Subject: Candoris weekly: EPS growth off the charts, next 10y return S&P 500, Semi's, Hyperscalers, EME dead as a diversifyer? April numbers!
To: Martijn Van Vliet <[email-masked]>
Date: Thu, 7 May 2026 12:28:29 +0000

Candoris weekly update provided by Martijn van Vliet:

As of May 4, 2026 for professional investors only
Macro Economy/ Markets  -  Strategies offered by Candoris

Scroll down for the charts used and weekly summary

Click here to play the update  <https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,UUg4R1jgRE2t8p3TsQQTVA,0,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9WaWRlb3Mvd2Vla2x5Lm1wND91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,3LVH75IyrYxHtMAz2VUnM09d6zoLxdbBG1GGvVpfgoQ>  * When pictures do not open in your outlook, click here<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,M4uqdaaVR5mxWGcqj9J7DA,1,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9DYW5kb3JpcyUyMHdlZWtseSUyMHVwZGF0ZSUyMHByb3ZpZGVkJTIwYnklMjBNYXJ0aWpuJTIwdmFuJTIwVmxpZXQucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,0V6ZDj2maLyDGHKW74TpGLUIjZvKuTiiyTkje98BMVY> to view them in PDF)

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-This week: 6 May at 15:00 CET, 20 min update on EMD: VanEck Emerging Markets Debt Fund Update<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,dMLzW0LFTSmglZn-r4r9vg,2,aHR0cHM6Ly9ldmVudHMudGVhbXMubWljcm9zb2Z0LmNvbS9ldmVudC83ZDRlN2MxOC03ODI4LTRlNzUtODMzYi0yZmQ4ZGI3MDNkZWZAZTcwNDkzNTgtYzZlYy00ODMwLWE0NGMtMTViNmI2MGQ3OGIzP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,DCgA_EgJR0lP6WPBkYmML8d8qWfTFWjxaNBW3mkTHkc>

Let's start with an Earnings season update

-Earnings are coming in far above already high expectations, driven by strong margins and big tech outperformance
-This keeps market valuations in check: prices rise, but P/E ratios stay stable because earnings grow just as fast
-Key nuance: revenue growth is solid but lags earnings, so the story is margin-driven, which may not be sustainable long term

Look at S&P 500 Today vs 31 Mar: 27.1% earnings growth!!!! Wow....

[03-sp500-earnings-growth-q1-2026]

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Revenue growth is solid, but less extreme

[04-sp500-revenue-growth-q1-2026]

source: Factset

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As you can see, the market isn't cheap at all, but the dark blue line takes off

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/ca3bb89c-71d4-4a10-a34f-fb9061d07cf6/upload_2999191810689280813_baeb098d-7305-434a-aaed-7bb4ec8dd456.png]
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And yes EPS growth is narrow, but it is expected to continue at elevated levels and the Median stock is expected to grow earnings at very decent levels as well..

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/0f742f8d-e3c4-4a68-a689-bd473a22404a/upload_2650877196066000427_911a680b-88ff-4951-94c9-21c791cbb632.png]
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You see these charts quite a bit now and even though I used them myself as well to paint a reason to diversify away from S&P 500 to for example US Small Caps and EME

I like to throw in one thing: What was the earnings growth at previous 20/21 P/E levels?

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/c18c4c47-74b1-4e5e-9d42-64e9337011ec/upload_5845303064025825118_06067d48-8180-4cf5-b7fa-4920d37eb36d.png]
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With 15-30% earnings growth, forward P/E drops from ~20 to a P/E of ~15 in 2 years...

Perhaps better to also look at the PEG ratio

*PEG Formula:  \(\text{Forward P/E} \div \text{Long-Term Earnings Growth} = \text{PEG}\).
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/9ecd9c9c-3705-48b5-b806-d36c3918f883/upload_1522131976023459496_3100915d-77f0-4e8c-b741-592d92433d52.png]

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Semiconductors are leading the recent rise in the markets:

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/15d8215f-3769-414a-b968-e718d717c308/upload_3293371356662879811_c7a66ba4-abd9-4c7d-a67a-a674c2e873ac.png]

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Economic growth might accelerate if semiconductor price rise is again the leading indicator it has been in the past

Or are Semiconductors simply up way too much?

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/a5ca2896-51d3-437f-826a-13a8bdbfeae2/upload_1223235926443134534_f5e2805e-0638-4dc8-8f3a-5d8e0c336192.png]
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in fact it seems to be coming..

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/53094989-6157-450e-9dad-be76d9c22591/upload_677584344524772187_35764b5a-2d78-4af1-a026-eb5c5c2d0763.png]

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Despite the high oil prices, but the importance of oil is so much smaller than it used to

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/b433b5bc-e72c-4edc-b2da-e564f646c6cb/upload_7743666682553952391_08bdcc7a-63ad-440a-ad4b-a9d857d2d0b1.png]
Source: THE BIRB NEST
@TheBirbNest
Chartles Henry Monchau

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Hard to imagine, but the backlog is getting larger, more capex might be more logical than less....

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/e2ddeece-9989-4b25-8a9e-3f64ceefc5a7/upload_5572934343185831215_15d67cf7-5f4a-408a-b18d-1039e426aa7c.png]
source: Steno Research

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Hyperscalers keep pushing up their investments, but is this sustainable?

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/ded5f79c-ab58-4a1e-b095-225deb257c1c/upload_2781763062564717635_a1b0d055-3a5a-4954-aac6-27c232183e5f.png]
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Our EME manager Letko Brosseau is providing insight from the other side of the coin:

  *   April’s MSCI EM performance is an outlier, largely driven by a handful of top Information Technology stocks.
  *   The rally in names like TSMC, SK Hynix, Delta Electronics, and MediaTek is sentiment-driven, but there is caution due to potential data center overbuild.
  *   The market assumes a sustained AI boom, but there are signs that infrastructure spending is outpacing real revenue generation.
  *   OpenAI illustrates this gap, with revenue underperformance and very large long-term data center lease commitments.
  *   The AI supply chain may be over-earning based on demand that is booked but not yet supported by end-user economics.
  *   If funding conditions tighten or revenues disappoint, this could trigger a correction in both orders and valuations.
  *   Strategy remains focused on value, favoring businesses with clearer, self-sustaining cash flows over those dependent on external financing cycles.

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Fact is:

Who would have thought the US economy would rise 75% nominal in 7 years, crazy...

Yes inflation, but nominal rise is good for equities..

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/62b763ab-ee1c-458e-a8a7-369334efa984/upload_587146832777388868_e7a186f5-a48b-41fe-93f6-f009e7d788c8.png]
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over to the Markets:

April saw the largest monthly rise in Nasdaq 100 in >2 decades

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/9e4a625d-4c2a-4b83-92ba-cdd56a6d796b/upload_5613014155814106182_8c20d5f0-849a-4816-b706-d9ce29bdf953.png]
source: Bloomberg/Zerohedge

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Not as extreme for the S&P, but pretty impressive rise..

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/8ae47f12-e96a-446a-875a-85f19f275e96/upload_4300576585369634289_ec3876fb-a9dc-414c-a988-3c55ec19dcea.png]
source: Bloomberg/Zerohedge

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Mag 7 is back big time...SOX is King..

