1. Buffettology February 2019
Investing is most intelligent when it is most business-like

2. Important Information
Buffettology
Important Information
For professional investors only and should not be distributed or shown to retail investors
This presentation is approved as a financial promotion for the above purpose only by Castlefield Investment Partners LLP (CIP).
The Authorised Corporate Director (ACD) of the CFP SDL UK Buffettology Fund (‘Buffettology Fund’) is Castlefield Fund Partners Limited (CFP), which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No Registered Office: 111 Piccadilly, Manchester, M1 2HY.
Sanford DeLand Asset Management Ltd (SDL) is registered in England & Wales No Registered office: 8th Floor, 111 Piccadilly Manchester, M1 2HY. SDL is an Appointed Representative of Castlefield Investment Partners LLP (CIP), which is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. CIP is registered in England & Wales No. OC302833
Opinions constitute our judgement as of this date and are subject to change without warning. The officers, employees and agents of CIP, may have positions in any securities mentioned herein. This document shall be governed by and construed in accordance with the law of England and Wales and is subject to the exclusive jurisdiction of the English Courts. The information, products and services referred to in this publication are not directed at any person or entity in any jurisdiction or country outside the United Kingdom.
The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your original investment. Past performance is not necessarily a guide to future performance. Where an investment involves exposure to a foreign currency, changes in rates of exchange may cause the value of the investment, and the income from it, to go up or down. In the case of some investments, you should be aware that there is no recognised market for them, and that it may therefore be difficult for you to deal in them or for you to obtain reliable information about their value or the extent of the risks to which they are exposed. Certain investments carry a higher degree of risk than others and are, therefore, unsuitable for some investors. Before contemplating any transaction, you should consider whether you require financial advice, which we would be pleased to provide upon request.
Whilst the contents of this document are provided in good faith for information purposes only, no representation or warranty, express or implied is given by CIP or by any of its partners, members, employees or agents as to its accuracy or completeness or that it is up to date, and it should not be relied on as such. To the fullest extent allowed by law and the rules and regulations of the FCA, CIP and its partners, members, employees and agent shall not be liable, whether in contract, tort (including negligence) or otherwise howsoever, for any losses, damages, costs or expenses of whatever nature (including (without limitation) any consequential, indirect or unforeseeable loss or loss of bargain, opportunity or profit) incurred or suffered by you or any third party arising out of or in connection with the use of the contents of this document.
The information in this presentation is not intended as an offer or solicitation to buy or sell securities or any other investment or banking product, nor does it constitute a personal recommendation.

3. Sanford DeLand Asset Management Ltd.
Buffettology
Sanford DeLand Asset Management Ltd.
Privately owned, established March 2010
Keith Ashworth-Lord: Over 30 years’ experience in equity markets
Invests significant amount of net worth in the fund
Fundamental bottom-up stock picking approach
Concentrated Portfolio consisting of 25 – 35 stocks
Unconstrained by benchmarks
The only Buffettology license holder outside of the US
The Buffettology Fund has the highest risk-adjusted returns in the IA UK All Companies sector since launch*
Source: *Data from FE based on the returns of the Institutional Income share class to 31 January All performance stated has been calculated as net. Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up.

4. The Team behind Buffettology Sanford DeLand
Keith Ashworth-Lord
Managing Director
Prior to founding Sanford DeLand, Keith was a self-employed consultant working with a variety of stockbroking, fund management and investor clients. He is a Chartered Fellow of the Chartered Institute for Securities and Investment.
Rosemary Banyard
Investment Director
Andrew Vaughan
Investment Research Analyst
Rosemary has had a very successful career within fund management, managing various UK small and mid-cap equity mandates for retail and Institutional clients at Schroder's before joining Sanford DeLand.
Prior to joining Sanford DeLand, Andrew held consulting roles in research, with a specialisation in Business Perspective Investment. He previously worked in equity research and sales in London and the Far East.
Buffettology

5. Buffettology In the long-term, there is a 100% correlation between the success of a business and its share price performance
Fund Performance
Total outperformance since inception: %
Annualised outperformance: %
Outperformance
3 Month
6 Month
1 Year
3 Year
5 Year
Since Inception
CFP SDL UK Buffettology Fund Institutional Inc TR in GB
-9.90%
-5.65%
0.37%
41.00%
83.49%
192.70%
IA UK All Companies
-12.46%
-13.49%
-11.19%
12.20%
18.41%
59.51%
Rank
43 / 266
2 / 266
3 / 263
4 / 250
2 / 238
1 / 222
Quartile 1
Source: Data from FE based on the returns of the Institutional Income share class to 31 December All performance stated has been calculated as net. Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up.

