Thornburg Global Opportunities Fund

Investor Summary

Brian McMahon serves as Vice Chairman and Chief Investment Strategist with over 40 years at Thornburg since 1984, previously holding roles as CIO, President, and CEO. He holds an MBA from Tuck School of Business at Dartmouth and has managed the Global Opportunities Fund since March 2012, delivering 11.0% annualized returns from inception through September 2025. Miguel Oleaga joined as co-manager in February 2020, bringing equity research experience from Putnam Investments and achieving exceptional performance with 49.5% cumulative returns from January 2024 to January 2026 versus 27.0% for peer composites.

Fund Strategy

The Global Opportunities Strategy has the flexibility to pursue investment opportunities from around the world and across market capitalization. The team applies fundamental research to identify companies that we believe have quality business models, trading at a discount to long-term intrinsic value, and have a defined path to success. The strategy goal is to provide investors with long-term capital appreciation by investing in equity securities from around the world. The portfolio typically holds 30-40 securities and is diversified across countries and sectors. The fund employs a fundamental, bottom-up investment process with a concentrated approach and active share of 90.2%.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
11.44%	5.85%	9.19%

Executive Summary

Thornburg Global Opportunities Fund returned +5.85% in Q2 2026, trailing the MSCI All Country World Index return of +14.93%, but delivered a strong trailing 12-month return of +29.49% versus the benchmark's +23.67%. Since inception in July 2006, the fund has outpaced the MSCI ACWI by an average of 3% per year, generating a cumulative return of 766% versus 402% for the index. The fund maintains a focused portfolio of 41 equity holdings trading at a weighted average 2026 P/E of 12.9x versus 18.8x for the benchmark, with weighted average revenue growth of +24.4% over the trailing year significantly exceeding the index. Leading Q2 contributors included technology firms Samsung Electronics, Taiwan Semiconductor, and Alphabet, along with financial intermediaries BNP Paribas, Citigroup, and Bank of Ireland. Key detractors were telecommunications network operators AT&T, Deutsche Telekom, and Orange, along with Chinese digital commerce firms Alibaba and Tencent. The manager is monitoring portfolio companies' abilities to manage cost inflation and maintain margins amidst government policy uncertainty and altered global trade flows.

Core Thesis

Thornburg Global Opportunities Fund seeks capital appreciation through a focused portfolio of global equities selected using a strategy of owning firms with above average revenue growth that are value priced with respect to revenue, earnings, and cash flow vis-à-vis the overall market.

Forward Outlook

The manager expects incoming economic data to indicate a resilient global economy in the face of evolving U.S. trade policies, so far resisting falling into a recession. Winners and losers among artificial intelligence linked businesses and multi-national producers of tradeable goods will become obvious in time, but investor funds will slosh around daily as bets are amplified by computer models. The manager is paying attention to the abilities of portfolio companies to manage cost inflation and maintain revenue and profit margins consistent with expectations.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 8 2026	2026 Q2	ADBE, BABA, BKRIY, BNPQY, C, CATL, DTEGY, FCX, GOOGL, GXYEF, LLY, MALRY, MTUAY, NN, ORAN, RELIANCE.NS, SAP, SCHW, SSNLF, T, TCEHY, TSM, TTE	Diversified, financials, global, growth, semiconductors, technology, Telecommunications, value	-	Thornburg Global Opportunities delivered strong 12-month returns of +29.49% through concentrated holdings in above-average growth businesses trading at significant discounts to the market. Technology and financial holdings drove performance while telecommunications and Chinese e-commerce detracted. The fund's 20-year track record of 3% annual outperformance versus the MSCI ACWI reflects disciplined focus on value-priced growth across global markets.
Apr 2 2026	2026 Q1	0027.HK, 0700.HK, BABA, BNP.PA, C, CACI, DTE.DE, FCX, GOOGL, LLY, META, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE	energy, financials, global, growth, semiconductors, technology, Telecommunications, value	-	Thornburg Global Opportunities outperformed in Q1 2026 with a 3.16% return versus -3.20% for global markets, extending its 20-year track record of beating benchmarks by over 3% annually. The focused 39-stock portfolio trades at a 12.6x P/E discount to markets while generating superior revenue growth, with strong contributions from semiconductors, telecom, and energy holdings.
Jan 11 2026	2025 Q4	0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE	Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value	-	Thornburg Global Opportunities delivered exceptional 2025 performance with 41% returns, significantly outpacing global markets through concentrated exposure to semiconductors, financials, and digital economy leaders. Despite trade policy uncertainty and geopolitical risks, the fund maintains conviction in value-priced growth companies with strong competitive positions, emphasizing long-term wealth creation over short-term volatility.
Sep 30 2025	2025 Q3	0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, BTRW.L, C, CACI, FCX, GOOGL, META, NN.AS, NVO, ORA.PA, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE	Communications, financials, global, growth, semiconductors, technology, Telecom, value	-	Thornburg Global Opportunities Fund outperformed significantly in Q3 2025 and over longer periods through its focused portfolio of 39 global equities trading at attractive valuations. The strategy targets companies with above-average revenue growth, maintaining sector concentrations in communications services, financials, and technology while navigating geopolitical uncertainties and evolving trade policies.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 8 2026

