IFSL Church House Human Capital Fund

Investor Summary

Fred Mahon, CFA, serves as Deputy Chief Investment Officer at Church House Investment Management with 15 years of investment experience. He holds a History MA (Hons) from the University of St Andrews and joined Church House in September 2019, initially co-managing the UK Equity Growth Fund and UK Smaller Companies Fund before leading the Human Capital Fund from its May 2024 launch. Mahon emphasizes human capital and entrepreneurship in investment decisions, focusing on founder-influenced, decentralized holding companies that act as acquisition platforms.

Fund Strategy

The fund operates under a unique 'mini Berkshire Hathaways' investment philosophy, focusing on entrepreneurial, acquisitive companies that provide access to early-stage growth companies while diversifying portfolios away from overvalued Global Titans. The core investment thesis centers on companies with entrepreneurial leadership, decentralised operating structures, and strong cash generation supporting acquisitions. Each listed holding owns a collection of private subsidiaries, providing exposure to hundreds of smaller private businesses with daily liquidity through public market exposure.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-4.6%	-

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Oct 30 2025	2025 Q3	9535 JP, CICN SW, JUSC LN, LMN CN, PRM, ROKOB SS, TOI CN	Acquisitions, Compounding, Decentralization, Founders, growth	-	The fund emphasizes entrepreneurial, acquisitive businesses run by founder-led management teams with decentralized cultures. Geographic diversification and disciplined capital allocation underpin long-term growth despite short-term market deratings. Growth remains attractive where earnings reinvestment and management quality drive compounding.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Oct 30 2025

2025 Q3

9535 JP, CICN SW, JUSC LN, LMN CN, PRM, ROKOB SS, TOI CN

Acquisitions, Compounding, Decentralization, Founders, growth

The fund emphasizes entrepreneurial, acquisitive businesses run by founder-led management teams with decentralized cultures. Geographic diversification and disciplined capital allocation underpin long-term growth despite short-term market deratings. Growth remains attractive where earnings reinvestment and management quality drive compounding.

QUARTER	THEMES	TAGS
2025 Q3	Growth

QUARTER

THEMES

Growth

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
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TICKER	COMMENTARY
PRM	Perimeter Solutions Inc (PRM) is the sole supplier of aerially deployed fire-retardant chemicals used to prevent or slow the spread of wildfire. The stock outperformed in 4Q as the market continues to gain confidence in the business which, in our view, was grossly undervalued at the start of the year. When we initially invested in PRM in 2022, two of our most significant critiques of the business were that 1) its monopoly status was being challenged by a new entrant and 2) the business was inherently volatile due to the unpredictability of wildfire activity. In 2025, PRM's would-be competitor shuttered its business and PRM signed a new five-year agreement with the U.S. Department of Agriculture, locking in its position for the next several years. In addition, PRM's 3Q results reported in October demonstrated significant progress in reducing the volatility of the business. PRM grew its fire retardant revenue despite acres burned in the U.S. declining by -60% year-over-year. That better-than-expected result was a function of the government's more aggressive attack posture to suppress fires (especially in light of high-profile events such as the Palisades fire) as well as PRM's efforts to improve the mix of recurring services revenue in its contracts. The competitive clarity and improved revenue mix should improve the multiple investors are willing to place on PRM's earnings, which are growing considerably. Lastly, we were encouraged to see the company deploy capital to acquire a substantial new business platform which, given our trust in management and their track record with the legacy PRM businesses, we expect will generate strong returns for shareholders. PRM remains the largest position in the portfolio.

TICKER

COMMENTARY

PRM

Perimeter Solutions Inc (PRM) is the sole supplier of aerially deployed fire-retardant chemicals used to prevent or slow the spread of wildfire. The stock outperformed in 4Q as the market continues to gain confidence in the business which, in our view, was grossly undervalued at the start of the year. When we initially invested in PRM in 2022, two of our most significant critiques of the business were that 1) its monopoly status was being challenged by a new entrant and 2) the business was inherently volatile due to the unpredictability of wildfire activity. In 2025, PRM's would-be competitor shuttered its business and PRM signed a new five-year agreement with the U.S. Department of Agriculture, locking in its position for the next several years. In addition, PRM's 3Q results reported in October demonstrated significant progress in reducing the volatility of the business. PRM grew its fire retardant revenue despite acres burned in the U.S. declining by -60% year-over-year. That better-than-expected result was a function of the government's more aggressive attack posture to suppress fires (especially in light of high-profile events such as the Palisades fire) as well as PRM's efforts to improve the mix of recurring services revenue in its contracts. The competitive clarity and improved revenue mix should improve the multiple investors are willing to place on PRM's earnings, which are growing considerably. Lastly, we were encouraged to see the company deploy capital to acquire a substantial new business platform which, given our trust in management and their track record with the legacy PRM businesses, we expect will generate strong returns for shareholders. PRM remains the largest position in the portfolio.

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Fred Mahon

IFSL Church House Human Capital Fund

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th September 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Growth

Investor Pitches

Current Portfolio as of ( 30th September 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Fred Mahon Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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IFSL Church House Human Capital Fund