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/ce22e609-b253-4353-8a17-47823c66d867/upload_5272072541267046886_bc3fa2e4-5560-4871-aa17-f5d0c86a203b.png]
source: Bloomberg/Zerohedge

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So far YtD US Small is in the lead

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/baf12ba9-42f1-4d3b-9ba9-bb1b065816b1/upload_5155997191169546055_bb6b5d53-ccca-4b2d-a92c-1dea9ed1cfc3.png]

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Bank of Japan thinks ~160 is enough

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/a8d0fb96-aef1-49b1-9ea7-9eb26e5631de/upload_7545629933158671964_4fe8b979-1e17-4ddc-badc-63104ec82586.png]

source: Bloomberg/Zerohedge

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Market Breadth is plunging again

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/52cf7fe9-5d7e-4d9b-9cdf-a43c6e8662e6/upload_224493797018596852_6dd25e3a-035e-46d4-91f3-aa140fb7d5d3.png]

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EME

  *   EM equities traditionally offered diversification through different economies, valuations, and sector exposure
  *   Indices are now more concentrated and tech-driven, with TSMC, Samsung, and SK Hynix making up ~21% of MSCI EM
  *   This reduces both sector and geographic diversification and increases exposure to tech-related risks
  *   Key question: do EM equities still provide real diversification?

The index and many active managers do not provide diversification via EME anymore the way they used to

We have one that does, see 2nd section of this update

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/55c36f00-d0de-41fb-8adc-b3d12787ad2f/upload_157311093752620834_5695923f-c866-4d1c-8594-01f4fc12774c.png]

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Record low levels of jobless claims, in a labour market that is substantially larger than in the 70-80-90ies...

Is this a sign Friday's jobless numbers will be strong?

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/3b09e7f1-2666-40ad-b63b-deeb48d47129/upload_6293198362346686686_77c66ed6-773a-40e7-8ce9-76477148a2a4.png]
source: Bloomberg/Zerohedge

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Where do we stand on oil..?

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/ed3361b9-fafa-4616-9a2d-7ebd8c857f88/upload_2501175002438111128_064826bb-2d79-4003-9d48-3afde470405c.png]

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Other

Paying dividend is a thing of the past, earnings growth and stock buy backs is what matters

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/3363569b-b8ee-4cd7-bdb7-2100271a084c/upload_6999052519264197202_a29315e6-eab7-4800-aa46-cff3a87d6127.png]

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Other

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/96c0c7dd-7482-4fbe-be4a-a9634b3464f8/upload_8385542943671853860_ceb805b0-4c14-4580-b7bd-42d87130fd0c.png]
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Other

The World is a different place, EM Local Bond volatility nowadays need a war in the Middle East, oil shock to get to the same volatility as DM Government Bonds

More in Wednesday's update:  6 May at 15:00 CET,  VanEck Emerging Markets Debt Fund Update<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,dMLzW0LFTSmglZn-r4r9vg,3,aHR0cHM6Ly9ldmVudHMudGVhbXMubWljcm9zb2Z0LmNvbS9ldmVudC83ZDRlN2MxOC03ODI4LTRlNzUtODMzYi0yZmQ4ZGI3MDNkZWZAZTcwNDkzNTgtYzZlYy00ODMwLWE0NGMtMTViNmI2MGQ3OGIzP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,tnzxwvGiEPGZta08g15sf99LUUXSH8moQVqUQR7EBdE>

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/ed0ed4e1-9cb7-46dd-a4c6-5eb97ff9ec8c/upload_979645472487629061_a1bd1520-216a-4ad2-9006-e552ccf4c49f.png]
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Other

April 2026, forest fires in The Netherlands with smoke that reaches the UK, crazy...

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/6c26c347-a2b0-479c-b104-47f9e7461652/upload_7369206446726525333_bcbf34e2-ac78-4ec0-a23d-4d2e46e86180.png]

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 Week ahead..

Payrolls
      [https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/eb05080e-e4e2-4efc-ade0-85bca5a824bf/upload_7838974328026549592_9a052a39-8741-4a98-8277-62c044f66610.png]
                              [https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/702fc316-a027-4092-863c-34c56cfc77a0/upload_1888201233603342195_7ca6cc8a-2e95-47f5-98bb-d6112a97e9b7.png]

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Upcoming trips with portfolio managers

Kevin Power, Portfolio Manager of the SiM High Yield Opportunities strategy, will be in Europe for a roadshow from 18 May to 22 May 2026

18 May     The Netherlands
19 May     The Netherlands
20 May     Finland
21 May     Denmark
22 May     Portugal

Alex Letko of the Letko Brosseau Global Emerging Markets strategy, will be in Europe for a roadshow from 21 Sept to 25 Sept 2026

21 Sept     TBD
22 Sept    TBD
23 Sept    TBD
24 Sept    TBD
25 Sept    TBD

We would be pleased to visit you, please email to [email-masked]<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,xq2HYymDQKSqImDZn-vdOw,4,bWFpbHRvOmNhbmRvcmlzQGNhbmRvcmlzLm5sP3N1YmplY3Q9TWVldGluZyUyMFBNJTIw,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,5_9UFdepVTl_XY4tvEbgNLuhgslnNEGrjdssNFt6eAY>  to indicate your interest. Upcoming Online Updates

Click on the strategy name to subscribe or reply to this email. The up dates take 20 minutes and are provided by the portfolio manager!

