Fonix Corp

• DO Downing VT Downing Small & Mid-Cap Income Fund Quarterly Commentary – September 2025 ↗ VT Downing Small & Mid-Cap Income Fund exited WH Smith after an accounting overstatement in its US division made the business difficult to value, and initiated positions in Serica Energy and Cohort. The fund backed Fonix’s European expansion and RCS payment offering, while citing potential value creation at Zegona and a higher acceptable takeover price for JTC. September 2025 WHTPF $832MZEG $5.3B

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