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Man Funds plc
(An Investment Company with Variable Capital) Report and Financial Statements for the year ended 31 December 2025
Page 2
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 IE00B46RNT22 IE00B5648R31 IE00B665M716 IE00B56CKP98 IE000GP7BXC4 IE0003CI5FJ4 IE000C84JER7 IE000TMZYKH4 IE00B45R5B91 IE00BZ6S5189 IE00B62QF466 IE00B5649G90 IE00BJ3VGK40 IE00B43JT264 IE00B3QXQG18 IE00BJ3VGL56 IE00B464TQ22 IE00B578XK25 IE00BD82R418 IE00B64XDT64 IE00BJ3VGM63 IE00B5646799 IE00BJ3VGN70 IE000LN3ZSS3 IE0006WD3280 IE000DO5MAD5 IE000SYTFMS6 IE00BF2S5G73 IE000FRITS42 IE00BF2S5F66 IE00BDFF1S55 IE00BDFF1T62 IE00BF2S5H80
Man J apan Co reAlpha E quity Cl ass D H CHF Man Japan CoreAlpha E quity C lass D H E UR Man J apan C oreAlpha E quity C lass D H G BP Man Japan CoreAlpha E quity C lass D H U SD Man J apan C oreAlpha E quity C lass D W C E UR Man J apan C oreAlpha E quity C lass D W H E UR Man Japan CoreAlpha E quity C lass D Y C E UR Man Japan CoreAlpha E quity C lass D Y H E UR Man J apan C oreAlpha E quity C lass I E UR Man J apan C oreAlpha E quity C lass I E UR Dist Man Japan CoreAlpha E quity C lass I G BP Man Japan CoreAlpha E quity C lass I J PY Man Japan CoreAlpha E quity C lass I J PY D ist Man Japan CoreAlpha E quity C lass I S EK Man Japan CoreAlpha E quity C lass I U SD Man Japan CoreAlpha E quity C lass I U SD D ist Man J apan C oreAlpha E quity C lass I H C HF Man Japan CoreAlpha E quity C lass I H E UR Man Japan CoreAlpha E quity C lass I H E UR D ist Man Japan CoreAlpha E quity C lass I H G BP Man Japan CoreAlpha E quity C lass I H G BP D ist Man J apan C oreAlpha E quity C lass I H U SD Man J apan Co reAlpha E quity Cl ass I H USD D ist Man Japan CoreAlpha E quity C lass I U J PY Man J apan C oreAlpha E quity C lass I XU USD Man Japan CoreAlpha E quity C lass I XMU E UR Man J apan C oreAlpha E quity C lass I XX E UR Man Japan CoreAlpha E quity C lass I XX J PY Man J apan C oreAlpha E quity C lass I XX H C HF Man Japan CoreAlpha E quity C lass I XX H E UR Man Japan CoreAlpha E quity C lass I XX H E UR D ist Man Japan CoreAlpha E quity C lass I XX H G BP D ist Man J apan Co reAlpha E quity Cl ass I XX H USD Man Japan CoreAlpha E quity C lass I XX H U SD D ist 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 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 Pan-European Equity Growth Class D C EUR IE00BYVQ5H62 Man Pan-European Equity Growth Class D C USD IE00BYVQ5L09 Man Pan-European Equity Growth Class DF C EUR IE00BYVQ5M16 Man Pan-European Equity Growth Class DV C USD IE00BMG8TZ99 Man Pan-European Equity Growth Class DV H USD IE00BMWBB787 Man Pan-European Equity Growth Class DW C EUR IE000MLYXG39 Man Pan-European Equity Growth Class I C CHF IE00BYVQ5326 Man Pan-European Equity Growth Class I C EUR IE00BYVQ5433 Man Pan-European Equity Growth Class I C SEK IE00BYVQ5763 Man Pan-European Equity Growth Class I C USD IE00BYVQ5870 Man Pan-European Equity Growth Class IF C EUR IE00BYVQ5B01 Man Pan-European Equity Growth Class IV C USD IE00BMG8V088
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
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Man Funds plc
Fund and Class of Shares (continued) ISIN
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 DY C EUR IE000VS07YB1 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 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 H BRL USD IE0008U2MV73 Man Global Investment Grade O pp ortunities 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 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
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Man Funds plc
Fund and Class of Shares (continued) ISIN
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 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 DV USD IE0002MWO7F3 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 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 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 G Dist IE000ZTSNQP4 Man Dynamic Income Class I H GBP 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 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 H EUR IE000HZGQMH3 Man Dynamic Income Class ILB H GBP IE0002A9MF97 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
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
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Man Funds plc
Fund and Class of Shares (continued) ISIN
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 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 IV USD IE000BH5V2P6
Man Global Resources Equity Class D EUR IE000YTFEJM5 Man Global Resources Equity Class D H SGD IE0000XFFIG8 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 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 ILX USD Dist IE0003MA3U68
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Man Funds plc
Table of contents
1
Page
Directory 3
Investment Managers’ reports 4
Directors’ report 50
Report from the Depositary to the Shareholders 64
Statement of financial position 65
Statement of changes in net assets 73
Statement of comprehensive income 77
Statement of cash flows 85
Notes to the financial statements 95
Independent Auditor's report 249
Schedule of investments: Man Global Convertibles 252 Man Japan CoreAlpha Equity 257 Man Systematic Emerging Markets Equity 260 Man Global Emerging Markets Local Currency Rates 266 Man Global Emerging Markets Bond 269 Man Pan-European Equity Growth 272 Man Systematic Europe 275 Man Systematic China A Equity 276 Man Asia (ex Japan) Equity 280 Man Systematic US High Yield 282 Man Global Investment Grade Opportunities 284 Man China Equity 290 Man Dynamic Income 293 Man Asia Credit Opportunities 299 Man Euro Corporate Bond 302 Man Global Climate Transition Impact Bond 307 Man Emerging Markets Corp orate Credit Opportunities 310 Man Global Resources Equity 314 Man Systematic Global Core Equities 318 Man Global Credit Value 322
Statement of significant purchases and sales: Man Global Convertibles 326 Man Japan CoreAlpha Equity 327 Man Systematic Emerging Markets Equity 328 Man Global Emerging Markets Local Currency Rates 329 Man Global Emerging Markets Bond 330 Man Pan-European Equity Growth 331 Man RI Global Sustainable Future 332 Man Systematic Europe 333 Man Systematic China A Equity 334 Man Asia (ex Japan) Equity 335 Man Systematic US High Yield 336 Man Global Investment Grade Opportunities 337 Man China Equity 338 Man Dynamic Income 339 Man Asia Credit Opportunities 340 Man Euro Corporate Bond 341 Man Global Climate Transition Impact Bond 342 Man Emerging Markets Corp orate Credit Opportunities 343 Man Global Resources Equity 344 Man Systematic Global Core Equities 345 Man Global Credit Value 346
Page 8
Man Funds plc
Table of contents (continued)
2
Page
Appendix I (unaudited) 347
Supplementary information (unaudited) 348
Unaudited reporting requirement in respect of the Securities Financing Transactions Regulation 349
Unaudited periodic disclosures for the EU Sustaina ble Finance Disclosure Regulation (‘‘SFDR’’) 352
Information for Swiss Investors (unaudited) 597
Page 9
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 10105 United 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 United States of America
Depositary: The Bank of New York Mellon SA/NV, Dublin*** The Shipping Office 20-28 Sir John Rogerson’s Quay Dublin 2 D02 Y049 Ireland
Distributor in relation to Portfolios: Man Investments AG Huobstrasse 3 8808 Pfäffikon SZ Switzerland
A dministrator: BNY Mellon Fund Services (Ireland) Designated Activity Company*** The Shipping Office 20-28 Sir John Rogerson’s Quay Dublin 2 D02 Y049 Ireland
Independent Auditor: Deloitte Ireland LLP Deloitte & Touche House 29 Earlsfort Terrace Dublin D02 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.
***Effective 3 June 2025, BNY Mellon Fund Services (Ireland) Design ated Activity Company’s and The Bank of New York Mellon SA/N V, Dublin Branch’s registered office relocated from One Dockland Central, Guild Street, IFSC, Dublin 1, Ireland and Riverside II, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2, Ireland, respectively to The Shipping Office, 20-26 Sir John Rogerson’s Quay, Dubl in 2, D02 Y049, Ireland.
A detailed list of investments purchased and sold during the year is available free of charge upon request from the registered office of the Fund.
Page 10
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 performa nce returns during the financial year end ing 31 December 2025 are tabulated below.
The individual share classes for which we ha ve reported the performance figures on this page have been selected by the respecti ve investment managers, as their in vestment manager commentaries throughout this s ection of the financial statements best reflect the performance of these particular share classes.
To an extent, the investment managers’ repo rts also incorporate their views and analys is on the other share classes belonging t o their portfolios, however the performance return for these other share classes during the financial year may differ to what is report ed in this sub-section of the financial statements.
Further details of the returns generated for all other share classes belonging to the various sub-funds of Man Funds plc can be found in the Directors’ report.
For any sub-funds which launched part way throughout the financia l year, the information tabulated below represents performance from the date of launch to 31 December 2025.
Sub-fund Share class
Share Class Return Benchmark
Benchmark(s) Return Man Global Convertibles Man Global Convertibles Class DL USD 12.69% FTSE Global Focus Convertible Bond Hedged (USD) Index 13.77%
Man Japan CoreAlpha Equity Man Japan CoreAlpha Equity Class D JPY 31.36% (1) TOPIX (JPY, GDTR) - Topix Sector (Dynamic) (2) Russell Nomura Large Cap Value Index (JPY, GDTR)
(1) 25.46% (2) 28.81%
Man Systematic Emerging Markets Equity
Man Systematic Emerging Markets Equity Class D USD 35.69% MSCI Emerging Markets Index (USD, NDTR) 33.56%
Man Global Emerging Markets Local Currency Rates
Man Global Emerging Markets Local Currency Rates Class D C USD
16.70% JP Morgan GBI-EM Global Diversified Composite Unhedged Index (USD)
19.26%
Man Global Emerging Markets Bond Man Global Emerging Markets Bond Class D C USD
11.57% J.P. Morgan EMBI Global Composite
13.45%
Man Pan European Equity Growth Man Pan-European Equity Growth Class D C EUR
(6.15%) MSCI Europe Total Return Net Dividend (EUR, NDTR)
31.69%
Man RI Global Sustainable Future Man RI Global Sustainable Future Class I USD (2.19%) MSCI World Index (USD, NDTR) (3.20%)
Man Systematic Europe Man Systematic Europe Class D C EUR
16.56% MSCI Europe Index (EUR, NDTR) 19.39%
Man Systematic China A Equity Man Systematic China A Equity Class D C EUR
14.27% MSCI China A Net Return Index (EUR, NDTR)
11.52%
Man Asia (ex Japan) Equity Man Asia ex Japan Equity Class DW C EUR
15.43% MSCI AC Asia ex Japan Index (EUR, NDTR)
16.61%
Man Systematic US High Yield Man Systematic US High Yield Class I USD
8.95% ICE BofA US High Yield Index (USD, TR) 8.50%
Man Global Investment Grade Opportunities
Man Global Investment Grade Opportunities Class D USD
9.56% ICE BofA Global Large Cap Corporate Index (USD, TR)
6.96%
Man China Equity Man China Equity Class I USD 36.64% MSCI China 10/40 Index (USD, NDTR)
29.85%
Man Dynamic Income Man Dynamic Income Class D H EUR
8.22% N/A N/A
Man Asia Credit Opportunities Man Asia Credit Opportunities Class I USD 8.68% T he J.P. Morgan Asia Credit Composite Total Return Index (USD)
8.22%
Man Euro Corporate Bond Man Euro Corporate Bond Class D EUR
7.07% ICE BofA Euro Corporate Index (EUR, TR Hedged) 3.03%
Man Global Climate Transition Impact Bond Man Global Climate Transition Impact Bond Class D H EUR
2.64% ICE BofA Green Bond Index (EUR Hedged)
2.16%
Man Emerging Markets Corporate Credit Opportunities Man Global Resources Equity Man Systematic Global Core Equities Man Global Credit Value
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 ar e calculated net of management fees and any applicable performance fees for the share classes referenced in the pe rformance table above. Other share classes may charge higher fees.
For further details regarding the specific ma nagement and performance fee rates chargeab le by each sub-fund (and their various share classes), please refer to Note 8 of the financial statements.
Page 11
Man Funds plc
Investment Managers’ reports (continued)
5
Man Global Convertibles - Annual Report Commentary
Market Summary 1
The global convertible bond (CB) market delivered a stellar 2025, becoming the leadin g global asset class for the first time si nce the post-pandemic rebound. Performance was a tale of two halves: a tu rbulent first half driven by trade and geopolitical volatility under President Trump's second term gave way to a powerful second-hal f rally fuelled by AI optimism and pulled-forward interest rate cut expectations.
AI-linked convertible bonds were the dominant performance driver, contributing a significant share of US CB returns. The primar y market was equally historic, with global issuance approaching all-time records. Looking ahead, CBs remain well positioned fo r the year ahead given their heightened interest rates sensitivity, improving credi t quality, and structural overweight to AI, though se curity selection and maintaining a balanced level of equity price sensitivity while p reserving bond downside protection will be key.
Performance Review
Against this backdrop, Man Glob al Convertibles (the “Fund”) returned 12.69% over the period 2 , underperforming against the FTSE Global Focus Convertible Bond Hedged (USD) Index benchmark, which returned 13.77%. 1
Performance was driven by sector allocatio n and market attribution whilst stock select ion detracted. On a sector level, gains w ere led by positioning in Consumer Discretionary and Te chnology and stock selection in Real Esta te. Conversely, stock selection in Materia ls and Communication Services detracted from performance. At a regional level, gains we re led by positioning and stock selection in As ia ex Japan while positioning and stock selection in Europe weighed on performance. On a relative basis, the top-performing single-na me contributors were overweights (relative to the benchmark) in Alibaba Group Holdings, Riot Platforms and Lumentum while the larg est single-name detractors were underweights in EchoStar and Galaxy Digital.
At year-end, the Fund was positioned to be slightly less sensitive to equity market movements than the benchmark, while offerin g a modestly stronger yield profile.
Global convertible bond primary markets ende d on a positive note as issuers took adva ntage of favourable market conditions. Ful l-year primary (new issuance) volumes ended at $166bn – highest since 2001 – led by the US ($119bn) and Asia ($32bn). Issuance was fue lled by strong equity valuations, AI-related cap ital expenditure demand and favourable borro wing conditions, with deep investor appe tite supporting robust activity despite periods of market volatility and geopolitical uncertainty.
Future outlook
We believe the positive momentum observed in 2025 — where conver tibles were the leading global asset class — is likely to carry into 2026, underpinned by a constructive macro backdrop and continued ta ilwinds from the AI theme. Inte rest rate-sensitive convertib les may also benefit should yields move lower, while we believe a su pportive credit profile provides a solid foundation for risk-ad justed returns. That said, the distribution of potential outcomes rema ins wide, with trade and geopolitical volatility continuing to p ose risks to the outlook.
The primary market is expected to remain active in 2026, suppor ted by a constructive macro backdrop, strong investor demand and ongoing funding requirements — particularly driven by AI-related capital expenditure – which should continue to underpin robust activity.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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 31 December 2025. 2 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 (up to) 1.35% management fees and 20% performance fees for Man Global Convertibles DL USD share class. Other share classes may charge higher fees. The FTSE Global Fo cus Convertible Bond (Hedged) Index is an offi cial benchmark for the Fund. Please consult the Prospectus or Key Information Documen t (‘KID’) or Key Investor Information Do cument (‘KIID’) for more information.
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Man Japan CoreAlpha Equity - Annual Report Commentary
Market summary 1
2025 marked the third consecutive year of positi ve returns for Japanese equities. The market 2 reached a new all-time high during December, closing the year almost 50% ab ove the post-Liberation Day (April tariff a nnouncement) low after a compelling recovery . The momentum-driven market witnessed in recent years continued, and, against uncert ain and unpredictable global macro conditions, investors continued to favour the same sm all collection of stocks. Whilst typically an unfavourable environment for the Fund, e ffective stock specific decision making within the tech sector as well as exposure to financials, real estate and the trading houses res ulted in outperformance relative to the TOPIX Index 2 . The performance of global equities in Q1 was defined by the uncertainty surrounding President Trump administration’s policies. As a result, foreign investors returned to the Ja panese equity market, re-focusing on domest ic stocks insulated from trade-related u ncertainty, including financials and real estate. Overwe ight positions (relative to the benchmark) in the real estate developers were notab ly beneficial to performance during Q1.