  *   6 May at 15:00 CET,  VanEck Emerging Markets Debt Fund Update<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,dMLzW0LFTSmglZn-r4r9vg,5,aHR0cHM6Ly9ldmVudHMudGVhbXMubWljcm9zb2Z0LmNvbS9ldmVudC83ZDRlN2MxOC03ODI4LTRlNzUtODMzYi0yZmQ4ZGI3MDNkZWZAZTcwNDkzNTgtYzZlYy00ODMwLWE0NGMtMTViNmI2MGQ3OGIzP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,NrXpCzHCnlf1opST11ktHS8UT367FT_SXyk9SvAcfCw>
  *   13 May at 15:00 CET,  Orchard US Small Cap Value Update<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,B8Z-ena5TWC4L2a4mHgM8A,6,aHR0cHM6Ly9ldmVudHMudGVhbXMubWljcm9zb2Z0LmNvbS9ldmVudC8wNTFhYTRiZi1lZmFlLTRhMjgtODJkOC1kMGNkYWQwN2U2ZWFAZTcwNDkzNTgtYzZlYy00ODMwLWE0NGMtMTViNmI2MGQ3OGIzP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,-6lrhCIuQMUexr5De0ug6NX4-fjs-SwiLjPfQVyFkOg>
  *   4 June at 15:00 CET,  NCG US Small Cap Growth Update<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,U1SJFa5gQeiZiW-FBxE6zw,7,aHR0cHM6Ly9ldmVudHMudGVhbXMubWljcm9zb2Z0LmNvbS9ldmVudC82Y2VmYjM5Zi1hZjdjLTRiZWItODFiNy04NmZmZGE3M2E2OTBAZTcwNDkzNTgtYzZlYy00ODMwLWE0NGMtMTViNmI2MGQ3OGIzP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,89JDcWYF-lbOfmJbHI-dcDd1oGJJ55SZqkdwQYhBb2M>
  *   2 Sept at 16:00 CET,  SiM US High Yield Opportunities Update<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,UPnQ21QkQse1m3jxA0DTtQ,8,aHR0cHM6Ly9ldmVudHMudGVhbXMubWljcm9zb2Z0LmNvbS9ldmVudC8zNWQ4ZjQwZi0xZmU3LTRiNDMtOTBjYi02NDk3ZDg5ODEyN2NAZTcwNDkzNTgtYzZlYy00ODMwLWE0NGMtMTViNmI2MGQ3OGIzL3JlZ2lzdHJhdGlvbj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,BRms9KIdBHG_u2uS28s-kkPTOiW0jDC-qQfri5SqTL0>
  *   9 Sept at 15:00 CET,  Letko Brosseau Global Emerging Markets Equity Update<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,cpWmR5hSTrGUwFDVK7-gmw,9,aHR0cHM6Ly9ldmVudHMudGVhbXMubWljcm9zb2Z0LmNvbS9ldmVudC8yYWVmZWJkZC0yYzVmLTRhNTgtOTQyNy1iNDQ2OGFhNWRlNjhAZTcwNDkzNTgtYzZlYy00ODMwLWE0NGMtMTViNmI2MGQ3OGIzL3JlZ2lzdHJhdGlvbj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,qz1--p4kNxvY7dD1qXISneYcis4VDHt7cONta49aneo>
  *   23 Sept at 15:00 CET,  NCG US Small Cap Growth Update<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,NhZqGctiTuyto8Ji6rOG6w,10,aHR0cHM6Ly9ldmVudHMudGVhbXMubWljcm9zb2Z0LmNvbS9ldmVudC80Yjg5OWM0My0wOWQ1LTRkYzctYjc0OC1jYThmYzE3MzdlMjRAZTcwNDkzNTgtYzZlYy00ODMwLWE0NGMtMTViNmI2MGQ3OGIzL3JlZ2lzdHJhdGlvbj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,ADHrnbwi1gnCcB_gD8lOKnmzMXZr5MnGLcH4aYt7xOE>
  *   4 Nov at 15:00 CET,  Orchard US Small Cap Value Update<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,jczJTsmfQgW-bPogSlUMqQ,11,aHR0cHM6Ly9ldmVudHMudGVhbXMubWljcm9zb2Z0LmNvbS9ldmVudC84ZDkyZGZiZi1lYmU5LTRiMDYtYTZlOS1mMjdlNWQ5NGYzMjVAZTcwNDkzNTgtYzZlYy00ODMwLWE0NGMtMTViNmI2MGQ3OGIzL3JlZ2lzdHJhdGlvbj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,3nVFMEy6zVOINgwrdrVB6HYy7NoCDAwEV33ryarV4-U>

Upcoming Online Meeting Week

Week dedicated to one-to-one online meetings to go in-depth on the philosophy, process and portfolio.

SiM High Yield Opportunities   with PM Kevin Power

11-13 May: 16:00-17:00 CET
26-28 May: 16:00-17:00 CET

________________________________

Summary strategies offered by Candoris:

Fixed Income:

Strategic income Management US High Yield Opportunities:
The SiM US HY strategy is a high conviction, high alpha generating strategy. The unique, pragmatic and counter-cyclical approach to investing in US HY has lead to superior returns with less risk (down-market capture 89.5%). SiM manages USD 2.8 billion in US HY only and a daily liquid Art. 8 UCITS fund is available with an AUM of USD 366 million: ISIN Code: <https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,oYQQno3YTmWLV9WSrfJlqg,12,aHR0cHM6Ly9jYW5kb3Jpcy5ubC9pbnZlc3RtZW50LXN0cmF0ZWdpZXMvdXMtaGlnaC15aWVsZC8_dXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,jfvlO45E8KZwlCKOEiaUHr9B3zNtRO7cxXL7PfMmaho> IE00BF1XKP70<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,oYQQno3YTmWLV9WSrfJlqg,12,aHR0cHM6Ly9jYW5kb3Jpcy5ubC9pbnZlc3RtZW50LXN0cmF0ZWdpZXMvdXMtaGlnaC15aWVsZC8_dXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,jfvlO45E8KZwlCKOEiaUHr9B3zNtRO7cxXL7PfMmaho>

As per Q1, 2026 the Strategic income Management (SiM) US High Yield strategy has an annualized outperformance of 2.31% over the BofAML US High Yield index, outperforming all of peers according to eVestment since inception in 2011. SiM also achieved a clean sweep at the Lipper Awards, winning Best Global High Yield Manager over 3, 5 and 10 years. A core portfolio around long term secular trends is complemented with out of favour sector and small cap issuer allocations. The team successfully employed the same investment strategy for more than 20 years. SiM is employee owned and employees invest their own private wealth alongside you as an investor.

    [https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/29acf974-7bfc-4856-88db-2730de472247/upload_6227375380294324870_37b0b28c-84b9-444b-99d5-0794dbcb66f3.png]

    source: FT

________________________________

Data till 31-03-2026:
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/f283868a-7bf6-4a32-84c0-fc1d9c2d1752/upload_1745015346235585958_7e14293b-04c8-47d5-a49e-3d88b4a9bd04.png]

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/79651b23-5c39-40e0-8cec-e37c73097296/upload_6946477111441200750_a672f50b-4189-4e0a-bfea-96381340b03e.png]

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/aba1d0c2-3178-43a1-b99f-7f7a8818f75b/upload_8685606201715931352_386d0eae-ad50-4631-9c2b-5a42ede17c4a.png]

