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Pacific Capital UCITS Funds plc
Unaudited Condensed Report and Financial Statements For the six months ended 30 June 202 6
An investment company with variable capital incorporated with limited liability in Ireland with registered number 553111 and established as an umbrella fund with segregated liability between sub - funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 201 1 (as amended) (the “UCITS Regulations”).
Page 2
Table of Contents
PACIFIC CAPITAL UCITS FUNDS plc
Page
Administration of the Company 1 - 2
Investment Manager’s Report 3 – 9
Sub Investment Managers’ Report 10 – 35
Statement of Comprehensive Income 36 – 46
Statement of Financial Position 47 – 58
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 59 – 64
Statement of Cash Flows 65 – 72
Notes to the Unaudited Financial Statements 73 – 172
Schedules of Investments 173 – 304
Supplemental Information 305 – 350
Securities Financing Transactions Regulation Disclosures (“SFTR”) 351
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Administration of the Company
PACIFIC CAPITAL UCITS FUNDS plc 1
Directors Threadneedle Asset Management Limited (for dVAM Global Raymond O’Neill* (Irish) Equity Focus Strategy PCP Fund) Victoria Parry*^ (British, Irish resident) Cannon Place James Davidson** (British) 78 Cannon Street Mary Elizabeth Murphy** (Irish) London EC4N 6AG *Non – executive Independent Director. United Kingdom **Non – executive Director. ^Chairperson. Coolabah Capital Institutional Investments PTY LTD (for Pacific Coolabah Global Active Credit Fund and dVAM Smarter Money Manager Credit PCP Fund) Waystone Management Company (IE) Limited Level 3, 1 Bligh Street 4 th Floor , 35 Shelbourne Road Sydney Ballsbridge, Dublin 4 NSW Australia, 2000 D04 A4E0 Ireland Lockhart Asset Management (for LAM Alternatives and Real Assets Fund, LAM Global Equity Fund, LAM Global Fixed Interest Fund and Investment Manager LAM Multi Asset Stewardship Fund) Pacific Capital Partners Limited 74 Wigmore Street 74 Wigmore Street London W1U 2SQ London W1U 2SQ United Kingdom United Kingdom Maple - Brown Abbott Limited (for P acific Maple - Brown Global Sub – Investment Managers Infrastructure Fund ( Pacific MBA Global Infrastructure Fund ) ) North of South Capital LLP (for Pacific Australia Square, Level 25, Tower/264 George St. North of South EM All Sydney NSW 2000 Cap Equity Fund and Pacific North of South EM Australia Equity Income Opportunities Fund) 45 Pont Street Depositary London SW1X 0BD Citi Depositary Services Ireland Designated Activity Company United Kingdom 1 North Wall Quay Dublin 1 Guinness Asset Management Limited (for Ireland dVAM Global Equity Income PCP Fund) 18 Smith Square Administrator, Registrar and Transfer Agent London SW1P 3HZ Citibank Europe Plc United Kingdom 1 North Wall Quay Dublin 1 Fulcrum Asset Management LLP (for dVAM Diversified Liquid Ireland Alternatives PCP Fund) Marble Arch House Independent Auditor 66 Seymour Street Deloitte Ireland LLP London W1H 5BT Chartered Accountants & Statutory Audit Firm United Kingdom Deloitte & Touche House 29 Earlsfort Terrace Dublin 2 Ireland DO2 AY28
Company Secretary Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin D02 R296 Ireland
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Administration of the Company (continued)
PACIFIC CAPITAL UCITS FUNDS plc 2
Product Advisor Irish Legal Advisers dVAM C onsultancy LTD Matheson (the Product Advisor for the 70 Sir John Rogerson’s Quay dVAM Global Equity Income PCP Fund, Dublin 2 dVAM Balanced Active PCP Fund, Ireland dVAM Growth Active PCP Fund, dVAM Cautious Active PCP Fund , Registered Office dVAM Diversified Liquid Alternatives PCP Fund and 70 Sir John Rogerson’s Quay dVAM Global Equity Focus Strategy PCP Fund) Dublin 2 6th Floor Ireland ABSA House Wall Street Registered Number 553111 Cyber c ity Ebene Mauritius
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Investment Manager’s Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 3
Pacific Multi - Asset Accumulator Range
End of March
The escalation of conflict in the Middle East and the effective closure of the Strait of Hormuz - a vital artery for the global oil supply - triggered heightened volatility across financial markets. Investors grappled with mounting geopolitical risks and s urging oil prices, as Brent Crude climbed above $100 a barrel for the first time since 2022.
Global equities experienced their worst monthly return since 2022, falling 6.8%, with markets most acutely exposed to energy prices, such as Japan and the broader Asian region, seeing the steepest declines.
To manage the risk within the fund, we initially reduced the tracking error by taking profit across several themes that had d elivered strong returns, such as value equities and opportunities in AI that were trading at attractive valuations. As the potentia l for a sustained conflict grew, the probability of adverse market outcomes increased. Consequently, we tactically reduced our equity exposure through a broad reduction across US, UK, European, and Japanese equity markets.
Within fixed income, rising oil prices threatened to push headline inflation further from central bank targets, leading inves tors to price in potential interest rate hikes across the US, UK, and Europe. As a result, government bonds struggled to provide in vestors with diversification, as a sell - off in longer - dated bonds drove yields higher. We continue to favour short - dated corporate bonds, which are less sensitive to inflation dynamics and fiscal pressures.
Within alternatives, gold came under pressure, with prices declining sharply as markets weighed inflationary risks against th e likelihood of further central bank rate hikes. However, our allocation to diversifying assets once again provided returns unc orre lated to equities and bonds. Specifically, the AQR Managed Futures and AQR Style Premia funds - which invest across equities, fixed income, commodities, and FX - gained 1.9% and 0.5%, respectively.
End of June
Markets continued to be volatile in June but both equity and bond markets ended the month modestly higher. After initial weak ness at the start of the month, a ceasefire between the United States and Iran, formalised in a Memorandum of Understanding signed at the Palace of Versailles on 17 June following the G7 summit, was the catalyst to a sharp relief rally across risk assets. Und er the surface, there was significant rotation within equity markets.
Equities US Equities delivered positive returns over the month, supported by US dollar strength, yet with considerable intramonth vola tility due to the rotation into and out of AI - related names. Semiconductor stocks continued to surge higher, whilst the Mag7 stocks fell back. SpaceX completed the largest IPO in stock market history, raising $75 billion and surging 19% on its first day to achie ve a market capitalisation exceeding $2 trillion.
In the UK, the FTSE All Share Index rose over the month, mainly driven by FTSE 100 performance, supported by financials, indu strials, and a handful of international diversified blue - chip companies. The more domestically focused FTSE 250 lagged large cap st ocks in June.
Emerging markets were exposed to similar swing factors surrounding AI supply chain stocks which led to a volatile month, endi ng with flat performance. Nevertheless, it continues to benefit from a strong earning upgrade cycle, with consensus EPS growth expe ctations lifted when compared to the start of the year.
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Investment Manager’s Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 4
Pacific Multi - Asset Accumulator Range (continued)
Fixed Income Sovereign bond markets moved higher even as several central banks, including the Bank of Japan and the ECB, raised interest r ates to push back against lingering inflation pressures.
UK gilts were volatile in June, with the political uncertainty surrounding the Labour leadership driving the 10 - year gilt yield close to 5% before retracing, as Burnham committed to existing fiscal rules and falling oil prices reduced near - term inflation e xpectations.
The Monetary Policy Committee voted 7 - 2 to hold interest rates at 3.75%, with two members favouring a rise to 4.0%. The Bank cautioned that inflation is likely to climb again, projecting a return towards 3.25% in Q4 as earlier energy price increases pass t hrough household bills.
The US Federal Reserve held its policy rate steady in June, but the meeting carried added significance under new chair Kevin Warsh, who struck an early hawkish tone, signalling a willingness to raise rates further should inflation risks resurface. Somewhat counterintuitively, this firm stance appeared to reassure markets on the Fed’s inflation credibility, helping underpin a broa der Treasury rally over the month.
Commodities Oil prices fell sharply over June, moving back in line with pre - Iran War levels. The partial reopening of the Strait of Hormuz sent prices tumbling and eased the inflation concerns that had weighed on markets since the spring. By month - end, Brent crude was hovering around $73 a barrel, down sharply from highs of $118 in late April, marking one of the steepest monthly declines of the year.
After a volatile few months of elevated prices, June’s move lower was more directional and sustained, reflecting a market increasingly confident in a durable resolution even as it remained alert to the risk of relapse, with renewed clashes around the Strai t resurfacing briefly in the final days of the month.
Summary Overall, the easing of energy - related inflation fears supported a broad rally in sovereign bonds and helped stabilise risk assets, even as renewed tensions near month - end and the AI - momentum rotation kept equity performance uneven. Looking ahead, June’s ev ents have materially improved the inflation and policy outlook. However, the peace agreement remains provisional, the Federal Rese rve has turned more hawkish, and UK political transition introduces fresh uncertainty. In this environment, diversified and ac tively managed portfolios are best placed to navigate what remains a complex and evolving market regime.
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Investment Manager’s Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 5
Pacific G10 Macro Rates Fund
End of March
March 2026 net performance was negative - 0.20%. Whilst a draw for the month is not what we aim for in an absolute return strategy, we can take heart that this was a month of extreme unpredictability after the sudden attack by Israel and the US on Iranian m ilitary and nuclear targets. Positioning which had in general become more dovish with long duration as general inflation and employme nt data cooled elsewhere, reflecting increased confidence of Fed rate cuts. These positions were swiftly exited after the j oint attack at the end of February. The narrative quickly changed to a global energy shock that continues to confound positioning as its imm ediate inflationary impact is potentially offset further down the track by a reduction in confidence and growth. The longer the Hormuz Strait is closed, recessionary risks increase.
The portfolio added 5 new trades, 3 trades were unwound, (1 target, 1 stop out and 1 expiry).
Curve positions added +6bp to performance. Positive trades in EUR real rate swap steepeners and Bund fly was partially offset by Gilt linker curve and fly trades.
Duration was positive +2bp, mostly coming from an outright short position in 5yr Germany and 10yr Gilts.
FX positions were negative - 6bp as GBP continued to outperform JPY.
Inflation positioning resulted in a - 11bp draw over the quarter, mainly due EUR HICP outlook rising more than US CPI.
Spreads positions were down - 32bp. All due to forward Gilt swap spreads giving up gain from Q4 last year as renewed fears of inflation spike thwarting BoE cuts.
Volatility positions drew +19bp as markets quietened down. The largest gain was GBP 30yr maturity vol outperforming equivalen t in EUR, followed by long AUD long end vol and some draw from EURJPY vs EURSEK as SEK was the most volatile G10 currency of th e mo nth.
Cross Currency Interest Rate positions were the largest draw of - 21bp. The main hit came from JPY rates again underperforming USD and EUR counterparts along with GBP vs SEK. A small gain was provided by NOK rates performing vs SEK.
End of June
June 2026 Strategy net performance was - 0.32%, taking year - to - date performance to - 0.66%. The month played out against a backdrop of heightened uncertainty around the robustness of the MOU resolution in the Middle East. Energy markets remained th e key swin g factor for the inflation outlook, with several CPI prints coming in lower than expectations. G10 central banks continued to stay on alert, with the BoJ and ECB both hiking 25bp.
However, markets continuing to price less hikes of policy rates across most of the bloc as energy prices fell, most visibly i n NZD, GBP and AUD. Fiscal sustainability questions also resurfaced across several G10 sovereigns, notably France, UK and Japan, fe eding into intermittent term - premium repricing at the long end.
X Currency Interest Rate | - 0.30%
The largest detractor for the month. Losses were led by UK cross - currency positioning and a further drawdown in Australasian rate differentials, while Japan positioning was broadly neutral.
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Investment Manager’s Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 6
Pacific G10 Macro Rates Fund (continued)
Spreads | - 0.22%
A negative month across most liquidity pools, with Japan the largest detractor as spread - to - swap relationships moved against existing positioning, followed by Europe and the UK.
Inflation | - 0.09%
A modest drag, driven by European inflation positioning as breakeven pricing continued to soften faster than in the US. FX | - 0.06%
Broadly flat, with small losses in UK and Australasian FX positioning as currencies traded in tight ranges.
Curve | - 0.07%
A modest negative contribution spread evenly across UK, North American and European curve positions, partially offset by gain s in Australasia and Japan. Volatility | - 0.01% Essentially flat at the portfolio level. Losses in Australasian and UK volatility p ositioning were largely offset by gains in Japan and North America.
Duration | +0.24%
The strongest contributor for the month, driven almost entirely by a long position in Australasian short dated rates as the market continued to build in a higher probability of further easing.
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Investment Manager’s Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 7
Pacific Global All Cap Opportunities Fund
End of March
Performance In Q1 2026, Pacific Global All Cap Opportunities lagged the MSCI ACWI Index. The primary headwinds came from the Industrials and Consumer Staples, while Information Technology delivered good relative performance.
Top Contributors Top contributors were Nitori and Kitwave – both positions were sold during the quarter.
Nitori was a short - lived investment having only acquired the shares in early September. The largest retailer of furniture and homeware in Japan, Nitori benefits from a vertically integrated model similar to Ikea allowing them to price lower than their main competitors. Following a period of high CAPEX tied to logistics, we expected the company to benefit from efficiencies tied to this investment and improving cashflow. Although this remains the case, two dev elopments caused us to reappraise our position. Firstly, a weaker yen has a direct translational effect as most of their procurement costs are dollar denominated. Secondly, significa nt changes amongst the senior management level below founder Akio Nitori m ade us question succession once Nitori - san (aged 82) retires. The spike in the share price following solid quarterly numbers and less favourable valuation allowed us to exit as a meaningful gain.
Kitwave, a leading UK wholesale distributor, agreed to be acquired by a private equity firm for a >30% premium .
Detractors Main detractors were Greggs and Japanese Consumer Staples, including Cosmos Pharmaceutical and Genky Drugstores.
The UK food - to - go market continues to be tough. During the quarter, Greggs announced that like - for - like sales in company - managed shops increased by 1.6% YoY in the first nine weeks of 2026, while operating profit is expected to be flat YoY for the full y ea r. Despite this, the UK’s leading value brand continues to gain market share. Moreover, capital expenditure is set to decline materially from its 2025 peak, which should drive a significant increase in free cash flow generation to be distributed to shareho lders through both dividends and buybacks. The combination of market leadership, improving cash conversion, and a solid balance sheet makes the risk - reward for Greggs highly attractive at current levels.
Consumer staples in Japan continued to experience inflationary pressures due to wage growth feeding into higher labour costs, all while facing a soft consumer environment. Given Japan’s heavy reliance on the Gulf region for energy and the fact that a larg e portion of these supplies is transported via the Strait of Hormuz, the escalation of the Iran war intensified concerns over s urging energy costs and further margin compression for retailers. That said, Cosmos Pharmaceutical and especially Genky have been gaining market share and managing inflationary pressures well .
General Comments Wars are tragic and unpredictable, but for investors they often create opportunity. Not because risk is higher, but because i t feels higher. When fear is visible, markets tend to overreact, and prices fall further than underlying value. These periods of dr awdown, however caused, are when the best investments are made.
Our process is resolutely focused on the bottom up and in this sense, the current owner’s yield of the portfolio, at around 6 .5%, is attractive, and amongst the best levels we have seen in the past few years.
Since the beginning of the year, we have focused our attention on software looking to selectively introduce investments in a sector which has fallen out of favour as a result of AI ‘vibe - coding’ fears. Our view is that some pieces of software are relatively immune from this threat given their status as ‘system of record’ and the fact they are deeply embedded into their customers workflow . We are, however, cognizant that the pace of change here is rapid and, although valuations are beginning to reflect these risks, we will remain particularly vigilant of any changes which undermine our current assumptions. We have added exposure representing around 10% of fund assets between three companies, BCG, Constellation Software and Dassault Systèmes.
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Investment Manager’s Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 8
Pacific Global All Cap Opportunities Fund (continued)
End of June
Performance In Q2 2026, Pacific Global All Cap Opportunities lagged the MSCI ACWI Index. The primary headwinds came from the Information Technology and Communication Services sectors, while Industrials and Financials delivered good relative performance.
Top Contributors Top contributors were Middleby and Svenska Handelsbanken.
Middleby, a leading foodservice equipment manufacturer, issued a positive Q1 2026 earnings update during the quarter. The key takeaway was high - single - digit growth in the Commercial Foodservice segment, driven by ice and beverage equipment sales as well as replacement demand among QSR (Quick Service Restaurant) clients. Over the past decade, restaurants have avoided replacing equipment due to declining foot traffic and cost pressures, leading to pent - up demand. Furthermore, having bought back 5% of equity i n Q1, Middleby continues to direct the majority of its free cash flow towards share repurchases.