The tariffs proposed by President Trump’s administration on April 2 nd were much worse than the vast majority had anticipated. The Nikkei 225 Index, which tracks the performance of 225 major compan ies listed on the Tokyo Stock Exchange, experienced its third largest fall on record on April 7 th , declining over 2,600 points. However, despite no sign of a trade deal for Japan, the Japanese equity market continued to recover well through Q2. The Nikkei 225 closed above 40,000 in June, reaching a YTD high, and TOPIX Index i n dollar terms rallied to a new all-time high. Against a volatile b ackdrop, however, this narrow market leadership continued, inc luding defence and gaming stocks. This presented a naturally ch allenging environment for the Fund, given the contrarian 3 philosophy.
On the 23 rd of July, almost four months on from Liberation Day, Presid ent Trump announced that the US had finally reached a trade deal with Japan. The equity market responded well, with autos and ex porters driving the rally. Overweight exposure to such areas of the market resulted in the best day of relati ve performance for the Fund since the announ cement of the Pfizer vaccine in November 2 020. Throughout Q3, however, equity market momentum globally was do minated by the outperformance of technology stocks, especially semiconductor and AI-related companies. With a strategic stake in Arm Holdings as well as investments in Open AI and Stargate, the share price of SoftBank Group rallied strongly. As a top 10 posi tion for the Fund at the start of June, this was a major contri butor to performance in Q3. Exposure to SoftBank Group was reduced into th is strength, reaching market weight at the end of September.
Whilst more stable political conditions were initially credited for the acceleration of Japanese equities in October, the key i nfluence once again was this continued dominance of AI stocks. The tech-heavy, price-weighted Nikke i 225 Index had its best month since Octob er 1990, its best month of performance on record relative to th e broader TOPIX Index and rallied above 52,000 for the first time. This posed one of the toughest backdrops for contrarian , value investors for some time. At the en d of the month, Soft Bank Group and Advant est had a combined weight of 22% in the Nikkei 225 Index and accounted for more than half of the index’s advan ce in October. SoftBa nk Group’s share price had increased by almost 370% between the April low and the end of October.
Those fortunes were then reversed in Nove mber, with the Nikkei 225 Index having its worst month relative to TOPIX since April 2 000. Sentiment towards tech and AI shifted significantly as fears of a bubble grew. SoftBank Group, at this point just a residual po sition for the Fund, faced the brunt of the selling pressure in Japan, with it s share price underperforming the TOPIX Index by 40% from its la te October peak. A sizeable underweight exposure to AI-related stocks aided performance in the closing months of the year. In Dece mber, market attention also shifted towards the domestic reflation trad e (investments positioned to be nefit from rising inflation and economic growth) in Japan, with the policies of new Prime Minister Takaic hi providing investors with a more compelling alternative to th e persistent and overwhelming dominance of AI. Financia ls, a key overweight for the Fund, outperfo rmed once again, supported by the potentia l for economic growth in Japan as well as expectations for continued monetary policy normalisation.
After the initial rally in response to trade clarity, the auto se ctor then underperformed throug hout the closing months of the year and at a sector level was one of the largest detractors to Fund performance. With the persistent strength of Japanese equities since Apr il, the performance of less volatile stocks in defensive areas also rema ined largely muted. A position in Japan’s largest telecom playe r, NTT, was one other notable detractor to performance over the period.
With a persistent rise in inflation, a hist orically weak yen, and a growing sense of nationalism in Japan, the first half of 20 25 was characterised by declining voter confidence in the Liberal Democratic Party. In July , the ruling party and their junior coaliti on partner, Komeito, then lost their majority in the Upper House less than a year after losing their majority in the Lower House. After fac ing calls to step down, Prime Minister Ishiba stepped as ide in September, initiating Japan’s sear ch for a new leader. Sanae Takaichi, Japan’ s first female Prime Minister, was officially elected in October. In the weeks and months that followed, Takaichi’s approval ratings re mained strong, leading to speculation of a possible snap general election in 2026. Markets have so far focused on her pro-growth minds et, her approach to tackling rising inflation, the implications of her election on fiscal po licy, any impact that her historically dovi sh stance may have on monetary policy, as well as the rising trend of nation alism in Japan and increasing political tension between Japan and China. These themes remain relevant moving into 2026, and it is still early days, but the co mbination of relatively like-minded partie s was recognised as an encouraging step towards political stability in Japan. As Takaichi declared in her leadership campaign, “Japan is back!” – a sentiment that resonated with markets.
Whilst remaining on a path of monetary policy normalisation, tariff-related uncertainty and volatile political conditions contr ibuted to a more hesitant approach from the Bank of Japan. Despite the decision to embark on a century-long plan to unwind its extensive Exchange Traded Fund holdings which had been accumulated during years of quantitative easing, an d one further interest-rate ris e in December, the market had hoped for a stronger, more committed, an d more hawkish stance from the Governor as US tariff-related r isk started to fade and wage growth momentum continued. The yen re lentlessly depreciated from April, and the market provided instan t feedback; the Bank of Japan remains behind the curve in terms of normalising interest rate policy.
1 Bloomberg as at 31 December 2025. 2 TOPIX (JPY, GDTR) is an official pe rformance benchmark for this Fund. 3 “Contrarian” describes an investment approach that seeks opportunities by investing against prevailing market sentiment.
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Man Japan CoreAlpha Equity - Annual Report Commentary (continued)
Performance review
Against this backdrop, Man Japan CoreAlpha Equity (the “Fund”) returned 31.36% 4 over the period, outper forming the TOPIX (JPY, GDTR) benchmark by 5.90% 1 , and underperforming against the Russell/Nomura Large Cap Total Return benchmark by 2.55% 1 . Fund positioning differed somewhat between the first and second half of 2025. In the opening months of th e year, with rising vo latility in global markets, the investment team saw an opportunity to build positions into global blue-chip exporters, whose valuations had declined sharply, weathered by global econo mic uncertainty. This included companies in volved in robotics, machinery and factory automation, areas with a good long-term future and an area of excellence for Japan. At this ti me, the inflationary environment in Japan remained very unpopular with the public wh o were experiencing cost-of-living implications and negative sentiment led to politic al uncertainty. As a result, the investment team felt less enthused by the domestic reflation story, and profits were taken on def ensive, domestic-focused stocks including railways, construction, and housing stocks, which performed well throughout the Liberation Da y crisis.
In the second half of 2025, however, given rising political stab ility, positions were then rebuilt in attractively valued areas of the market that looked poised to benefit from domest ic reflation, most notably the financial sector. After Liberation Day, the performance of the bank sector had been fairly muted, and short-term investors had pivote d to AI. However, Japan’s financials were well positioned to b enefit from rising rates and underlying economic growth. The sector has performed well in recent years, but valuations do not appear e xtended (just under 1.2x price to book ratio – a measure of market valuat ion relative to company assets – for the bank sector). Global banks are also finally being re-valued more favourably, as the memories an d excess regulation post 2008 fade away. Profits were taken whe re optimism appeared excessive, most notably AI -related stocks including SoftBank Group, robotics and factory automation as market sentiment shifted dramatically, as well as real esta te, one of the best performing sectors this year.
Outside of financials the Fund now has littl e active exposure to momentum and crowding , including the themes of AI and defence. Overweight positions are in autos and telecoms which remain reso lutely contrarian, as well as m achinery, cyclicals and domestic sectors such as retail. As always, we be lieve shifts in market leadersh ip and the tendency for underval ued areas to recover should cont inue to be beneficial for the Fund.
Future outlook
Looking ahead to 2026, the Japanese equity market faces both posi tive and negative factors, thou gh the positives are specific t o Japan and the negatives apply to glob al markets more generally. One negative catalyst could be that the valuation of the Japane se equity market, like others ar ound the world, is a little rich relative to history. The price to book ratio 5 of 1.7x is a post-2008 high. In addition, many of the largest and most popular stocks in Japan look extended and could be vulnerable to a pull back. However, it is reasonable to point out that valuation has not held back the US market in recent years, and if 2026 does see any reallocation away fr om US assets, then Japan could be one beneficiary. The positive catalysts centre around the reflation trade – Bank of Japan normalisation, new Prime Minister Takaichi’s drive to kickstart the economy, and an easing of the cost-of-liv ing pressures. Japanese corporate management continues to improve, and this can be a major catalyst for improved shareholder returns as many Japanese co rporates have only just embark ed on their journey of corpora te governance reform. We believe this rema ins the key differentiator for Japan.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments ts mentioned are for reference purposes only. y. The content of this material should not ot be construed as a recommendation for their purchase or sale
GLG Partners LP Riverbank House 2 Swan Lane London EC4R 3AD United Kingdom
4 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 (up to) 1.5% management fees for Man Japan CoreAlpha Equity D JPY share class. Other share classes may char ge higher fees. TOPIX (JPY, GDTR) and Russell/Nomura Large Cap Value (JPY, GDTR) are official benchmarks for this Fund. Please consult the Prospectus, Key Information Document (‘KID’) or Key Investor Information Document (‘KIID’) for more information. 5 The price-to-book (P/B) ratio measures the market's valuation of a company relative to its book value, which equals total asset s minus total liabilities.
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Man Systematic Emerging Markets Equity - Annual Report Commentary
Market summary 1
Global equity markets delivered a turbulent but ultimately rewarding year in 2025, marked by dramatic policy-driven volatility, shifting regional leadership, and a powerful recovery that pushed indices to all- time highs by year-end. The year began with fading post -election optimism as tariff concerns overshadowed ho pes for deregulation and tax cuts. US equiti es underperformed sharply in Q1, with MS CI USA declining 4.6% while MSCI Europe surged 10.5%, as investors rotated away from US assets and the dollar index fell nearly 4% . Europe’s outperformance relative to the US was catalyzed by Germ any's "whatever it takes" fiscal comments, European Central Ban k (ECB) interest rate cuts, attractive relative valuations, and an ticipation of potential Russia-Ukraine peace negotiations. Emer ging markets also proved resilient during this period, buoyed by a techno logy-led resurgence in Chinese equities and a weaker dollar.
The defining moment of 2025 came on April 2 nd with the Trump administration's "Liberation Day" tariff announcement, which substantially increased stock market volatility in the subsequent days, to a level that exceeded its 2008 Global Financial Cris is peak ---and drove the MSCI World Index down over 11% in just five days. However, markets staged a remarkable reversal, with global equi ties rallying sharply to post their best quarterl y return since Q4 2020. The in itial shock of 145% tariffs on Chinese imports gave w ay to easing trade tensions, robust US earnings, and improved sentiment. Retu rns converged across regions, with MSCI USA, Europe, and Japan all delivering approximately 11% gains in Q2. Emerging markets demonstr ated particular resilience, with the MSCI EM benchmark surgi ng over 6% in June alone despite escalating Middle East tensions.
The second half maintained the risk-on 2 momentum established in Q2, though not with out disruption. Q3 saw markets reach fresh all time highs despite a brief "quant quake" 3 to start the quarter, which caused widespread position unwinding across quantitative strategies. The pro-risk environment persisted into Q4, with tech nology and AI-related sectors driving gains. November provided a rare risk-off 2 interlude as more volatile, growth-oriented stocks fell out of favor, but markets finished the year strongly. Emerging market equities rebounded as AI-driven markets lik e Korea and Taiwan hit all-time highs, su pported by dollar weakness and expectations for further US interest rate cuts in 2026. Europe continued to perf orm positively, although with slig ht moderation as corporate ear nings growth disappointed and the pace of executio n on Germany's fiscal plans proved slower than expectations. Despite the year's extraordinary volatility, patient invest ors were rewarded as global equity indices closed 2025 at record levels.
Performance review Against this backdrop, Man Systematic Emerging Markets Equity (the ‘Fund’) returned 35.69% 4 for the year ending December 31, 2025 net-of-fees and outperformed its benchm ark, the MSCI EM Index, by 2.13%. 1
Man Numeric, the fund manager of the Fund, seeks to add value through a fundamentally driven, qu antitative, bottom-up stock sel ection process. Stocks are selected based on the output of our quanti tative investment models. The Fund’s overall model performance wa s positive during the year. Positive performa nce was seen across all models, with Moment um Innovation being the most positive, fo llowed by Momentum Academic+, Value Innovation, Quality, Info rmed Investor, Factor Selection, and Value Academic+.
Stock selection amongst sectors was positive, led by positive st ock selection within Industrials and Materials. Sector allocati on was also positive for the year with underweights (relative to the benchmar k index) to the Consumer Discretionary and Energy sectors cont ributing.
Stock selection among countries contributed to performance. Stock selection was the mo st positive in South Korea and China (off shore). The Fund’s country allocation was positive fo r the year. An overweight to South Korea contributed and an overweight to Turkey detracted.
At the security level, the Fund’s top thr ee contributors were a South Korean Industri als firm, a South Korean Information Techn ology firm and a South Korean Energy firm. The Fund’s top three detractors were two Chinese Financials firms and one Chinese Consumer Discretionary firm.
1 Bloomberg as at 31 December 2025. 2 "Risk-on" and "risk-off" describe shifts in investor behaviour: risk-on refers to periods when investors favor higher-return a ssets like equities, growth stocks, and emerging mark ets, while risk-off describes periods when investors shift toward safer investments l ike government bonds, defensive stocks, and cash. 3 A "quant quake" is a brief period when quantitative hedge fu nds experience sharp losses due to simultaneous selling of similar positions across multiple funds, typically affecting th ese systematic strategies while broader eq uity markets remain stable or advance. 4 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 (up to) 1.6% management fees for Man Systemat ic Emerging Markets Equity D USD sh are class. Other share classes may charge higher fees. MSCI Emerging Markets Index is a referen ce benchmark for the Fund. Please consult the Prospectus or Key Info rmation Document (‘‘KID’’) or Key Investor Information Documen t (‘‘KIID’’) for more information.
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Man Systematic Emerging Markets Equity - Annual Report Commentary (continued)
Future Outlook
We expect ongoing geopolitical dynamics to continue to shape th e market environment and factor landscape. Entering the new year , our attention centers on potential threats that could disrupt equity markets. The question of an Artificial Intelligence (‘AI’) bub ble will undoubtedly 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 r esearch into new, diversifying signals and risk ma nagement techniques. Our goal, as always, is to build balanced, well-diversified port folios that can navigate market inflections and volatility. With this in mi nd, we will not rest on our laurels but instead remain focused o n improving our process to best manage the risks, known and unknown, that lie ahead.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt 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 United States of America
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Man Global Emerging Markets Local Currency Rates - Annual Report Commentary
Market Summary 1
Emerging Markets Debt (EMD) experienced a strong year in 2025, driven by the U.S. dollar's sharpest retreat in eight years 2 . Dollar weakness was initially triggered by April's 'Liberation Day' tari ff announcements and subsequently sustained by persistent U.S. structural concerns, including growing questions around U.S. Federal Reserv e (“the Fed”) independence, lower U.S. Treasury yields (income returns), and easing monetary conditions.
EM sovereign local currency debt (“LC”), i. e. emerging market government bonds denomi nated in local currencies, gained 19.3%, t he best annual return since 2009 3 . FX appreciation, i.e. strengthening of EM curre ncies against the US dollar, (8.3%), interest carry 4 (5.8%), and duration 5 (4.1%) powered performance. EM local yields fell 0.52% to 5.87%, though local bonds underperformed U.S. Treasuries (“UST”) with yield spreads to 5-year USTs widening 0.13% to 2.15 %. All countries delivered positi ve returns with meaningful dis persion 6 . South Africa (41.3%) and Mexico (35.3%) led on strong currency ga ins, lower yields, and carry, while India (2.2%) and China (4. 7%) lagged on weaker rupee (INR) and rising local yields respectively. In currencies, Latin America (14.0%), South Africa (13.9%), and Europe (13.0%) fared the best bolstered by high in terest carry, while Asia (2.8%) underperform ed. LC duration gains have been more mod est, particularly in Asia (1.7%, with yields declining 0.16% to 4.02 %) and Europe (4.1%), with South Africa (13.5%) and Latin Americ a (7.4%) outperforming as yields declined 1.88% and 0.78% to 8.60% and 9.59%, respectively.
EM LC bond funds reversed the previous three-year outflow trend, attracting USD14.5bn of inflows in 2025. 7
U.S. trade policy created significant volatility. Asia (particularl y China) and Mexico were seen as most exposed to the Trump administration’s policies—Mexico especially due to nearshoring gain s that had shifted production and trade flows from China in r ecent years. The October U.S.-China trade truce and broader de-e scalation provided relief to export-dependent economies.
Geopolitical tensions remained elevated, sp anning the Middle East conflict, Russia-Ukraine war, rising tensions across Asia, Ven ezuela's oil blockade, and Nigerian strikes.
