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 18 Oct 2023, 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.

MSCI Emerging Markets Index measures the performance of emerging markets. MSCI Emerging Markets Currency Index measures the performance of local currencies in emerging markets. Emerging markets returns and country-specific index returns are in USD unless otherwise stated. All single country returns are net returns based on MSCI country indices. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

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 30 Sep 2023: MakeMyTrip Ltd 2.6%, CrowdStrike Holdings Inc. 4.3%, Airbnb Inc 5.6%, Wuxi Biologics Inc 2.1%, MercadoLibre Inc 5.6%, Adyen NV 3.1%, Sea Ltd 5.0%, The Estee Lauder Cos Inc 3.0%, LVMH Moet Hennessy Louis Vuitton SE 3.1%, ASML Holding NV 3.1%, Apollo Hospitals Enterprise Ltd 2.6%, Nvidia Corp 5.6%, NU Holdings Ltd 2.3%, Snowflake Inc 2.4%, Meituan 3.8%, Grab Holdings Ltd 2.5%, Visa 4.9%, The Coca-Cola Co 1.1%. 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.

Clarification: Initial purchase in the portfolio for Nu Holdings Ltd was 4/28/2022 and Grab Holdings Ltd was 11/15/2022.

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. Enterprise Value to Earnings Before Interest, Taxes, Depreciation and Amortization (EV/EBITDA) is a measure of the intrinsic value of a business. EV is calculated as the market capitalization of the company plus its long-term debt. EBITDA is an approximate measure of a company's operating cash flow based on data from the company's income statement. It is calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation, and amortization. Normalized Earnings are earnings that are adjusted for the cyclical ups and downs over a business cycle. Earnings per Share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock. 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. Passport Companies are based in developed markets economically tied to emerging markets. Value Capture which we define as a model for trimming securities that experience market appreciation while retaining a residual position. 

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