The investment objective of the Sub-Fund is to invest its assets primarily in units of UCITS and/or other UCIs which mainly invest in equity securities of companies that are traded 1) Emerging Markets and/or 2) Frontier Markets in equity securities of companies that derive a significant portion of their income in those respective markets. Target UCIs may be open-ended Exchange Traded Funds (ETF’s). Secondarily the Sub-Fund may invest in units of UCITS and/or other UCIs as above that mainly invest in equity securities of companies that operate in the same geographic regions including Latin America, Greater China, Asia ex. Japan and Eastern Europe. Additionally the Sub-Fund may invest in units of UCITS and/or other UCIs that invest in bank deposits and money market instruments and transferable debt securities.

During the quarter ending 29/9/25 the MSCI Emerging Markets (+9.53%) and the MSCI Frontier Markets (+13.84%) outperformed the MSCI World All Countries Index (+6.80%) in Euro terms. Emerging markets benefited from expectations of rate cuts and the establishment of trade agreements with some of US main trading partners. The focus on technology benefited the Asian emerging markets. Among the Emerging Markets Greece, China, South Korea, Taiwan, and South Africa outperformed in Euro terms. The main underperformers were the India, Gulf Countries, and Brazil. The Dollar depreciated against the Euro dropping by -0.03% during the same period, with the ECB Ref. set at 1.1723 on 29/9.

(LF) Fund of Funds Global Emerging Markets had an average equities exposure of 94.7% (between 93.6% and 95.2%). Average exposure to China was 29.9%, India 17.1%, Taiwan 12.8%, South Korea 9.4%, Greece 3.8%. Our main overweight positions were China, Greece, Turkey, and the main underweight positions were Taiwan, Brazil and India. During the quarter we reduced our exposure to India and increased our exposure to China and South Korea.