2026 Q2

ADBE, BABA, BKRIY, BNPQY, C, CATL, DTEGY, FCX, GOOGL, GXYEF, LLY, MALRY, MTUAY, NN, ORAN, RELIANCE.NS, SAP, SCHW, SSNLF, T, TCEHY, TSM, TTE

Diversified, financials, global, growth, semiconductors, technology, Telecommunications, value

Thornburg Global Opportunities delivered strong 12-month returns of +29.49% through concentrated holdings in above-average growth businesses trading at significant discounts to the market. Technology and financial holdings drove performance while telecommunications and Chinese e-commerce detracted. The fund's 20-year track record of 3% annual outperformance versus the MSCI ACWI reflects disciplined focus on value-priced growth across global markets.

Apr 2 2026

2026 Q1

0027.HK, 0700.HK, BABA, BNP.PA, C, CACI, DTE.DE, FCX, GOOGL, LLY, META, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE

energy, financials, global, growth, semiconductors, technology, Telecommunications, value

Thornburg Global Opportunities outperformed in Q1 2026 with a 3.16% return versus -3.20% for global markets, extending its 20-year track record of beating benchmarks by over 3% annually. The focused 39-stock portfolio trades at a 12.6x P/E discount to markets while generating superior revenue growth, with strong contributions from semiconductors, telecom, and energy holdings.

Jan 11 2026

2025 Q4

0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE

Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value

Thornburg Global Opportunities delivered exceptional 2025 performance with 41% returns, significantly outpacing global markets through concentrated exposure to semiconductors, financials, and digital economy leaders. Despite trade policy uncertainty and geopolitical risks, the fund maintains conviction in value-priced growth companies with strong competitive positions, emphasizing long-term wealth creation over short-term volatility.

Sep 30 2025

2025 Q3

0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, BTRW.L, C, CACI, FCX, GOOGL, META, NN.AS, NVO, ORA.PA, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE

Communications, financials, global, growth, semiconductors, technology, Telecom, value

Thornburg Global Opportunities Fund outperformed significantly in Q3 2025 and over longer periods through its focused portfolio of 39 global equities trading at attractive valuations. The strategy targets companies with above-average revenue growth, maintaining sector concentrations in communications services, financials, and technology while navigating geopolitical uncertainties and evolving trade policies.

