February Report

• The Fund returned -1.6%, slightly outperforming the benchmark’s -1.7% in February, though underperformance in larger-cap stocks weighed on relative returns.
• Global equities declined as US tariff uncertainty and economic data volatility led to market fluctuations, while profit-taking in large-cap US technology stocks tempered growth stock performance.
• Soop and flatexDEGIRO were the Fund’s strongest performers. New positions were added in Moonpig Group and Nextracker, reflecting a focus on targeted growth opportunities.

Top Holdings (alphabetically)

Baltic Classifieds Group Plc

United Kingdom

Communication Services

Baltic Classifieds Group Plc engages in the business of online classifieds portal for automotive, real estate, jobs and services, and general merchandise. The company was founded in 1999 and is headquartered in London, the United Kingdom.

ExlService Holdings, Inc.

United States

Industrials

ExlService Holdings, Inc. is an operations management and analytics company, which engages in providing business process management. It operates through the following segments: Insurance, Healthcare, Travel, Transportation, and Logistics, Finance and Accounting, Analytic, and All Other. The Insurance segment serves property and casualty insurance, life insurance, disability insurance, annuity, and retirement services companies. The Healthcare segment offers services related to care management or population health, payment integrity, revenue optimization, and customer engagement. The Travel, Transportation, and Logistics segment includes business processes in corporate and leisure travel such as reservations, customer service, fulfillment, and finance and accounting. The Finance and Accounting segment is comprised of procure-to-pay, order-to-cash, hire-to-retire, record-to-report, regulatory reporting, financial planning and analysis, audit and assurance, treasury, and tax processes. The Analytics segment consists of driving improved business outcomes for customers by generating data-driven insights. The All-Other segment is involved in banking, financial, utilities, and consulting services. The company was founded by Vikram Talwar and Rohit Kapoor in April 1999 and is headquartered in New York, NY.

Hilan Ltd.

Israel

Industrials

Hilan Ltd. engages in the provision of Software as a Service (SaaS) for the purpose of managing the enterprise human capital. Its solutions include payroll, human resources, time and attendance, pension, analytics, and business process outsourcing (BPO). The firm offers its services to the industry, high-tech, finance, academic, communications, healthcare, municipal, transportation, retail, education, government, social care, associations, and hotels sectors. It operates through the following segments: Payroll Services, Human Resources, and Organizational Systems, Business Solutions, Computing Infrastructures, and Marketing of Software Products. The Payroll Services, Human Resources, and Organizational Systems segment provides payroll management services, pension operations, enterprise resource planning, other value-added services, and attendance, human resources, business, financial, and relationship management. The Business Solutions segment is involved in the sale of outsourcing and technological value-added solutions, as well as solutions and projects in the field of computing, digital, and innovation. The Computing Infrastructures segment sells solutions in the field of computing infrastructures, managed public and private clouds, advanced information security, and cyber. The Marketing of Software Products segment is composed of the distribution and assimilation of software products and solutions in the field of control, data, analytics and business intelligence, infrastructures and applications in the information technology world, document and content management, information and cyber security, and content delivery network. The company was founded on December 16, 1992 and is headquartered in Tel Aviv, Israel.

IntegraFin Holdings PLC

United Kingdom

Financials

IntegraFin Holdings PLC operates as a holding company. The Company, through its subsidiaries, provides an investment platform to UK financial advisers and their clients through proprietary technology, a range of tax wrappers, and a variety of assets. IntegraFin serves clients in the United Kingdom.

NICE Information Service Co., Ltd.

Korea, Republic Of

Industrials

NICE Information Service Co., Ltd. engages in the provision of credit information services. It operates through the following business divisions: Corporate information, Credit bureau, Asset management and Others. The Corporate information business division offers corporate information provision, consulting and technical consulting bureau services. The Credit bureau business division offers individual credit information provision and consulting services. The Asset management business division offers bond collection and credit survey services. The Others business division offers other services such as data analysis. The company was founded on February 28,1985 and is headquartered in Seoul, South Korea.

