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1
COMMENTARY
The Fund returned + 0 . 07 % in September, holding up slightly better than the Topix Net Total Return at - 0 . 17 % (both in Yen terms) . Debates surrounding global government bond yields continued into September, and Japan was no exception . We saw significant two - way volatility in the Yen as the market’s attention see sawed . US Treasury Secretary Scott Bessent declared himself ‘the house’, bating the bears to take him on . This stronger Yen narrative was backed up by the BoJ hiking rates to 1 . 25 % , at least it
was until interest switched to the two board members who had dissented and what that might
mean for the future path of interest rates . As investors, we believe our job is to think in terms of probabilities and not possibilities . There are credible arguments for the Yen to weaken materially, or to strengthen significantly, but these are just two of the potential outcomes . Strategy Minister Kiuchi san was keen to emphasise that Japan has exited the Abenomics - style era of reflationary policy . This is consistent with the BoJ’s actions thus far and its stated aim : to continue on a steady path to monetary policy normalisation . There is much to be excited about in terms of the Japanese economy, and we believe that these underlying fundamentals will eventually be reflected in the currency . In terms of performance attribution, our significant weightings in both Financials and IT contributed positively, as did our relative underweight in domestic consumption - related stocks . The latter , in particular, is experiencing a divergence of fortunes as inflation challenges those selling commoditised products to an increasingly fickle consumer . Individual contributions were topped by Furuya Metal, continuing its rich vein of form as the sell side sharply upgraded their earnings estimates . Both Tokio Marine and Tokyo Electron rebounded from their July slumps to bolster performance . On the other hand, Nintendo, Shimano, and Chugai Pharmaceutical were the chief detractors . A new addition to the strategy is Sony - a household electronics name that has transformed itself into an entertainment powerhouse . Sony has been on the receiving end of the meteoric rise in
memory prices, both in its console and image sensor businesses . The latter is also an area of
concern for the market as Sony currently supplies 100 % of the high - end image sensors used in iPhone main cameras, therefore exposed to Apple second sourcing . A third oft - cited reason for Sony's recent underperformance is the perceived risk AI poses to the entertainment business through democratisation of content creation . Although these are valid concerns, we feel the market has become overly pessimistic, presenting us with a chance to purchase a quality business at a depressed valuation .
This is a marketing communication. This is not a contractually binding document. Please refer to the Prospectus and to the relevant KID(s)/KIID(s) and do not base any final investment decision on this communication alone.
CHIKARA JAPAN INCOME & GROWTH FUND
September 2026
Page 2
2
A total return strategy designed explicitly for the Japanese equities market, identifying growth businesses with complimentary returns to shareholders
FUND STATISTICS CUMULATIVE PERFORMANCE SINCE INCEPTION (%) (1)
0%
110%
220%
330%
440%
550%
Feb-13 Feb-15 Feb-17 Feb-19 Feb-21 Feb-23 Feb-25
JPY S Acc Tokyo Stock Price Index Net Total Return (TPXNTR)
CALENDAR YEAR PERFORMANCE (%) (1)
TOTAL RETURN PERFORMANCE (%) (1)
Note : Past performance does not predict future returns . The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested . Investments denominated in foreign currencies expose investors to the risk of loss from currency movements as well as movements in the value, price or income derived from the investments themselves . Source : Independent returns are calculated daily by Northern Trust International Fund Administration Services (Ireland) Limited . All performance details shown are net NAV to NAV percentage returns with gross income re - invested . All figures quoted are in the relevant share class currency .
Investment Team:
Richard Aston Megumi Takayama Theo Wyld
Fund Size: USD 565m Strategy Size: USD 1,115m
Active Share (3) : 74.2%
Launch Date: 31.01.2013 Dealing: Daily Base Currency: Yen
Benchmark (1) : TOPIX Net Total Return
Structure: Irish OEIC, UCITS V
Dividend Yield (4) : 2. 6 %
2025 2024 2023 2022 2021
JPY S Acc (2) 22.6 18.5 26.3 1.7 17.2
GBP S Acc (2) 27.0 23.6 32.2 2.4 16.7
USD S Acc (2) 27.4 24.1 32.8 3.6 17.1
Index (JPY) (1) 25.0 20.0 27.8 - 2.9 12.4
No. Stocks (%)
Dividend Growth 28 72.0
Special Situations 5 12.5
Stable Yield 7 14.1
Cash and Other 0 1.4
BOOK EXPOSURE
1 MTH YTD 1 YR
2 YRS
3 YRS
5 YRS ITD (1)
JPY S Acc (2) 0.1 25.5 33.0 60.7 87.7 135.2 512.3
GBP S Acc (2) 0.3 28.0 36.7 71.8 109.7 172.8 581.5
USD S Acc (2) 0.3 28.0 36.7 72.4 111.6 179.6 653.3
Index (JPY) (1) - 0.2 22.7 33.5 61.6 87.7 127.7 461.6
% Fund
% TOPIX
Large Cap ($10bn+) 63.7 77.0
Mid Cap ($2 - $10bn) 15.0 16.4
Small Cap (<$2bn) 21.3 6.6
MARKET CAP EXPOSURE (3)
CHIKARA JAPAN INCOME & GROWTH FUND
September 2026
Page 3
3
STRATEGY OVERVIEW
We aim to provide investors with long term capital appreciation and an income through an actively managed portfolio of equities listed in Japan.