QUARTER	THEMES	TAGS
2026 Q2	Semiconductors The fund holds significant positions in Samsung Electronics and Taiwan Semiconductor Manufacturing, which were leading contributors to Q2 2026 performance. Samsung returned +157.8% in H1 2026 and TSMC returned +54.3%, both showing strong revenue growth. The fund increased its Information Technology sector weight from 10.8% to 17.1% year-over-year, reflecting strong relative performance.	Semiconductors TSMC Samsung Memory Foundries
	Financials The fund maintains an 18.5% allocation to Financials, with strong performance from BNP Paribas, Citigroup, Bank of Ireland, and NN Group as leading Q2 contributors. The manager believes these financial intermediaries should benefit from interest rates determined primarily by free market forces. The sector weight declined modestly year-over-year from 21.4% to 18.5%.	Banks Financial Services Interest Rates Europe Insurance
	Telecom Infrastructure Communications Services represents the largest sector allocation at 23.6%, though down from 27.2% year-over-year. The fund experienced sluggish performance from most telecommunications holdings, with AT&T, Deutsche Telekom, Orange, and Converge among the most significant Q2 detractors. The manager notes altered global trade and financial flows affecting these network operators.	Telecommunications Network Operators 5G Infrastructure
	AI The letter mentions uses of new technologies are growing and references artificial intelligence linked businesses, noting that winners and losers will become obvious in time. The manager observes that investor funds slosh around daily as bets made by humans are amplified by computer models, suggesting volatility around AI-related investments.	Artificial Intelligence Technology Digital Economy
	Trade Policy The manager explicitly states there is significant government policy uncertainty in the U.S. and elsewhere that has altered global trade and financial flows. The letter notes clear indications that global trade flows have been altered by U.S. trade policies, and that winners and losers among multi-national producers of tradeable goods will become obvious in time.	Trade Tariffs Policy Globalization
	Energy The fund reduced its Energy sector allocation from 8.3% to 6.2% year-over-year. Integrated energy producers Shell and TotalEnergies were among the most significant Q2 detractors. The manager notes periodic fluctuation of investor confidence in the outlook for industrial commodity sector businesses.	Oil & Gas Integrated Energy Commodities
	Inflation The letter is published amidst ongoing inflation concerns in the U.S. The manager is monitoring the abilities of portfolio companies to manage cost inflation and maintain profit margins consistent with expectations. This is mentioned as a key focus area given the current economic environment.	Inflation Cost Management Margins Pricing Power
	China China-based digital commerce firms Alibaba and Tencent Holdings were among the most significant Q2 detractors, with Tencent down -28.0% and Alibaba down -33.9% in H1 2026. The fund maintains exposure to Chinese technology and e-commerce platforms despite recent underperformance.	China E-commerce Technology Tencent Alibaba
2026 Q1	Semiconductors The fund holds significant positions in semiconductor companies including Taiwan Semiconductor Manufacturing and Samsung Electronics, which were among the top contributors to performance in Q1 2026. These technology firms are positioned to benefit from ongoing digital economy trends.	Taiwan Semiconductor Samsung Foundries Memory Chip Designers
	Telecommunications Communication services represent the largest sector allocation at 27.2% of the portfolio. Key holdings include Zegona Communications, Orange SA, AT&T, and Deutsche Telekom, with several telecom operators contributing positively to Q1 performance.	Telecom Infrastructure Wireless Telecom Network Operators Communication Services 5G Equipment
	Energy Energy sector holdings include Total Energies and Shell, both significant contributors to Q1 performance with returns of +44.6% and +29.7% respectively. The fund maintains exposure to global oil and gas producers and distributors.	Oil Natural Gas Integrated Oil & Gas Energy Producers Refiners
	Financials Financial services comprise 18.5% of the portfolio, including major banks like Citigroup, BNP Paribas, and Charles Schwab. The manager believes these financial intermediaries should benefit from interest rates determined by free market forces.	Money Center Banks Investment Banks Regional Banks Wealth Management Financial Services
2025 Q4	Technology Technology firms were leading contributors to portfolio performance in Q4, including Samsung Electronics, Alphabet, CACI International, and Taiwan Semiconductor. The fund maintains significant exposure to digital economy businesses and semiconductor companies.	Semiconductors Digital Economy AI Software Hardware
	Financials Financial intermediaries that should benefit from interest rates determined by free market forces are a key focus. Multiple financial firms contributed positively to Q4 performance including Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab.	Banks Interest Rates Financial Services Capital Markets Insurance
	Trade Policy The fund is monitoring ongoing developments with U.S. trade policies and their uncertain impact. Global trade flows have been altered by new U.S. trade policies, creating winners and losers among multi-national producers of tradeable goods.	Tariffs Global Trade Policy Uncertainty Geopolitics
	Inflation The fund is monitoring the abilities of portfolio companies to manage cost inflation and maintain profit margins consistent with expectations. This is highlighted as a key area of attention given the evolving inflation outlook.	Cost Management Profit Margins Pricing Power
2025 Q3	Semiconductors The fund holds significant positions in Taiwan Semiconductor Manufacturing and Samsung Electronics, both showing strong performance. Taiwan Semiconductor returned 32.4% YTD with 22.5% trailing 5-year revenue growth. Samsung Electronics delivered 67.5% YTD returns despite negative 2024 performance.	Taiwan Semiconductor Samsung Foundries Memory
	Telecom Communications services represent 28% of portfolio weight, the largest sector allocation. Key holdings include Zegona Communications with 216.3% YTD returns, Orange SA with 68.7% YTD performance, and AT&T showing 28.2% YTD gains. The sector weight increased 6% year-over-year.	Zegona Orange AT&T Network Operators
	Financials Financial services comprise 20% of portfolio allocation with strong performers including Citigroup (47.3% YTD), Bank of Ireland (85.7% YTD), BNP Paribas (62.8% YTD), and Charles Schwab (30.2% YTD). The managers believe these firms should benefit from interest rates determined by free market forces.	Banks Citigroup BNP Paribas Interest Rates
	Technology Major technology holdings include Alphabet with 28.8% YTD returns and Meta Platforms at 25.7% YTD. The portfolio shows high exposure to digital economy firms. Information Technology represents 12% of sector allocation with consistent performance across the holdings.	Alphabet Meta Digital Economy Software