Svenska Handelsbanken continues to operate conservatively while generating low - to - mid teen returns on equity. There were no meaningful developments during the quarter beyond a positive earnings release and a SEK 15 dividend (ordinary plus special), represe nting a ~10.5% dividend yield.
Detractors Main detractors were Nintendo and Royal Gold.
Alongside the earnings release, Nintendo announced a price increase for its one - year - old Switch 2 console. Starting September, the device will cost around $500 in the US market, up from $450. The price increase is caused by an AI industry - led memory chip c runch and, while a temporary headwind, it will likely weigh on short - term demand for the device.
During the quarter, Royal Gold issued a reassuring quarterly earnings release, affirming guidance for full - year 2026. However, as a precious - metals royalty business, it is correlated with gold – the price of the latter declined roughly 15% over the period.
General Comments In the cycle of greed and fear the current market context errs towards greed. Valuations, specifically in the US, are at extr eme levels the likes of which we last saw in the dotcom bubble. Other indicators such as high retail participation, and narrow brea dth of leadership suggest caution is warranted. In addition, the AI fuelled growth we have experienced recently is built on question able foundations as the economics of currently high capital spending remain uncertain. In the meantime, the web of debt and circular financing to fund this capex is growing. This is the nexus of the AI trade and the unusually high levels of profitability we are seeing in parts of the supply chain; even where multiples are low, such as in memory stocks, there is a real risk we a re in an earnings bubble. In meantime, capital has exited ‘quality’ businesses, especially defensive areas such as consumer staples or insurance where valuations have come down a lot irrespective of business fundamentals. The fund has experienced a similar compression in mult iples from a peak of 19x earnings to 14/15x today despite consistent earnings growth and high returns on capital (18%).
More recently, the largest dislocation we have seen has been in software and we have slowly added positions over the past 2/3 quarters. Now, software represents around 12% of the fund with Constellation Software the largest investment at c 8%. This ha s sta rted to work since the beginning of March with software the second - best performing subsector (after semis).
Finally, we also have investments in domestic Japanese companies totalling around 15% of NAV. These are Genky , Cosmos (staples retailing) and BML (clinical labs, healthcare) which have demonstrated long term growth we expect to continue in their respec tive industries. However, as local currency earning companies, they are currently out of favour as the Yen has we akened towards 160yen/ USD and investors focus on deep value exporters and ‘AI - plays’. Fundamentals remain strong and should we see a return to a risk aware environment, we would be unsurprised if these companies benefitted from higher multiples and a curr ency tailwind.
This positioning means the fund demonstrates significant capital preservation characteristics today. We will not keep up with the euphoria but during sell - offs we will do very well. We saw this early last year when the portfolio outperformed by 20%+ in two months around liberation day. We also saw it in June during the days when the market took a more balanced view on AI spending and economics. This is reminisce nt of the pattern markets showed in the latter stages of the dotcom bubble and bode very well for those able to stick to a sound, value - oriented strategy in subsequent years.
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Investment Managers ’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 9
Pacific North American Opportunities Fund
End of March
In March the Fund performed roughly in line with the S&P 500 with USD performance of - 5.15% vs the S&P500 (net total return) at - 5.01%.
The Fund’s performance was led by Advanced Micro Devices (AMD) which is greatly benefitting from AI - related increased CPU usage alongside Tidewater which provides equipment for offshore resource exploration and production.
Given the market drawdown following the commencement of the Iran conflict and subsequent volatility laggards did not come fro m a singular sector. The largest detractors during the month were Applied Materials which is a semiconductor equipment maker an d Be cton Dickinson in healthcare.
In the short term the market remains highly focused on geopolitical events with Artificial Intelligence remaining a key marke t theme ahead of earnings season following a plethora of product rollouts.
End of June
In June the Fund markedly outperformed the S&P 500 with USD performance of 6.49% (Z - class, net total return) vs the S&P 500 (net total return) at - 0.95%.
The Fund’s performance was led by Applied Materials and KLA which are greatly benefitting from the buildout of AI infrastruct ure. Sphere Entertainment was the third - largest contributor during the month as the market continues to increasingly appreciate the uniqueness and scalability of the live entertainment asset which Sphere is developing. We profile Sphere Entertainment in the Fund’s most recent quarterly letter alongside wider commentary on how the Fund has navigated the quarter.
The market continues to grapple with the ripple effects of the Iran conflict and unresolved questions over AI spend. Under th e surface of headline S&P 500 performance large rotations have started to emerge. The largest detractors during the month were two of the Fund’s hyperscaler holdings, Amazon and Microsoft, as investors continued to assess AI disruption and spend whilst increasingly shifting focus to sectors that were perceived to have largely been left behind by the market.
In the short term, the market remains focused on geopolitical events with Artificial Intelligence remaining a key market them e ahead of earnings season.
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Sub Investment Managers’ Report
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 10
Pacific North of South EM All Cap Equity Fund
End of March
During the first quarter of 2026 the Strategy outperformed the MSCI Emerging Markets Index by 3.6%.
Outperformance was driven by our exposure to Korea, as well as stock selection in China. The underweight to the Indian market , while reduced, has also continued to be a tailwind.
Following the outbreak of the Iran conflict, we have unsurprisingly seen some drag on performance from our remaining exposure in the UAE, as well as interest rate sensitive markets such as South Africa that have seen cost of capital increases.
Over the quarter and during March we have continued to take profits on AI hardware exposure, in particular in Korea. While th is still forms a significant portion of the portfolio, with Taiwan and Korea being the greatest recipients of the cash gushing into AI infrastructure, we are mindful of the medium - term risks to that bonanza. We remain relatively cautiously positioned in the Middle East, with below - Index exposure to the region for now.
Raising cash has allowed us to rebuild exposure in smaller markets such as Thailand and Poland where we are finding high qual ity companies at very reasonable valuations. This includes stocks that have historically traded at excessive multiples but have n ow been neglected by investors – especially in the consumer space. Even in the Indian market we see some of the highest quality banks trading near historic low valuations.
In recent years we had been reducing our exposure to oil production as we saw prices increasingly capped by growing North American supply with demand growth finally beginning to fade as electrification of transport progressed. Instead, we have had exposure in the power generation and storage space – in particular in China, which has become an undisputed leader in renewable technology.
Events in the Gulf have forced us to review our mid - term assumptions on hydrocarbon prices. Aside from the obvious immediate supply shock of removing 10 - 15% of global production from the market, the crisis forces an accelerated re - examination of many count ries’ structural dependence on imported fossil fuels. Even if the Strait of Hormuz re - opens without additional tolls and security costs, there will probably be a strategic premium placed on non - Gulf supplies. Damage to Qatari LNG facilities should also kee p global natural gas prices high, as long as the US does not have sufficient export capacity for its surpluses and AI - driven demand continues growing.
Although we have not been willing to aggressively chase oil stocks while they are in the headlines, we have been adding somew hat to Latin American producers. More importantly, we have added to Chinese battery and other electrification - related stocks that a re now globally dominant in this high growth sector. Political noise has meant that their valuations have remained reasonable, g iving us the opportunity to own them.
As we write this, there is a ceasefire of sorts in place, and the Strait of Hormuz remains blockaded. Although the warring pa rties present seemingly irreconcilable demands, both the Iranian and US leaderships are enthusiastic fabulists with tenuous regard for reality. This could allow for an agreement where all sides declare victory, despite contradictory facts, and allow gradual re storation of most energy flows. The rest of the world will likely be sceptical about the durability of such arrangements and co ntinue investing aggressively in alternative sources of energy. Continuous innovation in renewable energy and storage is resolving cost and intermittency issues already. It is hard to imagine a situation where energy supply chains simply go back to ‘normal ’ in the medium term.
On a final note, it is hard to ignore the reputational damage Gulf states have taken from a security perspective, despite hav ing done everything possible to shield themselves from the conflict. In the short - term, economies dependent on tourism and property development will suffer even if the ceasefire turns into some kind of peace. Over the medium - to longer - term, there is a good chance that their undisputable attractions will outweigh the memory of the conflict and there may be opportunities to rebuild exp osure on any extended weakness.
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Sub Investment Managers’ Report
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 11
Pacific North of South EM All Cap Equity Fund (continued)
End of June
During Q2 2026 the Fund outperformed the MSCI Emerging Markets index by 1.8%*. The quarter was characterized by a strong equity recovery after a March correction in response to the war in Iran.
Key drivers of outperformance were technology stocks in Korea and Taiwan although this was entirely driven by stock selection rather than overall exposure to these volatile markets. Our underweight positions in India and Brazil also helped as these ma rkets lagged the broader index. China proved a drag during the quarter as a number of industrial and consumer related stocks that w e own faced profit taking.
Market volatility resulted in another fairly active quarter in terms of repositioning the portfolio. We continued to take profit in AI driven markets such as Korea and Taiwan, leaving us somewhat underweight the broader AI hardware space. We also used a recove ry to further reduce exposure to the UAE as we wait for the economic impact from the Iran war to start feeding into the domestic economy. On the flipside we have been adding to Indian financials and to Chinese consumer and industrial stocks which have undergone a derating due to lack of AI interest. Ev ery conversation we have with investors starts with the AI space. While AI related hardware stocks account for around 40% of the MSCI Emerging Market index weight, they account for 90% of its returns due to extreme volatility. This means that directional e xposure to the sector risks completely swamping any other active decisions on a portfolio. While we do not shy away from having a view on the future of AI (and most specifically for EM, of AI capital expen ditures), we never want to have a single concept or theme dominate our portfolio and relative returns. This has led us to be quite careful in the degree to which we have been underweighting some of these “hot” markets as they have rallied.
To quote Scott Fitzgerald, `the test of a first - rate intelligence is the ability to hold two opposed ideas in the mind at the same time, and still retain the ability to function.” We are less concerned about rating our intelligence, but we always accept the possibil ity of outcomes diametrically opposed to our beliefs. With many of our team members having first - hand experience of the enormous m isallocation of capital during the dot - com boom, we are naturally sceptical as to the sustainability of the current splurge. The fact that SpaceX is expected to require US$90bn annually of external financing over the coming years is, in itself enough to give us pause. Losses for SpaceX IPO investors could have a chilling effect on the ability of other AI firms to continue funding their garga ntuan investments. Having said that, there is a stark difference to equity valuations in our markets compared to the turn of the century Nasdaq. Valuations have remained remarkably cautious with P/E multiples on EM memory stocks below 5x expected earnings. Such circumspection offers a degree of support if AI capex plateaus rather than collapsing or indeed, continues apace as sell - side analysts universally expect.
We can express a cautious view on AI by carefully underweighting the segment and its most optimistically priced corners. This still allows for stock picking in that and other areas of the portfolio to generate alpha. There is also the tantalizing possibili ty that a leverage - fuelled AI market washout could lead some high - quality hardware businesses to become deeply undervalued and set up buying opportunities. In any case we believe that active managers with a disciplined but common - sense approach should see the current environment as an opportunity to demonstrate their value add. Investors with passive exposures to the asset class are likely to suffer from concentration risk and changes in momentum.
*Pacific North of South EM All Cap Equity GBP Z (USD).
Page 14
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 12
dVAM Diversified Liquid Alternatives PCP Fund
End of March
Performance • dVAM DLA returned +1.0% for Q1 2026 (GBP A1 shares, net of fees), having delivered 9.2% in 2025. • In Q1, the Fund was c.1.2% ahead of the ARC Cautious benchmark and since inception, it is ahead by 1.6% net of fees on an annualised basis and by over 12% on a cumulative basis .
Top Contributors • Real Assets led, with Neuberger Berman’s Commodities Fund contributing a little under 1% to dVAM DLA’s return. Other strong contributors within Natural Resources were our Energy Transition Theme and RobecoSAM’s Smart Materials Fund. • The infrastructure holdings also performed well, with Atlas and KBI GI’s funds and, once again, the Duff & Phelp’s Clean Ener gy Fund, all delivering healthy returns. • Lastly, and despite selling off in March, the Fidelity FAST Emerging Market Equity Fund performed well across the quarter, wi thin Alternative Equities.
Detractors • This was a quarter of two halves. AI bubble fears aside, the outlook for economies and markets was looking increasingly rosy until the end of February, when the US Israeli invasion of Iran caused a change of path. • Across the quarter as a whole, global equities declined by - 3%, commodities rose by +40%, led by an 80% surge in energy prices, as global oil and gas supplies were severely disrupted. Fears of the inflationary consequences caused bond yields to rise and therefore bond prices to decline. • Amidst this, dVAM DLA held its value well, benefiting from its defensive positioning, real asset - focused equities, and relatively short duration credit profile.
General Comments • This was a quarter of two halves. AI bubble fears aside, the outlook for economies and markets was looking increasingly rosy until the end of February, when the US - Israeli invasion of Iran caused a change of path. • Across the quarter as a whole, global equities declined by - 3%, commodities rose by +40%, led by an 80% surge in energy prices, as global oil and gas supplies were severely disrupted. Fears of the inflationary consequences caused bond yields to rise and th erefore bond prices to decline. • Amidst this, dVAM DLA held its value well, benefiting from its defensive positioning, real asset - focused equities, and relatively short duration credit profile .
End of June
Performance • dVAM DLA returned +5.4% in Q2 2026 (GBP A1 shares, net of fees) and has delivered 6.4% year - to - date. • In Q2, the Fund was c.3.1% ahead of the ARC Cautious benchmark and since inception, it is ahead by 1.8% net of fees on an annualised basis and by over 15% on a cumulative basis.
Top Performers • There was a pleasingly long list of strong contributors spread across the Fund, led by RobecoSAM’s Smart Materials Fund in Re al Assets. The Digital REITs Theme and Duff & Phelps Clean Energy Fund also performed well within Real Assets, despite enduring a m ore challenging environment in June. • Within Credit, the largest contributions were generated by PGIM’s Emerging Market Total Return and Local Currency Debt funds, reversing losses that came about from the beginning of the Middle East conflict. • In Diversifiers, the best performers were the Fidelity FAST Emerging Market Equity Fund (again), Fulcrum’s Dispersion Fund an d AKO’s Long/Short Equity Fund, which also reversed Q1 losses.
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Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 13
dVAM Diversified Liquid Alternatives PCP Fund (continued)
Detractors • The collapse in the oil prices following the signing of the Middle East peace agreements meant that our commodity - related investments gave back some of their Q1 gains. In addition to oil falling back to pre - crisis levels, gold also slumped, primarily in re sponse to the repricing of US interest rate expectations; the asset class has now fallen by some 30% from its January peak. • Invenomic, our US Long/Short Equity manager, struggled; its value - driven investment style went unrewarded .
General Comments • The second quarter saw strong equity gains as the US Iran war de - escalated and the AI build - out continued to accelerate. This was notwithstanding renewed concern over high AI infrastructure costs towards the end of the quarter. • Meanwhile, global bonds were slightly ahead and the dollar increased modestly, supported by a more hawkish leaning US Federal Reserve. UK and US interest rates were kept on hold. while the ECB announced a 25bps rate hike. • Driven by lower oil prices, global commodities fell by over 11%. • dVAM DLA delivered solid returns, despite its relatively defensive positioning, and building on 2025’s return of c.11%.
Page 16
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 14
dVAM Global Equity Income PCP Fund
End of March Performance Attribution Commentary Q1 2026:
• Broadly, the Fund benefited from the outperformance of defensive and value - oriented areas of the market over cyclicals and growth. • The Fund’s zero allocation to Energy, Utilities, and Materials, the top three performing sectors over the quarter, was a head wind, but it benefited from being overweight Consumer Staples and Industrials and underweight Information Technology and Consumer D iscretionary. • Some Consumer Staples and Industrials stocks lagged, notably Reckitt Benckiser and Paychex, respectively. However, IT, Financials and Healthcare selections were strong including Texas Instruments, Deutsche Boerse and Johnson & Johnson.
Top Contributors Q1 2026 (TR USD)
Johnson & Johnson (+18.7%) Texas Instruments (+12.6%) Eaton Corp (+12.6%) • TSMC (+11.7%) CME Group (+10.8%) Detractors Q1 2026 (TR USD): Microsoft ( - 23.3%) Publicis ( - 21.4%) Paychex ( - 17.0%) Reckitt Benckiser ( - 17.0%) Arthur J Gallagher & Co ( - 16.1%)
Portfolio Changes Q1 2026 • In February, we sold our position in Diageo and, as part of our one - in - one - out process, initiated a position in RELX. • Diageo has faced clear headwinds, most notably the US, as the spirits premiumisation trend has waned since the pandemic, while leverage has remained high. An incoming CEO with a turnaround reputation gave us confidence, but in the event, the company recent ly indicated an expansion away from premium products while cutting the dividend to create flexibility. This change of approach meant our investment thesis no longer held, leading to our decision to sell the position. • We bought RELX, a leading provider of information based analytics and decision tools to the legal, insurance, science, and financial services sectors. Its contributory databases benefit from powerful network effects while existing in a closed loop, shielded from AI scraping the web. Its partnership with Anthro pic supports our view that it is more likely to be an AI beneficiary than displaced by the technology. The recent sell - off in software - as - a - service stocks appeared overdone in RELX’s case, in our view, and presented a rare opportunity to buy the shares at an attractive valuation.
