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Man Funds plc
(An Investment Company with Variable Capital) Semi - Annual Report and Unaudited Financial Statements for the six month period ended 3 0 June 202 6
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Man Funds plc
Fund and Class of Shares ISIN
Man Global Convertibles Class D USD IE00BVRZB126 Man Global Convertibles Class D H EUR IE00BVRZB456 Man Global Convertibles Class DL USD IE00B01D8Z85 Man Global Convertibles Class DL H EUR IE00B01D9113 Man Global Convertibles Class DL H GBP IE00B7510G27 Man Global Convertibles Class DW H EUR IE000UQ6GFP5 Man Global Convertibles Class I USD IE00BVRZBP67 Man Global Convertibles Class I H GBP IE00BVRZBT06 Man Global Convertibles Class IH EUR IE00BVRZBS98 Man Global Convertibles Class IL USD IE00B29Z0B02 Man Global Convertibles Class IL H EUR IE00B29Z0C19 Man Global Convertibles Class IM USD IE00B4Q68161 Man Global Convertibles Class IM H EUR IE00B4Q68831 Man Global Convertibles Class IM H GBP IE00B4Q69243 Man Global Convertibles Class IU H EUR IE00BMWBBB24
Man Japan CoreAlpha Equity Class D EUR IE00BYVDZH74 Man Japan CoreAlpha Equity Class D EUR G Dist IE00BZ7PF968 Man Japan CoreAlpha Equity Class D JPY IE00B5649C52 Man Japan CoreAlpha Equity Class D USD IE00BP4VM748 Man Japan CoreAlpha Equity Class D H CHF IE00B46RNT22 Man Japan CoreAlpha Equity Class D H EUR IE00B5648R31 Man Japan CoreAlpha Equity Class D H GBP IE00B665M716 Man Japan CoreAlpha Equity Class D H USD IE00B56CKP98 Man Japan CoreAlpha Equity Class DW C EUR IE000GP7BXC4 Man Japan CoreAlpha Equity Class DW H EUR IE0003CI5FJ4 Man Japan CoreAlpha Equity Class DY C EUR IE000C84JER7 Man Japan CoreAlpha Equity Class DY H EUR IE000TMZYKH4 Man Japan CoreAlpha Equity Class I EUR IE00B45R5B91 Man Japan CoreAlpha Equity Class I EUR Dist IE00BZ6S5189 Man Japan CoreAlpha Equity Class I GBP IE00B62QF466 Man Japan CoreAlpha Equity Class I JPY IE00B5649G90 Man Japan CoreAlpha Equity Class I JPY Dist IE00BJ3VGK40 Man Japan CoreAlpha Equity Class I SEK IE00B43JT264 Man Japan CoreAlpha Equity Class I USD IE00B3QXQG18 Man Japan CoreAlpha Equity Class I USD Dist IE00BJ3VGL56 Man Japan CoreAlpha Equity Class I H CHF IE00B464TQ22 Man Japan CoreAlpha Equity Class I H EUR IE00B578XK25 Man Japan CoreAlpha Equity Class I H EUR Dist IE00BD82R418 Man Japan CoreAlpha Equity Class I H GBP IE00B64XDT64 Man Japan CoreAlpha Equity Class I H GBP Dist IE00BJ3VGM63 Man Japan CoreAlpha Equity Class I H USD IE00B5646799 Man Japan CoreAlpha Equity Class I H USD Dist IE00BJ3VGN70 Man Japan CoreAlpha Equity Class IU JPY IE000LN3ZSS3 Man Japan CoreAlpha Equity Class IXU USD IE0006WD3280 Man Japan CoreAlpha Equity Class IXMU EUR IE000DO5MAD5 Man Japan CoreAlpha Equity Class IXX EUR IE000SYTFMS6 Man Japan CoreAlpha Equity Class IXX JPY IE00BF2S5G73 Man Japan CoreAlpha Equity Class IXX H CHF IE000FRITS42 Man Japan CoreAlpha Equity Class IXX H EUR IE00BF2S5F66 Man Japan CoreAlpha Equity Class IXX H EUR Dist IE00BDFF1S55 Man Japan CoreAlpha Equity Class IXX H GBP Dist IE00BDFF1T62 Man Japan CoreAlpha Equity Class IXX H USD IE00BF2S5H80 Man Japan CoreAlpha Equity Class IXX H USD Dist IE00BDFF1V84
Man Systematic Emerging Markets Equity Class D EUR IE00BTC1N590 Man Systematic Emerging Markets Equity Class D USD IE00BTC1N152 Man Systematic Emerging Markets Equity Class DW H EUR IE000HNHJQQ4 Man Systematic Emerging Markets Equity Class DYU H EUR IE0005BPTAE5 Man Systematic Emerging Markets Equity Class I EUR IE00BTC1NK44 Man Systematic Emerging Markets Equity Class I GBP IE00BTC1NL50
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Man Funds plc
Fund and Class of Shares (continued) ISIN
Man Systematic Emerging Markets Equity Class I JPY IE00BTC1NQ06 Man Systematic Emerging Markets Equity Class I SEK IE00BTC1NN74 Man Systematic Emerging Markets Equity Class I USD IE00BTC1NF90 Man Systematic Emerging Markets Equity Class I USD Dist IE00BYVW6607 Man Systematic Emerging Markets Equity Class IU USD IE000BR9ZKX5 Man Systematic Emerging Markets Equity Class IMU USD IE00BHJYB976 Man Systematic Emerging Markets Equity Class IX DKK IE000SFEZTC4 Man Systematic Emerging Markets Equity Class IX EUR IE000T8Q7NJ2 Man Systematic Emerging Markets Equity Class IX NOK IE00027KX220 Man Systematic Emerging Markets Equity Class IX SEK IE000YCOC0J7 Man Systematic Emerging Markets Equity Class IX USD IE000W9Q2T55 Man Systematic Emerging Markets Equity Class IXU EUR IE000EU5NQW0 Man Systematic Emerging Markets Equity Class IXU GBP IE000C46AJJ1 Man Systematic Emerging Markets Equity Class IXU USD IE000Z0N6QL1 Man Systematic Emerging Markets Equity Class IXX GBP IE000ILRQTE0
Man Global Emerging Markets Local Currency Rates Class D C EUR IE00BYQP7726 Man Global Emerging Markets Local Currency Rates Class D C USD IE00BYQP7B68 Man Global Emerging Markets Local Currency Rates Class DW C EUR IE0004PXSRL3 Man Global Emerging Markets Local Currency Rates Class DY C EUR IE000X4FR7X9 Man Global Emerging Markets Local Currency Rates Class I C EUR IE00BYQP7387 Man Global Emerging Markets Local Currency Rates Class I C SEK IE00BYQP7502 Man Global Emerging Markets Local Currency Rates Class I C USD IE00BYQP7619 Man Global Emerging Markets Local Currency Rates Class I H GBP IE00BD0Q9H86
Man Global Emerging Markets Bond Class D C EUR IE00BYQP7G14 Man Global Emerging Markets Bond Class D C USD IE00BYQP7R29 Man Global Emerging Markets Bond Class DW H EUR IE000YK6IPJ5 Man Global Emerging Markets Bond Class DYU H EUR IE0006DZGV49 Man Global Emerging Markets Bond Class I C EUR IE00BYQP7C75 Man Global Emerging Markets Bond Class I C SEK IE00BYQP7F07 Man Global Emerging Markets Bond Class I C USD IE00BYQP7H21 Man Global Emerging Markets Bond Class I F USD IE00BF0YM999 Man Global Emerging Markets Bond Class I H EUR IE00BD1MB807 Man Global Emerging Markets Bond Class IF H EUR IE00BDQZFF92 Man Global Emerging Markets Bond Class IU USD IE0009OKO820
Man Systematic Europe Class D C EUR IE00BYXG3D65 Man Systematic Europe Class I C EUR IE00BYXG3479 Man Systematic Europe Class I C GBP IE00BYXG3693 Man Systematic Europe Class I C SEK IE00BYXG3818 Man Systematic Europe Class I C USD IE00BYXG3925
Man Systematic China A Equity Class D C EUR IE00BFMXM619 Man Systematic China A Equity Class D H EUR IE00BMWBB894 Man Systematic China A Equity Class I USD IE00BF5HMG00 Man Systematic China A Equity Class I C EUR IE00BFMXM494 Man Systematic China A Equity Class I C GBP IE00BJCWB252 Man Systematic China A Equity Class I C SEK IE00BFMXM502
Man Asia (ex Japan) Equity Class D USD IE000EIMZ3U1 Man Asia (ex Japan) Equity Class D C EUR IE000QYL1XE8 Man Asia (ex Japan) Equity Class DW C EUR IE000EYASAA2 Man Asia (ex Japan) Equity Class I USD IE00BK810371 Man Asia (ex Japan) Equity Class I C CHF IE00BK810603 Man Asia (ex Japan) Equity Class I C EUR IE00BK810595 Man Asia (ex Japan) Equity Class I C GBP IE00BK810488 Man Asia (ex Japan) Equity Class IF USD Dist A IE000MDCHQ58 Man Asia (ex Japan) Equity Class IF C EUR IE00BMWBB563 Man Asia (ex Japan) Equity Class IF C EUR Dist A IE000REKO956 Man Asia (ex Japan) Equity Class IF C GBP IE000ED2SMQ8 Man Asia (ex Japan) Equity Class IF C GBP Dist A IE000NYH48Y7
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Man Funds plc
Fund and Class of Shares (continued) ISIN
Man Asia (ex Japan) Equity Class IXU C EUR Dist A IE0005XI7F43 Man Asia (ex Japan) Equity Class IXU C GBP IE000LAHAT93 Man Asia (ex Japan) Equity Class IXU C GBP Dist A IE000KUB13M3 Man Asia (ex Japan) Equity Class IXU USD IE000MYEE2O1 Man Asia (ex Japan) Equity Class IXU USD Dist A IE000H2IPYR1
Man Systematic US High Yield Class I USD IE00BMDNRN13
Man Global Investment Grade Opportunities Class D USD IE000V4MQ908 Man Global Investment Grade Opportunities Class D USD Dist IE000KEXCUV1 Man Global Investment Grade Opportunities Class D H CHF IE0009LPDD84 Man Global Investment Grade Opportunities Class D H EUR IE000MI53C66 Man Global Investment Grade Opportunities Class D H SGD IE000L34SIZ8 Man Global Investment Grade Opportunities Class DU USD IE00055D8831 Man Global Investment Grade Opportunities Class DUV H EUR IE000XAGNOO2 Man Global Investment Grade Opportunities Class DUV H EUR Dist IE0009FVO2V4 Man Global Investment Grade Opportunities Class DV USD IE000EYC6YG5 Man Global Investment Grade Opportunities Class DW USD IE000SISN8H9 Man Global Investment Grade Opportunities Class DW H EUR IE0005FE8Z02 Man Global Investment Grade Opportunities Class DW U USD IE000UM0IFD4 Man Global Investment Grade Opportunities Class DY H EUR IE00043B3AI4 Man Global Investment Grade Opportunities Class DYV USD IE000GDY7UP9 Man Global Investment Grade Opportunities Class DYV USD Dist IE0004Y0KUV0 Man Global Investment Grade Opportunities Class I EUR Dist IE000FZONFF6 Man Global Investment Grade Opportunities Class I USD IE000XOE1GE5 Man Global Investment Grade Opportunities Class I USD Dist IE000YV0OGL8 Man Global Investment Grade Opportunities Class I JPY IE000JGP07Y1 Man Global Investment Grade Opportunities Class I H AUD IE000ZA0Z5I9 Man Global Investment Grade Opportunities Class I H BRL USD IE0008U2MV73 Man Global Investment Grade Opportunities Class I H CHF IE000XNOBFX3 Man Global Investment Grade Opportunities Class I H EUR IE000VA5W9H0 Man Global Investment Grade Opportunities Class I H EUR Dist IE000HUNJLV8 Man Global Investment Grade Opportunities Class I H GBP IE0009XKM2Z8 Man Global Investment Grade Opportunities Class I H GBP Dist IE000N92KCI8 Man Global Investment Grade Opportunities Class I H JPY IE000LMFGB04 Man Global Investment Grade Opportunities Class I H SGD IE000BRKYT44 Man Global Investment Grade Opportunities Class I H SGD Dist IE000NZAZZT2 Man Global Investment Grade Opportunities Class IF EUR Dist IE000NPI3I93 Man Global Investment Grade Opportunities Class IF USD Dist IE000RV2XNE5 Man Global Investment Grade Opportunities Class IF H EUR IE000FTP5ZV4 Man Global Investment Grade Opportunities Class IF H EUR Dist IE000BJUV7F9 Man Global Investment Grade Opportunities Class IF H GBP IE0006C92Y45 Man Global Investment Grade Opportunities Class IF H GBP Dist IE000UFXFSI1 Man Global Investment Grade Opportunities Class IV USD IE0005KVN6A7 Man Global Investment Grade Opportunities Class IXMU H EUR IE000BTX72N2 Man Global Investment Grade Opportunities Class IYV USD IE000OE87WX6 Man Global Investment Grade Opportunities Class IYV USD Dist IE000KQALD31
Man China Equity Class I USD IE000J4K3DA2 Man China Equity Class I C EUR IE000WMBYW65 Man China Equity Class I C GBP IE000VPJAJH9 Man China Equity Class IF USD IE000U1R2633 Man China Equity Class IF C EUR IE000FUCUTW3
Man Dynamic Income Class D USD IE000W4DU5G7 Man Dynamic Income Class D USD Dist IE000QJ3OX74 Man Dynamic Income Class D H CHF IE0002NV2M24 Man Dynamic Income Class D H EUR IE00008TZ2E8 Man Dynamic Income Class D H SGD IE000SMX4PN7 Man Dynamic Income Class D H SGD Dist IE000MYBQYL4
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Man Funds plc
Fund and Class of Shares (continued) ISIN
Man Dynamic Income Class DB H CHF IE000S0TA3O4 Man Dynamic Income Class DB H EUR IE000WFG9PJ8 Man Dynamic Income Class DB H SGD IE000WPC0L87 Man Dynamic Income Class DB H SGD Dist IE000Q5TH3I8 Man Dynamic Income Class DB USD IE000EGAKI03 Man Dynamic Income Class DB USD Dist IE00039W6MB8 Man Dynamic Income Class DLB H EUR IE0009VD6MI6 Man Dynamic Income Class DLB USD IE000T8VZDV2 Man Dynamic Income Class DVU H AUD Dist IE000T5HMZJ3 Man Dynamic Income Class DVU H SGD IE000OAGP1Z0 Man Dynamic Income Class DVU USD IE000RC0PDH2 Man Dynamic Income Class DV USD IE0002MWO7F3 Man Dynamic Income Class DVB H EUR IE00033N56O9 Man Dynamic Income Class DVYB USD IE000S8MPIS8 Man Dynamic Income Class DW USD IE000I709Y18 Man Dynamic Income Class DWU USD IE000S6WDH72 Man Dynamic Income Class DY H EUR IE000PWNRC04 Man Dynamic Income Class DYV H EUR IE0004D112R1 Man Dynamic Income Class DYV USD IE000MHLGM17 Man Dynamic Income Class DYW H EUR IE000HZT4EI5 Man Dynamic Income Class DWB USD G Dist IE00056U8JP0 Man Dynamic Income Class DWUB USD IE000P5WZO82 Man Dynamic Income Class DWYBU USD IE000FLVHQ70 Man Dynamic Income Class DWYB USD IE000UWEDFN8 Man Dynamic Income Class DYVB USD IE00041XGB53 Man Dynamic Income Class DYVB USD G Dist IE000O3X4HX9 Man Dynamic Income Class I USD IE000NS7XVU2 Man Dynamic Income Class I USD Dist IE0007APOFQ7 Man Dynamic Income Class I USD G Dist IE000MH61K00 Man Dynamic Income Class I H CHF IE000O78N0B2 Man Dynamic Income Class I H CHF Dist IE000W9W3X72 Man Dynamic Income Class I H EUR IE000E4XZ7U3 Man Dynamic Income Class I H EUR Dist IE00039BRO89 Man Dynamic Income Class I H GBP IE000RA2ZI45 Man Dynamic Income Class I H GBP Dist IE000H80DYD5 Man Dynamic Income Class I H GBP G Dist IE000ZTSNQP4 Man Dynamic Income Class I H SGD IE0004GJJEL8 Man Dynamic Income Class I H SGD Dist IE000TJJZO41 Man Dynamic Income Class IB USD IE000WU421Y6 Man Dynamic Income Class IB USD Dist IE0001AW7354 Man Dynamic Income Class IB H CHF IE00079XKA20 Man Dynamic Income Class IB H EUR IE000FR1WHU7 Man Dynamic Income Class IB H EUR Dist IE0008XP87E2 Man Dynamic Income Class IB H GBP IE000B5Y5BQ7 Man Dynamic Income Class IB H SGD IE000GXF1WJ0 Man Dynamic Income Class IB H SGD Dist IE00059E7IP1 Man Dynamic Income Class IF USD IE00068B59K2 Man Dynamic Income Class IF H CHF IE0002IX4RL4 Man Dynamic Income Class IF H EUR IE000230XXL4 Man Dynamic Income Class IF H GBP IE000PP176W6 Man Dynamic Income Class IU USD IE000N1GJB86 Man Dynamic Income Class IX H GBP IE0006TC5KE9 Man Dynamic Income Class ILB USD IE000ZM34ZL5 Man Dynamic Income Class ILB USD Dist IE00070RULL9 Man Dynamic Income Class ILB H CHF IE0004CHUXA1 Man Dynamic Income Class ILB H EUR IE000HZGQMH3 Man Dynamic Income Class ILB H GBP IE0002A9MF97 Man Dynamic Income Class ILBU H EUR IE0001R6ISK0 Man Dynamic Income Class IVYB USD IE000N0U38C8 Man Dynamic Income Class IXU EUR IE000Z0Y9MC0 Man Dynamic Income Class IYV USD IE000LLOBUD3 Man Dynamic Income Class IYVB USD IE000B3VIOB8 Man Dynamic Income Class IYVB USD G Dist IE00011KIID6
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Man Funds plc
Fund and Class of Shares (continued) ISIN
Man Asia Credit Opportunities Class I USD IE000AP9H197 Man Asia Credit Opportunities Class I H EUR IE00073Z37S0 Man Asia Credit Opportunities Class IF USD IE0005NOCCC9 Man Asia Credit Opportunities Class IF H EUR IE0006UIVA78 Man Asia Credit Opportunities Class IF H GBP IE000VUJ7JS5
Man Euro Corporate Bond Class D EUR IE000JM1MJ59 Man Euro Corporate Bond Class DY H SEK IE000CGD42O0 Man Euro Corporate Bond Class I EUR IE0003IH2IX1 Man Euro Corporate Bond Class I EUR Dist IE000UK3X9Z4 Man Euro Corporate Bond Class I H USD IE0004Z8SWQ1 Man Euro Corporate Bond Class IF EUR IE000BJKVS14 Man Euro Corporate Bond Class IU H CHF IE0002AMT027
Man Global Climate Transition Impact Bond Class D H EUR IE000EIA39C9 Man Global Climate Transition Impact Bond Class I USD IE000E3B6CZ7 Man Global Climate Transition Impact Bond Class I H EUR IE000ARJZZR1 Man Global Climate Transition Impact Bond Class IF USD IE000HSNGY07 Man Global Climate Transition Impact Bond Class IF H EUR IE000S5SI946 Man Global Climate Transition Impact Bond Class IU H GBP IE000B9QWE57
Man Emerging Markets Corporate Credit Opportunities Class D H EUR IE000IMJFTW0 Man Emerging Markets Corporate Credit Opportunities Class DV USD IE0004C0I6P4 Man Emerging Markets Corporate Credit Opportunities Class DWU USD IE0001IIHXP7 Man Emerging Markets Corporate Credit Opportunities Class I USD IE000CNKD3D0 Man Emerging Markets Corporate Credit Opportunities Class I H EUR IE000R8WA7O4 Man Emerging Markets Corporate Credit Opportunities Class IF H CHF IE0004XSAWL5 Man Emerging Markets Corporate Credit Opportunities Class IF H EUR Dist IE000HN9RIR6 Man Emerging Markets Corporate Credit Opportunities Class IU H EUR IE000HFQHH82 Man Emerging Markets Corporate Credit Opportunities Class IV USD IE000BH5V2P6
Man Global Resources Equity Class D EUR IE000YTFEJM5 Man Global Resources Equity Class D USD IE000XJU85L9 Man Global Resources Equity Class D H SGD IE0000XFFIG8 Man Global Resources Equity Class I EUR IE000W54WZC8 Man Global Resources Equity Class I GBP IE000TH5X829 Man Global Resources Equity Class I USD IE000CUUWN02 Man Global Resources Equity Class IF EUR IE000CW69MT0 Man Global Resources Equity Class IF GBP IE000HZUNGD2 Man Global Resources Equity Class IF USD IE000XQDNDP5
Man Systematic Global Core Equities Class I EUR IE000RIDOXA2 Man Systematic Global Core Equities Class I USD IE0006A0NPV0 Man Systematic Global Core Equities Class IF GBP IE000MT0N5R2 Man Systematic Global Core Equities Class I H GBP IE000DH66WP2 Man Systematic Global Core Equities Class IXX GBP IE000H10TNY7 Man Systematic Global Core Equities Class IXX H GBP IE0006OPXMP9
Man Global Credit Value Class IL USD IE00054C5698 Man Global Credit Value Class IL H CHF IE0008XV6FM9 Man Global Credit Value Class IL H EUR IE000O9TVU66 Man Global Credit Value Class IL H GBP IE00016TJXT9 Man Global Credit Value Class ILF USD IE0003B1K6D9 Man Global Credit Value Class ILF H CHF IE000XNKNRH4 Man Global Credit Value Class ILF H EUR IE000B43XTH5 Man Global Credit Value Class ILF H GBP IE0008AHU3V8 Man Global Credit Value Class ILX USD Dist IE0003MA3U68
Man Systematic European Equity Class I C EUR IE000AMT1J79 Man Systematic European Equity Class IXU C EUR IE000HYFK3X8
Man Systematic US Equity Class I USD IE0004QIOMT5 Man Systematic US Equity Class IXU USD IE000KL2BC33
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Man Funds plc
Table of contents
1
Page
Directory 3
Investment Managers’ reports 4
Unaudited statement of financial position 55
Unaudited s tatement of changes in net assets 65
Unaudited s tatement of comprehensive income 71
Unaudited s tatement of cash flows 81
Condensed notes to the unaudited financial statements 91
Unaudited s chedule of i nvestments : Man Global Convertible s 16 7 Man Japan CoreAlpha Equity 1 7 2 Man Systematic Emerging Markets Equity 17 5 Man Global Emerging Markets Local Currency Rates 1 80 Man Global Emerging Markets Bond 18 4 Man Systematic Europe 18 8 Man Systematic China A Equity 18 9 Man Asia (ex Japan) Equity 19 3 Man Systematic US High Yield 19 5 Man Global Investment Grade Opportunities 19 6 Man China Equity 20 3 Man Dynamic Income 2 0 6 Man Asia Credit Opportunities 2 1 3 Man Euro Corporate Bond 21 6 Man Global Climate Transition Impact Bond 2 21 Man Emerging Markets Corporate Credit Opportunities 22 5 Man Global Resources Equity 2 30 Man Systematic Global Core Equities 23 4 Man Global Credit Value 23 9 Man Systematic European Equity 24 4 Man Systematic US Equity 24 6
Unaudited s tatement of significant purchases and sales: Man Global Convertibles 24 8 Man Japan CoreAlpha Equity 24 9 Man Systematic Emerging Markets Equity 2 50 Man Global Emerging Markets Local Currency Rates 2 51 Man Global Emerging Markets Bond 25 2 Man Pan - European Equity Growth 25 3 Man Systematic Europe 25 4 Man Systematic China A Equity 25 5 Man Asia (ex Japan) Equity 25 6 Man Systematic US High Yield 25 7 Man Global Investment Grade Opportunities 25 8 Man China Equity 25 9 Man Dynamic Income 2 60 Man Asia Credit Opportunities 2 61 Man Euro Corporate Bond 26 2 Man Global Climate Transition Impact Bond 26 3 Man Emerging Markets Corporate Credit Opportunities 26 4 Man Global Resources Equity 26 5 Man Systematic Global Core Equities 26 6 Man Global Credit Value 26 7 Man Systematic European Equity 26 8 Man Systematic US Equity 26 9
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Man Funds plc
Table of contents (continued)
2
Page
Appendix I (un a udited) 2 70
Supplementary information (unaudited) 2 71
Unaudited reporting requirement in respect of the Securities Financing Transactions Regulation 2 7 2
Information for Swiss Investors (unaudited) 2 7 5
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Man Funds plc
Directory
3
Board of Directors: Ronan Daly (British citizen, Irish resident) * Samantha McConnell (Irish)* * John Morton ( British citizen, Irish resident ) Bronwyn Wright (Irish) *
Investment Manager in relation to the GLG LLC Portfolios: GLG LLC 1345 Avenue of the Americas 21 st Floor New York NY 10 105 U nited States of America
Manager: Man Asset Management (Ireland) Limited 70 Sir John Rogerson’s Quay Dublin 2 Ireland
Investment Manager in relation to the Man Numeric Portfolios: Numeric Investors LLC 200 Pier 4 Boulevard 5 th Floor Boston MA 02210 U nited States of America
Depositary: The Bank of New York Mellon SA/NV, Dublin The Shipping Office 20 - 2 6 Sir John Rogerson’s Quay Dublin 2 D02 Y049 Ireland
Distributor in relation to Portfolios: Man Investments AG Huobstrasse 3 8808 Pfäffikon SZ Switzerland
Administrator: BNY Mellon Fund Services (Ireland) Designated Activity Company The Shipping Office 20 - 2 6 Sir John Rogerson’s Quay Dublin 2 D02 Y049 Ireland
Independent Auditor: Deloitte Ireland LLP Deloitte & Touche House 29 Earlsfort Terrace Dublin D0 2 AY28 Ireland
Legal Advisers as to matters of Irish law: Matheson 70 Sir John Rogerson’s Quay Dublin 2 Ireland
Swiss Representative: Man Investments AG Huobstrasse 3 8808 Pfäffikon SZ Switzerland
Secretary and Registered Office: Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin 2 Ireland
Swiss Paying Agent: CACEIS Bank, Montrouge, Nyon Branch / Switzerland, Bleicherweg 7 CH - 8027 , Zürich Switzerland
Investment Manager in relation to the Man GLG Portfolios: GLG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD England
Listing Agent : The Bank of New York Mellon SA/NV , Luxembourg Branch 2 - 4 rue Eugène Ruppert L - 2453 Luxembourg Grand Duchy of Luxembourg
*Independent, non - executive.
