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1:00	Value Capture • “since December 2022, we estimate that we've taken back 2022 basis points, or 20.22% of capital, from our passport company holdings… we've reinvested 1327 basis points-- 13.27%-- into companies based in non-China emerging markets” Examples: MakeMyTrip, Nubank, Sea
17:00	Roles of Passport Companies • “rooted in risk management… grounded in capital preservation and stability”
25:00	Quarterly Review • Contributors • Detractors
41:00	Revenue Velocity & Demand Fulfillment •“real per capita GDP, which we use as a proxy for growth in the middle class, has not increased in most emerging markets countries over time”
45:00	Capital Formation •“if improved capital formation is the key to better economic participation in the emerging markets, it's worth contemplating where this might come from”
50:00	Q&A 1 - Question about bottom up vs top down and how you see the balance in EM of both of those things? 2 - Do you worry about the expanding unrest around the world and do you see the ongoing risk as one of investor confidence or on specific supply and demand impacts?

This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized composite performance, portfolio holdings and other important information. Access “Slides” to view.

This investor update represents the views and opinions of the manager as of 23 Apr 2024, 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 a representative account in the strategy Composite’s total net assets as of 31 Mar 2024: LVMH Moet Hennessy Louis Vuitton SE 3.1%, HDFC Bank Ltd 3.4%, Kweichow Moutai Co Ltd 2.6%, NVIDIA Corp 5.5%, Crowdstrike Holdings Inc 4.3%, MercadoLibre Inc 6.0%, NU Holdings Ltd 4.4% MakeMyTrip Ltd 5.5%, Apollo Hospitals Enterprise Ltd 2.9%, One 97 Communications Ltd, 0.7%, Grab Holdings Ltd 2.7%, Sea Ltd 5.4%, The Coca-Cola Co 3.3%, Cadence Design Systems Inc 2.5%, Visa Inc 4.6%, Adyen NV 4.6%, ASML Holding NV 2.9%, JD Health International Inc 1.9%. Securities mentioned, but not listed here or in the investor update presentation are not held in the portfolio as of the date of this report.

Net interest margin is a measurement comparing the net interest income a financial firm generates from credit products like loans and mortgages, with the outgoing interest it pays holders. Operating leverage is a cost-accounting formula (a financial ratio) that measures the degree to which a firm or project can increase operating income by increasing revenue. Gross domestic product (GDP) per capita is an economic metric that breaks down a country's economic output to a per person allocation. Market capitalization is the aggregate value of all of a company's outstanding equity securities. Capital expenditures (capex) are funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment. Passport companies are based in developed markets economically tied to emerging markets. Value capture which we define as a model for trimming securities that experience market appreciation while retaining a residual position.

Past performance does not guarantee future results. Current and future holdings are subject to risk.