IFSL RC Brown UK Primary Opportunities | Fund Update |September 2026

5th October 2026

September: Subdued September

The UK market put in a subdued performance in September as despite second quarter economic growth being upgraded to 0.5%, higher bond yields, oil prices and inflation continue to weigh on sentiment. In fact, given the weakness of bonds (10 year gilts are at their highest since 2008), we view UK equity market resilience as a distinct positive, albeit cognisant of the damage to longer term economic growth the current stresses are likely having.

No new holdings were added to the portfolio in what was a relatively quiet period for equity fund raisings. Whilst global tensions are acting somewhat as a brake on economic confidence and dampening primary opportunities, we are aware of a pipeline of transactions, including some IPO’s that we will consider for investment over the coming months. We modestly added to the holding in GSK which has proved weak in current months.

In September the IFSL RC Brown UK Primary Opportunities fund returned -2.0% compared with -1.9% for the FTSE All Share and -1.8% for the IA UK All Companies sector, all on a total return basis.

Purchases

No new holdings were added to the portfolio in the month.

Sales

We are content to hold 5%+ cash, awaiting new primary opportunities and/or a setback in the market.

Cumulative Performance (Total Return %) – To 30 September 2026

Fund/Benchmark Name 3M 6M 1Y 3Y 5Y 10Y Since Inception (28/05/1997)
IFSL RC Brown UK Primary Opportunities P Acc 0.8 8.5 15.1 44.0 24.2 97.9 669.1
Quartile Ranking IA UK All Companies 4 3 2 2 3 2 2
IA UK All Companies 3.2 10.6 12.8 41.1 34.7 86.6 467.1
FTSE All Share 2.4 7.3 16.8 53.9 68.2 118.4 588.5

Source: FE: 30/09/2026

Discrete Annual Performance (Total Return%) – To 30 September 2026

Fund/Benchmark Name Year to 31/08/2026 Year to 31/08/2025 Year to 31/08/2024 Year to 31/08/2023 Year to 31/08/2022
IFSL RC Brown UK Primary Opportunities P Acc 15.1 11.4 12.3 5.7 -18.4
Quartile Ranking IA UK All Companies 2 2 3 4 3
IA UK All Companies 12.8 9.6 14.2 12.8 -15.3
FTSE All Share 16.8 16.2 13.4 13.8 -4.0

Source: FE: 30/09/2026

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.