Commodity markets diverged amid trade negotiations and safe-hav en demand. Gold and silver surged 65% and 148% respectively, while copper gained 43.2% on green energy an d tech demand plus supply constraints. O il declined 18%, pressured by oversupply an d weak growth. This divergence benefited oil importers (India, Tu rkey) and metal exporters (South Africa, Chile, Peru), while pres suring oil exporters; diversified exporters like Me xico and Colombia saw mixed results.
Central banks maintained a cautious, data-dependent approach in 2025, balancing disinflation progress against domestic growth an d fiscal considerations. EM headline inflation is forecast at 4.2%-5 % (IMF estimate), with core inflation still above target, though regional differences persist. Inflation remains sticki er in Latin America and Central Europe than in Asia. Against this backdrop, EM cent ral banks broadly continued their easing cycles, though the pace moderated as the year progressed, with the Fed's September pivot providi ng further room for additional interest rate cuts.
Positioning
Local Rates: The duration underweight (relativ e to the benchmark) ranged from -0.9 to -0 .4 years, ending the year at -0.9 years . The Fund was overweight in Mexico and Brazil, complemented by an off ff-benchmark UST allocation. Mexico offers attractive carry with yields around 9.0% and inflation decelerating to 3.69%, though the ce ntral bank signals a cautious in terest-rate easing path. Brazil's 13.6% average yield for its sovereign bonds, combined with weak demand , waning inflation pressures, and supportive commodity prices, i n our analysis provided one of the most attractive real yields in EM while reflecting fiscal concerns. Underweights were concentrated i n low yielding China and Thailand, where yield sat below UST levels, l eaving little room for further gains, and in Colombia, where a deteriorating inflation outlook—exacerbated by a 23% minimum wage increase for 2026—raises the probability of inte rest rate hikes. During the year, we closed underweights in Malaysia (May) and South Africa (April) on improved valuations and more dovish central bank outlooks.
EM FX: The currency underweight (relative to the benchmark) ranged from -17.3% to -4.1%, ending at -15.1%. We held an overweigh t in Malaysian ringgit (MYR) on improved valuatio n and supportive tailwinds including foreig n income repatriation and strong investm ent approvals. Key underweight positions includ ed Polish zloty (PLN) on rich valuation, crowded positioning, deteriorating fiscal dy namics, Colombian peso (COP) on macro deterioration ahead of May 2026 el ections, and the Turkish lira (TRY). We dynamically managed the Brazilian real (BRL) and Mexican peso (MXN), trimming overweights following strong H1 performance before moving to underweights in Q3. A short off-benchmark position in the Israeli shekel (ILS) wa s maintained as ceasefire optimism appeared fully priced and va luation metrics remained stretched. Other changes included closing long positions in the Singapore dollar (SGD) in April, the Chinese y uan (CNY) underweight in January, and the Chilean peso (CLP) underw eight in August as copper tariff risks dissipated.
1 Bloomberg as at 31 December 2025. 2 -8.1%, Measured by the U.S. Dollar Index (USDX). 3 EM Local Currency (LC) returns and statistics me asured by JPM GBI-EM GD family of indexes. 4 Carry: The income earned from holding a bond, primarily from co upon payments, representing the yield investors receive over ti me assuming no change in price or spread. 5 Duration, expressed in years, measures the weighted average time it takes to recoup a bond’s true cost, based on the present v alue of all future coupon and principal payments. It is also a measure of a bond's sensitivity to changes in interest rates. Long-durat ion bonds are more affected by interest rate movements - their prices rise more when rates fall and declin e more when rates rise. In this commentary, "Duration gains" refers to the return driven by bond price changes resulting from falling yields. 6 Dispersion: A wide range of outcomes acro ss markets or assets over a given period. 7 Source: EPFR Global, J.P. Morgan, Bloomberg as of January 5, 2026.
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Man Global Emerging Markets Local Currency Rates - Annual Report Commentary (continued)
Performance Review
Against this backdrop, Man Global Emergi ng Markets Local Currency Rates (“the Fund”) returned 16.70% over the period 8 , underperforming the benchmark index which returned 19.26%. Curren cy positioning was the main de tractor, with underweights in st rong performers PLN (+15.1%), COP (+16.6%), and South African rand (Z AR) (+13.7%). The off-benchmark ILS short, initiated in late February, also weighed on performance as the currency strengthen ed 13.1%. In local bond markets, security selection in India an d underweights in Thailand, Colombia, and Turkey detracted—while Th ailand and Colombia bonds underperformed in price terms, this was not enough to offset lost carry from the underweight.
Positive contributions came from well-timed po sitions. The Mexico duration overweight delivered strong gains as yields fell 1.3 7%, while off-benchmark UST exposure and security sel ection in South Africa also added value. Dy namic BRL management proved beneficial: th e Fund gradually closed its overweight from June to August follo wing 13.2% appreciation in H1, then opened an underweight in September that protected agains t Q4 weakness. The TRY underwei ght, the year's worst-performing currency (-17.7%), further supported relative performance.
Future Outlook
EM economies have demonstrated resilience amid global disruptions, creating a favourable environment for EM assets. Yet after s trong 2025 returns, 2026 presents a more challenging landscape.
EM FX: The tailwind from USD weakness appears largely exhausted. We expect the USD to find support from extensive U.S. AI capex plans, creating a range-bound environment wh ere domestic fundamentals and valuations become critical for generating prospective outperformance. Positioning warrant s caution: investor bets against the USD are near maximum levels, making more balanced expos ure prudent—particularly in outperformers. A st rengthening Japanese yen (JPY) adds complexi ty, as unwinding of JPY-funded carry tra des, where investors have sought to profit from holding higher-yielding assets funded by lower-yielding ones, could pressure long EM FX positions.
EM Local Rates: Carry remains attractive outside several large, low-yielding Asian markets. EM central banks retain monetary ea sing capacity given positive real rates (policy interest rates above in flation) and subdued demand, though rising inflation in some ec onomies is prompting more cautious stances. Yield disper sion enables selective positioning where curves are steep (i.e., longer-dated bond s yield significantly more than shorter-dated ones) and easing expectatio ns align with disinflationary trends. With fiscal risks well-pric ed, we believe this favours emphasizing higher-yielding EM markets over low-yielding ones, rather than broad exposure to the asset cla ss.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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 United States of America
8 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 ap plicable. Returns are calculated net of (up to) 1.35% management fee for the Man Glob al Emerging Markets Local Currency Rates D C USD share class. Other share classes may charge higher fees. JP Morgan Government Bond Index – Emerging Markets (JPM GBI-EM) Global Diversified Composite unhedged USD is an official benchmark for the Fund. Please consult the Prospectus or Key Information Document (‘KID’) or Key Investor Information Document (‘KIID’) for more inform ation.
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Man Global Emerging Markets Bond - Annual Report Commentary
Market Summary 1
Emerging Markets Debt (EMD) experienced a strong year in 2025, driven by the U.S. dollar's sh arpest decline in eight years 2 . Dollar weakness was initially triggered by April's 'Liberation Day' tari ff announcements and subsequently sustained by persistent U.S. structural concerns, including growing questions around U.S. Federal Reserv e (“the Fed”) independence, lower U.S. Treasury yields (income returns), and easing monetary conditions. EM sovereign and quasi- sovereign hard currency (“HC”) debt, i.e. bonds issued by Emer ging Market government and government-related entities, denominated in U.S. dollar, returned 13.5%, the best performance since 2019. 3
EM HC bond funds reversed the previous three-year outflow trend, attractin g USD17.2bn of new investments in 2025. 4
HC bonds performance was equally driven by falling U.S. Treasury yields and narrowing risk premiums 5 (each contributing 6.5%). The J.P. Morgan Emerging Markets Bond Index Gl obal (“EMBIG”)'s yield fell by 0.98% to 6.61% as risk premiums tightened by 0.65% to 2.31%, with most tightening from May onward s as investors became more willing to take on risk. The High Yield (“HY”) segment (b onds rated below investment grade that offer high er interest rates to compensate for incr eased default risk) outperformed with 18.1% returns versus 10.2% returns for the Investment Grad e (“IG”) segment, driven by stronger comp ression in the risk premium for HY bonds ( falling 1.26% to 4.53%) compared to IG bonds (falling 0.26% to 0.93%). Re turns declined with improving credit quality: Not Rated (“NR”) bonds led at 57.7%, followed by CCC-C rated (28. 7%) and B rated (19.9%), wh ile AA rated and A rated bond s lagged (8.5% and 8.9%, respectively) 6 . Dispersion was striking—defaulted bonds from Venezuel a and Lebanon returned 98.5% and 78.5%, while Senegal (20.2%) and Barbados (-14.6%) were the only negative performers.
HC primary market conditions improved sign ificantly for EM sovereigns (governments) in 2025, with issuance reaching USD255.7bn, the highest annual gross issuance on record. EM IG led with USD182.1bn. The second half saw many lower-rated sovereigns return to t he primary market amid sustained risk premium tightening, though elevated borrowing cost s versus pre-2020 levels kept issuance bel ow that period. 7
Geopolitical tensions remained elevated throughout 2025, spanning the Middle East conflict, Russia-Ukraine war, rising tensions across Asia, Venezuela's oil blockade, and Nigerian strikes.
Trade policy was a constant theme throughout 2025, particularly U.S. tariffs, creating significan t volatility. Asia, especially China, along with Mexico were initially viewed as most exposed to the Trump administration's EM policies, with Mexico facing risks from its nearshoring gains that had diverted producti on capacity and trade flows from China in recent years. The October U.S. China trade truce and broader conflict de-escalation provided relief to export-dependent economies.
The World Bank estimates global economic growth at 2.3%-2.7%, one of the weakest non-recession years since 2008, with EM economies outperforming at 3.8%. Exports exceeded expectations through front-loading (shipping goods early to avoid tariffs), transshipments (rerouting via ot her countries), and more gradual U.S. tariff implementation than anticipated, while surging AI- related tech demand bolstered EM manufacturing and exports, particularly in Asia.
Commodity markets diverged sharply amid trade negotiations and safe-haven demand. Gold and silver surged 65% and 148% respectively, while copper gained 43.2% on green energy and tech demand plus supply constraints. Oil declined 18%, pressured by oversupply and weak growth. This divergence benefited oil import ers (India, Turkey) and metal exporters (South Africa, Chile, Pe ru), while pressuring oil exporters (Gulf states, Nige ria, Angola, Gabon); diversified exporters like Mexico and Colombia saw mixed results . Positioning
As of December 31, 2025, the portfolio’s duration-weighted exposure (DWE) 8 underweight (relative to the Fund’s benchmark JPM EMBIG index) stood at -1.4 years for interest rate risk and -1.8 year s for credit spread risk (0.8 years in IG and 1.0 years in HY).
The duration (interest rate sensitivity) underweight ranged from 1.7 years in March to 0.9 years in May. It held a 0.4 years lo ng off benchmark U.S. Treasury bond (UST) exposure against underweights in IG countries in Asia and the Middle East with rich valuatio ns.
With EM sovereign credit spreads near hist orical tights, the portfolio maintained a re duced credit spread risk exposure (relati ve to the benchmark index) ranging from 2.1 years in March to 1.4 years in May. In January, duration was added via UST and EM IG bonds. Subsequently, we took gains on UST addition s as yields retraced lower. In April, the interest rate-related sell-off provided an opportunity to add long-end exposure in low dollar-priced EM IG sovereigns.
1 Bloomberg as at 31 December 2025. 2 -8.1%, Measured by the U.S. Dollar Index (USDX). 3 EM Hard Currency (HC) returns and statistics are measured by J. P. Morgan EMBI Global Composite (JPM EMBIG) family of indexes and statistics, respectively. 4 Source: EPFR Global, J.P. Morgan, Bloomberg as of January 5, 2026. 5 Risk premiums (also called credit spreads): the extra interest rates investors demand to hold riskier sovereign (or corporate) bonds compared to safer government bonds, such as U.S. Treasuries. 6 Investment Grade (IG) bonds are rated AAA to BBB-; High Yield (H Y) bonds are rated BB+ to D, wi th the dividing line between BB B and BB+. 7 JP Morgan, as of January 2, 2026. 8 Duration-weighted exposure (DWE): A measure of a bond portfolio's sensitivity to in terest rate changes and credit spread changes. Credit spreads are the additional yield (or risk premium) that riskier bonds pay over safer government bonds. Measured in years , DWE indicates how much the portfolio value would change for a 1% move in interest rates or credit spreads. An 'underweight' (shown as a negative number) means the portfolio is positioned more defensiv ely than the benchmark—it will lose less if interest rates rise or credit spreads widen, but gain less if they fall or tighten.
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Man Global Emerging Markets Bond - Annual Report Commentary (continued)
Performance Review
Against this backdrop, Man Global Emerging Market s Bond (“the Fund”) returned 11.57% over the year 9 , underperforming the benchmark index which returned 13.45% 10 . Relative performance was primarily hindered by the Fund’s underweight positions in duration (interest rate sensitivity) and credit spread duration (sensitivity to changes in risk premiums) in high yield as yields declin ed and HY credit spreads tightened.
Negative attribution 11 stemmed from security selection in Chile, Panama, an d Colombia, alongside underweights in credit spread duration, particularly in outperforming high-yield countries like Venezuela, Nigeria, and Ivory Coast. The overweight in underp erforming Indonesia also detracted.
Positive attribution came from holding U.S. Treasury bonds not in cluded in the benchmark and activ e management of Argentina dur ing the volatile period beginning from August, when President Milei's La Libertad Avanza party suffered an electoral defeat in Buen os Aires province, to October 26 legislative mid-term elections, where Mile i's coalition ultimately secured a decisive victory. Mexico c ontributed positively after the Fund added government bonds and Pemex (the Mexican state oil company) exposu re in April as credit spreads widened (meaning these bonds became cheaper), taking gains and movi ng to underweight as valuations became expensive. In August, some Mexican government bond exposure was swapped into Pemex following government comments suggesting progress on addressing Pemex's funding needs. Choosing specific bonds in investment grade (Saudi Arabia and Romania longer-maturity underweights) added value. Underweights in China, Saudi Arab ia, United Arab Emirates, Bahrain, and Senegal (EMBIG's worst performer at -21.5%) contributed positively, as did overweights in Colombia and Lebanon (EMBIG's second-best performer at 78.5% ). Lebanon's strong performance followed its emergence from a two-y ear leadership vacuum and format ion of a functional government, with newly appointed leadership pledging tough economic meas ures and debt restructuring, though progress remains slow.
Future Outlook
EM economies have demonstrated resilience amid global disruption s, creating a favourable environment for EM assets. Yet after s trong 2025 returns, 2026 presents a more challenging landscape.
The macro backdrop for EM HC government bo nd fundamentals remains posi tive: stronger currencies ar e improving external debt metrics, capital inflows have resumed, and favourable market conditions are easing repayment pressures for lower-rated governme nts. The challenge lies in valuations. EM HC government bond risk prem iums are trading near historical tight levels, compressing ret urn potential and elevating the importance of co untry-specific opportunities. The high-yield segment looks partic ularly crowded (th e range of risk premiums has narrowed and positioning is stretched) though country-specific catalysts can rapidly reshape valuations, as A rgentina and Venezuela demonstrated this year. We remain selective, priori tizing governments with robust balance sheets and flexible cur rency regimes, alongside countries demonstrating willingness to engage with multilaterals or holding strategic importance to the West as geopolitical tensions escalate.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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 United States of America
9 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 ap plicable. Returns are calculated net of 1. 25% management fee for the D C USD share class. Other share classes may charge higher fee. J.P. Morgan EMBI Global Composite Index is the reference benchmark for the Fu nd. Please consult the Prospectus or Key Information Document (‘KID’) or Key Investor Information Document (‘KIID’) for more inform ation. 10 Bloomberg as at 31 December 2025. 11 Attribution: The breakdown of which investment decisions added to or detracted from performance versus the benchmark. Negative attribution occurs when the Fund holds less of outperf rforming securities or more of underperforming ones.
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14
Man Pan-European Equity Growth - Annual Report Commentary
Market Summary
Equity market sentiment last year was underpinned by the ongoing normalisation of inflationary pressures, with central banks in both the US and Europe easing monetary policy. European equities finished the year on a strong note, outperforming both US and world ind ices. Indeed, Europe’s stock markets kept pace wi th their international peers for the calenda r year and delivered materially superior returns for US Dollar and GBP-based investors thanks to the strength of the region’s currencies in 2025. Europe’s equity indices were most notably led higher by banks and insurers, sectors in which Man Pan-European Equity Growth (the “Fund”) had zero exposure.
Performance review
Calendar year 2025 marked the worst perfor mance year for the Fund since its Decemb er 2016 launch. The Fund returned -6.15% 9 , a substantial underperformance of 25.54 percentage points versus th e benchmark index. This poor result was particularly frustrati ng given the supportive market backdrop, with European equities performing strongly and keepin g pace with global p eers throughout the ye ar.