Asset C<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,Asm8T7a6R_SHRHhCvNx6fg,13,aHR0cHM6Ly9nby5jYW5kb3Jpcy5ubC9TaU0tVVMtSFktU3RyYXRlZ3ktU3VtbWVyeT91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,Sfmq_UBZ1i51nUI8AiSj3E_a2HGxrQ_qWrsPwjRe3-U>lass & Strategy Summary<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,5eVmheY-QHWFm1CyPBCBEQ,14,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9TSU0vU2lNJTIwQXNzZXQlMjBDbGFzcyUyMCYlMjBTdHJhdGVneSUyMFN1bW1hcnkucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,qFDL4k_MxNajgXyioq-RVGQCT7QsFLgvK6gYoDp28-g>
Presentation<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,q3A3_GVhSgOiFdDiVw3Dnw,15,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9TSU0vU2lNJTIwVVMlMjBIaWdoJTIwWWllbGQlMjAtJTIwQ2FuZG9yaXMucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,b-4Zfl4GaeJ2LYJDtf8pawev0BkMSXln1-J0tkqFApM>
Peer comparison<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,NnW4PH59Q8ygYCiNcC6zsg,16,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9TSU0vU2lNJTIwSFklMjBWUyUyMFBlZXJzLnBkZj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,0amJ-O-6_ksHvZj9sWpUdK3HMN3uJJC_hRLnLnE3ekU>
Factsheet<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,cj765QpbR2WucCH9-QqwAw,17,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9GYWN0c2hlZXRzJktpaWRzL1NJTSUyMEZhY3RzaGVldC5wZGY_dXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,JJYVSqSLy-y4jCOJPh9iAhP04BIps0LzTBwg3_Ak61Q>
Standard RfP<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,MnyxdRCCQCeR21SYe-f0uQ,18,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9TSU0vU2lNJTIwU3RhbmRhcmQlMjBSZlAucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,vFh_ofdYV_HErLKFKO0rMYaS5t1Hmi3Fho7RqoVDA9I>
Morningstar<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,hr3XnXBuRNSwrgVHmzPqdQ,19,aHR0cHM6Ly93d3cubW9ybmluZ3N0YXJmdW5kcy5pZS9pZS9mdW5kcy9zbmFwc2hvdC9zbmFwc2hvdC5hc3B4P2lkPUYwMDAwMTE1QUgmdXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,VEF2EPoAHOXtPDYSp_aogTLJ6Q6VjqXVqAHTN2TdDGc>
Why US HY Presentation<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,TIW-UrBlTliFUfpBxujygQ,20,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9TSU0vU2lNJTIwSGlnaCUyMFlpZWxkJTIwQXNzZXQlMjBDbGFzcyUyMFByZXNlbnRhdGlvbi5wZGY_dXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,GzQIbT8CSxVhxxMmg56ChOxYpiZsST9XqOmBhyxGJPk>
Sustainability Related Disclosures<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,2kKps-UAT0Og1vEM3WPIlA,21,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9BbGdlbWVlbi9TRkRSL1NpTSUyMFVTJTIwSGlnaCUyMFlpZWxkJTIwT3Bwb3J0dW5pdGllcyUyMEZ1bmQlMjAtJTIwV2Vic2l0ZSUyMERpc2Nsb3N1cmUucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,fExF1kfT7eQMOj0racdViSiQ6NK_n28rCJJkmz_6KaE>
Replay Latest Online Update<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,ri68PTTCTAa3T9MtWTdbZw,22,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9TSU0vU2lNJTIwVVMlMjBIaWdoJTIwWWllbGQlMjBPcHBvcnR1bml0aWVzJTIwU3RyYXRlZ3klMjBVcGRhdGUlMjBEZWMlMjAyMDI0Lm1wND91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,T5A-HCA6raKSyh7YKIDfascquxPu8iVYvEIjMhzHk_c>
SiM and its investment process explained in 12 min<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,5DjbNsbsTVmN1MKyrT1aVw,23,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9TSU0vU2lNJTIwZmlybSUyMGFuZCUyMHByb2Nlc3MlMjBleHBsYWluZWQlMjBmZWIlMjAyMDIyLm1wND91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,ZA9GPE9Wi-BdXm17S76VMIwtNt6D2yt0BGoLk_zeAwY>

  [https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/c9366896-13ec-4f2f-b3c6-e7ee22c2c4a4/upload_2458851594922546582_dc342e5e-100c-495a-8b80-3a9c5be74608.png] CIO and High Yield Portfolio manager Gary Pokrzywinski
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/d3a7cd42-a9d6-4967-b710-018292c8ad43/upload_7848708700526335982_431afc97-9981-44f5-a271-f01c57c20f26.png]
Bio: Gary Pokrzywinski of Strategic investment Management<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,oX9LUBpmR7ymMLBQxcw1pA,24,aHR0cHM6Ly93d3cuc2ltLWxsYy5jb20vdGVhbT91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,MR2rS4kYRSAt6AnF_UCdjhh0C_wyv5VCGjdosyn0M7Y>

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VanEck Emerging Market Debt:
The VanEck Emerging Markets Bond strategy is one of the few truly flexible EMD blend managers using the distinct risk and return characteristics of each of the three EMD sub universes (HC, LC, Corporates). A daily liquid Art. 8 UCITS fund is available with an AUM of USD 180.7 million: ISIN code: IE00BYXQSF37 <https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,j7H-NedHRy-CoJfYAM6gYQ,25,aHR0cHM6Ly9jYW5kb3Jpcy5ubC9pbnZlc3RtZW50LXN0cmF0ZWdpZXMvZW1lcmdpbmctbWFya2V0LWRlYnQtdW5jb25zdHJhaW5lZC8_dXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,YKcinJ5SXs-7h_pOMZkSun25MXEUYy7mjXhjZ1SOKLI>

As per Q1, 2026 the VanEck Emerging Markets Debt strategy has an annualized outperformance of 1.91% over the 50% JPM EMBI & 50% JPM GBI-EM benchmark, outperforming 74% of peers according to eVestment since inception in 2012. The UCITS fund won the Lipper Award for best EMD fund Europe over the last 3 and 5 years. A flexible approach is key to optimising portfolio risk/return using the distinct characteristics of each of the emerging markets debt sub-universes.

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/a6635475-7c4a-41d0-8c20-4637af7894a9/upload_4367232681701203241_08e308e7-4b3d-4947-b08d-c07ef073757a.png]          source: FT

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Data till 31-03-2026:

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/4d12b711-4579-4f43-863e-017ea1cff9a4/upload_2491606980165341091_9196ff08-8103-487e-898c-a18e001a84b4.png]

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/e3a8aef5-8644-444c-a52a-e0207c72b9b8/upload_6796754625750107104_661b1b65-f7e0-4417-be2a-455c1ccc3c5f.png]

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/6ae1e5d4-6b7d-43be-a2e6-2d39bcec64fb/upload_8468742073036892192_07bb4421-2c27-4914-854b-b2e5fa489926.png]

Asset Class & Strategy Summary<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,UxWDCDCGSa6cQkLEo2HKoA,26,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9WYW4lMjBFY2svVmFuRWNrJTIwVUVNQiUyMEFzc2V0JTIwQ2xhc3MlMjAmJTIwU3RyYXRlZ3klMjBTdW1tYXJ5LnBkZj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,BgLijEUnyJjDllq56ZAF0cYNwcOonKzhZGcV4Mrz7WQ>
Presentation <https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,FjAjSubnTw6Mj0IDbz1dHA,27,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9WYW4lMjBFY2svVmFuJTIwRWNrJTIwRU0lMjBib25kcyUyMCUyMC0lMjBDYW5kb3Jpcy5wZGY_dXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,O1G6UC8qE6EjGDlIVbpoAY0RwG9BAVnmHj9WDCwKPwk>
Peer comparison<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,NRO4nfG0SZaMWQn941JqUQ,28,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9WYW4lMjBFY2svVmFuRWNrJTIwRU1EJTIwVlMlMjBQZWVycy5wZGY_dXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,9c1pOMbgQL1o6sAQFd8HMudPLtpiqHlRJQoO9mYHwEU>
Factsheet<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,25ww0SD6QQSwbgxFYt8dbA,29,aHR0cHM6Ly93d3cudmFuZWNrLmNvbS9pZS9lbi9pbnZlc3RtZW50cy9lbWVyZ2luZy1tYXJrZXRzLWJvbmQvb3ZlcnZpZXcvP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,qDopcd91V7eAKhEupkwuu5VhGnk9nnNiDuCnfZIQweA>
Standard RfP<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,usv0p6oyQyirKlqjKr-VIw,30,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9WYW4lMjBFY2svRU1CLVVDSVRTJTIwU3RhbmRhcmQlMjBEdWUlMjBEaWxpZ2VuY2UlMjBRdWVzdGlvbm5haXJlLnBkZj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,Bofadf2cGWi0qcrvAZje1eLB7WTKz7V0HgKo6aSS8_Y>
Morningstar<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,KYuSkRIkRuSlf52Wuieicw,31,aHR0cHM6Ly93d3cubW9ybmluZ3N0YXJmdW5kcy5pZS9pZS9mdW5kcy9zbmFwc2hvdC9zbmFwc2hvdC5hc3B4P2lkPUYwMDAwMFo1VDImdXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,LamyVi9rtAUzsT1h2j3MHwDCdqX2jLVrqa2wlgINZ4g>
Sustainability Related Disclosures<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,01gV0U-YSOeVr540v4XWEA,32,aHR0cHM6Ly93d3cudmFuZWNrLmNvbS9nbG9iYWxhc3NldHMvaG9tZS91Y2l0cy9kb2N1bWVudHMvc3VzdGFpbmFiaWxpdHktcmVsYXRlZC1kaXNjbG9zdXJlcy9lbWJfdWsucGRmLz91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,OjcxZruLG_ferLb3AX_lzKaQKw76KA0MMGQ1YMj224A>

