The main positive stock contributors in Q2 included:

• In the Materials sector, Boliden had a fire which will temporarily limit production.

• In the Consumer Staples sector, Estée Lauder have a temporary inventory problem in China.

• Overweight the Healthcare sector where Repligen was weak after strong relative share prices last year - we think this weakness is temporary so we are buyers of its dips.

The best performing holdings in Q2 were B3, Banco Bradesco and Chart Industries, all up around 50% and we will trim them back to model weight. In Q2 we purchase Danone (Consumer Staples), GXO Logistics (Industrials), Infineon (Semiconductors) and PTC (Technology for factory automation)
due to their attractive combination of positive relative earnings, attractive relative valuation, and positive relative price trends. Statistically there is now a high probability the 10 largest USA stocks start underperforming and other stocks/sectors/regions start outperforming during the second half of 2023. The largest 10 USA stocks are up 59% year to date, versus 7% for the equally weighted S&P 500 index, and 11.3% for the MSCI World ex USA index. The outperformance of the 10 largest S&P 500 stocks relative to the equally weighted S&P 500 index is at its widest since records began and is a major reason for our underperformance year to
date.

We only own Microsoft and Google (Alphabet) within the top 10, because they are the only 2 that fit our investment process which is a combination of: positive relative earnings, attractive relative valuation, positive relative price trend.

The current 1,100 basis points contribution from the largest 10 USA stocks to total index performance year to date is the highest by far of any half-year period. It is around 60% greater than the second & third six month periods which were the Tech bubbles of 2020 & 1999 (690 & 680 basis points
contributions).

Given that just a handful of technology-related stocks drove the first-half rally, sector performance has been extremely lopsided, and several defensive sectors have now reached statistically significant oversold levels. For example, the Ned Davies defensive SHUT (Staples, Healthcare, Utilities, Telecoms) index is almost 3.0 standard deviations oversold, its worst firsthalf performance of any year since it began in 1972. There is a high probability of this mean reverting, driven by the Fed tightening cycle and a deteriorating economic outlook, leading to a defensive-sector resurgence in the second half.

Outside the US equity market, we have not seen this extraordinary disparity between the top 10 largest companies and the rest. The most notable thing we are seeing is the deterioration in the Chinese stock market due to economic and geo-political concerns, versus the improvement in the Japanese stock market due to corporate restructuring that is being driven by the Tokyo Stock Exchange insistence that listed firms take action to raise their price-to-book ratio above one. In other words, “Abenomics third arrow” of corporate restructuring to increase profitability is finally being implemented. As a result, Japan is probably transitioning from ‘sell the rallies' to 'buy the dips'.

Sources for all data: JOHCM/Bloomberg (unless otherwise stated).

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days at www.johcm.com or by calling 866-260-9549 or 312-557-5913.

Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns for periods of less than one year are not annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower.

The MSCI All Country World Index (ACWI) is a market-capitalization-weighted index composed of over 2,000 companies, and is representative of the market structure of 48 developed and emerging market countries in North and South American, Europe, Africa, and the Pacific Rim. The index is calculated with net dividends reinvested in U.S. dollars. Indexes mentioned are unmanaged statistical composites of stock market performance. Investing in an index is not possible. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

*Expense ratios as stated in the latest prospectus. JOHCM (USA) Inc. has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until January 28, 2024.

Fund holdings, sector allocation, regional allocation and top 10 countries are subject to change without notification.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days at www.johcm.com or by calling 866-260-9549 or 312-557-5913.

Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns for periods of less than one year are not annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower.

The MSCI All Country World Index (ACWI) is a market-capitalization-weighted index composed of over 2,000 companies, and is representative of the market structure of 48 developed and emerging market countries in North and South American, Europe, Africa, and the Pacific Rim. The index is calculated with net dividends reinvested in U.S. dollars. Indexes mentioned are unmanaged statistical composites of stock market performance. Investing in an index is not possible. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

*Expense ratios as stated in the latest prospectus. JOHCM (USA) Inc. has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until January 28, 2024.