The investment philosophy of the strategy is based on total shareholder returns. We believe that reasonably valued companies that can deliver capital growth and stable and growing dividends are best placed to compound returns over time.
TOP 10 SECTORS
Sector (%)
Electrical Appliances 23.4
Banks 13.2
Wholesale 6.4
Insurance 6.2
Chemicals 5.7
Machinery 5.6
Retail Trade 4.7
Services 4.6
Non - ferrous Metals 4.4
Other Financing Business 4.3
Total 78.5
Holding (%)
Sumitomo Mitsui Financial Group 5.5
Mitsubishi UFJ Financial Group 5.0
Tokyo Electron 4.3
Tokio Marine Holdings 4.0
Softbank Corp 3.6
Kyocera Corp 3.5
Shin Etsu Chemicals 3.5
Sumitomo Mitsui Corp 3.5
Mitsubishi Corp 3.4
Keyence Corp 3.2
Total 39.5
TOP 10 HOLDINGS
SHARE CLASS DETAILS
Share Classes ISIN Management Fee
Ongoing Charges Figure (5)
Minimum Initial Investment
JPY Acc IE00B8J9SY37
0.90% (5) 1.15% (capped)
JPY equivalent of $1,000 JPY Inc IE00B886Z009 JPY equivalent of $1,000 GBP (unhedged) Acc IE00BKDSTX65 £1,000 GBP (unhedged) Inc IE00BKDSTW58 £1,000 GBP Acc IE00B827JW93 £1,000 GBP Inc IE00B8B2R107 £1,000 USD Acc IE00B8Y6JC44 $1,000 USD Inc IE00B8L7SS90 $1,000 EUR (unhedged) Acc IE000NJXY6U0 €1,000 S JPY Acc IE00B7BZQ152
0.75% 1.00% (capped)
JPY equivalent of $1,000,000 S JPY Inc IE00B8NX8L87 JPY equivalent of $1,000,000 S GBP (unhedged) Inc IE00BKRC2Z78 £1,000,000 S GBP Acc IE00B82WY521 £1,000,000 S GBP Inc IE00B8DY1Q70 £1,000,000 S USD Acc IE00B9FDM775 $1,000,000 S USD Inc IE00B9503Q46 $1,000,000 S EUR (unhedged) Acc IE000D0YXRW4 €1,000,000 Registered for sale in : UK, Ireland, Germany, Luxembourg, Netherlands, Finland, Sweden, Norway, Denmark and Switzerland, for Institutional Investors only in Belgium, France and Italy . For KID/KIID documents and more information, please visit : www . chikarainvestments . com
Page 4
4
KEY INVESTMENT RISKS
Liquidity Risk – The Fund may encounter difficulties in disposing of assets at their fair price due to adverse market conditions leading to limited liquidity . Credit and Counterparty Risks – The Fund may be exposed to credit and counterparty risks in relation to the securities and counterparties it invests in and with whom it transacts . Concentration Risk – This Fund holds a limited number of investments . If one of these falls in value, it can have a greater impact on the Fund’s value than if the Fund held a larger number of investments . Currency Risk – Investing in assets in a currency other than your own exposes the value of your investment to exchange rate fluctuations . Sustainability Risk – Environmental, social and governance events or conditions could occur that have an adverse impact on the value of the Fund’s investments, either directly, or by contributing to the impact or materiality of other risks . The Fund prospectus gives you further details about all the risks for this fund – see under “Important Information” for how to obtain a copy .
NOTES
1. Reference to the benchmark is made for comparison purposes only . The fund is not managed by reference to the benchmark, nor does the fund otherwise use the benchmark for the purposes of the Benchmark Regulation (Regulation (EU) 2016 / 1011 . The benchmark performance shown is that of the TOPIX Net Total Return Index in Yen from inception date 04 . 02 . 2013 . The benchmark performance used prior was TOPIX TR and this was used from 04 . 02 . 2013 until 31 . 12 . 2022 . All share class performance since 4 February 2013 being inception date . NB : Month end returns for March 2018 and August 2015 were calculated by Chikara . 2. Share class name changed on 10 May 2016 from Founder to S . 3. Active Share and Market Cap Exposure source : Bloomberg, as at 30 . 0 9 . 2026
4. Figure represents the forecast gross portfolio yield of the underlying portfolio holdings, the net yield paid will be lower . 5. The management fee was reduced from 1 . 00 % to 0 . 90 % from 14 August 2019 . All data as at 30 . 09 . 2026 unless stated otherwise . All information is sourced from Chikara unless stated otherwise .
GLOSSARY OF TERMS
Active Share – A measure of how much a portfolio's holdings differ from those of its benchmark index.
