Alliance Witan PLC · LSE:ALW
Alliance Witan — Investor Presentation (September 2026)
51 slides from Alliance Witan's investor presentation, September 2026
Slide 1: Staying the course
Staying the course Alliance Witan investor forum September 2026 Craig Baker Stuart Gray “It's the kind of investment that should lie at the core of a well-balanced ISA or DIY pension portfolio.” Jeff Prestridge, Mail on Sunday, February 25, 2024
Slide 2: What we'll cover
What we'll cover Why we’ve lagged in 2026 01 AI has dominated everything, and the index made the bigger bet 02 Performance in context Recent progress – and the longer-term picture, told straight 03 Latent value Our businesses are performing; their share prices haven't caught up 04 Reasons for confid
Slide 3: Short-term performance
Short-term performance Relative underperformance year to date, although much better over last 3 months Past performance does not predict future returns. Being straight with you +10.2% NAV total return year-to-date – a solid positive return in absolute terms Where we've fallen short of the benchmark
Slide 4: Why we lagged the index recently
Why we lagged the index recently AI has dominated everything – and the index made the bigger bet We own AI – and it has helped A hard market for everyone Four of our five biggest contributors this year: ~25% of the index sits in just ten stocks – the most concentrated in history +81% +123% +123% +68
Slide 5: Performance in context
Performance in context Behind the index – but the gap narrows with time, and we are ahead of our peers All figures for periods longer than one year are annualised. Past performance does not predict future returns. Absolute returns 3 Months YTD 3 Years p.a. 5 Years p.a. Since Inception* p.a. Total Sh
Slide 6: Our businesses keep growing – their share prices have not followed
Our businesses keep growing – their share prices have not followed Fundamental growth of the companies we own versus the index – annualised, to 30 June 2026 8.4% We out-grew the market We out-grew in every the market 7.0% 6.6% single in period. each period shown 6.2% 6.3% 5.9% The gap is re-rating,
Slide 7: Reasons for confidence
Reasons for confidence What could turn the tide The market is broadening AI spending under scrutiny In very recent times the market hasn’t only been driven Free cash flow has turned negative at four of the five by a single theme and winners/losers are emerging. largest hyperscalers. Stock selection
Slide 8: Evolving how we manage risk
Evolving how we manage risk The review is complete — here is where it landed The review is done Markets have changed So: more flexibility Our approach is sound and is expected to Hyper-concentration — in both stocks and A few more levers on construction and add significant value over the long term.
Slide 9: Your dividend: a dividend record few can match
Your dividend A dividend record few can match Paid in good times and bad On course for 60 years of rising dividends consecutive annual increase – at least 29.32p for 2026, up 60th 3.5%* When capital values feel stretched, a reliable and growing income is exactly the ballast a core holding should pro
Slide 10: In summary
In summary Green shoots, kept in perspective Ahead of the index over three months – a start, not a victory lap. Honest about the long run We are not satisfied with the three-year numbers, and we own them. The index made the bigger AI bet We own AI and benefited; the index bet more – and carries more
Slide 11: Our managers
Our managers 11 © 2026 WTW. All rights reserved. Proprietary and confidential.
Slide 12: Market largely driven by short-term momentum and AI enthusiasm
Market largely driven by short-term momentum and AI enthusiasm Retail and short-term traders feeding momentum Companies with no revenues or profits (but viewed as potential future AI winners) are performing strongly (31/12/24 to 31/12/25) 60% 53% 21% 50% 40% 64% 30% 22% 19% 20% 13% 10% 10% 9% 7% 4%
Slide 13: Latest manager line-up: Diversified by style
Latest manager line-up: Diversified by style Giving investors access to the world’s best stock pickers1 Manager Style Artisan Global value with US bias Brown Global quality growth 8% 9% 5% Dalton Japan all cap value and engagement 8% 9% EdgePoint All cap value focused on change 9% GQG Style agnostic
Slide 14: Our approach to risk management
Our approach to risk management Adjusting weights not managers Markets have been extreme and our manager allocations are now at extremes to try and balance risk and keep the portfolio in shape Historical weighting ranges and current manager allocations 18.0 16.0 Range Current 14.0 12.0 10.0 8.0 6.
