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S ANLAM U NIVERSAL F UNDS PLC
Unaudited condensed interim financial statements for the six months ended 3 0 June 2026
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S ANLAM U NIVERSAL F UNDS PLC
UNAUDITED CONDE NSED INTERIM FINANCIAL STATEMENTS for the six months ended 30 June 202 6
Contents Page(s)
Company Information 1 - 5
Directors’ Report 6 - 11
Investment Manager’s Reports 12 - 43
Statement of Comprehensive Income of the Company 44 of the Funds 45 - 53
Statement of Financial Position of the Company 54 of the Funds 55 - 63
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company 64 of the Funds 65 - 73
Statement of Cash Flows of the Company 74 of the Funds 75 - 83
Portfolio of Investments Denker Global Equity Fund 84 - 87 Ninety One Global Aggregate Bond Fund 88 - 95 Denker Global Financial Fund 96 - 99 Satrix World Equity Tracker Fund 100 - 127 SIIP India Opportunities Fund 128 - 129 Satrix Emerging Markets Equity Tracker Fund 130 - 149 A.I. Machines Global Managed Risk Fund 150 - 151 Sanlam Global High Quality Fund 152 - 154 High Street Global Balanced Fund 155 - 157 Thornbridge Ortler Multi - Strategy Fund 158 - 163 Anchor Global Stable Fund 164 - 167 Anchor Global Equity Fund 168 - 169 Sanlam Global Emerging Markets Fund 170 - 172 Zazove Global Convertible Fund 173 - 176 Thornbridge Ortler Real Assets Fund 177 - 182 Satrix Global Factor Enhanced Equity Fund 183 – 189 Perpetua Global Equity UCITS Fund 190 - 192 Sanlam US Dollar Enhanced Yield Fund 193 - 196
Notes to and Forming Part of the Unaudited Condensed Interim Financial Statements 197 - 246
Appendices P urchases and Sales for the period ended 30 June 2026 247 - 265
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S ANLAM U NIVERSAL F UNDS PLC
COMPANY INFORMATION
1
Directors of Sanlam Universal Paul Dobbyn 1 – Irish Funds Plc (the “Company”) Thomas Murray 1 – Irish Haydn Franckeiss – South African Richard Aslett – British
All Directors are non - executive
Registered number 267451
Funds of the Company Denker Global Equity Fund Ninety One Global Aggregate Bond Fund 2 Denker Global Financial Fund Satrix World Equity Tracker Fund SIIP India Opportunities Fund Satrix Emerging Market Equity Tracker Fund A.I. Machines Global Managed Risk Fund Sanlam Global High Quality Fund Sanlam Active UK Fund 3 High Street Global Balanced Fund Thornbridge Ortler Multi - Strategy Fund 2 Anchor Global Stable Fund Anchor Global Equity Fund Sanlam Global Emerging Markets Fund Zazove Global Convertible Fund Sanlam Thornbridge Ortler Real Assets Fund 2 Satrix Global Factor Enhanced Equity Fund Perpetua Global Equity UCITS Fund Sanlam US Dollar Enhanced Yield Fund
Registered office of the Company Beech House Beech Hill Road Dublin 4 Ireland
Manager Sanlam Asset Management (Ireland) Limited Beech House Beech Hill Road Dublin 4 Ireland
Administrator, Registrar & Transfer Agent Northern Trust International Fund Administration Services (Ireland) Limited Georges Court 54 - 62 Townsend Street Dublin, D02R156 Ireland
Company Secretary Doran Management Financial Services Limited 59/60 O’Connell Street Limerick , V94E95T Ireland
1 Paul Dobbyn is considered an independent Director by the Central Bank of Ireland and the Irish Stock Exchange. Thomas Murray is considered an independent Director by the Irish Stock Exchange only. 2 During the period, Sanlam Global Bond Fund changed its name to Ninety One Global Aggregate Bond Fund , Sanlam Ninety One Multi - Strategy Fund changed its name to Thornbridge Ortler Multi - Strategy Fund and Sanlam Ninety One Real Assets Fund changed its name to Thornbridge Ortler Real Assets Fund. 3 On 25 February 2026, Sanlam Active UK Fund closed.
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S ANLAM U NIVERSAL F UNDS PLC
COMPANY INFORMATION (CONTINUED)
2
Investment Managers Satrix World Equity Tracker Fund Satrix Investments (Pty) Ltd Satrix Emerging Market Equity Tracker Fund 5th Floor Building 2 11 Alice Lane Sandton 2196 South Africa
SIIP India Opportunities Fund Sanlam Alternative Investments (Pty) Ltd Sanlam Global Emerging Markets Fund Building 2 Alice Lane 11 Alice Lane Sandton Gauteg, 2196 South Africa
Ninety One Global Aggregate Bond Fund 1 Ninety One UK Limited 2 Sanlam Global High Quality Fund 55 Gresham Street Sanlam US Dollar Enhanced Yield Fund London, EC2V 7EL United Kingdom
Thornbridge Ortler Multi - Strategy Fund 1 Thornbridge Investment Management LLP 3 Thornbridge Ortler Real Assets Fund 1 13 Austin Friars London, EC2N 2HE United Kingdom
Denker Global Equity Fund Denker Capital (Pty) Ltd Denker Global Financial Fund 6th Floor The Edge 3 Howick Close Tyger Falls Belville 7530 South Africa
A.I. Machines Global Managed Risk Fund G10 Capital Limited 4th Floor, 3 More London Riverside Southwark London, SE1 2AQ United Kingdom
High Street Global Balanced Fund High Street Asset Management (Pty) Limited The Offices of Hyde Park Block B, 1 Strouthos Road Hyde Park, Sandton Gauteng 2196 South Africa
Anchor Global Stable Fund Anchor Capital (Pty) Limited Anchor Global Equity Fund 25 Culross Road Bryanston Sandton 2191 South Africa
Zazove Global Convertible Fund Zazove Associates, LLC 1001 Tahoe Boulevard Incline Village NV89451 United States of America
1 During the period, Sanlam Global Bond Fund changed its name to Ninety One Global Aggregate Bond Fund , Sanlam Ninety One Multi - Strategy Fund changed its name to Thornbridge Ortler Multi - Strategy Fund and Sanlam Ninety One Real Assets Fund changed its name to Thornbridge Ortler Real Assets Fund. 2 On 16 March 2026, Ninety One UK Limited was appointed as the Investment manager of Ninety One Global Aggregate Bond Fund replacing its Investment Managers Sanlam Multi Manager International (Pty) Ltd, Alliance Bernstein Limited, Western Asset Management Co mpany Limited and Morgan Stanley Investment Management Limited. 3 On 30 June 2026 , Thornbridge Investment Management LLP was appointed as the Investment manager of Thornbridge Ortler Multi Strategy Fund and Thornbridge Ortler Real Assets Fund replacing its Investment Manager Ninety One UK Limited .
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S ANLAM U NIVERSAL F UNDS PLC
COMPANY INFORMATION (CONTINUED)
3
Investment Managers (continued) S atrix Global Factor Enhanced Equity Fund PanAgora Asset Management, Inc. One International Place Boston MA 02110 United States of America
Perpetua Global Equity UCITS Fund Perpetua Investment Managers (Pty) Limited 5th Floor The Citadel 15 Cavendish Street Claremont, 7708 South Africa
Investment Advisor Ortler Capital Partners 2 - 7 Office 401 Clerkenwell Gree n London , EC1R 0DE United Kingdom
High Street Global Ltd OMC Chambers Roadtown Tortola British Virgin Islands
Artificial Intelligence Machines Ltd Bath House 6 - 8 Bath Street Bristol, BS1 6HL United Kingdom
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S ANLAM U NIVERSAL F UNDS PLC
COMPANY INFORMATION (CONTINUED)
4
Depositary Northern Trust Fiduciary Services (Ireland) Limited Georges Court 54 - 62 Townsend Street D02R156, Dublin 2 Ireland
Listing Broker Maples and Calder 75 St. Stephens Green Dublin 2 Ireland
Auditor 1 KPMG 1 Harbourmaster Place IFSC Dublin 1 Ireland
Legal Adviser Maples and Calder 75 St. Stephens Green Dublin 2 Ireland
Distributors Satrix Investments (Pty) Ltd 5th Floor Building 2 11 Alice Lane Sandton 2196 South Africa Satrix Investments (Pty) Ltd
Sanlam Alternative Investments (Pty) Ltd Building 2 Alice Lane 11 Alice Lane Sandton Gauteg, 2196 South Africa
Sanlam Asset Management (Ireland) Limited 2 Beech House Beech Hill Road Dublin 4
Anchor Capital (Pty) Limited 25 Culross Road Bryanston Sandton 2191 South Africa
1 The auditor has not expressed an opinion nor have they reviewed the unaudited condensed interim financial statements for the six months ended 30 June 2026. 2 On 3 December 2025, Sanlam Asset Management (Ireland) Limited replaced Sanlam Multi Manager International (Pty) Limited as th e Investment Allocation Manager and Distributor of Ninety One Global Aggregate Bond Fund.
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S ANLAM U NIVERSAL F UNDS PLC
COMPANY INFORMATION (CONTINUED)
5
Distributors (continued) High Street Asset Management (Pty) Limited The Offices of Hyde Park Block B, 1 Strouthos Road Hyde Park, Sandton Gauteng 2196 South Africa
Denker Capital (Pty) Ltd 6th Floor, The Edge 3 Howick Close, Tyger Falls Belville 7530 South Africa
Perpetua Investment Managers (Pty) Limited 5th Floor The Citadel 15 Cavendish Street Claremont 7708 South Africa
Artificial Intelligence Machines Ltd Bath House 6 - 8 Bath Street Bristol, BS1 6HL United Kingdom
Zazove Associates, LLC 1001 Tahoe Boulevard Incline Village, NV89451 United States of America
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S ANLAM U NIVERSAL F UNDS PLC
DIRECTORS’ REPORT
6
The Directors of Sanlam Universal Funds plc (the “Company”) present herewith the unaudited condensed interim financial statements for the period ended 30 June 2026.
PRINCIPAL ACTIVITIES, REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS The Company is authorised as a UCITS under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations"). The Company is an umbrella investment company with variable capital and segregated liability between sub - funds.
The principal activity of the Company is the formation of sub - funds (“Fund(s)”), each with their own investment objective and policies. The investment objective of the Funds is set out in the Investment Manager’s reports . At 30 June 2026 , the Company has 18 acti ve Funds.
The Company will continue to act as an investment vehicle as set out in its Prospectus and the Funds will continue to pursue their investment objectives.
The Directors also draw your attention to the significant events subsequent to the pe r iod end as disclosed in Note 1 7 . RESULTS FOR THE PERIOD The Company returned a p rofit for the period in the amount of USD 151,253,800 (30 June 2025: USD 232,347,371) . During the period , the Company received total subscriptions in the amount of USD 688,233,039 (30 June 2025: USD 259,545,472) and paid total redemptions in the amount of USD 1,459,533,860 (30 June 2025: USD 442,096,926) . The results of the Funds of the Company are set out in the Statement of Comprehensive Income.
Detailed investment reviews and commentary on the performance of each of the Funds within the Company, including key performance indicators, are included in the Reports of the Investment Manager ’s reports . The Directors also draw your attention to the significant events during the period explained in Note 1 6 . PRINCIPAL RISKS AND UNCERTAINTIES The Company is exposed to the risks associated with the financial instruments and markets in which the Funds invest. The main risks arising from the Company’s financial instruments are market risk (including market price risk, currency risk and interest ra te risk), credit risk and liquidity risk (including cash flow risk) . There has been no significant change to the principal risks and uncertainties to which the Company is exposed since the most recent annual financial statements of the Company. The Directors are not aware of any existing or contingent liability of the Funds that may expose the assets of the Company as a whole. A further comprehensive summary of the risk factors that investors should consider is included in the prospectus of the Company and the offering supplement of each Fund.
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S ANLAM U NIVERSAL F UNDS PLC
DIRECTORS’ REPORT (CONTINUED)
7
DIVIDENDS The present intention of the Directors is to distribute surplus net income of specific share classes as set out Note 5 . The applicable share classes at 3 0 June 2026 are as follows:
Fund Name Classes
Distribution Frequency Denker Global Equity Fund A (GBP) / C (GBP) Annual Denker Global Financial Fund A (GBP) / C (GBP) Annual Satrix World Equity Tracker Fund I (GBP) Annual Satrix Emerging Markets Equity Tracker Fund I (GBP) Annual A.I. Machines Global Managed Risk Fund I 2 GBP Hedged Inc/A2 GBP Hedged Inc/ N GBP Hedged Inc/A5 GBP Hedged Inc/ 5N2 GBP Hedged Inc Annual Sanlam Global High Quality Fund C Income (GBP) / D Income (USD) / E Income (USD) / I Income (GBP) / G Income (USD) Semi - Annual Thornbridge Ortler Multi - Strategy Fund 2 I2 GBP Base Inc / Z1 GBP Base Inc / I1 GBP Base Inc Monthly Sanlam Global Emerging Markets Fund B1 (GBP) / B2 (GBP) / C1 (GBP) / C2 (GBP) Annual Thornbridge Ortler Real Assets Fund 2 A Distribution (GBP) / D Distribution (GBP) / DH Distribution (GBP) / Class I1 EUR Hedged Inc / Class I2 CHF Hedged Inc / Class I2 EUR Hedged Inc / Class 1 GBP Base Inc Monthly
For those Funds which distribute annually, dividends (if any) will be declared and paid following the completion of the annual audits for the year ended 31 December in each calendar period . Thornbridge Ortler Multi - Strategy Fund and Thornbridge Ortler Real Assets Fund will distribute on a monthly basis and for those Funds that distribute on a semi annual or quarterly basis, the dates for the distributions will be as stated in the Fund supplement. All dividends will be subject to the discretion of the Directors.
Unless otherwise stated in the Fund Supplement, payment will be made in cash unless the payment is for an amount less than USD100, EUR100 or GBP100 (depending on the functional currency of each Fund) in which case such payment will be automatically reinves ted in the purchase of shares of the relevant class, for the account of the relevant shareholder.
The Directors reserve the right to change the dividend policy of the Fund to reflect changes that may occur from time to time in the requirements for qualifying as a reporting Fund for the purposes of United Kingdom taxation.
With reference to the Statement of Comprehensive Income, Shareholders should note that surplus net income was distributed during the course of 202 6 and 202 5 as follows:
Fund Name 30 June 202 6 30 June 202 5 Denker Global Equity Fund USD 748 USD 1,557 Denker Global Financial Fund USD 57,271 USD 48,350 Satrix World Equity Tracker Fund USD 27,115 USD 35,764 Satrix Emerging Market Equity Tracker Fund USD 42,340 USD 50,409 Sanlam Global High Quality Fund GBP 16,165 GBP 90,045 Sanlam Active UK Fund 1 - GBP 5,046 Thornbridge Ortler Multi - Strategy Fund 2 USD 60,176 USD 69,887 Thornbridge Ortler Real Assets Fund 2 GBP 953,467 GBP 1,339,029
1 On 25 February 2026, Sanlam Active UK Fund closed. 2 During the period, Sanlam Ninety One Multi - Strategy Fund changed its name to Thornbridge Ortler Multi - Strategy Fund and Sanlam Ninety One Real Assets Fund changed its name to Thornbridge Ortler Real Assets Fund.
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S ANLAM U NIVERSAL F UNDS PLC
DIRECTORS’ REPORT (CONTINUED)
8
DIRECTORS The Directors of the Company who served during the period , and up to the date the financial statements were signed, were as follows:
Paul Dobbyn (Irish) Thomas Murray (Irish) Haydn Franckeiss (South African) Richard Aslett (British)
Paul Dobbyn is a Director of Sanlam Global Funds Plc, Sanlam Qualifying Investors Funds Plc and MLC Global Multi Strategy UCITS Fund s Plc.