  [https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/e34b0158-5f1d-4144-8475-3607c15766cc/upload_7395113027950222402_f48d0eb2-61c1-4bb5-a63c-4dfd65a80373.png]

Lead Portfolio manager Eric Fine
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/62be0971-3aea-4f00-9bbb-ebcd2a204892/upload_8105548005396113066_f4fbed8f-dc90-47ca-a090-985acf51d031.png] Bio: Eric Fine of VanEck<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,UUX7nWSZRKq4U1zaQJHMAQ,33,aHR0cHM6Ly93d3cudmFuZWNrLmNvbS91cy9lbi9vdXItZmlybS9pbnZlc3RtZW50LXByb2Zlc3Npb25hbHMvP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDkyI2ZpeGVkLWluY29tZQ,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,QqHh0LX5p1IXMwmVPp3gC7qk3_Zxg5sLel-pNcRAH70>

________________________________

Marsham Euro Transitional Issuers Fixed Income

Marsham is a founder-led investment firm focused on fixed income, with a clear edge: transitional bonds. These are bonds from companies actively moving toward lower-carbon, more sustainable business models. This theme is central to the strategy and supports Marsham’s strong bottom-up performance. The SFDR article 8 strategy targets issuers with credible plans to decarbonise or improve operations, not just those with green labels. Transitional bonds are often undervalued and missed by standard ESG filters, offering both impact and return potential.

The Marsham Euro Transitional Issuers Fixed Income Strategy invests in listed corporate bonds, primarily in euros, across both high yield and investment grade.

ISIN code: IE00BMPS1X28:EUR

All 3 funds (Euro, GBP and USD) will be made available in daily liquid art.9 UCITS funds with size!

Presentation<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,lTt-iEJ5R0Kb4OvTFv8PlA,34,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9NYXJzaGFtL01hcnNoYW0lMjBQcmVzZW50YXRpb24ucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,5jgJBc6srI_zmnpM0qoXfAi58-7FU8qKsDFUfFE1Z_4>

Factsheet<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,IrWRTPlwRtS2hhIlizKQNw,35,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9NYXJzaGFtL01hcnNoYW0lMjBGYWN0c2hlZXQucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,fxY2w_tXlUU80lJfdMMTLXnibnpyiWNPCuIdFwEo-jA>

Standard DDQ<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,0ULyHPctRimEMGHFDpcSBg,36,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9PdmVyaWcvTWFyc2hhbV9GdWxsX0REUSUyMGNvcHkucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,nWpVBllfYhczpI93VMz7Lc1DdkZMw0IaAKBRh0W7AEU>

Awards<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,CpRM6WEdQA-c5kmBfHZxTw,37,aHR0cHM6Ly9tYXJzaGFtaW0uY29tL2F3YXJkcy8_dXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,_hrG9gvN7PrJdAJ9CR2PyrgXC_C4Nl8Bt3UKEu2u_so>

Lead portfolio Manager

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/c4a08e49-0c5d-48c9-8bf3-cf5d2ba5e606/upload_5814828655042893103_672490af-9957-4944-ba7a-a40b34950393.png]

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Equities:

Letko Brosseau Emerging Markets Equity
Letko Brosseau is known for its long-term, value-oriented investment approach. They focus on identifying companies with strong fundamentals that are trading at attractive valuations relative to their intrinsic worth. The emerging market equity strategy involves rigorous in-house bottom-up research and analysis of individual companies supplemented with top-down analysis. A daily liquid Art. 8 UCITS fund with an AUM of USD 115 million is available. ISIN code: IE000LCBW880 <https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,Usd0ciICQt-GFApovanLzg,38,aHR0cHM6Ly9jYW5kb3Jpcy5ubC9pbnZlc3RtZW50LXN0cmF0ZWdpZXMvZW0tdmFsdWUtZXF1aXR5Lz91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,3DGEydK6vfqREAok4OOfrScXHhl1dAhqRbFxBOWc0mE>

As per Q1, 2026 the Letko Brosseau Emerging Markets Equity Strategy has an annualised outperformance of 3.72% over the MSCI Emerging Markets index, outperforming all peers according to eVestment since inception in 2011. Letko Brosseau is an independent investment firm with a highly experienced investment team.

- Click here <https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,6bukUXo1RL-UibN6M3-fdQ,39,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9MRVRLTy9BdHRyaWJ1dGlvbl9FbWVyZ2luZyUyME1hcmtldHMlMjBFcXVpdHklMjBVQ0lUUyUyMEZ1bmRfUTElMjAyMDI2X0VORyU1Qjk0JTVEJTIwY29weS5wZGY_dXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,rhCpZhDCbFX-6NiFZT97Vi44fPs6HAVTKDGyxyKWk2w>  for the Q1 attribution and commentary.
- Click here<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,9my5r4m-SaC5V3mCQSqQUg,40,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9MRVRLTy9Qb3J0Zm9saW8lMjBVcGRhdGVfTWFyY2glMjAyMDI2LnBkZj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,HpWWA5WnUKc-Ak83xAkY0dNmD-10SzGPzrutdTX4pjA> <https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,9my5r4m-SaC5V3mCQSqQUg,40,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9MRVRLTy9Qb3J0Zm9saW8lMjBVcGRhdGVfTWFyY2glMjAyMDI2LnBkZj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,HpWWA5WnUKc-Ak83xAkY0dNmD-10SzGPzrutdTX4pjA>  for Impact on the Emerging Markets Fund from Middle East Conflict
- Click here<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,ZXG0OkERQ72O1A12psiWpQ,41,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9MRVRLTy9MZXRrb0Jyb3NzZWF1JTIwdnMlMjBFTUUucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,i0x9LBq_kK8SVqdtjyoLlLM_lzpl-KTfLwWvM1lKBSI>  for a detailed peer comparison of the strategy vs benchmark and peers.
- Click here<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,t5thsB_rSaqSaRF-Ow97xw,42,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9MRVRLTy9FTUUlMjBwbGFjZSUyMHRvJTIwYmUucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,CSsH9aREn3oKXqv7LD3iFII5zsr5boopbVlJj2dxfaU>     for EME place to be?