Slide 15: Global Focus
Global Focus Alliance Witan Investor Forum September 2026
Slide 16: Growth equity solutions
What We Do Growth equity solutions We deploy those criteria across the full growth lifecycle—from early venture through public equity—in concentrated, conviction-weighted portfolios. Growth Stage Alignment Common Portfolio Characteristics Public Equity Decisions Driven by Six Criteria Concentrated C
Slide 17: Key Drivers of 2026 YTD Relative Results
Investment Results Key Drivers of 2026 YTD Relative Results Contributors Detractors AI Infrastructure Internet Platforms Exposure to AI infrastructure businesses, Select high-conviction internet and largely within the semiconductor value ecommerce platforms detracted from relative chain, benefited t
Slide 18: Market Penetration
Growth Market Environment Every Platform Took Decades to Saturate. ~95% of the world’s ~1 billion knowledge workers do Enterprise AI is Just Getting Started. not yet have a paid AI seat. Television: ~75 years to ~78% of households Mobile: ~34 years to ~70% of population PC: ~45 years to ~25% of adul
Slide 19: AI Adoption Intensity is Nascent Outside the Top 10 Percent
Growth Market Environment AI Adoption Intensity is Nascent Outside the Top 10 Percent The top decile of adopters is investing orders of magnitude more than the typical enterprise, suggesting AI penetration remains in its early innings. Monthly AI Spend Per Employee $8,000 $7,500 $7,000 $6,000 $5,000
Slide 20: A Multi-Layered Opportunity
Growth Market Environment A Multi-Layered Opportunity We see a broad-range of potential opportunities, from the foundation elements required to support the energy needs of AI, the enabling infrastructure, and intelligent applications we expect to arise. Enabler Builder Beneficiaries s Providing crit
Slide 21: Our Global Focus Portfolio
Positioning Our Global Focus Portfolio Our approach to investment research, portfolio construction, and risk management results in a portfolio of high-quality, leading growth businesses located around the world. AI Enablers AI Beneficiaries Idiosyncratic Growth Data shown is as of 08/31/2026. The ab
Slide 22: We're Already Positioned for What's Next
Positioning We’re Already Positioned for What’s Next We’re already seeing quantified AI contributions to revenue or margins in our portfolio. Our exposure to those businesses dwarfs their weight in the index. Global Focus MSCI ACWI >50% ~700% Non-human network traffic AI subscription 24% y/y revenue
Slide 23: Cloudflare Sits Between You and the Internet
Case Study Cloudflare Sits Between You and the Internet YOU CLOUDFLARE THE SERVICE Phone, laptop, tablet Checks, routes, accelerates Website, app, AI model Bodyguard Traffic Cop Delivery Network Blocks bad traffic Keeps the service up Brings content closer Fewer hacks Fewer crashes Faster sites 20%
Slide 24: In the AI Era, Cloudflare Becomes the Checkpoint
Case Study In the AI Era, Cloudflare Becomes the Checkpoint Run AI nearby Screen prompts and answers 220 GPU cities Safety and privacy Control cost and reliability Control crawler access Less waste, fewer outages Content-owner leverage Cloudflare is the internet’s invisible bodyguard, traffic cop, a
