XPS Pensions Group PLC

• DO Downing VT Downing Small & Mid-Cap Income Fund Quarterly Commentary – December 2024 ↗ VT Downing Small & Mid-Cap Income Fund exited Essentra, rotated into DiscoverIE, and initiated positions in Dunelm and Kainos after share-price weakness. The fund argues that Galliford Try, WH Smith, Foresight Group and Ricardo retain valuation upside, with Ricardo reshaping itself around environmental, energy-transition and advisory activities. December 2024 DNLM $2.5BDSCV $1BFSG $709M +4
• DO Downing VT Downing Small & Mid-Cap Income Fund Quarterly Commentary – March 2025 ↗ VT Downing Small & Mid-Cap Income Fund exited Ricardo after delayed orders, lower profit expectations and a stretched balance sheet, while also selling H&T and Foresight. It added Victorian Plumbing, Safestore, Brooks Macdonald and Quartix Technologies, and argues that LSL Property Services is undervalued after its operational streamlining. first quarter 2025 LSL $354MCDTHY $664MZEG $5.3B

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