Note on Performance Information
In accordance with Article (4) of Commission Regulation (EU) No 583/2010, implementing Directive 2009/65/EC (the UCITS Directive),
Fund performance data may only be shown after 12 months of performance history

Dear Investors,

Welcome to the Aecus Global Equity Fund’s inaugural quarterly text and thank you for your interest in the Fund. Our intention is to write meaningful portfolio commentaries, with the aim of sharing in a transparent way how we think and what we are doing.

Portfolio Fundamentals Update

Following the launch of the Fund on 23^rd June 2025, the portfolio had its first earnings season. The portfolio companies fared well in a period of great macroeconomic uncertainty, with most businesses performing ahead of expectations. Average organic sales growth[1] (our preferred growth metric) for Q2-2025 was 9.5%, slightly ahead of the long-term historical rates for these companies. The average portfolio company saw its next twelve-months earnings’ forecast increase by 4% over the quarter, consistent with our expectation that the portfolio can compound earnings at a low-double-digit annualised rate. Areas of weakness included interest rate-sensitive sectors such as certain industrials and construction-related businesses.

Highlights:

• • Waters grew 8% organically in Q2, its third consecutive quarter above the 6–7% target range. Pharmaceutical and China sales were up double digit, with good visibility ahead.
  • MSCI saw organic revenue growth accelerate to nearly 10%, supported by ETF expansion (> $2 trillion AUM, over double 2019 levels), despite weaker ESG-related spending.
  • Cadence Design delivered 21% organic growth ex-China, where sales were temporarily restricted; demand for chip design software remained strong and rising.

Disappointments:

• • Hubbell reported only 2% organic growth in Q2, as tariff-related price hikes were delayed. Data centre and transmission demand stayed strong, but broader cyclical recovery was slow;
  • WillScot revenues fell 3%, with smaller project demand hurt by policy uncertainty and high borrowing costs, though large-project demand remained resilient.

Portfolio Performance Update

The Fund launched with an opening NAV of 100.0000¹ on 23 June 2025, rising to 101.9383 by June 30. Over the September quarter, the NAV rose further to 103.2525[2], propelled by the Fund’s EPS which increased by 6.6% on average. The rise in NAV was despite an overall compression in multiples, with the portfolio NTM P/E average falling from 26.1x to 24.8x over the quarter. In Q3 2025, the MSCI ACWI Net Index rose +7.6%[3] with Big Tech-related names leading the market surge, notably Google (+38%), Tesla (+40%), Apple (+24%) and Nvidia (+18%)– all names that are not held within this portfolio.

Following the first 12 months of the Fund, we will be providing Fund performance data and performance attribution information regarding key contributors and detractors.

What have we been thinking about?

Extending the “S”

We search out defendable business models with repeatable growth and vast opportunities to scale (our “DRS” framework). Several holdings have expanded their addressable markets, including Waters’ $17bn acquisition of Becton Dickinson life sciences assets, Texas Instruments’ rapid emerging data centre growth, MSCI-Moody’s exciting private credit partnership, Mastercard’s ecosystem expansion built around Agent Pay and stablecoins, and Tencent’s AI-driven innovation pipeline.

Macro from Micro

As bottom-up investors we avoid making macro-economic bets, preferring to use our close contact with companies to continually gauge the economic temperature and better inform our decisions. Recently, we have seen early signs of improvement across both consumer and corporate spending, especially in the more cyclical parts of the market (e.g. Home Depot and Vulcan Materials both reported improving demand).

Artificial Intelligence

We continue to keep a very close eye on the fast-moving AI space. The Fund maintains a balanced AI exposure with 16% in AI infrastructure enablers (e.g. KLA, Amphenol, Western Digital), 37% in potential AI adopters with strong data assets, 45% in stable demand businesses (healthcare, offline consumption, industrials) and 7% in traditional software/cloud businesses (direct or indirect exposure).

Portfolio moves

Since launch, we have initiated two new positions – Western Digital, benefiting from AI-driven data storage demand, and Nippon Paint, the leading Asian paint manufacturer.  We also increased our small position in FICO after the selloff and trimmed Donaldson and Hubbell to rebalance the portfolio.

Outlook

Market enthusiasm for AI and financials has created valuation distortions, leaving healthcare, consumer, and construction sectors deeply discounted. We will continue to recycle capital into high-quality, long-term compounders with disciplined valuation awareness. We remain confident that the portfolio is well-positioned for sustainable, compounding growth over the coming years.

