Victorian Plumbing Group PLC

• DO Downing VT Downing Small & Mid-Cap Income Fund Quarterly Commentary – June 2025 ↗ VT Downing Small & Mid-Cap Income Fund added to Kitwave after temporary operational and competitive pressures reset expectations, while retaining conviction in Creed’s longer-term opportunity. The fund exited Greggs and Supreme, initiated Mitie following its proposed Marlowe acquisition, and backed Quartix Technologies as recurring-revenue growth resumes under its returned founder chief executive. second quarter 2025 BMY $740MGFRD $939MMITFF $3.6B +1

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