available to finance such redemptions.

Credit risk

Certain transactions in securities that the Company enters into expose it to the risk that the counterparty will not

deliver the investment for a purchase, or cash for a sale after the Company has fulfilled its responsibilities.




The Company only buys and sells investments through brokers which have been approved by the ACD as

acceptable counterparties and fund management companies. In addition, limits are set to the exposure to any

individual broker that may exist at any time and changes in brokers’ financial ratings are reviewed.

Fair value disclosure

The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets

and liabilities. The highest priority is given to quoted prices and the lowest priority to un-observable inputs.

The criteria applied to the fair values levels in these financial statements are as follows:

A Fair value based on a quoted price for an identical instrument in an active market.

B Fair value based on the price of a recent transaction for an identical instrument.

C1 Fair value based on a valuation technique using observable market data.

C2 Fair value based on a valuation technique that relies significantly on non-observable market data

Valuation Technique Assets

(£’000)

Liabilities

(£’000)

A Quoted prices for identical instruments in active markets

9,681

-

B Fair value based on the price of a recent transaction 663 -

Total 10,344 -

12. Contingent assets and liabilities

At 31 December 2017, the fund had no contingent liabilities or commitments (31 December 2016: £nil).

13. Post balance sheet events

Since the year end, the prices of the share classes have changed as follows:

31 December 2017 06 April 2018

Class A Net Income 134.2295p Class A Net Income 129.4346p

Class A Net Accumulation 126.1820p Class A Net Accumulation 121.6746p

Class B Net Income 129.5701p Class B Net Income 124.6724p

Class B Net Accumulation 123.3676p Class B Net Accumulation 118.7059p




14. Portfolio transaction costs

31.12.17 31.12.16

Analysis of total purchase costs £ £ £ £

Purchases in the year before

transaction costs 946,403 1,520,085

Commissions 1,185 (0.12%) 749 (0.05%)

Taxes 1,341 (0.14%) 2,082 (0.14%)

Levy 4 (0.00%) 4 (0.00%)

Total purchase costs 2,530 2,835

Total purchases including transaction

costs 948,933 1,522,920

Analysis of total sale costs

Sales in year before transaction costs 700,350 444,172

Commissions (393) (0.05%) (560) (0.13%)

Levy (1) (0.00%) -

Total sale costs (394) (560)

Total sales net of transaction costs 699,956 443,612

2017

£

% of average net

asset value

2016

£

% of average

net asset value

Commissions 1,578 0.02% 1,309 0.01%

Taxes and levies 1,346 0.01% 2,086 0.02%

2,924 0.03% 3,395 0.03%

DISTRIBUTION TABLES



Final distribution in pence per share

Group 1 – Shares purchased prior to 01 July 2017

Group 2 – Shares purchased on or after 01 July 2017 and on or before 31 December 2017.

01 July 2017 to 31 December 2017

Class A Net Income Dividend

payable

28.02.2018

Equalisation Distribution paid

28.02.2018

Distribution

paid 28.02.2017

Group 1 1.1678p - 1.1678p 0.7288p

Group 2 1.1678p (0.5063p) 0.6615p 0.6789p

Class B Net Income Dividend

payable

28.02.2018


28.02.2018

Distribution

paid 28.02.2017

Group 1 1.1301p - 1.1301p 0.7105p

Group 2 1.1301p (0.9235p) 0.2066p 0.5901p

Class A Net Accumulation Dividend

accumulated

28.02.2018

Equalisation Distribution

accumulated

28.02.2018

Distribution

accumulated

28.02.2017

Group 1 1.0864 - 1.0864p 0.6715p

Group 2 - - - -

Class B Net Accumulation Dividend

accumulated

28.02.2018


accumulated

28.02.2018

Distribution

accumulated

28.02.2017

Group 1 1.0649p - 1.0649p 0.6632p

Group 2 1.0649p (0.5687p) 0.4962p 0.5521p

Interim distribution in pence per share

Group 1 – Shares purchased prior to 01 January 2017

Group 2 – Shares purchased on or after 01 January 2017 and on or before 30 June 2017.