**Independent, non - executive and Chair.
A detailed list of investments purchased and sold during the period is available free of charge upon request from the registered office of the Fund .
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Man Funds plc
Investment Managers’ reports
4
Performance table
For each of the sub - funds that form a part of Man Funds plc, details of their performance returns during the financial period ending 3 0 June 2026 are tabulated below.
The individual share classes for which we have reported the performance figures on this page have been selected by the respec tive investment managers, as their investment manager commentaries throughout this section of the financial statements best reflec t the performance of these particular share classes.
To an extent, the investment managers’ reports also incorporate their views and analysis on the other share classes belonging to their portfolios, however the performance return for these other share classes during the financial period may differ to what is reported in this sub - section of the unaudited financial statements.
For any sub - funds which launched part way throughout the financial period , the information tabulated below represents performance from the date of launch to 3 0 June 2026 :
Sub-fund Share class
Share Class R eturn Benchmark
Benchmark(s) Return Man Global Convertibles Man Global Convertibles Class IM USD 8.76% FTSE Global Focus Convertible Bond Hedged (USD) Index
8.57%
Man Japan CoreAlpha Equity Man Japan CoreAlpha Equity Class D JPY
12.27% (1) TOPIX (JPY, GDTR) - Topix S ector (Dynamic) (2) Russell Nomura Large Cap Value Index (JPY, GDTR)
(1) 18.56% (2 ) 16.85%
Man Systematic Emerging Markets Equity
Man Systematic Emerging Markets Equity Class I USD
30.91% MSCI Emerging Markets Index (USD, NDTR)
23.85%
Man Global Emerging Markets Local Currency Rates
Man Global Emerging Markets Local Currency Rates Class I C USD
0.18% JP Morgan GBI-EM Global Diversified Composite Unhedged I ndex (USD)
1.52%
Man Global Emerging Markets Bond Man Global Emerging Markets Bond Class D C USD
2.20% J.P. Morgan EMBI Global Composite
2.85%
Man Pan European Equity Growth Man Pan-European Equity Growth Class I C EUR
2.20% MSCI Europe Total Return Net Dividend (EUR, NDTR)
3.80%
Man Systematic Europe Man Systematic Europe Class D C EUR 15. 72% MSCI Europe Index (EUR, NDTR) 4.97%
Man Systematic China A Equity Man Systematic China A Equity Class I USD
21.29% MSCI China A Net Return Index (EUR, NDTR)
14.97%
Man Asia (ex Japan) Equity Man Asia ex Japan Equity Class I USD 25. 98% MSCI AC Asia ex Japan Index (EUR, NDTR)
26.20%
Man Systematic US High Yield Man Systematic US High Yield Class I USD
2.94% ICE BofA US High Yield Index (USD, TR)
1.89%
Man Global Investment Grade Opportunities
Man Global Investment Grade Opportunities Class I USD
2.77% ICE BofA Global Large Cap Corporate Index (USD, TR)
1.38%
Man China Equity Man China Equity Class I USD 6. 67% MSCI China 10/40 Index (USD, NDTR)
5.92%
Man Dynamic Income Man Dynamic Income Class IB USD 4. 12% N/A N/A
Man Asia Credit Opportunities Man Asia Credit Opportunities Class I USD
1.67% The J.P. Morgan Asia Credit Composite Total Return Index ( USD)
1.20%
Man Euro Corporate Bond Man Euro Corporate Bond Class I EUR 2. 63% ICE BofA Euro Corporate Index (EUR, TR Hedged)
1.27%
Man Global Climate Transition Impact Bond Man Global Climate Transition Impact Bond Class D H EUR
1.83% ICE BofA Green Bond Index (EUR Hedged)
2.09%
Man Emerging Markets Corporate Credit Opportunities
Man Emerging Markets Corporate Credit Opportunities Class I USD
3.23% J.P. Morgan CEMBI Broad Diversified Composite Index (USD)
4.25%
Man Global Resources Equity Man Global Resources Equity Class I USD
11.66% S&P Global Natural Resources Index
9.39%
Man Systematic Global Core Equities Man Global Credit Value Man Systematic European Equity Man Systematic US Equity
N/A - Fund performance will not be shown until the Fund has been trading for 12 months N/A - Fund performance will not be shown until the Fund has been trading for 12 months N/A - Fund performance will not be shown until the Fund has been trading for 12 months N/A - Fund performance will not be shown until the Fund has been trading for 12 months
Performance data is shown net of fees with income reinvested, and does not take into account sales and redemption charges where such costs are applicable. Returns are calculated net of management fees and any applicable performance fees for the share classes referenced in the performance table above. Other share classes may charge higher fees.
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Man Funds plc
Investment Managers’ reports (continued)
5
Man Global Convertibles – Semi - Annual Report Commentary
Market Summary 1
The first half of 2026 was defined by sharp contrasts, extraordinary volatility, geopolitical shock and the continued dominan ce of the Artificial Intelligence (AI) infrastructure theme. The period began with a powerful risk - on rally 2 : January saw the S&P 500, the equity index which tracks the largest US companies, briefly breach 7,000, with convertibles 3 delivering their best start to a year on record. February continued positively, though violent rotation was underway beneath the surface as the Mag7 4 trade stalled and capital rotated into small cap and value sectors 5 where convertible issuers are heavily concentrated. The quarter turned sharply in March as US and Israeli strikes on Iran disrupted the Strait of Hormuz, sending the Brent crude oil price surging 63% and triggering a simultaneous sell - off in equities and bonds. The second quarter brought a dramatic reversal. April delivered the strongest monthly performance on record for th e asset class as AI optimism and a robust earnings season drove a broad risk - on 6 rally, with the S&P 500 rising strongly. May extended the gains before June saw markets consolidate as investors repriced for a higher - for - longer (in terms of US interest rates) Federal Reserve. Against this backdrop, convertible bonds delivered strong returns, outperforming global fixed income and demonstrating the as set class's core asymmetric characteristics — participating meaningfully in the equity upside of the issuing companies while capturing materially less of the March drawdown. The primary (new issue) market was a defining feature of the period, with global bond issuance reaching record levels driven overwhelmingly by AI infrastructure financing needs, further improving the quality and diversif ication of the convertible universe.
Performance Review
The Fund delivered a total return of 8.76% 7 over the period, compared to the benchmark index which returned 8.57% 8 . Stock selection and sector attribution (which takes into account the effects of not investing in a stock or sector as well as for those being invested in) contributed positively to returns over the first six months of the year, while market attribution detracted slightly. On a re gional basis, gains were led by stock selection in Asia and the US while overall positioning in Asia detracted slightly. On an overall sector bas is, gains were led by stock selection and positioning in Technology and Utilities as well as stock selection in Materials. Conversely, posit ioning and stock selection in Consumer Discretionary detracted, as did a broad index hedge. On a relative basis, the top performing sin gle name contributors were led by an overweight relative to the index weighting in Wiwynn Corp, which benefited from sustained AI infr astructure spending and strong earnings, and an overweight in Palo Alto Networks, which continued to demonstrate the resilience of cyber security infrastructure demand throughout the period. Key detractors included an underweight in Rohm, which outperformed as the compan y shifted its narrative from commodity auto parts toward higher - value AI compute infrastructure, an underweight in Onto Innovation as semiconductor capital equipment demand remained resilient, and an underweight in Ultra Clean Holdings. Global convertible bon d new issuance totalled approximately US$138bn in the first half of 2026, led by the US ($90bn) and Asia, running at more than doub le the pace of the same period in 2025 and firmly on course to exceed US$200bn by year - end. June alone saw a landmark US$44.8bn of new issuance – the highest monthly total ever recorded – anchored by Alphabet's US$19.3bn mandatory convertible preferred offering.
1 Bloomberg as at 30 June 2026. 2 A period when investors are more willing to take risk and buy higher - risk assets such as equities. 3 Bonds that can be converted into shares of the issuing company under certain conditions 4 The group of large US technology companies commonly known as the "Magnificent Seven". 5 Companies whose shares are considered inexpensive relative to their fundamentals. 6 Risk on refers to a market sentiment characterised by investor preference for riskier assets over safer alternatives. 7 Performance data is shown net of fees with income reinvested, as at Day Month 2026 (period - end requested), and does not take into account sales and redemption charges where such costs are applicable. Returns are calculated for UCITS linked IL T USD - > IM USD (08/06/2009) share class. Other share classes may charge higher fees. MLG300 Convertible - > FTSE Global Focus CB Hedged USD is an official benchmark for the fund. Please consult the Fund’s offering documents/ Key Investor Information Document (‘KIID’)/ Key information Document (‘KID’) for more information. 8 Bloomberg as at 30 June 2026.
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Man Global Convertibles – Semi - Annual Report Commentary (continued)
Future Outlook
In our view, convertible bonds continue to present an attractive investment opportunity following a strong and eventful first half. The AI infrastructure capital expenditure (capex) cycle remains the dominant demand driver, with hyperscalers (the very large cloud service providers) now active convertible bond issuers and AI - linked names comprising over 30% of the global market. Rising dispersion 9 within the theme – as signals around monetisation timelines and capex discipline become more nuanced – creates a dynamic that looks to reward active single - name management over passive index exposure. A higher - for - longer interest rate environment supports more meaningful bond coupons, robust issuance volumes, and enhanced embedded option values, while the primary new issuance pipelin e remains deep with over US$150bn of convertibles requiring refinancing across 2026 – 2027. Key risks include persistent geopolitical uncertainty, elevated market valuations, AI theme concentration and narrow credit spreads 10 . However, the market's demonstrated asymmetric return characteristics and record - quality primary universe provide a constructive platform for the second half.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
GLG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
9 The degree of variation in performance or valuations between investments. 10 The difference in yield between corporate bonds and government bonds, reflecting perceived credit risk.
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Man Japan CoreAlpha Equity – Semi - A nnual Report C ommentary
Market Summary 1
The period under review saw the Japanese market extend its remarkable run, setting a succession of all - time highs and marking the strongest start to a year for the broad - market TOPIX Index 2 since 1988. The rally was driven by heightened enthusiasm around artificial intelligence (AI), the election of a market - friendly, pro - growth Prime Minister in Sanae Takaichi, and a more aggressive stance from the Bank of Japan.
Beneath the headline strength, however, the market was exceptionally narrow. Leadership was dominated by AI and by momentum, meaning stocks that had already risen sharply, continuing the trend of recent years in which investors have favoured the same small collection of winners. This narrowness reached historic extremes: according to Morgan Stanley's factor indices 3 , the April to June quarter set a 19 - year record for the outperformance of momentum over value, more than double the previous peak set in early 2020. Whilst the Russell/Nomura Large Cap Value Index performed well, this too was driven by a handful of momentum - driven top cap stocks such as the megabanks and the trading houses, while more traditional value sectors such as steels, shipping and chemicals rem ained depressed.
The macro and political backdrop was eventful. In February 2026, the LDP - Japan Innovation Party coalition secured a historic victory in a Lower House snap election, bringing long - awaited political stability and a clearly pro - growth agenda. In March, a developing conflict in the Middle East saw a sharp rise in the oil price and global markets fell from their highs, though the market subsequently re covered strongly, with the Nikkei 225 Index breaking 60,000 for the first time in April and reaching 72,000 by l ate June. The Bank of Japan, meanwhile, continued its slow path of normalisation, delivering a widely expected interest rate hike to 1.0% in June and stri king a hawkish 4 tone. Even so, the market had hoped for more, and the yen depreciated to its weakest level against the dollar in four decades ; even the reported Ministry of Finance intervention of close to US$74 billion proved short - lived. In our view, the Bank of Japan remained behind the curve 5 throughout the period.
Performance Review
Over the period 1January 2026 to 30 June 2026, Man Japan CoreAlpha Equity (the “Fund”) returned 12.27% 6 . This compares with returns of 18.56% 7 from the Tokyo Stock Price Index (TOPIX) and 16.85% 8 from the Russell/Nomura Large Cap Index over the same period (all figures in Japanese yen, net total return terms).
As contrarian, value investors, we seek out good - quality companies that are unloved and trading below what we consider their true worth, rather than following the crowd. The Fund lagged the market over the period, reflecting a rally concentrated in the ex pensive, momentum - driven stocks that our disciplined valuation approach leads us to avoid.
The largest positive contribution came from the overweight (relative to the benchmarks) to financials, an out - of - favour, attractively valued area when the position was built, which performed strongly as the domestic reflation trade, in which a recovering economy lift fts prices and growth, took hold. Valuations did not appear extended, and the banks were joined by the insurers and the security brokers , the latter supported by the bull market and a gradual shift in Japanese households from cash to investing. Overweights to other r eflation beneficiaries also helped, including the machinery sector and the trading houses, consistent with the Fund's focus on real, a sset - heavy businesses. At the stock level, Sumitomo Mitsui Trust, Mizuho Financial, Dai - ichi Life and ORIX were among the notable contributors.
Relative returns were principally held back by the Fund's near - total absence of the AI and semiconductor names that led the market. As that rally reasserted itself with exceptional force in the second quarter, our significant underweight position here was the largest drag on performance. The overweight to autos, among the most unloved corners of the market, where consolidation has been slow and tar iff uncertainty persists, also detracted, with Nissan and Honda the notable individual detractors.
We continued to manage the portfolio in the Fund's usual contrarian fashion, taking profits where optimism appeared excessive , including complete exits from SoftBank Group and Yaskawa, and later trims of strong - performing technology names such as Kyocera and Panasonic, and redeploying into laggards and attractively valued areas. We added to quality technology franchises we beli eve have been sold off excessively on fears of AI disruption: Nintendo and Sony, both of which own valuable and durable intellectual p roperty, and the IT services names NEC and Fujitsu, where the structurally outsourced nature of Japan's IT market underpins a far deeper p ipeline of business than the market implies. We also extended the Fund's 'HALO' theme, Heavy Assets, Low Obsolescence, into defence, ene rgy and infrastructure, through names such as Mitsubishi Heavy Industries and Hitachi.
1 Bloomberg as at 30 June 2026 . 2 A broad index tracking the performance of most large Japanese listed companies. 3 Indices designed to measure the performance of specific investment styles or characteristics. 4 A central bank stance that favours higher interest rates to control inflation. 5 Being slow to adjust the headline interest rate and therefore failing to match accelerating domestic and global price pressur es. 6 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated for Japan CoreAlpha Equity D JPY share class. Other share classes may charg e higher fees. TOPIX (JPY, GDTR) and Russell/Nomura Large Cap Value (JPY, GDTR) are official benchmarks for the fund. Please consult the Fund’s offering documents / Key Investor Information Document (‘KIID’)/ Key information Document (‘KID’) for more information. 7 Bloomberg as at 30 June 2026 . 8 Bloomberg as at 30 June 2026 .