Thomas Murray is a Director of Sanlam Global Funds Plc, Sanlam Qualifying Investors Funds Plc and MLC Global Multi Strategy UCITS Fund s Plc. Thomas Murray is also a Director of Sanlam Asset Management (Ireland) L imi t e d. (“SAMI”).
Haydn Franckeiss is a Director of Sanlam Global Funds Plc, Sanlam Qualifying Investors Funds Plc and MLC Global Multi Strategy UCITS Fund s Plc.
Richard Aslett is the Chief Executive Officer of SAMI. Richard Aslett is also a Director of Sanlam Global Funds Plc, Sanlam Qualifying Investors Funds Plc, MLC Global Multi Strategy UCITS Fund s Plc and SAMI.
Sanlam Qualifying Investors Funds, Sanlam Global Funds Plc and MLC Global Multi Strategy UCITS Fund s Plc are three related collective investment schemes which share common management to the Company. Certain F unds of Sanlam Qualifying Investors Funds Plc, Sanlam Global Funds plc and MLC Global Multi Strategy UCITS Funds plc may also invest into or act as feeder funds to the Funds of the Company.
DIRECTORS’ AND SECRETARY’S INTEREST IN SHARES AND CONTRACTS At 30 June 2026 , Haydn Franckeiss had an interest of 366,667 ( 31 December 2025 : 366,667) shares in Sanlam Global High Quality Fund , 6,735 ( 31 December 2025 : 6,735) in Thornbridge Ortler Multi - Strategy Fund and 69,588 ( 31 December 2025 : 69,588) in Thornbridge Ortler Real Assets Fund . The other Directors who held office on 30 June 2026 had no interest in the shares of the Company or Funds at that date or at any time during the financial period . None of the Directors have a service contract with the Company.
The Manager holds non - participating shares of the Company.
RELATED PARTIES Disclosures in respect of related parties are contained in Note 8 to the financial statements.
CONNECTED PERSONS Part 2, Chapter 10 of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “CBI UCITS Regulations”) on transactions involving connected persons sta tes that any transactions between a UCITS and a Connected Person must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders.
A ‘Connected Person’ is defined as the Management Company or Depositary to a UCITS; and the delegates or sub delegates of such a Management Company or Depositary (excluding non - group company sub - custodians appointed by a Depositary); and any associated or group company of such a Management Company, Depositary, delegate or sub delegate. The Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out above are applied to all transactio ns with Connected Persons entered into during the year and that all such transactions have complied with these obligations.
SUBSEQUENT EVENTS Other than as disclosed in Note 1 7 , up to the date of the approval of these financial statements there were no ev ents subsequent to the period end, which, in the opinion of the Directors of the Company, had an impact on the financial statements for the period ended 3 0 June 2026 .
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S ANLAM U NIVERSAL F UNDS PLC
DIRECTORS’ REPORT (CONTINUED)
9
ACCOUNTING RECORDS The measures taken by the Directors to ensure compliance with the Company’s obligation to keep proper accounting records are the use of appropriate systems and procedures which are carefully implemented by the Administrator. The accounting records of the C ompany are kept at Georges Court, 54 - 62 Townsend Street, D02R156, Dublin 2, Ireland . AUDIT COMMITTEE An audit committee has not been appointed because the Directors are satisfied that the established processes regarding internal control and risk management systems are sufficient to ensure effective oversight of the financial reporting and audit process. T he established processes are disclosed in the Corporate Governance Code on pages 9 - 10 . STATEMENT OF DIRECTORS’ RESPONSIBILITIES Irish company law requires the Directors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Company and of the results of the Company for that period. In preparing those financial statem ents, the Directors are required to:
• Select suitable accounting policies and then apply them consistently; • Make judgements and estimates that are reasonable and prudent; • Follow applicable accounting standards or disclose or explain material departures from them in the financial statements; • Ensure that financial statements comply with the Memorandum and Articles of Association; • Provide a fair review of the development and performance of the Company; • Give a description of principal risks and uncertainties that they may face; and • Prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping proper books of account which disclose with reasonable accuracy, at any time, the financial position of the Company and to enable them to ensure that the financial statements are prepared in accordance with Interna tional Financial Reporting Standards (“IFRS”) as adopted by the EU and comply with the Irish Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regu lations”). They are also responsible for safeguarding the assets of the Company and in fulfilment of this responsibility, they have entrusted the assets of the Company to the Depositary for safekeeping, in accordance with the Memorandum and Articles of Ass ociation of the Company. The Directors are responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CORPORATE GOVERNANCE CODE The Companies Act 2014 requires the inclusion of a corporate governance statement in the Directors ’ Report. Although there is no specific statutory corporate governance code applicable to Irish collective investment schemes whose shares are admitted to trading on the Global Exchange Market of Euronext Dublin (“GEM”), the Irish Funds (“IF”) has published a corporate governance code (“IF Code”) that may be adopted on a voluntary basis by Irish authorised collective investments schemes. This code became effective from 1 January 2012, with a twelve month transitional year. It should be noted that the IF Code reflects existing corporate governance practises imposed on Irish authorised collective investment schemes, as noted above. On 19 December 2012, the Board of Directors voluntarily adopted the IF Code as the Company’s corporate governance code.
The Board considers that the Company has complied with the relevant provisions contained within the IF Code throughout this accounting period. The code is available at www.sanlam.ie . In addition to the IF Code, the Company is subject to corporate governance practices imposed by:
i) Irish Companies Act 2014, which is available for inspection at the registered office of the Company. It may also be obtained at : http://www. irishstatutebook .ie/eli/2014/act/38/enacted/en/html ii) The Articles of Association of the Company which are available for inspection at the registered office of the Company at Beech House, Beech Hill Road, Dublin 4, Ireland and the Companies Registration Office in Ireland. iii) The CBI UCITS Regulations and related Guidance Notes of the Central Bank of Ireland which can be obtained from the Central Bank of Ireland website at: https://www.centralbank.ie/regulation/industry - market sectors/funds and are available for inspection at the registered Office of the Company. iv) Euronext Dublin through the Global Exchange Market Rules for Investment Funds which can be obtained from Euronext Dublin’s website at https://www.euronext.com/en/listing/funds/list - investment - funds - euronext - dublin v) SAMI's Programme of Activity, The Business Plan and Code of Conduct, which are available for inspection at the registered office of SAMI at Beech House, Beech Hill Road, Dublin 4, Ireland. vi) SAMI is also subject to the Corporate Governance Code of the Sanlam Group.
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S ANLAM U NIVERSAL F UNDS PLC
DIRECTORS’ REPORT (CONTINUED)
10
CORPORATE GOVERNANCE CODE (CONTINUED) The Board of Directors is responsible for establishing and maintaining internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error o r fraud in achieving the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement and loss. The Board of Directors has delegated this duty to SAMI.
SAMI is authorised and regulated by the Central Bank of Ireland and must comply with the rules imposed by the Central Bank of Ireland. SAMI also monitors and evaluates the external auditor’s performance, qualifications and independence. Northern Trust International Fund Administration Services (Ireland) Limited is appointed as administrator to maintain the books and records of the Company.
The Company has procedures in place to ensure all relevant books of accounts are properly maintained and are readily available, including production of annual and half - yearly financial statements. The annual financial statements of the Company are required to be approved by the Board of Directors of the Company and the annual and half yearly financial statements are required to be filed with the Central Bank of Ireland and Euronext Dublin.
The statutory financial statements are required to be audited by the independent auditors who report annually to the Board on their findings. The Board evaluates and discusses significant accounting and reporting issues as the need arises.
Shareholders’ m eetings The convening and conduct of shareholders’ meetings are governed by the Articles of Association of the Company and the Companies Acts. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors of the Comp any are required to convene a general meeting within eighteen months of incorporation and fifteen months of the previous annual general meeting thereafter. Shareholders representing not less than one tenth of the paid up share capital of the Company may al so request to convene a shareholders meeting. Not less than twenty one days’ notice of every annual general meeting and any meeting for the passing of a special resolution must be given to shareholders and fourteen days’ notice must be given in the case of any other general meeting unless the auditors of the Company and all the shareholders entitled to attend and vote agree to shorter notice. Every holder of participating shares or non - participating shares present in person or by proxy who votes on a show of hands is entitled to one vote. On a poll, every holder of participating shares present in person or by proxy is entitled to one vote in re spect of each share held by him and every holder of non - participating shares is entitled to one vote in respect of all non participating shares held by him. The chairman of a general meeting of the Company, or at least two members present in person or by p roxy, or any holder or holders of participating shares present in person or by proxy representing at least one - tenth of the shares in issue having the right to vote at such meeting, may demand a poll.
Shareholders may decide to sanction an ordinary resolution or special resolution at a shareholder’s meeting. An ordinary resolution of the Company (or of the shareholders of a particular Funds or class) requires a simple majority vote cast by the sharehold ers voting in person or by proxy at the meeting at which the resolution is proposed. A special resolution of the Company (or of the shareholders of a particular Fund or class) requires a majority vote of not less than 75% of the shareholders present in per son or by proxy and voting in general meeting in order to pass a special resolution including a resolution to amend the Articles of Association.
Composition and o peration of the Board of Directors Unless otherwise determined by an ordinary resolution of the Company in a general meeting, the number of Directors may not be less than two. Currently the Board of Directors of the Company is composed of four Non - Executive Directors, being those listed on page 1 of these financial statements with Paul Dobbyn, Thomas Murray and Richard Aslett being Irish residents. None of the C ompany’s Directors hold directorships with the Depositary. The business of the Company is managed by the Directors, who exercise all such powers of the Company as are not required by the Companies Acts or the Articles of Association to be exercised by the Company in a general meeting. A Director may, and the company secretary of the Company on the requisition of a Director will, at any time summon a meeting of Directors. Questions arising at any meeting of Directors are determined by a majority of votes. In the case of quality of votes, the chairman has a second or casting vote. The quorum necessary for the transaction of business at a meeting of the Directors is two.
All key management functions of the Company have been delegated to SAMI. SAMI will manage these in terms of their Programme of Activity and Business Plan. SAMI is approved by the Central Bank of Ireland, and is authorised as a UCITS Management Company and an Alternative Investment Fund Manager.
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S ANLAM U NIVERSAL F UNDS PLC
DIRECTORS’ REPORT (CONTINUED)
11
VALUATION OF INVESTMENTS As at 30 June 2026 , the following delisted securities were held by the Company:
• Accident Exchange Group Plc – Fair value at 3 0 June 2026 – USD Nil ( - %) (Denker Global Equity Fund; Denker Global Financial Fund) • DBA Telecommunications – Fair value at 30 June 2026 – USD Nil ( - %) (Denker Global Equity Fund; Denker Global Financial Fund) • China Common – Fair value at 30 June 2026 – USD Nil ( - %) (Satrix Emerging Markets Equity Tracker Fund) • China Huishan Dairy Holdings – Fair value at 30 June 2026 – USD Nil ( - %) (Satrix Emerging Markets Equity Tracker Fund) • Constellation Software Inc – Fair value at 30 June 2026 – USD Nil ( - %) (Denker Global Equity Fund, Satrix World Equity Tracker Fund) • Contra Abiomed Inc - Fair value at 30 June 2026 - USD Nil ( - %) (Satrix World Equity Tracker Fund) • Signature Bank – Fair value at 30 June 2026 – USD Nil ( - %) (Denker Global Equity Fund; Denker Global Financial Fund) • First Republic Bank – Fair value at 30 June 2026 – USD Nil ( - %) (Satrix World Equity Tracker Fund) • NMC Health Plc – Fair value at 30 June 2026 – USD Nil ( - %) (Satrix World Equity Tracker Fund , Sanlam Global Emerging Markets Fund ) • TPG Inc - Fair value at 30 June 2026 - USD Nil ( - %) ( Satrix World Equity Tracker Fund)
The fair value of those securities listed above and used in preparing these financial statements may differ significantly from the values that would have been used had those securities had readily available market prices at 30 June 2026 . In addition, as Russian securities and the Ruble became increasingly untradeable post the invasion of Ukraine, a valuation discount of 100% on all remaining Russian security and currency positions in the Funds was applied in March 2022. Given the sanctions in place and the likelihood of a Russian default, it was further resolved that any interest or dividend income receivable balances on holdings with Russian exposure be written off until further notice due to the unlikelihood that such amounts would be rec eived by the Funds as they fall due. The Funds subsequently disposed of a number of the Russian securities as circumstances permitted.
The following details the Russian securities held by the Funds at 30 June 2026 :
Fund Description Security Type Fair value Satrix Emerging Markets Equity T racker Fund Phosagro PJSC Equity USD Nil Satrix Emerging Markets Equity T racker Fund Mobile Telesystems Equity USD Nil Sanlam Global Emerging Markets Fund Sberbank of Russia Equity USD Nil
Approved by the Board of Directors on 27 August 2026
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S ANLAM U NIVERSAL F UNDS PLC
INVESTMENT MANAGER’S REPORTS
12
DENKER GLOBAL EQUITY FUND
Investment Objective The Denker Global Equity Fund (“the f und”) aims to provide above average long - term capital growth by investing primarily in global equities which the Investment Manager has identified as being undervalued and as offering above average growth potential.
Fund Performance
The fu fund is bench marked against the MSCI World Index. Note: Performan c e figures longer than 12 months are annualised. Figures are quoted net of A class fees.
Over the first half of 2026, the Denker Global Equity Fund faced a challenging and volatile market environment characterised by geopolitical tensions, energy price shocks and an increasingly narrow, AI - driven equity rally.
Over the six months to June the fund returned 3.6 3 % after fees, against 9. 69 % for the MSCI World Index.
The concentration of market leadership was a headwind to performance over the period. While the portfolio benefited from several AI - related holdings, market returns were dominated by a small number of semiconductor and memory companies. Five semiconductor and memory companies in the index, in which the fund held no position, all more than doubled over the six - month period on an acute shortage of the memory used in AI systems.
The fund's disciplined investment approach and avoidance of some of the most crowded market positions limited participation in these extreme gains . The fund's own technology holdings outperformed the sector, but a lower weighting than the index meant this was not enough to offset the gains missed in the shares it did not own. The remaining weakness came from holdings that fell sharply on company - speci fic news, with the market particularly unforgiving of short - term operational setbacks. We continue to assess each holding on its individual merits and long - term prospects and see substantial upside in several shares outside the popular narratives.
Key Contributors For the six months to June 2026, the best performers were the fund's holdings in KLA Corporation, TD Synnex and ASML.
KLA Corporation (+149%) was the fund's largest contributor over the six - months period. Expectations for industry spending on wafer fabrication equipment have risen above $140 billion for 2026, and KLA's dominant position in process control makes it one of the clearest beneficiaries of the AI buildout. However, after the sharp re - rating the share price now embeds demanding expectations.
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S ANLAM U NIVERSAL F UNDS PLC
INVESTMENT MANAGER’S REPORTS (CONTINUED)
13
DENKER GLOBAL EQUITY FUND (CONTINUED)
Key Contributors (continued) IT distributor TD Synnex (+79%) continued to deliver strong performance. This was led by its Hyve business, where billings more than doubled as hyperscaler customers accelerated infrastructure spending. The company now runs at least one programme with each of the five largest hyperscalers and is adding more than one million square feet of US manufacturing capacity. The shares have risen sharply, but earnings momentum has, so far, kept pace.
ASML (+83%) was driven by the same increase in equipment budgets that lifted KLA. As the sole supplier of extreme ultraviolet lithography systems, it captures a rising share of spending at the leading edge.