General Comments The Fund retains strong ‘quality’ characteristics with only a very slight valuation premium to the broader market.
The Fund maintains a balance between quality defensive (approx. 45%) and quality cyclical/growth - oriented (approx. 55%) companies.
The Fund continues to offer a portfolio of consistently highly profitable companies with robust balance sheets and strong ret urns on capital
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Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 15
dVAM Global Equity Income PCP Fund (continued)
End of June
Performance • A rotation towards growth and cyclicals and away from defensives and value weighed on the Fund, though trends improved in June. Underperformance of the quality factor also hurt relative returns. • Banks, which do not meet the Fund’s quality criteria, were one of the strongest industries, and the Fund’s lack of exposure detracted from returns, as did its overweight to the underperforming Consumer Staples sector. • Outperformance by Publicis in the otherwise weak Communication Services sector aided relative returns, while zero exposure to Utilities, Materials, Real Estate, and Energy also acted as a tailwind.
Top Contributors (TR USD)
Texas Instruments (+54.3%) Cisco Systems (+52.2%) TSMC (+38.2%) ABB (+37.2%) Broadcom (+22.3%)
Detractors (TR USD )
CME Group ( - 24.9%) PepsiCo ( - 11.9%) Medtronic ( - 8.9%) Otis ( - 6.5%) ANTA Sports ( - 4.8%)
Dividend Actions • So far this year, 24 of 35 holdings have given dividend updates. • All 24 companies announced increases for their 2026 divide nd vs 2025. The average dividend growth of these companies was 8.3%.
Portfolio Changes • There were no changes to the portfolio during the quarter.
General Comments • The Fund retains strong ‘quality’ characteristics while trading at a slight valuation discount to the broader market. • The Fund maintains a balance between quality defensive (approx. 40%) and quality cyclical/growth - oriented (approx. 60%) companies. • The Fund continues to offer a portfolio of consistently highly profitable companies with robust balance sheets and strong ret urns on capital.
Page 18
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 16
dVAM Multi Asset Active Range
End of March
The first quarter of 2026 was defined largely by the outbreak of the US - Iran conflict, which effectively led to the closure of the Strait of Hormuz and triggered a rapid, broad repricing across global markets.
Global equities experienced their worst monthly in March return since 2022, falling 6.8%, with markets most acutely exposed t o energy prices, such as Japan and the broader Asian region, seeing the steepest declines.
Continuing a post - pandemic trend, government bonds failed to provide the traditional ‘safe - haven’ shelter investors had anticipated during the equity market downturn. This disappointment stemmed from a sharp reappraisal of interest rate trajectories. While developed market yields had been trending lower early in the year, the prospect of conflict - driven inflation in the Middle East abruptly shifted expectations, triggering a broad sell - off across US, UK, and European government bonds in March.
The FED held rates steady at 3.50 - 3.75% for a second consecutive meeting, but with an altered backdrop. Rate cut expectations unwinding and upward revisions of inflation forecasts have put the possibility of interest rate hikes firmly back on the tabl e whi ch was not previously priced in. This shift played out globally, with many central banks opting for a wait - and - see approach as energy driven inflation took hold. The Bank of England (BoE) and the European Central Bank (ECB) also kept rates unchanged.
Commodity markets were the standout performer following a quick rally across the energy sector, with brent crude posting its largest monthly move in four decades in March, surpassing the $100 - per - barrel threshold, post the closure of the Strait of Hormuz.
End of June
The second quarter of 2026 saw a marked improvement in market sentiment, as the initial shock from the US - Iran conflict gave way to hopes of de - escalation, resilient corporate earnings and renewed enthusiasm around the artificial intelligence investment cy cle.
Global equities rebounded strongly, recovering much of March’s weakness. The recovery was supported by robust earnings, a mor e resilient growth backdrop and the perception that the most disruptive energy - market scenarios had been avoided. Technology orient ed markets, particularly those linked to the semiconductor supply chain, were among the strongest performers. Emerging markets, particularly those tied to the AI supply chain in Asia, also benefited from strong earnings and performance over the quarter. Geopolitics remained the main source of headline risk. A Memorandum of Understanding between the US and Iran marked in June market a first step towards a potential nuclear agreement and the partial reopening of the Strait of Hormuz, reducing fears o f a pro longed energy supply shock.
Oil prices eased materially from their March peak, providing some relief to headline inflation expectations, although inflati on remained above central bank targets in several major economies. Policymakers therefore remained cautious. The Federal Reserve st ayed on hold, while the Bank of Japan and European Central Bank hiked rates in June.
Government bonds also continued to struggle as a portfolio stabiliser, with yields sensitive to inflation surprises, fiscal c oncerns and shifting policy expectations. By contrast, the growth picture remained more constructive than the macro headlines sugge sted, helped by strong earnings and continued acceleration in AI - related capital expenditure across data centres, semiconductors and hardware.
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Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 17
dVAM Global Equity Focus Strategy PCP Fund
End of March
Performance • Gross of fees, the strategy underperformed the MSCI All Country World Index benchmark in the first quarter (Q1).Stock selecti on was unhelpful, with choices in industrials, materials and financials detracting the most. However, picks in healthcare and techn ology had a positive impact. • Stock selection was unhelpful, with choices in industrials, healthcare and financials detracting the most. However, picks in technology had a positive impact, and those in materials and energy were modestly beneficial. • Sector allocation weighed on relative performance in aggregate. The underweights in energy and utilities and the overweight i n technology were unhelpful, although the overweight in proved beneficial.
Detractors • US medical technology developer Boston Scientific detracted the most. Boston Scientific’s shares declined as investors digest ed weak clinical trial data for the medical device maker’s heart implant device, and after a broker downgrade pointing to slowin g m omentum in core growth areas. • Microsoft detracted for the second consecutive quarter amid a wider pullback in software and market unease at the acceleratin g AI - related spending announced in its recent quarterly results.
Top Contributors • Applied Materials was a leading positive contributor for the third consecutive quarter. The company benefited from ongoing optimism over strong AI - driven demand from chipmakers. It also reported higher - than - forecast revenue and earnings for its fiscal Q1, along with issuing upbeat guidance for Q2. • Taiwan Semiconductor Manufacturing Company (TSMC), which also benefited from optimism over AI - driven demand, aided relative performance for the second consecutive quarter.
New Purchases • Linde: A defensive play on industrials exposure, Linde is the world’s largest industrial gas company, with a solid track reco rd and reputation, operating in consolidated sector with strong moat. Its scale, widespread consumer base and strong brand value un derpin our investment thesis. The company provides gases that allow its customers to reduce carbon emissions, and it has boosted hydrogen investment as part of its decarbonisation focus. • SK Hynix: We added to our semiconductor exposure with a new position in SK Hynix, one of the world’s leading memory companies. Memory is an oligopolistic market where prices are rising rapidly as AI - driven demand outstrips supply. Given SK Hynix’s cost adv antage over peers, continued investment in AI infrastructure should be supportive of future growth. • Ferguson Enterprises: Ferguson is a leading distributor of heating, ventilation and air conditioning (HVAC) solutions. With residential demand accounting for the majority of the company’s sales, Ferguson stands to benefit from an improving US economy. With high switching costs and strong intangible assets, the company should be a long - term winner in a consolidating industry .
Other Activity • We sold Microsoft to reduce our hyperscaler exposure; the market is taking a dim view of the scale of AI - related capex and the likelihood that this will translate into sustainable profits. • We exited Visa to consolidate our payments exposure in Mastercard given the near - term headwinds within the space. • We exited SAP. While we still believe in the firm’s long term investment thesis, the market currently sees SAP as an AI loser , which poses a risk to the share price over the short - to - medium term.
Page 20
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 18
dVAM Global Equity Focus Strategy PCP Fund (continued)
End of June
Performance • Gross of fees, the strategy comfortably outperformed the MSCI All Country World Index (ACWI) benchmark in the second quarter (Q2). • Stock selection drove the relative outperformance, especially due to choices in technology, followed by industrials and communication services. However, picks in healthcare and financials were unhelpful. • Sector allocation also added value on relative performance in aggregate. The overweight in technology and the underweights in financials and energy proved beneficial, while the overweight positions in materials and healthcare detracted.
Detractors • A lack of exposure to Micron Technology detracted the most. Shares of the data storage provider jumped as memory remains a bottleneck within the AI infrastructure supply chain. The company’s market capitalisation reached $1 trillion in May. • Boston Scientific was also a key detractor. The US medical technology developer faced slowing growth in its cardiac - device franchises following weaker clinical data, a lowered growth outlook, and analyst price - target cuts.
Top Contributors • SK hynix was the top contributor during the quarter, supported by the announcement of its planned US market debut and sustained optimism regarding AI driven demand for advanced memory chips. • Applied Materials also contributed, as the semiconductor equipment manufacturer saw record revenue performance. The company also issued a stronger - than - anticipated outlook for the third quarter, signalling continued momentum in its business.
New Purchases • Recruit: We restarted a position in Japanese professional services company Recruit during the quarter. Recruit is a high - quality company, with a strong balance sheet and high returns, with a management team committed to further growth. The company has unju stifiably been bucketed in the AI loser category, so we took advantage of recent weakness to open a position. • Delta Electronics and Arista Networks: We have selectively added to AI beneficiaries outside of semiconductors. This includes power management company Delta Electronics and cloud networking company Arista Networks, both of which are well positioned to bene fit from structural growth in the electrical infrastructure and networking that underpin AI deployment. These businesses exhibit strong competitive advantages through technology, switching costs, and network effects. • Entergy: We also added US utility Entergy, which should be a beneficiary of greater power demand as data centre growth continues.
Other Activity • We sold Shopify as the company continues to trade on a valuation premium despite the overhang of being seen as a possible AI loser. • We exited DSV: the benefits of the DB Schenker acquisition are now well known, and results have disappointed as the strategy is not working as well as hoped, and the Gulf and Middle East still pose risks. • We sold TE Connectivity to fund new purchases.
Page 21
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 19
Pacific North of South EM Equity Income Opportunities Fund
End of March
Over the month the fund returned - 11.9% reflecting the conflict in the Middle East and the closure of the Straits of Hormuz. Given the significant gain year to date, South Korea was the largest detractor followed by South Africa. Positive contributions cam e from energy companies in Austria and Latin America, together with positions that have strong idiosyncratic themes such as Kaspi, J D.com and Yutong Bus.
The current investment climate is dominated by the bifurcated forces of an energy supply crisis juxtaposed by an AI technolog y super - cycle, which continues to gain momentum despite being three years old. As with ‘Schrodinger’s Cat’ we have two contradictor y states that can exist at the same time, until the ‘reality’ becomes known.
Whilst the ‘hot’ conflict appears to have abated the true impact of the supply crunch is still yet to be seen given the delay ed effect of ‘floating barrels’ and SPR reserve releases. Most at risk is Asia, although the Chinese strategic reserve of 1.4 billi on barrels (approximately 3x the US strategic reserve) has provided a meaningful buffer to the region. Even if a resolution is found imm anently, the time to market, impairment of shuttered wells and damaged infrastructure all indicate higher oil prices for longer.
Whilst this is positive for oil producers short term it has also furthered calls in many countries, especially in Asia, to re duce dependency on ‘petro - states’ in favour of alternatives, both new and old. In China it will likely delay the move away from coa l and encourage nuclear, whilst elsewhere it will catalyse the move to other renewables, increasingly now known as ‘Electrotech ’. This is another industry that both South Korea and China have leading companies that feature in the portfolio and have performed well this year. We see this as a multi - year capital allocation theme across generation, distribution, renewables and energy storage.
Energy security has additional urgency for AI providers given the $640bil committed by US hyperscalers for compute and data centers. GE Vernova (market leader in gas turbines) reported that 1Q26 sales to data centre operators had already exceeded the whole of FY25. The natural direction for this capex continues to move higher as the use case for AI gains momentum and reflec ted in the strength in annual revenue run - rates for AI labs such as Open AI and Anthropic which hit $30bil in April, up from just $1bil at the beginning of last year. The demand for compute is going parabolic which shifts the cycle towards inferencing and broadens the beneficiar y base considerably.
All of this has furthered the EM earnings renaissance given the dominance of Korea and Taiwan in tech manufacturing. Consensu s projections for 2026 now signal the largest EM vs DM EPS growth differential in at least two decades (46% versus 18% for DM). Thi s is most apparent in memory where Samsung and SK Hynix have reported Q1 yoy earnings growth of 415% and 500% respectively, which will lead to very healthy dividends.
Within the portfolio we are trying to balance this extraordinary juxtaposition of risks and rewards. Within technology we are focused on areas where we have confidence in both the growth in earnings and that they will translate to free cash and dividends, whilst moderating volatility in what is a high beta sector. This can be achieved by exposure to preference shares or relevant holdin g companies that have significant discounts to NAV. This also means some technology will be obscured by being classified as ‘Industrials’. We have lowered our exposure to the Middle East and countries with vulnerability to higher oil prices such as South Africa in favour of countries and companies with resilient idiosyncratic factors, whilst keeping good geographic diversificat ion. We have also focused on re - enforcing the yield buffer in the portfolio to account for the expected increase in inflation. At the time of writing the estimated gross forward yield is over 6%.
End of June
Over the month the fund retraced by 3.75% in GBP. The strongest markets were Saudi Arabia and Thailand; the weakest was China . The best performing sector was Industrials and Consumer Discretionary the weakest. Year to date the fund has returned 19.5% which is behind MSCI Emerging Markets.
Page 22
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 20
Pacific North of South EM Equity Income Opportunities Fund (continued)
Last month we mentioned that we saw a deteriorating risk/reward in our technology exposure given the price moves, very high volatility and diminishing yields. Whilst the index heavyweights remained firm, there’s been increasing signs that the ‘all - in’ AI t rade may have begun to apex.
With elevated optimism and crowded positioning (c$40bil has flowed into memory and single stock ETFs this year), the key issu e has always been when the narrative shifts from AI demand, to return on investment. The former is relatively easy to monitor through factors such as token consumption and the annualised revenue numbers coming from the leading labs, the latter is much harder to quantify as it requires both revenue and margin proje ction far into the future. This has come into sharper focus recently now that funding the capex super - cycle is increasingly coming from the credit markets rather than hyperscaler’s cashflows.
There’s also other over - arching issues such as power availability (more chips being produced than new power generation) and data sovereignty (not passing - on your firm’s IP to a frontier lab) which have led to a rapidly changing view of the moat held by leading AI labs. This is being compounded by the remarkable advances made by Chinese open - source models that achieve very similar results at a fraction of the cost.
Our equity exposure in technology is almost entirely centered on the picks and shovels of the AI arms race, and they are in a new demand paradigm that extends far beyond HBM memory. Ironically some of the tightest supply deficits we are hearing from management are more in the legacy areas of the supply stack rather than in the advanced technologies, but they are all ultimately dependant on a continuation of the waterfall of capex flowing from these US companies.
Many in the team are naturally sceptical that the current run rate of this capex is sustainable having had first - hand experience of the misallocation of capital in the dot - com era and the creative funding techniques of the GFC era, so we’ve been watching t he credit markets closely. This has gained further relevance since the delay of OpenAI’s IPO into next year and the capital raisings by Alphabet and SpaceX, both of which are now below issue price.
With AI related hardware stocks accounting for around 40% of the EM index, and much more in terms of returns, exposure to the sector overwhelms any other active decisions in the portfolio. However, one of the core philosophies of our portfolio constru ctio n is not to have a single sector or theme dominate our portfolio, especially one with such high volatility, so we’ve had relati vely low exposure and have recently been consolidating further as we shift towards alternative investment themes. We are not of t he opinion that this is the end of the AI hardware trade, but there can certainly be a period of consolidation. This first half has set a new record in relative country returns where MSCI South Korea has more than doubled whilst China and India are both down around 10%. Thi s spread of major market moves is more than double the nearest equivalent in H1 2016 (Brazil +46% vs China - 5%). We are adding selectively to India and China where valuations and yields have now returned to very attractive levels while economic perform ance has been relatively resilient in the context of the Middle East conflict.
We have also increased exposure to some of the smaller markets such as Thailand, where new - found political confidence, clear economic policies, government stimulus measures and a revival of tourism have underpinned domestically - oriented sectors. We are also starting to add to Indonesia which has been the weakest market in EM this year, down around 40% and driven by the recipr ocal of almost all the positives mentioned above. This has resulted in question marks over its MSCI index status p rompting many to exit the market entirely, leaving valuations at levels not seen for over a decade.