6. What is Buffettology Investing?
Business Perspective Investing
Long-term, there is a 100% correlation between the success of a business and its share price performance, the ideal holding period of an investment is forever.
Key fundamental requirements:
Excellent Businesses
Bought at Discounted Prices
Investment Opportunity
Enduring franchise with pricing power and growth potential
Predictable earnings
Higher return on capital and equity
Strong free cash flow
Robust balance sheet
Strong senior management

7. Non-patented proprietary technology Patented proprietary technology
Buffettology Great investment opportunities arise when excellent companies are affected by unusual circumstances
Economic Moats
People Skills
Brand Power
Non-patented proprietary technology
Patented proprietary technology
Games Workshop

8. Stock Example Financial Performance About Rotork May 2015:
Patented proprietary technology
Stock Example
Financial Performance
About Rotork
The market leading actuator manufacturer and flow control company operating in any market where the flow of gases or liquids needs to be controlled.
Rotork Site Services offers expertise for the design, installation and commissioning of retrofitted valve actuators and control systems.
Target growth achieved through organic development and acquisition.
Strong balance sheet and ongoing cash generation at 109%.
Market Cap
£2,451.92m
Sector
Industrial Engineering
Index
UK Stock Market
Date first bought:
8 June 2011
Price when first bought:
May 2015:
10:1 share split
Source: as at 31/01/19. Price shown is a price from the month the stock was added to the portfolio.
Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up.
Buffettology

9. Stock Example Financial Performance About Bioventix Buffettology
Non-patented proprietary technology
Stock Example
Financial Performance
About Bioventix
Monoclonal antibodies harvested from sheep.
Used in diagnostic blood test assays, e.g. Vitamin D deficiency, cardiac arrest.
Annuity-type business model with all R&D expensed as incurred.
Moat comes from regulatory process.
High margins, high return on equity and excellent cash generation.
Does not need cash for reinvestment so pays it out as dividends.
Market Cap
£170.70m
Sector
Pharmaceuticals & Biotechnology
Index
UK Stock Market
Date first bought:
3 December 2014
Price when first bought:
Source: as at 31/01/19. Price shown is a price from the month the stock was added to the portfolio.
Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up.
Buffettology

10. Financial Performance
People Skills
Stock Example
Financial Performance
About RWS Holdings
The UK’s leading patent and commercial translations business with a roster of large multinational clients located in Europe and the US.
Unique skill set with translators being graduates in both linguistics and (usually) a scientific specialisation.
Strong and unbroken sales, earnings and dividend record going back to flotation in Achieved through a combination of organic growth and bolt-on acquisitions.
Consistent converter of 100% of earnings into free cash and high teens returns on equity. 
Market Cap
£1,297.96m
Sector
Support Services
Index
UK Stock Market
Date first bought:
12 April 2011
Price when first bought:
Source: as at 31/01/19. Price shown is a price from the month the stock was added to the portfolio.
Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up.
Buffettology

11. Games Workshop Stock Example Financial Performance
Brand Power
Games Workshop
Stock Example
Financial Performance
About Games Workshop Group
The largest and the most successful hobby miniatures company in the world.
Their major brands are Warhammer and Warhammer 40,000 with products sold through their chain of over 400 retail stores internationally.  
Circa 70% of sales revenue generated from overseas, benefiting from the continuing favourable impact of the weaker pound.
Surplus cash returned to owners, aiming to do so in ever increasing amounts.
Market Cap
£950.57m
Sector
Leisure Goods
Index
UK Stock Market
Date first bought:
6 April 2011
Price when first bought:
Source: as at 31/01/19. Price shown is a price from the month the stock was added to the portfolio.
Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up.
Buffettology

12. Geographical Earnings Exposure
Buffettology
Portfolio Snapshot
Market Cap Breakdown
Geographical Earnings Exposure
Sector Exposure
As at 31 January 2019

13. Conclusion Proprietary model
Diversified exposure to quality UK stocks
Buffettology
Conclusion
Track Record %
Over 5 years*
Low volatility, high total and risk-adjusted returns*
Disciplined, patient, thorough process
Low correlation to top asset raisers*
Proprietary model
Source: *Data from FE based on the returns of the Institutional Income share class to 31 December 2018.
All performance stated has been calculated as net. Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up.