And the last but not least, the 5y attribution report, that shows that all of the >9% annualised outperformance comes from stock selection!
- Click here<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,lafDByB6TWapKAawxLRFXQ,43,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9MRVRLTy9BdHRyaWJ1dGlvbiUyME1hciUyMDMxLCUyMDIwMjYucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,X7pJHTdruNt7bxsVfFZEHg0xC9KcVMB7hG8Kt5EiB8g>   for the attribution report

  [https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/864be848-6035-4e0c-adf9-49a87ae3eca8/upload_5744358309158663628_0f1ea569-547f-41bb-ba6e-53ad16c52a38.png]
source: FT

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Why Letko underperformed:

The benchmark over the last 30 days has seen exuberance in a few tech names – TSMC is of course one (+21%), but SK Hynix (+50%), Delta Electronics (+48%) and MediaTek (+75%) are all within the top 10 of the index and have also seen a steep increase. See below screenshot of top 10 index names and their last month performance. You’ll see some of the names we hold like Reliance, Alibaba and HDFC Bank had flatter performance relative to these tech names. The Fund does hold Samsung, but at a 3.4% weight compared to the benchmark at 6% weight. The Industrials sector also had a strong month, but proportionally represents a much smaller slice of the index compared to Info Tech.

The return in the MSCI EM index this April is indeed a historic outlier, and the concentration in the top 10 Info Tech names is the primary engine. While names like TSMC, SK Hynix, Delta Electronics, and MediaTek have benefited from a surge in sentiment, our decision to remain underweight or avoid these names is driven by a fundamental concern that goes beyond simple valuation: the risk of a massive data center overbuild.

While the market is pricing in a perpetual "AI gold rush," we are seeing increasing evidence of a disconnect between infrastructure spending and actual revenue generation. A key case in point is OpenAI. Despite the massive hype, OpenAI has recently struggled to meet its internal revenue targets. This is particularly concerning given the scale of their liabilities; the company has committed to approximately $1.3 trillion in lease payments to data center operators over the coming years.

The current buildout among these semiconductor and hardware providers is predicated on the assumption that OpenAI and similar labs will have the liquidity to fulfill these massive obligations. However, with current revenues falling significantly short of these targets, OpenAI is becoming increasingly dependent on capital market financing rather than self-sustaining cash flow to fund its operations and lease commitments.

Our primary thesis for remaining cautious on these high-flying tech names is that we believe the supply chain—from the chipmakers (TSMC, SK Hynix) to the power management providers (Delta Electronics)—is currently over-earning based on "booked-but-not-billing" demand that may not be supported by the end-users' underlying economics. If the capital markets tighten or if the revenue gap at the model-provider level doesn't close rapidly, we expect a significant correction in both the order books and the valuations of these companies.
We remain disciplined in our value-oriented approach, favoring sectors where the cash flows are more transparent and less reliant on speculative financing cycles.

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  *   EM equities traditionally offered diversification through different economies, valuations, and sector exposure
  *   Indices are now more concentrated and tech-driven, with TSMC, Samsung, and SK Hynix making up ~21% of MSCI EM
  *   This reduces both sector and geographic diversification and increases exposure to tech-related risks
  *   Key question: do EM equities still provide real diversification?

The index and many active managers do not provide diversification via EME anymore the way they used to

We have one that does, see 2nd section of this update

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/55c36f00-d0de-41fb-8adc-b3d12787ad2f/upload_157311093752620834_5695923f-c866-4d1c-8594-01f4fc12774c.png]

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Data till 31-03-2026:

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/7a3f6000-3b1a-421c-a7ed-2478c369bebf/upload_5899809672874323613_5d526e57-5427-41de-88c0-c566cf7b4c64.png]
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/500b4648-37c4-4bb3-984e-32a660d14eb5/upload_4104403271582205862_4820c050-be9a-41f4-bf29-73ee7381f129.png]
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/70f5ae5a-3cde-4b51-bc98-3ae6085f9272/upload_6551934678959738917_f805a486-dd7e-4b3c-a5fb-2f0567abbeb0.png]
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/bbc3173c-4660-42f1-ae61-f5e822f73627/upload_2883238855765904351_1a94302b-fd0f-46a3-82ec-9bd181c3a4c2.png]

Asset Class & Strategy Summary<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,TVOKEuZAQzqpUJIvv2l2-g,44,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC8yUGFnZXJzL0xCJTIwRW1lcmdpbmclMjBNYXJrZXRzJTIwRXF1aXR5JTIwQXNzZXQlMjBDbGFzcyUyMCYlMjBTdHJhdGVneSUyMFN1bW1hcnkucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,zIdosIlAwmqYOtGSpC9NvXGkr4QN_vtrQoHbr_92mVc>
Presentation<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,L_CFfz-mTuqH870AggyZfw,45,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9MRVRLTy9DYW5kb3JpcyUyMC0lMjBMZXRrbyUyMEJyb3NzZWF1JTIwRU1FLnBkZj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,7FDQgm097YeDytSDq9juu0fgiIboGHVdKMP0Ow9qryI>
Peer comparison<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,ZXG0OkERQ72O1A12psiWpQ,46,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9MRVRLTy9MZXRrb0Jyb3NzZWF1JTIwdnMlMjBFTUUucGRmP3V0bV9jYW1wYWlnbj1Db3B5X29mX1dlZWtseV8wNC0wNS0yMDI2JnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1idWxrX2VtYWlsJnV0bV9pZD0xNzEyMjcmX2ZtX3N0PThERjBBMTFDQjZEQzVEQTYzREU0QjUwNjk3MkVBOTBEOUU5MEZFOTNFODhBRkIxOTBBRjg1NTUxQTk2NDVDNkY2MUNCQjc5RUQzNjM4RDVBOUQyRDg4MDE3MzIyODFGNjJFRjYyMjI4NDg2NDA1QjcyQ0IxNTUxNzM0OUZERDky,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,APVqeCZKmplvJQRx_8In4VR0x5odj_CD3I4smmwdoYA>
Factsheet<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,Zw4DS4chQci-DMcPN2tD1w,47,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9GYWN0c2hlZXRzJktpaWRzL0xldGtvJTIwZmFjdHNoZWV0LnBkZj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,KwzTHCQLOXyat7eez7tsGnuek6-T6FGMuBP5F0Cmss8>
Standard RfP<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,ziwQel4pTQ6f_uFU7r2xuw,48,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9MRVRLTy9MZXRrbyUyMEJyb3NzZWF1JTIwLSUyMFN0YW5kYXJkJTIwUkZQLnBkZj91dG1fY2FtcGFpZ249Q29weV9vZl9XZWVrbHlfMDQtMDUtMjAyNiZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9YnVsa19lbWFpbCZ1dG1faWQ9MTcxMjI3Jl9mbV9zdD04REYwQTExQ0I2REM1REE2M0RFNEI1MDY5NzJFQTkwRDlFOTBGRTkzRTg4QUZCMTkwQUY4NTU1MUE5NjQ1QzZGNjFDQkI3OUVEMzYzOEQ1QTlEMkQ4ODAxNzMyMjgxRjYyRUY2MjIyODQ4NjQwNUI3MkNCMTU1MTczNDlGREQ5Mg,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,PNvNYpwnkZi2PsCeecVKgJfIYwVuV1oFsQKYrG1hGEg>
ESG Integration<https://fwtrack.candoris.nl/v1/clk/edP6Uy19RrOkXnLpwEWJRw,Ji1gvQ2TTgawq572DQKe9g,49,aHR0cHM6Ly9mdW5kZG9jdW1lbnRhdGlvbi5jYW5kb3Jpcy5ubC9MRVRLTy9MQkElMjBFU0clMjBJbnRlZ3JhdGlvbi5wZGY_dXRtX2NhbXBhaWduPUNvcHlfb2ZfV2Vla2x5XzA0LTA1LTIwMjYmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWJ1bGtfZW1haWwmdXRtX2lkPTE3MTIyNyZfZm1fc3Q9OERGMEExMUNCNkRDNURBNjNERTRCNTA2OTcyRUE5MEQ5RTkwRkU5M0U4OEFGQjE5MEFGODU1NTFBOTY0NUM2RjYxQ0JCNzlFRDM2MzhENUE5RDJEODgwMTczMjI4MUY2MkVGNjIyMjg0ODY0MDVCNzJDQjE1NTE3MzQ5RkREOTI,1,N18xXzgyNzE3NjUxNjY5OTQwMzM0MA,dXYx,U0lHMQ,MTAwMQ,QJAKDt-u42lCAGcGCDNCl3VKhALx39oXI8PM2vIGLKA>
ESG Highlights Report<https://funddocumentation.candoris.nl/LETKO/LBA%20ESG%20Highlights%20Report.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Attribution Report and Commentary<https://funddocumentation.candoris.nl/LETKO/LBA%20Attribution%20Report.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Replay Online Webinar<https://funddocumentation.candoris.nl/LETKO/Letko%20Brosseau%20Global%20Emerging%20Markets%20Equities%20Online%20Update.mp4?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/1334c0ab-dbfa-4cf9-a007-8c0144bd3a4a/upload_2614133920280666956_9033bb31-7ada-4d67-9aba-39f56b0bd5ef.png]
Lead Portfolio Manager Rohit Khuller
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/e92d4c6e-354e-4522-9182-22d2897200b8/upload_1000546283476968711_b811f465-10fb-4b95-9c12-aba2929aa14d.png]
Bio Rohit Khuller of Letko Brosseau<https://www.lba.ca/teams/research-team/?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