01 January 2017 to 30 June 2017

Class A Net Income Dividend

paid

31.08.2017


31.08.2017

Distribution

paid 31.08.2016

Group 1 0.6382p - 0.6382p 0.7394p

Group 2 0.6382p (0.3544p) 0.2838p 0.3492p

Class B Net Income Dividend

paid

31.08.2017


31.08.2017

Distribution

paid 31.08.2016

Group 1 0.6202p - 0.6202p 0.7242p

Group 2 0.6202p (0.4065p) 0.2137p 0.1990p

Class A Net Accumulation Dividend

accumulated

31.08.2017


accumulated

31.08.2017

Distribution

accumulated

31.08.2016

Group 1 0.6014p - 0.6014p 0.6773p

Group 2 0.6014p (03737p) 0.2277p 0.2669p

Class B Net Accumulation Dividend

accumulated

31.08.2017


accumulated

31.08.2017

Distribution

accumulated

31.08.2016

Group 1 0.4511p - 0.4511p 0.6720p

Group 2 0.4511p (0.3346p) 0.1165p 0.3198p

DISTRIBUTION TABLES (continued)



EQUALISATION

Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents the

accrued revenue included in the purchase price of the shares. It is returned with the distribution as a capital

repayment. It is not liable to income tax but must be deducted from the cost of the shares for capital gains tax

purposes.

Information for corporate shareholders

A corporate shareholder receives the distribution shown on the voucher enclosed with this report as follows:

i) 100.00% of the total dividend allocation together with the tax credit is received as franked investment

income.

ii) 0.00% of the dividend allocation is received as an annual payment received after deduction of income tax at

the lower rate and is liable to corporation tax. It is not franked investment income.

INFORMATION FOR INVESTORS



Distribution

Distributions of the revenue of the Company will be made to shareholders on or before 28 February each year and

interim allocations of revenue on or before 31 August.

Taxation

The company will pay no corporation tax on its profits for the period to 31 December 2017 and capital gains within

the Company will not be taxed.

Individual shareholders

HM Revenue and Customs changed the taxation of dividends on 6 April 2016. Dividend tax credits were

abolished and replaced by a tax-free annual dividend allowance of £5,000. UK resident shareholders are now

subject to new, higher rates of tax on dividend income in excess of the annual allowance. The actual rate

charged depends on the individual’s tax rate band.

Capital gains tax

Individual shareholders resident in the UK for tax purposes may be liable to capital gains tax on realisation of

their shares as with other chargeable assets. However, presently each year there is a tax-free allowance for

individuals. The first £11,300 are presently tax free for individuals. Gains in excess of that amount are charged

at the rate of tax applicable to the individual taxpayer.

Debts of the ICVC fund

Unit holders of the ICVC are not liable for the debts of the ICVC.

Corporate shareholders

Companies resident for tax purposes in the UK which hold shares should note that OEIC distributions are streamed

into both franked and unfranked income. The unfranked income element will be treated as an annual payment which

has been subject to income tax at a rate of 19.25% and will be liable to tax accordingly. On realisation of their

shares, UK resident companies may be liable to pay corporation tax on any capital gains.

The above information on taxation is only a general summary, and shareholders should consult their own tax advisors

in relation to their own circumstances. Shareholders should also note that the position as outlined may change to

reflect future changes in tax legislation.

Issue and redemption of shares

Valu-Trac Investment Management Limited is the ACD and Registrar. Valu-Trac Investment Management Limited

will receive requests for the purchase or sale of shares at any time during normal business hours (8.30am to 5.30pm).

Instructions may be given by email to ([email protected]) or by sending an application form to the Registrar.

Application forms are available from the Registrar.

The price of shares will be determined by reference to a valuation of the Company’s net assets at 4.30pm daily.

The ACD has the right to reject, on reasonable grounds relating to the circumstances of the applicant, any application

for shares in whole or part, and in this event the ACD will return any money sent, or the balance of such monies, at

the risk of the applicant. In addition the ACD may reject any application previously accepted in circumstances where

the applicant has paid by cheque and that cheque subsequently fails to be cleared.

Any subscription monies remaining after a whole number of shares has been issued will not be returned to the

applicant. Instead, smaller denomination shares will be issued in such circumstances.

A contract note giving details of the shares purchased and the price used will be issued by the Registrar by the end

of the business day following the valuation point by reference to which the purchase price is determined. Settlement

is due on receipt by the purchaser of the contract note and should be made to the Company’s account at the custodian.

Ownership of shares will be evidenced by an entry on the Company’s Register of Shareholders. Certificates will

not be issued. Statements in respect of periodic distributions of revenue will show the number of shares held by the

recipient in respect of which the distribution is made. Individual statements of a shareholder’s shares will also be

issued at any time on request by the registered holder.