QUARTER

THEMES

Semiconductors

The fund holds significant positions in Samsung Electronics and Taiwan Semiconductor Manufacturing, which were leading contributors to Q2 2026 performance. Samsung returned +157.8% in H1 2026 and TSMC returned +54.3%, both showing strong revenue growth. The fund increased its Information Technology sector weight from 10.8% to 17.1% year-over-year, reflecting strong relative performance.

Semiconductors TSMC Samsung Memory Foundries

Financials

The fund maintains an 18.5% allocation to Financials, with strong performance from BNP Paribas, Citigroup, Bank of Ireland, and NN Group as leading Q2 contributors. The manager believes these financial intermediaries should benefit from interest rates determined primarily by free market forces. The sector weight declined modestly year-over-year from 21.4% to 18.5%.

Banks Financial Services Interest Rates Europe Insurance

Telecom Infrastructure

Communications Services represents the largest sector allocation at 23.6%, though down from 27.2% year-over-year. The fund experienced sluggish performance from most telecommunications holdings, with AT&T, Deutsche Telekom, Orange, and Converge among the most significant Q2 detractors. The manager notes altered global trade and financial flows affecting these network operators.

Telecommunications Network Operators 5G Infrastructure

AI

The letter mentions uses of new technologies are growing and references artificial intelligence linked businesses, noting that winners and losers will become obvious in time. The manager observes that investor funds slosh around daily as bets made by humans are amplified by computer models, suggesting volatility around AI-related investments.

Artificial Intelligence Technology Digital Economy

Trade Policy

The manager explicitly states there is significant government policy uncertainty in the U.S. and elsewhere that has altered global trade and financial flows. The letter notes clear indications that global trade flows have been altered by U.S. trade policies, and that winners and losers among multi-national producers of tradeable goods will become obvious in time.

Trade Tariffs Policy Globalization

Energy

The fund reduced its Energy sector allocation from 8.3% to 6.2% year-over-year. Integrated energy producers Shell and TotalEnergies were among the most significant Q2 detractors. The manager notes periodic fluctuation of investor confidence in the outlook for industrial commodity sector businesses.

Oil & Gas Integrated Energy Commodities

Inflation

The letter is published amidst ongoing inflation concerns in the U.S. The manager is monitoring the abilities of portfolio companies to manage cost inflation and maintain profit margins consistent with expectations. This is mentioned as a key focus area given the current economic environment.

Inflation Cost Management Margins Pricing Power

China

China-based digital commerce firms Alibaba and Tencent Holdings were among the most significant Q2 detractors, with Tencent down -28.0% and Alibaba down -33.9% in H1 2026. The fund maintains exposure to Chinese technology and e-commerce platforms despite recent underperformance.

China E-commerce Technology Tencent Alibaba

2026 Q1

Semiconductors

The fund holds significant positions in semiconductor companies including Taiwan Semiconductor Manufacturing and Samsung Electronics, which were among the top contributors to performance in Q1 2026. These technology firms are positioned to benefit from ongoing digital economy trends.

Taiwan Semiconductor Samsung Foundries Memory Chip Designers

Telecommunications

Communication services represent the largest sector allocation at 27.2% of the portfolio. Key holdings include Zegona Communications, Orange SA, AT&T, and Deutsche Telekom, with several telecom operators contributing positively to Q1 performance.