Key Detractors The biggest detractors from performance were the fund's absence from the memory and AI semiconductor complex and company - specific setbacks at Melrose Industries, Zoetis and HCA Healthcare.
Not owning the memory and AI semiconductor complex was a large driver behind the fund’s shortfall. Micron (+305%), Intel (+278%), Applied Materials (+182%), Advanced Micro Devices (+171%) and Lam Research (+153%) all rose sharply on an acute shortage of hi gh - bandwidth and conventional memory and the capital spending required to relieve it. Pricing and margins across the industry now sit well above prior cycle peaks and capacity is being added to address the bottleneck. We therefore remain wary of how long these favourable conditions will persist.
Aerospace supplier Melrose Industries fell 20% after 2026 free cash flow guidance of £150 million to £200 million came in below expectations, signalling slower progress towards the £600 million target set for 2029. Although the company delivered a substant ial improvement in cash generation in FY25, the guided 2026 range implies a materially steeper ramp is now required over the remaining three years. An uncertain outlook for civil original equipment volumes, as supply chain constraints continue to hamper th e major airframers, weighed further. We believe the shares are materially undervalued if management delivers on its margin progression and cash flow targets.
Zoetis fell 42% after first quarter results missed expectations and management lowered full - year guidance. US pet owners demonstrated increased price sensitivity, resulting in fewer veterinary visits and softer demand for premium products, while competitio n intensified in dermatology and parasiticides. The shares have de - rated to roughly 11 times earnings, the lowest multiple in more than a decade. While the near - term US demand picture is challenging, the livestock business continues to grow strongly. In ou r view, the current valuation more than reflects the headwinds facing what remains a structurally attractive, cash - generative business.
HCA Healthcare ( - 16%) declined after first quarter profitability came in slightly below expectations. A weak respiratory season and January winter storms depressed patient volumes. The shortfall was largely offset by Medicaid supplemental payments that had not been included in original guidance. Management further flagged that patients losing cover on the health insurance exchanges, following the expiration of enhanced premium tax credits, could reduce full year profits. In our view HCA remains a best - in - cl ass hospital operator with a track record of strong returns on capital, and we would use share price weakness to add to the position.
Fund Outlook The investment team remains cautious but constructive on the market outlook. While global economic activity has remained resilient and AI - related investment continues to support earnings growth, market leadership has become increasingly narrow , and valuations in many AI - linked businesses have risen significantly.
The evolving monetary policy environment, including the appointment of a new US Federal Reserve Chair and renewed inflation concerns linked to energy markets, may contribute to continued volatility. Central banks have become more focused on inflation risks , reducing expectations for interest - rate cuts and, in some regions, returning to rate increases.
Against this backdrop, the fund remains committed to its long - term investment philosophy of owning high - quality businesses with durable competitive advantages, resilient earnings and capable management teams. The managers believe that maintaining valuation discipline and focusing on attractive long - term opportunities rather than chasing highly valued market leaders positions the portfolio well to generate favourable client outcomes over time.
Investment Manager Denker Capital (Pty) L td
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NINETY ONE GLOBAL AGGREGATE BOND FUND
Investment Objective The Ninety One Global Aggregate Bond Fund (“the Fund”) aims to provide income with the possibility of long - term growth from capital appreciation.
Fund Performance
The Fund is benchmarked ag ainst the Bloomberg Global Aggregate Index. Note: Performance figures longer than 12 months are annualised. Figures are quoted net of fees.
During Q1 the fund went through a transition to Ninety One as the new investment manager in March, followed by positive fixed - income positioning during Q2. Returns benefited from the portfolio’s preference for European bonds over US fixed income, as Europe an markets performed well amid easing inflation concerns and falling oil prices. An overweight to UK duration also contributed positively as gilt yields declined following reduced inflation and political risks . Alternative credit exposures, particularly ag ency mortgage - backed securities (MBS), provided an additional positive contribution to performance.
The portfolio increased duration as inflation risks eased and bond yields became more aligned with fundamentals, particularly in Canada and Europe, where economic conditions were considered supportive for bonds. UK duration was initially increased but late r reduced following a strong gilt rally, while the portfolio remained underweight US duration due to resilient economic growth, reflation risks and potential upward pressure on yields. Within credit, the portfolio increased exposure to Agency MBS while red ucing some corporate credit, reflecting more attractive spreads, defensive characteristics and lower exposure to growing corporate bond supply associated with AI - related capital expenditure. The portfolio also remained underweight European corporate credit , where valuations were viewed as insufficient to compensate for geopolitical risks.
Fund Outlook The outlook remains with resilient global growth but elevated inflation and geopolitical risks. The US economy is expected to remain robust, supported by easier monetary conditions, improving liquidity and fiscal spending, although stronger demand and ener gy prices could keep inflation elevated and put upward pressure on yields.
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
1st Qtr 2026 2nd Qtr 2026 YTD 2026 Since inception Fund return (in base ccy) -1.15% 1.03% -0.13% 1.48% Performance benchmark -1.07% 0.87% -0.21% 2.51% Excess return -0.08% 0.16% 0.08% -1.03%
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NINETY ONE GLOBAL AGGREGATE BOND FUND (CONTINUED)
Fund Outlook (continued) Europe is showing signs of recovery, but the outlook is more uncertain due to higher energy costs, interest rates and geopolitical risks, increasing the possibility of further ECB tightening. China is experiencing tentative improvement in consumption and p roperty markets, although high debt and weak confidence constrain policy support.
Overall, the Middle East conflict remains a key uncertainty, particularly for energy prices and inflation, but is currently expected to have a temporary rather than structural impact on global growth trends. Within fixed income, higher yields have improved the attractiveness of long - duration government bonds as a portfolio diversifier, while the US dollar could remain supported in the near term despite expectations for longer - term weakness.
Investment Manager Ninety One UK Limited
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DENKER GLOBAL FINANCIAL FUND
Investment Objective The Denker Global Financial Fund (“the fund”) aims to achieve steady growth in the US Dollar value of investments primarily through global investment in securities of companies of which the principle operations specifically focus on, and derive benefit fro m or pertain to, the provision of banking, insurance and other financial services.
Fund Performance
The fu fund is bench marked against the MSCI World Financials Index. Note: Performance figures longer than 12 months are annualised. Figures are quoted net of A class fees.
The first half of 2026 was characterised by a sharp shift in market sentiment. The first quarter was dominated by geopolitical uncertainty and energy price volatility following Middle East tensions, while the June quarter saw a strong recovery as investors became more constructive on growth prospects and the resilience of the financial sector . Despite difficult market conditions in the first quarter, the fund demonstrated resilience. T he A class declined 2.2 3 % versus a 7.1 5 % decline in the MSCI World Financial Index benchmark, materially outperforming in a falling market. Strong contributions came from holdings such as Beazley, Encore, NLB, Banco del Bajio and Shinhan Bank. The main detractors were UK banks, Erste Bank and B ank of America, as concerns about the UK economy and higher energy prices weighed on sentiment.
The second quarter produced a strong rebound. The fund delivered an excellent return and outperformed its benchmark by 2.95% , benefiting from the recovery in financial stocks following the earlier market weakness. Performance was supported by the continued resilience of the US consumer, a stronger US dollar, and growing recognition that banks and financial services companies ar e beneficiaries of digitalisation and AI through improved efficiency and lower operating costs.
A number of mid - cap financial companies and banks generated particularly strong returns during the quarter, including VersaBank, Propel, TD Bank, Upstart, Encore, OTP Bank and IG Group, while larger holdings such as Barclays, ABN AMRO and Standard Chartere d also posted significant gains. Some emerging - market holdings and selected financial service companies lagged due to concerns around a stronger dollar, consumer spending pressure and perceived AI related risks.
Throughout the period, the portfolio management team remained disciplined, raising cash and increasing defensive exposure when markets appeared expensive, then redeploying capital into quality businesses when valuations became more attractive. This include d adding to holdings such as Ryan Specialty Group, London Stock Exchange Group and Accelerant, and re - establishing a position in Intercontinental Exchange (ICE).
For the six months to 30 June 2026, the best performers of the fund were largely driven by overweight positions in banks delivering strong absolute returns, particularly across US and European financials.
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DENKER GLOBAL FINANCIAL FUND (CONTINUED)
Fund Performance (continued) US Bancorp, BAWAG, and Citigroup benefited from solid performance, although many slightly lagged the benchmark, indicating that beta and positioning (rather than pure alpha) drove returns. However, stock picks like VersaBank, Encore and BAWAG also added via exceptionally strong returns, highlighting stock - specific upside. Overall, contributions were broad - based, with consistent positive returns across the top holdings. This is reflected by the top 5 contributors contributing almost 8x the gain that detractors detracted.
Detractors were mainly driven by negative absolute returns in EM of which Bank Mandiri (Indonesia) and AIA Group (Hong Kong) and also Regional Bank (Mexico) were the largest drags. As can be seen, the detractors were all small positions, hence the fund add ed to all the detractors during and after the period with the exception of the holding in Mandiri (Indonesia).
Fund Outlook The outlook for the second half of 2026 remains positive. The fund is well diversified and focused on high - quality financial companies with strong management teams capable of navigating uncertain market conditions.
The operating environment for banks remains supportive, with stable - to - higher interest rates, low recession risk and any moderation in energy costs expected to support consumers and economic activity. Although bank valuations have recovered, many still trade below previous peaks despite improved returns on equity.
The managers also see attractive opportunities in selected emerging - market banks and the property - and - casualty insurance sector. They believe concerns about AI disruption are overstated and expect digitalisation and AI to enhance efficiency and profitabili ty across the financial sector.
Overall, the managers remain constructive on financial stocks and confident that their focus on quality businesses and strong management teams will continue to support long - term value creation.
Investment Manager Denker Capital (Pty) L td
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SATRIX WORLD EQUITY TRACKER FUND
Investment Objective The investment objective of Satrix Emerging Markets Equity Tracker Fund (the “ f und”) is to provide capital growth equivalent to that gained from investment in the developed equity markets by tracking the performance of the MSCI World Net Total Return Index (benchmark).
Fund Performance
Over the six - month period the fund marginally underperformed the index by 0.04%, which demonstrates the effective index replication despite challenging market conditions. The fund had net inflows totalling $21.4m over the period . Fund Outlook The outlook for developed global equity markets for the second half of 2026 remains cautiously constructive, supported by resilient corporate earnings and continued investment in artificial intelligence and related infrastructure. Earnings growth has remai ned robust across the major developed markets, although market performance has become increasingly influenced by technology and AI - related companies. While these structural themes are expected to remain supportive, the concentration of returns among a rela tively narrow group of companies and elevated valuations in parts of the market may result in greater volatility and a broader dispersion of returns during the remainder of the year.
The macroeconomic environment nevertheless remains uncertain. Persistent inflation may keep monetary policy restrictive for longer than previously anticipated, while geopolitical developments and renewed energy - price pressures remain potential sources of m arket volatility. Conversely, an easing of inflationary pressures, resilient economic growth and continued strength in corporate earnings would provide a supportive backdrop for global equities. Against this environment, the Fund will continue to seek to r eplicate the performance of the benchmark Index rather than take active views on individual markets, sectors or securities. Replication, sampling and optimisation techniques will continue to be employed to minimise tracking error, with the Amundi Core MSCI World UCITS ETF used to manage the majority of cash flows and accumulated dividends efficiently and reduce unnecessary trading.
Investment Manager Satrix Investments (Pty) Ltd
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SIIP INDIA OPPORTUNITIES FUND
I nvestment O bjective The investment objective of the Fund is to provide long - term capital growth.
F und P erformance
The Fund is bench marked against MSCI India NR USD Index. Note: Performance figures longer than 12 months are annualised. Figures are quoted net of fees.
P ortfolio M anager C ommentary Indian equities endured a volatile first half of 2026, marked by a sharp correction in the first quarter followed by a strong recovery in the second. The period began on a positive note before an escalation of conflict in the Middle East and the effective closure of the Strait of Hormuz triggered a broad risk - off move in February, sending Brent crude above $115/bbl and creating headwinds across growth, inflation, the current account and the Rupee. Markets bottomed in March before staging a powerful, broad - based recovery through the second quarter, as a Memorandum of Understanding between the United States and Iran cooled energy prices sharply and a decisive sequence of domestic policy measures helped restore confidence in the currency and capital flows. While the recovery has more than offset the panic of March, the MSCI India Index still ended the half in negative territory, and the underlying picture healthier, but still fragile.
Market Overview The MSCI India Index fell 9.9% in USD terms over the six months to 30 June 2026, the net outcome of a punishing first quarter and a strong second - quarter rebound of 10.1%. During the period, the market found a floor in March and rallied consistently through April, May and June, with June itself closing up 1.2% in USD terms and outperforming both the MSCI Emerging Ma rkets and MSCI Asia ex - Japan indices.
Performance was uneven across sectors and highly divergent between the best and worst performers over the half (in Indian Rupee (INR) terms). Information Technology ( - 33.0%) was by far the weakest sector, weighed down by soft global demand commentary, most notably from Accenture, and mounting concern about AI - driven disruption to headcount - based service models. Energy ( - 14.7%), Communication Services ( - 9.9%), Consumer Staples ( - 7.9%) and Financials ( - 6.0%) also declined over the half. In contrast, Industrials (+12.1%), Utilities (+11.0%) and Healthcare (+10.2%) were the standout performers, supported respectively by infrastructure momentum, energy - security themes and resilient domestic demand. Materi als (+1.8%) eked out a small gain, while Real Estate ( - 3.7%) and Consumer Discretionary ( - 5.5%) were more moderate laggards.
Domestic investors were once again the key stabilising force. Foreign institutional investors were net sellers in five of the six months of the half, bucking the trend only in February with a net inflow of $1.7bn. Outflows then accelerated sharply to $14.2 bn in March as the oil shock hit, before slowing steadily through the second quarter to $5.2bn in April, $4.9bn in May and $3.1bn in June. Domestic institutions, by contrast, remained net buyers in every month, extending a 35 - month streak of consecutive monthly inflows, while Systematic Investment Plan (SIP) contributions held steady at around $3.3bn a month, underscoring the structural depth of India's domestic savings pool and its role in absorbing sustained foreign selling.
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Macro and Policy Landscape The macro narrative over the half was dominated by the energy shock and its subsequent unwind. Brent crude spiked above $115/bbl, peaking near $126/bbl in April, following the closure of the Strait of Hormuz, before retreating sharply on the signing of a US - Iran Memorandum of Understanding, a move amplified by China's liquidation of strategic oil inventories. Brent ended June at approximately $73 /bbl, down 42% from its April peak.
On the policy front, authorities responded decisively to pressure on the currency and capital account. The Reserve Bank of India introduced an FCNR(B) deposit scheme under which it bears the full cost of currency hedging, expected to attract inflows in excess of $100bn, alongside concessional swap facilities for PSU borrowers. The government exempted overseas bondholders and foreign portfolio investors in eligible government securities from long - term capital gains tax and withholding tax, and a backstop was introduced for MSME loans to contain credit - stress fears. Together, these measures helped stabilise the Rupee, which appreciated 0.4% in June to end the month at 94.67/USD — its first monthly gain in several months, even as the US dollar strengthened.
Growth data held up better than feared. 4QFY26 GDP growth printed at 7.8% year - on - year, ahead of expectations, supported by tax cuts, monetary easing and lower inflation, although government capex was notably weak and manufacturing growth slowed. Headline CPI inflation remained benign at 3.9% in May, comfortably within the RBI's target range. The RBI kept policy rates on hold at its June meeting, resisting market pricing for a rate hike, reinforcing its preference for using regulatory and liquidity tools, r ather than rates, to manage currency pressure. The monsoon was a notable weak spot: June rainfall came in 39.8% below the long - period average, the driest June since 2014, and remains a risk factor for rural demand and food inflation into the second half.
