NEPTUNE WAS ACQUIRED BY LIONTRUST ASSET MANAGEMENT PLC ON 1 OCTOBER 2019. Neptune was an independent investment team based in Hammersmith, West London. Away from the City, Neptune created a culture of investing with conviction and had the freedom to go against the grain of conventional opinion. Neptune believed that pure unencumbered active management offered investors the best opportunity to successfully grow their wealth over the long term. Neptune's investment philosophy was based on three principles that enabled them to provide pure active management to their clients: • Fund manager freedom • A culture of conviction • Team-based research Please remember that the value of an investment can go down as well as up and you may not get back the full amount originally invested. Commentary is suitable for UK investment professionals only.