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Minute
1:00	Value Capture / Value Pathways • “When we look to achieve permanence, job number one is to take that capital…and put it into our defensive stocks”
16:00	Domicile •“2/3 of our total performance since inception is driven by emerging market domiciled stocks”
30:00	Quarterly Review • Contributors • Detractors
48:00	US Exceptionalism • “the ability to control your own destiny in financial or economic terms.”
50:00	China •“We've been careful to retain pathways to a larger China portfolio through our emphasis on scalable assets, while gradually reducing our capital at risk in the country.”
54:00	Q&A 1. What do you see as the greatest risks and benefits in investing in EM in 2025?

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 16 Jan 2025, 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 31 Dec 2024: Visa Inc 4.5%, Adyen NV 4.4%, NVIDIA Corp 4.1%, Tencent Holdings Ltd 3.1%, Veeva Systems Inc 3.1%, Cadence Design Systems Inc 3.1%, ARM Holdings PLC 2.6%, LVMH Moet Hennessy Louis Vuitton SE 2.4%, Zomato Ltd 2.2%, Snowflake Inc 2.1%, Kweichow Moutai Co Ltd 2.1%, WiseTech Global Ltd 2%, PB Fintech Ltd 1.2%, Hermes International SCA 1.2%, One 97 Communications Ltd 1.2%,Ferrari NV 1.1%, Mastercard Inc 1.1%. 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.

MSCI ACWI information is used for illustrative purposes only and is not a benchmark of the portfolio.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

The S&P 500® Index and S&P UBS Leveraged Loan Indices are products of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Passport Companies refer to companies based in developed markets that have economic ties to emerging markets and/or consumers or users in the emerging markets. Value capture which we define as a model for trimming securities that experience market appreciation while retaining a residual position.

Clarifications: The team’s initial investment in NVIDIA occurred in 2019. Median active manager refers to the median return for the 1,421 active managers included in the eVestment All Global Equity category as of 30 Sep 2024. R-Squared reference relative to the MSCI ACWI Index is for the 2024 calendar year. Companies mentioned by alternative names: Paytm (One 97 Communications) and Pinduoduo (PDD Holdings Inc).

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