MAJE

Majedie Investments PLC

Financial Services First-pass screen £149m

340/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 35

Valuation 25% 32

Downside protection 15% 60

First-pass take

Investment trust with diversified, liquid portfolio and declining OCF to 1.3%. Document explicitly states 'minimal exposure to AI mega-cap stocks'—AI is not central to strategy. No operating leverage; no traditional valuation multiples available. Trading 14% below NAV with Special Investments illiquidity. Low debt and moderate diversification provide some downside protection, but fund structure disqualifies from growth thesis.

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