Page 23
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 21
Pacific Coolabah Global Active Credit Fund
End of March
March was dominated by the escalating US - Iran conflict, which sent shockwaves across global asset markets. The effective closure of the Strait of Hormuz drove Brent crude and natural gas up 63% and 59% respectively over the month. Brent oil experienced ext raordinary intraday volatility — on March 9th, prices surged to a peak of $119.50/bbl before collapsing to as low as $83.66 in the US session, marking the largest intraday spike since the 1980s, according to Deutsche Bank.
The anticipated inflationary impulse from the surge in oil prices prompted markets to rapidly reprice the path of monetary po licy. Investors largely priced out expectations of Federal Reserve rate cuts for 2026, from around 60bps prior to the onset of the conflict. Similarly, expectations for the European Central Bank shifted from 14bps of cuts to 71bps of hikes over the same period. This resulted in global yield curves to bear flatten. Global benchmark 10 - year yields rose materially: US Treasuries by 38bps , German Bunds by 36bps, UK Gilts by 68bps and French OATs by 51bps.
Stagflation fears and the broader growth shock triggered a cross - asset slump. The S&P 500 posted four consecutive weekly declines, ending the month 5% lower. As the growth hit to Europe is more acute, European equities significantly underperformed, with th e Eurostoxx 50 down 9% over the month. Gold and silver were both down 12% and 20% respectively.
Despite the equity sell - off, US cash credit proved relatively resilient, with investment - grade spreads widening only 5bps on the month — likely supported by more attractive absolute yields. Europe, however, underperformed, with European investment - grade sp reads 15bps wider.
Primary market activity was robust in the US in March, with $242bn of investment - grade issuance, though Financials accounted for just 28% of supply, with the rest coming from Corporates, according to Bank of America. Notably, Amazon and Salesforce alone is sued $62.5bn between them. Given the heightened volatility, the Amazon deal offered approximately 8bps of NIC across several tranches and saw 1.5 - 3bps tightening on the break.
In contrast to the US, European issuance was more subdued at €56bn, although was also heavily skewed towards Corporates with Financials contributing only €8bn, according to Barclays. Many European financial issuers are already well ahead of their fun ding p lans and therefore saw little incentive to tap markets amid the volatility. Those that did come to market paid up accordingly , with average new issue premiums across Financials around 7bps on the month.
End of June
In June, the USD share class returned 0.48%, outperforming its benchmark, the Bloomberg Global Aggregate Corporate Index, by 0.16%.
Since its 10 October 2023 inception, the USD share class has outperformed the benchmark by 1.25% p.a. net with an absolute annualised return of 8.57% net of fees compared to the index return of 7.32%.
The Funds current (30th June) weighted average yield to expected maturity is 5.40% compared to the index’s 5.06%. The Fund’s weighted - average credit rating of A is one notch better than the index’s A - rating.
Markets continued to recover as geopolitical tensions eased. The US - Iran conflict de - escalated further after President Trump announced that an agreement was “now complete” and authorised an end to the naval blockade. The reopening of the Strait of Hormuz h elped Brent crude fall 21% to $72.92 per barrel, leaving oil close to pre - conflict levels and reducing near - term inflation concerns.
Page 24
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 22
Pacific Coolabah Global Active Credit Fund (continued)
Market performance diverged across regions. Resilient US employment data and the appointment of Kevin Warsh as Federal Reserv e Chair led investors to price a more restrictive US policy path. The S&P 500 fell 1% and Bitcoin declined 20%, while the 10 - year U S Treasury yield rose 3bps. By contrast, European and Japanese equities performed well: the Euro Stoxx 50 gained 4.7%, the FTSE 100 rose 1%, and the Nikkei 225 returned 5.7%. European government bonds also outperformed, with Bund and Gilt yields falling 8b ps and 6bps respectively. Investment - grade credit remained resilient, with US and European spreads widening by only 2bps and 1bp.
Primary issuance remained exceptionally strong, defying the normal seasonal slowdown. Both the US and European investment grade markets recorded their busiest June on record, as issuers took advantage of relatively stable credit spreads and contin ued inves tor demand.
US investment - grade issuance reached $206bn, taking year - to - date supply to $1.24tr, approximately 32% ahead of the same point last year. Corporate borrowers accounted for 62% of monthly supply, led by landmark $25bn transactions from NVIDIA and SpaceX . The fund participated selectively in the NVIDIA and SpaceX transactions, focusing on shorter - and intermediate - dated bonds and avoiding the longer maturities. By month - end, several long - dated bonds had widened materially, illustrating the importance of act ive valuation discipline.
Financial issuance also offered selective opportunities. We participated in transactions from Macquarie and Bank of New Zeala nd. Bank of New Zealand’s floating - rate bond tightened 6bps overnight, while Macquarie’s Tier 2 transaction offered a modest conces sion relative to comparable bank capital instruments.
European investment - grade issuance totalled a record €90bn, split relatively evenly between Financials and Corporates. Despite the greater - than - expected supply, Financial deals averaged 2.6 times subscribed, indicating that investor demand remained healthy.
European issuers generally concentrated supply in shorter maturities, reflecting investor caution around adding duration. We participated in attractively priced transactions from Morgan Stanley, DNB and Nationwide, which offered positive new - issue concessi ons and performed well after launch.
NTT was the standout European corporate transaction, issuing across both euro and sterling markets. Overall demand was relati vely subdued because the company had already issued earlier in the year, but selected tranches offered attractive value. The 12 - yea r euro and 3 - year sterling bonds rallied 6bps and 3bps respectively after pricing.
Australian issuance reached A$15.9bn, around 15% above June 2025. Activity was dominated by offshore “kangaroo” issuers rathe r than the major domestic banks. We participated across transactions from Asian and European financial institutions, including DBS, OCBC, Commerzbank and Rabobank, with most deals delivering positive initial performance.
Overall, June demonstrated the ongoing resilience of global credit markets. Record supply was absorbed without significant ma rket disruption, but performance varied across transactions. The portfolio remained focused on selective participation, favouring i ssues offering attractive relative value opportunities.
Page 25
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 23
dVAM Smarter Money Credit PCP Fund
End of March
General Comments • The projected inflation pulse from the conflict in the Middle East has forced investors to rapidly reprice monetary policy projections, with expectations for 2026 Federal Reserve easing erased, and ECB pricing shifting from cuts to hikes. • Benchmark 10 - year government bond yields moved sharply higher across major markets, rising 68bps in UK gilts, 64bps in Italy, 51bps in French OATs, 38bps in US Treasuries, 36bps in Bunds and 24bps in JGBs. Peripheral stress also widened the OAT/Bund spread by 14.4bps and the BTP/Bund spread by 27.5bps. • The sharp increase in government bond yields significantly hurt the performance of long - duration bond indices. The Bloomberg Global Aggregate Corporate Index declined by 2.05% in GBP terms, and 1.99% in USD terms over March. • Credit markets weakened in March, with Europe clearly underperforming. US investment - grade spreads widened only 5bps to 89bps, whereas EUR Agg Corp spreads widened 15bps to 97bps, iTraxx Main moved 15.9bps wider, Xover (a high - yield proxy) blew out 92.5bps, and senior financial spreads widened 18.7bps. • In contrast, Verizon’s hybrid deal appeared weak and moved 15 – 20bps wider after pricing. Semi - government issuers including TCV, QTC, AUSCAP, SAFA and NSWTC also used windows of stability to issue across the 5.5 - to 10 - year part of the curve .
Performance & Outlook • Despite this backdrop, Coolabah successfully monetized primary issuance opportunities. We remained highly selective, participating in NBN’s 10 - year Aa3 senior issue, which drew A$2.25bn of demand for an A$850m print, and NAB’s AAA RMBS transaction, where t he A1 class attracted A$2.7bn of demand for A$1.6bn of issuance. • The strategy invested in 126 different primary bond issues across the AUD, EUR, USD and GBP bond markets, with the majority of this activity being outside AUD. Nearly all of these primary bond trades, where we identified mispricing such that the bon d is is sued with a higher yield/spread than is justified by its fair valuation, were exited profitably, providing the portfolio with capital gains. • The trade - weighted US dollar depreciated by 7 - 8% as a result of de - dollarization diversification and the impact of the Fed’s cuts, although the damage was done in the first half of the year (in the second half, the trade - weighted USD index tracked sideways). • The bulk of returns for the quarter came from senior ranked financial bonds. In addition to purchases of cheaper senior ranke d financial sector securities, the strategy also selectively added a small amount of highly rated liquid RMBS securities over t he q uarter at attractive valuations.
End of June
Commentary • Investors increasingly looked through recurring geopolitical headline volatility in the June quarter, allowing rates and risk assets to rally. • The general trend was of de - escalation, in line with our central case that the guts of the Iran conflict had been concluded by the end of March. While there have been brief moments where tensions threatened to re - intensify, the dominant market narrative sh ifted towards resolution and a belief that the worst case global economic consequences were now “off the table”. • The US economy has remained buoyant, with employment data firm. Combined with the appointment of Kevin Warsh as a more hawkish Fed Chair, this prompted a repricing of US monetary policy expectations, driving a bear - flattening of the US rates curve as inves tors priced a more restrictive policy path. • Elsewhere, upbeat capex guidance from the hyperscalers, and robust earnings from key semiconductor manufacturers, has fuelled optimism around the AI investment cycle. • June typically marks the beginning of the summer lull in issuance, but primary supply was materially stronger than expected i n both the US and Europe, with both markets recording their busiest June on record. In the US, investment - grade supply totalled US$ 206bn, taking year to - date issuance to US$1.24tn, around 32% ahead of last year’s pace. • Financials accounted for 38% of the month’s supply, with deals from more than 16 issuers, including Macquarie, Bank of New Zealand and four Japanese banks, alongside a number of European names. The most notable transactions, however, came from the hyperscalers, with NVIDIA and SpaceX each printing US$25bn of bonds and attracting US$81bn and US$72bn of demand respectively. While both deals initially rallied on the break , they subsequently underperformed broader credit to end the month between 5bps and 30bps wider.
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Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 24
dVAM Smarter Money Credit PCP Fund (continued)
• In Europe, investment - grade supply totalled €90bn, of which €42bn came from Financials. Despite supply exceeding expectations, Financial deals averaged a healthy 2.6 times subscription rate, suggesting investor demand remained robust. Issuers appeared mind ful of investor reluctance to add significant duration, with issuance more concentrated in the front end of the curve than usual.
Performance & Outlook The scale of the unfolding AI investment boom is unprecedented, eclipsing past US investment booms by a large margin. AI investment is currently about 4.5 times higher than its recent trough, based on BIS estimates .
• The only other boom that came close was the creation of the canals in the early 1800s, when investment peaked at about 4 times its corresponding trough. The railway boom of the late 1800s saw investment peak at about 2.5 times its trough, while the booms o f the roaring 1920s and dotcom bubble of the 1990s saw capex peak at about double their respective troughs. • History does not necessarily repeat, but past booms suggest that the expansion of AI probably has another 2 - 3 years before it tops out. Moreover, the peak in AI investment will mechanically be higher because investment in tech is exaggerated by the rapid d epreciation of software and computers. Software – which is driving the current expansion – depreciates in value by almost half after a year, with depreciation of computers running at about one - third, and research and development depreciating at an annual r ate of 15%, all according to Fed calculations. • CCI’s analysis has already shown that the tech sector is driving the US economy at the moment, accounting for about three quarters of recent economic growth. • The tech boom will boost productivity for some time, but the question for markets is whether companies can recoup an adequate return on this massive investment and if equity investors have paid too much for shares. • On the latter, long - term valuation measures – such as the cyclically - adjusted PE ratio – have shown US equities as extremely expensive over recent years, only beaten by the dotcom peak of 1999 - 2000. • Equities are also offering the smallest premium over bonds in recent history, except, again, for the dotcom episode. While th ese valuation measures are not designed to provide a signal on timing the market, they underscore the ongoing risk of a correctio n in risk assets, particularly now that Fed seems likely to raise interest rates and with real bond yields at their highest poi nt since before the global financial crisis.
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Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 25
LAM Alternatives and Real Assets Fund
End of March
The Alternatives & Real Assets fund had its first negative month in over a year, which was painful for a period in which trad itional assets also fell, and where one might have ordinarily hoped for some much - needed diversification. March, however, presented an unusually challenging set of circumstances, in which a sudden geopolitical shock saw an immediate reversal of several macro economic and market trends, coming hot on the heels of a phase in which many real assets had experienced spectacular gains an d w ere ripe for profit taking.
Our Gold Miners and Platinum positions, which had seen the largest gains in the 12 months prior to the Iran conflict, therefo re fell the most, losing in the region of 18%, and our Physical Gold position dropped by 10%. Our active Commodity fund, run by Neu berger Berman, was able to outperform though, and gained over 13%, which helped to offset losses.
It was a mixed bag from our alternative strategies, where our Goldman Sachs trend - following fund lost 5% (being “long” of positively trending assets that suddenly reversed), and our Fulcrum Equity Dispersion fund fell by 6%, giving back the positive retur ns it had harvested in the previous month. On the plus side, our long/short government bond fund managed by Brevan Howard appreciated by 2%, and our Assenagon volatility position was able to hold onto its strong February returns with a further 0.5% gain.
We were not as surprised as some other investors by the decline in gold, after a huge price run and sudden investor interest and optimism. The complaint was that gold should work as a “hedge” against risk, shock and geopolitical uncertainty, which certai nl y has more than an element of truth. However, we often make the point that gold does tend to sell off early in a crisis, as it is a liquid asset and panicked investors are selling what they can, not what they want.
Those clients who were with us in 2008 may remember the peak to trough 30% fall in gold that year (as low as $712), before ri sing 60% over the next three, at which point there was still another 150% to reach where we are today. Counter intuitively, it is m ore usual than not for gold to initially sell off “in sympathy” with markets when crisis hits.
The exacerbating factor in March was that some Middle Eastern and Asian governments needed to raise dollars, either to pay up for energy, replace the proceeds of produced energy that they couldn’t sell, or spend on infrastructure and defence. And in the c a se of the Central Bank of Turkey, to defend their lira they may have sold up to 120 tonnes (!) of gold. They do have form on this f ront, and it usually takes them a couple of years to then steadily buy the gold back. All this helps prove the use case for g old and is a feature not a bug. So, the point being there was significant selling pressure on gold in March. It had something of a silver lining (no pun inte nded) in that the price had become overly extended versus its trend, which is something that does usually revert and allows for con solidation and a healthier subsequent progression. We have previously stated that we would be more comfortable with gold trading around $4,500.
Our suggestion has been that we might look to add if the price comes back below $3,800, which hasn’t happened yet, but we wil l see. The Gold Miners tend to act as a leveraged play on the gold price, so also had a rough month. However, they will start anno uncing their quarterly earnings later in April, starting with Newmont Mining on the 23rd. These should be excellent, given th at for the quarter the gold price was significantly higher than Q1 2025 and Q4 2025, so both quarter on quarter and year on year ea rnings should be very favourable. So, again, any significant dip between now and then might well be a buyable opportunity fro m our point of view.
End of June
June was a tough month, as Precious Metals and Uranium came under strong pressure, having anyway had a difficult run since February. Crypto - currencies were hit too. We don’t hold any but make the observation that these liquidity - sensitive asset classes mov ed somewhat in tandem. There was talk of global liquidity getting sucked into both the real economy and the artificial intelligence trade, and that China had put the brakes on, on its own economy, to slow its requirement for oil.
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Sub Investment Managers’ Report (continued)
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PACIFIC CAPITAL UCITS FUNDS plc 26
LAM Alternatives and Real Assets Fund (continued)
The typical correction in a gold bull market is about 25% over six months, and that is pretty much where we are today. Some c lients have asked whether, given that we were profit taking in gold on the way up, we have been adding during the correction on the way down.
The answer is that we haven’t been, instead we have mentioned in previous editions that we would like to top up in Gold at ar ound $3,800 and then $3,400, should the chance avail itself. At the moment the price seems to want to hold on to $4,000 for the time being, and we are towards the bottom of a typical swing, so perhaps we won’t get the chance, but it is important to keep one’ s discipline with these things.
As our associate the former hedge fund manager Bill Fleckenstein put it “gold is just an orphan again, until it isn’t”. Inves tor sentiment indicators are washed out and there is no interest in gold or the gold producers. This is encouraging, from a contrar ian perspective, and we are into a seasonally better time of year now. We wouldn’t be surprised to see gold outperform both equities and bonds in the second half of the year, but we have enough exposure, beyond any desire to be opportunistic at $3,800 and below.
In June the best performer in this fund was the position in Global Real Estate, which appreciated by 3.1%. UK Infrastructure was up 2.1%. Fulcrum Equity Dispersion had another good month, up 2.1%. The AQR Adaptive Equity Market Neutral fund gained 0.9%, a nd the Goldman Sachs Alternative Trend fund 0.6%. The two other trend funds struggled though, with Winton down 2% and AQR 3.3%. The laggards within the Real Assets were commodities at - 7%, Gold and Uranium & Nuclear Technologies at - 10%, the Gold Producers at - 14%, and Platinum at - 17%.