14. Further Important Information
Buffettology
Further Important Information
You should not rely on any information or opinions contained in this document in making an investment or other decision but should obtain appropriate and specific professional advice of your own. Nothing contained in this document constitutes or should be construed to constitute investment, legal, tax or other advice. The information supplied is not and in no way should be construed to constitute a recommendation with respect to the purchase or sale of any investment. In particular:
Market price may not be fully reflected in underlying net asset value. The value of the investment may go down as well as up and an investor may not get back the full amount invested. Any shares held (even if listed on the London Stock Exchange’s market for listed securities) are likely to be illiquid and shareholders may have difficulty in selling them. Units in funds may also be illiquid in certain circumstances. Past performance is not necessarily a guide to future performance.
There can be no guarantee that investment objectives can be achieved. Portfolio investments in smaller companies typically involves a higher degree of risk. There are potential difficulties in acquiring, valuing and disposing of underlying investments and information for determining the value or risks may also not be available. The value of the portfolio companies depends on stock market conditions.
Existing tax rules and legislation may change over time and changes can be retrospective. The value of any tax reliefs depends on the personal circumstances of the investors, who should consult their own tax advisers before making an investment.
Whilst the contents of this document are provided in good faith for information purposes only, no representation or warranty, express or implied is given by Castlefield or by any of its partners, members or employees as to its accuracy or completeness or that it is up to date, and it should not be relied on as such. 
To the fullest extent allowed by law and the rules and regulations of the FCA, Castlefield and its partners, members and employees shall not be liable, whether in contract, tort (including negligence) or otherwise howsoever, for any losses, damages, costs or expenses of whatever nature (including (without limitation) any consequential, indirect or unforeseeable loss or loss of bargain, opportunity or profit) incurred or suffered by you or any third party arising out of or in connection with the use of the contents of this document.
Compliance Code: TNBUFFPRESAY/080119

15. Business Perspective Investing
Buffettology Investing is most intelligent when it is most business-like
Appendix 1. The Filter
Initial Screen
Watch List
Business Perspective Investing
Universe 3000
Growth Record
Profitability
Return on Equity
Free Cash Generation
Portfolio Holdings
Superior Business with High Economic Worth
Long Term View
45-60 Companies
Proprietary Model Analysis
Forecasting & Valuation
Target Entry Level

16. FUNDAMENTAL CHANGE BLACK SWAN OVERSIGHT SWITCH
Buffettology
Appendix 2. Sell discipline
FUNDAMENTAL CHANGE
BLACK SWAN
Sell:
Since launch, 15 company investments completely sold & 3 taken over
12 month Portfolio Turnover Rate: 6.9%
OVERSIGHT
SWITCH

17. Buffettology The ideal holding period of an investment is forever
Appendix 3. Low Volatility, High Returns
Since inception (31/03/11)
Buffettology Fund
Tracker Funds
Average
Sector Average
Annualised Return
+14.73%
+5.49%
+6.02%
Annualised Volatility
+10.22%
+13.72%
+12.62%
Tracker Funds
sit here
Source: Data from FE Analytics based on the returns of the Institutional Income share class as at 31 December 2018.

18. Appendix 4. Historically Low Correlation
Buffettology To achieve superior performance you have to do things differently from the crowd
Appendix 4. Historically Low Correlation
The SDL funds have historically shown a lower than average correlation to the top 5 largest funds in the IA UK All Companies sector
Over 1 year
CFP - SDL Free Spirit Acc GBP in GB
CFP - SDL UK Buffettology Institutional Inc TR in GB
Halifax - UK Growth C TR in GB
Invesco - High Income (UK) Z Acc TR in GB
LF - Woodford Equity Income C Acc GBP in GB
Lindsell Train - LF Lindsell Train UK Equity Acc in GB
TB - Evenlode Income B Inc TR in GB
CFP SDL Free Spirit Acc GBP in GB
0.83
0.79
0.73
0.82
0.7
CFP SDL UK Buffettology Institutional Inc TR in GB
0.64
0.77
0.87
Halifax UK Growth C TR in GB
0.93
Invesco High Income (UK) Z Acc TR in GB
0.94
0.84
0.85
LF Woodford Equity Income C Acc GBP in GB
0.89
Lindsell Train LF Lindsell Train UK Equity Acc in GB
TB Evenlode Income B Inc TR in GB
Source: Data from FE based on the returns of the Institutional Income share class over 1 years as at 31 December 2018 (ex-Tracker Funds)