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Man Japan CoreAlpha Equity – Semi - A nnual Report C ommentary (continued)
Future Outlook
Outside of financials, the Fund continues to have little active exposure to the momentum and crowding that has come to domina te the market. As always, rotation and mean reversion within the equity market should therefore continue to be beneficial for the Fu nd.
The structural case for Japan remains intact, built on domestic reflation, a tailwind of corporate governance reform and impr oving capital efficiency. Yet we believe the strength of the headline index is masking an increasingly two - track market. Should enthusiasm for AI and the uncertainties in the Middle East fade, the market's focus may well return to the domestic Japan story that drew investors here in the first place.
We remain optimistic on the areas of the market that should benefit from a reflating domestic economy, rising domestic intere st rates and a stronger yen, including the financials and asset - heavy domestic businesses. Real assets remain appealing, and Japan's conglomerates look well positioned for the HALO trade, favouring companies underpinned by tangible, capital - heavy assets that are resilient to AI disruption. We continue to find opportunity in unfashionable parts of the market, including the auto sector a nd other quality businesses that we feel have sold off excessively.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures. The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale
GLG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
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9
Man Systematic Emerging Markets Equity --- Semi - Annual Report C ommentary
Market summary 1
Global equities navigated a turbulent first half of 2026, shaped by two dominant and at times conflicting themes: artificial intelligence (AI) driven optimism and geopolitical risk. The first quarter was marked by meaningful volatility, with developed markets declinin g, the S&P 500 Index measuring the largest US stocks fell - 4.33% and the MSCI World Index (which measures the performance of global equities as a whole) dropped - 3.57%, as enthusiasm for mega - cap technology stocks gave way to concerns around AI's disruption to traditional software business models. European stock markets declined modestly during the first quarter of 2026, reversing course after s everal quarters of strength. A sharp late - quarter spike in oil prices, with Brent crude surging in March following the effective closure of the Strait of Hormuz, amplified risk - off sentiment (a general move away from riskier assets) and reignited inflation fears globally. Emerging markets proved more resilient, with the MSCI Emerging Markets Index falling just - 0.17%, though performance was uneven: Taiwan and Korea benefited early from AI and semiconductor tailwinds, while broader emerging markets faced headwinds from Asia's outsized expo sure to Middle East energy flows. The Q1 factor environment reflected this dynamic, with a textbook oil - shock rotation that led investors to sell shares that tend to move more sharply than the wider market, along with those that had recently been rising, and to buy cheap er shares and those paying higher dividends, though the overall factor 2 backdrop remained broadly constructive.
Q2 saw a dramatic reversal of Q1's conflict - driven selloff, with global equities staging one of their strongest multi - month rallies in recent years as Middle East tensions eased and markets rotated decisively back into AI and technology stocks. The MSCI World Index advanced +13.8% for the quarter, although returns were front - loaded before momentum faded into June. During the second quarter the S&P 500 Index gained 15.2%, the MSCI Europe Index returned 11.8% in euro terms, and the MSCI Emerging Markets Index surged over 24%, powered by Taiwanese and Korean semiconductor names. Oil prices fell sharply in May as Iran tensions eased, allevia ting inflationary pressure, though June brought a modest pause amid fresh Middle East flare - ups and growing skepticism over AI capital expenditure returns. Factor leadership shifted emphatically pro - risk (favouring higher - risk assets), with beta (the overall movement of the market), size, growth and momentum all strongly positive, in sharp contrast to Q1's defensive rotation.
Performance review
For the six - month period ending June 30, 2026, the Man Funds plc - Man Systematic Emerging Markets Equity Fund (the ‘Fund’) returned 30.91% net - of - fees and outperformed its benchmark 3 , the MSCI Emerging Markets Index, which returned 23.85% 4 . Model performance
The overall model performance was positive during the year - to - date period. Within the overall model, the Factor Selection, Momentum Academic+, Momentum Innovation, Informed Investor, and Value Academic+ models performed positively during the period. The Qua lity model was flat. The Value Innovation model performed negatively during the year - to - date period.
Contribution breakdown
From a sector perspective, stock selection was positive during the year - to - date period, with holdings in the Information Technology and Communication Services sectors contributing. Sector allocation was positive for the year - to - date period, with an underweight (holding a smaller proportion than the benchmark) to Consumer Discretionary and an underweight to Financials contributing.
Stock selection was positive from a country perspective, with holdings in Taiwan and China (onshore) contributing. Country al location was positive for the half - year period, with an overweight to South Korea and an underweight to China (offshore) contributing.
At the security level, an underweight in a Taiwanese Information Technology stock was the largest positive contributor during the year - to date period, while an underweight in a South Korean Industrials stock was the largest detractor.
1 Man Group as at 30 June 2026. 2 Factors are outcomes provided by algorithmic models which undertake mass data analysis. The Fund employs a model utilizing qu antitative analysis. 3 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and redemption charges where such costs are applicable. Returns are calculated for I USD share class. Other share classes may charge higher fees. MSCI Eme rging Markets Index is an official benchmark for the fund. Please consult the Fund’s offering documents / Key Investor Information Document ('KIID')/ Key information Document ('KID') for more information. 4 Bloomberg/Man Group as at 30 June 2026.
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Man Systematic Emerging Markets Equity --- Semi - Annual Report C ommentary (continued)
Future outlook
We expect ongoing geopolitical dynamics to continue to shape the market environment and factor landscape. Our attention cente rs on potential threats that could disrupt equity markets. The question of an artificial intelligence bubble will undoubtedly persi st as a key concern for investors. As we do not invest based on top - down views and instead focus on company - specific, bottom - up stock selection, we strive to remain agnostic to the overall market environment by focusing on continuous research into new, divers ifying signals and risk management techniques. Our goal, as always, is to build balanced, well - diversified portfolios that can navigate market inflections and volatility. With this in mind, we will not rest on our laurels but instead remain focused on improving our pr ocess to best manage the risks, known and unknown, that lie ahead.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
Numeric Investors LLC 200 Pier 4 Boulevard 5 th Floor Boston MA 02210 U nited States of America
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Man Global Emerging Markets Local Currency Rates --- Semi - Annual Report Commentary
Market Summary
Emerging market local - currency bonds returned 1.5% in US dollar terms during the first half of 2026, with gains made mainly in the second quarter 1 . Income earned from the bonds supported returns, while currency movements and changes in bond prices caused by interest - rate movements reduced returns. Colombia, Hungary and Brazil were among the strongest markets, while Indonesia and Thailand were among the weakest.
Market conditions changed significantly during the period. Initially, a weaker US dollar and strong investor demand supported emerging market currencies and bonds. The disruption to shipping through the Strait of Hormuz then pushed oil prices higher and encour aged investors to reduce emerging market investments. The subsequent US - Iran ceasefire helped restore confidence. However, some of this improvement was reversed near the end of June when the US Federal Reserve maintained a cautious position on interest rates, strengthening the dollar and reducing some emerging market gains.
Central banks responded differently to the rise in oil prices. Brazil, Mexico, Hungary and Poland reduced interest rates, whi le India, China, Turkey and Malaysia kept rates unchanged. Colombia, Indonesia, South Africa and the Czech Republic raised interest rat es to support their currencies or manage inflation pressures.
Emerging market local - currency bond funds received US$14.7 billion of net investment during the period, compared with US$12.2 billion for hard - currency bond funds. Hard - currency bonds are issued in widely traded currencies such as the US dollar rather than the issuer’s local currency 2 . Positioning
During the first half of 2026, we moved the Fund from a cautious position to a moderately more positive view on emerging mark et currencies and bonds. By the end of June, the Fund held slightly more interest - rate exposure and more emerging market currency exposure than its benchmark.
Within currencies, we favoured the Chinese yuan, Malaysian ringgit, Taiwan dollar and South Korean won. These currencies appe ared attractively valued and were supported by strong trade balances. We held more cautious views on the Turkish lira, Indian rupe e, Chilean peso and South African rand because of country - specific economic and political risks.
We also adjusted several positions as market conditions changed. We closed cautious positions in the Brazilian real and Israe li shekel and later closed positions linked to the Hungarian forint, Colombian peso and Indonesian rupiah.
Within bond markets, we favoured Mexico, Brazil, Malaysia and Colombia, where interest rates remained relatively high and off ered attractive income. We remained cautious about lower - yielding markets such as China and Thailand, where the available income provided less protection against potential risks.
Performance Review
Against this backdrop, Man Global Emerging Markets Local Currency Rates returned 0.18% 3 over the period, underperforming the benchmark which returned 1.52% 4 . The main losses came from cautious positions in the Mexican peso, Colombian peso and Hungarian forint, as these currencies strengthened. Positions linked to the Israeli shekel and Indonesian rupiah also reduced returns. Positive contributions came from bond positions in Mexico, Thailand and Colombia, as well as cautious positions in the Turkish lira, Chilean peso and Colombian pes o at different points during the period. Positions in the Taiwan dollar and South Korean won also supported returns after the rise in oil prices eased.
1 Returns include the effect of currency movements against the US dollar . 2 Source: EPFR Global, J.P. Morgan and Bloomberg, as at 3 August 2026. 3 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated for I C USD share class. Other share classes may charge higher fees. J.P. M organ GBI - EM Global Diversified Composite Unhedged USD is an official benchmark for the fund. Please consult the Fund’s offering documents / Key Investor Information Document (‘KIID’)/ Key information Document (‘KID’) for more information. 4 Bloomberg as at 30 June 2026 .
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Man Global Emerging Markets Local Currency Rates --- Semi - Annual Report Commentary (continued)
Outlook
At its meeting on 29 July, the US Federal Reserve was unusually divided, with three members voting to raise interest rates. T his suggested that US interest rates could remain higher for longer, creating a more uncertain environment for emerging markets. A relatively stable US dollar and lower oil prices provided some support, although geopolitical risks remained.
Emerging market currencies can still provide income, but we do not expect them all to strengthen significantly while the US d ollar remains firm and many investors already hold similar positions. We see better value in parts of emerging Asia, supported by a ttractive currency valuations and strong trade balances. The Mexican peso could weaken because of uncertainty surrounding the United St ates Mexico - Canada trade agreement, while the Colombian peso appears expensive following its recent rise. The South African rand remains sensitive to energy and metals prices, while the Turkish lira continues to face political and geopolitical risks.
Interest - rate conditions vary between regions. We favour bond markets in Mexico, Brazil, Colombia and Malaysia, where yields have already risen and offer relatively attractive income. We are more cautious about lower - yielding Asian markets, where inflation, government spending pressures and further interest - rate increases could cause bond yields to rise further and prices to fall.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
GLG LLC 1345 Avenue of the Americas 21 st Floor New York NY 10105 U nited States of America
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Man Global Emerging Markets Bond --- Semi - Annual Report C ommentary
Market Summary 1
The first half of 2026 was dominated by two major geopolitical events, but despite this, global risk assets 2 held up well overall. In January, a US military operation captured Venezuelan President Nicolás Maduro, raising hopes of political change and debt rel ief for the country. From late February, a US - Israeli - led campaign against Iran disrupted a key oil shipping route through the Strait of Hormuz for around two and a half months, before a ceasefire in June eased the situation. Oil prices rose sharply during the conflict bef ore falling back, ending the period higher than where they started but well below their peak.
Against this backdrop, the broader economic picture stayed calm. The US Federal Reserve (Fed) kept interest rates on hold, as US growth held up and inflation gradually eased. Movements in the US dollar were the single biggest influence on demand for emer ging market (EM) bonds.
Late in the period, comments from new Fed Chair Kevin Warsh were read as hawkish 3 , leading markets to expect further interest rate rises by year - end. Overall, the first half of 2026 was a carry - versus - duration tug - of - war 4 : income from tighter credit spreads 5 was the main driver of gains.
High Yield (HY) 6 bonds significantly outperformed higher - quality Investment Grade (IG) bonds, with the riskiest, lowest - rated bonds delivering the strongest returns. Performance varied widely by country: Venezuela, Ukraine, and Gabon were among the stronges t performers, while a small number of countries, including Senegal and Bahrain, saw negative returns. By region, Latin America, Africa, and Europe outperformed, each helped by positive local developments. Asia and the Middle Ea st lagged, in part due to a heavy amount of new bond issuance, with both regions among the largest issuers over the period.
Latin America was led by Venezuela, Argentina, and Colombia. Venezuela's bonds rallied after the Maduro capture raised the od ds of debt restructuring, a shift reinforced by US regulatory easing (OFAC 7 ) and renewed engagement with the IMF. Argentina benefited from credit rating upgrades, record exports, and a new investment framework designed to support economic growth. Colombia rallied after a market - friendly election result. The region overall showed resilience to the global energy shock, with limited impact on inflation o r growth.
Africa broadly underperformed, with gains limited to a handful of countries recovering from previous debt restructurings, suc h as Ghana and Republic of Congo. Most of the region, however, was flat or weaker, weighed down by specific local pressures including fi scal concerns in Senegal and Kenya, ongoing financial distress in Gabon, and swings in oil prices affecting Angola and Nigeria.
Europe was led by Ukraine and Hungary. Ukraine's bonds rose on growing hopes of a ceasefire and substantial financial support from the EU and IMF. Hungary rallied after an election result seen as more EU - friendly, unlocking billions of euros in EU funding and supporting bond prices more broadly across the region.
Investors continued to put money into emerging market bonds over the first half of the year. 8 That said, demand for newly issued bonds began to soften in June, the first sign of cooling since February. 9
Governments in emerging markets issued a record amount of new bonds over the period, well above the same point last year. Not ably, several countries that had previously struggled to borrow, including Ecuador, Angola, Kenya, and Egypt, successfully returned to international bond markets. Issuance was strongest in the spring, supported by a weaker US dollar and easing US interest rate s, before slowing somewhat by June as investor demand began to cool. 10
Positioning
As of 30 June 2026, the Fund held less interest rate risk and less credit risk than its benchmark, meaning the Fund's returns would be expected to move by less than the benchmark's if interest rates or credit spreads changed. Specifically, the Fund's duration - weighted exposure (DWE) 11 to interest rates was 0.8 years lower than the benchmark's (improved from a 1.4 - year shortfall at the start of the period), and its DWE to credit spreads was 1.3 years lower than the benchmark's (improved from 1.8 years), split between a 0. 9 - year shortfall in investment grade bonds and a 0.4 - year shortfall in high yield bonds. The portfolio held 8.1% of its assets in the Middle East and Gulf Cooperation Council (GCC) regions, compared with a 17.6% weighting in the benchmark, which we believe is appropriate given current valuations and continued geopolitical risk in the region.
The Fund held a position in US Treasury bonds (US government bonds not included in the benchmark) equivalent to 0.6 years of interest rate exposure (up from 0.4 years at the start of the period). This helped balance out the Fund's smaller - than - benchmark exposure to expensive investment grade bonds from Asia and the Middle East/GCC region. We added to this US Treasury position in April, aft fter US government bond yields had risen sharply over the previous two months (by 46 basis points, or 0.46 percentage points) — a bigger move than the improvement seen in emerging market bond risk premiums (known as "spreads") over the same period — and because, in our view, US Treasury yields better reflected ongoing inflation, political, and global growth risks.
1 Bloomberg as at 30 June 2026. 2 A risk asset is any investment with significant price volatility, where the expected return differs from the actual return. C ommon examples include stocks, commodities, high - yield bonds, real estate, and currencies, which are generally riskier than cash or government bonds. 3 Hawkish: favouring higher interest rates and tighter monetary policy, typically to help control inflation. 4 Carry refers to the income return earned from holding a bond, primarily from its yield; duration refers to a bond’s sensitivi ty to changes in interest rates. The ‘carry - versus - duration tug - of - war’ describes how income gains from tighter credit spreads were offset by price losses as global interest rates rose. 5 Credit Spread: The additional interest rate investors require for holding corporate bonds versus safer government bonds like US Treasuries. 6 The High Yield market covers bonds rated below BBB - by credit ratings agencies, reflecting their relatively higher risk of default compared with Investment Grade (IG). 7 OFAC (the Office of Foreign Assets Control): a bureau of the US Treasury Department that administers and enforces US economic and trade sanctions. 8 Source: EPFR Global, J.P. Morgan, Bloomberg as of June 29, 2026. 9 Source: EPFR, Bloomberg, Bond Radar, IIF, and Morgan Stanley Research estimates, as of June 29, 2026. 10 Source: Morgan Stanley. Issuance data as of June 26, 2026.
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Man Global Emerging Markets Bond – Semi - Annual Report Commentary (continued)
Positioning (continued)
Notable exposure moves included:
Colombia: In May, we increased the Fund's credit exposure to Colombia, moving the position from a slight underweight to a sma ll overweight relative to the benchmark. We took advantage of Colombian bonds trading more cheaply than the level at which we ha d sold some of the Fund's Colombian bonds back to the issuer at the end of April, through a tender offer.
Abu Dhabi: We gradually exited Abu Dhabi over the period, driven by a deteriorating geopolitical backdrop, including the clos ure of the Strait of Hormuz, as well as weakening technicals as the country phased out of the benchmark from March month - end over the following four months.
Latin America: We redeployed proceeds into Latin American credits (bonds), which we view as better positioned from both a reg ional and commodity standpoint given the Middle East conflict. This included increasing overweights relative to the benchmark index in Mexico, Brazil, and Ecuador, trimming the underweight in the Dominican Republic on improved relative value, and adding to Arg entina to close the underweight for that country.
Poland: We increased the Fund's exposure to Polish bonds, as Polish bond yields moved higher in line with US interest rates. This brought the Fund's position in Poland to a small overweight relative to the benchmark, although the Fund remains underweight to the broader European region overall.
Performance Review
Against this backdrop, Man Global Emerging Markets Bond (“the Fund”) returned 2.20% over the period, underperforming the benchmark which returned 2.85%. 12 The main reason the Fund underperformed was that it held less exposure than the benchmark to the lowest - rated, highest - risk bonds in the high yield market — specifically CCC - rated bonds (+15.6%) and bonds rated below CCC (+35.9%) — which were the best - performing part of the market over the period. This was only partly offset by a separate, positive effect: because the Fund also held less exposure than the benchmark to interest rate risk, it benefited as underlying government bond yields rose during the period.
At the country level, the biggest drag on relative performance was the Fund's underweight position in Venezuela, which was th e best performing country in the market over the period. While relations with the IMF and World Bank have improved, we believe the p ath to a full debt restructuring will be long and uneven, and current prices already reflect a lot of good news. Indeed, Venezuela's b onds fell back in June, the weakest month for that market. Other, smaller detractors included the Fund's underweight in Ukraine and stock se lection in Chile.
At the country level, the biggest drag on relative performance was the Fund's underweight position in Venezuela, which was th e best performing country in the market over the period. While relations with the IMF and World Bank have improved, we believe the p ath to a full debt restructuring will be long and uneven, and current prices already reflect a lot of good news. Indeed, Venezuela's b onds fell back in June, the weakest month for that market. Other, smaller detractors included the Fund's underweight in Ukraine and stock se lection in Chile.
12 The official NAV released for 30 June 2026 was approximately 0.30% overstated due to the Administrator applying incorrect pri cing. As there was no investor dealing on that date, no further action was required, and the difference was reinstated the following day. The attri bution figures are not affected by this issue, as they are based on Man Group's internal numbers. Performance data is shown net of fees with income reinvested, as at 31 December 2025, and does not take into account sales and redemption charges where such costs are applicable. Returns are calculated net of 1.25% managemen t fee for the D C USD share class. Other share classes may charge higher fee s . J.P. Morgan EMBI Global Composite Index is the reference benchmark for the Fund. Please consult the Fund’s offering documents or Key Information Document (‘KID’) or Key Investor Information Document (‘KIID’) for more information.
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15
Man Global Emerging Markets Bond – Semi - Annual Report Commentary (continued)
Future Outlook
The broader economic backdrop remains resilient but is losing some momentum. Emerging market economies are now expected to grow only modestly faster than developed markets this year, a smaller gap than previously forecast, while the Fed's more hawk ish stance is adding further pressure by prompting some emerging market central banks to raise interest rates defensively. Performance a cross regions has been mixed: Northeast Asia has outperformed, helped by strength in technology - related sectors, while Gulf Cooperation Council nations have lagged.
We maintain defensive views on the GCC, Turkey, and Egypt given valuations reflect much of the positive news around the US - Iran memorandum of understanding despite ongoing uncertainty in the region, while favouring Latin America on a relative basis. We see better entry points for weaker high - yield credits emerging over coming months.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
GLG LLC 1345 Avenue of the Americas 21 st Floor New York NY 10105 U nited States of America
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16
Man Pan - European Equity Growth – Semi - Annual Report C ommentary
Market summary 1
The first quarter of 2026 began with European equity indices extending last year's strong gains, buoyed by continued capital inflows into the region. Solid macroeconomic data was reported, with the US economy recording strong annualised growth in the third quarte r of 2025, while the German economy finally returned to positive growth after two consecutive years of negative growth.