Sector Performance At a sector level, Financials (+0.72%) and Materials (+0.66%) were the largest positive contributors to relative performance, though for different reasons. Financials was a drag on the fund in absolute terms ( - 2.34%), but detracted less than it did from the benchmark ( - 3.03%), pointing to favourable stock selection within the sector. Materials, by contrast, was a positive absolute contributor to the fund (+0.64%) even as it detracted from the benchmark ( - 0.25%), reflecting a combination of stock selection and positioning within the sector. Cash (+0.28%) and Health Care (+0.01%) were marginal net positives. On the negative side, Consumer Staples ( - 0.64%) and Consumer Discretionary ( - 0.54%) were the largest detractors, consistent with weak stock selection within names such as Emami and ITC. Utilities ( 0.35%), Industrials ( - 0.23%), Communication Services ( - 0.20%) and Energy ( - 0.17%) also detracted modestly, while Information Technology ( - 0.07%) and Real Estate ( - 0.02%) were broadly neutral despite the sharp INR - terms sell - off in IT over the half.
Fund Performance The fund returned - 10.8% in USD (net of fees) over the six months to 30 June 2026, against - 9.9% for the MSCI India Index, an underperformance of approximately 90 basis points. This reflects a first quarter in which the fund's quality bias offered only limited protection against an indiscriminate, broad - based sell - off, followed by a second quarter in which more cyclical, higher - beta names led the market's recovery ahead of the fund's underlying holdings.
Over the one - year period to 30 June 2026, the fund returned - 13.4%, a marginal underperformance of 60 basis points and since the team assumed management of the fund, the fund has delivered - 4.2% against - 3.0% for the benchmark.
Fund Outlook The outlook for Indian equities remains cautiously constructive, supported by resilient growth, lower oil prices and strong domestic flows. However, geopolitical uncertainty, foreign investor outflows and monsoon - related risks remain. The Investment Manage r continues to favour high - quality businesses with sustainable long - term growth prospects.
Investment Manager Sanlam Alternative Investments (Pty) Ltd
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SATRIX EMERGING MARKETS EQUITY TRACKER FUND
Investment Objective The investment objective of Satrix Emerging Markets Equity Tracker Fund (the “ f und”) is to provide capital growth equivalent to that gained from investment in the emerging equity markets by tracking the performance of the MSCI Emerging Markets Net Total Return Index (benchmark).
Fund Performance
Over the six - month period, the fund underperformed by 0.52%, mainly driven by the impact of optimisation and trading related effects. The fund had net outflows totalling $13m.
Fund Outlook The outlook for emerging equity markets for the second half of 2026 remains cautiously constructive, although performance is likely to vary significantly across countries and sectors. Corporate earnings and continued investment in artificial intelligence a nd related infrastructure should remain supportive, particularly for technology - oriented markets such as Taiwan and Korea. In China, the outlook will depend on the strength of domestic demand and the extent of further fiscal and policy support, while other emerging markets will remain sensitive to global growth, commodity prices and domestic economic conditions. The direction of the US dollar and global interest rates will also be important, with a more stable or weaker dollar and an eventual easing in glob al monetary conditions generally providing a more supportive backdrop for emerging - market assets.
Risks nevertheless remain elevated. Persistent global inflation and higher - for - longer interest rates could weigh on valuations and capital flows, while geopolitical tensions, trade policy and renewed volatility in energy and commodity markets may result in significant divergence between individual emerging economies. Market concentration also remains an important consideration, given the influence of large Asian technology and semiconductor companies on emerging - market index returns. Against this backdrop, the Fund will continue to seek to replicate the performance of the MSCI Emerging Markets Net Total Return Index, rather than take active views on individual countries, sectors or securities. Replication, sampling and optimisation techniques will continue t o be employed to maintain a low level of tracking error. An emerging markets ETF is used to manage accumulated dividends and smaller cash flows efficiently, helping to reduce unnecessary trading while maintaining the Fund's exposure to the Index.
Investment Manager Satrix Investments (Pty) Ltd
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A . I . MACHINES GLOBAL MANAGED RISK FUND
Investment Objective The investment objective of A.I. Machines Global Managed Risk Fund (“the fund”) is to provide long - term capital growth through exposure to world equity markets.
The fund utilises an AI risk management strategy designed to minimise capital - loss and time - in - loss risk, which dynamically adjusts a passive global equity exposure between 10 - 90%.
The purpose of this dynamic equity exposure is to provide a smoother investment journey and deliver a better outcome over a market cycle vs. traditional asset allocation strategies. Over a full market cycle, the fund aims to provide a 4 - in - 1 core portfolio diversifier, offering 4 key suitability criteria, matchable across the investment portfolio risk - profile spectrum via a single fund with a:
1. Similar Total Return (Outcome) profile to Aggressive funds 2. Similar Standard Deviation (Tolerance - To - Risk) profile to Balanced funds 3. Similar Maximum Drawdown (Capacity - For - Loss) profile to Cautious funds 4. Shorter Drawdown Duration (Time - In - Loss) profile than Aggressive, Balanced and Cautious funds
Fund Performance
The Fund is bench marked against the EAA Morningstar USD Flexible allocation peer group . Note: Performance figures longer than 12 months are cumulative . Figures are quoted net of fees . Fund returned 1.40% for the six months ended 30 June 2026, compared with 4.29% for its performance benchmark, resulting in underperformance of 2.89% for the period. Performance during Q1 was relatively close to the benchmark, with the Fund returning - 2.68% compared with - 2.46%. The majority of the relative shortfall arose during Q2, when the Fund returned 4.19% compared with 6.92% for the benchmark. The second - quarter recovery followed the broad - based market liquidation towards the end of Q1 and was initial ly characterised by widespread re - risking across asset classes. As the quarter progressed, however, market leadership became increasingly narrow, with a relatively small number of mega - cap technology, AI infrastructure and semiconductor companies accountin g for a disproportionate share of global equity index returns.
The macroeconomic backdrop also changed materially during the first half. Strong US labour market data and renewed inflationary pressures caused markets to move away from expectations of Federal Reserve rate cuts and towards the possibility of further poli cy tightening. Gold, which had been one of the strongest - performing assets during Q1, reversed sharply as real yields increased and geopolitical tensions eased. Fixed income provided limited diversification during Q2, while credit spreads widened towards q uarter - end despite equity indices remaining close to record highs. Against this backdrop, the Fund participated in the Q2 equity market recovery but, consistent with its managed - risk approach, did not capture the full extent of the strong and increasingly concentrated market advance.
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A . I . MACHINES GLOBAL MANAGED RISK FUND (CONTINUED)
Fund Performance (continued) The first half of 2026 demonstrated that strong equity performance and elevated market fragility can coexist for extended periods. The Fund's investment engine is designed to seek to minimise the risk and duration of capital - impairing drawdowns while captu ring a meaningful proportion of available market upside over the investment cycle, rather than seeking to maximise participation in every market rally. This approach can result in periods of relative underperformance, as experienced during Q2. However, the longer - term performance remains strong: since inception, the Fund has returned 116.43% compared with 54.52% for its performance benchmark, representing cumulative excess performance of 61.91%.
Fund Outlook The outlook for global markets for the second half of 2026 remains uncertain. While resilient corporate earnings and continued investment in artificial intelligence and related infrastructure may remain supportive of global equities, valuations are elevate d in parts of the market and recent index performance has become increasingly concentrated among a relatively small number of large technology and semiconductor companies. At the same time, persistent inflation and changing expectations for the path of US monetary policy may contribute to continued volatility across both equity and fixed income markets. Geopolitical developments and their potential impact on energy prices and inflation also remain important risks. These conditions may result in periods of r apidly changing market leadership and greater differentiation between headline index performance and underlying market conditions.
Against this backdrop, it is not possible to provide a conventional outlook for the Fund's prospective asset allocation. The Fund does not employ a strategic or fixed asset allocation and is not managed according to a fixed investment style. Instead, its i nvestment allocation decisions are driven by the AI investment and risk management engine, which has been used for the strategy since June 2017 and is designed to learn and adapt as market conditions evolve. Consequently, the Fund's positioning may change materially in response to changes in the market environment rather than reflecting a predetermined view of the appropriate allocation for the second half of the year.
With a portfolio mandate permitting effective equity exposure to range between 10% and 90%, the Fund has significant flexibility to adjust its participation in equity markets as conditions change. This can result in dynamic changes in equity exposure over time, as illustrated below.
These changes in equity exposure are a key feature of the Fund's investment and risk management approach, which seeks to participate meaningfully in favourable market conditions while reducing exposure where the investment engine identifies an increased ri sk of material or prolonged drawdowns. Over a full market cycle, the objective is to provide investors with a smoother return profile and improved risk - adjusted outcomes than would be achieved through maintaining a consistently high level of equity exposur e.
Investment Manager G10 Capital Limited
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SANLAM GLOBAL HIGH QUALITY FUND
Investment Objective The investment objective of Sanlam Global High Quality Fund (the “ f und”) is to provide capital growth over the long term.
Fund Performance
The fund is bench marked against MSCI World NDR USD (Net). Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The Fund underperformed the market in the first half of 2026, returning - 5.85% in GBP terms, versus a 11.17% return for the MSCI World index.
The first half of 2026 was defined by two very different market regimes. The first quarter saw a sharp escalation in geopolitical tensions around Iran, with the conflict triggering an oil price shock (Brent crude rose approximately 94% over the quarter, it s largest increase since the Gulf War in 1990) and a broad - based sell - off across asset classes as markets began pricing in stagflation risk. March alone brought the US equity market's largest monthly decline in a year, and software stocks, already under pressure from a rotation towards more cyclical, physical asset - driven sectors, posted their largest quarterly decline since the global financial crisis.
By the second quarter, the picture had shifted again. Equities ran largely uncorrelated from events in Iran, with an AI driven technology rally overpowering an active war for much of the period. The Magnificent 7 rose 15% in April and 7% in May on strong earnings, before a June sell - off, driven by Fed hawkishness, the inflationary bite of the memory shortage, and growing doubts over AI demand sustainability, pulled markets lower despite a US - Iran peace deal on 15 June. The group still finished the quarter up 12%. Memory chipmakers were central to this move: Micron, SK Hynix and Samsung Electronics all delivered extraordinary returns and joined the trillion - dollar market cap club, while market breadth remained among the narrowest on record, with only one in four stocks outperforming the index across April and May.
Underneath these headline moves, we continue to see the AI capital expenditure cycle as a source of both opportunity and risk. Software businesses have been the biggest relative losers as investors weigh the potential for AI to disrupt established business models. Earnings quality also warrants scrutiny: AI infrastructure stocks are expected to contribute close to 60% of S&P 500 earnings growth this quarter, with an accounting quirk meaning hyperscaler capital expenditure is booked in full by semiconductor suppliers while only around 20% is expensed by hyperscalers themselves in the period incurred, flattering reported earnings quality at the index level.
-20%
-15%
-10%
-5%
0%
5%
10%
15%
1st Qtr 2026 2nd Qtr 2026 YTD 2026 Since inception Fund return (in base ccy) -5.85% 0.00% -5.85% 10.85% Performance benchmark -1.65% 13.03% 11.17% 12.96% Excess return -4.20% -13.03% -17.01% -2.11%
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SANLAM GLOBAL HIGH QUALITY FUND (CONTINUED)
Fund Performance (continued) Geopolitically, tanker crossings through the Strait of Hormuz have only partially recovered from wartime lows, and inflation data has remained firm, with recent PMI surveys showing cost pressures approaching 2022 highs. Against this backdrop, a wave of very large IPOs, including SpaceX, and reportedly OpenAI and Anthropic, has added further pressure to an already concentrated market, with the ten largest stocks in the S&P 500 now approaching 40% of the index.
As set out above, this was an unusually narrow quarter, and we could expect to keep lagging for as long as the market remains this narrowly led. We do not think it would serve our clients well to chase that strength simply to keep pace with an increasingly concentrated benchmark, given the risk that such a benchmark ultimately resets to lower levels, and we remain committed to our valuation discipline even when it is out of favour.
We continue to believe that being highly selective, building a concentrated portfolio of excellent businesses with diversified drivers of return, gives us the best chance of delivering attractive long - term outcomes for our clients. Our businesses are, on average, of higher quality than the index as a whole: stronger competitive positions, better balance sheets, higher returns on equity and more attractive long - term growth prospects. Where our holdings trade at a discount, we believe this reflects weak sentiment in parts of the market rather than any deterioration in the underlying businesses. By our count, roughly half of the S&P 500's market capitalisation now sits in stocks trading above 10x sales, which is exactly why we think this remains one of the more attractive periods in some time to be buying quality at a reasonable price. Our hotel exposure is a good example of a position performing quietly: the franchise business models are eloquent and we like the exposure to emerging markets, though we have trimmed sizing as valuations have moved. Throughout both quarters, our approach has remained unchanged. We continue to believe that long - term returns are driven by company fundamentals and the relationship between price and intrinsic value, not by short - term narratives, and we remain committed to a concentrated portfolio of 25 to 30 businesses selected for the quality of their competitive positions, the integrity of their management teams, and the price we are asked to pay. Periods of dislocation, including the volatility seen across H1, have created opportunities to rotate capital into companies with more attractive forward return profiles at a discount to intrinsic value. Research activity has increased in step: we held over 30 company meetings in the second quarter alone, across consumer staples, financial services, semiconductors, defence, hotels, waste management and credit bure au businesses.
Position Changes New positions were initiated in S&P Global and Charles Schwab, while exposure to SAP was increased. The Fund exited Samsung Electronics and reduced a number of holdings, including Yum China, British American Tobacco, Imperial Brands, InterContinental Hotel s Group, Hilton, Alphabet and Anheuser - Busch InBev. The portfolio remains concentrated in approximately 25 to 30 businesses selected on the basis of their competitive positions, management quality, long - term growth prospects and valuations.
Fund Outlook The outlook for global equities remains uncertain heading into the second half of 2026. Continued investment in artificial intelligence and related infrastructure may remain supportive of earnings, although elevated valuations and the increasing concentrat ion of market returns present risks. Geopolitical uncertainty, persistent inflation and the prospect of restrictive monetary policy for longer than previously anticipated may also contribute to further volatility.
Against this backdrop, the Investment Manager remains committed to its quality - and valuation - focused investment philosophy rather than pursuing areas of the market solely on the basis of recent momentum. The portfolio remains focused on businesses with st rong competitive positions, robust balance sheets and attractive long - term growth prospects, while recent market dislocations continue to provide opportunities to invest in selected high - quality companies at attractive valuations.
Investment Manager Ninety One UK Limited
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HIGH STREET GLOBAL BALANCED FUND
Investment Objective The High Street Global Balanced Fund (“the Fund”) aims to achieve an annual return of US Consumer Price Inflation plus 4% over any measurable rolling three - year period. It aims to achieve this by combining growth investments that are undervalued relative t o their prospects with mature, dividend - yielding securities. Actively employing downside protection strategies and investing across asset classes mitigates large drawdowns while allowing for moderate capital appreciation . Fund Performance
The Fund is benchmarked against its peer group the Morningstar EAA USD Flexible Allocation Category. Note: Performance figure s longer than 12 months are annualised. Figures are quoted net of fees.
The Fund returned 2.52% for the six months ended 30 June 2026, compared with 5.38% for its peer group. The first half was characterised by two contrasting market environments. During Q1, the Fund returned - 5.87% compared with 2.31% for the peer group, as geopolitical tensions surrounding Iran, higher oil prices and concerns around inflation and global growth contributed to broad market weakness. These conditions reversed during Q2 as global equity markets recovered strongly, supported by an easing of geopolitical tensions, lower oil prices and renewed investor appetite for technology and other beneficiaries of the AI investment cycle. The Fund participated strongly in this recov ery, returning 8.92% in Q2 and outperforming the peer group return of 7.65%.