IMPORTANT INFORMATION
This document does not purport to provide investment advice and should not be relied on for the purposes of any investment decision . It is not an offer to sell or the solicitation of an offer to purchase shares in Chikara Japan Income and Growth Fund (a sub - fund of Chikara Funds plc, an open - ended investment company with variable capital incorporated in Ireland and authorised by the Central Bank of Ireland as a UCITS pursuant to the UCITS Regulations) . An offer or solicitation can only be made where an investor is furnished with copies of the Account Opening Form, the Prospectus dated 16 July 2026 together with the Chikara Japan Income and Growth Fund Supplement dated 15 September 2026 (together the Prospectus) and only in those jurisdictions where it is permitted by law . Chikara Investments LLP (“Chikara”), as investment manager, has discretion in managing the investments of the Chikara Japan Income and Growth Fund (the “Fund”) and selects equities through research using fundamental, bottom - up stock selection techniques . The Fund is actively managed, which means that Chikara Investments LLP has discretion over the composition of the Fund’s portfolio, subject to the Fund’s stated investment objective and policy . Reference to the benchmark is made for comparison purposes only . The fund is not managed by reference to the benchmark, nor does the fund otherwise use the benchmark for the purposes of the Benchmark Regulation (Regulation (EU) 2016 / 1011 ) . In particular this document is not intended for distribution in the United States or for the account of U . S . persons (as defined in Regulation S under the United States Securities Act of 1933 , as amended (the Securities Act)) except to persons who are "accredited investors" (as defined in Rule 501 (a) under the Securities Act) . Chikara Investments LLP (Chikara) is not registered with the United States Securities and Exchange Commission as an investment adviser .
Page 5
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IMPORTANT INFORMATION
Chikara Japan Income and Growth Fund will not be registered under the Securities Act or the securities laws of any of the states of the United States and shares may not be offered, sold or delivered directly or indirectly into the United States, or to or for the account or benefit of any US person, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of such securities laws . The shares will be subject to restrictions on transferability and resale . Chikara Japan Income and Growth Fund will not be registered under the United States Investment Company Act of 1940 . The representative in Switzerland is 1741 Fund Solutions Ltd, Multergasse 5 , 9000 St . Gallen . The Swiss Paying Agent in Switzerland is Tellco Bank Limited, Bahnhofstrasse 4 , CH - 6430 Schwyz . The prospectus, the articles of association, the Key Information Documents, as well as the annual and semi - annual reports may be obtained free of charge from the representative . In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the representative . Chikara is authorised to provide investment services and activities as well as ancillary services on a cross - border basis in Denmark to eligible counterparties and per se professional clients pursuant to Section 41 of the Danish Investment firm and Investment Service and Activities Act . Chikara and or the Manager has the ability to terminate arrangements for marketing in accordance with Article 93 a of Directive 2009 / 65 /EC . This document and its contents are confidential and must not be copied or otherwise circulated to any other person . Investments referred to herein may not be quoted on an exchange and even if so quoted may carry the risk of not being readily realisable by way of sale, exchange or other method of disposal . Certain assumptions may have been made in the calculations and analysis in this document which have resulted in returns detailed herein . No representation is made that returns detailed herein will be achieved in the future . Some of the investments referred to herein or underlying investments undertaken by issuers may be derivatives and may involve different and more complex risks as compared to listed or other securities . This document is based upon information which Chikara considers reliable, but no representation is made that it is accurate or complete and nor should it be relied upon as such . Past performance is no guarantee of future performance . All information and research material provided herein is subject to change and this document does not purport to provide a complete description of the funds, securities or other investments or markets referred to or the performance thereof . All expressions of opinion are subject to change without notice and do not constitute advice and should not be relied upon . An investment in Chikara Japan Income and Growth Fund is speculative and is not suitable for all investors . It is intended for investors who are willing to bear the risks of the investment which are described in the Prospectus . PROSPECTIVE INVESTORS SHOULD REVIEW THE PROSPECTUS, INCLUDING THE RISK FACTORS THEREIN, BEFORE MAKING A DECISION TO INVEST . Copies of the Prospectus (in English), PRIIPs KIDs (in English, German, French, Dutch, Swedish, Danish and Italian) and UCITS KIIDs (in English) may be found at www.fundinfo.com and on the Manager’s website at fondsfinder.universalinvestment.com/ en . Copies of the Prospectus, latest annual report and any subsequent half- f- yearly report are also available in English, free of charge, from the Administrator, Northern Trust International Fund Administration Servi ces (Ireland) Limited (email: Chikara_TA@ntrs.com ), or the Investment Manager, Chikara Investments LLP (email: enquiries@chikarainvestments.com ). A summary of investor rights is available in English at www.chikarainvestments.com/summary - of - investor - rights.
This document is issued for the purposes of section 21 of the Financial Services and Markets Act 2000 by Chikara Investments LLP, 5 - 10 Bolton Street, London W 1 J 8 BA authorised and regulated by the Financial Conduct Authority .
Chikara Investments LLP
5 - 10 Bolton Street, London W1J 8BA
TEL: +44 207 321 3470 | FAX: +44 207 321 3471
www.chikarainvestments.com | enquiries@chikarainvestments.com
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