Telecom Infrastructure Wireless Telecom Network Operators Communication Services 5G Equipment

Energy

Energy sector holdings include Total Energies and Shell, both significant contributors to Q1 performance with returns of +44.6% and +29.7% respectively. The fund maintains exposure to global oil and gas producers and distributors.

Oil Natural Gas Integrated Oil & Gas Energy Producers Refiners

Financials

Financial services comprise 18.5% of the portfolio, including major banks like Citigroup, BNP Paribas, and Charles Schwab. The manager believes these financial intermediaries should benefit from interest rates determined by free market forces.

Money Center Banks Investment Banks Regional Banks Wealth Management Financial Services

2025 Q4

Technology

Technology firms were leading contributors to portfolio performance in Q4, including Samsung Electronics, Alphabet, CACI International, and Taiwan Semiconductor. The fund maintains significant exposure to digital economy businesses and semiconductor companies.

Semiconductors Digital Economy AI Software Hardware

Financials

Financial intermediaries that should benefit from interest rates determined by free market forces are a key focus. Multiple financial firms contributed positively to Q4 performance including Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab.

Banks Interest Rates Financial Services Capital Markets Insurance

Trade Policy

The fund is monitoring ongoing developments with U.S. trade policies and their uncertain impact. Global trade flows have been altered by new U.S. trade policies, creating winners and losers among multi-national producers of tradeable goods.

Tariffs Global Trade Policy Uncertainty Geopolitics

Inflation

The fund is monitoring the abilities of portfolio companies to manage cost inflation and maintain profit margins consistent with expectations. This is highlighted as a key area of attention given the evolving inflation outlook.

Cost Management Profit Margins Pricing Power

2025 Q3

Semiconductors

The fund holds significant positions in Taiwan Semiconductor Manufacturing and Samsung Electronics, both showing strong performance. Taiwan Semiconductor returned 32.4% YTD with 22.5% trailing 5-year revenue growth. Samsung Electronics delivered 67.5% YTD returns despite negative 2024 performance.

Taiwan Semiconductor Samsung Foundries Memory

Telecom

Communications services represent 28% of portfolio weight, the largest sector allocation. Key holdings include Zegona Communications with 216.3% YTD returns, Orange SA with 68.7% YTD performance, and AT&T showing 28.2% YTD gains. The sector weight increased 6% year-over-year.

Zegona Orange AT&T Network Operators

Financials

Financial services comprise 20% of portfolio allocation with strong performers including Citigroup (47.3% YTD), Bank of Ireland (85.7% YTD), BNP Paribas (62.8% YTD), and Charles Schwab (30.2% YTD). The managers believe these firms should benefit from interest rates determined by free market forces.

Banks Citigroup BNP Paribas Interest Rates

Technology

Major technology holdings include Alphabet with 28.8% YTD returns and Meta Platforms at 25.7% YTD. The portfolio shows high exposure to digital economy firms. Information Technology represents 12% of sector allocation with consistent performance across the holdings.