The underperformance was driven by stock selection and the sector profile of the portfolio. Just six positions made a positive relative contribution in 2025, with the largest relative underperformance coming from Ferrari, Rational, Vitrolife, Novo Nordisk and Arm . Relative performance was hurt too by the portfolio’s underweight position (r elative to the benchmark) in fi nancials and its overweight s tance in consumer discretionary and healthcare names.
Too many of the portfolio holdings saw thei r earnings expectations downgraded in 2025. The most conspicuous of these was Novo Nordisk where the company’s commercial perfor mance disappointed in the US diabetes an d obesity market, resu lting in market shar e losses to Lilly and the pharmacy compounders (companies that prod uce customised formulations of existing drugs). Rational and A mbu faced earnings headwinds associated with bo th currency movements and US import tariff s. Ferrari disappointed with the five-year goals it set at its October capital markets day. Vitrolife’s revenue expansion fell short of expectations, held back by a slowdown in the growth of the number of IVF cycles performed across its end-markets.
Negative sentiment (instead of downgrades) also played an import ant role in 2025, such as the fear that SAP’s ERP software lead ership position would be threatened by AI, eroding the value of SAP’s co ding expertise. Poor sentiment also affected the Arm share pri ce. The company’s 90% controlling shareholder (SoftBank) is deeply involved with OpenAI and Oracle in the Stargate 10 partnership, raising concerns that any funding challenges within the consortium, as it scales its infrastr ucture ambitions, could negatively affect SoftBank’s liquidity, thus requiring it to tap the Arm stake for extra funds.
The Fund’s largest holding (Ryanair) was only able to offer part ial relative compensation despite a share price gain of 55% las t year. The same can be said of Argenx’s share price strength driven by Vyvg art’s explosive growth as it was more widely adopted as a treat ment for the autoimmune condition myasthenia gravis. So too Belimo, wh ich was a lead outperformer with a share price rise of 30% in 2025, thanks to the positive step change in it s already strong revenue and margin trajectory. ASML and VAT Group also made welcome positive contributions, as did Galderma follo wing its addition to the portfolio in 2025.
Last year saw us maintain and, in many cases, add to the Fund’s highest conviction po sitions. As long-term investors we took advantage of share price weakness and more attractive valuation entry points to rein force those holdings where we believe the investment case to be stronger than ever. Examples in 2025 were the additions made to holdings ASML, Rational and Adyen which concluded the year with weightings of 6.1%, 6.9% and 4.9%, respectively.
The Fund made six outright disposals in 2025, of which Puma (January) and Watches of Switzerland Group (July) were based upon genuine doubts about the ongoing merits of the investment case. Eight new holdings were introduced, taking the number of holdin gs to 27 versus 25 at the start of the year. We expect the new names to inject additional vitality to the portfolio, with both Argenx and Galderma having already made important positive contributions to the Fund’s relative return.
9 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 ar e calculated net of (up to) 1.50% management fees for Man Pan European Equity Growth D C EUR share class. Other share classes may charge higher fees . The MSCI Europe (EUR, NDTR) Index is an official benchmark for this Fund. Please consult the Prospectus, Key Investor Information Document (‘KIID’) or Key Information Document (‘KID’) for more information. 10 Stargate is a strategic partnership between OpenAI, SoftBank, Oracle and MGX focused on investin g in large-scale artificial in telligence infrastructure and computing cap acity in the United States.
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Man Pan-European Equity Growth - Annual Report Commentary (continued)
Future Outlook
A refreshed portfolio enters 2026 fully dedicated to delivering an improvement in relative performance. Crucial to this will be the earnings impetus of the portfolio and its ability to maintain this traction over both the coming twelve months and the next five years ( and beyond).
Our stock selection methodology will continue to apply a long-ter m approach which favours only those companies which have the proven capacity to deliver superior and sustainable growth rate s alongside strong profitability, high levels of cash conversion and clear shareholder value creation. Here we would hi ghlight the importance of consistent pricin g power, market share gains, new innovat ions and customer satisfaction.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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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16
Man RI Global Sustainable Future - Annual Report Commentary
Market summary
Global stock markets were affected by shar p shifts in sentiment, as asset prices reflected concerns around a slowing US economy and doubts about the sustainability of the investment wave that has b een led by AI. US inflation was proving to be persistent and d ifficult to reduce while US retail sales in January were weak. Business uncerta inty around trade tariffs also appeared to discourage econom ic activity and investment.
Performance review
Against this backdrop, Man RI Global Sustainable Future was down by 2.19% 1 , ahead of the benchmark return of 3.20% 2 . As part of a periodic review of funds, the busi ness made a decision to close the Fund, and the last trading date was 24 th March 2025.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 investm tment process of the Sub-Fund is ind ndependent of these indices/measures.
The organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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 Performance data is shown net of fees with income rein vested, for the period from 1 January 2025 to 24 March 2025, and does not take into account sales and redemption charges where such costs ar e applicable. Returns are calculated of (up to) 0.75% management fees for Man RI Global Sustaina ble Future class I USD share class. The MSCI World NDTR Index was an official benchmark for this Sub-Fund. Other share classes may have charged higher fees. 2 Bloomberg as at 24 March 2025.
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17
Man Systematic Europe - Annual Report Commentary
Market summary 1
Global equity markets delivered a turbulent but ultimately rewarding year in 2025, marked by dramatic policy-driven volatility, shifting regional leadership, and a powerful recovery that pushed indices to all- time highs by year-end. The year began with fading post -election optimism as tariff concerns overshadowed ho pes for deregulation and tax cuts. US equiti es underperformed sharply in Q1, with MS CI USA declining 4.6% while MSCI Europe surged 10.5%, as investors rotated away from US assets and the dollar index fell nearly 4% . Europe’s outperformance relative to the US was catalyzed by Germ any's "whatever it takes" fiscal comments, European Central Ban k (ECB) interest rate cuts, attractive relative valuations, and an ticipation of potential Russia-Ukraine peace negotiations. Emer ging markets also proved resilient during this period, buoyed by a techno logy-led resurgence in Chinese equities and a weaker dollar.
The defining moment of 2025 came on April 2 nd with the Trump administration's "Liberation Day" tariff announcement, which substantially increased stock market volat ility in the subsequent days, to a level th at exceeded its 2008 Global Financial Cris is peak, and drove the MSCI World Index down over 11% in just five days. Howe ver, markets staged a remarkable reversal, with global equities rallying sharply to post their best quarterl y return since Q4 2020. The in itial shock of 145% tariffs on Chinese imports gave w ay to easing trade tensions, robust US earnings, and improved sentiment. Retu rns converged across regions, with MSCI USA, Europe, and Japan all delivering approximately 11% gains in Q2. Emerging markets demonstr ated particular resilience, with the MSCI EM benchmark surgi ng over 6% in June alone despite escalating Middle East tensions.
The second half maintained the risk-on 2 momentum established in Q2, though not with out disruption. Q3 saw markets reach fresh all time highs despite a brief "quant quake" 3 to start the quarter, which caused widespread position unwinding across quantitative strategies. The pro-risk environment persisted into Q4, with tech nology and AI-related sectors driving gains. November provided a rare risk-off 2 interlude as more volatile, growth-oriented stocks fell out of favor, but markets finished the year strongly. Emerging market equities rebounded as AI-driven markets lik e Korea and Taiwan hit all-time highs, su pported by dollar weakness and expectations for further US interest rate cuts in 2026. Europe continued to perf orm positively, although with slig ht moderation as corporate ear nings growth disappointed and the pace of executio n on Germany's fiscal plans proved slower than expectations. Despite the year's extraordinary volatility, patient invest ors were rewarded as global equity indices closed 2025 at record levels.
Performance review
Against this backdrop, Man Systematic Europe (the ‘Fund’) returned 16.56% 4 in Euros net-of-fees for the year ended December 31, 2025 and underperformed its benchmark, the MSCI Europe (EUR, NDTR), which returned 19.39% 1 . Man Numeric, the fund manager of the Fund, seeks to add value through a fundamentally driven, qu antitative, bottom-up stock sel ection process. Stocks are selected based on the output of our quanti tative investment models. The Fund’s overall model performance wa s positive for the year. The Industry Dynamics, Valuation, and Inve stor Insight models performed positively during the year. The Business Risk, Earnings Quality, Growth Potential, and Long-Term Focus models performed negatively.
It is important to remember that the model’s theoretical perf ormance does not account for trans action costs and investment limi ts, which can cause short-term differences between what the mode l predicts and what the portfolio actually delivers.
From a sector perspective, stock selection was flat during the y ear, with holdings in Materials and Financials contributing and holdings in Industrials and Information Techno logy detracting. Sector allocation was negative for the year, with an underweight (relative t o the benchmark index) to Financials and an overwe ight to Information Technology detracting.
Stock selection was negative from a country perspective, with holdings in the Netherlands and Spain detracting. Country allocat ion was positive for the year, with an overweig ht to Austria and Finland contributing.
At the security level, the Fund’s top thr ee contributors were one Materials firm and two Financials firms. The Fund’s three la rgest detractors were Consumer Discretionary, Financials, and Industrials firms.
1 Bloomberg as at 31 December 2025. 2 "Risk-on" and "risk-off" describe shifts in investor behaviour: risk-on refers to periods when investors favor higher-return a ssets like equities, growth stocks, and emerging mark ets, while risk-off describes periods when investors shift toward safer investments l ike government bonds, defensive stocks, and cash. 3 A "quant quake" is a brief period when quantitative hedge fu nds experience sharp losses due to simultaneous selling of similar positions across multiple funds, typically affecting th ese systematic strategies while broader eq uity markets remain stable or advance. 4 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 ap plicable. Returns are calculated net of (up to) 1.40% management fees for Man Systema tic Europe D C EUR share class. Other share classes may charge higher fees. MSCI Europe (EUR, NDTR) is a reference benchmark for th e Fund. Please consult the Prospectus or Key Information Document (“ KID”) or Key Investor Informatio n Document (“KIID”) for more information.
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Man Systematic Europe - Annual Report Commentary (continued)
Future outlook
We expect ongoing geopolitical dynamics to continue to shape th e market environment and factor landscape. Entering the new year , our attention centers on potential threats that could disrupt equity markets. The question of an Artificial Intelligence (‘AI’) bub ble will undoubtedly 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 r esearch into new, diversifying signals and risk ma nagement techniques. Our goal, as always, is to build balanced, well-diversified port folios that can navigate market inflections and volatility. With this in mi nd, we will not rest on our laurels but instead remain focused o n improving our process to best manage the risks, known and unknown, that lie ahead.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt 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 United States of America
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19
Man Systematic China A Equity - Annual Report Commentary
Market summary 1
Global equity markets delivered a turbulent but ultimately rewarding year in 2025, marked by dramatic policy-driven volatility, shifting regional leadership, and a powerful recovery that pushed indices to all- time highs by year-end. The year began with fading post -election optimism as tariff concerns overshadowed ho pes for deregulation and tax cuts. US equiti es underperformed sharply in Q1, with MS CI USA declining 4.6% while MSCI Europe surged 10.5%, as investors rotated away from US assets and the dollar index fell nearly 4% . Europe’s outperformance relative to the US was catalyzed by Germ any's "whatever it takes" fiscal comments, European Central Ban k (ECB) interest rate cuts, attractive relative valuations, and an ticipation of potential Russia-Ukraine peace negotiations. Emer ging markets also proved resilient during this period, buoyed by a techno logy-led resurgence in Chinese equities and a weaker dollar.
The defining moment of 2025 came on April 2 nd with the Trump administration's "Liberation Day" tariff announcement, which substantially increased stock market volat ility in the subsequent days, to a level that exceeded its 2008 Global Financial Cris is peak—and drove the MSCI World Index down over 11% in just five days. Howe ver, markets staged a remarkable reversal, with global equities rallying sharply to post their best quarterl y return since Q4 2020. The in itial shock of 145% tariffs on Chinese imports gave w ay to easing trade tensions, robust US earnings, and improved sentiment. Retu rns converged across regions, with MSCI USA, Europe, and Japan all delivering approximately 11% gains in Q2. Emerging markets demonstr ated particular resilience, with the MSCI EM benchmark surgi ng over 6% in June alone despite escalating Middle East tensions.
The second half maintained the risk-on 2 momentum established in Q2, though not with out disruption. Q3 saw markets reach fresh all time highs despite a brief "quant quake" 3 to start the quarter, which caused widespread position unwinding across quantitative strategies. The pro-risk environment persisted into Q4, with tech nology and AI-related sectors driving gains. November provided a rare risk-off 2 interlude as more volatile, growth-oriented stocks fell out of favor, but markets finished the year strongly. Emerging market equities rebounded as AI-driven markets lik e Korea and Taiwan hit all-time highs, su pported by dollar weakness and expectations for further US interest rate cuts in 2026. Europe continued to perf orm positively, although with slig ht moderation as corporate ear nings growth disappointed and the pace of executio n on Germany's fiscal plans proved slower than expectations. Despite the year's extraordinary volatility, patient invest ors were rewarded as global equity indices closed 2025 at record levels.
Performance review
Against this backdrop, Man Systematic Ch ina A Equity (the ”Fund”) returned 14.27% 4 net-of-fees and outperformed its benchmark, the MSCI China A Index, which returned 11.52% 1 . Man Numeric, the fund manager of the Fund, seeks to add value through a fundamentally driven, qu antitative, bottom-up stock sel ection process. Stocks are selected based on the output of our quanti tative investment models. The Fund’s overall model performance wa s positive during the year. The Momentum Innovation, Quality, Info rmed Investor, Momentum Academic+, and Value Innovation models performed positively during the year. The Value Academic+ and Fa ctor Selection models performed negatively during the year.
From a sector perspective, stock selection was positive during the year, with holdings in Information Technology and Industrial s contributing. Sector allocation was positive for the year, with an overweight (relativ e to the benchmark index) to Materials an d an underweight to Utilities contributing.
At the security level, the Fund’s top three contributors were two Consumer Discretionary firms and one Industrials firm. The Fu nd’s three largest detractors were two Information Te chnology firms and on e Financials firm.
1 Bloomberg as at 31 December 2025. 2 "Risk-on" and "risk-off" describe shifts in investor behaviour: risk-on refers to periods when investors favor higher-return a ssets like equities, growth stocks, and emerging mark ets, while risk-off describes periods when investors shift toward safer investments l ike government bonds, defensive stocks, and cash. 3 A "quant quake" is a brief period when quantitative hedge fu nds experience sharp losses due to simultaneous selling of similar positions across multiple funds, typically affecting th ese systematic strategies while broader eq uity markets remain stable or advance. 4 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 (up to) 1.6% management fees for Man Systemat ic China A Equity D C EUR share class. Other share classes may charge higher fees. MSCI China A Net Return Index is a reference benchmark for the Fund. Please consult the Pr ospectus or Key Information Document (“KI D”) or Key Investor Information Document (“KIID”) for more information.
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Man Systematic China A Equity - Annual Report Commentary (continued)
Future outlook
We expect ongoing geopolitical dynamics to continue to shape th e market environment and factor landscape. Entering the new year , our attention centers on potential threats that could disrupt equity markets. The question of an Artificial Intelligence (‘AI’) bub ble will undoubtedly 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 r esearch into new, diversifying signals and risk ma nagement techniques. Our goal, as always, is to build balanced, well-diversified port folios that can navigate market inflections and volatility. With this in mi nd, we will not rest on our laurels but instead remain focused o n improving our process to best manage the risks, known and unknown, that lie ahead.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt 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 United States of America
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21
Man Asia (ex Japan) Equity - Annual Report Commentary
Market summary 1
The MSCI AC Asia ex Japan index, which tracks stock performa nce across Asian developed and emerging markets excluding Japan, ended 2025 up 16.61% in EUR, despite the tariff related uncertainty that weighed on the region at the start of the year. While President Trump’s Liberation Day announcement in April triggered a sharp sell-off in regional equity markets, these losses were short liv ed, and the markets recovered following the announcement of a 90-day pause for many of America’s major trading partners. A shift in attitud es towards Chinese assets following the emergence of DeepSeek (a lo w-cost AI model that could deliver equivalent results to ChatGP T in many areas) in January, which sent China internet and technology stocks higher as investors ques tioned the dominance of the US technology sector, also support ed the region over the year.
Whilst 2025 was undoubtedly a strong year for the region, markets were very narrow with gains overwhelmingly driven by South Ko rea and Taiwan from a markets perspective, and by technology and more recently, materials from an industry perspective. South Korea , the region’s laggard in 2024, was the best performer in 2025 as strong AI demand and expanding indust rial presence, particularly in defense, sent the benchmark Kospi index 75% higher over the course of the year.