Slide 25: Axon's Mission: Protect Life
Case Study Axon’s Mission: Protect Life For illustrative purposes only. September 2026 Sands Capital 25
Slide 26: Agencies Measure the Time Savings
Case Study Agencies Measure the Time Savings Up to 40 percent of an officer’s shift goes to writing reports. Fort Collins Police Department Leon County Sheriff’s Office 67% less time per report Time per report, 90-day trial Before With Draft One Campbell Police Department 25 min <10 min 50% less tim
Slide 27: Global Focus' Valuation is Compelling
Looking Ahead Global Focus’ Valuation is Compelling Global Focus trades at its most attractive relative valuation in its history. Relative Valuation (NTM P/E 6/30/18 – 8/31/26) Global Focus vs. MSCI ACWI 350% 300% 250% 200% 150% 100% 18x (vs. 17x) 50% 0% 2018 2019 2020 2021 2022 2023 2024 2025 2026
Slide 28: Sands Capital
@ SANDS CAPITAL
Slide 29: Alliance Witan Investor Forum 2026
Alliance Witan Investor Forum 2026 22 September 2026 29
Slide 30: Firm Overview: About GQG Partners
FIRM OVERVIEW About GQG Partners Founders Rajiv Jain, CIO Tim Carver, CEO Assets Under Management US$149.2 billion4 Investment Process By Strategy Bottom-Up, High Conviction, Quality 4 Portfolio Managers 68.6 12 Research Analysts 5 Traders 34.4 34.1 Offices Fort Lauderdale, FL (Headquarters) 12.1 Ab
Slide 31: Investing Overview: Compounding Capital
INVESTING OVERVIEW Compounding Capital GQG Partners Global Equity Composite Investment Growth Since Inception Seeking quality compounding that exhibits higher growth with less downside and volatility than the benchmark GQG Composite (Net of Fees) 11.80% Annualized Return 12.99% Standard Deviation Be
Slide 32: Concentrated Global Equity: Holdings and Characteristics
CONCENTRATED GLOBAL EQUITY Holdings and Characteristics Top 10 Holdings % Portfolio GICS Sectors % Portfolio Benchmark -/+ NVIDIA Corporation 9.40 Communication Services 7.04 7.69 -0.65 Alphabet Inc. 7.04 Consumer Discretionary 6.90 8.72 -1.83 Taiwan Semiconductor Manufacturing Co., Ltd. 6.94 Consum
Slide 33: Emerging Markets Equity: Holdings and Characteristics
EMERGING MARKETS EQUITY Holdings and Characteristics Top 10 Holdings % Portfolio GICS Sectors % Portfolio Benchmark -/+ Taiwan Semiconductor Manufacturing Co., Ltd. 14.75 Communication Services 3.26 6.13 -2.87 Samsung Electronics Co Ltd 8.52 Consumer Discretionary 0.00 8.02 -8.02 Petroleo Brasileiro
Slide 34: AI Ecosystem Inflection
PARTNERS AI Ecosystem Inflection
Slide 35: Pricing for AI compute has increased materially in 2026
PRICING FOR AI COMPUTE HAS INCREASED MATERIALLY IN 2026 Implied Annual Revenue per MW of Disclosed Select GPU Capacity Contracts from Sep 2025 to June 2026 2025 Vintage: ~$10-18M/MW/Yr 2026 Vintage: ~$30-50M/MW/Yr $60 Implied contract value, $M per MW per year ~$50M ~$50M $50 $40 ~$30M $30 $20 ~$17M
Slide 36: GPU availability is tight
GPU AVAILABILITY IS TIGHT … And Prices Turning Higher Nvidia GPU Model Rental Price A100s H100s B200s 1 January 2026 $1.36 $2.20 $4.40 21 August 2026 $1.65 $2.68 $5.69 Percent Change +21% +22% +29% A100s H100s B200s 1.9 3 6 1.8 2.8 5.7 1.7 2.6 5.4 1.6 2.4 5.1 1.5 4.8 2.2 1.4 4.5 1.3 2 4.2 1.2 1.8 3.