The Fund's equity allocation benefited from the recovery in markets and strong corporate earnings, with AI - linked semiconductor holdings ASML, TSMC and Nvidia contributing positively as demand for chips and data - centre infrastructure remained robust. Perfo rmance was broader than technology, with Eli Lilly, UnitedHealth and Richemont also advancing strongly. UnitedHealth was the Fund's strongest equity performer during Q2, supported by a more favourable Medicare Advantage reimbursement environment, improving cost management and increased earnings guidance. Conversely, performance across software and digital platforms was more mixed, with Salesforce, Shopify, Meta and MercadoLibre lagging. Salesforce was the weakest equity performer during Q2 as concerns aroun d AI disruption and slowing organic growth outweighed otherwise solid results. The Fund's listed property holdings also contributed positively, supported by rental growth and signs of stabilising property values, with Alexandria Real Estate, Primary Health Properties and Sirius Real Estate all generating positive returns during Q2.
Fixed income performance was more mixed. UK Gilts and European government bonds benefited from softer economic data and moderating inflation expectations, while US Treasury yields were broadly stable. The Fund's 2030 US Treasury Inflation Protected Bonds w ere negatively affected by higher real yields, while short - dated bonds continued to generate steady income with limited interest - rate sensitivity. Portfolio duration remained low at 1.42 years, helping to limit overall portfolio volatility during a period of changing interest - rate expectations. Overall, while the Fund underperformed the peer group over the first half following the difficult Q1 environment, its strong participation in the Q2 recovery resulted in meaningful outperformance during the second quarter and partially recovered the relati ve shortfall from earlier in the year.
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
1st Qtr 2026 2nd Qtr 2026 YTD 2026 Since inception Fund return (in base ccy) -5.87% 8.92% 2.52% 6.22% Performance benchmark -2.31% 7.65% 5.38% 3.94% Excess return -3.56% 1.27% -2.86% 2.28%
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HIGH STREET GLOBAL BALANCED FUND (CONTINUED)
Fund Outlook The macroeconomic outlook for the second half of 2026 remains uncertain. Resilient economic growth, strong corporate earnings and continued investment in artificial intelligence should remain supportive of the Fund's quality equity exposure, particularly a cross technology, semiconductors and healthcare. The Investment Manager also remains constructive on listed property, where improving rental growth and stabilising asset values provide support, although financing conditions remain an important consideratio n.
Persistent inflation, energy - price volatility and geopolitical uncertainty may nevertheless keep central banks cautious and bond yields elevated. Against this backdrop, the Fund remains focused on companies with durable earnings growth and strong balance s heets, complemented by a diversified fixed income allocation intended to generate income and help manage overall portfolio volatility.
Investment Manager High Street Asset Management (Pty) Limited
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THORNBRIDGE ORTLER MULTI - STRATEGY FUND
Investment Objective The investment objective of Thornbridge Ortler Multi - Strategy Fund (the “fund”) is to seek to outperform the UK Consumer Price Index (“ CPI ”) over five - year periods with a target of generating a positive absolute return on a rolling three - year basis. There is no guarantee that this target will be achieved.
Fund Performance
The fu fund is bench marked against UK CPI . Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.
The first half of 2026 presented the Multi - Strategy Fund with two distinct and contrasting market environments, each requiring a different emphasis from the portfolio's risk management framework, but ultimately demonstrating the value of a disciplined, diversified approach.
The first quarter was defined by geopolitical stress. While markets began the year with positive momentum, sentiment deteriorated sharply through March as the escalation of the Iran conflict triggered a rise in energy prices and a broad repricing across as set classes. Investors were forced to contend with a more stagflationary mix of higher inflation expectations and moderating growth, with both equities and fixed income under pressure at the same time. Against this backdrop, the fund delivered a resilient outcome, reflecting its diversified construction. The combination of rules - based equity exposure, short - duration credit, real assets and downside hedging helped mitigate the impact of rising yields and equity volatility, with short - duration inflation - linked bonds proving particularly effective during the most acute period of market stress.
The second quarter brought a meaningful recovery, though the environment remained uneven. The progressive resolution of the Iran conflict was the defining macro development, with ceasefire negotiations culminating in a formal US - Iran agreement in June and the reopening of the Strait of Hormuz driving oil prices sharply lower toward pre - war levels. Equity markets responded strongly, with Europe and Japan the principal beneficiaries of the energy price decline. US markets proved more volatile, as a sharp reassessment of AI - related valuations in the final weeks partially offset the earlier gains. Core government bond yields fell in the UK and Germany as lower oil prices reduced near - term inflation expectations, while the arrival of Kevin Warsh as Federal Reserve Chair introduced a more hawkish policy dynamic, with US PCE inflatio n running at 4.1% annually well above target. Gold declined sharply, pressured by dollar strength and rising expectations of monetary tightening.
-1%
0%
1%
2%
3%
4%
5%
6%
7%
1st Qtr 2026 2nd Qtr 2026 YTD 2026 Since inception Fund return (in base ccy) 0.46% 5.37% 5.85% 4.67% Performance benchmark 0.63% 1.09% 1.72% 2.90% Excess return -0.17% 4.28% 4.12% 1.77%
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THORNBRIDGE ORTLER MULTI - STRATEGY FUND (CONTINUED)
Fund Performance (continued) Against this backdrop, the Multi - Strategy Fund returned 5.85% in the first half of 2026. The equity allocation, which ranged between 19.4% and 22% over the period, was actively managed through the rules - based framework, capturing gains during the recovery while being reduced modestly into the late - quarter volatility. The short - duration bond base, maintained consistently between 1.72 and 1.82 years, limited sensitivity to yield movements throughout and benefited from the f all in core yields in the latter part of the period. Real assets provided stable income generation across both quarters, ranging between 19.5% and 20%. Inflation - linked bond exposure was increased to approximately 12% during the second quarter through the addition of short - duration US bonds at a real yield of approximately 2.16%, reflecting our view that inflation may prove stickier than markets currently assume. Option - based downside protection remained in place throug hout the half, covering approximately 20% of the portfolio on a notional basis, and proved its relevance on multiple occasions during periods of sharp market stress.
Fund Outlook On 30 June 2026, Thornbridge Investment Management LLP was appointed as Investment Manager of the Fund, replacing Ninety One UK Limited, and Ortler Capital Partners Limited was appointed as Investment Advisor. The Investment Advisor comprises the existing portfolio management team that has been responsible for managing the Fund since inception. Accordingly, notwithstanding the change in the formal investment management arrangements at the end of the reporting period, there has been continuity in the portfol io management team and investment approach.
As we enter the second half, the Iran conflict has re - escalated, with fresh US strikes and conflicting claims over the status of the Strait of Hormuz reintroducing the energy market uncertainty that characterised the start of the year. The key variables to monitor remain the path of Federal Reserve policy under Kevin Warsh, the durability of the ceasefire, the sustainability of AI - driven capital expenditure, and the extent to which corporate cost structures absorb or amplify the inflationary pressures that persist beneath the surface. The portfolio remains positioned to participate when conditions allow and defend when they requi re it.
Investment Manager Ninety One UK Limited (during the reporting period) Thornbridge Investment Management LLP (appointed 30 June 2026)
Investment Advisor Ortler Capital Partners Limited (appointed 30 June 2026)
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ANCHOR GLOBAL STABLE FUND
Investment Objective The Anchor Global Stable Fund (“the f und”) aims to provide capital growth over the long term.
Fund Performance
The fu fund is bench marked against average CPI of G7 countries + 1 .5% p.a. Figures are quoted net of fees. Opening NAV is taken as USD1, based on the theoretical close on 27/2/2015.
The fund ended the first half of 2026 in positive territory, but slightly behind where we would like to be halfway through the year. Most of the damage was done in the first quarter around the start of the US and Israeli airstrikes on Iran, which closed th e Strait of Hormuz, the world’s most significant energy chokepoint, spiking the price of oil, inflation expectations and rates. US 10Y government bond yields jumped 0.3% in 1H26 in response to heightened inflation concerns, providing a headwind to the fund ’s fixed income allocation which accounts for two - thirds of the assets. Global equities performed well in the first half of the year (MSCI World +10% YTD) though the performance was heavily concentrated in the hyperscalers and the chipmakers, while the fun d’s conservative equity positioning in the more stable sectors like consumer staples, healthcare and financials struggled on a relative basis.
Fund Outlook The fund remains conservatively positioned, with equity exposure towards the bottom end of its typical long - term allocation range (c. 21%). The recent spike in inflation expectations and a surprising hawkish tilt from Trump’s newly appointed Fed chair, Kev in Warsh, leaves fixed income yields looking relatively attractive and we remain slightly overweight in this asset class at c. 70% of AUM. The fund’s forward yield expectation (dividends and coupons) is around 4.2% p.a., leaving it with a strong income underpin to return expectations, leavin g it with a reduced need to take on significant equity risk to achieve its mid - single digit return target. While the broader equity market remains expensive, the fund’s style leaves the equity allocation with an aggregate forward P/E of around 15x, still r easonably priced. The fund has limited listed property exposure (4%) as the strategic shifts in the asset class leaves investors with shrinking options in the traditional commercial real estate sector (office, retail etc.) where reasonable yields are on of fer and increasing options in the new economy sectors like data centers, where the valuations leave you very exposed to future growth with limited income.
Investment Manager Anchor Capital (Pty) Limited
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ANCHOR GLOBAL EQUITY FUND
Investment Objective The Anchor Global Equity Fund (“the f und”) aims to provide capital growth over the long term.
Fund Performance
The fu fund is benchmarked against MSCI World All Country Total Return Net USD Index. Figures are quoted net of fees. Opening NAV is taken as USD1, based on the theoretical close on 13/3/2015. Excess return is calculated on an arithmetic basis.
The f und underperformed in the first half of 2026, in large part due to being underexposed to the AI picks and shovels theme, which was the standout performer year to date. We were also overexposed to areas of the market which were used as funding sources for t he AI trade – notably software and ‘software - adjacent’ names (i.e. most ex - AI growth shares) (in 1Q2026) as well as Energy shares in early April. Over time our conviction in the longer - term AI story has grown, supplemented by our quantitative screens, and we began to correct our positioning through 2Q2026, with positive contributions from new additions like Asterra Labs, Credo Technology and SanDisk. Nevertheless, we were undersized in the most violent part of the AI move in early April, as investors began to look past the US - Israel - Iran War as a major equity market driver.
Fund Outlook The AI theme is going through a period of digestion at the start of the third quarter. Given the strength of the previous move, a longer period of consolidation would be completely normal. The open question is whether this will lead to rotation into other areas of the market, or whether the AI picks and shovels will temporarily drag the overall market lower. Regardless, we will look for opportunities to increase exposure in AI - related names, as well as other growth stocks which were previously used as AI fu nding sources and now offer compelling value.
Investment Manager Anchor Capital (Pty) Limited
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
1st Qtr 2026 2nd Qtr 2026 YTD 2026 Since inception Fund return (in base ccy) -9.60% 10.95% 0.30% 10.61% Performance benchmark -3.20% 14.93% 11.25% 10.71% Excess return -6.40% -3.98% -10.95% -0.10%
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SANLAM GLOBAL EMERGING MARKETS FUND
I nvestment O bjective The objective of the fund is to achieve long - term capital growth by outperforming the MSCI Emerging Markets Total Return Net Index over a rolling three - year period.
F und P erformance
The Fund is bench marked against MSCI Emerging Markets Total Return Net Index. Note: Performance figures longer than 12 months are annualised. Figures are quoted net of fees.
P ortfolio M anager C ommentary The Fund returned 9.9% for the six months ended 30 June 2026, compared with 23.9% for the MSCI Emerging Markets Total Net Return Index. The first half was characterised by a significant shift in market conditions, with a relatively subdued first quarter followed by an exceptionally strong but increasingly concentrated rally in emerging market equities during Q2 . South Korea and Taiwan were the standout markets during the second quarter, returning 85.6% and 48.9% respectively, reflecting the strength of AI - related semiconductor and technology companies. Information technology gained 73.0% during Q2, while perform ance elsewhere was considerably more differentiated, with Indonesia, Brazil and China all declining.
The Fund's relative underperformance over the first half was therefore particularly pronounced during Q2. The principal contributors to the shortfall were the Fund's positioning relative to the increasingly concentrated benchmark, including no exposure to SK Hynix and a below - benchmark position in TSMC, both of which benefited significantly from the AI semiconductor investment cycle. At 30 June 2026, the Fund held approximately 40 companies across 12 markets and this broader diversification limited particip ation in a quarter when a relatively small number of Korean and Taiwanese semiconductor companies accounted for a significant proportion of benchmark returns. Positive contributors included Delta Electronics, Delivery Hero, Pepco, Aspen and Hyundai Mobis, while the absence of SK Hynix and positions in TSMC, SK Square, Yum China, New Oriental and PDD detracted from relative performance.
Portfolio activity during the period reflected changes in prospective returns and the evolving opportunity set. New positions were initiated in Raia Drogasil and Baidu, while positions in MercadoLibre, MediaTek, Hon Hai, Sea, HDFC, JD.com and Tencent were increased. Positions in Samsung, Delivery Hero, Hyundai Mobis and Delta Electronics were reduced. While the Investment Manager has taken steps to reduce some of the portfolio's underweight exposure to semiconductor - led areas of the benchmark, these changes have been implemented within its existing valuation and through - cycle earnings framework rather than in response to short - term market momentum.
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SANLAM GLOBAL EMERGING MARKETS FUND (CONTINUED)
O utlook The Investment Manager remains constructive on the outlook for emerging market equities for the second half of 2026. Any sustained moderation in oil prices from the elevated levels seen earlier in the period would be supportive of the global outlook, particularly for oil - importing emerging economies, including India, Korea and Taiwan. More broadly, the Investment Manager's positive view is supported by improving earnings growth, attractive valuations relative to developed markets and structural tailwinds from the AI investment cycle and global supply - chain reconfiguration. The potential for a softer US dollar and lower real yields over time could provide additional support for emerging - market equities and valuations.
At the same time, recent market performance has become exceptionally concentrated, particularly in Korea and Taiwan and among a relatively small number of AI - related semiconductor companies. While the Fund has adjusted selected exposures to reduce some of this benchmark risk, the Investment Manager remains committed to a diversified approach and its through - cycle valuation discipline rather than pursuing recent market momentum. Emerging markets have also evolved significantly over the past decade, with tech nology, e - commerce and other new - economy sectors now representing a substantial part of the investment universe. The Investment Manager believes that this combination of attractive valuations, improving corporate fundamentals and exposure to structural gro wth themes continues to provide a compelling long - term opportunity for the asset class.
Investment Manager Sanlam Alternative Investments (Pty) Ltd
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ZAZOVE GLOBAL CONVERTIBLE FUND
Fund Objective The investment objective of the Zazove Global Convertible Securities Fund (the “ f und”) is to provide global equity - like returns with significantly less risk over a full market cycle. The objective is achieved by seeking to capture the majority of stock market advances while simultaneously providing downside protection when markets decl ine.
Fund Performance
The fu fund is benchmarked against 3 Month US SOFR +300 bps. Note: Performance figures longer than 12 months are annualized. fu fund returns are quoted net of fees.