19. The Fund has positive returns for every full calendar year:
Buffettology
Appendix 5. Discrete Performance
The Fund has positive returns for every full calendar year:
2018
2017
2016
2015
2014
2013
2012
Since Inception
Mar 2011 to Dec 2018
CFP SDL UK Buffettology Fund Institutional Inc TR in GB
0.4
25.6
11.9
27.9
1.8
36.0
34.3
192.7
Sector : IA UK All Companies TR in GB
-11.2
14.0
10.8
4.9
0.6
26.2
15.1
59.5
Index : UK Stock Market TR
-9.5
13.1
16.8
1.0
1.2
20.8
12.3
58.4
Source: Data from FE based on the returns of the Institutional Income share class to 31 December 2018.
All performance stated has been calculated as net.
Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up.

20. Appendix 6. Top Quartile Fund Ratios
Buffettology Margin of Safety – the 3 most important words in investing
Appendix 6. Top Quartile Fund Ratios
Over 5 Years
CFP SDL UK Buffettology Institutional Inc TR in GB
Sector : IA UK All Companies TR in GB
Quartile
Alpha
10.20
0.00 1
Beta
0.70
1.00
Downside Risk
11.41
12.23
Info Ratio Rel.
1.26
Jensens Alpha
9.09
Max Drawdown
-11.12
-16.18
Max Gain
10.11
11.29 4
Max Loss
-7.70
-9.08
Negative Periods
99.00
115.00
Positive Periods
161.00
145.00 r2
0.61
Relative Return
9.07
Return
12.66
3.29
Sharpe
0.90
Sortino
0.80
-0.02
Tracking Error
7.19
Treynor
13.01
-0.21
Volatility
10.19
11.30
Source: Data from FE based on the returns of the Institutional share class to 31 December 2018.

21. Appendix 6. Availability
Buffettology
Appendix 6. Availability
Platforms
Approved
Ascentric 
AXA Elevate
Aviva
All Funds Bank
CoFunds
Transact
FNZ
Alliance Trust
Hargreaves Lansdown
Selftrade
Novia
Old Mutual
Nucleus
Aegon
James Hay
Pershing
Fidelity
Standard Life
Seven Investment Management
AJ Bell
Zurich

22. Appendix 7. How To Invest Buffettology
Shares may be bought directly from Castlefield Fund Partners or through a professional adviser or other intermediary, application forms may be obtained from Castlefield.
The dealing office is normally open from 9.00 a.m. to 5.30 p.m. (London time) on each Dealing Day to receive requests for the purchase, sale or conversion of Shares.
Valid applications to purchase shares received before the Valuation Point on a Business Day will be processed at the Share price calculated at that Valuation Point.
Settlement is due within four business days of the Valuation Point.
The initial purchase must, at the discretion of Castlefield, be accompanied by an application form.
The current Valuation Point is noon London time on each Dealing Day.
Share Classes and Type of Shares
General Income Shares
Institutional Income Shares
Institutional
Accumulation Shares
Investment Adviser’s Annual Management Fee
1.5%
1.0%
ACD’s Annual Management Fee
0.2%
OCF
~1.73%
~1.23%
Minimum Initial Investment (Waived via platforms)
£500
£250,000
Minimum Holding
Minimum Top Up
£100
£10,000
Minimum Regular Savings Plan
£50 per month
Not available
ISIN Code
GB00B3QQFJ66
GB00BKJ9C676
GB00BFOLDZ31
Dividend Frequency
Half Yearly
SIPP/SSAS/ Offshore Bond Eligible
Yes
ISA/ Regular Savings Eligible
Postal Application
8th Floor, 111 Piccadilly, Manchester, M1 2HY
Telephone

23. Contact Details 020 7071 3968 info@sanford-deland.uk
Buffettology
Contact Details
For further information or to request a copy of the prospectus, please contact our team at Candlewick Capital:
Candlewick Capital is a division of LGBR Capital London Limited. LGBR Capital London Limited is an Appointed Representative of Mirabella Advisers LLP, which is authorised and regulated by the Financial Conduct Authority.