Alphabet Meta Digital Economy Software

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
No Elevator Pitches found

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

No Elevator Pitches found

TICKER	COMMENTARY
SSNLF	Samsung Electronics is the fund's largest holding at approximately 7% of total assets. Leading semiconductor, consumer & industrial electronic products producer. Returned +157.8% in H1 2026 and +135.2% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +7.2% and trailing 1-year revenue per share growth rate of +11.7%. Samsung was a leading contributor to portfolio performance in Q2 2026.
TSM	Taiwan Semiconductor Manufacturing is the second largest holding. Taiwan-based designer & manufacturer of semiconductors. Returned +54.3% in H1 2026 and +52.9% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +23.3% and trailing 1-year revenue per share growth rate of +31.6%. Taiwan Semiconductor was a leading contributor to portfolio performance in Q2 2026.
GOOGL	Alphabet Inc (Google) is the third largest holding. Internet-based search & advertising, content, software applications, and data centers. Returned +14.3% in H1 2026 and +66.0% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +19.9% and trailing 1-year revenue per share growth rate of +17.0%. Alphabet was a leading contributor to portfolio performance in Q2 2026.
C	Citigroup is the fourth largest holding. Multi-national banking & financial services firm. Returned +21.1% in H1 2026 and +70.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +5.5% and trailing 1-year revenue per share growth rate of +9.0%. Citigroup was a leading contributor to portfolio performance in Q2 2026.
ORAN	Orange SA is the sixth largest holding. Multi-national telecommunications network operator, sold Spain into a 50/50 JV in 2024. Returned +15.9% in H1 2026 and +76.9% in calendar 2025. Trailing 5-year revenue per share annual growth rate of -0.9% and trailing 1-year revenue per share growth rate of +0.4%. Orange was among the most significant detractors from portfolio performance in Q2 2026.
BNPQY	BNP Paribas is the seventh largest holding. Multinational commercial & capital markets bank with most operations centered in Europe. Returned +26.5% in H1 2026 and +69.7% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +7.0% and trailing 1-year revenue per share growth rate of +6.7%. BNP Paribas was a leading contributor to portfolio performance in Q2 2026.
SCHW	Charles Schwab Corporation is the eighth largest holding. U.S. centric wealth management platform, securities brokerage, and bank. Returned -7.0% in H1 2026 and +36.6% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +10.1% and trailing 1-year revenue per share growth rate of +23.6%.
BKRIY	Bank of Ireland is the tenth largest holding. Diversified financial services provider serving Ireland and U.K. customers. Returned +6.4% in H1 2026 and +120.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +11.3% and trailing 1-year revenue per share growth rate of -0.4%. Bank of Ireland was a leading contributor to portfolio performance in Q2 2026.
LLY	Eli Lilly is the eleventh largest holding. Global branded pharmaceutical development, manufacture, distribution. Returned +12.0% in H1 2026 and +40.2% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +21.9% and trailing 1-year revenue per share growth rate of +45.3%. Eli Lilly was a leading contributor to portfolio performance in Q2 2026.
T	AT&T Inc. is the twelfth largest holding. Communications services provider and network operator. Returned -14.8% in H1 2026 and +14.0% in calendar 2025. Trailing 5-year revenue per share annual growth rate of -6.1% and trailing 1-year revenue per share growth rate of +3.2%. AT&T was the most significant detractor from portfolio performance in Q2 2026.
NN	NN Group is the thirteenth largest holding. Netherlands based life and casualty insurer. Returned +17.2% in H1 2026 and +88.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +4.2% and trailing 1-year revenue per share growth rate of -4.7%. NN Group was a leading contributor to portfolio performance in Q2 2026.
FCX	Freeport-McMoran Inc. is the fourteenth largest holding. Global mining company with significant reserves of important minerals. Returned +24.4% in H1 2026 and +35.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +13.0% and trailing 1-year revenue per share growth rate of +1.9%. Freeport McMoran was a leading contributor to portfolio performance in Q2 2026.
GXYEF	Galaxy Entertainment is the fifteenth largest holding. Operates casinos, hotels, & entertainment facilities in Macau. Returned -21.9% in H1 2026 and +19.7% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +30.5% and trailing 1-year revenue per share growth rate of +13.4%. Galaxy Entertainment was among the most significant detractors from portfolio performance in Q2 2026.
MTUAY	MTU Aero Engines is the sixteenth largest holding. Develops, manufactures, and services turbine engines for aviation and industry. Returned +0.7% in H1 2026 and +25.6% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +16.8% and trailing 1-year revenue per share growth rate of +18.2%. MTU Aero Engines was a leading contributor to portfolio performance in Q2 2026.
RELIANCE.NS	Reliance Industries is the seventeenth largest holding. India-based conglomerate: chemicals, refining, #1 mobile telco and #1 retailer in India. Returned -21.3% in H1 2026 and +23.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +16.6% and trailing 1-year revenue per share growth rate of +9.6%.
TCEHY	Tencent Holdings Ltd. is the eighteenth largest holding. E-commerce and digital entertainment holding company, based in China. Returned -28.0% in H1 2026 and +44.6% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +10.3% and trailing 1-year revenue per share growth rate of +16.2%. Tencent was among the most significant detractors from portfolio performance in Q2 2026.
DTEGY	Deutsche Telekom is the nineteenth largest holding. Multinational communications services, control shareholder of T-Mobile U.S. Returned -13.6% in H1 2026 and +11.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +2.8% and trailing 1-year revenue per share growth rate of +5.3%. Deutsche Telekom was among the most significant detractors from portfolio performance in Q2 2026.
MALRY	Mineral Resources is the twentieth largest holding. Australia based miner and mining services firm. Returned +18.2% in H1 2026 and +71.3% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +13.4% and trailing 1-year revenue per share growth rate of +2.6%. Mineral Resources was a leading contributor to portfolio performance in Q2 2026.
SAP	SAP SE is the twenty-second largest holding. Germany-based global software developer for business applications. Returned -36.5% in H1 2026 and +0.6% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +6.4% and trailing 1-year revenue per share growth rate of +7.7%. SAP was among the most significant detractors from portfolio performance in Q2 2026.
ADBE	Adobe Inc is the twenty-third largest holding. Develops and supports software products for print and electronic media. Returned -41.4% in H1 2026 and -21.3% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +13.3% and trailing 1-year revenue per share growth rate of +11.0%. Adobe was among the most significant detractors from portfolio performance in Q2 2026.
TTE	Total Energies SE is the twenty-fourth largest holding. Global oil & gas producer and distributor and low carbon electricity supplier. Returned +21.8% in H1 2026 and +27.3% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +12.6% and trailing 1-year revenue per share growth rate of -2.2%. TotalEnergies was among the most significant detractors from portfolio performance in Q2 2026.
BABA	Alibaba Group Holding is the twenty-fifth largest holding. Internet infrastructure and e-commerce services provider. Returned -33.9% in H1 2026 and +75.8% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +12.9% and trailing 1-year revenue per share growth rate of +6.5%. Alibaba was among the most significant detractors from portfolio performance in Q2 2026.