________________________________

Chart 1) US Small Caps versus Nasdaq, S&P 500, Dow 30 - August 1, 2025- April 20,2026

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/05ad6b01-ffc7-462b-8dfe-7886d83e18de/upload_3595119217854324970_54813e8b-25f1-4eda-98c3-cb4557633d08.png]

Next Century Growth US Small Cap Growth Equities
The Next Century Growth (NCG) US Small Cap Growth Strategy is a high conviction, high alpha generating strategy that seeks to invest in the fastest growing and highest quality small cap companies in America. A daily liquid Art. 8 UCITS fund with an AUM of USD 55 million is available. ISIN code: IE000TY23GV5<https://candoris.nl/investment-strategies/us-small-cap-growth/?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

As per Q1, 2026 the Next Century Growth US Small Cap Growth Equity Strategy has an annualised outperformance of 4.64% over the Russell 2000 Growth index, outperforming 91% of peers according to eVestment since inception in 1999. Next Century Growth is an independent investment firm with a highly experienced investment team located in Minneapolis.

      [https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/974ded6b-6f89-48f3-ae48-f6ecbd9f73dc/upload_4604891026890855416_053ebd1a-14c0-4b9b-b52f-b6cb02323319.png]       source: FT

________________________________

Data till 31-03-2026:

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/e0f18853-0937-4816-a8fb-6b03992d76b2/upload_1767291507867261698_76afe86d-a323-434c-ba2c-786cacc2816a.png]
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/b2f7c38e-ed47-46f7-abd5-a6288aeef9c4/upload_8990618948896924317_a00d95a1-bcd5-4a8d-9ef2-8579326fc29e.png]
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/ee2e98d9-dcda-4bfe-91f3-98d40b223853/upload_7957716068647923850_3a85a416-c002-4809-805f-fff334e0af24.png]

Asset Class & Strategy Summary<https://funddocumentation.candoris.nl/Next%20Century%20Growth/NCG%20US%20Small%20Cap%20Growth%20Asset%20Class%20&%20Strategy%20Summary.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Presentation<https://funddocumentation.candoris.nl/Next%20Century%20Growth/Next%20Century%20Growth%20US%20Small%20Cap%20Growth.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Peer comparison<https://funddocumentation.candoris.nl/Next%20Century%20Growth/Next%20Century%20Growth%20vs%20Peers.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Factsheet<https://funddocumentation.candoris.nl/Factsheets&Kiids/NCG%20factsheet.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Standard RfP<https://funddocumentation.candoris.nl/Next%20Century%20Growth/Next%20Century%20Growth%20-%20Standard%20RfP.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Morningstar<https://www.morningstarfunds.ie/ie/funds/snapshot/snapshot.aspx?id=F00001EL6O&utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
ESG Policy<https://funddocumentation.candoris.nl/Next%20Century%20Growth/NCG%20Candoris%20Small%20Cap%20ESG%20Policy.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Sustainability Related Disclosures<https://funddocumentation.candoris.nl/Algemeen/SFDR/NCG%20US%20Small%20Cap%20Growth%20Fund%20-%20Website%20Disclosure.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Replay Latest Online Update<https://funddocumentation.candoris.nl/Next%20Century%20Growth/NCG%20US%20Small%20Cap%20Growth.mp4?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

Chairman, CEO, Portfolio Manager and Partner Thomas Press
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/747ac9c9-1bb8-4bd5-a633-6ab255c8875b/upload_7574641914598883917_06960ffe-6a42-4031-aaa6-a680c070074d.png]
Bio: Thomas Press of Next Century Growth Investors<https://www.ncgrowth.com/team/?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

________________________________

Orchard US Small Cap Value Equities
The Orchard US Small Cap Value strategy is a high conviction, high alpha generating strategy that identifies companies that trade at a significant discount to where they should trade at and have one or multiple catalyst to unleash this intrinsic value. A daily liquid Art. 8 UCITS fund with an AUM of USD 56 million is available. ISIN code: IE00BL0L0092<https://candoris.nl/investment-strategies/us-small-cap-value/?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

As per Q1, 2026 the Orchard US Small Cap Value Equity strategy has an annualized outperformance of 2.17% over the Russell 2000 Value index, outperforming 65% of peers according to eVestment since inception in 2001. Orchard Capital Management is a research-driven value investment manager solely focused on small cap value investing. As an independent employee owned boutique based in Chicago they deliver superior returns through proprietary research and a disciplined process. Long term US small cap value is the best performing segment of US Equities.

