Chris Smith, portfolio manager of the Antero Peak Group, speaks to current macro trends and the key themes the team believes are poised to accelerate in the coming quarters.

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

This investor update represents the views and opinions of the managers as of 13 October 2021, 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 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.

References to the team’s balanced approach is focused on bottoms-up fundamental research rather than a specific asset allocation model. The fund’s investment objective seeks maximum long-term capital appreciation.

Net exposure weight represents the portfolio’s exposures based on the economic value of investments (including delta-adjusting options exposures). Delta-adjusted options exposure is a measure of the market exposure created by the options and accounts for the sensitivity of options to changes in price of the underlying security. In comparison, measuring the exposure of an option at the market value of the option or notional value can understate or overstate, respectively, the economic exposure and risk. This estimate of portfolio exposure is only an approximation of the portfolio at a point in time.

This discussion is not intended to be a recommendation of any individual security. The holdings mentioned comprised the following net exposure weights of the Fund’s total net assets as of 30 September 2021: Microsoft Corp 7.7%, Analog Devices Inc 5.8%, Linde 5.7%, Intuit Inc 3.5%, Martin Marietta Materials Inc 2.4%, American Tower Corp 2.1%. Securities mentioned, but not listed here are not held in the Fund as of the date of this report.

Return on Invested Capital (ROIC) is a measure of how well a company generates cash flow relative to capital invested in the business.

Clarifications: Net inflows across the Antero Peak Group product suite were approximately $684MM year-to-date as of 30 September 2021. The S&P 500 (not the S&P 1,000) median drawdown is about 10%.

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