February saw markets continue to advance, though a sharp divergence emerged beneath the surface. Investors increasingly rewar ded and punished stocks based on their perceived exposure to artificial intelligence (AI) - led disruption, triggering a pronounced sell - off across knowledge - based industries including software, data and business services. Geopolitical risk escalated sharply late in the month, with the launch of a US - led attack on Iran on 28 February.
March was defined by the consequences of that escalation. The US - Israeli strikes on Iran and the effective closure of the Strait of Hormuz triggered a surge in energy prices and a broad sell - off in riskier assets as markets sought to price in the inflationary consequences of the conflict and the negative implications for economic growth.
Performance review
The Fund stopped trading on 21 April 2026 for commercial reasons. As of that date, the Fund was down 2.2% 2 , just over 6 percentage points behind the benchmark, MSCI Europe index 3 , for the year. The period was characterised by three distinct phases: a near - flat January (+0.08%) where stock selection primarily drove an approximate 3% shortfall, a modestly positive return of +1.0% in Fe bruary where performance dispersion 4 within the portfolio weighed on relative returns, and a sharply negative March ( - 9.23%) where the Fund’s zero exposure to energy and above index weightings in Consumer Discretionary and Industrials proved the primary headwind agai nst a backdrop of surging oil prices and broad risk - off 5 sentiment.
The portfolio’s holding in semiconductor and software design company Arm was the largest contributor over the period. Arm pub lished strong third quarter numbers, led by royalty growth. AI’s requirement for more powerful but energy efficient compute is resul ting in growing demand for Arm - based CPUs. Dutch semiconductor supply chain company ASML was another significant contributor, following fourth quarter results that exceeded expectations. Most striking was the company’s record net order intake 6 in the fourth quarter which, at Eur. 13.2 billion, was double the number expected by consensus opinion. The intake reflected a notable shift in customer b ehaviour towards a much more confident outlook in the sustainability of AI - related demand. Budget airline Ryanair was the leading detractor as its share price suffered in response to the war and the threat of disruption relating to jet fuel supply. Despite soundly beating revenue expectations in its fourth quarter results, and vision care company EssilorLuxottica’s share price continued to retreat from the all - time high of mid - November given the market’s nervousness that the wholesale skew (a shift in sales mix toward the lower - margin wholesale channel) would impact profitability.
1 Bloomberg/Man Group as at 21 April 2026. 2 Performance data is shown net of fees with income reinvested, as at 21 April 2026, and does not take into account sales and r edemption charges where such costs are applicable. Returns are calculated for Pan - European Equity Growth Class I C EUR share class. Other share classes may have charge d higher fees. MSCI Europe is an official benchmark for the fund. Please consult the Fund’s offering documents / Key Investor Information Document ('KIID')/ Key information Document ('KID') for more information. 3 Bloomberg as at 21 April 2026. 4 Performance dispersion refers to the extent to which returns on individual holdings within the portfolio vary from one anothe r, rather than moving in line with each other. 5 A market environment where investors move money away from riskier investments (like stocks) into safer ones (like government bonds). 6 Net order intake is the value of new customer orders received in the period, after deducting any cancellations.
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Man Pan - European Equity Growth - Semi - Annual Report Commentary (continued)
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
GLG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
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18
Man Systematic Europe --- Semi - Annual Report Commentary
Market summary 1
Global equities navigated a turbulent first half of 2026, shaped by two dominant and at times conflicting themes: Artificial Intelligence (‘AI’) - driven optimism and geopolitical risk. The first quarter was marked by meaningful volatility, with developed markets declinin g, the S&P 500 Index measuring the largest US stocks fell - 4.33% and the MSCI World Index (which measures the performance of global equities as a whole) dropped - 3.57%, as enthusiasm for mega - cap (the largest companies by market value) technology stocks gave way to concerns around AI's disruption to traditional software business models. European stock markets declined, with the MSCI Eu rope Index falling 1.3%, reversing course after several quarters of strength. A sharp late - quarter spike in oil prices, with Brent surging in March following the effective closure of the Strait of Hormuz, amplified risk - off sentiment (a general move away from riskier assets) and reignited inflation fears globally. Emerging markets (‘EM’) proved more resilient, with the MSCI Emerging Markets Index falli ng just 0.17%, though performance was uneven: Taiwan and Korea benefited early from AI and semiconductor tailwinds, while broader EM faced headwinds from Asia's outsized exposure to Middle East energy flows. The Q1 factor environment (factors are outcomes pr ovided by algorithmic models which undertake mass data analysis) reflected this dynamic, with a textbook oil - shock rotation that led investors to sell shares that tend to move more sharply than the wider market, along with those that had recently been rising, and to buy cheaper shares and those paying higher dividends , though the overall factor backdrop remained broadly constructive.
Q2 saw a dramatic reversal of Q1's conflict - driven selloff, with global equities staging one of their strongest multi - month rallies in recent years as Middle East tensions eased and markets rotated decisively back into AI and technology stocks. The MSCI World Index advanced +13.8% for the quarter, although returns were front - loaded before momentum faded into June. During the second quarter the S&P 500 Index gained 15.2%, the MSCI Europe Index returned 11.8% in euro terms after falling 1.3% in the first quarter and th e MSCI Emerging Markets Index surged over 24%, powered by Taiwanese and Korean semiconductor names. Oil prices fell sharply in May a s Iran tensions eased, alleviating inflationary pressure, though June brought a modest pause amid fresh Middle East flare - ups and growing scepticism over AI capital expenditure returns. Factor leadership shifted emphatically pro - risk (favouring higher - risk assets), with beta (the overall movement of the market) , size, growth and momentum all strongly positive, in sharp contrast to Q1's defensive rotation.
Performance review
For the six - month period ending June 30, 2026, the Fund returned 15.72% 2 net - of - fees and outperformed its benchmark, the MSCI Europe Index, by 4.97% 3 . The Fund employs a computerised fully systematic process utilizing quantitative analysis, producing outcomes derived via algo rithmic analysis of mass data. Overall model performance for the Fund was positive for the year to date, with mixed performance from the models (the quantitative models used to select investments). The Industry Dynamics model was the most positive, followed by t he Long Term Focus and Valuation models. The Earnings Quality and Business Risk models detracted.
From a sector perspective, stock selection and sector allocation were positive. Stock selection within the Industrials and Ma terials sectors contributed the most, while selection within Information Technology and Financials sectors detracted the most. Withi n sector allocation, an overweight (holding more of a stock or sector than the benchmark does) to the Information Technology sector co ntributed to performance.
From a country perspective, positive stock selection contributed to returns. Most notable was the negative selection in Germa ny and France. The Fund’s country allocation was also positive, however to a lesser extent than selection, with an overweight in Fin land contributing to performance.
From an individual stock standpoint, the Fund’s overweight holdings in a French IT firm, an overweight to a German IT firm an d an overweight to a Netherlands IT company were the most significant contributors. The three stocks that detracted the most from performance were underweights (holding less of a stock than the benchmark does) in a different Netherlands IT firm, an overwe ight to a Swiss Financials firm and an overweight to a French IT company.
1 Bloomberg as at 30 June 2026. 2 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated net of 1.40% management fees for the D C EUR share class. Other share class es may charge higher fees. Please consult the Fund’s offering documents / Key Information Document (‘KID’) for more information. 3 Bloomberg as at 30 June 2026.
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Man Systematic Europe --- Semi - Annual Report Commentary (continued)
Future Outlook
We expect ongoing geopolitical dynamics to continue to shape the market environment and factor landscape. Our attention cente rs on potential threats that could disrupt equity markets. The question of an AI bubble will undoubtedly persist as a key concern f or investors. As we do not invest based on top - down views and instead focus on company - specific, bottom - up stock selection, we strive to remain agnostic to the overall market environment by focusing on continuous research into new, diversifying signals and risk managem ent techniques. Our goal, as always, is to build balanced, well - diversified portfolios that can navigate market inflections and volatility. With this in mind, we will not rest on our laurels but instead remain focused on improving our process to best manage the risks, k nown and unknown, that lie ahead.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
Numeric Investors LLC 200 Pier 4 Boulevard 5 th Floor Boston MA 02210 U nited States of America
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20
Man Systematic China A Equity – Semi - Annual Report Commentary
Market summary 1
Global equities navigated a turbulent first half of 2026, shaped by two dominant and at times conflicting themes: artificial intelligence (AI) driven optimism and geopolitical risk. The first quarter was marked by meaningful volatility, with developed markets declinin g, the S&P 500 Index measuring the largest US stocks fell - 4.33% and the MSCI World Index dropped - 3.57%, as enthusiasm for mega - cap technology stocks gave way to concerns around AI's disruption to traditional software business models. European stock markets declined modestly during the first quarter of 2026, reversing course after several quarters of strength. A sharp late - quarter spike in oil prices, with Brent crude surging in March following the effective closure of the Strait of Hormuz, amplified risk - off sentiment and reignited inflation fears globally. Emerging markets proved more resilient, with the MSCI Emerging Markets Index falling just - 0.17%, though performance was uneven: Taiwan and Korea benefited early from AI and semiconductor t ailwinds, while broader emerging markets faced headwinds from Asia's outsized exposure to Middle East energy flows. The Q1 factor environment 2 reflected this dynamic, with a textbook oil - shock rotation out of high - beta 3 and momentum names into value and dividend yield, though the overall factor backdrop remained broadly constructive.
Q2 saw a dramatic reversal of Q1's conflict - driven selloff, with global equities staging one of their strongest multi - month rallies in recent years as Middle East tensions eased and markets rotated decisively back into AI and technology stocks. The MSCI World Index advanced +13.8% for the quarter, although returns were front - loaded before momentum faded into June. During the second quarter the S&P 500 Index gained 15.2%, the MSCI Europe Index returned 11.8% in euro terms, and the MSCI Emerging Markets Index surged over 24%, powered by Taiwanese and Korean semiconductor names. Oil prices fell sharply in May as Iran tensions eased, allevia ting inflationary pressure, though June brought a modest pause amid fresh Middle East flare - ups and growing skepticism over AI capital expenditure returns. Factor leadership shifted emphatically pro - risk, with beta, size, growth and momentum all strongly positive, in sharp contrast to Q1's defensive rotation.
Performance review
For the six - month period ending June 30, 2026, Man Systematic China A Equity (the ‘Fund’) returned 21.29% 4 net - of - fees and outperformed its benchmark, the MSCI China A Index which returned 14.79%.
Model Performance 5
The overall model performance was positive during the year - to - date period. The Factor Selection, Momentum Academic+, Value Innovation, Momentum Innovation, Informed Investor, and Quality models performed positively during the period. The Value Acad emic+ model performed negatively during the year - to - date period.
Contribution breakdown
From a sector perspective, stock selection was positive during the year - to - date period, with holdings in Information Technology and Materials contributing. Sector allocation was positive for the year - to - date period, with an underweight (holding a smaller proportion than the benchmark) to Consumer Staples and an overweight (holding a larger proportion than the benchmark) to Information Technolo gy contributing.
At the security level, an overweight in a Chinese Information Technology stock was the largest positive contributor during th e year - to date period, while an overweight in a different Chinese Information Technology stock was the largest detractor.
1 Bloomberg/Man Group as at 30 June 2026. 2 factors are outcomes provided by algorithmic models which undertake mass data analysis. 3 A portfolio's sensitivity to stock market movements. A beta below 1 indicates the portfolio tends to move less than the marke t. 4 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated for I USD share class. Other share classes may charge higher fees. MSCI Chi na A Index is an official benchmark for the fund. Please consult the Fund’s offering documents / Key Investor Information Document (‘KIID’)/ Key information Document (‘KID’) for more information. 5 The Fund employs models utilizing quantitative analysis.
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Man Systematic China A Equity - Semi - Annual Report Commentary (continued)
Future outlook
We expect ongoing geopolitical dynamics to continue to shape the market environment and factor landscape. Our attention cente rs on potential threats that could disrupt equity markets. The question of an Artificial Intelligence (‘AI’) bubble will undoubtedl y persist as a key concern for investors. As we do not invest based on top - down views and instead focus on company - specific, bottom - up stock selection, we strive to remain agnostic to the overall market environment by focusing on continuous research into new, divers ifying signals and risk management techniques. Our goal, as always, is to build balanced, well - diversified portfolios that can navigate market inflections and volatility. With this in mind, we will not rest on our laurels but instead remain focused on improving our pr ocess to best manage the risks, known and unknown, that lie ahead.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
Numeric Investors LLC 200 Pier 4 Boulevard 5 th Floor Boston MA 02210 U nited States of America
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22
Man Asia (ex Japan) Equity – Semi - Annual Report C ommentary
Market summary 1
The MSCI All Countries Asia ex Japan stock market index ended the first half of 2026 up 25.98% in USD. Despite sharp bouts of volatility – the result of geopolitical tensions in the Middle East, subsequent energy shock, and investor concerns over the sustainabilit y of the AI - capital expenditure (‘capex’) boom – the region ended the first half among the top performing equity markets. Countries in the region navigated the impact of rising oil prices and supply shortages well following the conflict in the Middle East, relying on strategic reserves, increasing production of alternative energy sources, and actions to limit demand. This range of responses from poli cymakers largely helped insulate consumers from most of the price rises, and China seemingly became one of the biggest beneficiaries a s the global need for energy security drove demand for renewables, an area where they maintain global leadership. South Korea was o nce again the top performing market, as the ongoing shortage in advanced memory chips used in AI applications sent the share pric es of chipmakers SK Hynix and Samsung Electronics to record highs, with both companies’ market capitalisation exceeding $1 trillion over the period. Taiwan’s markets also had a strong run, driven higher by TSMC and gains within the broader AI supply chain. In contra st, Indonesia was the region’s worst performing market, as a combination of a weak currency, policy uncertainty, foreign selling, and lingering MSCI credit rating reclassification risk weighed on sentiment. China’s market also underperformed, with strength in high - tech names and resilient exports (particularly green - tech exports post the energy shock), failing to offset weakness in internet and consumer discretionary names which were negatively impacted by AI disruption risks and uneven consumption data, respectively.
Performance review
The Fund returned 25.98% net of fees 2 in USD in the first half, underperforming MSCI AC Asia ex Japan (‘the Benchmark’) by 0.22% 3 . After a difficult first quarter which saw the evolution of AI trigger significant volatility, with the cost of being wrong amplified by highly concentrated markets and wide dispersion 4 in returns, the second quarter saw conditions improve with the beneficiaries of hyperscaler 5 capex broadening away from memory chip names. Positive earnings revisions across non - technology manufacturers across the region also began to accelerate.
The main driver of outperformance has been stock selection in South Korea as the Fund’s largest overweight (in both relative and absolute terms), SK Hynix, along with Samsung Electronics, benefitted from dramatic strength in the memory sector of computin g as the demand/supply imbalance shows no signs of improvement through 2027. Positioning in China, particularly within the rapidly gro wing humanoids and industrial robot industry, also paid off second quarter. These gains were somewhat offset by stock selection in Taiwan.
The key individual contributors to performance over the review period were:
SK Hynix and Samsung Electronics – These two South Korean memory chipmakers (along with Micron Technology) continued to profit from the surging demand in memory on the DRAM 6 side. The first half saw SK Hynix’s share price rise dramatically, hitting US$1 trillion market capitalisation amid tight supply of memory chips and reports that the chipmaker is receiving investment offers from te ch firms to secure critical chip supply. Samsung Electronics also had a strong run, though a risk of labour disruption weighed on the sto ck in May.
Leader Harmonious Drive – The Chinese manufacturer of the end harmonic drives 7 which are essential to humanoid robotics had a strong second quarter, benefitting from good sector momentum as the adoption and commercialisation of humanoids continues gathering pace. As a component manufacturer the company occupies a dominant position in a fast - evolving industry at its early stages.
The key individual detractors to performance were:
Alibaba and Tencent – These two internet stocks had a difficult first half, with share prices falling at the start of the year on reports that taxes could be raised on internet companies should the high - tech enterprise tax rate fail to be renewed at the end of 2026 and again on concerns over AI’s impact on gaming. Tencent was also weighed down by concerns about its AI strategy and its impact on margin s. Alibaba had a difficult month in June, weighed down by multiple factors including reports of more regulation for internet com panies from China’s Administration for Market Regulation, potential for increased competition in public cloud as a result of the governme nt’s plan to build data centres across the country, and accusations from Anthropic that it “illicitly” accessed its models.
Bank Mandiri – Despite delivering solid Q1 results, the stock was weighed down by Indonesia’s uncertain macroeconomic environment as the country’s liquidity tightens and the currency and fiscal budgets remain challenged by market volatility and higher oil prices.
1 Bloomberg/Man Group as at 30 June 2026. 2 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated for Class I USD share class. Other share classes may charge higher fees. MS CI AC Asia ex Japan (Net Dividend Total Return, NDTR, USD) is an official benchmark for the fund. Please consult the Fund’s offering documents/ Key In vestor Information Document ('KIID')/ Key information Document ('KID') for more information. 3 Bloomberg as at 30 June 2026. 4 A measure of how widely individual returns vary from the average – wide dispersion means a bigger gap between the best - and worst - performing stocks. 5 A large cloud - computing company (such as Amazon, Microsoft or Google) that builds and operates data centres at very large scale. 6 Dynamic Random Access Memory, a common type of memory chip used in computers, smartphones and other electronic devices. 7 A precision gear mechanism used to control movement in robotic joints, valued for its accuracy and compact size.
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Man Asia (ex Japan) Equity – Semi - Annual Report Commentary (continued)
Future outlook
Looking ahead, we are encouraged by the beneficiaries of hyperscaler capital expenditure broadening beyond memory names, and the acceleration in positive earnings revisions from non - technology manufacturers across the region. While the AI trade remains a key driver, we believe the region is also well positioned to capitalise on the other thematic opportunities that are currently playing ou t, including the growing need for energy security, the increased focus on defence, and industrialisation driven by the need for self - sufficiency amid geopolitical fragmentation. The region has navigated the energy shock of the Middle East conflict well with a variety of acti ons (reduction in imports by leveraging reserves and inventories, plus policy measures), but we expect progressing de - escalation and subsequent normalising of oil prices to support the markets (particularly in India and the Philippines). China’s economic headwinds pers ist and will likely do so until meaningful policy measures are enacted to support consumption, but we remain encouraged by China’s export strength and growing leadership in innovation.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
GLG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
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24
Man Systematic US High Yield --- Semi - Annual Report C ommentary
Market Summary 1
The first quarter of 2026 began with a continuation of the late - 2025 rally, as US Investment Grade (IG) spreads 2 compressed to a three decade low of 73bps intra - quarter and the main index tracking US High Yield (HY 3 ) touched 264bps 4 . The constructive tone reversed sharply in February, triggered by two major shocks: a Supreme Court ruling striking down IEEPA 5 - based tariffs (prompting the US Administration to impose a 10% universal tariff under Section 122), and US - Israeli military strikes on Iran on February 28th, which sent the Brent crude oil price surging from as the Strait of Hormuz faced disruption. Spreads widened significantly into quarter - end US IG closing at 90bps, US HY at 328bps, Global IG at 92bps, and Global HY at 343bps, while the S&P 500 – the index tracking the top US equities - returned - 4.33%. The US Federal Reserve (Fed) held interest rates at 3.50% – 3.75%, the European Central Bank held at 2.00%, and the Bank of England held at 3.75% with a hawkish 6 shift. Rates markets (covering debt instruments tied to interest rates and the future cost of money) also saw significant volatility, with longer - dated yields moving higher on inflation expectations in March tied to the oil shock. US agency mortgage - backed securities (MBS) was the sole positive - returning fixed income segment for the quarter at +0.58%, benefiting from spread stability and favourable prepayment dynamics.
The second quarter of 2026 saw a sharp recovery after credit spreads peaked in early April. A Pakistan - brokered ceasefire in the Iran conflict on April 8th, followed by a June 17th US - Iran memorandum of understanding lifting the naval blockade, drove Brent crude oil prices lower. Credit (bond) markets fully retraced Q1's losses and then some. US HY closed at 275bps, US IG at 76bps, Global HY at 283bps, and Global IG at 77bps. The S&P 500 index surged +15.20%, its strongest quarter since 2020, fuelled by Art ificial Intelligence (‘AI’) capital expenditure re - acceleration. Inflation remained the dominant macro theme, with headline US Consumer Price Index hitting +4.2% YoY in May. Central banks turned broadly hawkish, the European Central Bank (ECB) raised the European headline interest rate to 2.25%, the Bank of Japan hiked to 1.00%, and the US Federal Reserve's Summary of Economic Projections June release shifted to imply a rate increase. Emerging markets hard - currency debt led fixed income returns at +3.98%, w hile duration 7 - sensitive segments lagged.
