Secure Trust Bank PLC

• DO Downing VT Downing Small & Mid-Cap Income Fund Quarterly Commentary – December 2025 ↗ VT Downing Small & Mid-Cap Income Fund exited Forterra, Secure Trust Bank and Hilton Foods, while adding Mortgage Advice Bureau, Advanced Medical Solutions, CVS Group, Moonpig and SSP Group. The fund argues that CVS can resume organic growth after the CMA review, supported by a cash-generative model and flexible capital allocation. Q4 2025 COHTF $818MCVSG $1.2BSFSHF $1.6B +2

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