Global equity markets delivered mixed returns in February as investors reacted to trade policy uncertainty. Share markets in developed economies were impacted by signs of slowing economic growth and rising volatility in the technology sector. Meanwhile, emerging markets benefited from AI optimism.

US equities declined as some investors took profits in the technology sector following more cautious forward earnings guidance from major AI-driven companies. Consumer discretionary stocks underperformed as consumer sentiment reached an eight-month low. US Consumer spending fell for the first time since 2023, while concerns around potential trade tariffs further weighed on investor sentiment.

In contrast, European equities advanced as banks and industrials outperformed. However, economic activity remained subdued as the Eurozone composite purchasing managers’ index (PMI) indicated stagnant growth.

UK equities delivered mixed results. Large-cap stocks benefited from strength in pharmaceuticals and financials, while small-cap companies struggled amid consumer sector weakness. Despite inflation unexpectedly reaccelerating, the Bank of England reduced interest rates by 0.25% to 4.50%.

Japanese equities declined as a stronger yen weighed on exporters. Market sentiment remained cautious amid uncertainty over US trade policy and the potential implications on global supply chains. Meanwhile, the Bank of Japan’s relatively hawkish stance further supported the yen’s appreciation, exacerbating concerns for corporate earnings.

Emerging markets outperformed their developed market peers. China stocks rallied as government stimulus measures and AI optimism buoyed investor sentiment. DeepSeek’s release of an open-source AI model in January continued to drive significant gains in the technology sector. However, ongoing concerns for the property market tempered broader market enthusiasm. Elsewhere, shares in Poland and Mexico posted strong gains upon hopes of geopolitical de-escalation and tariff pauses. Meanwhile, Indian equities declined after the Reserve Bank of India reduced its interest rate by 0.25% to 6.25% and growth forecasts were revised down.

Portfolio Highlights

The Fund returned –1.6% in Australian dollar terms during February, outperforming the MSCI World SMID Cap Index (-1.7%). Regional positioning and strong stock selection in technology and financial stocks contributed to relative returns. Relative performance was generally strong across each market cap segment, but returns were strongest in the larger cap segments (>US$5 billion) where the Fund has historically been under-weight.

The largest contributor to the Fund’s relative returns over the month was Korea’s market-leading gaming and video streaming service Soop, formerly known as AfreecaTV. The stock performed well after reporting stronger-than-expected annual earnings, driven by growth in revenue per user and Twitch’s earlier exit from the market. However, unique visitor growth declined in February, signalling potential challenges for its ad-supported streaming services. Given these concerns, the Fund took the opportunity to exit its position before the stock began to weaken.

Another strong performer was Germany-based flatexDEGIRO, a leading European online brokerage platform. The company benefited from increased trading activity amid heightened market volatility, as well as renewed investor interest in European financial stocks. While its 2025 earnings guidance was relatively conservative, it expects strong earnings growth through to 2027, reinforcing confidence in its structural growth trajectory.

The Fund’s largest detractor from performance was Frontdoor, a US-based provider of home service maintenance plans. The stock underperformed upon weakness in US housing and consumer spending. Following disappointing earnings results, the Fund exited its position. US consumer discretionary stocks subsequently weakened further upon broader economic concerns.

The Fund established a new position in Moonpig Group, a leading UK online retailer of personalised greeting cards and gifts. The company is benefiting from the shift to e-commerce, strong brand recognition, AI-driven personalisation, and growth in the gift segment which is driving recurring revenue and margin expansion.

The Fund also initiated a position in Nextracker, a US-based solar tracking systems provider. Rising demand for renewable energy, regulatory incentives, and corporate sustainability commitments support its strong growth outlook. Its advanced tracking technology enhances solar efficiency, while a growing order book underpins its global expansion.

The Fund remains focused on identifying businesses with sustainable earnings growth, strong competitive advantages, and resilient cash flows, while actively managing exposure to evolving macroeconomic risks.