In contrast, Indonesia, the Philippines and India were among the worst performing mark ets over the year. Indonesia and the Phil ippines were weighed down by policy uncertainty, while India was dragged down by sluggish domestic consumption and lack of exposure to the AI trade, though corporate earnings revisions stabilised towards the end of the year, as has the market in an absolute sense.
Performance review
Against this backdrop, Man Asia (ex Japan) Equity (the ‘‘Fund’’) performed well over the year, returning 15.43% 2 net of fees for investors in EUR, slightly behind the benchmark which returned 16.61% 1 . After a strong start to the year, the strategy gave back some outperformance, with the narrow ma rket environment proving challenging from an act ive return perspective following Liberation D ay. Positive returns were predominantly driven by stock selection in China, led by strong performanc e in the technology and healthc are sector. These gains were offset by stock selection in India and Taiwan. The strategy was also negatively impacted by its underw eight (relative to the benchmark) in Korea and Taiwan, from a markets perspective, and technology and materials, from an industry perspective. Risk and return contributions were once again overwh elmingly dictated by stock-speci fic factors, in line with our expectations of the portfolio.
The key individual contributors to performance were:
SK Hynix : SK Hynix has been a core holding in the portfolio and one of our preferred names in the technology sector given its strength in AI chip manufacturing. The company had a strong year with pe rformance attributable to strong demand for HBM AI chips --- --- where it has a leadership position---- that has outpaced supply, driving up prices.
Innovent Biologics : The company’s share price rallied strongly in the second quarter on a combination of robust sales growth and strong clinical trial data. This included optimism around early-stage data released on its lung cancer drug which, if successfu l, could offer material earnings upside and o pportunities for out-licensing.
Cambricon Technologies : A shift towards domestic chipmakers in China in the latter half of the year resulted in a material earnings beat for Q2. The company’s share price doubled in August, initially lifted by reports that Nvidia had halted production of its H20 c hip --- --designed specifically for the Chinese market --- --- as DeepSeek and other domestic AI-enabl ers are increasingly opting for local chip suppliers. This backdrop was underscored late r in the month by strong interim results from the company, as well as a significan t upwards revision to full year revenue guidan ce, with US export restrictions on leadin g-edge processors appearing to offer an in creasing growth runway for Chinese chip manufacturers.
The key individual detractors to performance were: Aurobindo Pharma : Concerns around the tariff impact on India’s pharmaceut ical sector weighed on the company at the start of the year, as the US accounts for over a third of India’s pharmaceutical exports. We exited this position at the end of the year as our research view changed on the company.
Parade Technologies : Parade Technologies, an integrated circuits supplier for consumer electronics, was a material detractor in the first quarter on concerns around market share losses, despite a positi ve backdrop for the global technology sector. While we believed the company was well positioned to capitalise on the AI-adoption in PC and smartphones in 2025, we exited the position in December as our investment case changed following analyst downgrades.
Mengniu Dairy : The company had a challenging year as continued weakness in milk demand led company management to lower sales guidance. As at the end of the review peri od, we remained invested in the stock.
1 Bloomberg as at 31 December 2025. 2 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 ap plicable. Returns are calculated net of (up to) 1.75% management fees for Man Asia (e x Japan) Equity DW C EUR share class. Other share classes may charge higher fees. MSCI AC Asia ex Japan Index (EUR, NDTR) is an official benchmark for the Fund. Please consult the Prospectus or Key Information Document (‘KID’) for more information.
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Man Asia (ex Japan) Equity - Annual Report Commentary (continued)
Future Outlook
Whilst 2025 was undoubtedly a strong year for the region, markets we re extremely narrow with gains overwhelmingly driven by Sou th Korea and Taiwan, and in terms of sectors, by technology. Looking ahead to 2026, we rema in constructive on the region as the ma in drivers of performance (AI-driven tech cycle, policy reform in China, and a weaker USD) are st ill at play, albeit with varying time frames. Long-term we welcome China’s pivot change to a more consumpt ion-oriented economy, but acknowledge that progress will be incremental, and currently intentions have not progressed beyond words, with additional clarity not emerging until the national "Two Sessions" (China’s key annual political meetings) in March. While ongoing deflation creates a cha llenging macro backdrop in Chi na, at the stock level there are wide range of shorter-term opportunities , particularly within the techno logy and consumer sectors. Be yond China, we also see opportunities in India as the government’s policies to drive growth help boost consumption, and in South-Eas t Asia as our conviction on the impact of a weaker USD and its benefit on the region remains.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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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23
Man Systematic US High Yield - Annual Report Commentary
Market summary
During the first quarter of 2025, US credit (bond) markets painted a mixed picture. The ICE BofA US High Yield (HY) and Investm ent Grade (IG) Indexes posted total returns of +0.95% and +2.36%, respectively. 1 These gains were largely driv en by returns from falling interest rates, but they were dampened by negative contributions from credit spreads 2 , which widened significantly over the quarter. HY credit spreads 2 rose from 2.92% at the start of the quarter to 3.55% by March, reflecting weaker credit conditions and growing macro uncertainties.
The second quarter of 2025 was marked by pronounced volatility, as shifting trade policy and macroeconomic uncertainty drove sh arp moves in credit spreads and investor sentim ent. Early turbulence gave way to a strong rebound as policy risks receded, but pers istent concerns around fiscal management and inflation kept market s cautious. The HY and IG Indexes returned +3.57% and 1.79% respectively in the second quarter.
The third quarter of 2025 marked a turning point for interest rates and riskier a ssets. Markets shifted from focusing on potent ial upside inflation surprises to grappling with accumula ting evidence of a softer US labor market and a clearer peak in global policy rat es. The US Federal Reserve (the ‘Fed)’s first interest ra te cut of the year came in September and was framed as risk management amid weake r jobs data and large payroll revisions. The cut anchored short-term in terest rates, lowered rate vola tility and reopened the path for carry and roll strategies (investment approaches that benefit from stable interest rate environments). The US Corporate IG Index rose +2. 65% in the quarter, while US High Yield gained +2.40%.
The fourth quarter capped a remarkable year for global markets—one defined by resilie nce in the face of ex traordinary volatilit y. The quarter's defining event was the longest gov ernment shutdown in U.S. history—43 days stretching from October 1st through mid November—which furloughed 670,000 federal workers and delayed crit ical economic data releases. De spite this disruption, the Fed delivered its third 0.25% rate cut of the y ear at the December meeting, bringing rate s to 3.50%-3.75%. However, the decision ca me with a hawkish tilt: the dot plot (the Fed's rate projection chart) si gnaled just one additional cut in 2026, with seven officials p rojecting no cuts at all. Fixed income markets delivered strong full-year returns, though Q4 was more muted, with US HY returning +1.35% and US I G up +0.77%.
Performance review
Against this backdrop, Man Systematic US Hi gh Yield Fund (the “Fund”) returned +8.95% 3 net of fees, outperforming its benchmark, the ICE BofA US High Yield Index, which returned +8.50% 1 . Man Numeric, the investment manager of th e Fund, seeks to add value through a fundam entally driven, quantitative, bottom-up bon d selection process. Bonds are selected based on the output of ou r quantitative investment models. Overall model performance for the year was positive in four of the five model pillars. The Moment um pillar produced the most positive returns, followed by the Qu ality, Informed Investor and Factor Selection pillars, while the Value pillar was down for the period.
Looking at the return contribution s by sector and rating helps to identify the ma in thematic drivers of positive and negative p erformance. In terms of sectors, Telecommunications and Energy contributed the most for the year, bo th driven by positive selection as well as allocation within Telecommunications. On th e other hand, Healthcare and Leisure detract ed the most, as selection effects detrac ted in both as well as allocation within Healthcare. With respect to credit ratings, the single-B, CCC & Below and BB category 4 holdings were additive as bond selection was positive.
1 Bloomberg as at 31 December 2025. The high yield (HY) bond mark et covers those companies with lower credit ratings (below investment grade - IG) that offer higher interest rates to compensate for increased default risk. 2 Credit spreads measure the additional yield that corporate bond s offer over government bonds of similar maturity. Widening spr eads indicate investors are demanding higher compen sation for credit risk, which pushes bond prices down. HY credit spreads specific ally refer to the extra yield that high-yield bonds pay above gover nment bonds to compensate investors for higher default risk. 3 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 (up to) 0.4% management fees for Man Systemat ic US High Yield I USD share class. Other share classes may charge hi gher fees. ICE BofA US High Yi eld Index is an official benchm ark for this Sub-Fund. Please consult the Prospectus or Key Information Document (‘KID’) for more information. 4 Investment Grade (IG) bonds are rated AAA to BBB-; High Yield (H Y) bonds are rated BB+ to D, wi th the dividing line between BB B and BB+.
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Man Systematic US High Yield - Annual Report Commentary (continued)
Future Outlook
We expect ongoing geopolitical dynamics to continue to shape th e market environment and factor landscape. Entering the new year , our attention centers on potential threats that could disrupt financia l markets. The question of an Artificial Intelligence (‘AI’) bubble will undoubtedly 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 security selection, we strive to remain agno stic to the overall market enviro nment by focusing on continuou s research into new, diversifying signals an d risk management techniques. Our goal, as always, is to build balanced, well-diversi fied portfolios that can navigate market inflections and volatility. Wi th this in mind, we will not rest on our laurels but instead remain focused on improving our process to best manage th e risks, known and unknown, that lie ahead.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt 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 United States of America
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25
Man Global Investment Grade Opportunities - Annual Report Commentary
Market summary
2025 was an eventful year for risk assets 1 , marked by geopolitical disrup tion and macroeconomic uncertainty . The first year of President Donald Trump’s second term in office was a turbulent one for mark ets, with trade policy and tariff s dominating much of the narra tive. Policy volatility peaked in April, where “Liberation Day” tariff announcements trigge red chaos in risk markets 1 , with the US S&P 500 Index experiencing its fifth-steepest two-day declin e (>10%) since WWII, while high yield felt most of the pain experienced in credit (bond) markets.
Volatility subsequently eased in response to a flurry of trade d eals with the likes of the UK, Ch ina and the EU. However, as has been the case for the last couple of years, markets remain increasingly reliant on the performance and se ntiment surrounding the major U S tech firms. Concerns around frothy valuations and increasing spending triggered a series of selloffs and recoveries in equally rapid measure, exacerbated by the entrance of the AI hypers calers (large cloud computing companies lik e Microsoft, Amazon, and Google) into th e public debt markets towards the end of the year in order to help fund their capital expenditure plans.
With regard to monetary policy, 2025 saw all three of the US Fe deral Reserve (Fed), Bank of En gland (BoE) and the European Cent ral Bank (ECB) make multiple cuts to their respective base interest rates, with the latter of the three pausing their cycle in June with Eurozone inflation navigating a return to its target of 2%. Over the course of the year, the Fe d tussled with maintaining its du al mandate (price stability and maximum employment) as well as navigating pres sure from the administration. Inflation ticked upwards while the US labour market showed a gradual but persistent softening over the year. The second half of the year did see a total of 75 bps 2 trimmed off the base US interest rate with three consecutive 25 bps cuts as concerns over a weakening econom y outweighed the threat of infla tion. Fiscal unsustainability continues to be a global theme, and “bon d market vigilantes” (investors who sell government bonds to si gnal concern over excessive borrowing) made th eir presence known as developed economies sa w their debt-to-GDP ratios rise again over 2025. The UK in particular felt the vigilantes as government spen ding and sticky inflation caused 30-year gilt yields to hit the ir highest levels for over 25 years. It should be noted that these challe nges are far from unique to the UK and reflect a broader theme of global government leverage and expensive long-term borrowing costs, exacer bated by the pandemic and rising interest rates. The UK's de bt to-GDP ratio appears relatively favorable co mpared to countries like the US and France, where both countries’ debt levels are n orth of 100% of GDP.
Despite pronounced volatility throughout 2025, public credit markets have largely round- tripped, ending up close to where they began. Global investment grade spreads (the additi onal interest rate investors require for holding corporate bonds versus safer govern ment bonds like US Treasuries) stood at 78 bps at year end, while global high yield (below investment grade) credit spreads were at 304 bps over government bonds, both virtually unchanged since 1 January, despite widening around tariff uncertainty in April. Earnings multiples 3 have exhibited a similar pattern: falling significantly in April before making a steady recovery. From a total return perspectiv e, global investment grade returned 7.0%, marginally underperforming glob al high yield bonds 4 at 8.5%. The US outperformed its European and UK counterparts, with healthcare and energy leading performance.
Performance review
Against this backdrop, Man Global Investment Grade Opportunities (the ‘Fund’) returned 9.56% 5 over the period, outperforming its benchmark by 2.60% 6 . The main contributors included: • Latin America – Consumer Staples: 0.38% • Latin America – Bank: 0.31% • Latin America – Real Estate: 0.28% • United States - Gaming: 0.26% • United Kingdom - Insurance: 0.21%
1 A risk asset is any investment that carries a degree of price vo latility, where returns are uncertain and may differ from expec tations. Common examples include stocks, corporate bonds, and commodities, as opposed to safer assets like government bonds or cash. Ris k markets are the markets where these assets are traded. 2 A basis point equals 0.01 percentage point. 100 basis points (bps) equal 1 percentage point (e.g., 75 bps = 0.75%). 3 Earnings multiples: Valuation measures th at compare stock prices to company earnings, such as the Price-to-Earnings (P/E) rati o. Higher multiples indicate higher valuations. 4 Investment grade (IG) bonds are rated BBB- or above by credit rating agencies, indi cating a relatively lower risk of default. High yield (HY) bonds are rated below BBB-, reflecting a higher risk of default, an d investors typically demand a higher return to compens ate for this additional risk. 5 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 (up to) 1.24% management fees for Man Global Investment Grade Opportunities Class D USD sh are class. Other share classes may charge higher fees. The ICE BofA Global Large C ap Corporate Index (USD, TR) Hedged is an official benchmark for th e Fund. Please consult the Prospe ctus, Key Investor Information Document (‘KIID’) or Key Information Document (‘KID’) for more information. 6 Bloomberg as at 31 December 2025.
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Man Global Investment Grade Opportunities - Annual Report Commentary (continued)
Future outlook
2025 was the year major technology companies finally entered the bo nd market. Major offerings from Oracle, Meta and Alphabet cap ped off approximately US$200 billion of issuance as the AI giants soug ht financing to power their infrastructure projects. Additiona l diversification is welcome, but it remains to be seen whether bond investors will be as receptive to smaller firms attempting to tap the market.
Returns were healthy across credit in 2025, with falling interest rates and tightening spreads supporting valuations. We have a lso seen the spread differential between European an d US corporates normalise. Attractive oppo rtunities have emerged in traditionally ov erlooked areas such as Latin America, where select US dollar denominated investment grade rated issuers reached over 400 basis points of spread above Treasuries during Liberation Day.
Looking ahead to 2026, we are optimistic abou t absolute yield levels in credit markets but continue to believe all-in spreads a t index levels look less attractive. We believe this environment favours unconstrained approaches that search for value, rather than br oad market exposures, particularly as many sectors remain vulnerable to si gnificant widening should growth slow. Looking forward, we believ e it will pay to be defensive, particularly as other areas of credit ar e exhibiting signs of weakness. Investors are not being adequately compensated for taking on additi onal risk, whether by holding bonds in economically sensitive sectors, extending into longer ma turities, or moving down the capital structure into subordinated debt. 2026 will likely see furthe r US interest rate cuts, even if inflati on remains higher than anticipated, and credit spread s we believe will likely widen. Spreads are once again below the 90 bps mark, but the y typically don’t stay this low for long.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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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27
Man China Equity - Annual Report Commentary
Market summary 1
The MSCI China 10/40 (USD) index, which is designed to measure the performance of large and mid-cap China securities, ended 29.85% higher in 2025. Q1 of 2025 was the best quarter of perfor mance for the index, which is the fund’s reference benchmarked, since the post-pandemic reopening, and the best quarter of outperformance versus th e US S&P 500 index since 2007. This was led by the emergence of DeepSeek – a low-cost AI model that could de liver equivalent results to ChatGPT – and the renewed commitment from policymakers to boost consumption and support private enterp rises. The second quarter was defined by the initial disruptio n of Liberation Day (President Trump’s broad tariff announcement on April 2 nd ), and the subsequent relief of tr ade tensions as US reciprocal tariffs were temporarily walked-back. Index returns were more muted as Beijing’s firmer stance to Trump’s reciprocal tariffs we ighed on share prices before a trade deal with the US was agreed in May. Adding to this pressure was evidence of renewed weakness within the Chinese property market, undermining signs of stabilisation witnes sed earlier in the year. Stock market gains continued in Q3 a s policymakers in China announced several new co nsumption measures which were received by the market as a step in the right direc tion for the government’s reflation strategy. This news was supported by an extension of the country’s trade truce with the US, desp ite lingering concerns around US investment restrictions on critical sectors that led to further volatility in the region’s tech se ctor. Markets gave back some gains at the end of the y ear, with weakness in the property sector, industrial output, an d retail sales offsetti ng advances in domestic tech.
