Games Workshop 

Games Workshop is a prominent designer, manufacturer, and distributor of fantasy miniatures, notably under the Warhammer brand. Despite a challenging consumer environment, the company has delivered resilient growth through its retail stores and online channels. Strong customer loyalty, premium pricing power and a vertically integrated supply chain, have enabled Games Workshop to sustain high gross margins. The company has granted Amazon exclusive rights to adapt the Warhammer 40,000 universe into films and television series, creating a new and potentially lucrative licensing revenue stream. Games Workshop continues to return surplus cash to shareholders in the form of dividends while maintaining a strong balance sheet and investing organically in the business, offering a compelling and growing income stream. The Investment Manager views Games Workshop as a transition business and has been monitoring its progress in key areas. For example, it is monitoring packaging and plastics volumes, efforts to enhance the strong human capital base through greater diversity, and levels of disclosures and transparency for investors. These initiatives are crucial for long-term sustainability and growth. Companies selected for illustrative purposes only to demonstrate the investment management style described herein and not as an investment recommendation or indication of future performance.