Performance review
For the six - month period ending June 30, 2026, Man Systematic US High Yield (the “Fund”) returned 2.94% net of fees, outperforming its benchmark, the ICE BofA US High Yield Index 8 , which returned 1.89% 9 . Model Performance
The model the fund is run to uses quantitative analysis to produce factor outcomes (pillars) provided by algorithmic analysis of mass data. Overall model performance for the six - month period was positive in two of the five model pillars. Quality produced the most positive returns, followed by Value. The Factor Selection pillar was flat over the period while the Momentum and Informed Investor pil lars were out of favour.
Contribution Breakdown
Looking at the return contributions by sector and rating helps to identify the main thematic drivers of positive and negative performance. In terms of sectors, Media and Telecommunications were the most additive, driven by positive security selection effect. On th e other hand, Capital Goods and Services detracted during the period, with selection struggling in both sectors. With respect to bond credit ratings, contributions were broadly positive across the aggregated investments in each of the BB, CCC & Bel ow, and single - B ratings categories, with strength in selection offsetting muted - to - negative allocation effects. 10 The return from the fund’s BBB rated securities was flat for the period.
1 Bloomberg as at 30 June 2026 . 2 A credit spread is the additional yield investors require for holding a corporate bond rather than a government bond of compa rable maturity, such as a US Treasury. A wider spread indicates greater perceived credit risk. 3 The High Yield market covers bonds rated below BBB - by credit ratings agencies, reflecting their relatively higher risk of default compared with Investment Grade (IG). 4 1 basis point (1bps) = 0.01% 5 The International Emergency Economic Powers Act (IEEPA), the US statute under which the tariffs in question had originally be en imposed. 6 Favouring higher interest rates / tighter monetary policy . 7 Bond price - sensitivity - to - rates . 8 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated for Man Systematic US High Yield I USD share class. Other share classes may charge higher fees. ICE BofA US High Yield Index is an official benchmark for the fund. Please consult the Fund’s offering documents / Key information Document (‘KID’) for more information. 9 Bloomberg as at 30 June 2026 . 10 ‘Selection’ is the effect of which individual bonds the Fund chooses to hold within a given sector or ratings category. ‘Allo cation’ is the effect of holding more or less in that sector or ratings category than the benchmark index. A positive selection effect means the bonds chosen outperformed their peers; a positive allocation effect means the sectors or ratings favoured outperformed the wider market.
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Investment Managers’ reports (continued)
25
Man Systematic US High Yield --- Semi - Annual Report Commentary (continued)
Future Outlook
We expect ongoing geopolitical dynamics to continue to shape the market environment and factor landscape. Our attention cente rs on potential threats that could disrupt financial markets. The question of an AI bubble will undoubtedly persist as a key concer n for investors. As we do not invest based on top - down views and instead focus on company - specific, bottom - up security selection, we strive to remain agnostic to the overall market environment by focusing on continuous research into new, diversifying signals and ri sk management techniques. Our goal, as always, is to build balanced, well - diversified portfolios that can navigate market inflections and volatility. With this in mind, we will not rest on our laurels but instead remain focused on improving our process to best ma nage the risks, known and unknown, that lie ahead.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
Numeric Investors LLC 200 Pier 4 Boulevard 5 th Floor Boston MA 02210 U nited States of America
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26
Man Global Investment Grade Opportunities --- Semi - Annual Report C ommentary
Market Review 1
Q1 2026 was dominated by geopolitical conflicts and noise around Artificial Intelligence (AI). January 3rd saw the United Sta tes launch a military strike in Venezuela and capture the incumbent president Nicolas Maduro. Markets were generally muted in response, however the reaction to President Trump’s reiteration of his desire to acquire Greenland the following week was anything but. The S&P 500 index measuring the largest US stocks recorded its worst day in three months, falling 2.1% in a single day as the US administration threatened 10% tariffs on February 1st on eight European nations who opposed the attempt to acquire the island. Markets subsequently reb ounded immediately as Trump rowed back on tariff threats upon agreeing a deal on Greenland.
Q2 2026 began on a positive note as a US - Iran ceasefire sparked a broad risk - on rally 2 , with the S&P 500 posting its best month since 2020. Momentum continued into May, though markets faced headwinds from rising yields — US 10 - year treasuries hit 4.7% — and UK political uncertainty, as pressure on PM Starmer intensified. By June, Starmer had resigned, with Andy Burnham emerging as su ccessor; markets took the transition in stride, though UK 30 - year gilt yields 3 briefly touched their highest levels since 1998 at 4.86%, reflecting concerns over Burnham's anticipated leftward tilt and the UK's already - stretched fiscal position.
A US - Iran deal in June offered some geopolitical relief, though the agreement proved fragile — strikes were exchanged just before quarter end, keeping risk sentiment cautious. On monetary policy, central banks diverged sharply: the European Central Bank a nd Bank of Japan both hiked interest rates by 25bps 4 as Middle Eastern inflationary pressures broadened across global energy and commodity markets, while the US Federal Reserve and Bank of England opted to hold. New US Federal Reserve Chair Kevin Warsh struck a hawkish tone 5 at his inaugural meeting, and markets remain priced for at least one US interest - rate further hike before year - end.
Performance review
During the period 1 January 2026 to 30 June 2026, Man Global Investment Grade Opportunities generated a total return of 2.77% 6 , outperforming the benchmark by 1.38% 7 over the period.
Top three individual contributors
• United States, Financials • United States, Financials • Colombia, Government
Top three individual detractors
• Germany, Financials • Netherlands, Financials • Norway, Materials
1 Bloomberg as at 30 June 2026 . 2 A ‘risk - on’ rally describes a period when investor sentiment improves and capital flows into higher - risk assets such as equities, away from safer havens. 3 Gilts are bonds issued by the UK government; their yield is the return investors require to hold them, which moves inversely to the bond’s price. 4 A basis point (bp or bps) equals one hundredth of one percentage point (0.01%); 25bps is therefore 0.25%. 5 A ‘hawkish’ tone signals that a central bank favours tighter monetary policy (higher interest rates) to control inflation — the opposite of a growth - supportive ‘dovish’ stance. 6 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated for I USD share class. Other share classes may charge higher fees. I CE BofA Global Large Cap Corporate Index (USD, TR) Hedged is an official benchmark for the fund. Please consult the Fund’s offering documents / Key Investor Information Document (‘KIID’)/ Key information Document (‘KID’) for more information. 7 Bloomberg as at 30 June 2026 .
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Man Global Investment Grade Opportunities --- Semi - Annual Report Commentary (continued)
Future Outlook
Looking ahead, we anticipate that rates, rather than spreads 8 , will be the dominant driver of credit market returns — a view underpinned by continued geopolitical uncertainty, sticky inflation in developed markets, and the prevailing hawkish tone among major Cen tral Banks. Despite frothy valuations 9 at the index level, opportunities remain for bottom - up (evaluating each individual issuer rather than looking at movements in prices within a particular market or market segment) investment grade bond investors like ourselves.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
GLG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
8 Credit spreads are the additional yield investors demand for holding a corporate bond over a comparable government bond, refl ecting the perceived risk of default. 9 ‘Frothy’ valuations describe asset prices that look expensive relative to underlying fundamentals, increasing the risk of a m arket correction.
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Man China Equity --- Semi - Annual Report C ommentary
Market summary 1
The MSCI China 10/40 (USD) index measuring the performance of Chinese stocks broadly ended the first half of 2026 down 12.59% . The markets underperformed over the quarter on fears of artificial intelligence (AI) disruption risk, though China’s markets proved more resilient than others during the market turmoil in March, with losses in AI and internet names offset by strength in renewabl es, coal and power equipment. This underperformance continued into the second quarter as strength in high - tech names and resilient exports (particularly green - tech exports post energy shock) failed to offset weakness in internet and consumer discretionary names which were negatively impacted by AI disruption risks and uneven consumption data, respectively.
Following China’s Fourth Plenum in October, held once every five years to agree the next strategic plan, we saw clear signs t hat boosting domestic demand and enhancing people's well - being was high on the government agenda. This consumption led, reflation theme 2 , however, did not play out as we expected, and the Two Sessions (China's annual parliamentary meetings) in March offered lit tle detail around a meaningful consumer - focused stimulus plan. China’s housing market continued to show some signs of stabilisation with an uptick in secondary home sales, but the sector largely remained under pressure over the period. Meaningful policy support to address consumption growth was not forthcoming.
Performance review
Man China Equity declined 6.67% 3 net of fees during the period, outperforming the reference benchmark by 5.92% 4 . Stock selection in industrial names drove outperformance year to date, though this was offset by underweight (holding a smaller proportion than the benchmark) to information technology names.
The key contributors to relative performance at a stock - level were: • Leader Harmonious • Weichai Power • China Merchant Securities
The key detractors to relative performance at a stock - level were: • Hangzhou Tigermed • MMG • Cambricon Technology
Future outlook
China’s economic headwinds persist and will likely do so until meaningful policy measures are enacted to support consumption, but we remain encouraged by China’s export strength and growing leadership in innovation. Stock - specific risk 5 exposure stands at 85%.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
GLG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
1 Bloomberg/Man Group as at 30 June 2026. 2 Reflation refers to policy measures aimed at stimulating demand and lifting inflation back towards target after a period of e conomic weakness. 3 Performance data is shown for the Class I USD net of fees with income reinvested, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated net of 0.75% management fees. Other share classes may charge higher f ees. MSCI China 10/40 Index is an official benchmark for the fund. Please consult the Fund’s offering documents / Key Investor Information Document ('KIID')/ Key information Document ('KID') for more information. 4 Bloomberg as at 30 June 2026. 5 Stock - specific risk is the portion of risk arising from individual stock selection rather than movements in the market as a whole.
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Man Dynamic Income – Semi - Annual Report Commentary
Market Review 1
Q1 2026 was dominated by geopolitical conflicts and noise around Artificial Intelligence (AI). January 3rd saw the United Sta tes launch a military strike in Venezuela and capture the incumbent president Nicolas Maduro. Markets were generally muted in response, however the reaction to President Trump’s reiteration of his desire to acquire Greenland the following week was anything but. The S&P 500 recorded its worst day in three months, falling 2.1% in a single day as the US administration threatened 10% tariffs on Febru ary 1st on eight European nations who opposed the attempt to acquire the island. Markets subsequently rebounded immediately as Trump row ed back on tariff threats upon agreeing a deal on Greenland.
Q2 2026 began on a positive note as a US - Iran ceasefire sparked a broad risk - on rally 2 , with the S&P 500 posting its best month since 2020. Momentum continued into May, though markets faced headwinds from rising yields — US 10 - year treasuries hit 4.7% — and UK political uncertainty, as pressure on PM Starmer intensified. By June, Starmer had resigned, with Andy Burnham emerging as su ccessor; markets took the transition in stride, though 30 - year gilt yields 3 briefly touched their highest levels since 1998 at 4.86%, reflecting concerns over Burnham's leftward tilt and the UK's already - stretched fiscal position.
A US - Iran deal in June offered some geopolitical relief, though the agreement proved fragile — strikes were exchanged just before quarter end, keeping risk sentiment cautious. On monetary policy, central banks diverged sharply: the European Central Bank a nd Bank of Japan both hiked 25bps 4 as Middle Eastern inflationary pressures broadened across global energy and commodity markets, while the US Federal Reserve and Bank of England opted to hold. New Chair Kevin Warsh struck a hawkish tone 5 at his inaugural meeting, and markets remain priced for at least one further hike before year - end.
Performance Review
The fund returned 4.12% 6 over the period.
Future Outlook
Looking ahead, we anticipate that rates, rather than spreads 7 , will be the dominant driver of credit market returns — a view underpinned by continued geopolitical uncertainty, sticky inflation in developed markets, and the prevailing hawkish tone among major Cen tral Banks. Despite frothy valuations 8 at the index level, opportunities remain for bottom - up investment grade investors like ourselves.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
GLG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
1 Bloomberg as at 30 June 2026 . 2 A ‘risk - on’ rally describes a period when investor sentiment improves and capital flows into higher - risk assets such as equities, away from safer havens. 3 Gilts are bonds issued by the UK government; their yield is the return investors require to hold them, which moves inversely to the bond’s price. 4 A basis point (bp or bps) equals one hundredth of one percentage point (0.01%); 25bps is therefore 0.25%. 5 A ‘hawkish’ tone signals that a central bank favours tighter monetary policy (higher interest rates) to control inflation — the opposite of a growth - supportive ‘dovish’ stance. 6 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated for Man Dynamic Income IB USD share class. Other share classes may charge h igher fees. Please consult the Fund’s offering documents / Key Investor Information Document (‘KIID’)/ Key information Document (‘KID’) for more information. 7 Credit spreads are the additional yield investors demand for holding a corporate bond over a comparable government bond, refl ecting the perceived risk of default. 8 ‘Frothy’ valuations describe asset prices that look expensive relative to underlying fundamentals, increasing the risk of a m arket correction.
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Man Asia Credit Opportuni ti es – Semi - Annual Report C ommentary
Market Summary 1
Global fixed income markets experienced exceptional volatility during the period, shaped by an escalating geopolitical confli ct in the Middle East and its ripple effects across energy, inflation, and monetary policy. Despite this backdrop, Asian credit markets proved resilient, with the J.P. Morgan Asia Credit Index (JACI), which tracks US dollar - denominated bonds issued by Asian companies, delivering positive returns over the half year as a whole . The J.P. Morgan Asia Credit Index (JACI) posted a gain of 1.2%, with its investment grade (IG) and high - yield (HY) components returning 0.83% and 4.01%, respectively. HY outperformed IG driven by HY sovereign recovery stories (Sri Lanka, Pakistan) and a rebound in distressed China and Hong Kong real estate. HY metals and m ining also did well but concentrated in a single issuer that tendered its bonds following a multi - notch rating upgrade 2 . New bond issuance was subdued throughout much of the period as issuers held back during the conflict, keeping net supply nega tive year - to - date (YTD) — a technically supportive dynamic for Asian credit. Issuance began recovering following the June Hormuz Strait peace agreement. Default rates ended the half at historic lows, and the credit ratings trajectory was positive, with upgrades significantly outpacing downgrades across the Asian credit universe.
Performance Review
The Fund delivered a positive net return over the period, navigating a sharp monthly drawdown in March, followed by a strong recovery. January was the standout month, with the Fund meaningfully outperforming the benchmark, driven by an overweight (holding a la rger proportion than the benchmark) to Hong Kong investment grade property names, contributions from subordinated financials 3 and high yield positions in Japan and China. February saw modest underperformance as falling US Treasury yields rewarded longer - duration 4 sovereign bonds. March was the most difficult month, with underperformance driven by two idiosyncratic high yield positions m arked down beyond what fundamentals warranted, partially mitigated by the underweight (holding a smaller proportion than the benchm ark) to long - duration Indonesian and Philippine government bonds.
April delivered the strongest relative outperformance as risk premiums 5 compressed. Pakistani and Sri Lankan sovereign bonds, subordinated financials, and overweight to India, Hong Kong, Japan, and metals and mining all contributed strongly, and the M arch detractors recovered materially. May brought further outperformance through high yield security selection, with a Japanese te chnology company achieving rising star 6 status and an Indian holding upgraded from single - B to double - B 7 . June saw modest underperformance as the slight underweight in Sri Lanka versus the benchmark - which performed strongly as oil prices fell — detracted, alongside weakness in two Chinese corporate positions.
The Fund delivered a positive net return of 1.67% 8 over the period and ahead of the 1.2% 9 return of the benchmark.
The outperformance was due to the overweight positioning in HY corporates, the underweight in IG sovereigns, the overweight n on benchmark Japan and Australia, and a shorter duration profile of the Fund. Over the period IG corporates outperformed IG sove reigns. Security selection also added, with the overweight metals and mining names, rising star in Japan and other HY issuers tenderi ng their bonds.
Key individual contributors to returns over the period included: - High yield sovereigns (Pakistan) - Subordinated financials (mainly insurance) - Indian and Japan high yield corporates - Metals and mining overweight - Underweight to weaker investment grade sovereigns (Indonesia and Philippines)
Key individual detractors from returns included: - China High Yield - Underweight China financials - Underweight Malaysia and Korea IG corporates - small underweight Sri Lanka (which rallied strongly in June)
1 Bloomberg as at 30 June 2026 2 A tender offer is when a bond issuer offers to buy back its own bonds from investors before maturity, often at a premium, typ ically to reduce debt or take advantage of an improved credit profile. 3 Subordinated financial bonds rank below a bank or insurer's senior debt for repayment if the issuer runs into difficulty, and typically pay a higher yield to compensate for this added risk. 4 Duration measures how sensitive a bond's price is to changes in interest rates — longer - duration bonds tend to move more in price when rates change. 5 Risk premiums refers to the extra interest rates investors demand to hold riskier bonds compared to safer securities such as developed market government bonds. 6 A "rising star" is a bond issuer whose credit rating is upgraded from high yield to investment grade. 7 Credit rating agencies grade issuers using letters such as BB ("double - B") and B ("single - B"); a higher letter grade indicates lower default risk. 8 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated of (up to) 0.60% management fees for Man Asia Credit Opportunities I USD sh are class. Other share classes may charge higher fees. The J.P. Morgan Asia Credit Composite Total Return Index (USD) is an official benchmark for t he Fund Please consult the Fund’s offering documents , Key Investor Information Document (‘KIID’) or Key Information Document (‘KID’) for more information. 9 Bloomberg as at 30 June 2026
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Man Asia Credit Opportunities – Semi - Annual Report Commentary (continued)
Future Outlook
Looking forward, Asian credit markets enter the second half of 2026 on a constructive footing, supported by sound fundamental s, favourable technical conditions (still low new supply), and an attractive income backdrop. Risk premiums on the JACI are expe cted to remain broadly stable, ending the year modestly tighter, with returns driven primarily by carry — the income generated by holding bonds — rather than by further significant spread compression.
Credit fundamentals are in good shape. The ratio of rating upgrades to downgrades has reached a multi - year high, net leverage 8 among investment grade issuers remains low and stable, and the 2026 default rate is forecast at approximately 1.8% — the lowest since before the pandemic — with zero fallen angels 9 recorded year - to - date. YTD there was only 1 default in the USD Asia HY universe, the lowest compared with US HY and European HY universe. The Asia high yield universe, in particular, benefits from a cleaner compositio n following the significant exit of Chinese distressed real estate issuers from the index.
The Fund maintains a higher exposure to shorter - dated high yield bonds relative to the benchmark, where we see solid underlying fundamentals and limited sensitivity to interest rate moves. For interest rate management, we continue to focus on medium - term bonds where additional yield is sufficient to balance the rate risk, and we remain underweight very long - dated bonds, as we believe US government financing requirements will keep long - term yields elevated. The key risks we are monitoring include any re - esca lation of Middle East tensions, a faster - than - expected rise in US Treasury yields under the new Federal Reserve Chair, and political developments in Indonesia — where a potential reclassification by MSCI 10 from emerging to frontier market status in November 2026 could affect investor flows.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
GLG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
8 Net leverage measures a company's debt relative to its earnings, after subtracting cash on hand — a lower ratio generally signals a stronger balance sheet. 9 A "fallen angel" is a bond issuer whose credit rating is downgraded from investment grade to high yield. 10 MSCI is a provider of widely used global market indices. Reclassifying a country from "emerging market" to the smaller, less liquid "frontier market" category can prompt investors who track MSCI indices to adjust their holdings accordingly.
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Man Euro Corporate Bond – Semi - Annual Report Commentary
Market Review
Q1 2026 was dominated by geopolitical conflicts and noise around Artificial Intelligence (AI). January 3rd saw the United Sta tes launch a military strike in Venezuela and capture the incumbent president Nicolas Maduro. Markets were generally muted in response, however the reaction to President Trump’s reiteration of his desire to acquire Greenland the following week was anything but. The S&P 500 index measuring the largest US stocks recorded its worst day in three months, falling 2.1% in a single day as the US administration threatened 10% tariffs on February 1st on eight European nations who opposed the attempt to acquire the island. Markets subsequently reb ounded immediately as Trump rowed back on tariff threats upon agreeing a deal on Greenland.
Q2 2026 began on a positive note as a US - Iran ceasefire sparked a broad risk - on rally 1 , with the S&P 500 posting its best month since 2020. Momentum continued into May, though markets faced headwinds from rising yields — US 10 - year treasuries hit 4.7% — and UK political uncertainty, as pressure on PM Starmer intensified. By June, Starmer had resigned, with Andy Burnham emerging as su ccessor; markets took the transition in stride, though UK 30 - year gilt yields 2 briefly touched their highest levels since 1998 at 4.86%, reflecting concerns over Burnham's anticipated leftward tilt and the UK's already - stretched fiscal position.
