Summary

• During the quarter, the equity sleeve outperformed the reference Index primarily due to lower beta positioning, a positive contribution from the core model and the higher dividend yield.
• Global conditions in 1Q26 became more challenging as geopolitical tensions, policy uncertainty, and slowing growth weighed on risk sentiment.
• Looking ahead, global equity performance remains mixed.

Strategy overview

The Fund combines an actively managed quantitative equity investment strategy with a call writing option strategy, seeking to create a diversified portfolio with enhanced total return potential and strong downside capture over a full