Performance review
Man China Equity delivered a positive net return of 36.64% 2 in USD during the period, outperforming the reference benchmark by 6.79%. Stock selection in information technol ogy names drove outperformance throughout the year, though this was offset by sect or allocation.
The key contributors to relative performance at a stock-level were:
• New China Life Insurance Company • Cambricon Technologies • Innovent
The key detractors to relative performance at a stock-level were:
• Qfin Holdings • East Money Information • Longfor Group Holdings
Future outlook
Long-term we welcome China’s pivot change to a more consumpt ion-oriented economy, but acknowledge that progress will be incremental, and currently intentions have not progressed beyond words, with additional clarity not emerging until the national "Two Sessions" (China’s key annual political meetings) in March. While ongoing deflation creates a cha llenging macro backdrop in Chi na, at the stock level there are wide range of shorter-term opportunit ies, particularly within the technology and consumer sectors.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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 31 December 2025. 2 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 (up to) 0.75% management fees for Man China Equity I USD share class. Other share classes may charge higher fe es. MSCI China 10/40 USD, NDTR Index is an official benchmark for the Fund. Please consult the Prosp ectus or Key Information Document (‘KID’) or Key Investor Information Document (‘KIID’) for m ore information.
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28
Man Dynamic Income - Annual Report Commentary
Market summary
2025 was an eventful year for risk assets 1 , marked by geopolitical disrup tion and macroeconomic uncertainty . The first year of President Donald Trump’s second term in office was a turbulent one for mark ets, with trade policy and tariff s dominating much of the narra tive. Policy volatility peaked in April, where “Liberation Day” tariff announcements trigge red chaos in risk markets 1 , with the US S&P 500 Index experiencing its fifth-steepest two-day declin e (>10%) since WWII, while high yield felt most of the pain experienced in credit (bond) markets.
Volatility subsequently eased in response to a flurry of trade d eals with the likes of the UK, Ch ina and the EU. However, as has been the case for the last couple of years, markets remain increasingly reliant on the performance and se ntiment surrounding the major U S tech firms. Concerns around frothy valuations and increasing spending triggered a series of selloffs and recoveries in equally rapid measure, exacerbated by the entrance of the AI hypers calers (large cloud computing companies lik e Microsoft, Amazon, and Google) into th e public debt markets towards the end of the year in order to help fund their capital expenditure plans.
With regard to monetary policy, 2025 saw all three of the US Fe deral Reserve (Fed), Bank of En gland (BoE) and the European Cent ral Bank (ECB) make multiple cuts to their respective base interest rates, with the latter of the three pausing their cycle in June with Eurozone inflation navigating a return to its target of 2%. Over the course of the year, the Fe d tussled with maintaining its du al mandate (price stability and maximum employment) as well as navigating pres sure from the administration. Inflation ticked upwards while the US labour market showed a gradual but persistent softening over the year. The second half of the year did see a total of 75 bps 2 trimmed off the base US interest rate with three consecutive 25 bps cuts as concerns over a weakening econom y outweighed the threat of infla tion. Fiscal unsustainability continues to be a global theme, and “bon d market vigilantes” (investors who sell government bonds to si gnal concern over excessive borrowing) made th eir presence known as developed economies sa w their debt-to-GDP ratios rise again over 2025. The UK in particular felt the vigilantes as government spen ding and sticky inflation caused 30-year gilt yields to hit the ir highest levels for over 25 years. It should be noted that these challe nges are far from unique to the UK and reflect a broader theme of global government leverage and expensive long-term borrowing costs, exacer bated by the pandemic and rising interest rates. The UK's de bt to-GDP ratio appears relatively favorable co mpared to countries like the US and France, where both countries’ debt levels are n orth of 100% of GDP.
Despite pronounced volatility throughout 2025, public credit markets have largely round- tripped, ending up close to where they began. Global investment grade spreads (the additi onal interest rate investors require for holding corporate bonds versus safer govern ment bonds like US Treasuries) stood at 78 bps at year end, while global high yield (below investment grade) credit spreads were at 304 bps over government bonds, both virtually unchanged since 1 January, despite widening around tariff uncertainty in April. Earnings multiples 3 have exhibited a similar pattern: falling significantly in April before making a steady recovery. From a total return perspectiv e, global investment grade returned 7.0%, marginally underperforming glob al high yield bonds 4 at 8.5%. The US outperformed its European and UK counterparts, with healthcare and energy leading performance.
Performance review
Against this backdrop, Man Dynamic Income returned 8.22% 5 over the period.
The main contributors by region and sector included:
• Germany – Healthcare: 0.37% • United States – Consumer Discretionary: 0.34% • Latin America – Consumer Staples: 0.30% • Hungary - Bank: 0.28% • Latin America – Real Estate: 0.25%
1 A risk asset is any investment that carries a degree of price vo latility, where returns are uncertain and may differ from expec tations. Common examples include stocks, corporate bonds, and commodities, as opposed to safer assets like government bonds or cash. Ris k markets are the markets where these assets are traded. 2 A basis point equals 0.01 percentage point. 100 basis points (bps) equal 1 percentage point (e.g., 75 bps = 0.75%). 3 Earnings multiples: Valuation measures that compare stock pric es to company earnings, such as the Price-to-Earnings (P/E) rati o. Higher multiples indicate higher valuations. 4 Investment grade (IG) bonds are rated BBB- or above by credit rating agencies, indi cating a relatively lower risk of default. High yield (HY) bonds are rated below BBB-, reflecting a higher risk of default, an d investors typically demand a higher return to compens ate for this additional risk. 5 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 (up to) 1.35% management fees for Man Dynamic Income D H EUR share class. Other share classes may charge high er fees. Please consult the Prospectus, Key Investor Information Document (‘KIID’) or Key Information Document (‘KID’) for more information.
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Man Dynamic Income - Annual Report Commentary (continued)
Future outlook
2025 was the year major technology companies finally entered the bo nd market. Major offerings from Oracle, Meta and Alphabet cap ped off approximately US$200 billion of issuance as the AI giants soug ht financing to power their infrastructure projects. Additiona l diversification is welcome, but it remains to be seen whether bond investors will be as receptive to smaller firms attempting to tap the market.
Returns were healthy across credit in 2025, with falling interest rates and tightening spreads supporting valuations. We have a lso seen the spread differential between European an d US corporates normalise. Attractive oppo rtunities have emerged in traditionally ov erlooked areas such as Latin America, where select US dollar denominated investment grade rated issuers reached over 400 basis points of spread above Treasuries during Liberation Day.
Looking ahead to 2026, we are optimistic abou t absolute yield levels in credit markets but continue to believe all-in spreads a t index levels look less attractive. We believe this environment favours unconstrained approaches that search for value, rather than br oad market exposures, particularly as many sectors remain vulnerable to si gnificant widening should growth slow. Looking forward, we believ e it will pay to be defensive, particularly as other areas of credit ar e exhibiting signs of weakness. Investors are not being adequately compensated for taking on additi onal risk, whether by holding bonds in economically sensitive sectors, extending into longer ma turities, or moving down the capital structure into subordinated debt. 2026 will likely see furthe r US interest rate cuts, even if inflati on remains higher than anticipated, and credit spreads we believe will likely widen.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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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30
Man Asia Credit Opportunities - Annual Report Commentary
Market summary 1
The J.P. Morgan Asia Credit Index (“JACI”) 2 , which tracks US dollar-denominated bonds issu ed in Asia, delivered its strongest annual return since 2019 in 2025, a year marked by the Trump administration’s tariffs and tu rbulent geopolitics. The index returned 8. 22%, led by High Yield (“HY”) bonds 3 at 10.8% and supported by Invest ment Grade (“IG”) bonds at 7.8%.
Performance was underpinned by robust GDP growth, contained infl ation, ample liquidity, falling default rates, stable corporate credit fundamentals, favourable supply-demand dynami cs and supportive government policies. Asia HY outperformed global developed marke t (“DM”) and emerging market (“EM”) HY peers, while Asia IG was broadly in line with its global counterparts, reflecting stronger credit spread 4 tightening alongside lower interest rates across the curve 5 . Regional default rates continued to decline, from 10% in 2023 to 5% in 2024 and 3.4% in 2025.
Supply-demand dynamics remained supportive: the Asia credit market recorded a fo urth consecutive year of net redemptions (more bonds maturing than new bonds bein g issued) in 2025. The turning of the credit cycle, together wi th strong fundamentals and abu ndant regional liquidity, also precipitated a wave of rating upgrades. HY sovereign bonds including Sri Lanka (following its restruct uring in the prior year), Pakistan and Mongolia also rallied over the year.
Performance review Against this backdrop, Man Asia Credit Opportunities (“the Fund”) returned 8.68% over the period , outperforming its underlying benchmark (JACI) by 0.46% 6 . Performance was driven by disciplined top ‑ down allocation, strong credit selection, and an actively managed duration 7 . Key contributors included strategic exposure to improv ing credit stories in Japan and Australia, an overweight (relative to the benchmark) to recovering Hong Kong credit s and the Asian insurance sector , and an underweight to weaker ‑ performing sectors in China and Korea. We also ma intained a deliberate underweight to high ‑ quality, tight ‑ spread (low-yielding) sovereign and quasi ‑ sovereign issuers, instead focusing risk where we saw better upsi de in improving/turnaround BBB/ BB corporate credits (issuers o n the cusp of a credit rating update).
Sector-wise, our underweight in long ‑ duration Asian sovereign/quasi ‑ sovereign bond, in particular Indonesia, the Philippines and Korea detracted as these assets rallied am id favourable interest rates. Similarly, the underweight to long ‑ duration China TMT (technology, media and telecommunications) name s also diminished returns as credit spreads mo destly tightened alongside the rally in interes t rates. The fund also had a small holding in a Hong Kong real estate de veloper which suffered from a management reshuffle, weak sector sentiment, and liquidity concerns. However, the strategy delivered on its main mandate by investing in corporates that offer cr edit spread compression, and gains from our overweight positions in BBB/BB-rat ed corporate bonds more than offset our underweight in durati on sensitive assets.
1 Bloomberg as at 31 December 2025. 2 The J.P. Morgan Asia Credit Index (‘JACI’) is an official benchmark for the fund. 3 The High Yield market covers bonds rated below BBB- by credit ra tings agencies, reflecting their relatively higher risk of def ault compared with Investment Grade (IG). 4 Credit Spread: The additional yield investors require for hold ing corporate bonds versus safer government bonds like US Treasu ries. 5 A yield curve is a line that plots the yiel ds, or interest rates, of bonds that have equal credit quality but different maturi ty dates. 6 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 0.60% management fee for the I USD share clas s. Other share classes may charge higher fees. The J.P. Morgan Asia Credit Index (‘JACI’) is an o fficial benchmark for the Fund. P lease consult the Prospectus or Key Information Document (‘KID’) or Ke y Investor Information Document (‘KIID’) for more information. 7 Duration measures a bond's price sensitivity to changes in interest rates, expressed in years. Long-duration bonds have greater exposure to interest rate movements, meaning their prices rise more when rates fall and decline more when rates rise.
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Man Asia Credit Opportunities - Annual Report Commentary (continued)
Future outlook Asia credit fundamentals have been improv ing. Ratings upgrades outpaced downgrades in the Asia Dollar Credit universe, and this trend looks set to continue in 2026. Fallen angel risk 8 has dropped to negligible levels. Asia HY de fault rates have also declined meaningfully and are expected to revert to the benign levels seen before the China property crisis of around 2.5% or lower. As credit spread s globally are at the tighter end of the range, we expect most of the return to come from hi gh starting yields and carry 9 . We think credit curves will steepen (given a record flattening in 2025) and this also coincides with our rate steepening view 10 . Hence, we continue with our core overweight in the belly of the cu rve (medium-maturity bonds, typically 3-7 years). We expect more supply in Asia Credit but bel ieve this will easily be absorbed. Demand is still driven by Asia Regional investors whom we expect will re-invest redemption proceeds. Given the ample liquidity that region al banking systems and local bond markets are providing, we expect minimal defaults as refinancing r isk is low. We think there are opportunities in the Hong Kong region, which was oversold following real estate woes, Japanese HY, Indian HY and Australian credits. We think there will be volatility ahead from the AI-bubble concerns and the ex piry of China-US trade truce, as well as geopolitical risks, but we note that cred it fundamentals are strong. Asia has weathe red a volatile geopolitical backdrop well i n 2025, thanks to strong liquidity and investor support, and we think th is backdrop will continue to support the market in 2026, whilst volatility might throw up some interesting investment opportunities.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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 Fallen angel refers to the risk that a bond currently rated inve stment grade (BBB- or above) is downgraded to high yield (BB+ or below) by one or more credit rating agencies. 9 Carry: The income earned from holding a bond, primarily from co upon payments, representing the yield investors receive over ti me. 10 Rate steepening (also curve steepening) refers to a widening of the yield differential between long-term and short-term intere st rates on a yield curve.
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Man Euro Corporate Bond - Annual Report Commentary
Market summary
2025 was an eventful year for risk assets 8 , marked by geopolitical disrup tion and macroeconomic uncertainty . The first year of President Trump’s second term in office was a turbulent one for markets, wi th trade policy and tariffs dominating much of the narrative. P olicy volatility peaked in April, when “Liberation Day” ta riff announcements triggered chaos in risk markets 8 , with high yield bearing most of the pain in credit markets. Volatility subsequently eased in response to a flurry of US trade deals with the likes of the UK, China and the EU.
With regard to monetary policy, the European Central Bank (ECB ) continued its easing cycle throug h the first half of the year, c utting interest rates to 2% by June before pausing as Eurozone inflation navigated a return to its 2% target. The Bank of England made four cuts over the year, while the US Federal Reserve trimmed 75 bps 9 off its base rate in the second half of the year with three consecutive 25 bps cuts as concerns over a weakening ec onomy outweighed the threat of inflation.
Fiscal unsustainability remained a global theme, and “bond market vigilantes” (inves tors who sell government bonds and signal c oncern over excessive borrowing) made their presence known as develope d economies saw their debt-to-GD P ratios rise again over 2025. Sovereign bond yields rose sharply across Europe, with Germany' s fiscal expansion repricing the entire euro fixed-income curve 10 upwards, France facing country-specific political/credit risk , and Romania narrowly navigating junk-territory fears 11 . The UK in particular felt the vigilantes as government spending and sticky inflation caused 30-year gilt yields to hit their hig hest levels for over 25 years. The UK's debt-to-GDP ratio appears relatively favo urable compared to countries like the US and France, where deb t levels are north of 100% of GDP.
Despite pronounced volatility throughout 2025, European credit markets have largely roun d-tripped, ending up close to where the y began. As at 31 December 2025, EUR investment grade spreads (the additional interest rate investors require for holding corpora te bonds versus safer government bonds) stood at 78 bps, while EUR high yield credit spreads stood at 270 bps over government bond s. From a total return perspective, EUR investment grade returned 3.03% while EUR high yield bonds returned 5.15%. Top performing sectors were real estate, banking and utilities.
Performance review
Against this backdrop, Man Euro Corporate Bond (the ‘Fund’) returned 7.07% 12 over the period, outperforming its benchmark by 4.04%. The main contributors included:
• Germany – Real Estate: 0.40% • Latin America – Consumer Staples: 0.36% • United Kingdom – Bank: 0.30%
8 A risk asset is any investment with significant price volatilit y, where the expected return di ffers from the actual return. Co mmon examples include stocks, commodities, high -yield bonds, real estate, and currencies, which are generally riskier than cash or government bonds. Risk markets are the markets where these assets are traded. 9 A basis point equals 0.01 percentage point. 100 basis points (bps) equal 1 percentage point (e.g., 75 bps = 0.75%). 10 Euro fixed-income curve: The line plotting yields on euro-denominated government bo nds across different maturities. When it re prices "upwards," borrowing costs have risen across the board — here dr iven by expectations of increased German government bond issuance. 11 A potential downgrade to below investment grade credit rating, which would restrict many institutional investors from holding Romanian government bonds. 12 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 ap plicable. Returns are calculated net of (up to) 1.24% management fees for Man Euro Corporate Bond D EUR share class. Other share classes may charge higher fees. The ICE BofA Euro Corporate Index (EUR, TR Hedged ) is an official benchmark for the Fund. Pl ease consult the Prospectus, Key Investor In formation Document (‘KID’) or Key Investor Information Document (‘KIID’) for more information.
