Young & Co.'s Brewery P.L.C.

• DO Downing VT Downing Small & Mid-Cap Income Fund Quarterly Commentary – June 2026 ↗ VT Downing Small & Mid-Cap Income Fund added Young & Co Brewery and sold Telecom Plus after its investment-heavy strategy undermined the appeal of its capital-light model. Luceco is positioned to gain share after competitors left the UK market and to build higher-value revenue from its Sync EV charger network, while Greencore’s Bakkavor integration retains synergy upside. Quarterly Commentary – June 2026 AMS $838MGNCGF $3.1BLUCE $449M +1

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