TICKER

COMMENTARY

SSNLF

Samsung Electronics is the fund's largest holding at approximately 7% of total assets. Leading semiconductor, consumer & industrial electronic products producer. Returned +157.8% in H1 2026 and +135.2% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +7.2% and trailing 1-year revenue per share growth rate of +11.7%. Samsung was a leading contributor to portfolio performance in Q2 2026.

TSM

Taiwan Semiconductor Manufacturing is the second largest holding. Taiwan-based designer & manufacturer of semiconductors. Returned +54.3% in H1 2026 and +52.9% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +23.3% and trailing 1-year revenue per share growth rate of +31.6%. Taiwan Semiconductor was a leading contributor to portfolio performance in Q2 2026.

GOOGL

Alphabet Inc (Google) is the third largest holding. Internet-based search & advertising, content, software applications, and data centers. Returned +14.3% in H1 2026 and +66.0% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +19.9% and trailing 1-year revenue per share growth rate of +17.0%. Alphabet was a leading contributor to portfolio performance in Q2 2026.

Citigroup is the fourth largest holding. Multi-national banking & financial services firm. Returned +21.1% in H1 2026 and +70.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +5.5% and trailing 1-year revenue per share growth rate of +9.0%. Citigroup was a leading contributor to portfolio performance in Q2 2026.

ORAN

Orange SA is the sixth largest holding. Multi-national telecommunications network operator, sold Spain into a 50/50 JV in 2024. Returned +15.9% in H1 2026 and +76.9% in calendar 2025. Trailing 5-year revenue per share annual growth rate of -0.9% and trailing 1-year revenue per share growth rate of +0.4%. Orange was among the most significant detractors from portfolio performance in Q2 2026.

BNPQY

BNP Paribas is the seventh largest holding. Multinational commercial & capital markets bank with most operations centered in Europe. Returned +26.5% in H1 2026 and +69.7% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +7.0% and trailing 1-year revenue per share growth rate of +6.7%. BNP Paribas was a leading contributor to portfolio performance in Q2 2026.

SCHW

Charles Schwab Corporation is the eighth largest holding. U.S. centric wealth management platform, securities brokerage, and bank. Returned -7.0% in H1 2026 and +36.6% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +10.1% and trailing 1-year revenue per share growth rate of +23.6%.

BKRIY

Bank of Ireland is the tenth largest holding. Diversified financial services provider serving Ireland and U.K. customers. Returned +6.4% in H1 2026 and +120.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +11.3% and trailing 1-year revenue per share growth rate of -0.4%. Bank of Ireland was a leading contributor to portfolio performance in Q2 2026.

LLY

Eli Lilly is the eleventh largest holding. Global branded pharmaceutical development, manufacture, distribution. Returned +12.0% in H1 2026 and +40.2% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +21.9% and trailing 1-year revenue per share growth rate of +45.3%. Eli Lilly was a leading contributor to portfolio performance in Q2 2026.

