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 Jan 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 the Fund’s total net assets as of 31 Dec 2023: Visa Inc 4.8%, LVMH Moet Hennessy Louis Vuitton SE 3.1%, The Estee Lauder Cos Inc 2.4%, Kweichow Moutai Co Ltd 3.0%, Hermes International SCA 1.1%, NU Holdings Ltd 3.3%, Tencent Holdings Ltd 2.1%, Adyen NV 4.2%, Crowdstrike Holdings Inc 3.6%, Snap Inc 2.3%, MercadoLibre Inc 5.6%, Netflix Inc 3.0%, Meituan 3.2%, Wuxi Biologics Inc 1.5%, Sea Ltd 4.8%, Veeva Systems Inc 3.2%, Nvidia Corp 4.8%, MakeMyTrip Ltd 4.7%, Apollo Hospitals Enterprise Ltd 3.0%, The Coca-Cola Co 2.4%, Alibaba Group Holding Ltd 1.1%, Airbnb Inc 4.5%. 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.

Flexion which we define as the ability to deemphasize investments while preserving value pathways, to enhance portfolio outcomes. 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. Operating Profit Margin is a ratio used to measure a company's pricing strategy and is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. 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.