For the year to date, the Fulcrum fund is up 16%, and Brevan Howard’s Absolute Return Government Bond fund 5%, as is Winton. The only negative from the Alternatives was AQR Alternative Trend at - 4.6%. Within the Real Assets, Neuberger Bermann Commodities a ppreciated by 14%, the Global Property Securities by 4%, and UK Infrastructure by 5%. The key drags were Gold at 16%, Gold Producers at - 24%, and the small Platinum position at - 20%.
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Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 27
LAM Global Equity Fund
End of March
Within our Global Equity fund, while our US Energy Sector ETF produced a strong +12.5% return, directly benefitting from the surge in oil prices, all other underlying holdings fell. The US is a more self - contained economy than most, and its stock market he ld up better, accordingly. Our US small cap ETF fell 2.2%, the S&P 500 tracking position dropped 3.1%, the mid cap exposure 3.6%, a nd the equal - weight market investment 4.2%, which for this month, and under the circumstances was a remarkable result.
The size of market falls meant that even outperforming active funds like Los Angeles Capital Global Equity and JP Morgan UK E quity Plus were still down in absolute terms. Our active UK Small Cap manager Raynar was the laggard, dropping 12.5%, as domestic s tagflationary concerns rose and interest rate expectations reversed from cuts to hikes, both of which have outsized negative impacts on smaller domestically focused companies.
Newsflow and the outlook for the UK economy has not been great, and although assets are attractively valued, international investors are somewhat jittery about the UK and disappear again quite quickly at times of stress and uncertainty. The FTSE 25 0 Mid Cap index is an easy way to express a view on domestic UK, via various derivatives, and it can take a bit of a short - term shellacking, at such times, which exacerbates the issue for mid and small cap investors.
Our Asia including Japan and Emerging Market positions struggled, down between 7 and 12%, as those regions have the highest dependency on the oil and liquid natural gas which transit through the Strait of Hormuz. The Japanese equity market looks qui te inte resting now, given that it is more washed out than most, and given that there is reason to think that the yen might strengthe n significantly from here. We may add, although probably not until we first have some further clarity on the international situ atio n. Interestingly, defensive sectors outperformed in Emerging Markets, but did not do so in Western markets, causing portfolio constructors and hedge fund managers alike sleepless nights, as nothing was working, least of all those investments that shou ld. As w e like to say, at times of extreme stress “correlations can go to one”, which is to say that everything gets sold, initially, often in a rather indiscriminate manner. Differentiation appears later, having previously revealed opportunity.
The equity market rallied right at month end, on “short covering” (speculators buying back their bets against the market) - which for Lockhart clients will be reflected in April pricing - resulting in the best quarter - end day since September 2008 .
End of June
We were pleased with the Global Equity fund returns in June. We have been underweight the expensive mega cap US Technology stocks for a long time, and the so - called Hyperscale’s and Magnificent 7 (Amazon, Microsoft, Alphabet/ Google, Tesla, Apple and Meta), and these continued to underperform the broader US market. Second quarter earnings season is going to be very interesting! Our US Smaller Company position was up 9% on the month, Midcaps 5.1%, and Equal - Weight S&P 500 2.4%. These were all in advance of the passive index returns of 0.6%. Our sector - specific position in healthcare gained 8.3%, and Consumer Staples 2%. The Energy sector position fell 3.6%, on the cessation of hostilities in the Gulf, although is still up 21% for the year to date.
Our global small cap positions also outperformed this month, with Goldmans Sachs up 3.5% and Clarivest up 3.2%. JP Morgan UK Equity Plus outperformed as well, gaining 2.1%. There wasn’t much not to like, although Emerging Markets have run into some volatility after the extraordinary gains from their semiconductor stocks, and so Pacific North of South was d own 0.6%. UK smaller Companies had a soft month too, with Raynar losing 2.5%, although we will see what Burnham and the Autumn budget bring for this space.
For the half year, the standout performers were Pacific North of South in Emerging Markets, up 32%, our US Small Cap ETF up 2 6%, Clarivest Global Small Cap up 21%, the US Healthcare ETF at +21%, and Sumitomo’s High Conviction Japanese Equity fund at +20% . The only negative return was in Japanese Small Cap Value, with a 1.6% fall.
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Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 28
LAM Global Fixed Interest Fund
End of March
The sudden and material jump in inflation expectations caused a sharp selloff in government bond markets, as investors switch ed from expecting interest rate cuts to hikes from major central banks this year. The market for now has focused far more on sho rt term inflation than the subsequent economic impact.
Our ultra short - dated sterling corporate bond fund was able to preserve capital, but all other holdings were soft, with our Emerging Market Bond fund faring the worst and losing 4.3%, partially on currency weakness.
The longer duration passive UK bond holdings, to which we are underweight but still hold some exposure, were also weak, with the high - quality corporate bond fund falling 3% and our Gilt fund declining by 4%. This reflected the UK’s greater sensitivity to e nergy prices relative to other economies, alongside the hawkish messaging from the Bank of England, and the expectation for upcomin g higher policy rates. The political mood music is suggestive of further borrowing and spending, which hasn’t gone unnoticed by bond market investors. The US, on the other hand, is a net exporter of energy, and the Federal Reserve is on balance not expected by analysts to raise rates this year, which helped our US bond holdings to do slightly better, losing between 0.5% and 2%. We run quite a defensive stance in our Global Fixed Interest fund, so although a 1.5% loss is frustrating, especially at a time when risk assets (such as equities) were falling, performance was nevertheless better than the average global bond fund ( - 2.1%) and the average UK gilt fund ( - 3.8%). The fall in bond markets has moved them closer to attractive territory. We have not made a significant asset allocatio n switch towards bonds since the summer of 2007, when 10 - year UK Gilts were yielding 5.5%, and 10 - ye ar US Treasuries very briefly the same. They are starting to move back towards that sort of territory. We think that policy makers will “encourage” financi al institutions to buy more domestic debt, which will ultimately cap the upside for yields, and hence the downside for prices, at least in nominal terms. Hence the risk reward trade off could become interesting in due course.
End of June
The Global Fixed Interest fund saw further volatility and a lack of clear direction in the asset class but again managed to e nd the month in clear positive territory. Different global bond markets had different experiences, but the aggregate result was goo d for the fund, and welcome given that interest rates had gone up in Europe and Japan, and US monetary policy was thought to have chang ed to more of a tightening bias.
Emerging Market debt was the leading performer in June, appreciating by 1.7%. UK bonds did well again, with the government bo nd position up 1% and the investment grade bond position up 0.8%, the same for the short - dated credit fund and the Japanese governm ent bond fund. The only negative was the PIMCO Low Duration Real Return fund that fell 0.2%.
For the half year it was the Emerging Market debt position that did best, gaining 3%, while European Government bonds added 2.2%. The only negative was Japanese Government bonds at - 0.7%. For the second half of the year, much will depend on whether the US Federal Reserve tightens policy or not (and when), and how the gilt market reacts to Any Burnham’s choice of Chancellor and their subsequent budget.
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Sub Investment Managers’ Report (continued)
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PACIFIC CAPITAL UCITS FUNDS plc 29
LAM Multi Asset Stewardship Fund
End of March
It was a similar geographical story for our Stewardship fund, in so far as our UK, Asian and Emerging Market equity holdings all tended to lag, losing between 7 and 11%, while our US equity position fell the least ( - 3.5%), helped by US dollar appreciation, and the fact that the US is relatively better insulated against the disruption to energy markets. ESG and “Sustainable” - screened investments are usually light of energy exposure, often having no oil or gas holdings at all. That was the one sector that wa s needed, for this month anyway, from a performance point of view.
Within the Fixed Interest element, losses ranged from 0.5% to 3.5% (the UK Corporate Bond funds), although again, our ESG ult ra short - dated sterling corporate bond fund was able to preserve capital, as did the Royal London Money Market fund at +0.3%. PIMCO Low Duration Real Return is an important position, and fell 0.9%, which was a decent return in the scheme of things, and high lighting how inflation - linked (“real return”) can be important in fixed interest portfolios, and at times like these.
Overall, Stewardship performed in line with its peers, and with a similar result to our Balanced Growth strategy, which was a s expected.
End of June
The Multi - Asset Stewardship was up 0.8% in June and 7% for the half year.
For once it was the UK and European investments that led in the equity sphere, as investors rotated away from some of the pre vious top performing areas. Our passive exposure in Europe gained 2.5%, and the same in the UK 2.3%. The Janus Henderson UK Respons ible Income fund was up 2.1%. Our Japanese exposure appreciated by 1.7% and the Developed World All Cap Vanguard fund by 1%.
The UK Corporate Bond funds led the Fixed Interest investments for the second month, being up 1% (Rathbone) and 0.8% (BNY Mellon) respectively. Wellington Global Impact gained 0.6%.
For the half year, the iShares MSCI Japan Screened ETF was the top performer, gaining 18%. The Emerging Market position was u p 15%, and the Vanguard ESG - screened Developed World All - Cap was up 13%. Within the Fixed Interest investments, the Ultra Short Dat ed Credit ETF performed best over what was a tough period for this asset class, gaining 2%, just ahead of the Royal London Mo ney Market fund at +1.9% and PIMCO Low Duration real Return at +1.6%.
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Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 30
Pacific North of South Global Emerging Markets Equity Fund
End of March
During the first quarter of 2026 the Fund outperformed the MSCI Emerging Markets Index by 6.3%.
Outperformance was driven by our exposure to Korea, as well as stock selection in China. The underweight to the Indian market , while reduced, has also continued to be a tailwind.
Following the outbreak of the Iran conflict, we have unsurprisingly seen some drag on performance from our remaining exposure in the UAE, as well as interest rate sensitive markets such as South Africa that have seen cost of capital increases.
Over the quarter and during March we have continued to take profits on AI hardware exposure, in particular in Korea. While this still forms a significant portion of the portfolio, with Taiwan and Korea being the greatest recipients of the cash gushing into AI infrastructure, we are mindful of the medium - term risks to that bonanza. We remain relatively cautiously positioned in the Middle East, with below - Index exposure to the region for now.
Raising cash has allowed us to rebuild exposure in smaller markets such as Thailand and Poland where we are finding high qual ity companies at very reasonable valuations. This includes stocks that have historically traded at excessive multiples but have n ow been neglected by investors – especially in the consumer space. Even in the Indian market we see some of the highest quality banks trading near historic low valuations.
In recent years we had been reducing our exposure to oil production as we saw prices increasingly capped by growing North American supply with demand growth finally beginning to fade as electrification of transport progressed. Instead, we have had exposure in the power generation and storage space – in particular in China, which has become an undisputed leader in renewable technology.
Events in the Gulf have forced us to review our mid - term assumptions on hydrocarbon prices. Aside from the obvious immediate supply shock of removing 10 - 15% of global production from the market, the crisis forces an accelerated re - examination of many count ries’ structural dependence on imported fossil fuels. Even if the Strait of Hormuz re - opens without additional tolls and security costs, there will probably be a strategic premium placed on non - Gulf supplies. Damage to Qatari LNG facilities should also kee p global natural gas prices high, as long as the US does not have sufficient export capacity for its surpluses and AI - driven demand continues growing.
Although we have not been willing to aggressively chase oil stocks while they are in the headlines, we have been adding somew hat to Latin American producers. More importantly, we have added to Chinese battery and other electrification - related stocks that a re now globally dominant in this high growth sector. Political noise has meant that their valuations have remained reasonable, g iving us the opportunity to own them.
As we write this, there is a ceasefire of sorts in place, and the Strait of Hormuz remains blockaded. Although the warring pa rties present seemingly irreconcilable demands, both the Iranian and US leaderships are enthusiastic fabulists with tenuous regard for reality. This could allow for an agreement where all sides declare victory, despite contradictory facts, and allow gradual re storation of most energy flows. The rest of the world will likely be sceptical about the durability of such arrangements and co ntinue investing aggressively in alternative sources of energy. Continuous innovation in renewable energy and storage is resolving cost and intermittency issues already. It is hard to imagine a situation where energy supply chains simply go back to ‘normal ’ in the medium term.
On a final note, it is hard to ignore the reputational damage Gulf states have taken from a security perspective, despite hav ing done everything possible to shield themselves from the conflict. In the short - term, economies dependent on tourism and property development will suffer even if the ceasefire turns into some kind of peace. Over the medium - to longer - term, there is a good chance that their undisputable attractions will outweigh the memory of the conflict and there may be opportunities to rebuild exp osure on any extended weakness.
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Sub Investment Managers’ Report (continued)
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PACIFIC CAPITAL UCITS FUNDS plc 31
Pacific North of South Global Emerging Markets Equity Fund (continued)
End of June
During Q2 2026 the Fund outperformed the MSCI Emerging Markets index by 2.8%. The quarter was characterized by a strong equit y recovery after a March correction in response to the war in Iran.
Key drivers of outperformance were technology stocks in Korea and Taiwan although this was entirely driven by stock selection rather than overall exposure to these volatile markets. Our underweight positions in India and Brazil also helped as these ma rkets lagged the broader index. China proved a drag during the quarter as a number of industrial and consumer related stocks that w e own faced profit taking.
Market volatility resulted in another fairly active quarter in terms of repositioning the portfolio. We continued to take profit in AI driven markets such as Korea and Taiwan, leaving us somewhat underweight the broader AI hardware space. We also used a recove ry to further reduce exposure to the UAE as we wait for the economic impact from the Iran war to start feeding into the domestic economy. On the flipside we have been adding to Indian financials and to Chinese consumer and industrial stocks which have undergone a derating due to lack of AI interest.
Every conversation we have with investors starts with the AI space. While AI related hardware stocks account for around 40% o f the MSCI Emerging Market index weight, they account for 90% of its returns due to extreme volatility. This means that directional exposure to the sector risks completely swamping any other active decisions on a portfolio. While we do not shy away from hav ing a view on the future of AI (and most specifically for EM, of AI capital expenditures), we never want to have a single concept or theme dominate our portfolio and relative returns. This has led us to be quite careful in the degree to which we have been underwei ghting some of these “hot” markets as they have rallied.
To quote Scott Fitzgerald, “the test of a first - rate intelligence is the ability to hold two opposed ideas in the mind at the same time and still retain the ability to function.” We are less concerned about rating our intelligence, but we always accept the possibility of outcomes diametrically opposed to our beliefs. With many of our team members having first - hand experience of the enormous misallocation of capital during the dot - com boom, we are naturally sceptical as to the sustainability of the current s plurge. The fact that SpaceX is expected to require US$90bn annually of external financing over the coming years is, in itself enough to give us pause. Losses for SpaceX IPO investors could have a chilling effect on the ability of other AI firms to continue funding their garga ntuan investments. Having said that, there is a stark difference to equity valuations in our markets compared to the turn of the century Nasdaq. Valuations have remained remarkably cautious with P/E multiples on EM memory stocks below 5x expected earnings. Such circumspection offers a degree of support if AI capex plateaus rather than collapsing or indeed, continues apace as sell - side analysts universally expect.
We can express a cautious view on AI by carefully underweighting the segment and its most optimistically priced corners. This still allows for stock picking in that and other areas of the portfolio to generate alpha. There is also the tantalizing possibili ty that a leverage - fuelled AI market washout could lead some high - quality hardware businesses to become deeply undervalued and set up buying opportunities. In any case we believe that active managers with a disciplined but common - sense approach should see the current environment as an opportunity to demonstrate their value add. Investors with passive exposures to the asset class are likely to suffer from concentration risk and changes in momentum.
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PACIFIC CAPITAL UCITS FUNDS plc 32
Pacific Coolabah Credit Alpha Fund
End of March
The Fund’s current (31st March) weighted average running yield is 5.43%, representing an excess yield of 179 bps above SOFR, and the portfolio has a weighted - average credit rating of A.
The Iran conflict remained at the forefront of market attention in April. Fears around the trajectory of the conflict persist ed into the start of the month, but risk rallied as April progressed – first on news of a two - week ceasefire, and subsequently afte r Trump posted that an agreement with Iran had largely been negotiated, including a commitment from Iran to never close the Strait of Hormuz again.
However, with the Strait remaining closed and prospects of a deal fading into month - end, optimism gave way to renewed concerns. Brent crude reached an intra - month low of $86.01/bbl on the initial optimism, before climbing back to close the month at $114.01/bbl. Notably, 6 - month and 1 - year forward oil contracts both rose in the month, as investors priced in a more prolonged closure of the Strait. Elevated oil prices have filtered thr ough to inflation in March, with US and Euro Area inflation rising 0.9% and 1.3% month - on - month respectively.