A US - Iran deal in June offered some geopolitical relief, though the agreement proved fragile — strikes were exchanged just before quarter end, keeping risk sentiment cautious. On monetary policy, central banks diverged sharply: the European Central Bank a nd Bank of Japan both hiked interest rates by 25bps 3 as Middle Eastern inflationary pressures broadened across global energy and commodity markets, while the US Federal Reserve and Bank of England opted to hold. New US Federal Reserve Chair Kevin Warsh struck a hawkish tone 4 at his inaugural meeting, and markets remain priced for at least one further US interest - rate hike before year - end.
Performance
The fund returned 2.63% 5 for the period 1 January 2026 to 30 June 2026, outperforming the benchmark by 1.27% 6 . Top three individual contributors: • Poland, Real Estate • Colombia, Government • Canada, Financials Top three individual detractors: • Colombia, Energy • Mexico, Real Estate • Brazil, Energy
1 A ‘risk - on’ rally describes a period when investor sentiment improves and capital flows into higher - risk assets such as equities, away from safer havens. 2 Gilts are bonds issued by the UK government; their yield is the return investors require to hold them, which moves inversely to the bond’s price. 3 A basis point (bp or bps) equals one hundredth of one percentage point (0.01%); 25bps is therefore 0.25%. 4 A ‘hawkish’ tone signals that a central bank favours tighter monetary policy (higher interest rates) to control inflation — the opposite of a growth - supportive ‘dovish’ stance. 5 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and redemption charges where such costs are applicable. Returns are calculated for I EUR share class. Other share classes may charge higher fees. ICE BofA Euro Corporate Index (EUR, TR) Hedged is an official benchmark for the fund. Please consult the Fund’s offering documents / Key Investor Information Document (‘KIID’)/ Key information Document (‘KID’) for more information. 6 Bloomberg as at 30 June 2026
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Man Euro Corporate Bond – Semi - Annual Report Commentary (continued)
Positioning and Outlook
Looking ahead, we anticipate that rates, rather than spreads 7 , will be the dominant driver of credit market returns — a view underpinned by continued geopolitical uncertainty, sticky inflation in developed markets, and the prevailing hawkish tone among major Cen tral Banks. Despite frothy valuations 8 at the index level, opportunities remain for bottom - up (evaluating each individual issuer rather than looking at movements in prices within a particular market or market segment) investment grade bond investors like ourselves.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
GLG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
7 Credit spreads are the additional yield investors demand for holding a corporate bond over a comparable government bond, refl ecting the perceived risk of default. 8 ‘Frothy’ valuations describe asset prices that look expensive relative to underlying fundamentals, increasing the risk of a m arket correction.
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Man Global Climate Transition Impact Bond – Semi - Annual Report Commentary
Market Summary 1
The first half of 2026 was defined by the US - Iran conflict, which erupted in late February and dominated global markets through to its seeming resolution in mid - June. The closure of the Strait of Hormuz — through which approximately 20% of global oil supply passes — triggered a severe energy shock, with the price of Brent crude surging over 60% in March before ending Q2 down 38.4% followin g the peace agreement.
As the blockade persisted into March, stagflation fears became the consensus narrative. The US 10 - year Treasury yield rose 38 basis points 2 reflecting growing risk concerns and market expectations swung dramatically — from anticipated interest rate cuts to pricing in multiple hikes across the UK, US, and Eurozone. UK 30 - year gilt yields 3 reached their highest levels since 1998. The dollar strengthened, with the DXY 4 up 2.4% in March, while gold and equities broadly sold off.
April brought the first signs of de - escalation when President Trump announced a two - week pause in military activity. Though Islamabad talks proved inconclusive, markets rebounded sharply — the US S&P 500 index measuring the largest US stocks gained 10.5% and the Philadelphia Semiconductor Index 5 surged 38.4%. All four major central banks held rates steady, with the European Central Bank (ECB) surprising markets with a less hawkish tone than expected.
June brought resolution. The peace deal was announced on 14 June and the MOU 6 signed on 17 June, with the Brent crude oil price falling 27% on the month. Despite the geopolitical de - escalation, central banks turned more hawkish: the ECB raised rates 25 basis points 7 to 2.25% — its first hike since 2023 — and the Bank of Japan (BOJ) raised rates to 1.0%. The US Federal Reserve held rates at 3.50 – 3.75% under new Chair Kevin Warsh but struck a hawkish 8 tone, with markets pricing a hike by October. The S&P 500 delivered its best quarter since Q2 2020 (+15.2% for Q2), while PM Starmer's resignation briefly unsettled UK gilts before a swift reco very as Andy Burnham's Labour leadership became uncontested.
Performance Review
Against this backdrop, the Fund returned 1.83% 9 for the period, underperforming the benchmark, which returned 2.09% 10 . The half - year performance was shaped by three distinct phases: the beginning of the year started with a risk rally 11 driven by strong economic data, the sell - off in March driven by the onset of the Iran conflict and finally, a recovery over the last three months as the conflict de - escalated. In March, the closure of the Strait of Hormuz and a broad de - risking led to credit spread 12 decompression. The Fund underperformed its benchmark given its lower rated BBB profile relative to higher rated, longer duration 13 benchmark. As the crisis continued, stagflation fears drove returns and long duration was out of favour. But as April’s sharp rebound occurred, the Fu nd's structural overweight 14 in the belly of the curve 15 , preference for higher - carry 16 shorter - duration exposures, and overweight in defensive European utility names all contributed positively to relative performance.
The key contributors to returns included: • Integrated Utilities which recovered sharply from March lows and were the strongest sector in Q2 • Currency and duration management: shorter duration than the benchmark, overweight the belly versus the longer - dated bonds, Sterling overweight concentrated in the shorter dated bonds which provided higher carry while avoiding much of the volatility • Defensive European credit which was the primary beneficiary of the Hormuz normalisation and interest rate recovery • Selected high yield bond positions in non - cyclical sectors which remained well - supported throughout the period
The key detractors from returns included: • BBB credit 17 spread widening in March driven by indiscriminate risk - off 18 at the onset of the conflict • Financials which underperformed in the early stages of the risk - off move
1 Bloomberg as at 30 June 2026 2 A unit used to describe changes in interest rates or bond yields. One basis point equals 0.01 percentage points. 3 The returns available on UK government bonds. 4 The US Dollar Index, which measures the value of the US dollar against a group of major currencies. 5 An index tracking major companies involved in the design, manufacture and sale of semiconductors. 6 Memorandum of Understanding, a formal statement setting out an agreement or shared intentions between parties. 7 A basis point is 1/100 of a percent. 8 Hawkish refers to favouring higher interest rates / tighter monetary policy (to control inflation). 9 Performance data is shown net of fees with income reinvested, as at 30 June 2025, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated of (up to) 1.25% management fees for Man Global Climate Transition Impact B ond D H EUR share class. Other share classes may charge higher fees. The ICE BofA Green Bond Index (EUR Hedged) Index is an official benchmark for the fund. Please consult the Fund’s offering documents or Key Information Document (‘KID’) - or Key Investor Information Document (‘KIID’) for other share classes - for more information. 10 Bloomberg as at 30 June 2025. 11 A period when investors become more willing to buy assets perceived as carrying greater risk. 12 The additional yield offered by a corporate bond compared with a similar government bond, compensating investors for addition al credit risk. 13 A measure of how sensitive a bond or bond portfolio is to changes in interest rates. Longer - duration bonds are generally more sensitive. 14 Holding a greater proportion of an investment than the benchmark. 15 The bottom of the yield curve, the line that plots the yields, or interest rates, of bonds that have equal credit quality but different maturity dates. 16 The income earned from holding an investment, generally from interest payments, after relevant financing or hedging costs. 17 A BBB credit rating is a lower - medium, investment - grade score. It means a company or government has an adequate ability to pay debts, but bad economic times can hurt this ability. 18 Risk off refers to a market environment where investors move money away from riskier investments (like stocks) into safer one s (like government bonds).
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Man Global Climate Transition Impact Bond – Semi - Annual Report Commentary (continued)
Future Outlook
The Fund employs integrated assessment models focusing on climate change to aid capital allocation. This framework is complem ented by fundamental credit and fixed - income analysis, guiding our investment decisions.
As of the end of June 2026, the Fund’s allocation was approximately: • 51% to Low Carbon Energy • 32% to Electrification • 6% to Industrial • 5% to Transportation • 1% to Agriculture and Land Use
Looking ahead to the second half of 2026, the investment environment has changed significantly compared with a year ago. Inte rest rates had previously been expected to fall, but several central banks are now raising rates, or may do so, to help control in flation. Although the Iran conflict has reduced, it may take time for oil supplies, international relations and expectations for futur e inflation to return to more normal levels.
We remain confident in several areas. European corporate bonds should benefit from a reopening of the Strait of Hormuz and th e reduction in geopolitical tensions. Concerns about energy security have also increased political support for renewable energy and electricity networks. This should provide long - term support for many of the sectors in which the Fund invests.
The financial position of companies also remains generally supportive. Corporate earnings have continued to exceed expectatio ns, while the proportion of companies failing to repay their debts remains historically low. Companies have issued fewer new bonds than governments, except for significant issuance by some very large technology companies. In addition, more investment - grade companies have received improvements to their credit ratings than reductions.
Together with the relatively attractive income still available from bonds following the market recovery in the second quarter , these factors support our positive outlook for higher - quality corporate bonds.
Pa Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Ce Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The he organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should no not be construed as a recommendation for their purchase or sale.
G LG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
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Man Emerging Markets Corporate Credit Opportunities – Semi - Annual Report Commentary
Market summary 1 2026 opened on a constructive note for Emerging Markets (EM) credit, continuing the positive momentum from 2025. EM corporate fundamentals 2 remained sound, with net leverage flat year - on - year and rating actions net positive for the second consecutive year. The JPM CEMBI Broad Diversified Index 3 delivered positive returns through the first two months as softer US economic data appeared to pave the way for earlier Federal Reserve rate cuts, with the 10 - year Treasury yield dropping to 3.97% by end - February. EM fund inflows remained robust, with $6.1 billion in net inflows in January alone.
However, the outbreak of the US - Israeli war against Iran on 28 February fundamentally altered the market backdrop. The closure of the Strait of Hormuz on 4 March triggered the most significant oil supply disruption in the history of the global oil market, wit h Brent crude surging from around $72 to nearly $120 per barrel at its peak — a 51% gain in March alone. Q2 was characterised by ongoing tensions in the Middle East as the unresolved conflict continued to have an impact on energy prices. The diversified regional composit ion of the EM corporate bond universe provided some resilience, with Latin America benefiting from lower direct exposure to the geopolit ical risk.
Performance Review
Against this backdrop, Man Emerging Markets Corporate Credit Opportunities was up 3.23% 4 , outperforming its benchmark which returned 4.25% 5 . Top Individual Contributors • Argentina Utilities • Argentina Utilities • Brazil Energy
Top Individual Detractors • Singapore Real Estate • Turkey Utilities • China Materials
Future Outlook
The team is staying focused on idiosyncratic risk and continues to see opportunities in Brazil, Hong Kong real estate special situations, and in Colombia on the back of the recent election outcome. Technicals in the asset class remain favourable overall, with net issuance still subdued versus history.
Pa Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Ce Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The he organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should no not be construed as a recommendation for their purchase or sale.
G LG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
1 Bloomberg as at 30 June 2026 . 2 Financial health measures of companies, such as debt levels, profitability and cash flow. 3 A widely used benchmark index that tracks US dollar - denominated emerging market corporate bonds. 4 Performance data is shown net of fees with income reinvested, as at 30 June 2026, and does not take into account sales and re demption charges where such costs are applicable. Returns are calculated for I USD share class. Other share classes may charge higher fees. J.P. Morgan CEMBI Broad Diversified Composite Index USD. is an official benchmark for the fund. Please consult the Fund’s offering documents / Key Investor Information Document (‘KIID’)/ Key information Document (‘KID’) for more information. 5 Bloomberg as at 30 June 2026 .
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Man Global Resources Equity – Semi - Annual Report Commentary
Market Summary 1 The S&P Global Natural Resources Index rose 9.39% in what was a volatile year for the markets characterized by heightened geo political risk, growing fears of inflation, and a higher interest rate environment.
Oil and oil equities had a strong start to the year amid escalating geopolitical tension including the US intervention in Ven ezuela and again following the outbreak of hostilities in the Middle East in March. After reaching a peak by the end of March, oil and oil equ ities quickly reversed, giving up earlier gains, on truce headlines. The situation in the Middle East continues to oscillate between truce and escalation with little clarity and stability being offered to investors. While the initial truce sparked some tanker movements, the acti vity has quickly subsided in July. Details remain sparse and direction may accelerate in either direction.
Natural gas and related equities were mixed over the period. US natural gas saw an initial spike from Iran and prices quickly moderated, while international markets remain very elevated as Qatar infrastructure damages have limited exports.
Copper prices were also mixed over the period, initially rallying amid a tighter supply backdrop and increased investor atten tion, before declining in March on a combination of factors including risk - off on pro - growth sectors due to Iran, potential for higher energy prices to drive inflation and recession and softer near - term physical markets. Copper prices recovered from this weakness as investors started pricing in a resolution in the Middle East conflict. Aluminum prices, however, underperformed on Iran truce.
Gold/silver and related equities surprised investors by selling off at the start of the Iran War. The weakness was due to a s tronger dollar, positioning unwinds and selling pressure from central banks. This weakness continued into the second quarter on rate hike fea rs and ongoing dollar strength. We saw meaningful central bank purchases despite the reduction in ETF 2 demand.
Renewable names were volatile for the period, performing strongly as investors started to realize that the sector is a struct ural winner from the Middle East volatility and as the call on incremental power supply dramatically increases from the artificial intell igence (AI) revolution, before being caught up in the momentum factor volatility in June.
Performance Review
In the first half of 2026, the Fund gained 11.66% net of fees 3 . The Fund’s drivers of the outperformance were primarily renewables positions.
At the stock level, the top contributors were Bloom Energy 4 , ArcelorMittal , and Darling Ingredients. Bloom Energy had a strong quarter, benefitting from positive business momentum in their behind - the - meter 5 fuel cell offering, continued commercial contract wins and an expanding end market. ArcelorMittal benefitted from the rise in steel prices over the second quarter. Darling Ingredients, along with Neste OYJ , had a strong run as part of the renewable biodiesel supply chain which tightened from shortages in the gasoline and diesel markets amid the conflict in the Middle East.
Detractors over this period included Equinox Gold, Builders Firstsource, and Kinross Gold Corporation. Both Equinox Gold and Kinross Gold Corporation were negatively impacted by declining gold prices on rate hike fears and dollar strength over the period. Bu ilders Firstsource underperformed as US home building trends remain subdued.
Positioning & Outlook
We believe that the volatility generated by the current geopolitical whipsaw, rates fear and AI momentum unwind will ultimate ly prove to be an attractive opportunity as the fundamentals of the natural resources sector remain attractive and intact.
The situation in the Middle East has de - escalated with a 60 - day pause and negotiation period. While details are sparse and a re escalation is a definite possibility at time of writing, this is a clear step - up from the worst - case scenarios. Tanker flows have picked up but remain far from normalized levels. The moratorium period will bring forth some trapped tanker cargoes, but a full normalizati on of the energy supply chain will take a more prolonged pace. Oil prices will remain volatile with many near - term upside risks not baked into positioning or price. However, investors should keep in mind that oil markets were meaningfully oversupplied before Iran and unless there is clear re - escalation, the longer - term path for oil is likely lower given the structural loss in market share. We remain uninvested in traditional fossil fuel producers.
Natural gas remains an energy market we are closely monitoring. Oil prices have nearly returned to pre - Iran levels yet global natural gas prices are still meaningfully above pre - Iran levels. Infrastructure damage has limited some Middle Eastern exports, but US LNG 6 exports have remained very strong. However, we note that US infrastructure does not have much slack and cannot be relied on solely to balance global winter demand. If weather turns colder than normal for the winter, there is a risk of further price appreciation in gl obal gas prices. Potential offsets will be the strong deployment of renewables globally that will help to defray physical power shortages as w ell as warmer - than - average winters from El Niño 7 .
1 Bloomberg as at 30 June 2026 2 An exchange - traded fund (ETF) is a basket of securities, such as stocks or bonds, that trades on an exchange like a single stock and typi cally tracks an index or asset class. 3 Performance data is shown net of fees with income reinvested for the I USD share class with a 0.75% management fee. It does n ot take into account sales and redemption charges where such costs are applicable. Other share classes may charge higher fees. Launch date: 14 April 202 5. 4 The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale The Fund is actively managed and will use the S&P Global Natural Resources Index (t he “Benchmark”) for performance comparison purposes. The Fund’s investment policy is not constrained by the Benchmark. 5 ‘Behind - the - meter’ refers to power generation or storage equipment installed on a customer’s own site, providing electricity directly rat her than via the public grid. 6 LNG (liquefied natural gas) is natural gas that has been cooled to a liquid form so it can be transported by ship rather than by pipeline. 7 El Niño is a recurring climate pattern involving the warming of sea surface temperatures in the Pacific Ocean, which can disr upt weather patterns and agricultural output worldwide.
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Man Global Resources Equity – Semi - Annual Report Commentary (continued)
Positioning & Outlook (continued)
One area we are closely monitoring is the emergence of a strong El Niño weather pattern. While it is easy to blame El Niño fo r the European heat wave, the nuances of weather changes vary from region to region and have different impacts on various natural r esource sectors. One of the most impacted areas will be global agriculture and its potential corresponding inflationary pressures on food prices and availability. At the current stage, we are observing manageable impacts on global food supply chains but this is an area we are carefully watching in the current and following growing season.
We continue to hold and build on our copper exposures as global manufacturing signals continue to recover and longer - term structural drivers like electrification and AI will generate sustained demand. We are also maintaining our positive view on aluminum as the near - to mid - term can still see global power tightness and aluminum supply will still take time to ramp back into the market even with an opening of the Strait of Hormuz. Our views on other industrial materials remain unchanged; we remain bullish on industrial metals as the manufacturing cycle has shown green shoots in stabilization and a gradual resumption to growth. We are overweight the steel complex, particularly the US sector as deglobalization demand and trade restrictions will create an attractive environment for domesti c producers. We have select exposure in the portfolio and remain positive on critical minerals such as tungsten, rare - earth and other critical materials.
We believe the case for gold remains strong for the long term and $4000/oz remains an important investor psychological level, but prices are likely to remain relatively range - bound until more clarity is seen with the new Fed Chairman and rates policy going forward.
In the long run, we continue to strongly believe that the structural winner from the Middle East volatility is renewable ener gy as energy security comes more and more into focus. Global energy policy will continue to shift toward energy security as a top priority and we are already beginning to see increased renewable penetration driven by cost, efficiency and security. In addition to energy secur ity, the call on incremental power supply is dramatically increasing from the AI revolution; we believe this demand pull will be seen in many subsectors like fuel cells and solar supply chain. We expect these trends to continue in the coming years and remain the most bullish on behind - the meter solutions and battery storage.
We are incrementally more bullish on the agricultural and food sector as we increasingly see weather risk as being chronically under priced in the sector. We are currently positioned in soybean crush 1 and soybean oil due to the government support for the US biofuel industry as well as higher demand due to disruptions in traditional fuel infrastructure.
We remain overweight in gold/silver, copper and aluminum, basic chemicals, agricultural processors, paper/packaging and renewables/power grid.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
GLG LLC 1345 Avenue of the Americas 21 st Floor New York NY 10105 U nited States of America
8 ‘Soybean crush’ refers to the process of processing raw soybeans into soybean meal and soybean oil, and to the related tradin g strategy of taking positions on the price difference (the ‘crush spread’) between the raw beans and their processed products.
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Man Systematic Global Core Equities – Semi - Annual Report Commentary
Market summary 1
Global equities navigated a turbulent first half of 2026, shaped by two dominant and at times conflicting themes: Artificial Intelligence (‘AI’) - driven optimism and geopolitical risk. The first quarter was marked by meaningful volatility, with developed markets declinin g, the S&P 500 Index measuring the largest US stocks fell - 4.33% and the MSCI World Index (which measures the performance of global equities as a whole) dropped - 3.57%, as enthusiasm for mega - cap (the largest companies by market value) technology stocks gave way to concerns around AI's disruption to traditional software business models. European stock markets declined modestly during t he first quarter of 2026, reversing course after several quarters of strength. A sharp late - quarter spike in oil prices, with Brent crude surging in March following the effective closure of the Strait of Hormuz, amplified risk - off sentiment (a general move away from riskier assets) and reignited inflation fears globally. Emerging markets (‘EM’) proved more resilient, with the MSCI Emerging Markets Index falli ng just 0.17%, though performance was uneven: Taiwan and Korea benefited early from AI and semiconductor tailwinds, while broader EM faced headwinds from Asia's outsized exposure to Middle East energy flows. The Q1 factor environment (factors are outcomes pr ovided by algorithmic models which undertake mass data analysis) reflected this dynamic, with a textbook oil - shock rotation that led investors to sell shares that tend to move more sharply than the wider market, along with those that had recently been rising, and to buy cheaper shares and those paying higher dividends, though the overall factor backdrop remained broadly constructive.