While the global market’s leadership remains concentrated in a few Big Tech names, the Fund’s broad-based 9.5% organic growth and 4% earnings upgrades underscore its strong fundamentals. We remain disciplined on valuation, recycling capital into long-term compounders and taking advantage of sentiment-driven dislocations, particularly in healthcare and professional services.

We warmly welcome your questions and comments.

Until next quarter,

Fan, Arnaud and Alistair

[1] Constant currency and excluding the effect of acquisitions, source Aecus Partners / LSEG Workspace

[2] NAV of the Aecus Global Equity Fund A USD Acc Share Class

[3] Source : MSCI in USD

Important Information

Issued by Aecus Partners SAS which is regulated by the Autorité des Marchés Financiers (AMF). RCS Paris n° 933 708 976 Agrément AMF n°GP20240027 (https://www.amf-france.org/fr, 17 place de la Bourse – 75002 Paris).

The Fund is a sub-fund of the ICAV, an umbrella fund with segregated liability between sub-funds. The Fund is authorised by the Central Bank of Ireland as a UCITS pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations. The ICAV has delegated UCITS management company functions to Aecus Partners SAS as its UCITS management company. The ICAV is authorised by the Central Bank of Ireland pursuant to the Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations. The distributor of the Fund is Aecus Partners SAS.

This document is a communication for information purposes only intended for professional clients. Please refer to the Fund’s prospectus and key information document before making any final investment decision. These documents are available free of charge, in paper or electronic format, from the Fund’s Investment Manager, as well as on the Manager’s website: https://www.aecuspartners.com. This material may not be copied, reproduced, communicated or redistributed, in whole or in part, without prior authorisation from Aecus Partners SAS. Any entity responsible for forwarding this material to other parties takes responsibility for ensuring compliance with applicable financial promotion rules. This material does not constitute a subscription offer, and can not be equated with a recommendation or investment advice. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. Any specific securities identified and/or described in this document do not represent all of the securities purchased, sold, or recommended for the Fund and no assumptions should be made that the securities identified and discussed were or will be profitable. The information contained in this material may be partial information and may be modified without prior notice. It is not individually tailored for or directed to any particular client or prospective client.

The sources used to carry out this reporting are considered reliable, however no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Aecus Partners SAS, its officers, employees or agents. Aecus Partners SAS accepts no responsibility for any direct or indirect losses caused by the use of the information provided in this document.

All data is as at the document date unless indicated otherwise. Performance data herein relates to the Aecus Global Equity Fund (the “Fund”). Net asset value performance (NAV) data has been calculated on a NAV-to-NAV basis and is net of management fees and operating expenses, with any income reinvested. A detailed description of the charges that apply is set out in the Prospectus. The ongoing charges figure may change over time. Company holdings and performance are likely to have changed since the report date. Company information, including performance calculations and other data, is provided by Aecus Partners SAS.  Past performance may not be a reliable guide to future performance and investors may not get back the amount invested. If an investor’s own currency is different from the currency in which the Fund is denominated, the investment return may increase or decrease as a result of currency fluctuations. All investments involve risk. The value of the investment and the income from it will vary. The figures quoted relate to past periods and past performance is not a reliable indicator of future performance. The Fund uses the MSCI ACWI Net Index (source: MSCI) as a comparator benchmark to compare performance. The Fund is actively managed and is not constrained by any benchmark. Glossary of terms: please refer to the website.

Access to funds of an ICAV managed by Aecus Partners SAS may be subject to restrictions regarding certain persons or countries.

EEA – Access to the Fund may be subject to restrictions regarding certain persons or countries. The Fund’s Prospectus and KIDs can be obtained by visiting www.aecuspartners.com/documents and are available in one of the official languages of each of the EU Member States into which the Fund has been notified for marketing under the Directive 2009/65/EC (the UCITS Directive). The Fund is currently notified for marketing into a number of EU Member States under the UCITS Directive.

UK – This Fund is not authorised by the UK Financial Conduct Authority (FCA). It is available in the UK under the National Private Placement Regime (NPPR) and is intended for professional investors only. The protections provided by the UK regulatory system, including access to the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service (FOS), do not apply. This document is for information purposes only and does not constitute an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorised. Cancellation rights do not apply and U.K. regulatory complaints and compensation arrangements may not apply.