Indeed, although most G7 central banks held cash rates steady this month, the accompanying rhetoric shifted to a more hawkish tilt. Sovereign 10 - year bond yields rose accordingly: JGBs by 17bps, UK Gilts by 10bps and US Treasuries by a more modest 5bps. Pa rt of the underperformance in UK Gilts was driven by political instability around Starmer’s ability to stay on as Prime Minis ter.
Despite the move higher in oil and yields, equities soared to all - time highs, with the S&P 500 returning 10.5% over the month – its strongest monthly performance since November 2020. Mirroring March’s pattern of four consecutive weekly declines, the index posted four consecutive weekly gains in April. European equities also performed strongly, with the Eurostoxx 50 returning 6.4%. In line with the strength in equities, US and European cash credit also rallied over the month, with investment - grade spreads tightening 11bps and 16bps respectively.
The firm macro backdrop drove elevated US primary issuance, with $201bn of investment - grade supply printed over the month, split roughly evenly between Financials and Corporates according to Bank of America. The standout deal was a $25bn issuance from Meta , which attracted $85bn of demand as hyperscalers continued to tap debt capital markets. We also saw several deals from Financials, including benchmark HoldCo senior transactions from four of the US Big 6. These deals had average one - day performance of 2.3bps.
In contrast to the US, European investment - grade issuance was more modest with €62bn of issuance, of which €25bn came from Financials, according to Barclays – though this marked a pickup from just €8bn of Financials supply in March. Average subscription ra tes across Financials deals reached around 3.9x, reflecting a combination of muted supply over the past two months and elevat ed investor cash balances. The most notable deal from the month was a 6 - year Belfius senior bond, which drew 5x demand and rallied 8bps on the break.
End of June
In June, the GBP Z share class returned 0.32%, outperforming the duration - hedged Bloomberg Corporate index by 0.33% and in line with Sterling cash (0.33%.)
The Fund’s current (30th June) weighted average running yield is 5.40%, representing an excess yield of 178 bps above SOFR. T he portfolio has a weighted - average credit rating of A.
During the month of June, markets continued to recover as geopolitical tensions eased. The US - Iran conflict de - escalated further after President Trump announced that an agreement was “now complete” and authorised an end to the naval blockade. The reopening of the Strait of Hormuz helped Brent crude fall 21% to $72.92 per barrel, leaving oil close to pre - conflict levels and reducing near - term inflation concerns.
Page 35
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 33
Pacific Coolabah Credit Alpha Fund (continued)
Market performance diverged across regions. Resilient US employment data and the appointment of Kevin Warsh as Federal Reserv e Chair led investors to price a more restrictive US policy path. The S&P 500 fell 1% and Bitcoin declined 20%, while the 10 - year U S Treasury yield rose 3bps. By contrast, European and Japanese equities performed well: the Euro Stoxx 50 gained 4.7%, the FTSE 100 rose 1%, and the Nikkei 225 returned 5.7%. European government bonds also outperformed, with Bund and Gilt yields falling 8b ps and 6bps respectively. Investment - grade credit remained resilient, with US and European spreads widening by only 2bps and 1bp respectively.
Primary issuance remained exceptionally strong, defying the normal seasonal slowdown. Both the US and European investment grade markets recorded their busiest June on record, as issuers took advantage of relatively stable credit spreads and contin ued inves tor demand.
US investment - grade issuance reached $206bn, taking year - to - date supply to $1.24tr, approximately 32% ahead of the same point last year. Corporate borrowers accounted for 62% of monthly supply, led by landmark $25bn transactions from NVIDIA and SpaceX .
The Fund participated selectively in the NVIDIA and SpaceX transactions, focusing on shorter / intermediate dated bonds and avoiding the longer maturities. By month - end, several long - dated bonds had widened materially, illustrating the importance of active valuation discipline.
Financial issuance also offered selective opportunities. We participated in transactions from Macquarie and Bank of New Zeala nd.
Bank of New Zealand’s floating - rate bond tightened 6bps overnight, while Macquarie’s Tier 2 transaction offered a modest concession relative to comparable bank capital instruments.
European investment - grade issuance totalled a record €90bn, split relatively evenly between Financials and Corporates. Despite the greater - than - expected supply, Financial deals averaged 2.6 times subscribed, indicating that investor demand remained healthy .
European issuers generally concentrated supply in shorter maturities, reflecting investor caution around adding duration. We participated in attractively priced transactions from Morgan Stanley, DNB and Nationwide, which offered positive new - issue concessi ons and performed well after launch.
NTT was the standout European corporate transaction, issuing across both euro and sterling markets. Overall demand was relati vely subdued because the company had already issued earlier in the year, but selected tranches offered attractive value. The 12 - yea r euro and 3 - year sterling bonds rallied 6bps and 3bps respectively after pricing.
Australian issuance reached A$15.9bn, around 15% above June 2025. Activity was dominated by offshore “kangaroo” issuers rathe r than the major domestic banks. We participated across transactions from Asian and European financial institutions, including DBS, OCBC, Commerzbank and Rabobank, with most deals delivering positive initial performance.
Overall, June demonstrated the ongoing resilience of global credit markets. Record supply was absorbed without significant ma rket disruption, but performance varied across transactions. The portfolio remained focused on selective participation, favouring i ssues offering attractive relative value opportunities.
Page 36
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 34
Pacific MBA Global Infrastructure Fund *
End of March
Market commentary The global listed infrastructure sector weakened over March as the war on Iran and the subsequent impact on global energy pri ces drove a ‘risk off’ attitude in markets. The benchmark index (FTSE Global Core Infrastructure 50/50 Index Net Tax CAD) returne d 4.18%.
Global equities were weaker as measured by MSCI World, down - 7.13% in USD terms.
Global 10 year bond yields spiked higher over the month with the US rate up to 4.31%, driven by higher inflation expectations .
Portfolio commentary The Portfolio currently holds 31 global infrastructure stocks and returned - 5.00% for March which was behind the benchmark. Year to date the Portfolio is up 8.80%, which is ahead of the benchmark that has returned 8.14%.
The European and UK infrastructure holdings were the weakest over the month, which reversed the trend from earlier in the yea r.
We added to the water sector over the month (now up to 15%) and participated in an equity raising for H2O America which was raising money for the acquisition of another water company Quadvest . H2O America ended up being one of the Portfolio’s best performers for the month (up 9%), reflecting the benefit of improved growth and secured funding. Cheniere Energy was up 20% d ue to the better outlook for US LNG exports given the uncertainty of flows from other regions. Amongst the weaker European and UK stocks, the European cell towers were the weakest.
Outlook Despite ongoing geopolitical volatility and no clear timeline for the Iran war, the listed infrastructure sector remains defe nsive and well positioned to keep building assets and earnings for investors. The HALO (Heavy Assets, Low Obsolescence) nature of i nfrastructure makes the companies relatively stable in an environment where the future AI impact on business models across th e economy is creating uncertainty.
Large amounts of capital continue to be invested by infrastructure companies to facilitate mega themes of our time including decarbonisation, digitalisation, water quality and transportation.
End of June
Market commentary The global listed infrastructure sector was stronger over June with the reference benchmark index (FTSE Global Core Infrastru cture 50/50 Index Net Tax USD) returning 1.17% over the month. Global equities were softer as measured by MSCI World, returning 0. 80% in USD terms. US 10 year bond yields were stable with the yield ending the month at 4.42%.
Portfolio commentary The Portfolio currently holds 31 global infrastructure stocks and returned 0.04% (USD) for June which was behind the benchmar k. Year to date the Portfolio is up 9.13% (USD), which is behind the reference benchmark which has returned 10.66%.
The risks that had concerned equity markets over previous months appeared to recede, from the market’s perspective. Most nota bly, the market became progressively more optimistic in relation to prolonged peace prospects in Iran. From an infrastructure persp ective this supported the transport concessions such as airports and toll roads.
Page 37
Sub Investment Managers’ Report (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 35
Pacific MBA Global Infrastructure Fund (continued) *
The UK has also been a market that we have been watching carefully, as the likelihood of Andy Burnham becoming Prime Minister increased. He has made various comments about wanting “stronger public control” over water and energy, although he has not been ex plicitly calling for nationalisation (except in relation to the troubled Thames Water). Our UK water and energy positions wer e moderately stronger over the month, and continue to perform well from an operational and earnings perspective.
Most of the main detractors to performance, relative to the index, were the more economically sensitive stocks that we exclud e from our infrastructure definition and which performed strongly in this more “risk on” environment. Telecommunication towers were also weak, and so our overweight position to this sector detracted.
Outlook Despite ongoing geopolitical volatility, the listed infrastructure sector remains defensive and well positioned to keep build ing assets and earnings for investors. Large amounts of capital continue to be invested by infrastructure companies to facilitate m ega themes of our time including decarbonisation, digitalisation, water quality and transportation.
* Launched on 26 January 2026.
Page 38
S tate ment of C om prehe ns iv e I ncome
For th e s ix mon th s en d e d 30 J u n e 202 6
PACIFIC CAPITAL UCITS FUNDS plc 36
Company Total
Cross - Investment Eliminations
Pacific Multi - Asset Accumulator Conservative Fund
Pacific Multi - Asset Accumulator Core Fund
Pacific Multi - Asset Accumulator Defensive Fund ^ Note USD USD GBP GBP GBP
Income Dividend income 124,765,572 – 986,566 5,104,351 38,962 Interest income 50,040,435 – 164,672 794,098 21,179 Expense reimbursement 9 1,008,9 98 – 295 4,309 52,548 Net gain /(loss) on investment activities 1,491,999,717 (27,774,347) 6,390,586 50,492,877 178,172 Other income 1,271,772 – 40,847 235,965 11,601 Total income /(expense) 1,669,086,4 94 (27,774,347) 7,582,966 56,631,600 302,462
Expenses Investment management fees 9 (39,297,114) – (607,891) (3,384,121) (24,374)
Manager Fees 9 (158,075) – (4,192) (10,607) (327) Depository fees (1,233,385) – (5,899) (38,707) (1,494) Trustee fees (707,161) – (7,784) (43,224) (16,291) Administration fees (1,195,413) – (20,130) (80,495) (18,730)
Audit fees (126,344) – (2,049) (5,184) (12,660)
Registration, reporting and compliance fees (140,065) – (3,753) (9,833) (1,432)
Transfer agency fees (369,929) – (15,501) (25,572) Distribution fees (2,048,171) – (12,294) (98,990) (337)
Directors’ fees 9 (45,594) – (1,343) (3,399) (105)
Establishment costs (645) – – – Research costs (288,201) – (2,023) (9,850) Transaction costs (8,801,5 30 ) – (2,697) (21,209) (697)
Other expenses (7,150,7 4 1 ) – (25,814) (53,608) (55,410)
Total operating expenses (61,562,3 6 8) – (711,370) (3,784,799) (131,857)
Finance costs Interest expense (3,641,102) – – – Dividends paid (25,664,970) – – – Profit /(loss) for financial period before taxation 1,578,218,05 4 (27,774,347) 6,871,596 52,846,801 170,605
Taxation Withholding tax (12,621,354) – (1,547) (6,529) (117)
Capital gains tax 392,864 – – – –
Increase /(decrease) in net assets attributable to redeemable participating shareholders resulting from operation s 1,565,989,56 4 (27,774,347) 6,870,049 52,840,272 170,488
^ Closed on 27 May 2026. All activities arose from continuing operations with the exception of Pacific Multi - Asset Accumulator – Defensive Fund which closed on 27 May 202 6 . There are no other gains and losses other than those noted above. The accompanying notes form an integral part of these financial statements.
Page 39
Statement of Comprehensive Income (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 37
Pacific Multi - Asset Accumulator Plus Fund
Pacific North of South EM All Cap Equity Fund
dVAM Global Equity Income PCP Fund
dVAM Balanced Active PCP Fund
dVAM Growth Active PCP Fund
Note GBP USD USD GBP GBP Income Dividend income 2,783,549 53,908,782 10,728,197 498,444 400,093
Interest income 348,944 2,074,984 23,383 74,085 69,808 Expense reimbursement 9 6,345 196,790 – – Net gain on investment activities 42,838,625 918,227,655 36,569,631 13,884,547 12,014,176 Other income 152,860 792 – 171,728 60,146
Total income 46,130,323 974,409,003 47,321,211 14,628,804 12,544,223
Expenses Investment management fees 9 (2,069,983) (13,273,814) (3,187,570) (685,066) (460,978)
Manager Fees 9 (3,251) (26,671) (16,499) (8,605) (3,033) Depository fees (22,118) (595,068) (24,795) (16,589) (11,059) Trustee fees (27,239) (215,634) (40,336) (12,242) (8,484) Administration fees (52,072) (356,693) (72,007) (24,474) (18,330) Audit fees (6,589) (13,036) (8,065) (4,206) (1,483) Registration, reporting and compliance fees (7,008) (25,282) (17,460) (4,610) (3,695) Transfer agency fees (15,283) (60,318) (38,303) (15,124) (11,686) Distribution fees (123,781) (15,442) (612,811) (245,290) (210,129)
Directors’ fees 9 (1,043) (8,549) (5,057) (2,648) (934)
Establishment costs – – – – Research costs (6,480) (67,245) – – Transaction costs (19,016) (5,648,019) (135,707) – Other expenses (39,790) (3,081,027) (142,774) (112,990) (128,815)
Total operating expenses (2,393,653) (23,386,798) (4,301,384) (1,131,844) (858,626)
Finance costs Interest expense – (1,193,622) – – Dividends paid – (14,083,818) (5,250,159) – Profit for financial period before taxation 43,736,670 935,744,765 37,769,668 13,496,960 11,685,597
Taxation Withholding tax (5,860) (6,200,713) (2,035,235) – Capital gains tax – 330,425 – – –
Increase in net assets attributable to redeemable participating shareholders resulting from operation s 43,730,810 929,874,477 35,734,433 13,496,960 11,685,597
All activities arose from continuing operations with the exception of Pacific Multi - Asset Accumulator – Defensive Fund which closed on 27 May 2026. There are no other gains and losses other than those noted above. The accompanying notes form an integral part of these financial statements.
Page 40
Statement of Comprehensive Income (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 38
dVAM Cautious Active PCP Fund
Pacific G10 Macro Rates Fund
dVAM Diversified Liquid Alternatives PCP Fund
dVAM Global Equity Focus Strategy PCP Fund
Pacific Multi - Asset Sustainable Core Fund #
Note GBP USD GBP USD GBP Income Dividend income 110,391 – 465,812 2,106,825 464,312 Interest income 24,067 44,490,372 38,621 31,725 16,207 Expense reimbursement 9 11,646 209,427 92,941 – 11,726 Net gain /(loss) on investment activities 2,972,997 (47,979,885) 4,036,447 74,453,194 3,392,113 Other income 81,283 – 22,173 10,908 283 Total income /(expense) 3,200,384 (3,280,086) 4,655,994 76,602,652 3,884,641
Expenses Investment management fees 9 (184,164) (631,166) (343,436) (2,093,988) (181,797)
Manager Fees 9 (3,615) (6,816) (1,750) (7,201) (563)
Depository fees (8,110) (43,712) (8,110) (27,273) (2,212)
Trustee fees (5,261) (20,612) (5,320) (25,082) (5,260)
Administration fees (9,677) (35,315) (10,074) (45,623) (8,728)
Audit fees (1,766) (7,331) (5,106) (3,520) (275)
Registration, reporting and compliance fees (2,631) (6,207) (2,546) (8,127) (1,871)
Transfer agency fees (10,568) (21,272) (8,632) (22,020) (6,810)
Distribution fees (31,059) (933) (22,387) (311,564) (3,905) Directors’ fees 9 (1,113) (2,176) (562) (2,216) (173) Establishment costs – – – – Research costs – (5,810) – – (187)
Transaction costs – – (21,610) (479,219) (135) Other expenses (24,343) (595,475) (109,856) (322,216) (25,300)
Total operating expenses (282,307) (1,376,825) (539,389) (3,348,049) (237,216)
Finance costs
Interest expense – (2,048,405) – – Dividends paid – – – – Profit /(loss) for financial period before taxation 2,918,077 (6,705,316) 4,116,605 73,254,603 3,647,425
Taxation Withholding tax – (8,612) (15,003) (330,820) Capital gains tax – – – – # Pacific MA Sustainable – Balanced Fund changed name to Pacific Multi - Asset Sustainable – Core Fund effective 29 May 2026. All activities arose from continuing operations with the exception of Pacific Multi - Asset Accumulator – Defensive Fund which closed on 27 May 2026. There are no other gains and losses other than those noted above. The accompanying notes form an integral part of these financial statements.
