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

8th May 2026

April: Volatility remains over Middle East war disruption

Global markets regained some poise in April following the sharp falls suffered at the onset of the US’s war with Iran. A ceasefire was agreed in order to allow time for negotiation talks. The situation is clearly very fluid and any peace brittle. President Trump has gotten the US involved in a war that he is now struggling to exit albeit stock markets, given their relative strength, are not pricing in a lengthy conflict. Rising bond yields, (UK ten-year gilts rose to over 5%) point towards growing inflation expectations. UK inflation rose to 3.3% (from 3.0%) as result of higher energy prices. Oil briefly touched $125 and remains over $100. This clearly will act as a drag on global and UK economic growth. The UK encouragingly grew at 0.6% in the first two months of 2026, but forecasts now suggest the UK will struggle for any further growth this year.

Despite the uncertain backdrop, high levels of M&A activity in the UK continued. FTSE 100 constituents DCC and Intertek were both bid for, whilst one of our small caps, Animalcare, has agreed to a takeover by private equity, at a 35% premium to the undisturbed share price. Equity fund raisings have continued at a reasonable pace – good quality companies are able to continue to tap the UK equity market for fresh capital, albeit the much-needed pipeline of IPOs continues to be pushed back into the second half of the year, given market uncertainty.

Applied Nutrition and SRT Marine Systems were both added to the portfolio as part of equity raises. We also added to long term holdings in United Utilities which raised £800m and participated in a secondary sell down of Elixirr.

In April the IFSL RC Brown UK Primary Opportunities fund returned 3.5% compared with 2.8% for the FTSE All Share and 4.1% for the IA UK All Companies sector, all on a total return basis.

Purchases

Applied Nutrition is a UK‑based sports nutrition company specialising in performance‑focused supplements for athletes and active consumers. Its portfolio spans protein powders, hydration products, vitamins, drinks and recovery formulas. We had looked closely at the Company when it IPO’d in 2024, albeit not investing at the time. The Company has traded well and had multiple upgrades since IPO as it grows its global footprint. We took advantage of the discounted placing to add this high-quality company to the portfolio.

SRT Marine Systems specialises in maritime awareness technologies, providing integrated systems that help countries manage and secure their waterways. This includes surveillance, intelligence and vessel tracking. We participated in a £14m equity fund raise that will allow the company to fund a number of new contracts. The Company has a growing order book and is a clear beneficiary of heightened global tensions.

Sales

We trimmed our large holding in HSBC to under 5% on strength. The small holdings in Valterra Platinum and Unite were both sold.

 

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

Fund/Benchmark Name 3M 6M 1Y 3Y 5Y 10Y Since Inception (28/05/1997)
IFSL RC Brown UK Primary Opportunities P Acc 0.9 6.3 20.1 34.1 22.2 104.9 633.6
Quartile Ranking IA UK All Companies 2 2 2 2 3 2 2
IA UK All Companies -0.5 2.8 16.5 29.7 31.9 89.6 433.5
FTSE All Share 2.7 8.6 26.3 47.1 78.8 143.0 505.5

Source: FE: 30/04/2026

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

Fund/Benchmark Name Year to 31/03/2026 Year to 31/03/2025 Year to 31/03/2024 Year to 31/03/2023 Year to 31/03/2022
IFSL RC Brown UK Primary Opportunities P Acc 20.1 6.6 4.8 -5.1 -3.9
Quartile Ranking IA UK All Companies 2 2 3 4 3
IA UK All Companies 16.5 4.1 6.9 1.8 -0.1
FTSE All Share 25.2 7.5 7.5 6.0 8.7

Source: FE: 30/04/2026

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.