IFSL RC Brown UK Primary Opportunities | Fund Update | January 202

6th February 2026

January: A strong start to 2026 for the UK as the FTSE hits 10,000

It proved a strong start to the year for global equities and in particular the UK which outperformed US and European markets as expectations of lower inflation and interest rates spurred markets. The resilience of global markets was somewhat surprising given the capture of Venezuelan President Nicholas Maduro by US forces and President Trump proposing new levies on eight NATO countries, (including the UK), that opposed his plans to acquire Greenland. Trump later backed down from this threat as a framework for a future deal was announced. Gold and other precious metals surged given the political uncertainty.

M&A activity increased in the UK, continuing to highlight the attractiveness in valuations as overseas buyers continue to circle. Rio Tinto and Glencore, announced they are in merger talks, which would create a c£150bn behemoth. Kitwave also received a takeover approach from private equity that has been approved by the board. Given the weakness of the shares in recent months, we believe the bid to be opportunistic and would hope for a higher price than the £2.95 a share offered.

We added a modest holding in Atalaya Mining as part of an equity fund raise. Given market strength and signs of confidence returning to UK markets, we anticipate further primary opportunities over the coming months.

In January the IFSL RC Brown UK Primary Opportunities fund returned 3.3% compared with 3.1% for the FTSE All Share and 2.6% for the IA UK All Companies sector, all on a total return basis.

Purchases

Atalaya Mining is a European copper producer with assets in Spain. We acquired a modest holding as part of a £130m raise to accelerate the production at its mines, whilst also reducing debt. Despite the copper price rising sharply over the past year, further gains are anticipated given the need for copper in the transition to clean energy. Atalaya is a constituent of the FTSE 250.

Sales

We trimmed the holdings in Barclays and Land Securities on strength.

Cumulative Performance (Total Return %) – To 31 January 2026

Fund/Benchmark Name 3M 6M 1Y 3Y 5Y 10Y Since Inception (28/05/1997)
IFSL RC Brown UK Primary Opportunities P Acc 5.4 10.4 18.3 33.5 37.7 108.9 626.9
Quartile Ranking IA UK All Companies 2 2 2 3 3 2 2
IA UK All Companies 3.4 7.6 13.6 31.3 47.5 98.9 436.3
FTSE All Share 5.7 12.7 21.2 44.5 80.8 137.6 546.1

Source: FE: 31/01/2026

Discrete Annual Performance (Total Return%) – To 31 January 2026

Fund/Benchmark Name Year to 31/01/2026 Year to 31/01/2025 Year to 31/01/2024 Year to 31/01/2023 Year to 31/01/2022
IFSL RC Brown UK Primary Opportunities P Acc 18.1 12.9 0.2 -9.7 14.3
Quartile Ranking IA UK All Companies 2 3 4 4 3
IA UK All Companies 13.6 13.4 1.9 -1.4 13.9
FTSE All Share 21.2 17.1 1.9 5.2 18.9

Source: FE: 31/01/2026

Please be advised that the past is not necessarily a guide to future performance. Investments and the income derived from them can fall as well as rise and the investor may not get back the amount originally invested.