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 11 Jul 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 Jun 2024: Cadence Design Systems Inc 3.1%, Visa Inc 4.6%, Hermes International SCA 1.1%, HDFC Bank Ltd 3.2%, NU Holdings Ltd 4.7%, Shenzhen Mindray Bio-Medical Electronics Co Ltd 1.9%, Kweichow Moutai Co Ltd 2.4%, LVMH Moet Hennessy Louis Vuitton SE 3.0%, Crowdstrike Holdings Inc 4.4%, MercadoLibre Inc 6.0%, The Coca-Cola Co 3.3%, NVIDIA Corp 4.8%, Netflix Inc 3.1%, Airbnb Inc 4.6%, Sea Ltd 5.7%, MakeMyTrip Ltd 5.9%, Tencent Holdings Ltd 3.1%, Adyen NV 4.6%, Veeva Systems Inc 3.1%, Snowflake Inc 2.2%, Zomato Ltd 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.

Operating leverage is a cost-accounting formula (a financial ratio) that measures the degree to which a firm or project can increase operating income by increasing revenue. The Magnificent Seven stocks are a group of the most influential companies in the U.S. stock market. The group comprises Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla, and spans four sectors: technology services, electronic technology, retail trade, and consumer durables. Gross domestic product (GDP) per capita is an economic metric that breaks down a country's economic output to a per person allocation. Value capture which we define as a model for trimming securities that experience market appreciation while retaining a residual position.

Clarifications as of 30 June 2024: Visa Inc contributed 894 gross basis points and 764 net basis points to performance since inception. LVMH Moet Hennessy Louis Vuitton SE contributed 736 gross basis points and 664 net basis points to performance since inception. MakeMyTrip Ltd contributed 497 gross basis points and 483 net basis points to performance since inception.

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