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

This investor update represents the views and opinions of Growth Team as of 18 Jan 2023, 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.

Our capital allocation process is designed to build position size according to our conviction. Portfolio holdings develop through three stages: Garden^SM, Crop^SM and Harvest^SM. Garden^SM investments are situations where we believe we are right, but there is not clear evidence that the profit cycle has taken hold, so positions are small. Crop^SM investments are holdings where we have gained conviction in the company’s profit cycle, so positions are larger. Harvest^SM investments are holdings that have exceeded our estimate of intrinsic value or holdings where there is a deceleration in the company’s profit cycle. Harvest^SM investments are generally being reduced or sold from the portfolios.

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