Fund Commentary Global equities moved substantially higher in the first half of 2026, propelled by strong corporate earnings and AI optimism. However, the first half started and ended on a more cautious note with the Iran conflict, rising oil prices, and inflation fears n egatively impacting markets in March and June. Asia - Ex Japan was the top performing market followed by US small cap and Japan. Europe and US large cap lagged but still posted nearly double - digit returns. Technology, Energy, and Industrials were the top se ctors, while Consumer Discretionary and Communication Services were the only negative performers in the first half of the year. Fixed income gained, particularly, high yield, and corporate spreads tightened.
Convertibles outperformed most asset classes for much of the period driven by a concentration in Technology and AI linked names but lost ground in June as AI optimism faded. The convertible primary market set a record with $137.5 billion in new paper comi ng globally in the first half. Most deals were out of the US but there was also meaningful deal flow from Asia, Europe, and to a lesser extent Japan. Global issuance is now projected to exceed $200 billion in 2026, which would constitute an all - time high . Trading volumes in convertibles remain elevated driven by market movements and record primary activity.
The Zazove Global Convertible Securities Fund returned +8.57% net in the first half of 2026, capturing nearly 70% of the rise in global equities and providing downside protection during the periods when markets came under pressure. All regions advanced wi th the Americas by far the largest contributor followed by Europe and Asia Ex - Japan. Technology was the top sector followed by Industrials, Healthcare, and Energy. Consumer Cyclicals and Financials were slight detractors. The f und significantly outperformed the benchmark of 3m US SOFR +300bps.
Trading activity was elevated as a new deal flow and market gyrations provided numerous opportunities to rebalance and further optimize the risk/return properties of the f und. We locked in gains on securities that had become too equity sensitive and sold structures that had become more bond - like after providing downside protection resulting in ~$11.7 million in net realized gains during the first half. Proceeds were redep loyed into balanced convertibles, including multiple new deals out of the US, Europe, and Asia. In total, we traded 92 securities with an annualized turnover of 80.89%.
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ZAZOVE GLOBAL CONVERTIBLE FUND (CONTINUED)
Fund Outlook The convertible opportunity set remains broad and deep supported by record new issuance. Primary activity is expected to remain elevated for the remainder of the year supported by rising equity markets, strong demand, and the need for growth capital. The f und’s asymmetric risk/return profile should allow it to participate meaningfully in the upside if market optimism persists, while simultaneously providing downside protection should geopolitical tensions, inflation, or weakening economic growth cause marke ts to reverse.
Investment Manager Zazove Associates, LLC
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THORNBRIDGE ORTLER REAL ASSETS FUND
Investment Objective The investment objective of Thornbridge Ortler Real Assets Fund (the “fund”) is to target capital growth over the long term and to outperform inflation through a portfolio of investments giving exposure to a range of real assets. As the portfolio and inves tor base is global in nature, the inflation target will be a composite of the Consumer Price Inflation rate in a basket of relevant countries (the " Benchmark Index "). Further information on the Benchmark Index can be found in the fund Supplement.
Fund Performance
The fund is benchmarked against Average of CPIs of US, Eurozone, Japan, UK, Canada, Australia, New Zealand, Switzerland, Denmark, Norway and Sweden +4%. Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.
The first half of 2026 presented listed real assets with two distinct and contrasting market environments, each testing the asset class in different ways but ultimately reinforcing the fundamental investment case.
The first quarter was defined by geopolitical stress. The escalation of the Iran conflict in March triggered a broad repricing across asset classes, with disruption to energy flows through the Strait of Hormuz pushing oil prices sharply higher and reigniting inflation concerns. Rising bond yields placed pressure on infrastructure and utility valuations, and traditional diversification proved less effective as correlations increased. Performance reflected valuation compression rather than any deterioration in underlying fundamentals, with portfolio companies continuing to deliver robust operational results supported by regulated frameworks, contracted revenues and disciplined capital allocation.
The second quarter brought a meaningful recovery. Ceasefire negotiations culminated in a formal US - Iran agreement in June, with the reopening of the Strait of Hormuz driving oil prices sharply lower toward pre - war levels. The decline in core government bond yields that followed — particularly in the UK and Germany — partially unwound the valuation compression of the prior period and provided a more supportive backdrop for infrastructure assets. Strong company specific developments rein forced the portfolio's fundamental credentials, with Infratil delivering a landmark data centre contract win in Australasia, Longroad Energy reporting 170% earnings growth year - on - year, and Brookfield Infrastructure and Brookfield Renewables recovering strongly from positions added at attractive valuations in April. The unsolicited Prologis approach for SEGRO provided timely external validation of the value available in listed logistics real estate.
Against this backdrop, the Real Assets Fund returned 8.62% in the first half of 2026. Sector weights remained broadly stable throughout, with Infrastructure ranging between 62% and 65%, Renewables between 15% and 16% and Specialist Property between 14% and 13.6%. Cash was actively managed between 5% and 9%, reflecting a disciplined approach to capital deployment.
-4%
-2%
0%
2%
4%
6%
8%
10%
1st Qtr 2026 2nd Qtr 2026 YTD 2026 Since inception Fund return (in base ccy) 3.88% 4.56% 8.62% 4.07% Performance benchmark 1.52% 1.55% 3.10% 6.99% Excess return 2.36% 3.01% 5.52% -2.91%
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THORNBRIDGE ORTLER REAL ASSETS FUND (CONTINUED)
Fund Outlook On 30 June 2026, Thornbridge Investment Management LLP was appointed as Investment Manager of the Fund, replacing Ninety One UK Limited, and Ortler Capital Partners Limited was appointed as Investment Advisor. The Investment Advisor comprises the existing portfolio management team that has been responsible for managing the Fund since inception. Accordingly, notwithstanding the change in the formal investment management arrangements at the end of the reporting period, there has been continuity in the portfol io management team and investment approach.
As we enter the second half, the Iran conflict has re - escalated, with fresh US strikes and conflicting claims over the status of the Strait of Hormuz reintroducing the energy market uncertainty that characterised the start of the year. While the near - term backdrop has become more complex, the long - term demand drivers underpinning the portfolio — energy security, grid investment, electrification, transport and essential services — remain undiminished and, if anything, are becoming more rather than less apparent. The FERC decision to accelerate US grid connections for AI - related power users reinforc es our view that AI is increasingly becoming an infrastructure story. We remain focused on businesses with contracted revenues, regulated frameworks and disciplined capital allocation, and continue to see compelling value in an asset class where public market pricing has yet to fully reflect the strength of underlying fundamentals.
Investment Manager Ninety One UK Limited (during the reporting period) Thornbridge Investment Management LLP (appointed 30 June 2026)
Investment Advisor Ortler Capital Partners Limited (appointed 30 June 2026)
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SATRIX GLOBAL FACTOR ENHANCED EQUITY FUND
Investment Objective The investment objective of Satrix Global Enhanced Equity Fund (the “Fund”) is to t arget capital growth over the long term in excess of the MSCI World Index (unhedged) in U.S. dollars with net dividends reinvested (the “Benchmark”), over a full market cycle.
Fund Performance
The first half ended solidly higher but along a violent path - a first - quarter drawdown, a spring melt - up, and a June rotation. Although Technology dominated headlines during the spring rebound, the half's durable leaders were commodities, U.S. small caps, value, and emerging markets, while volatility and credit round - tripped to finish near where they began.
Positive, but far from linear. The S&P 500 Index returned about 10% over the half and the NASDAQ 100 Index roughly 18%, but those figures mask a round trip: a first - quarter drawdown, a sharp spring rebound, and a June rotation. What matters for the half as a whole is that leadership was broad. Small caps as measured by the Russell 2000 Index returned ~23% and emerging markets (USD) ~24%, both well ahead of the S&P; and the Russell 1000 Value returned ~16% against ~5% for its growth counterpart. Technology still led at the sector level - up ~32% versus Communication Services at ~ - 9%, a dispersion of roughly 41 percentag e points, but the concentration that defined April and May had given way to genuine participation by mid - year.
Risk appetite round - tripped . The first half's stress - then - recovery arc left two of the cleanest risk gauges roughly unchanged. The VIX finished near 16 - about 18% higher than where it started the year, a reminder that the spring calm followed real first - quarter stress - while high - yield credit spreads ended the half only ~6 bps tighter at 275 bps, having widened and then sharply retraced. With a large intra - period swing, the first half of the year resolved its early stress rather than compounding it.
Rates rose; commodities led; the dollar firmed. Treasury yields rose across the curve over the first half, led by the front end - the 2Y climbed ~67 bps against just ~7 bps at the 30Y, a pronounced flattening, with the 10Y yield ending near 4.44%. Rising yields alongside rising equities point to a marke t repricing growth resilience rather than cuts. The half's standout, however, was commodities: even after a second - quarter pullback, the S&P GSCI returned ~22% and the Bloomberg Commodity Index ~12%, comfortably the year's highest - returning cross - asset tra de, while the dollar firmed ~3%.
The first half of 2026 ultimately became a story of markets that moved through several distinct phases rather than a single dominant trend. While Technology captured the headlines, the broader evolution toward wider participation, resilient risk appetite, and leadership across multiple asset classes defined the period more fully.
The Satrix Global Factor Enhanced Equity Fund outperformed by 0.50% in 1H 2026 with a return of 10.19% compared to a return of 9.69% for the MSCI World Index (performance is shown in USD). The strategy’s year - to - date outperformance was primarily driven by strong returns from the Contextual Alpha Model, particularly stock selection among the bottom - ranked securities which are often held underweight. Across the entire portfolio we witnessed most factor composites aiding performance, led by ESG/Management and Valuation.
- 5 %
0 %
5 %
10 %
15 %
20 %
25 %
1 st Qtr 2026 2 nd Qtr 2026 YTD 2026 Since inception Fund return ( in base ccy ) - 3 . 56 % 14 . 27 % 10 . 19 % 21 . 53 % Performance benchmark - 3 . 57 % 13 . 76 % 9 . 69 % 20 . 78 % Excess return 0 . 01 % 0 . 51 % 0 . 50 % 0 . 75 %
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SATRIX GLOBAL FACTOR ENHANCED EQUITY FUND (CONTINUED)
Fund Performance (continued) Europe contributed favorably to the strategy, with positive performance across our proprietary Momentum and Valuation factor composites. The top performer in the region was an overweight position in ASML Holding NV, a Dutch semiconductor equipment company on EUV and DUV lithography systems. Its stock rose, driven by strong Q1 and Q2 earnings, raised full - year guidance, booming AI chip demand, and milestone adoption of High - NA EUV technology by Intel.
Meanwhile, Japan was the leading regional detractor. The top laggard within the region was an overweight position in Mitsui Fudosan Co Ltd, a real estate developer, operating across leasing, development, and hospitality. Although FY2026 performance was str ong, the stock declined due to broader economic and sector concerns.
The Financials sector provided the best active performance within the portfolio. The top performer within the sector was an overweight position in ORIX Corp, a diversified Japanese financial services firm. Its stock increased due to record earnings and an upgraded FY2027 forecast of net income.
Industrials detracted the most, and the top detractor in the sector was a position that we did not hold in Caterpillar Inc, an U.S. manufacturer of construction and mining equipment, engines, and power systems. Its stock rose due to Q1 sales soaring and st rong demand, especially in Power & Energy, boosted by data - center orders.
Fund Outlook Dynamic’s Contextual Alpha Model utilizes stock - level information to build a unique Alpha Model for each stock. Alpha scores in turn provide an indication as to the relative attractiveness of the stocks within the universe and therefore drive most of the s tock selection in the portfolio.
By design, sector or country active exposures are dictated by bottom - up stock selection from the Dynamic Contextual Alpha Model. Hence, the strategy does not take large active exposures across sectors or markets. As of 30 June 2026, the largest overweight sector is Financials at +1.13% and the largest underweight sector is Consumer Discretionary at - 1.19%. Regionally, the largest overweight region is Japan at +0.85% and the largest underweight region is the United States at - 0.66%.
The portfolio has no style bias as exposures to any individual style risk factor, such as Barra Momentum or Value Risk Factors, are tightly controlled and managed. The strategy strives to deliver consistent outperformance generated from the Alpha Model, no t from the risk factor exposures. The risk contribution thus originates from stock specific risks driven by the Alpha Model.
Active equity managers are operating in an environment marked by increased macro uncertainty, rapid market regime shifts, and heightened client scrutiny. While these conditions present challenges, they also create meaningful opportunities for disciplined q uantitative approaches. The Dynamic Equity Team continues to focus on delivering consistent performance by staying true to our belief that the fundamental characteristics as exemplified and identified by the Dynamic Alpha Model, namely Value, Quality, Comp etitiveness, ESG/Management and Momentum/Sentiment, while seeking to deliver better than market returns over a full economic cycle.
Risk management and portfolio construction are integral to our process. Dynamic Equity’s investment models are constructed with a set of diversified factors, while portfolios are constructed with diversified holdings, seeking to control risk and to achieve consistency of returns. During portfolio construction we explicitly control for unintended factor exposures, crowding risk, and liquidity, with continuous monitoring and stress testing across scenarios. This allows us to manage drawdowns while preserving long - term alpha potential.
Continual model innovation through thoughtful alpha research is paramount at PanAgora. We are constantly testing and incorporating new research ideas with a goal to improve model efficacy by 10 - 15% per year. We believe that our commitment to innovation thr ough in - house research utilizing our proprietary datasets to identify and capitalize on alpha sources will allow the Dynamic Equity strategy to generate excess returns that are uncorrelated with other managers. Furthermore, we believe that our familiarity and utilization of advanced AI tools to conduct textual and audio analysis gives us an edge over 4 less sophisticated market practitioners. In summary, we believe that these core competencies will allow the Dynamic Global Equity strategy to capitalize on t he current environment while continuing to deliver consistent, risk - aware outcomes over the long term.
Investment Manager PanAgora Asset Management, Inc. .
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INVESTMENT MANAGER’S REPORTS (CONTINUED)
40
PERPETUA GLOBAL EQUITY UCITS FUND
Investment Objective The Perpetua Global Equity UCITS Fund (“the f und”) aims to target capital growth over the long term.
Fund Performance
The fu fund is benchmarked against the MSCI ACWI. Note: Performance figures longer than 12 months are annualised. Figures are quoted net of fees.
Global equity markets delivered another positive six months, with the MSCI All Country World Index (ACWI) returning approximately 11.25% in USD (net) during the first half of 2026. Strong corporate earnings, continued enthusiasm around artificial intellige nce (AI) investment, resilient global economic activity and easing concerns around the interest rate outlook outweighed persistent geopolitical tensions and policy uncertainty.
Although semiconductor companies remained an important driver of returns, market leadership broadened meaningfully over the period. Industrials, financials and energy joined technology among the strongest - performing sectors as investors increasingly reward ed companies benefiting from infrastructure spending, AI - related capital expenditure and improved earnings expectations. Smaller and equal - weighted companies also outperformed many large - cap benchmarks, indicating a healthier and more diversified market ad vance than in recent years.
Emerging markets were the standout performers, led by North Asian technology markets. South Korea and Taiwan produced exceptional gains as continued demand for AI infrastructure, semiconductors and memory chips drove substantial earnings upgrades. Develope d market returns were more modest but remained positive, supported by resilient US corporate profits and improving investor confidence in the global economic outlook. Europe generated positive, albeit lower, returns as weaker economic growth tempered gains . Technology remained one of the strongest - performing sectors, driven by continued investment in AI infrastructure and semiconductors. Industrials also outperformed as capital spending associated with electrification, automation and manufacturing expansion a ccelerated. Energy benefited from firmer oil prices amid ongoing Middle East tensions, while financials gained from resilient economic activity and supportive interest - rate conditions. More defensive sectors, including consumer staples and utilities, gener ally lagged as investor risk appetite improved.