Page 41
Statement of Comprehensive Income (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 39
Pacific Global All Cap Opportunities Fund
Pacific North of South EM Equity Income Opportunities Fund
Pacific North American Opportunities Fund
Pacific Coolabah Global Active Credit Fund
dVAM Smarter Money Credit PCP Fund Note USD USD USD USD USD Income Dividend income 3,031,408 7,185,453 200,911 – Interest income 24,503 128,588 22,996 502,395 282,246 Expense reimbursement 9 18,778 416 153,513 68,692 Net (loss) /gain on investment activities (8,473,284) 35,875,170 12,180,164 2,951,128 2,615,498 Other income 196 90 83,235 12,050 12,676
Total (expense) / income (5,398,399) 43,189,717 12,640,819 3,534,265 2,910,420
Expenses Investment management fees 9 (606,625) (1,146,631) (249,829) (477,050) (713,236)
Manager Fees 9 (963) (836) (1,550) (1,550) (292) Depository fees (12,397) (52,068) (7,191) (14,877) (24,795)
Trustee fees (9,379) (16,124) (7,119) (25,436) (9,491)
Administration fees (18,271) (26,472) (7,534) (41,725) (15,553)
Audit fees (470) (408) (684) (684) (3,831)
Registration, reporting and compliance fees (3,047) (1,971) (3,035) (878) (399)
Transfer agency fees (12,197) (4,889) (3,461) (5,086) (9,862)
Distribution fees (53,716) (241) – (4,335) Directors’ fees 9 (346) (268) (568) (568) (73)
Establishment costs – – – – Research costs (44,867) (3,475) (124,755) – Transaction costs (226,283) (716,134) (40,072) – Other expenses (170,844) (399,210) (12,553) (32,147) (51,278)
Total operating expenses (1,159,405) (2,368,727) (458,351) (604,336) (828,810)
Finance costs
Interest expense – (86,422) – (30,827) (1,169)
Dividends paid (231) (2,383,960) – (3,301,089) ( L oss) /p rofit for financial period before taxation (6,558,035) 38,350,608 12,182,468 (401,987) 2,080,441
Taxation Withholding tax (119,207) (757,395) (45,248) (1,614) (1,071) Capital gains tax – 1,942 – – –
( D ecrease) / Increase in net assets attributable to redeemable participating shareholders resulting from operation s (6,677,242) 37,595,155 12,137,220 (403,601) 2,079,370
All activities arose from continuing operations with the exception of Pacific Multi - Asset Accumulator – Defensive Fund which closed on 27 May 2026. There are no other gains and losses other than those noted above. The accompanying notes form an integral part of these financial statements.
Page 42
Statement of Comprehensive Income (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 40
LAM Alternatives and Real Assets Fund
LAM Global Equity Fund
LAM Global Fixed Interest Fund
LAM Multi Asset Stewardship Fund
Pacific North of
South Global Emerging Markets Equity Fund Note GBP GBP GBP GBP USD Income Dividend income 1,224,535 1,645,317 3,008,956 663,281 10,841,875 Interest income 5,185 6,820 3,229 4,523 209,830 Expense reimbursement 9 – – 23 7,850 59,772 Net gain/(loss) on investment activities 2,857,627 43,267,787 (1,051,654) 3,840,789 202,060,340 Other income 20,041 44,658 11 3 136 Total income 4,107,388 44,964,5 82 1,960,565 4,516,446 213,171,953
Expenses Investment management fees 9 (245,333) (348,322) (111,852) (61,059) (2,706,301)
Manager Fees 9 (6,833) (8,029) (3,417) (4,100) (329) Depository fees (16,589) (16,589) (8,294) (8,294) (99,179) Trustee fees (16,854) (23,861) (7,672) (5,289) (43,781) Administration fees (27,594) (39,128) (12,565) (6,897) (72,044) Audit fees (3,553) (3,553) (3,553) (3,553) (3,978) Registration, reporting and compliance fees (3,326) (4,286) (1,770) (1,589) (514) Transfer agency fees (5,574) (6,768) (3,023) (3,932) (5,755) Distribution fees – – – – (28,861) Directors’ fees 9 (1,747) (2,053) (874) (1,048) (81) Establishment costs – – – – (645)
Research costs (3,713) (4,856) (1,864) (1,648) (476)
Transaction costs – – – (3) (1,343,666)
Other expenses (9,572) (10,285) (6,78 6 ) (7,264) (694,587)
Total operating expenses (340,688) (467,7 30 ) (161,670) (104,676) (5,000,197)
Finance costs Interest expense – – – – (279,872) Dividends paid (32,171) (36,344) (36,949) (1,303) (502,147)
Profit for financial period before taxation 3,734,529 44,460,508 1,761,946 4,410,467 207,389,737
Taxation Withholding tax (47,049) – – – (1,165,554)
Capital gains tax – – – – 60,497
Increase in net assets attributable to redeemable participating shareholders resulting from operation s 3,687,480 44,460,508 1,761,946 4,410,467 206,284,680
All activities arose from continuing operations with the exception of Pacific Multi - Asset Accumulator – Defensive Fund which closed on 27 May 2026. There are no other gains and losses other than those noted above. The accompanying notes form an integral part of these financial statements.
Page 43
Statement of Comprehensive Income (continued)
For the six months ended 30 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 41
Pacific Coolabah Credit Alpha Fund
Pacific Multi - Asset Accumulator – Equity Focus Fund
Pacific MBA Global Infrastructure Fund *
Pacific Efficient Diversification Fund ** Note USD GBP USD USD
Income Dividend income – 229,364 13,063,807 Interest income 125,395 3,795 5,855 Expense reimbursement 9 49,158 – – 81 Net gain/(loss) on investment activities 710,181 4,128,730 36,138,818 (24,389)
Other income 3,297 12,227 281 Total income/(expense) 888,031 4,374,116 49,208,761 (24,308)
Expenses Investment management fees 9 (21,111) (173,020) (2,247,274) (2)
Manager Fees 9 (1,398) (655) (14,666) Depository fees (19,836) (3,687) (86,576) (49)
Trustee fees (7,058) (5,225) (31,611) (3) Administration fees (5,249) (3,572) (51,863) (8) Audit fees (4,975) (3,068) (3,242) (15) Registration, reporting and compliance fees (1,086) (333) (6,545) (52) Transfer agency fees (3,092) (925) (9,673) (4) Distribution fees (14,226) – – Directors’ fees 9 (228) (107) (2,404) Establishment costs – – – Research costs – (296) – Transaction costs – (2,622) (121,007) Other expenses (10,968) (9,937) (804,259) (19)
Total operating expenses (89,227) (203,447) (3,379,120) (152)
Finance costs Interest expense (785) – – Dividends paid – – – Profit/(loss) for financial period before taxation 798,019 4,170,669 45,829,641 (24,460)
Taxation Withholding tax (446) – (1,853,103) Capital gain tax – – – –
Increase/(decrease) in net assets attributable to redeemable participating shareholders resulting from operation s 797,573 4,170,669 43,976,538 (24,460)
* Launched on 26 January 2026. ** Launched on 11 June 2026. All activities arose from continuing operations with the exception of Pacific Multi - Asset Accumulator – Defensive Fund which closed on 27 May 2026. There are no other gains and losses other than those noted above. The accompanying notes form an integral part of these financial statements.
Page 44
Statement of Comprehensive Income (continued)
For the six months ended 3 0 June 202 5
PACIFIC CAPITAL UCITS FUNDS plc 42
Company Total
Cross - Investment Eliminations
Pacific Multi - Asset Accumulator Conservative Fund
Pacific Multi - Asset Accumulator Core Fund
Pacific Multi - Asset Accumulator Defensive Fund
Note USD USD GBP GBP GBP Income Dividend income 91,308,223 – 753,815 3,769,625 87,444 Interest income 33,273,795 – 226,653 1,074,375 30,291 Expense reimbursement 9 717,822 – 421 3,925 25,457 Net gain/(loss) on investment activities 463,296,299 (659,392) 2,266,306 8,105,834 (443,973)
Other income 838,787 – 33,714 177,190 3,104 Total income/(expense) 589,434,926 (659,392) 3,280,909 13,130,949 (297,677)
Expenses Investment management fees 9 (24,325,129) – (493,270) (2,444,053) (50,119)
Manager Fees 9 (136,339) – (4,192) (10,607) (402) Depository fees (590,383) – (6,117) (17,204) (2,022)
Trustee fees (463,314) – (6,594) (32,600) (5,735)
Administration fees (765,462) – (18,196) (62,100) (4,137)
Audit fees (77,163) – (2,049) (5,184) (197)
Registration, reporting and compliance fees (146,411) – (5,897) (11,666) (2,004)
Transfer agency fees (349,926) – (16,779) (25,553) (6,643)
Distribution fees (1,785,713) – (12,840) (81,297) (379) Directors’ fees 9 (42,023) – (1,343) (3,399) (129)
Establishment costs (240,70 3 ) – – – Research costs (312,762) – (4,828) (16,934) (836)
Transaction costs (3,211,845) – (45,585) (341,396) (3,062) Other expenses (2,602,37 0 ) – (33,946) (125,020) (15,890)
Total operating expenses (35,049,543) – (651,636) (3,177,013) (91,555)
Finance costs Interest expense (2,298,005) – – – Dividends paid (15,926,344) – – – Profit/(loss) for financial period before taxation 536,161,034 (659,392) 2,629,273 9,953,936 (389,232)
Taxation Withholding tax (8,734,418) – – – Capital gains tax (2,574,256) – – – –
Increase/(decrease) in net assets attributable to redeemable participating shareholders resulting from operation s 524,852,360 (659,392) 2,629,273 9,953,936 (389,232)
All activities arose from continuing operations. There are no other gains and losses other than those noted above. The accompanying notes form an integral part of these financial statements.
Page 45
Statement of Comprehensive Income (continued)
For the six months ended 3 0 June 202 5
PACIFIC CAPITAL UCITS FUNDS plc 43
Pacific Multi - Asset Accumulator Plus Fund
Pacific North of South EM All Cap Equity Fund
dVAM Global Equity Income PCP Fund
dVAM Balanced Active PCP Fund
dVAM Growth Active PCP Fund
Note GBP USD USD GBP GBP Income Dividend income 2,518,609 55,099,480 8,916,596 466,091 336,971 Interest income 567,171 1,846,450 88,768 102,559 81,243 Expense reimbursement 9 1,761 123,801 – 24,642 17,714 Net gain/(loss) on investment activities 3,679,498 293,653,467 48,101,629 1,289,041 (2,152,980) Other income 129,329 98,875 – 28,763 15,879 Total income/(expense) 6,896,368 350,822,073 57,106,993 1,911,096 (1,701,173)
Expenses Investment management fees 9 (1,549,558) (8,589,496) (2,957,154) (632,536) (407,040)
Manager Fees 9 (3,251) (26,671) (15,477) (8,360) (2,947)
Depository fees (10,322) (223,151) (24,795) (17,204) (11,470)
Trustee fees (21,312) (146,052) (38,910) (11,771) (7,817) Administration fees (41,745) (236,659) (68,207) (23,422) (17,095) Audit fees (1,589) (13,036) (7,565) (4,087) (1,441) Registration, reporting and compliance fees (5,082) (25,282) (17,460) (8,899) (4,375) Transfer agency fees (15,299) (51,686) (38,886) (15,928) (12,502) Distribution fees (96,137) (5,647) (571,520) (238,320) (192,611) Directors’ fees 9 (1,043) (8,549) (5,057) (2,648) (934) Establishment costs – – – – Research costs (7,409) (112,227) – – Transaction costs (285,256) (1,369,991) (114,529) – Other expenses (110,558) (810,403) (133,772) (108,159) (117,326)
Total operating expenses (2,148,561) (11,618,850) (3,993,332) (1,071,334) (775,558)
Finance costs Interest expense – (265,907) – – Dividends paid – (9,549,065) (4,705,440) – Profit/(loss) for financial period before taxation 4,747,807 329,388,251 48,408,221 839,762 (2,476,731)
Taxation Withholding tax – (5,736,919) (1,921,179) – Capital gains tax – (2,487,239) – – –
Increase/(decrease) in net assets attributable to redeemable participating shareholders resulting from operation s 4,747,807 321,164,093 46,487,042 839,762 (2,476,731)
All activities arose from continuing operations. There are no other gains and losses other than those noted above. The accompanying notes form an integral part of these financial statements.
Page 46
Statement of Comprehensive Income (continued)
For the six months ended 3 0 June 202 5
PACIFIC CAPITAL UCITS FUNDS plc 44
dVAM Cautious Active PCP Fund
Pacific G10 Macro Rates Fund
dVAM Diversified Liquid Alternatives PCP Fund
dVAM Global Equity Focus Strategy PCP Fund
Pacific Multi - Asset Sustainable Core Fund #
Note GBP USD GBP USD GBP
Income Dividend income 104,656 – 522,617 2,231,433 60,996 Interest income 46,540 28,253,341 31,389 42,798 14,814 Expense reimbursement 9 26,887 68,362 94,567 – 39,596 Net gain/(loss) on investment activities 316,369 9,913,526 1,009,462 30,391,282 (14,055)
Other income 9,323 – 17,055 6 1,556
Total income 503,775 38,235,229 1,675,090 32,665,519 102,907
Expenses Investment management fees 9 (185,229) (661,059) (296,256) (1,672,763) (41,832)
Manager Fees 9 (3,512) (6,580) (1,700) (6,755) (547) Depository fees (8,411) (17,356) (19,116) (19,836) (2,904) Trustee fees (5,735) (18,674) (5,735) (20,910) (5,735) Administration fees (9,958) (31,367) (9,366) (37,918) (4,712)
Audit fees (1,716) (3,216) (831) (3,302) (267)
Registration, reporting and compliance fees (4,846) (7,349) (3,180) (7,925) (2,255)
Transfer agency fees (11,553) (21,632) (9,388) (22,154) (7,456)
Distribution fees (34,359) (36) (21,672) (267,669) (5,953)
Directors’ fees 9 (1,113) (2,176) (546) (2,139) (173)
Establishment costs – – – – Research costs – (3,781) – – (1,048)
Transaction costs – – (637) (250,744) Other expenses (24,431) (318,998) (25,419) (149,942) (15,209)
Total operating expenses (290,863) (1,092,224) (393,846) (2,462,057) (88,091)
Finance costs Interest expense – (2,010,889) – – Dividends paid – – – – Profit for financial period before taxation 212,912 35,132,116 1,281,244 30,203,462 14,816
Taxation Withholding tax – – (17,753) (342,758) Capital gains tax – – – – Increase in net assets attributable to redeemable participating shareholders resulting from operation s 212,912 35,132,116 1,263,491 29,860,704 14,816 # Pacific MA Sustainable – Balanced Fund changed name to Pacific Multi - Asset Sustainable – Core Fund effective 29 May 2026. All activities arose from continuing operations. There are no other gains and losses other than those noted above. The accompanying notes form an integral part of these financial statements .
Page 47
Statement of Comprehensive Income (continued)
For the six months ended 3 0 June 202 5
PACIFIC CAPITAL UCITS FUNDS plc 45
Pacific Global All Cap Opportunities Fund*
Pacific North of South EM Equity Income Opportunities Fund
Pacific North American Opportunities Fund
Pacific Coolabah Global Active Credit Fund
dVAM Smarter Money Credit PCP Fund Note USD USD USD USD USD Income Dividend income 529,014 4,160,722 557,182 – Interest income 12,733 68,751 32,830 31,657 21,813 Expense reimbursement 9 99,332 – 79,765 15,391 Net gain/(loss) on investment activities 7,931,120 16,584,003 (8,582,959) 3,288,894 6,134,108 Other income 94 227 73,485 6,548 879 Total income/(expense) 8,572,293 20,813,703 (7,839,697) 3,342,490 6,156,800
Expenses Investment management fees 9 (188,324) (506,958) (434,724) (71,344) (271,456)
Manager Fees 9 (963) (836) (1,454) (1,454) (274)
Depository fees (12,397) (52,356) (3,719) (18,500) (24,021)
Trustee fees (7,439) (7,589) (9,006) (7,439) (7,439)
Administration fees (9,265) (11,926) (13,373) (2,851) (5,981)
Audit fees (470) (408) (642) (642) (3,594)
Registration, reporting and compliance fees (2,962) (1,971) (1,509) (1,509) (393)
Transfer agency fees (12,681) (4,263) (3,367) (3,863) (8,167)
Distribution fees (47,921) (67) – – Directors’ fees 9 (334) (268) (548) (548) (70) Establishment costs – – – (6,948) (8,348) Research costs (100,980) (2,382) (52,336) – Transaction costs (103,223) (139,310) (44,672) – Other expenses (70,058) (100,819) (55,140) (11,321) (10,177)
Total operating expenses (557,017) (829,153) (620,490) (126,419) (339,920)
Finance costs
Interest expense – (12,421) – (1,475) (7,313)
Dividends paid (78) (1,608,182) (27,811) – Profit/(loss) for financial period before taxation 8,015,198 18,363,947 (8,487,998) 3,214,596 5,809,567
Taxation Withholding tax (41,601) (402,157) (76,976) – Capital gains tax – (77,870) – – Increase/ ( decrease ) in net assets attributable to redeemable participating shareholders resulting from operation s 7,973,597 17,883,920 (8,564,974) 3,214,596 5,809,567
*On 21 February 2025, the Pacific Longevity and Social Change Fund changed fund name to Pacific Global All Cap Opportunities Fund . All activities arose from continuing operations. There are no other gains and losses other than those noted above. The accompanying notes form an integral part of these financial statement s.
