Acorn Capital Investment Fund : ACQ Quarterly Report

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ACORN CAPITAL INVESTMENT FUND LTD

INVESTOR UPDATE DECEMBER 2021

ASX: ACQ

QUARTERLY UPDATE

DECEMBER 2021

Disclaimer and Important Information

IMPORTANT NOTICE AND DISCLAIMER

onlyTo the extent permissible by law, Acorn Capital, ACQ and its respective officers, employees agents and advisers give no warranty, representation or guarantee as to the accuracy,

This presentation has been prepared by Acorn Capital Investment Fund Limited ACN 167 595 897 (ACQ). The information in this presentation is only intended for Australian residents. The purpose of this presentation is to provide information only and the contents of the presentation does not purport to provide investment advice. We strongly suggest that investors consult a financial adviser prior to making any investment decision. The presentation does not take into account the investment objectives, financial situation or particular needs of any person and shou d not be used as the basis for making investment, financial or other decisions. The information is selective and may not be complete or accurate for your particular purposes and should

ot be construed as a recommendation to invest in any particular investment or security, or fund/company offered by ACQ or Acorn Capital Limited (Acorn Capital).

The i formation provided in the presentation is given in good faith and is believed to be accurate at the time of compilation. Neither Acorn Capital, ACQ, nor its directors or employees make any representation or warranty as to the accuracy, reliability, timeliness or completeness of the information.

c mpleteness or reliability of the information contained in this presentation. Further neither ACQ nor Acorn Capital, or its respective officers, employees, agents and advisors accept, to the

extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of or in connection with the information contained in this presentation. Any recipients of this pr s ntation should independently satisfy themselves as to the accuracy of all information contained herein.

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Acorn Capital Limited • www.acorncapital.com.au • [e-mail]

QUARTERLY UPDATE

DECEMBER 2021

Key facts at a glance as at 31 December 2021

only	$ 1.64	Gross portfolio return since inception (1)	+17.6%p.a.
Pre-tax NTA
Post-tax NTA	$ 1.52	S&P/Small Ordinaries Accumulation	+9.8%p.a.
Index (Benchmark) since inception (2)
ACQ share price	$1.58	Number of Investments	94
use		Number of Unlisted Investments Current
Ordinary Dividends (FY21 interim	8.0c	18
and FY21 final)		in Portfolio
Special Dividend Paid FY21	4.0c	% of Portfolio Unlisted	19% by value
Implied cash dividend yield	5.1%(3)	Shares on Issue	85.4m
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(based on share price)
% Franking on Dividends	100%
1.	Gross portfolio return (portfolio return pre-fees and costs) is based on Acorn Capital estimates as at 31 December 2021, reported portfolio return since inception is +14.2% p.a.
	Refer 31 December 2021 Monthly investment update for more information.
2.	Inception is the date ACQ listed on the ASX which was 1 May 2014
3.	Based on the ACQ share price as at 31 December 2021 of $1.58 and FY21 Ordinary dividends paid of 8.0c
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		Acorn Capital Limited • www.acorncapital.com.au • [e-mail]

QUARTERLY UPDATE

DECEMBER 2021

December 2021 quarterly highlights
only	NTA BEFORE TAX	DECEMBER 2021	SUCCESSFUL
PAYMENT OF FINAL
FY21 AND SPECIAL	AS AT 31	QUARTERLY	COMPLETION OF
FULLY FRANKED	DECEMBER 2021	PERFORMANCE(2)	ENTITLEMENT OFFER
DIVIDEND(1)			WITH A TOTAL
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8cps	$1.64	+2.9%	$27.1m
Compared to the	Offer was 43%(3) over
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payment of final and	S&P/ASX Small	subscribed
special dividend	Ordinaries Acc Index
		of +2.0%

1. $0.04 per share final ordinary dividend declared on 27 August 2021 and $0.04 per share special dividend announced on 20 October 2021. Both fully franked and both paid on 29 November 2021

2. Calculated as the movement in NTA before tax, post management fees, performance fees and operating costs. Includes dividends paid and payable but has not been grossed-up for franking credits received by hareholders. All figures are unaudited, and unlisted valuations are performed by Acorn Capital in accordance with ACQ Board approved policies.

3. Refer ACQ ASX announcement dated 17 November 2021 for more information

Acorn Capital Limited • www.acorncapital.com.au • [e-mail]

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QUARTERLY UPDATE

DECEMBER 2021

ACQ's investment strategy has demonstrated its ability to
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deliver positive investment outcomes(1)
	1. Dividend income	2. Capital growth	3. Portfolio diversification(2)
ersonal	As at 31 December 2021 the ACQ gross portfolio return has outperformed the S&P/Small Ordinaries Accumulation Index by 7.8% p.a. since ACQ listed on the ASX on 1 May 2014. Past
1.
	performance is not a reliable indicator of future performance
2.	Acorn Capital believes that the ACQ investment strategy should provide diversification benefits to an already diversified investment portfolio
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	Acorn Capital Limited • www.acorncapital.com.au • [e-mail]