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Minute
1:00	Value Capture / Value Pathways • “...this approach derives a level of permanence from successful investments while seeking a measure of staying power in future adverse market environments”
8:00	Quarterly Review • Contributors • Detractors
25:00	China Market Developments • “our approach has been rather than making an all or none call… we've created pathways to be successful in different environments”
33:00	Interest Rates and the Case for Emerging Markets •“don't like the thesis of looking at the emerging markets… as a two decision asset class, when to buy it and when to sell it… we want a more evergreen approach that can add value in every environment”
41:00	Q&A 1. How are you thinking about the balance between the correlation and more downside protection stocks and the regular growth stocks in the portfolio at the moment?

This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized composite performance, portfolio holdings and other important information. Access “Slides” to view.

This investor update represents the views and opinions of the manager as of 17 Oct 2024, which are based on current market conditions, will fluctuate, and are subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

This discussion is not intended to be a recommendation of any individual security. The holdings mentioned comprised the following percentages of a representative account in the strategy Composite’s total net assets as of 30 Sep 2024: Sea Ltd 6.1%, MercadoLibre Inc 5.4%, MakeMyTrip Ltd 4.9%, Meituan 4.8%, Crowdstrike Holdings Inc 4.6%, Adyen NV 4.4%, Visa Inc 4.4%, Airbnb Inc 4.2%, NVIDIA Corp 4.1%, NU Holdings Ltd 3.9%, Grab Holdings Ltd 3.5%, The Coca-Cola Co 3.1%, Cadence Design Systems Inc 3.1%, HDFC Bank Ltd 3.0%, ASML Holding NV 2.8%, Apollo Hospitals Enterprise Ltd 2.3%, Kanzhun Ltd 2.1%, KE Holdings Inc 2.0%, Zomato Ltd 2.0%, Snowflake Inc 1.8%. Securities mentioned, but not listed here or in the investor update presentation are not held in the portfolio as of the date of this report.

Gross Merchandise Value (GMV) is the total amount of a company’s sales over a specified period of time. Value capture which we define as a model for trimming securities that experience market appreciation while retaining a residual position.

Clarifications: From the portfolio’s inception through 30 Sep 2024, MakeMyTrip was the 13th highest contributor to the portfolio. Net contribution to return from inception through 30 Sep 2024: NVIDIA 2,643 basis points, MercadoLibre 2,262 basis points and Sea 1,277 basis points. From inception through 16 Oct 2024, Chinese holdings returned 74.92% versus 8.08% for the MSCI Emerging Markets Index (in USD). Companies mentioned by alternative names: BEKE (KE Holdings Inc) and BOSS (Kanzhun Ltd).

Past performance does not guarantee future results. Current and future holdings are subject to risk.