The Perpetua Global UCITS Fund (“the f und”) ended the first half of 2026 flat, while the MSCI ACWI (“the benchmark”) returned 11.25% as the f und’s underweight in semi - conductors and energy, as well as overweight consumer discretionary and staples held back performance. It is worth noting that the decision to not chase the momentum chipmaker trade has resulted in a significant relative recovery subsequent to the reporting period as the f und has outperformed the MSCI ACWI by circa 9% going into the last two trading days of July.
- 15 %
- 10 %
- 5 %
0 %
5 %
10 %
15 %
20 %
1 st Qtr 2026 2 nd Qtr 2026 YTD 2026 Since inception Fund return ( in base ccy ) - 6 . 17 % 6 . 52 % - 0 . 05 % 8 . 51 % Performance benchmark - 3 . 20 % 14 . 93 % 11 . 25 % 13 . 63 % Excess return - 2 . 97 % - 8 . 41 % - 11 . 30 % - 5 . 12 %
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INVESTMENT MANAGER’S REPORTS (CONTINUED)
41
PERPETUA GLOBAL EQUITY UCITS FUND (CONTINUED)
Fund Outlook Some of the top contributors to the f und’s relative returns over the quarter were our overweight positions in Recruit, Samsung, AB InBev and ASML. Our underweight position in Microsoft and Meta also added alpha to the f und. Detractors from relative performance included our underweight positions in Micron, SK Hynix, Advanced Micro Devices and Intel, and overweight positions in Salesforce, Tencent, Zoetis, Alibaba and Kering.
The US market enters the second half with strong earnings momentum but full valuations and a less supportive Federal Reserve. The broadening of the rally beyond mega - caps into smaller companies is encouraging for active investors, though risks including hi gher inflation, possible rate increases and renewed geopolitical stress remain live.
Europe remains the value corner of the developed world. It carries less AI exposure, which held it back this year, but trades at a meaningful discount and benefits from rising defence and infrastructure spending. If energy prices stay contained and there i s progress on regional conflicts, Europe's low starting valuation gives it room to catch up.
The UK continues to offer value and income, with the FTSE 100 trading on a modest multiple relative to global peers. Front - loaded fiscal and defence spending point to infrastructure and defence as areas of opportunity, and while it is not a market that wil l lead a technology - driven rally, it remains a sensible place to find durable dividends at reasonable prices.
Japan has been one of the year's genuine success stories, as a pro - growth government, ongoing governance reform returning cash to shareholders, and renewed foreign interest have drawn capital back to a market that spent decades going nowhere. The main risk is the currency: a weak yen has flattered local returns and helped exporters, but any sharp reversal, or intervention by the Bank of Japan, would change the maths for overseas investors.
China lagged the wider emerging - market rally, weighed down by weak domestic demand and a property sector still working through its problems. Policymakers appear increasingly willing to support the equity market through higher dividends and buybacks, and Ch ina retains real strength in AI applications, electric vehicles and clean energy supply chains, though the case is selective: valuations are undemanding but earnings durability and policy dependence call for care.
Emerging markets were the best - performing region of the half, led by the Asian chip economies, though that strength is closely tied to the AI supply chain and leaves these markets exposed if the semiconductor cycle cools. Outside the chip story, emerging m arkets still trade at a wide discount to developed markets and benefit from a softer US dollar, which makes them a meaningful place to look for value.
The first half of 2026 was less about the level of the market and more about its composition, and that shapes how we are positioned into the second half. Beneath a steady headline return, leadership rotated across regions, as Asia and parts of the emerging world outpaced the US; down the size scale, as small and mid - caps overtook the mega - caps; and along the technology supply chain, as chip, memory and power infrastructure makers led while the largest platform names fell behind. Two deeper shifts sat undern eath: earnings, not falling rates, carried the market higher, and the AI build - out moved to a more debt - dependent way of funding itself.
We think much of what led was cyclical and momentum - driven, and in the case of smaller companies and semiconductors now trades on fuller valuations, leaving it more exposed if growth softens, rates stay high, or AI spending disappoints. The more defensive, quality - oriented parts of the market that lagged now look better value as a result. We expect that gap to stay wide, and we are positioning for it: favouring businesses whose earnings and cash flows we can stand behind over leadership that has already re - rated. That environment rewards selectivity and valuation discipline over a bet on recent momentum, and it is where we are placing our conviction for the rest of the year.
Investment Manager Perpetua Investment Managers (Pty) Limited
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INVESTMENT MANAGER’S REPORTS (CONTINUED)
42
SANLAM US DOLLAR ENHANCED YIELD FUND
Investment Objective The investment objective of Sanlam US Dollar Enhanced Yield Fund ( the “f und ”) is to achieve an annualised return in excess of 75 basis points over a US dollar overnight money market rate. There can be no assurance that the f und will achieve its investment objective.
Fund Performance
The fu fund is bench marked against SOFR | LIBOR USD 1M (1Dec21). Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.
The first half of 2026 was shaped by the US and Israel’s conflict with Iran, the disruption to shipping through the Strait of Hormuz, and the subsequent de - escalation. The Strait is a key route for global oil and gas shipments, and its closure, together wi th damage to regional energy infrastructure, sent oil prices sharply higher. Brent crude rose strongly in March and peaked at around US$120 a barrel in April, triggering a sharp fall in share prices. Bonds also came under pressure as investors worried that higher oil prices would keep inflation higher for longer. As ceasefire talks progressed, oil prices fell back and both shares and bonds recovered, although the situation remained fluid rather than fully resolved.
Economic data remained broadly resilient, although there were signs of cooling in the US labour market by June. Central banks therefore became more cautious about cutting interest rates. The European Central Bank raised rates for the first time in several years, the Bank of Japan raised its policy rate to 1%, and the US Federal Reserve, under new Chair Kevin Warsh, kept rates unchanged while emphasising its commitment to controlling inflation. Enthusiasm for artificial intelligence provided a further boost to equity markets, with semiconductor and AI - infrastructure companies leading gains. SpaceX’s record - breaking June stock - market listing added to the broader appetite for innovation - led growth companies.
Growth assets, such as shares, ended the half well ahead despite the March scare. The S&P 500, an index of the 500 largest US companies, returned 10% including dividends. Technology shares led the gains on strong demand for semiconductors, while energy com panies benefitted from higher oil prices and industrial companies also performed strongly. Materials and real estate also did well, although materials are more cyclical than defensive. Financials and consumer discretionary companies lagged, while communica tion services delivered only a small positive return. Smaller and medium - sized companies outperformed the largest companies, reversing the recent pattern of mega - cap dominance. Growth shares outperformed cheaper value shares, though returns were broader th an in recent years.
Defensive assets, such as government and corporate bonds, delivered more modest returns. Bond prices recovered from their March weakness but later gave back some ground as investors demanded higher yields in a less certain interest - rate environment. Still, the income paid by bonds helped overall returns. Lower - quality corporate bonds, known as high - yield bonds because they pay a higher rate of interest to compensate investors for taking more risk, performed better than higher - quality investment - grade bonds. This suggested investors were not overly worried about a downturn. The Japanese yen weakened to its lowest level against the US dollar since 1986, while the dollar found some support from its safe - haven status.
-1%
0%
1%
1%
2%
2%
3%
3%
4%
4%
5%
1st Qtr 2026 2nd Qtr 2026 YTD 2026 Since inception Fund return (in base ccy) 0.80% 1.56% 2.37% 3.97% Performance benchmark 0.89% 0.89% 1.79% 3.02% Excess return -0.09% 0.67% 0.58% 0.95%
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INVESTMENT MANAGER’S REPORTS (CONTINUED)
43
SANLAM US DOLLAR ENHANCED YIELD FUND (CONTINUED)
Fund Outlook By the end of June there were signs that the energy market disruption that has defined the macro environment since late February is beginning to ease. Shipping traffic through the Strait of Hormuz began to resume in the latter part of the month, with appro ximately 30 – 50% of pre - war flow expected to be restored by mid - July. A gradual normalisation of Gulf production, led by Kuwait, Saudi Arabia and the UAE, is anticipated over the months ahead. Nonetheless, refinery damage across the region remains only part ly assessed and supply normalisation is expected to take several months to fully play out.
Against this backdrop, inflation risks have not yet fully abated. Headline energy pressures remain elevated in many markets, second - round effects have begun filtering into broader price baskets and central banks have continued to respond forcefully, with t he ECB hiking rates during June and the Fed maintaining a hawkish stance. As the oil shock fades over H2, however, the disinflationary profile should improve meaningfully. Core inflation has remained relatively contained throughout, helped by ongoing moder ation in services and the fading impact of tariffs, while the prospect of significantly lower oil prices as supply recovers should provide further relief.
Investment Manager Ninety One UK Limited
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S ANLAM U NIVERSAL F UNDS PLC
STATEMENT OF COMPREHENSIVE INCOME OF THE COMPANY for the six months ended 30 June 2026
The accompanying notes form an integral part of these unaudited condensed interim financial statements . 44
Note
Period ended 30 June 2026
Period ended 30 June 2025 USD USD Investment income Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 130,949,701 199,463,350 Net foreign exchange gains/(losses) (4,612,222) (190,141) Income from financial assets at fair value through profit or loss 41,857,522 50,519,775 Interest income calculated using the effective interest method 399,020 1,069,485 Other income 56,131 (118,675)
Net investment income/(deficit) 168,650,152 250,743,794
Operating expenses Management and investment management fees 8 (9,377,659) (8,590,714) Administration fees 9 (548,817) (638,433) Directors’ fees 8 (48,065) (33,956) Custody fees 9 (683,012) (712,906) Other operating expenses (2,380,328) (1,202,491)
Total operating expenses (13,037,881) (11,178,500)
Operating profit/(loss) 155,612,271 239,565,294
Finance costs Distributions to holders of redeemable participating shares 5 (229,840) (2,092,370)
Total finance costs (229,840) (2,092,370)
Profit/(loss) before tax 155,382,431 237,472,924
Withholding tax (4,128,631) (5,125,553)
Change in net assets attributable to holders of redeemable participating shares 151,253,800 232,347,371
Page 47
S ANLAM U NIVERSAL F UNDS PLC
STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS
for the six months ended 30 June 2026
The accompanying notes form an integral part of these unaudited condensed interim financial statements .
45
Note
Denker Global Equity Fund
Ninety One Global Aggregate Bond Fund¹
Denker Global Financial Fund
Satrix World Equity Tracker Fund
SIIP India Opportunities Fund USD USD USD USD USD Investment income Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 4,152,319 (2,555,030) 14,933,098 45,141,886 (2,456,718) Net foreign exchange gains/(losses) (975) (3,865,699) (5,564) (50,841) (14,827) Income from financial assets at fair value through profit or loss 1,018,495 8,920,116 3,193,643 4,877,735 189,979 Interest income calculated using the effective interest method 58,884 42,288 24,713 33,740 Other income 7 - 235 26,234 Net investment income/(deficit) 5,228,730 2,541,675 18,146,125 50,028,754 (2,281,566)
Operating expenses Management and investment management fees 8 (396,899) (843,571) (562,666) (498,007) (71,493) Administration fees 9 (19,423) (78,403) (25,294) (85,980) (4,476) Directors’ fees 8 (1,760) (2,139) (2,041) (8,288) (168) Custody fees 9 (14,567) (107,349) (27,522) (78,289) (9,862) Other operating expenses (25,259) (236,158) (42,242) (45,363) (28,248) Total operating expenses (457,908) (1,267,620) (659,765) (715,927) (114,247)
Operating profit/(loss) 4,770,822 1,274,055 17,486,360 49,312,827 (2,395,813)
Finance costs Distributions to holders of redeemable participating shares 5 (748) - (57,271) (27,115) -
Profit/(loss) before tax 4,770,074 1,274,055 17,429,089 49,285,712 (2,395,813)
Withholding tax (160,063) (10,644) (420,091) (1,037,811) (41,782)
Change in net assets attributable to holders of redeemable participating shares 4,610,011 1,263,411 17,008,998 48,247,901 (2,437,595)
1 During the period, Sanlam Global Bond Fund changed its name to Ninety One Global Aggregate Bond Fund.
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S ANLAM U NIVERSAL F UNDS PLC
STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED)
for the six months ended 30 June 2026
The accompanying notes form an integral part of these unaudited condensed interim financial statements .
46
Note
Satrix Emerging Markets Equity Tracker Fund
A.I. Machines Global Managed Risk Fund
Sanlam Global High Quality Fund
High Street Global Balanced Fund
Sanlam Active UK Fund 1 USD USD GBP USD GBP Investment income Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 59,601,552 653,486 (33,198,580) 1,510,477 3,961,944 Net foreign exchange gains/(losses) (27,855) 57,177 143,611 (3,849) (18,967) Income from financial assets at fair value through profit or loss 3,192,862 - 4,888,392 598,418 255,971 Interest income calculated using the effective interest method 13,930 59,458 3,924 - 5,925 Other income 8,079 - - 5,428 Net investment income/(deficit) 62,788,568 770,121 (28,162,653) 2,110,474 4,204,873
Operating expenses Management and investment management fees 8 (624,318) (475,501) (1,901,749) (319,513) (15,200) Administration fees 9 (47,724) (8,564) (72,663) (13,475) (5,319) Directors’ fees 8 (4,546) (779) (6,951) (1,001) (1,829) Custody fees 9 (131,589) (1,950) (65,358) (9,287) (4,627) Other operating expenses (55,216) (130,950) (136,416) (46,681) (121,314) Total operating expenses (863,393) (617,744) (2,183,137) (389,957) (148,289)
Operating profit/(loss) 61,925,175 152,377 (30,345,790) 1,720,517 4,056,584
Finance costs Distributions to holders of redeemable participating shares 5 (42,340) - (16,165) - -
Profit/(loss) before tax 61,882,835 152,377 (30,361,955) 1,720,517 4,056,584
Withholding tax (417,616) - (896,933) (63,951) (17,349)
Change in net assets attributable to holders of redeemable participating shares 61,465,219 152,377 (31,258,888) 1,656,566 4,039,235
1 This Fund closed on 25 February 2026.
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S ANLAM U NIVERSAL F UNDS PLC
STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED)
for the six months ended 30 June 2026
The accompanying notes form an integral part of these unaudited condensed interim financial statements .
47
Note
Thornbridge Ortler Multi Strategy Fund 1
Anchor Global Stable Fund
Anchor Global Equity Fund
Sanlam Global Emerging Markets Fund
Zazove Global Convertible Fund GBP USD USD USD USD Investment income Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 9,403,321 (43,749) 1,084,340 7,537,344 8,915,868 Net foreign exchange gains/(losses) (429,070) (3,694) (3,231) (17,861) (108,352) Income from financial assets at fair value through profit or loss 3,263,582 381,630 504,310 898,788 472,593 Interest income calculated using the effective interest method 30,791 9,670 48,867 13,267 13,368 Other income 1,197 - - - 1,350 Net investment income/(deficit) 12,269,821 343,857 1,634,286 8,431,538 9,294,827
Operating expenses Management and investment management fees 8 (406,556) (86,261) (757,523) (241,271) (280,077) Administration fees 9 (38,849) (5,904) (28,477) (16,323) (16,487) Directors’ fees 8 (2,280) (304) (3,455) (996) (1,365) Custody fees 9 (57,048) (3,550) (21,735) (31,284) (12,996) Other operating expenses (96,705) (28,746) (96,343) (24,036) (900,765) Total operating expenses (601,438) (124,765) (907,533) (313,910) (1,211,690)
Operating profit/(loss) 11,668,383 219,092 726,753 8,117,628 8,083,137
Finance costs Distributions to holders of redeemable participating shares 5 (60,176) - - - -
Profit/(loss) before tax 11,608,207 219,092 726,753 8,117,628 8,083,137
Withholding tax (69,498) (11,199) (92,908) (102,295) -
Change in net assets attributable to holders of redeemable participating shares 11,538,709 207,893 633,845 8,015,333 8,083,137
1 During the period, Sanlam Ninety One Multi - Strategy Fund changed its name to Thornbridge Ortler Multi - Strategy Fund.
