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Equity Bottom-Up

<p>Melrose Industries’ end markets remain positive and the company is trading strongly, in line with management’s expectations, with guidance unchanged. Uncertainty over the impact of US tariffs is affecting sentiment on the shares. As the benefit of Melrose’s mitigation actions becomes clear, we would expect the valuation discount to reduce once more.</p>

Melrose Industries’ end markets remain positive and the company is trading strongly, in line with management’s expectations, with guidance unchanged. Uncertainty over the impact of US tariffs is affecting sentiment on the shares. As the benefit of Melrose’s mitigation actions becomes clear, we would expect the valuation discount to reduce once more.

Melrose Industries — Growth outweighs tariff uncertainty