    [https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/74a68bf6-93e8-4d1b-be58-eab363860595/upload_3669944476388917342_4b684982-a621-4450-8f36-f29c6bb7faad.png]

source: FT

________________________________

Data till 31-03-2026:
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/672f9ea9-7de1-4ec7-ab1f-720a78491815/upload_3852697276603002785_fbeb9149-8caf-4ebb-9e9c-eee01e153ef4.png]

Asset Class & Strategy Summary<https://funddocumentation.candoris.nl/Orchard/Orchard%20Asset%20Class%20&%20Strategy%20Summary.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Presentation<https://funddocumentation.candoris.nl/Orchard/Orchard%20%20Presentation%20-%20Candoris.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Peer comparison<https://funddocumentation.candoris.nl/Orchard/Orchard%20VS%20Peers.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Factsheet<https://funddocumentation.candoris.nl/Factsheets&Kiids/Orchard%20Factsheet.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Standard RfP<https://funddocumentation.candoris.nl/Orchard/Orchard%20US%20Small%20Cap%20Value%20Equity%20RFI-RFP.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Morningstar<https://www.morningstarfunds.ie/ie/funds/snapshot/snapshot.aspx?id=F0000159FW&utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Orchard's approach to ESG<https://funddocumentation.candoris.nl/Orchard/ESG%20Approach%20-%20Orchard.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Sustainability Related Disclosures<https://funddocumentation.candoris.nl/Algemeen/SFDR/Orchard%20US%20Small%20Cap%20Value%20Fund%20-%20Website%20Disclosure.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Replay Latest Online Update<https://funddocumentation.candoris.nl/Orchard/Orchard%20US%20Small%20Cap%20Value%20Update-20250123_150112-Meeting%20Recording.mp4?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/82415957-6808-410a-b5ab-03c78f98876e/upload_5665024966665379132_9d8b133e-6f0a-4c8b-8fdc-d17abbfe2297.png]Founder and CIO Blake Harper
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/4cfdf1d8-b2c6-4707-863a-3309e9c1611a/upload_5644528911409631718_41f3eb65-63c0-4826-926e-decb07c065d3.png]          Bio: Blake Harper of Orchard Capital Management<https://www.orchardinvestments.com/our-firm?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

________________________________

DSM Growth Equity:
The DSM Growth strategies are high conviction strategies that invest in companies that have high earnings growth. A strict valuation discipline differentiates DSM from other growth managers. DSM capital manages USD 6.4 Billion in Equity strategies. DSM is an employee owned firm and employees invest their own private wealth alongside you as an investor.

-DSM had this chart below very correct: The fact that these companies had become in-expensive compared to their earnings...

-Last week's online update was spot on related to earnings expectations, reply to this email for the replay

DSM Global Growth
As per Q1, 2026 the Global Growth Equity strategy of DSM has an annualized outperformance of 1.03% over the MSCI ACWI Growth, outperforming 90% of peers according to eVestment since inception in 2010. A daily liquid Art. 8 UCITS fund is available with an AUM of USD 142.9  million. ISIN code: LU1016061043<https://candoris.nl/investment-strategies/global-equity/?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

YtD +1.7% outperformance over the MSCI ACWI Growth BM

Asset Class & Strategy Summary<https://funddocumentation.candoris.nl/DSM/DSM%20Global%20Growth%20Asset%20Class%20&%20Strategy%20Summary.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Presentation<https://funddocumentation.candoris.nl/DSM/DSM%20Global%20Equities%20-%20Candoris.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Peer comparison<https://funddocumentation.candoris.nl/DSM/DSM%20GG%20VS%20Peers.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Factsheet<https://dsmcapital.com/ucits-funds-global-frowth-sub-fund/?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Standard RfP<https://funddocumentation.candoris.nl/DSM/DSM%20Global%20Growth%20Sample%20RFP.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Morningstar<https://www.morningstarfunds.ie/ie/funds/snapshot/snapshot.aspx?id=F00000T4G0&utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Stewardship Report<https://funddocumentation.candoris.nl/DSM/Stewardship%20Report.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Sustainability Related Disclosures<https://www.dsmcapital.com/wp-content/uploads/2022/12/DSM-Capital-Partners-Funds-Global-Growth-Sustainability-Related-Disclosures.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Replay Latest Online Update<https://funddocumentation.candoris.nl/DSM/DSM%20Global%20&%20US%20LC%20Growth%20Strategy%20Update-20250903.mp4?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Artificial Intelligence (AI)<https://funddocumentation.candoris.nl/DSM/DSM%20Artificial%20Intelligence.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/e452c008-5921-46c7-bb91-71b6f7e7c5b1/upload_4264099508681162721_b864fe81-8b38-4c5c-88b3-abd03890ce18.png]DSM US Large Cap Growth
As per Q1, 2026 the US Large Cap Growth Equity strategy of DSM has an annualized outperformance of 0.73% over the Russell 1000 Growth, outperforming 86% of peers according to eVestment since inception in 2002. A daily liquid Art. 8 UCITS fund is available with an AUM of USD 60.2 million. ISIN code: LU1440728472<https://candoris.nl/investment-strategies/us-equity-growth/?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

YTD +1.6% outperformance over the R1000G BM

Asset Class & Strategy Summary<https://funddocumentation.candoris.nl/DSM/DSM%20US%20Large%20Cap%20Growth%20Asset%20Class%20&%20Strategy%20Summary.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Presentation<https://funddocumentation.candoris.nl/DSM/DSM%20US%20Equities%20-%20Candoris.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Peer comparison<https://funddocumentation.candoris.nl/DSM/DSM%20US%20VS%20Peers.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Factsheet<https://dsmcapital.com/ucits-funds-us-large-cap-growth-sub-fund/?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Standard RfP<https://funddocumentation.candoris.nl/DSM/DSM%20US%20LCG%20Generic%20RFP.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Morningstar<https://www.morningstarfunds.ie/ie/funds/snapshot/snapshot.aspx?id=F00000X0GD&utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Stewardship Report<https://funddocumentation.candoris.nl/DSM/Stewardship%20Report.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Sustainability Related Disclosures<https://www.dsmcapital.com/wp-content/uploads/2022/12/DSM-Capital-Partners-Funds-U.S.-Large-Cap-Growth-Sustainability-Related-Disclosures.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Replay Latest Online Update<https://funddocumentation.candoris.nl/DSM/DSM%20Global%20&%20US%20LC%20Growth%20Strategy%20Update-20250903.mp4?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>
Artificial Intelligence (AI)<https://funddocumentation.candoris.nl/DSM/DSM%20Artificial%20Intelligence.pdf?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/8b196114-6226-49c0-9be1-a1bd62ce095d/upload_2084510959955336547_1a8b1549-8bbb-402d-b5ad-92e330b94e1e.png]CIO Daniel Strickberger
[https://gallery.freshmarketer.eu/9582de29-74a7-3ed0-a39c-6fee9c0620b3/files/0b64ee11-8542-4b75-88b6-62535e597f90/upload_4169633873434837412_0ad1368c-51ff-42eb-a064-13dfef943662.png] Bio: CIO Daniel Strickberger of DSM Capital Partners<https://dsmcapital.com/people/?utm_campaign=Copy_of_Weekly_04-05-2026&utm_medium=email&utm_source=bulk_email&utm_id=171227&_fm_st=8DF0A11CB6DC5DA63DE4B506972EA90D9E90FE93E88AFB190AF85551A9645C6F61CBB79ED3638D5A9D2D8801732281F62EF62228486405B72CB15517349FDD92>

Best regards\met vriendelijke groet,

Martijn van Vliet
[email-masked]

Candoris
HNK, Oude Middenweg 19, 2491 AC,
The Hague,
The Netherlands
www.candoris.nl

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