Page 48
Statement of Comprehensive Income (continued)
For the six months ended 3 0 June 202 5
PACIFIC CAPITAL UCITS FUNDS plc 46
LAM Alternatives and Real Assets Fund
LAM Global Equity Fund
LAM Global Fixed Interest Fund
LAM Multi Asset Stewardship Fund
Pacific North of South Global Emerging Markets Equity Fund (1) Note GBP GBP GBP GBP USD Income Dividend income 1,389,524 1,319,676 1,890,639 811,919 1,484,927 Interest income 6,258 10,529 2,499 1,905 6,020 Expense reimbursement 9 – – – – 24,261 Net gain on investment activities 13,157,176 6,166,953 1,467,078 989,833 9,732,181 Other income 12,388 75,943 1 2 43 Total income 14,565,346 7,573,101 3,360,217 1,803,659 11,247,432
Expenses Investment management fees 9 (198,268) (251,104) (99,023) (81,360) (181,820) Performance Fees (6,833) (8,029) (3,417) (4,100) (252)
Manager Fees 9 (17,204) (17,204) (8,602) (9,102) (2,400)
Depository fees (14,159) (17,925) (7,072) (5,842) (6,502)
Administration fees (22,655) (28,680) (11,315) (9,306) (4,802)
Audit fees (3,553) (3,553) (3,553) (3,553) (3,048)
Registration, reporting and compliance fees (3,865) (4,506) (2,039) (2,403) (353)
Transfer agency fees (4,768) (5,503) (2,672) (4,285) (2,546)
Distribution fees – – – – Directors’ fees 9 (1,747) (2,053) (874) (1,048) (64)
Establishment costs (15,648) (15,648) (15,648) (15,648) (143,652)
Research costs – – – – (493)
Transaction costs 1 (1) 1 – (306,493) Other expenses (9,113) (9,949) (7,011) (7,595) (145,468)
Total operating expenses (297,812) (364,155) (161,225) (144,242) (797,893)
Finance costs
Interest expense – – – – Dividends paid (8,531) (7,967) (10,846) (40) Profit for financial period before taxation 14,259,003 7,200,979 3,188,146 1,659,377 10,449,539
Taxation Withholding tax – – – – (189,640) Capital gain tax – – – – (9,147)
Increase in net assets attributable to redeemable participating shareholders resulting from operation s 14,259,003 7,200,979 3,188,146 1,659,377 10,250,752 (1) Launched on 4 February 2025. All activities arose from continuing operations. There are no other gains and losses other than those noted above. The accompanying notes form an integral part of these financi al statements.
Page 49
Statement of Financial Position
As at 3 0 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 47
Company Total
Cross - Investment Eliminations
Pacific Multi - Asset Accumulator Conservative Fund
Pacific Multi - Asset Accumulator Core Fund
Pacific Multi - Asset Accumulator Defensive Fund ^ Note USD USD GBP GBP GBP Current Assets Financial assets at fair value through profit or loss: 7 Investments at fair value 11,104,561,195 (232,968,489) 123,709,474 700,207,433 Unrealised gain on forward foreign exchange contracts 15,569,590 – 222,296 1,091,232 Unrealised gain on futures 2,716,787 – 40,594 177,024 Unrealised gain on FX options 22,797,411 – – – Unrealised gain on contracts for difference 2,555,532 – – – Unrealised gain on swaps 53,462,246 – – – Unrealised gain on swaptions 16,755,636 – – – 11,218,418,397 (232,968,489) 123,972,364 701,475,689 Cash at bank and cash equivalents 333,696,490 – 9,728,443 65,569,729 33,179 Fund Asset Cash 58,816 – – – Receivables: Receivable for investments sold 250,364,793 – 78,436 96,928 Receivable for Fund shares sold 38,098,152 – 1,545,784 5,933,242 Dividend income receivable 14,963,626 – 144,403 583,816 1,030 Receivable for expense cap reimbursement 9 3,068,879 – 214,148 1,027,276 81,235 Reverse Repurchase Agreement Receivable 100,318,125 – – – Margin owed from broker 116,240,009 – 4,559,051 25,163,120 Collateral receivable from broker 249,207,346 – 2,364,769 11,376,511 Interest receivable 40,576,729 – 34,738 80,072 Other receivable 4,581,766 – 7,089 46,255 50,435 Total Current Assets 12,369,593,128 (232,968,489) 142,649,225 811,352,638 165,879 Current Liabilities Financial liabilities at fair value through profit or loss: 7 Unrealised loss on forward foreign exchange contracts (16,086,045) – (294,631) (1,455,278) Unrealised loss on futures (16,541,037) – (71,602) (324,283) Unrealised loss on FX options (11,835,581) – – – Unrealised loss on contracts for difference (526,755) – – – Unrealised loss on swaps (54,396,508) – – – Unrealised loss on swaptions (15,262,894) – – – Bank overdraft (859,482) – – – (59,574) Payable for investments purchased (98,115,785) – (157,049) (422,551) (1,030) Payable for Fund shares redeemed (209,291,895) – (340,700) (556,147) Payables – amounts falling due within one year (33,961,573) – (241,802) (768,190) (105,171) Repurchase agreement payable (215,817,707) – – – Margin due to broker (1,978,512) – (112,067) (472,853) Collateral payable to broker (138) – – – (104) Interest payable (9,366,812) – – – Total Current Liabilities (684,040,724) – (1,217,851) (3,999,302) (165,879) Net assets attributable to holders of redeemable participating shares 11,685,552,404 (232,968,489) 141,431,374 807,353,336 ^ Closed on 27 May 2026. The accompanying notes form an integral part of these financial statements .
Page 50
Statement of Financial Position (continued)
As at 30 June 2026
PACIFIC CAPITAL UCITS FUNDS plc 48
Pacific Multi - Asset Accumulator Plus Fund
Pacific North of South EM All Cap Equity Fund
dVAM Global Equity Income PCP Fund
dVAM Balanced Active PCP Fund
dVAM Growth Active PCP Fund Note GBP USD USD GBP GBP Current Assets Financial assets at fair value through profit or loss: 7 Investments at fair value 442,616,526 3,581,803,411 677,891,495 204,309,504 144,741,319 Unrealised gain on forward foreign exchange contracts 711,172 – – 157,254 272,496 Unrealised gain on futures 80,660 – – – Unrealised gain on FX options – – – – Unrealised gain on contracts for difference – 2,069,210 – – Unrealised gain on swaps – – – – Unrealised gain on swaptions – – – – 443,408,358 3,583,872,621 677,891,495 204,466,758 145,013,815 Cash at bank and cash equivalents 54,960,584 43,697,755 7,506,495 4,826,317 4,221,604 Fund Asset Cash – – – – Receivables: Receivable for investments sold 137,904 188,908,717 4,355,850 115,093 76,967 Receivable for Fund shares sold 2,082,052 5,859,910 616,525 101,687 307,113 Dividend income receivable 284,750 5,151,596 452,699 195,770 155,320 Receivable for expense cap reimbursement 9 624,440 34,740 – – Reverse Repurchase Agreement Receivable – – – – Margin owed from broker 9,127,145 – – – Collateral receivable from broker 4,603,038 74,330,890 – 1,844,690 2,373,112 Interest receivable – – – – Other receivable 76,331 1,258,077 – – Total Current Assets 515,304,602 3,903,114,306 690,823,064 211,550,315 152,147,931
Current Liabilities Financial liabilities at fair value through profit or loss: 7 Unrealised loss on forward foreign exchange contracts (611,871) (18,979) (48) (194,524) (119,143) Unrealised loss on futures (145,252) – – – Unrealised loss on FX options – – – – Unrealised loss on contracts for difference – – – – Unrealised loss on swaps – – – – Unrealised loss on swaptions – – – – Bank overdraft – – – – Payable for investments purchased (137,799) (21,857,915) (2,295,144) (297,436) (219,164) Payable for Fund shares redeemed (180,790) (203,004,836) (635,655) (152,840) (137,926) Payables – amounts falling due within one year (413,612) (3,475,087) (536,442) (932,242) (725,408) Repurchase agreement payable – – – – Margin due to broker (622,078) – – – Collateral payable to broker – – – – Interest payable – (153,153) – – Total Current Liabilities (2,111,402) (228,509,970) (3,467,289) (1,577,042) (1,201,641) Net assets attributable to holders of redeemable participating shares 513,193,200 3,674,604,336 687,355,775 209,973,273 150,946,290 Th The accompanying notes form an integral part of these financial statements.
Page 51
Statement of Financial Position (continued)
As at 3 0 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 49
dVAM Cautious Active PCP Fund
Pacific G10 Macro Rates Fund
dVAM Diversified Liquid Alternatives PCP Fund
dVAM Global Equity Focus Strategy PCP Fund
Pacific Multi - Asset Sustainable Core Fund # Note GBP USD GBP USD GBP Current Assets Financial assets at fair value through profit or loss: 7 Investments at fair value 52,072,387 416,385,974 69,338,269 469,821,674 51,270,276 Unrealised gain on forward foreign exchange contracts 39,483 10,359,380 108,593 – 4,322 Unrealised gain on futures – 1,468,297 – – Unrealised gain on FX options – 22,797,411 – – Unrealised gain on contracts for difference – – – – Unrealised gain on swaps – 52,509,040 – – Unrealised gain on swaptions – 16,755,636 – – 52,111,870 520,275,738 69,446,862 469,821,674 51,274,598 Cash at bank and cash equivalents 1,569,254 234,400 2,237,322 10,222,125 3,671,864 Fund Asset Cash – 17,016 – – Receivables: Receivable for investments sold 1,067 2,294,305 825,048 617,456 444 Receivable for Fund shares sold 1,063 2,305,306 103,187 592,779 617 Dividend income receivable 44,303 – 120,867 133,620 42,473 Receivable for expense cap reimbursement 9 750 91,184 2,816 – 35,972 Reverse Repurchase Agreement Receivable – 100,318,125 – – Margin owed from broker – 51,378,319 – – 18,561 Collateral receivable from broker 301,617 36,374,983 1,254,591 – 220,297 Interest receivable – 29,093,446 – – Other receivable 52,837 517,618 432,463 – 13,121 Total Current Assets 54,082,761 742,900,440 74,423,156 481,387,654 55,277,947 Current Liabilities Financial liabilities at fair value through profit or loss: 7 Unrealised loss on forward foreign exchange contracts (47,858) (9,787,725) (92,133) – (18,995) Unrealised loss on futures – (13,787,075) – – Unrealised loss on FX options – (11,835,581) – – Unrealised loss on contracts for difference – – – – Unrealised loss on swaps – (50,045,299) – – Unrealised loss on swaptions – (15,262,894) – – Bank overdraft – (780,412) – – Payable for investments purchased (45,366) (6,790,634) (866,600) (5,434,303) (1,013,626) Payable for Fund shares redeemed (21,023) (179,608) (70,292) (575,290) (7,088) Payables – amounts falling due within one year (216,352) (22,017,121) (77,252) (266,847) (64,815) Repurchase agreement payable – (215,817,707) – – Margin due to broker – (252,242) – – Collateral payable to broker – – – – Interest payable – (7,085,383) – – Total Current Liabilities (330,599) (353,641,681) (1,106,277) (6,276,440) (1,104,524) Net assets attributable to holders of redeemable participating shares 53,752,162 389,258,759 73,316,879 475,111,214 54,173,423
# Pacific MA Sustainable – Balanced Fund changed name to Pacific Multi - Asset Sustainable – Core Fund effective 29 May 2026. The accompanying notes form an integral part of these financial statements .
Page 52
Statement of Financial Position (continued)
As at 3 0 June 202 6
PACIFIC CAPITAL UCITS FUNDS plc 50
Pacific Global All Cap Opportunities Fund
Pacific North of South EM Equity Income Opportunities Fund
Pacific North American Opportunities Fund
Pacific Coolabah Global Active Credit Fund
dVAM Smarter Money Credit PCP Fund Note USD USD USD USD USD Current Assets Financial assets at fair value through profit or loss: 7 Investments at fair value 146,045,672 275,862,456 80,093,931 412,051,202 155,945,418 Unrealised gain on forward foreign exchange contracts – – – 1,697,695 14,074 Unrealised gain on futures – – – 733,924 74,059 Unrealised gain on FX options – – – – Unrealised gain on contracts for difference – – – – Unrealised gain on swaps – – – 820,114 79,066 Unrealised gain on swaptions – – – – 146,045,672 275,862,456 80,093,931 415,302,935 156,112,617 Cash at bank and cash equivalents 3,281,533 15,605,124 6,873,015 7,779,278 4,837,424 Fund Asset Cash – – – – Receivables: Receivable for investments sold 466,639 4,415,277 468,592 23,041,362 10,625,339 Receivable for Fund shares sold 39,300 117,567 185,862 5,234 982,269 Dividend income receivable 90,456 959,064 2,580 – Receivable for expense cap reimbursement 9 2,917 416 27,286 – Reverse Repurchase Agreement Receivable – – – – Margin owed from broker – – – 6,533,407 4,580,477 Collateral receivable from broker – 6,329,758 – 36,844,192 15,797,040 Interest receivable – – – 6,952,305 2,987,916 Other receivable 545,236 192,024 647,052 160,466 Total Current Assets 150,471,753 303,481,686 88,298,318 496,619,179 195,923,082 Current Liabilities Financial liabilities at fair value through profit or loss: 7 Unrealised loss on forward foreign exchange contracts – – – (882,551) (1,006,085) Unrealised loss on futures – – – (1,135,156) (596,342) Unrealised loss on FX options – – – – Unrealised loss on contracts for difference – (526,755) – – Unrealised loss on swaps – – – (2,279,278) (1,408,404) Unrealised loss on swaptions – – – – Bank overdraft – – – – Payable for investments purchased (465,888) (4,807,222) (2,120,144) (26,436,761) (15,741,379) Payable for Fund shares redeemed (459,046) (478,355) (289,988) (273,509) (543,409) Payables – amounts falling due within one year (482,995) (215,859) (44,536) (95,765) (65,899) Repurchase agreement payable – – – – Margin due to broker – – – (123,406) (11) Collateral payable to broker – – – – Interest payable – (10,037) – (1,103,397) (623,408) Total Current Liabilities (1,407,929) (6,038,228) (2,454,668) (32,329,823) (19,984,937) Net assets attributable to holders of redeemable participating shares 149,063,824 297,443,458 85,843,650 464,289,356 175,938,145
The accompanying notes form an integral part of these financial statements .
Page 53
Statement of Financial Position (continued)
As at 30 June 2026
PACIFIC CAPITAL UCITS FUNDS plc 51
LAM Alternatives and Real Assets Fund
LAM Global Equity Fund
LAM Global Fixed Interest Fund
LAM Multi Asset Stewardship Fund
Pacific North of South Global Emerging Markets Equity Fund Note GBP GBP GBP GBP USD Current Assets Financial assets at fair value through profit or loss: 7 Investments at fair value 277,656,364 429,622,143 133,598,832 62,230,137 890,002,820 Unrealised gain on forward foreign exchange contracts – – – – Unrealised gain on futures – – – – Unrealised gain on FX options – – – – Unrealised gain on contracts for difference – – – – 486,322 Unrealised gain on swaps – – – – Unrealised gain on swaptions – – – – 277,656,364 429,622,143 133,598,832 62,230,137 890,489,142 Cash at bank and cash equivalents 3,371,135 3,036,553 1,470,109 671,339 5,729,287 Fund Asset Cash – – – – 41,800 Receivables: Receivable for investments sold – – – 52,000 505,045 Receivable for Fund shares sold 667,514 676,603 275,044 70 10,215,157 Dividend income receivable – 974,448 1,114,093 131,504 1,095,406 Receivable for expense cap reimbursement 9 26 96,320 82 7,898 11,597 Reverse Repurchase Agreement Receivable – – – – Margin owed from broker – – – – Collateral receivable from broker – – – – 39,639,637 Interest receivable – – – – Other receivable 9,250 32,133 3,742 863 263,277 Total Current Assets 281,704,289 434,438,200 136,461,902 63,093,811 947,990,348 Current Liabilities Financial liabilities at fair value through profit or loss: 7 Unrealised loss on forward foreign exchange contracts – – – – Unrealised loss on futures – – – – Unrealised loss on FX options – – – – Unrealised loss on contracts for difference – – – – Unrealised loss on swaps – – – – Unrealised loss on swaptions – –
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"text": "the six months ended 30 June 202"
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"text": "An investment company with variable capital incorporated with limited liability in Ireland with registered number 553111 and"
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