AT&T Inc. is the twelfth largest holding. Communications services provider and network operator. Returned -14.8% in H1 2026 and +14.0% in calendar 2025. Trailing 5-year revenue per share annual growth rate of -6.1% and trailing 1-year revenue per share growth rate of +3.2%. AT&T was the most significant detractor from portfolio performance in Q2 2026.

NN Group is the thirteenth largest holding. Netherlands based life and casualty insurer. Returned +17.2% in H1 2026 and +88.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +4.2% and trailing 1-year revenue per share growth rate of -4.7%. NN Group was a leading contributor to portfolio performance in Q2 2026.

FCX

Freeport-McMoran Inc. is the fourteenth largest holding. Global mining company with significant reserves of important minerals. Returned +24.4% in H1 2026 and +35.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +13.0% and trailing 1-year revenue per share growth rate of +1.9%. Freeport McMoran was a leading contributor to portfolio performance in Q2 2026.

GXYEF

Galaxy Entertainment is the fifteenth largest holding. Operates casinos, hotels, & entertainment facilities in Macau. Returned -21.9% in H1 2026 and +19.7% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +30.5% and trailing 1-year revenue per share growth rate of +13.4%. Galaxy Entertainment was among the most significant detractors from portfolio performance in Q2 2026.

MTUAY

MTU Aero Engines is the sixteenth largest holding. Develops, manufactures, and services turbine engines for aviation and industry. Returned +0.7% in H1 2026 and +25.6% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +16.8% and trailing 1-year revenue per share growth rate of +18.2%. MTU Aero Engines was a leading contributor to portfolio performance in Q2 2026.

RELIANCE.NS

Reliance Industries is the seventeenth largest holding. India-based conglomerate: chemicals, refining, #1 mobile telco and #1 retailer in India. Returned -21.3% in H1 2026 and +23.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +16.6% and trailing 1-year revenue per share growth rate of +9.6%.

TCEHY

Tencent Holdings Ltd. is the eighteenth largest holding. E-commerce and digital entertainment holding company, based in China. Returned -28.0% in H1 2026 and +44.6% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +10.3% and trailing 1-year revenue per share growth rate of +16.2%. Tencent was among the most significant detractors from portfolio performance in Q2 2026.

DTEGY

Deutsche Telekom is the nineteenth largest holding. Multinational communications services, control shareholder of T-Mobile U.S. Returned -13.6% in H1 2026 and +11.4% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +2.8% and trailing 1-year revenue per share growth rate of +5.3%. Deutsche Telekom was among the most significant detractors from portfolio performance in Q2 2026.

MALRY

Mineral Resources is the twentieth largest holding. Australia based miner and mining services firm. Returned +18.2% in H1 2026 and +71.3% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +13.4% and trailing 1-year revenue per share growth rate of +2.6%. Mineral Resources was a leading contributor to portfolio performance in Q2 2026.

SAP

SAP SE is the twenty-second largest holding. Germany-based global software developer for business applications. Returned -36.5% in H1 2026 and +0.6% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +6.4% and trailing 1-year revenue per share growth rate of +7.7%. SAP was among the most significant detractors from portfolio performance in Q2 2026.

ADBE

Adobe Inc is the twenty-third largest holding. Develops and supports software products for print and electronic media. Returned -41.4% in H1 2026 and -21.3% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +13.3% and trailing 1-year revenue per share growth rate of +11.0%. Adobe was among the most significant detractors from portfolio performance in Q2 2026.

TTE

Total Energies SE is the twenty-fourth largest holding. Global oil & gas producer and distributor and low carbon electricity supplier. Returned +21.8% in H1 2026 and +27.3% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +12.6% and trailing 1-year revenue per share growth rate of -2.2%. TotalEnergies was among the most significant detractors from portfolio performance in Q2 2026.

BABA

Alibaba Group Holding is the twenty-fifth largest holding. Internet infrastructure and e-commerce services provider. Returned -33.9% in H1 2026 and +75.8% in calendar 2025. Trailing 5-year revenue per share annual growth rate of +12.9% and trailing 1-year revenue per share growth rate of +6.5%. Alibaba was among the most significant detractors from portfolio performance in Q2 2026.

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FUND PERFORMANCE AS OF 30th June 2026

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