Slide 37: Hyperscaler revenue growth has been accelerating
HYPERSCALER REVENUE GROWTH HAS BEEN ACCELERATING Amazon Web Services (AWS) Cloud Revenue, Year-Over-Year Growth 40% 37% 35% 30% 28% 25% 24% 20% 20% 19% 19% 17% 17% 15% 10% 5% 0% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Source: GQG Partners LLC (chart). Bloomberg (data). Data as of 21 August 2026. Con
Slide 38: Margins came in better than expected
MARGINS CAME IN BETTER THAN EXPECTED Amazon Web Services (AWS) Cloud Operating Margins 42% 40% 39.5% 39.4% 38.1% 38% 37.7% 36.9% 36% 35.0% 34.6% 34% 32.9% 32% 30% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Source: GQG Partners LLC (chart). Bloomberg (data). Data as of 21 August 2026. Content does not c
Slide 39: Continuous competition of ideas
CONTINUOUS COMPETITION OF IDEAS Valuations of Johnson & Johnson Versus Microsoft and American Electric Power Versus Amazon 35x 35x 30x 30x 25x 25x F24M P/E F24M P/E 20x 20x 15x 15x 10x 10x 5x 5x 0x 0x Jul 23 Jul 24 Jul 25 Jul 26 Jul 23 Jul 24 Jul 25 Jul 26 Johnson & Johnson Microsoft American Electr
Slide 40: Cheap, with less froth and strong growth: levered bets have fallen
CHEAP, WITH LESS FROTH AND STRONG GROWTH Levered Bets on Samsung and SK Hynix Have Fallen… Total Assets 2x Levered Products $18,000 $16,000 $14,000 Market Value: USD ($M) $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 Aug 2025 Oct 2025 Dec 2025 Feb 2026 Apr 2026 Jun 2026 Aug 2026 SK Hynix 2x Leverag
Slide 41: Cheap, with less froth and strong growth: fundamentals rise
CHEAP, WITH LESS FROTH AND STRONG GROWTH …As Fundamentals Continue to Rise Earnings Growth (F12M) Price-to-Earnings (F12M) 1,400% 16x 1,200% 14x 12x 1,000% 12M Forward P/E Ratio 10x 800% 8x 600% 6x 400% 4x 200% 2x 0% 0x Aug 2024 Dec 2024 Apr 2025 Aug 2025 Dec 2025 Apr 2026 Aug 202 Aug 2025 Dec 2025
Slide 42: Outlook
PARTNERS Outlook
Slide 43: Outlook: growth tailwinds endure amid macro headwinds
OUTLOOK Growth Tailwinds Endure Amid Persistent Macro Headwinds Positive Negative AI doesn't seem to be going anywhere X Stubborn inflation/higher rates Deglobalization has driven investment globally X Energy spike (2 wars, 0 quick resolutions) Defense & Utility capex has driven a growth flywh
Slide 44: Important information
Important information 44 © 2025 WTW. All rights reserved. Proprietary and confidential.
Slide 45: Important information and risk warnings
Important information and risk warnings This section contains important regulatory disclosures and risk warnings that are relevant to the material in this document. You should read this section carefully, as it is intended to inform and protect you. This investment is intended for investors with l
Slide 46: Important information
Important information This financial promotion has been approved by Towers Watson Investment Management Limited (“TWIM"), authorised and regulated by the Financial Conduct Authority. This presentation includes certain information and materials prepared for Alliance Witan PLC (the “Company”) by TWI
Slide 47: Important information
Important information In the absence of its express written agreement to the contrary neither the Company nor TWIM and its affiliates and their respective directors, officers and employees accept any responsibility and will not be liable for any consequences howsoever arising from any use of or re
Slide 48: MSCI information
MSCI information The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investme
Slide 49: Disclosures
Disclosures 1000 Wilson Boulevard, Suite 3000 This document contains certain information about a selection of strategies. warranties or representations with respect to such standard or Arlington, VA 22209, USA Past performance is not indicative of future results. Differences in account classificatio
Slide 50: Important information
IMPORTANT INFORMATION This document may be distributed by GQG Partners LLC and its affiliates (collectively “GQG”). NOTICE TO RECIPIENTS IN THE UNITED KINGDOM The information provided in this document does not constitute investment advice and no investment decision should be made GQG Partners LLC is
Slide 51: Q&A
Q&A 51 © 2026 WTW. All rights reserved. Proprietary and confidential.
Alliance Witan — Investor Presentation (September 2026) on 6ix