Andrew Rice @ValueBuddy: "NEW YEAR LETTER TO INVESTORS Dear..."

United Kingdom

NEW YEAR LETTER TO INVESTORS Dear Investors, Thank you to everyone for your support in 2025. It’s been a strong year for the portfolio with a return of +54.4%, outperforming the S&P 500 by 37.7% and FTSE 100 by 32.9%. Some really strong performances from $LLOY.L (Lloyd's Banking Group PLC) up 79%, $BARC.L (Barclays) up 78% and various others, demonstrating the model of acquiring quality businesses in the UK market with stable cash flows, priced below intrinsic value, and holding over the long term. This year positions have been added in $GSK.L (GlaxoSmithKline) $ADM.L (Admiral Group) $DGE.L (Diageo) and $MONY.L (Moneysupermarket.com Group PLC) which follow the above approach. The only exited position was Direct Line, acquired by Aviva in July at a premium of 73% to the pre-offer share price, delivering a very strong return for investors. Acquisitions/take privates has been a common theme with value opportunities in the UK market over the last few years, demonstrated further by Sky’s approach to another portfolio holding - $ITV.L (ITV) - in November. Thanks again for your support, and lots to happen in 2026. To manage investor expectations, a +54% return is unusual and unlikely to be replicated in the near term, but the approach that has driven this performance will be unchanged. Usual stats all shown below. Here’s to 2026! Andy Market Data Portfolio up 5.8% in month Portfolio up 54.4% year to date Portfolio up 89.2% over 2 years $SPX500 up 0.5% in month $SPX500 up 16.7% year to date $SPX500 up 44.3% over 2 years $UK100 up 2.3% in month $UK100 up 21.5% year to date $UK100 up 28.6% over 2 years Individual Performers (Month of December) Barclays up 10.8% 📈 BT Group up 4.0% 📈 Genuit down 0.9% 📉 GSK up 1.4% 📈 HSBC up 8.7% 📈 IAG up 5.3% 📈 ITV up 0.2% 📈 Legal & General up 7.2% 📈 Lloyds up 2.9% 📈 M&G up 5.6% 📈 MONY down 3.3% 📉 Natwest up 3.2% 📈 Phoenix Group up 6.2% 📈 Taylor Wimpey up 6.2% 📈 Vodafone up 7.1% 📈