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 Europe 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.

We will purposefully analyse separately how businesses (portfolio companies) are doing and what share prices did, as that better reflects how we analyse performance at Aecus. Short-term market oscillations can often have little to do with bottom-up fundamentals, while over the long-term it is the compounding effect of those underlying foundations that drive stock performance. We must not lose sight of that.

Portfolio Fundamentals Update

The Fund launched on June 30 2025, ahead of the first-half results season, with portfolio companies delivering robust underlying results. Organic sales growth averaged +9.5% in Q2-25, exceeding medium-term expectations. Nearly all holdings contributed positively, reflecting strong diversification.

Key organic growth performers included:

• • Galderma, achieving +12% organic growth driven by robust demand across skincare and aesthetics, with new eczema treatment Nemluvio exceeding expectations;
  • Games Workshop grew organic sales +16%, continuing international expansion;
  • EssilorLuxottica benefited from strong sales of Stellest lenses and Meta smart glasses;
  • Wise delivered +14% organic growth, reinforcing its competitive advantage in cross-border payments.

Of note, ASML shares rebounded over the quarter as news that the US government would take a stake in Intel was taken as positive for ASML. However, several healthcare names lagged expectations, notably Carl Zeiss and Alcon due to sluggish ophthalmology markets (particularly in China). Upcoming product launches are expected to reignite growth, which we will monitor closely. Novonesis fell after issuing long-term guidance prioritising sales over margins. Construction-related holdings including Sika, Kingspan and Assa Abloy (combined <8% of the portfolio) also lagged amid continued sector weakness.

Overall, tariffs and foreign exchange movements presented minor headwinds to earnings —but the portfolio’s strong pricing power and local manufacturing footprint mitigate strongly these impacts.

Portfolio Performance Update

The Fund launched with an opening NAV of 100.0000¹ on 30 June 2025 and this fell to 94.0356[1]  by quarter-end, driven largely by a valuation multiple contraction of the portfolio, from 25.6x to 23.9x forward earnings (NTM PE). The MSCI Europe Net TR Index rose +3.5%[2] over the 3 months, driven by banking and mining stocks, sectors to which the fund has no exposure.

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?

Like many, AI. We view AI as transformative, providing opportunities and risks, notably that of creating a speculative bubble. The Fund holds circa 15% exposure to technology hardware beneficiaries (ASML, VAT, Seagate, Schneider Electric) and 10% in data-rich firms (Experian, RELX) that are well-positioned to leverage proprietary datasets.  Service-based firms face higher disruption risk; we exited Accenture over the quarter for this reason. Approximately 65% of the portfolio consists of companies producing tangible goods, less directly affected by AI disruption.

Unjustly unloved sectors. Comprising 30% of the portfolio, healthcare remains a conviction sector, trading at decade-low valuations despite strong fundamentals. We view the current weakness as an attractive entry point for long-term investors.  Weak US consumption has pressured the beverages sector, but we believe much of the decline is cyclical post-COVID. A new position was initiated in Rémy Cointreau, alongside Campari, bringing exposure to premium brands positioned for recovery.

Portfolio moves

Since launch, we have initiated two new positions—Rémy Cointreau and Seagate—and exited Accenture. Several valuation-driven adjustments were made, trimming outperformers (L’Oréal, Halma, Galderma) and reinvesting in temporarily weaker but high-quality names (RELX, Dassault Systèmes, Novonesis).

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.

We warmly welcome your questions and comments. Until next quarter,

Alistair, Arnaud & Sébastien

[1] NAV of the Aecus Europe Equity Fund A EUR Acc Share Class

[2] Source: MSCI in EUR

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 Europe 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 Europe 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.