Q2 saw a dramatic reversal of Q1's conflict - driven selloff, with global equities staging one of their strongest multi - month rallies in recent years as Middle East tensions eased and markets rotated decisively back into AI and technology stocks. The MSCI World Index advanced +13.8% for the quarter, although returns were front - loaded before momentum faded into June. During the second quarter the S&P 500 Index gained 15.2%, the MSCI Europe Index returned 11.8% in euro terms, and the MSCI Emerging Markets Index surged over 24%, powered by Taiwanese and Korean semiconductor names. Oil prices fell sharply in May as Iran tensions eased, allevia ting inflationary pressure, though June brought a modest pause amid fresh Middle East flare - ups and growing scepticism over AI capital expenditure returns. Factor leadership shifted emphatically pro - risk (favouring higher - risk assets), with beta (the overall movement of the market), size, growth and momentum all strongly positive, in sharp contrast to Q1's defensive rotation.
Performance review
Against this backdrop, Man Systematic Global Core Equities (the “Fund”) had a positive return over the period 2 . Man Numeric, the fund manager of the Fund, seeks to add value through a fundamentally driven, quantitative, bottom - up stock selection process. Stocks are selected based on the output of our quantitative investment models. The overall model performance was pos itive during the period. Within the overall model, the Momentum Innovation, Factor Selection, Momentum Academic+, and Informed Inve stor models performed positively during the period. The Value Innovation, Quality, and Value Academic+ models performed negatively during the period. From a regional perspective, the Japan, US, Europe, and UK models performed positively during the period. The Asi a ex Japa n model performed negatively during the period.
From a sector perspective, stock selection was positive during the period, with holdings in the Industrials and Financials se ctors contributing. Sector allocation was flat for the period, with an underweight (holding less of a stock or sector than the benc hmark does) to Communication Services contributing and an underweight to Energy detracting.
Stock selection was positive from a country perspective, with holdings in Switzerland and France contributing. Country alloca tion was positive for the period, with an overweight to the Netherlands contributing.
At the security level, an overweight in an American Information Technology stock was the largest positive contributor during the period, while an overweight in an American Information Technology stock was the largest detractor.
1 Bloomberg as at 30 June 2026. 2 Performance data for 12 months is not available. Therefore, we cannot provide performance data as this would be deemed insuff icient to provide a useful indication of past performance. MSCI World Index (Net Dividends, Total Return) is an official benchmark for the fund. Please consult the Fund’s offering documents / Key Investor Information Document ('KIID')/ Key information Document ('KID') for more information.
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Man Systematic Global Core Equities – Semi - Annual Report Commentary (continued)
Future outlook
We anticipate ongoing geopolitical dynamics to continue to shape the market environment and factor landscape. Our attention c enters on potential threats that could disrupt equity markets. The question of an AI bubble will undoubtedly persist as a key concer n for investors. As we do not invest based on top - down views and instead focus on company - specific, bottom - up stock selection, we strive to remain agnostic to the overall market environment by focusing on continuous research into new, diversifying signals and ri sk management techniques. Our goal, as always, is to build balanced, well - diversified portfolios that can navigate market inflections and volatility. With this in mind, we will not rest on our laurels but instead remain focused on improving our process to best ma nage the risks, known and unknown, that lie ahead.
Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide de a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should not be construed as a recommendation for their purchase or sale.
Numeric Investors LLC 200 Pier 4 Boulevard 5 th Floor Boston MA 02210 U nited States of America
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Man Global Credit Value – Semi - Annual Report Commentary
Market Summary
Q1 2026 was dominated by geopolitical conflicts and noise around Artificial Intelligence (AI). January 3rd saw the United Sta tes launch a military strike in Venezuela and capture the incumbent president Nicolas Maduro. Markets were generally muted in response, however the reaction to President Trump’s reiteration of his desire to acquire Greenland the following week was anything but. The S&P 500 index measuring the largest US stocks recorded its worst day in three months, falling 2.1% in a single day as the US administration threatened 10% tariffs on February 1st on eight European nations who opposed the attempt to acquire the island. Markets subsequently reb ounded immediately as Trump rowed back on tariff threats upon agreeing a deal on Greenland.
Q2 2026 began on a positive note as a US - Iran ceasefire sparked a broad risk - on rally 1 , with the S&P 500 posting its best month since 2020. Momentum continued into May, though markets faced headwinds from rising yields — US 10 - year treasuries hit 4.7% — and UK political uncertainty, as pressure on PM Starmer intensified. By June, Starmer had resigned, with Andy Burnham emerging as su ccessor; markets took the transition in stride, though UK 30 - year gilt yields 2 briefly touched their highest levels since 1998 at 4.86%, reflecting concerns over Burnham's anticipated leftward tilt and the UK's already - stretched fiscal position.
A US - Iran deal in June offered some geopolitical relief, though the agreement proved fragile — strikes were exchanged just before quarter end, keeping risk sentiment cautious. On monetary policy, central banks diverged sharply: the European Central Bank a nd Bank of Japan both hiked interest rates by 25bps 3 as Middle Eastern inflationary pressures broadened across global energy and commodity markets, while the US Federal Reserve and Bank of England opted to hold. New US Federal Reserve Chair Kevin Warsh struck a hawkish tone 4 at his inaugural meeting, and markets remain priced for at least one further US interest - rate hike before year - end.
Performance Review
The portfolio delivered positive 5 total returns, in excess of the global high yield and investment grade indices.
Top three individual contributors and detractors
Contributors • Finland – Financials (0.34%) • Canada – Financials (0.32%) • Kazakhstan – Financials (0.28%)
Detractors • Germany – Materials ( - 0.18%) • Euro index hedge ( - 0.12%) • United States – Consumer Discretionary ( - 0.09%)
1 A ‘risk - on’ rally describes a period when investor sentiment improves and capital flows into higher - risk assets such as equities, away from safer havens. 2 Gilts are bonds issued by the UK government; their yield is the return investors require to hold them, which moves inversely to the bond’s price. 3 A basis point (bp or bps) equals one hundredth of one percentage point (0.01%); 25bps is therefore 0.25%. 4 A ‘hawkish’ tone signals that a central bank favours tighter monetary policy (higher interest rates) to control inflation — the opposite of a growth - supportive ‘dovish’ stance. 5 Performance data is calculated net of fees with income reinvested, as at 30 June 2026, and does not take into account sales a nd redemption charges where such costs are applicable. Returns are calculated for IL USD share class. Other share classes may charge higher fees. Please consult the Fund’s offering documents / Key Investor Information Document (‘KIID’)/ Key information Document (‘KID’) for more information. Performance numbers can be provided only after the fund has achieved a performance track record of more than 12 full months.
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Man Global Credit Value – Semi - Annual Report Commentary (continued)
Future Outlook
Looking ahead, we anticipate that rates, rather than spreads 1 , will be the dominant driver of credit market returns — a view underpinned by continued geopolitical uncertainty, sticky inflation in developed markets, and the prevailing hawkish tone among major Cen tral Banks. Despite frothy valuations 2 at the index level, opportunities remain for bottom - up (evaluating each individual issuer rather than looking at movements in prices within a particular market or market segment) investment grade bond investors like ourselves.
Pa Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Ce Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The he organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should no not be construed as a recommendation for their purchase or sale.
G LG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
1 Credit spreads are the additional yield investors demand for holding a corporate bond over a comparable government bond, refl ecting the perceived risk of default. 2 ‘Frothy’ valuations describe asset prices that look expensive relative to underlying fundamentals, increasing the risk of a m arket correction.
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Man Systematic European Equity – Semi - Annual Report Commentary
Man Systematic European Equity launched on 15 th of May 202 6 . Market summary 1
Global equities navigated a turbulent first half of 2026, shaped by two dominant and at times conflicting themes: Artificial Intelligence (‘AI’) - driven optimism and geopolitical risk. The first quarter was marked by meaningful volatility, with developed markets declinin g, the S&P 500 Index measuring the largest US stocks fell - 4.33% and the MSCI World Index (which measures the performance of global equities as a whole) dropped - 3.57%, as enthusiasm for mega - cap technology stocks gave way to concerns around AI's disruption to traditional software business models. European stock markets declined modestly during the first quarter of 2026, with the MSC I Europe Index returning - 0.94% in euro terms, reversing course after several quarters of strength. A sharp late - quarter spike in oil prices, with Brent surging in March following the effective closure of the Strait of Hormuz, amplified risk - off sentiment (a general move away from riskier assets) and reignited inflation fears globally. Emerging markets proved more resilient, with the MSCI Emerging Markets Index falling just - 0.17%, though performance was uneven: Taiwan and Korea benefited early from AI and semiconductor tailwinds, while broader Emerging Markets (EM) faced headwinds from Asia's outsized exposure to Middle East energy flows. The Q1 factor 2 environment reflected this dynamic, with a textbook oil - shock rotation that led investors to sell shares that tend to move more sharply than the wider market, along with those that had recently been rising, and to buy cheaper shares and those paying higher divi dends, though the overall factor backdrop remained broadly constructive.
The second quarter of 2026 saw a dramatic reversal of Q1's conflict - driven selloff, with global equities staging one of their strongest multi - month rallies in recent years as Middle East tensions eased and markets rotated decisively back into AI and technology stocks . The MSCI World Index advanced +13.8% for the quarter, although returns were front - loaded before momentum faded into June. During the second quarter the S&P 500 Index gained 15.2%, the MSCI Europe Index returned 11.8% in euro terms, and the MSCI Emerging Markets Index surged over 24%, powered by Taiwanese and Korean semiconductor names. Oil prices fell sharply in May as Iran tensions eased, alleviating inflationary pressure, though June brought a modest pause amid fresh Middle East flare - ups and growing skepticism over AI capital expenditure returns. Factor leadership shifted emphatically pro - risk (favouring higher - risk assets), with beta (the overall movement of the market), size, growth and momentum all strongly positive, in sharp contrast to Q1's defensive rotatio n.
Performance review
For the May 18, 2026 through June 30, 2026 period, the Man Systematic Europe Equity (the “ Fund ” ) performed positively and underperformed its benchmark, the MSCI Europe Index 3 . Due to regulation, which requires an extended period of time to pass to ensure figures provided are meaningful, we are unable to provide performance numbers for the fund until 12 full calendar mont hs have passed since launch.
Model Performance
The Fund employs a model utilizing quantitative analysis. Overall combination model performance was positive for the period. The Momentum Academic+ model produced the most positive returns, followed by Informed Investor and Momentum Innovation. Quality and Value Innovation were flat over the period, while Value Academic+ and Factor Selection detracted.
Contribution Breakdown
From a sector perspective, stock selection was negative and sector allocation was flat over the period. Stock selection withi n the Consumer Discretionary and Utilities sectors detracted the most, while selection within the Financials and Consumer Staples s ectors were additive. Within sector allocation, an overweight (higher exposure than the benchmark) to Communication Services detract ed while an overweight to Information Technology contributed.
From a country perspective, stock selection was negative. Picks in Spain detracted while picks in the UK contributed. The Fun d’s country allocation was positive, with an overweight to the Netherlands contributing and an underweight to Spain detracting.
From an individual stock standpoint, the Fund’s underweight holding in a German Information Technology firm and overweight ho ldings in a UK Industrials and a Dutch Information Technology firm were the three most significant positive contributors. The three stocks that detracted the most from performance were overweight holdings in a Swiss Information Technology firm, a Norwegian Information Technology firm and a Spanish Utilities firm.
1 Bloomberg as at 30 June 2026. 2 Factors are outcomes provided by algorithmic models which undertake mass data analysis. 3 Bloomberg as at 30 June 2026. The MSCI Europe Net Dividends Total Return index in EUR is an official benchmark for the fund. Please consult the Fund’s offering documents , Key Investor Information Document (‘KIID’) and/or Key information Document (‘KID’) for more information.
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Man Systematic European Equity – Semi - Annual Report Commentary (continued)
Future Outlook
We expect ongoing geopolitical dynamics to continue to shape the market environment and factor landscape. Our attention cente rs on potential threats that could disrupt equity markets. The question of an AI bubble will undoubtedly persist as a key concern f or investors. As we do not invest based on top - down views and instead focus on company - specific, bottom - up stock selection, we strive to remain agnostic to the overall market environment by focusing on continuous research into new, diversifying signals and risk management techniques. Our goal, as always, is to build balanced, well - diversified portfolios that can navigate market inflections and volatility. With this in mind, we will not rest on our laurels but instead remain focused on improving our process to best manage the risks, k nown and unknown, that lie ahead.
Pa Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Ce Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The he organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should no not be construed as a recommendation for their purchase or sale.
Numeric Investors LLC 200 Pier 4 Boulevard 5 th Floor Boston MA 02210 U nited States of America
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Man Systematic US Equity – Semi - Annual Report Commentary
Man Systematic US Equity launched on 21st of May 202 6 . Market summary 1
Global equities navigated a turbulent first half of 2026, shaped by two dominant and at times conflicting themes: AI - driven optimism and geopolitical risk. The first quarter was marked by meaningful volatility, with developed markets declining, the S&P 500 Index measuring the largest US stocks fell - 4.33% and the MSCI World Index (which measures the performance of global equities as a whole) dropped 3.57%, as enthusiasm for mega - cap technology stocks gave way to concerns around AI's disruption to tradition al software business models. European stock markets declined modestly during the first quarter of 2026, reversing course after several quarters of strength. A sharp late - quarter spike in oil prices, with Brent crude surging in March following the effective closure of the Strait of Hormuz, ampli fied risk - off sentiment (a general move away from riskier assets) and reignited inflation fears globally. Emerging markets proved more resilient, with the MSCI Emerging Markets Index falling just - 0.17%, though perfo rmance was uneven: Taiwan and Korea benefited early from AI and semiconductor tailwinds, while broader Emerging Markets (EM) faced headwinds from Asia's outsized exposure to Middle East energy flows. The Q1 factor 2 environment reflected this dynamic, with a textbook oil - shock rotation that led investors to sell shares that tend to move more sharply than the wider market, along with those that had recently been rising, and to buy cheaper shares an d those paying higher dividends, though the overall factor backdrop remained broadly constructive.
The second quarter of 2026 saw a dramatic reversal of Q1's conflict - driven selloff, with global equities staging one of their strongest multi - month rallies in recent years as Middle East tensions eased and markets rotated decisively back into AI and technology stocks . The MSCI World Index advanced +13.8% for the quarter, although returns were front - loaded before momentum faded into June. During the second quarter the S&P 500 Index gained 15.2% and the MSCI Europe Index was also strongly positive. The MSCI Emerging Markets Index surged over 24%, powered by Taiwanese and Korean semiconductor names. Oil prices fell sharply in May as Iran tensions e ased, alleviating inflationary pressure, though June brought a modest pause amid fresh Middle East flare - ups and growing skepticism over AI capital expenditure returns. Factor leadership shifted emphatically pro - risk (favouring higher - risk assets), with beta (the overall movement of the market), size, growth and momentum all strongly positive, in sharp contrast to Q1's defensive rotation.
Performance review For the May 21, 2026 through June 30, 2026 period, the Man Funds plc - Man Systematic US Equity (the ‘Fund’) performed positively and outperformed its benchmark, the S&P 500 Index 3 . Due to regulation, which requires an extended period of time to pass to ensure figures provided are meaningful, we are unable to provide performance numbers for the fund until 12 full calendar months have passed since launch.
Model Performance The Fund employs a model utilizing quantitative analysis. Overall combination model performance was positive for the period. The Value Academic+ model produced the most positive results, followed by Value Innovation, Factor Selection, Quality and Momentum Academic+. The Momentum Innovation model was flat for the period while the Informed Investor model was negative.
Contribution Breakdown From a sector perspective, stock selection and sector allocation were positive over the period. Stock selection within the In dustrials and Consumer Discretionary sectors contributed the most, while selection within the Materials and Consumer Staples sectors detrac ted. Within sector allocation, an underweight (lower exposure relative to the benchmark) to Communication Services contributed whi le no one sector significantly detracted.
From an individual stock standpoint, the Fund’s overweight holdings in a US Information Technology firm and a US Communicatio n Services firm as well as an underweight holding in a US Information Technology were the three most significant positive contr ibutors. The three stocks that detracted the most from performance were two underweight holdings in US Information Technology firms and an overweight holding in a US Information Technology firm.
1 Bloomberg as at 30 June 2026 2 Factors are outcomes provided by algorithmic models which undertake mass data analysis. 3 Bloomberg as at 30 June 2026. The S&P 500 Net Total Return Index is an official benchmark for the fund. Please consult the Fund ’s offering documents , Key Investor Information Document (‘KIID’) and/or Key information Document (‘KID’) for more information.
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Man Systematic US Equity – Semi - Annual Report Commentary (continued)
Future Outlook
We expect ongoing geopolitical dynamics to continue to shape the market environment and factor landscape. Our attention cente rs on potential threats that could disrupt equity markets. The question of an AI bubble will undoubtedly persist as a key concern f or investors. As we do not invest based on top - down views and instead focus on company - specific, bottom - up stock selection, we strive to remain agnostic to the overall market environment by focusing on continuous research into new, diversifying signals and risk management techniques. Our goal, as always, is to build balanced, well - diversified portfolios that can navigate market inflections and volatility. With this in mind, we will not rest on our laurels but instead remain focused on improving our process to best manage the risks, k nown and unknown, that lie ahead.
Pa Past performance is not indicative of future results. Returns may increase or decrease as a result of currency fluctuations.
Ce Certain indices/measures mentioned on this page have been provided for information purposes only. They are intended to provide a comparative indication of particular asset classes, investment sectors, or financial markets more widely ("market backdrop") "). Unless indicated otherwise, the investment process of the Fund is independent of these indices/measures.
The he organisations and/or financial instruments mentioned are for reference purposes only. The content of this material should no not be construed as a recommendation for their purchase or sale.
Numeric Investors LLC 200 Pier 4 Boulevard 5 th Floor Boston MA 02210 U nited States of America
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Indices definitions CBOE Volatility Index (VIX index)
Index measuring the market’s expectation of future volatility. The VIX Index is based on options of the S&P 500® Index, considered the leading indicator of the broad U.S. stock market. The VIX Index is recogni s ed as the world’s premier gauge of U.S. equity market volatility. For more information go to http://www.cboe.com/vix FTSE 100 Index The FTSE 100 is a market - capitalisation weighted index of UK - listed blue chip companies. The index is part of the FTSE UK Index Series and is designed to measure the performance of the 100 largest companies traded on the London Stock Exchange that pass screening for size and liquidity. For more information go to https://www.ftserussell.com/index - series/index - spotlights/uk - equity - indexes . ICE BofA Index The ICE BofA Index is a series of market - capitalisation weighted indices designed to measure the performance of various fixed - income markets. These indices are constructed by the Intercontinental Exchange (ICE) and Bank of America (BofA), spanning a wide range of bond types, including corporate, government, and municipal bonds. The indices are commonly used as benchmarks by investors and portfolio managers. For more information, go to https://www.theice.com/market - data/indices . JP Morgan Emerging Market Bond Index Global (EMBI Global )
The J.P. Morgan Emerging Markets Bond Index Global ("EMBI Global") is a traditional, market capitalisation weighted index belonging to the JPMorgan Emerging Market Bond Index (EMBI), which are a set of three bond indices to track bonds in emerging markets operated by J P Morgan. The EMBI Global tracks total returns for traded external debt instruments in the emerging markets and is an expanded version of the JPMorgan EMBI+.As with the EMBI+, the EMBI Global includes U.S dollar - denominated Brady bonds, loans, and Eurobonds with an outstanding face value of at least $500 million. It covers more of the eligible in struments than the EMBI+ by relaxing somewhat the strict EMBI+ limits on secondary market trading liquidity. Additionally, the EMBI Global defines emerging markets countries with a combination of World Bank defined per capita income brackets and each country's debt - restructuring history. This criteria allows the EMBI global to include a number of higher - rated countries. For more information go to www.jpmorgan.com JP Morgan Government Bond Index Emerging Market Global Diversified (EMBI Global Diversified)
The index is a comprehensive Emerging Markets debt benchmark that tracks local currency bonds issued by emerging market governments. EMBI Global Diversified is positioned as the investable benchmark that includes only those countries that are accessible by most of the international investor base. The diversification methodology limits the weights of the larger index countries by only including a specified portion of those countries' eligible current face amounts of debt outstanding, thus providing a more ev en distribution of weights across the countries in the index. The index belongs to the JPMorgan Emerging Market Bond Index (EMBI) family of indices for which returns and statistics are available from December 1993. For more information go to www.jpmorgan.com MSCI All Country World Index (MSCI ACWI)
The MSCI ACWI Index, MSCI’s flagship global equity index, is designed to represent performance of the full opportunity set of large - and mid - cap stocks across 23 developed and 27 emerging markets. As of November 2020, it covers more than 3,000 constituents across 11 sectors and approximately 85% of the free float - adjusted market capitalisation in each market. The index is built using MSCI’s Global Investable Market Index (GIMI) methodology, which is designed to take into account variations reflecting conditions across regions, market cap. Sizes, sectors, style segments and combinations. For more information go to www.msci.com MSCI Emerging Markets Index
The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets (EM) countries*. With 1,136 constituents, the index covers approximately 85% of the free float - adjusted market capitali s ation in each country. For more information go to www.msci.com MSCI Europe Index The MSCI Europe Index captures large and mid cap representation across 15 Developed Markets (DM) countries in Europe*. With 442 constituents, the index covers approximately 85% of the free float - adjusted market capitali s ation across the European Developed Markets equity universe. For more information go to www.msci.com MSCI Europe ex UK Index
The MSCI Europe ex UK Index captures large and mid cap representation across 14 Developed Markets countries in Europe. With 345 constituents, the index covers approximately 85% of the free float - adjusted market capitali s ation across European Developed Markets excluding the UK. For more information go to www.msci.com MSCI World Index The MSCI World Index captures large and mid cap representation across 23 Developed Markets (DM) countries*. With 1,634 constituents, the index covers approximately 85% of the free float - adjusted market capitali s ation in each country. For more information go to www.msci.com Russel/Nomura Large Cap value Index
The Russell/Nomura Large Cap Index contains the top 85% value stocks of the Russell/Nomura Total Market Index in terms of float - adjusted market cap
Russell/Nomura Total Market Index
The Russel /Nomura Total Market Index is a Japan Equity index consisting of the top 1,000 stocks by market cap excluding stable shareholdings covering the top 98% of all stocks listed on all Japan’s stock exchanges in terms of float - adjusted market cap. For more information go to www.ftse.com S&P 500 Index is a widely recogni s ed gauge of the U.S. equities market. This index is an unmanaged capitali s ation weighted index consisting of 500 of the largest capitali s ation U.S. common stocks. The returns of the S&P 500 include the reinvestment of dividends. For more information go to https://eu.spindices.com/ Tokyo Stock Price Index (TOPIX)
Capitali s ation - weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. This is a measure of the overall trend in the stock market, and is used as a benchmark for investment in japan stocks. For more information go to https://www.jpx.co.jp/english/markets/indices/topix/
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GLOSSARY
Active management Active management is the use of a human element, such as a single manager, co - managers or a team of managers, to actively manage a fund's portfolio. Active managers rely on analytical research, forecasts, and their own judg e ment and experience in making investment decisions on what securities to buy, hold and sell. The opposite of active management is passive management, better known as "indexing ”.