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S ANLAM U NIVERSAL F UNDS PLC
STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED)
for the six months ended 30 June 2026
The accompanying notes form an integral part of these unaudited condensed interim financial statements .
48
Note
Thornbridge Ortler Real Assets Fund 1
Satrix Global Factor Enhanced Equity Fund
Perpetua Global Equity UCITS Fund
Sanlam US Dollar Enhanced Yield Fund GBP USD USD USD
Investment income Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 8,134,308 14,032,005 (673,388) 133,509 Net foreign exchange gains/(losses) (102,623) (21,675) 832 6 Income from financial assets at fair value through profit or loss 2,528,853 1,536,301 442,164 965,289 Interest income calculated using the effective interest method - 10,078 11,565 4,697 Other income 7,693 2,877 - Net investment income/(deficit) 10,568,231 15,559,586 (218,827) 1,103,501
Operating expenses Management and investment management fees 8 (366,484) (345,701) (138,013) (129,827) Administration fees 9 - (25,969) (6,967) (8,692) Directors’ fees 8 (1,705) (2,748) (494) (864) Custody fees 9 (12,425) (31,102) (6,317) (8,613) Other operating expenses (134,483) (30,368) (14,297) (20,064) Total operating expenses (515,097) (435,888) (166,088) (168,060)
Operating profit/(loss) 10,053,134 15,123,698 (384,915) 935,441
Finance costs Distributions to holders of redeemable participating shares 5 (953,467) - - Interest expense - - - -
Profit/(loss) before tax 9,099,667 15,123,698 (384,915) 935,441
Withholding tax (326,770) (316,215) (57,628) -
Change in net assets attributable to holders of redeemable participating shares 8,772,897 14,807,483 (442,543) 935,441
1 During the period, Sanlam Ninety One Real Assets Fund changed its name to Thornbridge Ortler Real Assets Fund.
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S ANLAM U NIVERSAL F UNDS PLC
STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED)
for the six months ended 30 June 2025
The accompanying notes form an integral part of these unaudited condensed interim financial statements .
49
Note
Denker Global Equity Fund
Sanlam Global Bond Fund
Denker Global Financial Fund
Sanlam World Equity Fund¹
Satrix World Equity Tracker Fund USD USD USD USD USD Investment income Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 9,870,155 35,261,117 18,788,718 2,905,050 49,152,511 Net foreign exchange gains/(losses) 8,768 791,770 (12) 12,196 (45,380) Income from financial assets at fair value through profit or loss 1,039,044 9,092,342 2,465,406 62,434 6,022,990 Interest income calculated using the effective interest method 24,308 165,763 18,512 2,332 24,551 Other income - 18 - (154,479) 23,860 Net investment income/(deficit) 10,942,275 45,311,010 21,272,624 2,827,533 55,178,532
Operating expenses Management and investment management fees 8 (333,862) (613,684) (376,829) (38,791) (370,341) Administration fees 9 (16,088) (85,841) (18,424) (2,641) (89,091) Directors’ fees 8 (969) (3,717) (925) 13 (4,495) Custody fees 9 (12,482) (163,906) (21,474) (2,509) (76,795) Other operating expenses (27,195) (34,033) (28,874) (19,353) (28,742) Total operating expenses (390,596) (901,181) (446,526) (63,281) (569,464)
Operating profit/(loss) 10,551,679 44,409,829 20,826,098 2,764,252 54,609,068
Finance costs Distributions to holders of redeemable participating shares 5 (1,557) - (48,350) - (35,764)
Profit/(loss) before tax 10,550,122 44,409,829 20,777,748 2,764,252 54,573,304
Withholding tax (184,727) - (346,477) (7,631) (1,347,392)
Change in net assets attributable to holders of redeemable participating shares 10,365,395 44,409,829 20,431,271 2,756,621 53,225,912
1 This sub - fund closed on 10 March 2025.
Page 52
S ANLAM U NIVERSAL F UNDS PLC
STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED)
for the six months ended 30 June 2025
The accompanying notes form an integral part of these unaudited condensed interim financial statements .
50
Note
SIIP India Opportunities Fund
Satrix Emerging Markets Equity Tracker Fund
A.I. Machines Global Managed Risk Fund 1
Sanlam Global High Quality Fund
High Street Global Balanced Fund USD USD USD GBP USD Investment income Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 1,248,502 27,330,665 2,897,105 (2,451,912) 4,713,049 Net foreign exchange gains/(losses) 387 21,672 116,100 (438,736) (60,385) Income from financial assets at fair value through profit or loss 207,722 3,391,986 - 5,189,100 756,759 Interest income calculated using the effective interest method 9,063 11,355 82,436 44,368 10,266 Other income - - - - Net investment income/(deficit) 1,465,674 30,755,678 3,095,641 2,342,820 5,419,689
Operating expenses Management and investment management fees 8 (86,083) (451,835) (401,665) (1,954,270) (199,885) Administration fees 9 (4,961) (34,815) (18,370) (76,176) (12,087) Directors’ fees 8 (246) (2,024) (609) (5,119) (659) Custody fees 9 (15,367) (106,987) (9,574) (61,821) (8,316) Other operating expenses (40,635) (67,057) (89,268) (186,599) (130,182) Total operating expenses (147,292) (662,718) (519,486) (2,283,985) (351,129)
Operating profit/(loss) 1,318,382 30,092,960 2,576,155 58,835 5,068,560
Finance costs Distributions to holders of redeemable participating shares 5 - (50,409) - (90,045) -
Profit/(loss) before tax 1,318,382 30,042,551 2,576,155 (31,210) 5,068,560
Withholding tax (45,861) (397,246) - (695,357) (81,584)
Change in net assets attributable to holders of redeemable participating shares 1,272,521 29,645,305 2,576,155 (726,567) 4,986,976
1 During the period Sanlam AI Global Managed Risk Fund changed its name to A.I. Machines Global Managed Risk Fund.
Page 53
S ANLAM U NIVERSAL F UNDS PLC
STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED)
for the six months ended 30 June 2025
The accompanying notes form an integral part of these unaudited condensed interim financial statements .
51
Note
Sanlam Active UK Fund
Sanlam Ninety One Multi - Strategy Fund 1
Anchor Global Stable Fund
Anchor Global Equity Fund
Sanlam Global Emerging Markets Fund GBP GBP USD USD USD Investment income Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 2,302,005 4,242,479 671,405 21,494,288 12,103,681 Net foreign exchange gains/(losses) 1,386 (35,724) 22,204 6,506 8,106 Other gains/(losses) on financial assets and liabilities at amortised cost - - - - Income from securities lending - - - - Income from financial assets at fair value through profit or loss 1,258,499 5,871,780 372,066 133,800 1,038,988 Interest income calculated using the effective interest method 2,031 333,300 17,023 34,481 9,558 Other income - 339 196 - 5,773 Net investment income/(deficit) 3,563,921 10,412,174 1,082,894 21,669,075 13,166,106
Operating expenses Management and investment management fees 8 (50,953) (467,077) (85,211) (728,105) (239,009) Administration fees 9 (13,525) (56,498) (5,296) (25,465) (16,475) Directors’ fees 8 (806) (2,782) (199) (2,087) (674) Custody fees 9 (10,373) (38,097) (3,500) (17,964) (29,665) Other operating expenses (15,195) (85,956) (20,016) (53,920) (29,839) Total operating expenses (90,852) (650,410) (114,222) (827,541) (315,662)
Operating profit/(loss) 3,473,069 9,761,764 968,672 20,841,534 12,850,444
Finance costs Distributions to holders of redeemable participating shares 5 (5,046) (69,887) - - -
Profit/(loss) before tax 3,468,023 9,691,877 968,672 20,841,534 12,850,444
Withholding tax (24,867) (247,320) (12,026) (24,498) (99,208)
Change in net assets attributable to holders of redeemable participating shares 3,443,156 9,444,557 956,646 20,817,036 12,751,236
1 During the period Sanlam Multi - Strategy Fund changed its name to Sanlam Ninety One Multi - Strategy Fund.
Page 54
S ANLAM U NIVERSAL F UNDS PLC
STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED)
for the six months ended 30 June 2025
The accompanying notes form an integral part of these unaudited condensed interim financial statements .
52
Note
Zazove Global Convertible Fund
Autus Global Equity Fund 1
Sanlam Ninety One Real Assets Fund 2
Satrix Global Factor Enhanced Equity Fund
Perpetua Global Equity UCITS Fund USD USD GBP USD USD Investment income Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 5,278,559 898,277 (4,751,854) 8,726,898 3,898,171 Net foreign exchange gains/(losses) 160,281 643 (485,533) 9,008 3,248 Income from financial assets at fair value through profit or loss 589,286 22,984 5,103,355 1,293,784 375,899 Interest income calculated using the effective interest method 15,180 9,139 78,037 8,979 7,002 Other income - - 799 4,006 Net investment income/(deficit) 6,043,306 931,043 (55,196) 10,042,675 4,284,320
Operating expenses Management and investment management fees 8 (248,780) (50,650) (579,361) (173,353) (86,586) Administration fees 9 (14,748) (2,433) (52,214) (19,699) (4,955) Directors’ fees 8 (904) (244) (2,109) (1,453) (202) Custody fees 9 (11,464) (2,501) (31,322) (33,935) (4,701) Other operating expenses (16,014) (31,512) (109,313) (14,069) (13,817) Total operating expenses (291,910) (87,340) (774,319) (242,509) (110,261)
Operating profit/(loss) 5,751,396 843,703 (829,515) 9,800,166 4,174,059
Finance costs Distributions to holders of redeemable participating shares 5 - - (1,339,029) - -
Profit/(loss) before tax 5,751,396 843,703 (2,168,544) 9,800,166 4,174,059
Withholding tax (3,669) (6,588) (760,379) (270,367) (50,736)
Change in net assets attributable to holders of redeemable participating shares 5,747,727 837,115 (2,928,923) 9,529,799 4,123,323
1 This sub - fund closed on 28 March 2025. 2 During the period Sanlam Real Assets Fund changed its name to Sanlam Ninety One Real Assets Fund.
Page 55
S ANLAM U NIVERSAL F UNDS PLC
STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED)
for the six months ended 30 June 2025
The accompanying notes form an integral part of these unaudited condensed interim financial statements .
53
Note
Sanlam US Dollar Enhanced Yield Fund USD Investment income Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 248,263 Net foreign exchange gains/(losses) 1,625 Income from financial assets at fair value through profit or loss 992,195 Interest income calculated using the effective interest method 24,151 Other income Net investment income/(deficit) 1,266,234
Operating expenses Management and investment management fees 8 (136,690) Administration fees 9 (8,964) Directors’ fees 8 (494) Custody fees 9 (7,567) Other operating expenses (41,497) Total operating expenses (195,212)
Operating profit/(loss) 1,071,022
Finance costs Distributions to holders of redeemable participating shares 5 -
Profit/(loss) before tax 1,071,022
Withholding tax -
Change in net assets attributable to holders of redeemable participating shares 1,071,022
Page 56
S ANLAM U NIVERSAL F UNDS PLC
STATEMENT OF FINANCIAL POSITION OF THE COMPANY as at 30 June 2026
The accompanying notes form an integral part of these unaudited condensed interim financial statements . 54
Notes 30 June 2026 31 December 2025 USD USD Assets Cash and cash equivalents 3 75,814,451 58,725,361 Margin accounts 4 1,258,102 10,181,153 Amounts receivable on sale of securities 1,397,541 2,675,375 Amounts receivable on issue of redeemable participating shares 600,661 598,905 Accrued income 8,667,056 13,419,311 Other assets 3,921,404 928,651 Financial assets at fair value through profit or loss 6 Transferable securities 3,065,503,684 3,754,398,485 Collective investment schemes 34,748,158 37,529,130 Financial Derivative Instruments – assets 8,319,812 5,735,092
Total Assets 3,200,230,869 3,884,191,463
Liabilities Margin accounts 4 (516,363) (645,625) Amounts payable on repurchase of redeemable participating shares (1,556,827) (1,434,243) Amounts payable on purchase of securities (6,080,843) (60,201,159) Accrued expenses (5,517,423) (1,897,876) Administration fees payable 9 (304,811) (387,557) Management and investment management fees payable 8 (2,671,455) (3,617,222) Financial liabilities at fair value through profit or loss 6 Financial Derivative Instruments – liabilities (5,553,595) (3,169,326)
Liabilities (excluding net assets attributable to holders of redeemable participating shares) (22,201,317) (71,353,008)
Net assets attributable to holders of redeemable participating shares 15 3,178,029,552 3,812,838,455
Page 57
S ANLAM U NIVERSAL F UNDS PLC
STATEMENTS OF FINANCIAL POSITION OF THE FUNDS
as at 30 June 2026
The accompanying notes form an integral part of these unaudited condensed interim financial statements .
55
Notes
Denker Global Equity Fund
Ninety One Global Aggregate Bond Fund 1
Denker Global Financial Fund
Satrix World Equity Tracker Fund
SIIP India Opportunities Fund USD USD USD USD USD Assets Cash and cash equivalents 3 3,900,730 6,130,576 4,990,356 1,044,253 170,130 Margin accounts 4 - 1,258,102 - - Amounts receivable on sale of securities - 88,834 308,439 - Amounts receivable on issue of redeemable participating shares 40,483 - 112,668 337,041 Accrued income 100,049 3,614,497 186,397 255,188 48,910 Other assets 6,023 2,598,587 44,818 257,284 3,345 Financial assets at fair value through profit or loss 6 Transferable securities 107,236,851 487,560,627 150,502,235 481,177,597 17,081,868 Collective investment schemes 3,835,246 22,639,570 - 9,011,870 Financial Derivative Instruments – assets - 5,783,012 - - -
Total Assets 115,119,382 529,673,805 156,144,913 492,083,233 17,304,253
Liabilities
Margin accounts 4 - (450,000) - - Amounts payable on repurchase of redeemable participating shares (151,914) - (157,919) (98,451) (114,722) Amounts payable on purchase of securities (119,439) (4,163,444) (309,148) - Accrued expenses (40,403) (2,713,539) (105,088) (107,856) (37,119) Administration fees payable 9 (12,348) (51,799) (14,636) (47,561) (2,585) Management and investment management fees payable 8 (69,565) (228,413) (107,035) (97,064) (11,402) Financial liabilities at fair value through profit or loss Financial Derivative Instruments – liabilities - (3,925,560) - - -
Liabilities (excluding net assets attributable to holders of redeemable participating shares) (393,669) (11,532,755) (693,826) (350,932) (165,828)
Net assets attributable to holders of redeemable participating shares 15 114,725,713 518,141,050 155,451,087 491,732,301 17,138,425
1 During the period, Sanlam Global Bond Fund changed its name to Ninety One Global Aggregate Bond Fund.
Page 58
S ANLAM U NIVERSAL F UNDS PLC
STATEMENTS OF FINANCIAL POSITION OF THE FUNDS (CONTINUED)
as at 30 June 2026
The accompanying notes form an integral part of these unaudited condensed interim financial statements .
56
Notes
Satrix Emerging Markets Equity Tracker Fund
A.I. Machines Global Managed Risk Fund
Sanlam Global High Quality Fund
High Street Global Balanced Fund
Sanlam Active UK Fund 1 USD USD GBP USD GBP Assets Cash and cash equivalents 3 1,592,363 5,631,272
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