INFORMATION FOR INVESTORS (Continued)



Where shares are redeemed, payment will be made not later than the close of business on the fourth business day

following the next valuation point after receipt by the ACD of a request for redemption. The minimum value of

shares that a shareholder may hold is £1,000. The ACD may at its discretion accept subscriptions lower than the

minimum amount.

The most recent issue and redemption prices are available from the ACD.

Alternative Investment Fund Managers Directive

Under the EU’s Alternative Investment Fund Managers Directive (AIFMD) 2013, the Company has been designated

an Alternative Investment Fund. The ACD, Valu-Trac Investment Management Limited (“Valu-Trac”) has been

appointed as the Alternative Investment Fund Manager (AIFM). The AIFMD has had little impact on the operating

costs or management of the VT Rossie House Portfolio Fund.

Remuneration of the AIF

The Company’s Alternative Investment Fund Manager (AIFM), Valu-Trac, is subject to the Alternative Investment

Fund Manager Directive “AIFMD” and the Remuneration Requirements under SYSC 19B in respect of its activities

as AIFM for a range of Alternative Investment Funds (AIFs). At 28 February 2018, the percentage of funds managed

under the AIFMD directive by the ACD is 20% of its total funds, representing 12% of its assets under management.

The fund does not employ any direct staff from the AIFM / ACD and accordingly no quantitative disclosures are

included in these financial statements.

The Remuneration Code (the Code) came into force on 1 January 2011. The aim of the Code is to ensure that UK

authorised and regulated firms have risk focused remuneration policies which are consistent with and promote

effective risk management, and do not expose firms to excessive risk. Valu-Trac is committed to managing

its affairs to comply with the applicable requirements of the Code, within the proportionality principles. In

compliance with the Code, Valu-Trac has a focused remuneration policy in place, which is consistent with and

promotes effective risk management.

Valu-Trac is a limited company under which the profits of the firm are shared on the performance of the firm as a

whole, rather than allocated to individual employees on the basis of their personal performance.

Valu-Trac have taken full account of the Remuneration Principles as set out in SYSC 19A of the FCA Handbook,

and are of the view that their remuneration strategy lies well within the requirements as set out in the Principles.

Two particular Principles are referred to here, to exemplify and highlight the nature of Valu-Trac’s strategy:

Principle 1. Risk management and risk tolerance

Valu-Trac’s policy is to create and build on long-term business relationships with their clients. Remuneration levels

are set by the directors on the basis that the firm has a sufficient infrastructure and capital to ensure that it can meet

the needs of its clients both now and in the future.

Principle 12. Remuneration structures

Valu-Trac’s structures are simple, transparent, and based on current profitability. The directors of Valu-Trac have

adopted this Remuneration Policy Statement in full. Furthermore, in evidencing its commitment to the Code,

Valu-Trac will look to ensure that in the future Valu-Trac's remuneration policies continue to be consistent with and

to promote effective risk management, all in compliance with the Code.

This Statement, including an analysis of staff to whom the Code applies, will be reviewed by the directors

along with its Remuneration Policy on an annual basis.

Conflicts of interest

The AIFM has a conflicts of interest policy and In accordance with the AIFM obligations to clients, they seek to

ensure that clients are properly treated where there could be conflicts of interest. The full policy can be accessed at

www.valu-trac.com.

http://www.valu-trac.com/

CORPORATE DIRECTORY



Authorised

Corporate Director,

Alternative

Investment Fund

Manager &

Registrar

Valu-Trac Investment Management Limited

Mains of Orton

Fochabers

Moray

IV32 7QE

Telephone: 01343 880344

Fax: 01343 880267

E-mail: ([email protected])

Authorised and regulated by the Financial Conduct Authority

Registered in England No 2428648

Director Valu-Trac Investment Management Limited as ACD

Investment Manager Rossie House Investment Management

50 Moray Place

Edinburgh

EH3 6BQ

Authorised and regulated by the Financial Conduct Authority

Depositary National Westminster Bank Plc Trustee and Depositary Services

Younger Building

1st Floor , 3 Redheughs Avenue

Edinburgh

EH12 9RH

Authorised by the Prudential Regulation Authority and regulated by

the Financial Conduct Authority and Prudential Regulation Authority

Auditor Johnston Carmichael LLP

Chartered Accountants

Commerce House

South Street

Elgin

IV30 1JE

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