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Man Euro Corporate Bond - Annual Report Commentary (continued)
Future outlook
Returns were healthy across credit in 2025, with falling interest rates and tightening spreads supporting valuations. We have a lso seen the spread differential between European and US corporates normalise. Tariff related volatility has created opportunities withi n Emerging Markets, particularly in Latin American countries where valu ations have become attractive in sectors such as energy.
Looking ahead to 2026, we are opti mistic about absolute yield leve ls in credit markets but contin ue to believe all-in spreads a t index levels look less attractive. This environment favours unconstraine d approaches that search for value, rather than broad market exposures, particularly as many sectors remain vulnerable to a significant widening in the spread between corporate and soverei gn bond yields should growth slow. Lookin g forward, we believe it will pay to be defensiv e, particularly as other areas of credit are e xhibiting signs of weakness. In our view, investors are not being adequately comp ensated for taking on additional risk, whether by holding bond s in economically sensitive sectors, extending into longer maturities, or moving down the capital structure into subordinated debt. At the start of 2026, markets had fully priced out any ECB interest rate cuts, with consensus expecting rates on hold at 2% all year. The on ly unlikely scenario being priced was a small probability of a hike in late 2026. This has since sh ifted dramatically post the review perio d. Just weeks before the 2026 Middle East conflict, markets were betting on two rate cuts; now they are bracing for up to two hikes thi s year (as at March 2026).
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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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Man Global Climate Transition Impact Bond - Annual Report Commentary
Market summary 1
In 2025, markets were swayed by an uncertain geopolitical environment, yet underlying economic growth was resilient and corpora tes performed well, in general. On geopolitic s: the new Trump administration brought tr ade about sweeping change: tariffs, interven tion in the US Federal Reserve governance, changes in industrial policy pr iorities that swayed the global markets. Wars in the Middle E ast and Russia-Ukraine also dominated headlines.
Over the year markets were shaped by an unusual mix of resilie nt growth, steady progress on disinflation and recurring policy uncertainty, most notably around trade tariffs and geopolitics. Th e ICE BofA Green Bond Index (EUR Hedged) returned 2.16% over the year 2 , supported by a compression in credit sp reads – the additional yield investors requ ire for holding corporate bonds over safer government bonds - and a modest decline in yields. Spread differentials between green 3 and comparable conven tional bonds continued to narrow throughout the year.
Early in the year, sentiment rotated between soft-landing optimism and concerns over slower grow th, as tariff announcements and shifting implementation timelines drove intermittent volatility. Central banks also moved at different speeds, with the Federal Reserve leaning more accommodative later in the year , the European Central Bank nearing the la ter stages of its easing cycle, and the B ank of Japan continuing policy normalisation. This left the interest ra tes market highly sensitive to incoming data and policy communi cation.
Despite periodic risk-off episodes (periods of heightened market uncertainty when investors favo ured safer assets), credit mark ets were broadly supported by stable fundamentals, contained defaults an d still-attractive all-in yields. As credit spreads tightened an d approached historical lows, return s became increasingly driven by carry 4 and curve dynamics (changes in interest rates across different maturities) rather than further credit spread compression. Markets experienced no table swings, particularly around fiscal devel opments in Europe and shifting expectations for the timing and pace of US in terest rate cuts, while prices of equities and commodities rea cted to trade headlines and inflation concerns.
After a record year of green bond issuance of $264bn in 2024, vo lumes eased to $252bn in 2025. Even so, 2025 ranked as the thir d highest year on record, despite a notable sl owdown in issuance from US corporates. First-time issuers accounted for 14% of tota l supply, broadly in line with 2024 levels, supported by steady growth in Asia and Europe.
The policy backdrop also continued to evolve. The US push to unwind sustainability policies attracted the most attention, as we ll as regulatory easing on banks in the US. Howe ver, elsewhere the regulatory environment was also loosened. Notable was the finalisa tion of the EU’s Omnibus proposal in December 2025, which aimed to stream line sustainability reporting. El sewhere in Japan, sustainabil ity reporting became a priority, with Japan moving to embed sustainability factors into decision-making in advance of new rules req uiring more disclosure on sustainability data. EU asset owners are still committed to the sustainability agenda, with some Dutch pensi on funds withdrawing mandates from asset managers th at step back from climate commitments. Navi gating this shifting, and at times incons istent landscape, requires an in-depth understand ing of the investment universe, changing policies and reporting requirements that are essential for investors targeting sustainability into their investment strategy.
Performance review
Against this backdrop, Man Global Climate Transition Impact Bond (“the Fund”) returned 2.64% ov er the period, outperforming its underlying benchmark (The ICE BofA Green Bond Index (EUR Hedged)) by 0.48%. 5
Relative performance benefited from a combination of prudent asset allocation, strong security selection and active duration 6 management. Positioning in the belly of EUR credit (medium-maturi ty euro-denominated corporate bonds) and the front end of GBP credit (shorter-maturity sterling-denominate d corporate bonds) proved supportive during 2025, while an overweight (relative to the benchmark) to BBB-rated issuers—an area that outperfo rmed AAA-rated securities—als o contributed positively.
In addition, the Fund’s higher carry versus the index, which ha s a greater exposure to lower-yi elding and more duration-sensiti ve sovereign and quasi-sovereign issuers, provided an important tailwind.
1 Bloomberg as at 31 December 2025. 2 The ICE BofA Green Bond Index (EUR Hedged) is an official be nchmark for the fund. Please consul t the Prospectus or KIID/KID fo r more information. 3 Green bond: a fixed-income debt in strument earmarked to raise money fo r climate and environmental projects. 4 Carry: The income earned from holding a bond, primarily from co upon payments, representing the yield investors receive over ti me. 5 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 ap plicable. Returns are calculated net of (up to) 1.25% management fee for Man Global Climate Transition Impact Bond D H EUR share class. Other share classes may charge higher fees. The ICE BofA Green Bond Index (EUR Hedged) is an official benchmark for the Fund. Please consul t the Prospectus or Key Information Document (‘KID’) or Key In vestor Information Document (‘KIID’) for more information. 6 Duration measures a bond's price sensitivity to changes in interest rates, expressed in years. Long-duration bonds have greate r exposure to interest rate movements, meaning their prices rise more when rates fall and decline more when rates rise.
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Man Global Climate Transition Impact Bond - Annual Report Commentary (continued)
Performance review (continued)
Security selection within the utilities sect or was a notable positive, particularly gi ven the portfolio’s meaningful allocation to the sector and its role in supporting the Fund’s climate objectives. Key contribu tors included corporate hybrid bonds (financial instruments t hat combine features of debt and equity) issued by several leading European utilities. Among these, was a large, well-diversified integrate d utility in Northern Europe, wholly owned by the Swedish state, which deliver ed resilient performance, supported by strong state ownership, high credit quality and sector-leading credit metrics.
Other important contributors included an Italian multinational energy company and a Spanish pan-European utilities company, bot h of which performed well on the back of improving earnings momentum, continued balance sheet strengthening through debt reduction i n 2025, and attractive relative valuation.
There were two areas which tempered relative performance. First, a long-duration 6 position in an AA/A-rated US utilities issuer detracted as interest rates moved higher, overshadowin g a modest tightening in credit spreads. Second, the Fund realised a loss on a Braz ilian high yield issuer in the environmental crisis management and em ergency response services sector. The position was sold followin g concerns regarding operational and governance issues; several mont hs after the sale, the issuer subsequently filed for bankrupt cy. While the outcome was disappointing, the timely disposal helped to limit the overall impact on the Fund.
Future outlook
Risk assets 7 were stable in December following strong US GDP growth num bers, despite some trepidation about AI valuations. Central banks globally signal caution towards easing given a sticky inflation backdrop and growth that is slowing but not concerning. T he UK is perhaps an outlier with stronger disinflation trends and weaker data. With credit spreads having rallied significantly, returns will be more driven by carry and the shape of the yield curve. We are positioned for a continue d steepening of the curve 8 and look for credits that offer a steeper credit curve or attractive roll-downs 9 . This overweight positioning of the belly of the curve drove our outperformance in December.
The US growth outlook points to being strongest with productivity gains, AI and other fiscal stimulus. AI data centre expansion will have an impact on utilities, through more energy demand, green energy not precluding, and capex demand. So whilst European offshore wind energy providers have suffered some negative impact from the retreat from US offshore wind, the AI driven energy demand will th row up interesting investment opportunities. In the US, it is mid-term elections that we are mindful of , and any impact on policy. Els ewhere in Europe, the German fiscal package, and an ev entual resolution of Ukraine, should also have an impact on European growth, despit e concerns about competitiveness. It is hard to deny the enormity of rebuilding Ukraine. The Worl d Bank estimates €524bn is requi red to rebuild cities, infrastructure, data ce ntres and agriculture in Ukraine.
Credit markets remain well-supported by heal thy fundamentals and strong technicals. Wh ile credit spreads are at historically ti ght levels, they are underpinned by solid corporate earni ngs, low default rates, and robust invest or demand. Overall, corporate balance she ets remain healthy with net upgrades continuing , supporting the constructive credit outlook.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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 Risk assets: investments with significant price volatility, wher e the expected return differs from the actual return, such as stocks, commodities, high-yield bonds, real esta te, and currencies, which are generally riskier than cash or government bonds. 8 Curve steepening refers to a widening of the yield differentia l between long-term and short-term interest rates on a yield cur ve. 9 Roll-down: the return earned as a bond moves closer to maturity over time. Bonds with longer maturities typically offer higher yields than shorter-maturity bonds. As a bond ages, it naturally moves toward lower yields and higher prices, generating a gain for th e investor even if market conditions remain unchanged.
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36
Man Emerging Markets Corporate Credit Opportunities - Annual Report Commentary
Market summary
2025 was expected to be a bumpy year driven by the potential imposition of increased tariffs and a more inward-looking US polic y. What has been remarkable is that the Liberation Day (the US tariff announcement on 2 April 2025) tari ffs were much worse than expect ed both in terms of size and the imprecision of the implementation. Emergi ng market (‘EM’) corporate credit sold off in sympathy with b roader markets, but in a sign of resiliency for the asset class was back to pre-Liberation Day levels by the summer. This has been in keeping with the asset class over the past 10 years wher e we have seen increasingly lower peaks in OAS 1 relative to US high yield bonds during recent times of stress.
Performance review
Against this backdrop, Man Emerging Markets Corporate Credit Oppo rtunities (the ‘Fund’) had a positive return over the period. 2 The main contributors by region and sector included: • India – Industrials • Hong Kong – Consumer Discretionary • Brazil - Energy
Future outlook
In our view, the EM credit land scape going into 2026 requires rigorous fundamenta l analysis and flexible positioning, as compres sed valuations and minimal yield differentiatio n between quality tiers (the difference in yield between higher- and lower-rated bon ds) offer little compensation for credit risk. Asia credit (bonds) faces historically tight spreads (n arrow yield premiums over government bonds ) with dispersion at multi-year lows, while the US -China tech rivalry persists despite the current trade truce, necessitating a shift toward company-specific opportunities and greater Latin American exposure . Investment grade positioning offers defensive value as techn ical normalization progresses and supply pressures may emerge, while br oad regional market plays hold diminishing appeal across EM a t these spread levels. We believe that Latin America presents the most compelling oppo rtunity set, anchored by monetary easing (interest rate cuts) ac ross high-yielding economies and transformative political transitions in Brazil, Colombia, and Chile that could unlock market-friend ly reforms. However, success demands granular country and issuer selection: Argentina's post-midterm reform window and Chile's pro-growth policy shift offer constructive entry points, while Colombia's fr agile macro equilibrium dependent on temporary financing warran ts caution despite near-term resilience. Brazil's October elections represen t a critical inflection point for fiscal sustainability, Mexico faces USMCA (US-Mexico-Canada trade agreement) uncertain ty through mid-year, and the region's vari ed commodity exposure creates a range of possible outcomes. With Latin American corporate credit offering attractive spread differential s and near-breakeven net supply, the combination of supportive technicals and easing interest-rate cy cles provide a constructive backdrop. However, elevated politic al uncertainty and persistent fiscal challenges make rigorous analys is of reform credibility, political risk, and structural fundam entals essential rather than optional. Clearly, there are yields on offer, though we view holding bonds solely for their inco me as dangerous considering the potential for volatility. Broadly, we therefore remain sellers into strength in cyclical sectors and are focusing on additions in more defensive areas of the market such as healthcare, real estate and financials.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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 OAS (Option-Adjusted Spread) — the additional yield a bond offe rs over risk-free government bonds, after adjusting for any emb edded features such as the issuer's ability to repay the bond early. It is widely used as a measure of the credit risk premium invest ors demand. 2 Performance data for 12 months is not available. Therefore, we cannot provide performance data as this would be deemed insuffic ient to provide a useful indication of past performance. Please consult the Prospectus, Key Investor Information Document (‘KIID’) or Key Information Document (‘KID’) for more information.
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Man Global Resources Equity - Annual Report Commentary
Market summary 1
2025 started on a volatile note with Presid ent Trump’s protectionism, tariff threats and weakening economic data weighing on th e markets. Volatility spiked in April after President Trump’s ‘Lib eration Day’ announcement triggered a sharp sell-off in the mar kets, followed by a swift recovery after the temporary suspension of most tariffs. Market conditions improved in the second half of t he year as the booming AI trade, waning media headlines on trade wars, and expectations that the US Federa l Reserve would resume their int erest rate cutting supported bullish sentiment.
Turning to the commodity markets, 2025 was a strong year, wi th the S&P Global Natural Re sources Index delivering 28.16% 2 . Gold and silver were the strongest performers within the commodity comple x reaching record highs this year as ongoing geopolitical volat ility combined with the fiscal and mone tary environment drove investors to perceived safe-haven assets.
Oil and oil equities lacked clear directio n for much of the year. While bears highlig ht an oversupply and oil’s slowly diminish ing role in global energy dynamics, bulls, on the other hand, contend that the sector is in the fi nal stages of a bottoming process and tha t supply shortages will emerge in the coming years.
Natural gas had a volatile year with short-term gyrations driven by seasonal mild weather and the pace of inventory fills but r ecovered from the lows seen in 2024.
Copper prices rallied over the course of the year, benefitting from tight supply after outages were seen in several areas as we ll as tariff driven global arbitrage dynamics earlier in the year.
Power and grid equities were strong performers over the year as the mega trend of AI deployment remained unabated. Capital expenditures and growth plans continue to grow, and the supply/d emand imbalance created an attractive investment cycle across t he supply chain. Towards the end of the year sentiment became more balanced with some bearish views emerging on capex (capital expenditure) overbuild.
Performance review 3
Against this backdrop, Man Global Resource Equity (‘ ‘the Fund’’) had a positive return over the period 4 . The Fund’s positive performance was largely attributable to its overweight (relative to the benchm ark) exposure to metals and mining and renewables/power grid names.
At the stock level, the top contributors were Hudbay Minerals, Coeur Mining, and Hecla Mining. Hudbay Mineral outperformed on r allying copper prices over the year, while Coeur Mi ning benefitted from the rally in precious metals prices. Lastly, Hecla Mining rose on rallying silver prices.
Detractors over this period included Bellring Brands, FMC Corp , and Eastman Chemical Company. BellRing Brands continued to underperform as the company disappointed on quarterly earnings and outlook . FMC Corporation underperformed as grain prices rema in depressed. The share price of Eastman Chem ical Company fell after releasing disappoint ing quarterly results over the summer.
1 Bloomberg as at 31 December 2025. 2 The S&P Global Natural Resources Index is the official benc hmark for the Fund. Please consult the Prospectus, Key Investor Information Document (‘KIID’) or Key information Document (‘KID’) for more information. 3 Performance review is based on th e Fund’s launch date of 14 April 2025, through the end of the year. 4 Performance data for 12 months is not available. Therefore, we cannot provide performance data as this would be deemed insuffi cient to provide useful indication of past performance.
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Man Global Resources Equity - Annual Report Commentary (continued)
Future Outlook
Going into 2026, we retain our positive outl ook on the natural resources sector as a co mbination of cyclical (short-term) and s ecular (long-term) forces (such as manufacturing restocking, infrastructu re spending, and geopolitical fr agmentation) is creating an a ttractive environment to generate returns. The Chinese economy proved res ilient in the face of trade war with the US and there are signs of recovery in Chinese manufacturing activity. We believe that global fiscal and monetary support will continue to permeate into s tronger economic and manufacturing growth in the coming years. We are also of the view that th e rotation away from the AI trade and gro wth exposures into more cyclical themes that we saw at the end of 2025 will continue over the coming year. While there is always po tential for short term volatility, we see that volatility as an opportunity to further invest in our high conviction positions.
