This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized fund 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 Apr 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 the Fund’s total net assets as of 31 Mar 2025: Sea Ltd 5.7%, MercadoLibre Inc 5.3%, Visa Inc 4.7%, MakeMyTrip Ltd 4.4%, Adyen NV 4.4%, Tencent Holdings Ltd 4.3%, NU Holdings Ltd 4%, Crowdstrike Holdings Inc 3.9%, Grab Holdings Ltd 3.8%, The Coca-Cola Co 3.2%, Cadence Design Systems Inc 3.0%, NVIDIA Corp 2.8%, Netflix Inc 2.8%, Kanzhun Ltd 2.5%, Zomato Ltd 2.3%, Veeva Systems Inc 2.3%, Apollo Hospitals Enterprise Ltd 2.2%, WiseTech Global Ltd 1.6%, Ferrari NV 1.1%, Tradeweb Markets Inc 1.1%, PB Fintech Ltd 1.1%, One 97 Communications Ltd 1.1%, Mastercard Inc 0.7%.  Securities mentioned, but not listed here or in the investor update presentation are not held in the Fund as of the date of this report.

MSCI Emerging Markets Index measures the performance of emerging markets. MSCI All Country World Index (ACWI) measures the performance of developed and emerging markets. All single country returns are net returns based on MSCI country indices. Each country index is designed to measure the performance of the large- and mid-cap segments of the country's market. MSCI Emerging Market Currency Index measures the total return of emerging market currencies relative to the US dollar, where the weight of each currency is equal to its country weight in the MSCI Emerging Markets Index. MSCI ACWI ex USA Index measures the performance of developed and emerging markets, excluding the US. MSCI Emerging Markets ex China measures the performance of emerging markets excluding China. S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

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: We define as a model for trimming securities that experience market appreciation while retaining a residual position. Flexion: The concept of flexion recognizes that individual stocks move up and down more than the rest of the portfolio and individual buys and sells are incremental in nature. Adding with a progression to a lower weight refers to a stock that is declining more than the rest of the portfolio and our purchases make up less weight than the decline in portfolio weight from stock depreciation. Selling with progression to a higher weight refers to stocks that are rising more than the rest of the portfolio and sales are less than the increase in portfolio weight from stock appreciation. Personal Consumption Expenditures (PCE) includes a measure of consumer spending on goods and services among households in the U.S. The PCE is used as a mechanism to gauge how much earned income of households is being spent on current consumption for various goods and services. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)is an indicator of a company's financial performance which is calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation and amortization. Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings. Spread refers to the difference between two prices (bid and ask) of a security or asset or between two similar assets. Bid refers to the highest price a buyer will pay to buy a specified number of shares of a security or asset at any given time. Ask refers to the lowest price at which a seller will sell the security or asset. Take Rate represents the percentage of a transaction's total value that a platform, intermediary, or service provider retains as revenue or profit.

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.

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

Clarifications: Companies mentioned by alternative names: Paytm (One 97 Communications), PolicyBazaar (PB Fintech), BOSS (Kanzhun).

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