Ancillary assets Assets which are not the main assets of a company.
Appreciation An increase in the market value of an asset, such as a stock, bond, commodity or piece of real estate, or in the value of one currency with respect to another. The opposite of depreciation . Asset Any item of economic value owned by an individual or corporation, especially that which could be converted to cash. Examples are cash, securities, accounts receivable, inventory, office equipment, real estate, a car, and other property.
On a balance sheet, assets are equal to the sum of liabilities, common stock, preferred stock, and retained earnings.
Asset class An asset class is a group of securities that exhibits similar characteristics, behaves similarly in the marketplace and is subject to the same laws and regulations. The three main asset classes are equities, or stocks; fixed income, or bonds; and cash equivalents, or money market instruments. Some investment professionals add real estate, commodities, and increasingly, cryptocurrencies such as Bitcoin, to the asset class mix.
Balance of payments Statement of a country's net financial transactions with other countries over a defined period of time.
Balance sheet Financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders.
Bankers’ acceptance A bankers' acceptance (BA) is a short - term credit investment created by a non - financial firm and guaranteed by a bank to make payment. Acceptances are traded at discounts from face value in the secondary market.
Benchmark A standard against which the performance of a fund can be measured and compared (e . g. a stock market index such as the FTSE 100 or an interest rate, such as LIBOR).
Blue Chip company The stock of a major company with a record of strong earnings, reliable dividend payments and steady share price performance. Blue chips are normally the largest capitalised stocks in a particular market and among the most widely traded.
Bond A debt instrument issued for a period of more than one year with the purpose of raising capital by borrowing. Generally, a bond is a promise to repay the principal along with interest (coupons) on a specified date (maturity). Some bonds do not pay interest, but all bonds require a repayment of principal. When an investor buys a bond, he/she becomes a creditor of the issuer.
Buyback A buyback, also known as a share repurchase, is when a company buys its own outstanding shares to reduce the number of shares available on the open market. Companies buy back shares for a number of reasons, such as to increase the value of remaining shares available by reducing the supply or to prevent other shareholders from taking a controlling stake.
Cash Equivalents Cash equivalents are investments securities that are for short - term investing, and they have high credit quality and are highly liquid. These securities have a low - risk, low - return profile and include Treasury bills, certificates of deposit, bankers' acceptances, commercial papers and other money market instruments.
Certificates of deposit (CDs)
Interest - bearing certificate issued by a bank to a depositor. Interest is paid at maturity.
Collective investment scheme
A type of investment scheme that involves collecting money from different investors and then combining all the money collected to fund the investment.
Compound interest Earning interest on interest, or, more precisely, the interest earned on the sum of the principal amount and the interest already accumulated. A return on an investment is compounded if it takes into account compound interest, i.e. the interest is reinvested.
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GLOSSARY (continued)
Commercial paper A type of borrowing by companies and institutions in the form of loans where lenders do not have the right to take the assets of the borrower if they fail to repay. These loans are given for a period of a year or less.
Commodity A good produced in bulk. Many commodities, such as coffee, meat and grain, and raw materials such as metals and oil, are traded on local, regional and/or international markets called commodity exchanges, either on a spot basis or through futures contracts, which allow the purchase or sale of a commodity at a predetermined price on a particular date in the future.
Common stock See Ordinary shares
Consumer staples Consumer staples are essential products, such as food, beverages, tobacco and household items. Consumer staples are goods that people are unable or unwilling to cut out of their budgets regardless of their financial situation (Investopedia).
Convertible bond A bond issued by a company that has a set maturity date and pays interest in the form of a coupon. It has features of both a bond and stock and its valuation reflects both types of investments. It gives the holder the option to convert the bond into a specific number of shares of the issuing company – in other words, it has an 'embedded option'.
Corporate Bond A bond issued by a company.
Coupon A term used to refer to the interest paid by a bond. It derives from the fact that bonds used to be issued as bearer documents (i . e. certificates which do not identify the owner) with dated coupons attached to them. These were cut off the document when the payment of the interest was due and taken to a paying agent for the interest to be paid.
Country risk Country risk is a term for the risks involved when someone invests in a particular country.
Country risk varies from one country to the next, and can include political risk, exchange - rate risk, economic risk, and transfer risk. In particular, country risk denotes the risk that a foreign government will default on its bonds or other financial commitments. In a broader sense, country risk is the degree to which political and economic unrest affect the securities of issuers doing business in a particular country.
Credit rating Ratings issued by credit ratings agencies which represent the agency’s evaluation of qualitative and quantitative information for a company or government. Ratings are used to rank companies and governments on the probability of them defaulting on their obligations (i.e. to repay their debts).
Credit risk Usually used when referring to investment in bonds, credit risk is the risk of a loss deriving from the inability of the issuer of a bond to make the interest payments and repay the capital at the end of the life of the bond in full and as scheduled.
'Triple A' or 'investment grade rated' are assessed as being the lowest credit risk while non - investment grade bonds - also known as high - yield debt (or 'junk bonds') - are assessed as the highest credit risk.
The higher the credit risk, the higher the interest rate the borrower will have to attract lenders.
Currency forward A binding contract in the foreign exchange market that locks in the exchange rate for the purchase or sale of a currency on a future date. A currency forward is essentially a hedging tool that does not involve any upfront payment.
Current account (Balance of payment current account)
Movements of money into and out of a country, relating to trade between private individuals, for example workers sending money to their families in another country. The current account includes the visible balance of trade (the net difference between exports and imports of merchandise goods) and the invisible trade balance (payments and receipts for services such as shipping, banking and tourism).
Debt security Debt security refers to a debt instrument, such as a government bond, corporate bond, certificate of deposit (CD), municipal bond or preferred stock, that can be bought or sold between two parties and has basic terms defined, such as notional amount (amount borrowed), interest rate, and maturity and renewal date.
Deflation Deflation is the general decline in prices for goods and services occurring when the inflation rate falls below 0%. Deflation happens naturally when the money supply of an economy is fixed. In times of deflation, the purchasing power of currency and wages are higher than they otherwise would have been.
Derivatives Financial contracts such as futures, options and various securities that offer 'synthetic' access to an underlying asset such as a commodity, stock market or fixed income security. The price movements of a derivative generally follow the price movements of the underlying asset but derivatives generally require only small amounts of capital (margin) to gain exposure to the underlying asset.
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GLOSSARY (continued)
Developed markets Countries that have sound, well - established economies with a high level o f economic growth and security. They are therefore thought to offer safer, more stable investment opportunities than developing markets.
Dividend A dividend is the distribution of reward from a portion of company's earnings, and is paid to a class of its shareholders. Dividends are decided and managed by the company’s board of directors, though they must be approved by the shareholders through their voting rights. Dividends can be issued as cash payments, as shares of stock, or other property, though cash dividends are the most common.
Dividend yield See Yield (3rd definition)
Earnings per Share (EPS)
Profit, net of tax and dividends to preferred shareholders, divided by the total amount of ordinary shares outstanding. Most income statements include a calculation of earnings per share. This calculation tells you how much money shareholders would receive for each share of stock they own if the company distributed all of its net income for the period. In reality, however, companies would not distribute all of their earnings. Usually they reinvest them in the business.
Emerging markets Emerging market is a term use to describe a developing country, in which investment would be expected to achieve higher returns but be accompanied by greater risk. Global index providers sometimes include in this category relatively wealthy countries whose economies are still considered underdeveloped from a regulatory point of view.
Equity An ownership right representing an interest in a company.
Equity Swaps An equity swap is an arrangement made in a futures contract whereby differences in settlement are made through cash payments, rather than by the delivery of physical goods or securities. This is generally an easier method of settlement, because both losses and gains are paid in cash. Equity swaps provide investors with the all the benefits and risks of owning a security without actually owning it.
Equity - linked security A type of debt instrument whereby the return is linked to the performance of a group of underlying stocks or equities that are also linked to the security.
EPS See Earnings per share
Exchange Traded Funds (ETFs)
Index - tracking funds that can be traded on exchanges just like a stock – so they combine the diversified holdings of a fund with the low cost and tradability of a share.
Exposure Exposure (or market exposure) refers to the currency amount of funds, or percentage of a portfolio, invested in a particular type of security, market sector or industry, which is usually expressed as a percentage of total portfolio holdings. It represents the amount an investor can lose from the risks unique to a particular investment.
External account See Current account
Financial Derivative instruments
See Derivatives
Fixed income Term used to denote bonds and other debt instruments, because they normally pay a fixed interest rate.
Foreign exchange Foreign exchange is the exchange of one currency for another or the conversion of one currency into another currency. Foreign exchange also refers to the global market where currencies are traded virtually around the clock.
Forward contract A forward contract is a customised contract between two counterparties to buy or sell a specific asset on a future date at an agreed price. As opposed to stocks and bonds, a forward contract is a derivative instrument, the value of which depends on an underlying asset. Unlike standard futures contracts, forward contracts are not traded on a centralised exchange and are highly customisable.
Free Cash Flow (FCF) The cash a company has after all outgoings, including dividends, debt payments, tax, operating costs and capital expenditure.
Fund Sector Funds are into sectors to facilitate comparisons between funds with similar investment objectives and types of investment.
Futures contract An agreement to buy or sell a stated amount of a security, currency or commodity at a specific future date and at a pre - agreed price.
GDP See Gross Domestic Product
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GLOSSARY (continued)
GNP See Gross National Product
Government Bond Bonds issued by a government.
Gross Domestic Product (GDP)
The total value of an economy's domestic output of goods and services, which is one of the key indicators of economic growth with GNP.
Gross National Product (GNP)
Same as GDP except that it adds what a country earns from overseas investments and subtracts what foreigners earn in a country and send back home.
Index An index is a portfolio of stocks, chosen according to simple, pre - defined rules, and designed to capture a particular investment style.
Inflation Rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling.
Interest rate Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets. Interest rates are typically noted on an annual basis, known as the annual percentage rate (APR). The assets borrowed could include cash, consumer goods, and large assets such as a vehicle or building.
Liquidity A relative term to describe the speed at which an asset or assets can be converted into cash (liquidated) and vice versa.
Liquid asset A liquid asset is an asset that can be converted into cash speedily, with little impact to the price received in the open market. Liquid assets include money market instruments and government bonds.
Listed In relation to the shares of a company, or some funds, when those shares have been accepted for trading on an exchange they are referred to as 'listed' investments. The exchange will have ‘listing requirements’, which all companies/funds must meet before they are 'accepted for listing'. The opposite of listed is over - the counter.
Local currency The most commonly form of currency used in a country. This usually encompasses the national currency of the country.
Long position A security that is bought in expectation that it will rise in value.
Market capitalisation Market value of a company's issued share capital – in other words. the number of shares multiplied by the current price of those shares on the stock market. Companies are ranked as large - cap, mid - cap and small cap depending on their market capitalisation (market cap), though the actual criteria for classification depend on the market concerned.
Maturity date The maturity date is the date on which the principal amount of a debt instrument becomes due and is repaid to the investor and interest payments stop.
Money market instruments
Instruments used by government and companies and others who wish to borrow money for short periods, usually less than a year. They are also called short term debt instruments. They include certificates of deposit, commercial paper and short term gilts.
Municipal Bond A bond issued by a state or local government (or related entities) in the US to cover capital expenditures.
Option A derivative instrument that gives the holder the right, without obligation, to buy (call) or sell (put) a security or asset at a fixed price within a specified period or at a particular future date.
Ordinary shares Securities (called common stock in the US) that confer ownership in a publicly listed company. Holders are entitled to the dividends declared by the company and have the right to vote on the appointment of directors and other important matters. However they rank below holders of preferred shares.
Over the counter (OTC) Generally refers to a stock (but can also refers to other financial instruments) that is not listed on an exchange and traded via a dealer network.
Overvalued When a share price or market is trading at levels above those justified by fundamentals.
Overweight Investment portfolio that holds an excess amount of a particular security when compared to the security's weight in the underlying benchmark portfolio. Actively managed portfolios will make a security overweight when doing so allows the portfolio to achieve excess returns. Overweight can also refer to an investment analyst's opinion that the security will outperform its industry, its sector or the entire market.
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GLOSSARY (continued)
Passive management Passive management is a style of management where a fund's portfolio mirrors a market index. Passive management is the opposite of active management. Passive management is also referred to as "passive strategy," "passive investing" or “index investing."
P/B Ratio See Price -t -to - Book Ratio
Preference shares Also called preferred shares. Shares that entitle the holder to a fixed - rate dividend, paid before any dividend is distributed to holders of ordinary shares.
Preferred stock See Preference shares
Price - to - Book Ratio (P/B ratio)
The P/B ratio reflects the value that market participants attach to a company's equity relative to its book value (total assets minus total liabilities) of equity. A stock's market value is a forward - looking metric that reflects a company's future cash flows. The book value of equity is an accounting measure based on the historic cost principle, and reflects past issuances of equity, augmented by any profits or losses, and reduced by dividends and share buybacks. The higher the ratio, the higher the premium the market is willing to pay for the company above its hard assets. A low ratio may signal a good investment opportunity, but it could also mean something is fundamentally wrong with the company. The ratio is less meaningful for some types of companies, such as those in technology sectors. This is because such companies have hidden assets such as intellectual property which are of great value, but not reflected in the book value.
Primary market The market for new securities issues. In the primary market the security is purchased directly from the issuer.
Quantitative analysis Quantitative analysis (QA) is a technique that seeks to understand behaviour by using mathematical and statistical modelling, measurement, and research. Quantitative analysts aim to represent a given reality in terms of a numerical value. Quantitative analysis is employed for several reasons, including measurement, performance evaluation or valuation of a financial instrument, and predicting real - world events, such as changes in a country's gross domestic product (GDP).
Quantitative easing (QE)
Quantitative easing is an unconventional monetary policy in which a central bank purchases government securities or other securities from the market in order to lower interest rates and increase the money supply. Quantitative easing increases the money supply by flooding financial institutions with capital in an effort to promote increased lending and liquidity. When short - term interest rates are at or approaching zero, and when the printing of new banknotes isn't an option, quantitative easing can be considered.
Quantitative trading A form of investing in which computers are used to sort through financial data and identify predictable patterns. Quantitative traders take advantage of modern technology, mathematics and the availability of comprehensive databases for making rational trading decisions to identify trading opportunities.
Reference index An index used as a benchmark for performance comparison purposes but which is not a formal benchmark as per fund’s prospectus.
Return on capital The profit on an investment in relation to the amount invested which is not considered as a taxable event and not taxed as income.
Risk - adjusted return Risk - adjusted return defines an investment's return by measuring how much risk is involved in producing that return, which is generally expressed as a number or rating. Risk - adjusted returns are applied to individual securities, investment funds and portfolios.
Secondary market A market in which an investor purchases a security from another investor rather than the issuer, subsequent to the original issuance in the primary market.
Sector A sector is an area of the economy in which businesses share the same or a related product or service. It can also be thought of as an industry or market that shares common operating characteristics. Dividing an economy into different pieces allows for more in - depth analysis of the economy as a whole.
Share See Equity
Short position Fund managers use this technique to borrow a security and then sell it with the intention of buying it back for less when the price falls. The position profits if the security falls in value. Within UCITS funds, derivatives such as equity swaps – can be used to simulate a short position.
Security A general term for stocks, bonds, options, subscription rights, warrants and other tradable investments that confer a right to income or ownership.
Sovereign debt Sovereign debt is a central government's debt. It is debt issued by the national government in a foreign currency in order to finance the issuing country's growth and development. The stability of the issuing government can be provided by the country's sovereign credit ratings which help investors weigh risks when assessing sovereign debt investments.
Sovereign risk See Country Risk
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GLOSSARY (continued)
Stock See Equity
Stock option The right to buy or sell a particular stock at a given price on or after a certain date. Stock options are often used as an employee incentive at start - ups or large public companies.
Swap An exchange of streams of payments between two parties, typically in order to reduce interest rate or currency risk.
Synthetic Term given to financial instruments that are created artificially by simulating other instruments with different cash flow patterns. Synthetic products are structured to suit the cash flow needs of the investor. They are created in the form of a contract and, therefore, given the name "synthetic ” . Transferable security Any security that can be traded in the capital markets.
Treasury bill (T - bill) A Treasury Bill (T - Bill) is a short - term debt obligation backed by the Treasury Department of the U.S. government with a maturity of less than one year, sold in denominations of $1,000 up to a maximum purchase of $5 million on non - competitive bids. T - bills have various maturities and are issued at a discount from par. Investors do not receive regular interest payments but a T - Bill does include interest, reflected in the amount it pays when it matures.
Total output The total amount of goods and services produced within an economy.
Total return Total return is the full return on an investment over a given period, including the income generated from dividend, interest or rental payments, and any gains or losses from a change in the asset's market value. This is normally expressed as a percentage of the purchase cost, annualised if the period is less than a year.
Undervalued When a share price or market is trading at levels below those justified by fundamentals.
Underweight An underweight portfolio does not hold a sufficient amount of a particular security when compared to the weight of that security held in the underlying benchmark portfolio. Underweight can also refer to an analyst's opinion regarding the future performance of a security in scenarios where it is expected to underperform.
Volatility The extent to which the price of a security or commodity, or the level of a market, interest rate or currency, changes over time. High volatility implies rapid and large upward and downward movements over a relatively short period of time; low volatility implies much smaller and less frequent changes in value.
Warrant A financial instrument, normally attached to a bond or other security, that entitles the holder to purchase a certain amount of ordinary shares at a fixed price for a period of years or to perpetuity. The price at which the underlying shares can be bought or sold is referred to as the exercise price or strike price.
Yield 1. The annual rate of return on an investment, expressed as a percentage.
2. For bonds and notes, the coupon rate divided by the market price. This is not an accurate measure of total return, since it does not factor in capital gains.
3. For securities, the annual dividends divided by the purchase price. This is not an accurate measure of total return, since it does not factor in capital gains. here, also called dividend yield or current yield.
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Unaudited S tatement of financial position As at 30 June 202 6
The accompanying notes form an integral part of these unaudited financial statements.
55
Combined Fund
Man Global Convertibles
Man Japan CoreAlpha Equity
Man Systematic
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