Gold remains the largest exposure within the portfolio, and we ma intain the view that we are in the midst of a broader de-dolla rization long-term secular cycle. Given the significan t moves in gold and silver experienced last year, however, we expect short-term vo latility in this sector to remain as the near-term catal ysts for gold continue to ebb and flow. At the end of the review period, gold and s ilver mining equities remained attractive at prevailing gold and silver price levels, generating record free ca sh flow. As with copper equit ies, we also expect a consolidation wave in precious metal miners as it is oft ften cheaper and easier for a consolidator to buy growth rather than conduct greenfield exploration and development. Attractive assets will be priced at a premium by consolidators, in our view.
We begin the year with oil and oil equities at weakest part of the physical markets and expect to see continued global inventor y build. That being said, we believe that markets will to a certain extent look past the weak short term and increasingly focus on the i mproving longer term. This Fund remains uninvested in traditional fossil fuel extraction companies.
The fundamentals of natural gas continue to improve as the global market is reaching a ‘‘BTU pari ty’’ momentum (the convergence of global gas prices) where previously stranded North American natural gas is finally r eaching higher priced international markets due to the increase in liquified natural gas infrastructure. We continue to believe this increase in export capacity and the increasing ca se for natural gas power generation will unlock future value and a re-rating for this sector.
We continue to view power and grid names as one of the most dy namic sectors in our investment universe. We remain bullish overa ll, but note that there is more bifurcation in the risk/reward betw een the different sub-sectors, meaning stock selection will be p aramount. Sentiment positioning is now more balanced with some bearish vi ews emerging on capex overbuild. We note several attractive emer ging sub-themes, such as energy storage system s combining solar with battery storage.
Our view within the agricultural and food sector are unchanged, we remain the most bullish on soybean crush and soybean oil due to the government support for the US biofuel industry.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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 United States of America
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Man Systematic Global Core Equities - Annual Report Commentary
Market summary 1
Global equity markets delivered a turbulent but ultimately rewarding year in 2025, marked by dramatic policy-driven volatility, shifting regional leadership, and a powerful recovery that pushed indices to all- time highs by year-end. The year began with fading post -election optimism as tariff concerns overshadowed ho pes for deregulation and tax cuts. US equiti es underperformed sharply in Q1, with MS CI USA declining 4.6% while MSCI Europe surged 10.5%, as investors rotated away from US assets and the dollar index fell nearly 4% . Europe’s outperformance relative to the US was catalyzed by Germ any's "whatever it takes" fiscal comments, European Central Ban k (ECB) interest rate cuts, attractive relative valuations, and an ticipation of potential Russia-Ukraine peace negotiations. Emer ging markets also proved resilient during this period, buoyed by a techno logy-led resurgence in Chinese equities and a weaker dollar.
The defining moment of 2025 came on April 2 nd with the Trump administration's "Liberation Day" tariff announcement, which substantially increased stock market volat ility in the subsequent days, to a level th at exceeded its 2008 Global Financial Cris is peak, and drove the MSCI World Index down over 11% in just five days. Howe ver, markets staged a remarkable reversal, with global equities rallying sharply to post their best quarterl y return since Q4 2020. The in itial shock of 145% tariffs on Chinese imports gave w ay to easing trade tensions, robust US earnings, and improved sentiment. Retu rns converged across regions, with MSCI USA, Europe, and Japan all delivering approximately 11% gains in Q2. Emerging markets demonstr ated particular resilience, with the MSCI EM benchmark surgi ng over 6% in June alone despite escalating Middle East tensions.
The second half maintained the risk-on 2 momentum established in Q2, though not with out disruption. Q3 saw markets reach fresh all time highs despite a brief "quant quake" 3 to start the quarter, which caused widespread position unwinding across quantitative strategies. The pro-risk environment persisted into Q4, with tech nology and AI-related sectors driving gains. November provided a rare risk-off 2 interlude as more volatile, growth-oriented stocks fell out of favor, but markets finished the year strongly. Emerging market equities rebounded as AI-driven markets lik e Korea and Taiwan hit all-time highs, su pported by dollar weakness and expectations for further US interest rate cuts in 2026. Europe continued to perf orm positively, although with slig ht moderation as corporate ear nings growth disappointed and the pace of executio n on Germany's fiscal plans proved slower than expectations. Despite the year's extraordinary volatility, patient invest ors were rewarded as global equity indices closed 2025 at record levels.
Performance review 4
Against this backdrop, Man Systematic Global Core Equiti es (the ‘Fund’) had a positi ve return over the period 5 . Man Numeric, the fund manager of the Fund, seeks to add value through a fundamentally driven, qu antitative, bottom-up stock sel ection process. Stocks are selected based on the output of our quanti tative investment models. The Fund’s overall model performance wa s positive during the year-to-date period. The Momentum Innovation , Value Academic+, Momentum Academic+, and Informed Investor models performed positively during the period. The Value Innovation model was flat. The Quality and Factor Selection models per formed negatively during the year-to-date period. From a regional perspective, the UK, Japan, US, and Europe models performed positive ly during the period. The Asia ex-Japan model perfor med negatively during the year-to-date period.
From a sector perspective, stock selection was negative during the period, with holdings in Information Technology and Consumer Discretionary detracting. Sector allocation was positive for the pe riod, with an overweight (relat ive to the reference index) t o Information Technology and Communication Services contributing.
Stock selection was negative from a country perspective, with ho ldings in the Netherlands and the US detracting. Country alloca tion was flat for the period, with an overweight to France and the Netherlands contributing and an overweight to the US detracting.
At the security level, the Fund ’s top three contributors were Materials, Inform ation Technology, and Indu strials firms. The Fu nd’s three largest detractors were one Consumer Discreti onary, and two Information Technology firms.
1 Bloomberg as at 31 December 2025. 2 "Risk-on" and "risk-off" describe shifts in investor behaviour: risk-on refers to periods when investors favor higher-return a ssets like equities, growth stocks, and emerging mark ets, while risk-off describes periods when investors shift toward safer investments l ike government bonds, defensive stocks, and cash. 3 A "quant quake" is a brief period when quantitative hedge fu nds experience sharp losses due to simultaneous selling of similar positions across multiple funds, typically affecting th ese systematic strategies while broader eq uity markets remain stable or advance. 4 Performance review and subsequent sections are based on the Fund’s inception date of August 15, 2025, through the end of the ye ar. 5 Performance data for 12 months is not available. Therefore, we cannot provide performance data as this would be deemed insuffi cient to provide a useful indication of past performance.
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Man Systematic Global Core Equities - Annual Report Commentary (continued)
Future outlook
We expect ongoing geopolitical dynamics to continue to shape th e market environment and factor landscape. Entering the new year , our attention centers on potential threats that could disrupt equity markets. The question of an Artificial Intelligence (‘AI’) bub ble will undoubtedly 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 r esearch into new, diversifying signals and risk ma nagement techniques. Our goal, as always, is to build balanced, well-diversified port folios that can navigate market inflections and volatility. With this in mi nd, we will not rest on our laurels but instead remain focused o n improving our process to best manage the risks, known and unknown, that lie ahead.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt 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 United States of America
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Man Global Credit Value - Annual Report Commentary
Market summary
2025 was an eventful year for risk assets 1 marked by geopolitical disrup tion and macroeconomic uncertainty. The first year of President Donald Trump’s second term in office was a turbulent one for mark ets, with trade policy and tariff s dominating much of the narra tive. Policy volatility peaked in April, where “Liberation Day” tariff announcements triggered chaos in risk markets 1 , with the US S&P 500 index experiencing its fifth-steepest two-day declin e (>10%) since WWII, while more sensitive hi gh yield felt most of the pain experie nced in credit (bond) markets.
Volatility subsequently eased in response to a flurry of trade d eals with the likes of the UK, Ch ina and the EU. However, as has been the case for the last couple of years, markets remain increasingly reliant on the performance and se ntiment surrounding the major U S tech firms. Concerns around frothy valuations and increasing spending triggered a series of selloffs and recoveries in equally rapid measure, exacerbated by the entrance of the AI hypers calers (large cloud computing companies lik e Microsoft, Amazon, and Google) into th e public debt markets towards the end of the year in order to help fund their capital expenditure plans.
With regard to monetary policy, 2025 saw all three of the US Fe deral Reserve (Fed), Bank of En gland (BoE) and the European Cent ral Bank (ECB) make multiple cuts to their respective base interest rates, with the latter of th e three pausing their easing cycle in June with Eurozone inflation navigating a return to its target of 2%. Over the course of the year, the Fe d tussled with maintaining its du al mandate (price stability and maximum employment) as well as navigating pre ssure from the administration. Inflation ticked upwards while the labour market showed a gradual but persistent softening over the year. The second half of the year saw a total of 75 bps 2 trimmed off the base interest rate with three consecutive 25 bps cuts, as concer ns over a weakening economy outw eighed the threat of inflation.
Despite pronounced volatility throughout 2025, public credit markets have largely round- tripped, ending up close to where they began. Global investment grade spreads (the additi onal interest rate investors require for holding corporate bonds versus safer govern ment bonds like US Treasuries) currently stand at 78 bps, while global high yield (below in vestment grade) credit spreads are at 304 bps over government bonds, both virtually unchanged since 1 January, despite widening around tariff uncertainty in April. Earnings multi ples 3 have exhibited a similar pattern: falling significantly in April before making a steady recovery. From a total return perspective, gl obal investment grade bonds returned 7.0%, marginally underpe rforming global high yield bonds at 8.5%. The US outperformed its European and UK counterparts, with healthcare and en ergy sectors leading performance.
Performance review 4
Against this backdrop, Man Global Credit Value (“ the Fund”) had a positive return over the period 5 . The primary sources of these returns were as follows:
Security selection was the main driver, with positions in an Eastern European Financia l, a Nordic Healthcare company, an Emergi ng Market Telecommunications company, a Fren ch Communications company and a Peruvian miner forming the top 5 contributors. Exposure to a US and Japanese technology companies was a minor detractor.
Sector/Region: European based firms were the most significant cont ributor, with the US coming in second and LatAm third. Financ ials were the major driver from a sectoral perspective. Co nsumer non-cyclicals were the second-best performer.
1 Risk assets are investments such as stocks and corporate bonds whose values are sensitive to ec onomic conditions and investor sentiment, as opposed to safer assets like government bonds or cash. Risk markets are the market s where these assets are traded . 2 A basis point equals 0.01 percentage point. 100 basis points (bps) equal 1 percentage point (e.g., 75 bps = 0.75%). 3 Earnings multiples: Valuation measures that compare stock pric es to company earnings, such as the Price-to-Earnings (P/E) rati o. Higher multiples indicate higher valuations. 4 Performance review and subsequent sections are based on the Fund’s inception date of August 15, 2025, through the end of the y ear. 5 Performance data for 12 months is not available. Therefore, we cannot provide performance data as this would be deemed insuffi cient to provide a useful indication of past perf ormance. Please consult the prospectus, Key Investor Information Document (‘KIID’) o r Key Information Document (‘KID’) for more information.
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Man Global Credit Value - Annual Report Commentary (continued)
Future Outlook
2025 was the year major technology companies entered the bond mark et. Major offerings from Oracle, Meta and Alphabet capped off approximately US$200 billion of issuance as the AI giants sought fin ancing to power their infrastructure projects. Additional di versification is welcome, but it remains to be seen whet her bond investors will be as receptive to smaller firms attempting to tap the market.
Returns were healthy across investment grade in 2025, with fallin g interest rates and tightening spreads supporting valuations. We have also seen the spread differenti al between European and US corporate bonds norma lise. Attractive opportunities have emerged in traditionally overlooked areas such as Latin America, where sel ect US dollar denominated issuers reached over 400 bps of spread above US Treasuries during Liberation Day.
Looking ahead to 2026, we are optimistic abou t absolute yield levels in credit markets but continue to believe all-in spreads a t index levels look less attractive. We believe this environment favours unconstrained approaches that search for value, rather than br oad market exposures, particularly as many sectors remain vulnerable to si gnificant spread widening should growth slow. Looking forward, we believe it will pay to be defensive, particularly as other areas of credit are exhibiting signs of weakness. Investors are not being adequately compensated for taking on additi onal risk, whether by holding bonds in economically sensitive sectors, extending into longer ma turities, or moving down the capital structure into subordinated debt. 2026 will likely see furthe r US interest rate cuts, even if inflati on remains higher than anticipated, and credit spreads we believe will likely widen. Spreads are once again below the 90 bps mark, but the y typically don’t stay this low for long.
Past performance is not indicative of futur ure results. Returns may increase or decreas ase as a result of currency fluctuations.
Certain indices/measures mentioned on this pag age have been provided for information purpo poses 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 organisations and/or financial instruments mentioned are for ref eference purposes only. The content nt of this material should no 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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Indices definitions CBOE Volatility Index (VIX index)
Index measuring the market’s expectation of future vola tility. The VIX Index is based on options of the S&P 500® Index, considered the leading in dicator of the broad U.S. stock mark et. The VIX Index is recognised 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 screen ing 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-capita lisation weighted indices designed to measure the performance of various fixed-income markets. Thes e 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. Th e 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 op erated by J P Morgan. The EMBI Global tracks total returns for traded external debt in struments in the emerging markets an d 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 fa ce value of at least $500 million. It covers more of the eligible instruments than the EMBI+ by rela xing somewhat the strict EMBI+ lim its on secondary market trading liquidity. Additionally, the EMBI Glob al 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-r ated 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 be nchmark 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 ar e accessible by most of the internationa l investor base. The diversification methodology limits the weights of the larger index coun tries by only including a specified portion of those countries' eligible current face amou nts of debt outstanding, thus prov iding a more even distribution of weights across the countries in the index. The index be longs to the JPMorgan Emerging Market Bond Index (EMBI) family of indices for which returns and stat istics 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 in dex, 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 constitu ents 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 se gments 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 co vers approximately 85% of the free float-adjusted market capitalisation 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 inde x covers approximately 85% of the free float-adjusted market capitalisation across the European Developed Ma rkets 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 capitalisation across European Developed Mark ets 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 a pproximately 85% of the free float-adjusted market capitalisation 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 recognised gauge of the U.S. equiti es market. This index is an unmanaged capitalisation weighted index consisting of 500 of the largest capi talisation U.S. common stocks . The returns of the S&P 500 include the reinvestment of divide nds. For more information go to https://eu.spindices.com/ Tokyo Stock Price Index (TOPIX)
Capitalisation-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 judgement and experience in making investment decisions on what securities to buy, hold and sell. The opposite of active management is passi ve 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 receiva ble, inventory, office equipment, real estate, a car, and other property.
On a balance sheet, assets are equal to the sum of liab ilities, common stock, preferred stock, and retained earnings.
Asset class An asset class is a group of securities that exhibi ts similar characteristics, behaves similarly in the marketplace and is subject to the same laws and regula tions. 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 increasin gly, cryptocurrencies such as Bitcoin, to the asset class mix.
Balance of payments Statement of a country's net financial transactions wi th other countries over a defined period of time.
Balance sheet Financial statement that provides a snapshot of wh at a company owns and owes, as well as the amount invested by shareholders.
Bankers’ acceptance A bankers' acceptance (BA) is a short-term credit inve stment 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 on e 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 wh en a company buys its own outstanding shares to reduce the number of shares availa ble on the open market. Companies buy back shares for a number of reasons, such as to increase the valu e of remaining shares available by reducing the supply or to prevent other shareholders from taking a controlling stake.
Cash Equivalents Cash equivalents are investment s securities that are for short-term invest ing, 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 pa pers 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 differe nt investors and then combining all the money collected to fund the investment.
Compound interest Earning interest on interest, or, more precisely, the in terest earned on the sum of the principal amount and the interest already accumulated. A return on an in vestment 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 th e 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, whic h 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 an d its valuation reflects both types of investments. It gives the holder the option to convert the bond into a specific number of sh ares 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 bo nds used to be issued as bearer documents (i.e. certificates which do not identi fy 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 wh en 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 issu ers doing business in a particular country.
Credit rating Ratings issued by credit ratings agencies which re present 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 de riving 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 lo cks in the exchange rate for the purchase or sale of a currency on a future date. A curren cy 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, relati ng to trade between privat e 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 impo rts 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 hi gher than they otherwise would have been.
Derivatives Financial contracts such as futures, options and vari ous 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 un derlying asset but derivatives generally require only small amounts of capital (margin) to ga in exposure to the underlying asset.
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GLOSSARY (continued)
Developed markets Countries that have sound, well-established economies with a high level of 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 calculat ion of earnings per share. This calculation tells you how much money shareholders would receive for each sh are 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 ri sk. 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 phys ical goods or securities. This is generally an easier method of settlement, because both losses and gains ar e 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 amou nt of funds, or percentage of a portfolio, invested in a particular type of security, market sector or indu stry, which is usually expresse d as a percentage of total portfolio holdings. It represents th e 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 tw o counterparties to buy or sell a specific asset on a future date at an agreed price. As opposed to st ocks 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
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