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 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 the Fund’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 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.

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 which we define as a model for trimming securities that experience market appreciation while retaining a residual position. Credit Quality is a measure of the financial solvency of an individual or an entity such as a company or government. Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings. Consumer Price Index (CPI ) measures change over time in prices paid by consumers for a representative basket of goods. Real Per Capita GDP is a measure of the total value of goods and services produced in an economy per person, adjusted for inflation. R-Squared indicates the proportionate amount of variation in the dependent variable that is explained by the independent variable, measured on a scale of 0.0-1.0.

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.

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.

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.