Fund Type: Global Capital Aware Fund

Global equities advanced modestly in August, returning 0.65% in Australian-dollar terms.

As flagged in our unit holder letter of 14 April 2026 and effective 17 July 2026 we have updated the PDS with enhancements designed to improve the consistency of outcomes across market environments, while maintaining the Fund’s core objective:

Global equity markets delivered another strong quarter, driven by continued enthusiasm around artificial intelligence and the companies positioned at the centre of the AI infrastructure build-out.

Investing periodically goes through difficult relative periods, particularly when markets become concentrated in a narrow group of companies, sectors or themes. During those periods, share prices can move well ahead of fundamentals in the favoured areas...

In April, the concentrated selection of stocks we have in our portfolio delivered a negative return of 2.28%. The broader market, as measured by the MSCI ACWI ex Australia Index, rose 5% over the month while emerging market equities delivered their strongest absolute return since 2009.

The launch of U.S.–Israeli military operations against Iran on the final day of February triggered a significant and broad-based repricing of global risk assets in March. The Strait of Hormuz — through which approximately 20% of global oil and liquefied natural gas supply transits — became the central flashpoint.

The Insync Global Capital Aware Fund returned -2.49% over the month and -8.35% for the last 12 months to February 2026. As at month-end, the Fund maintained approximately 41.3% protection.

The Insync Global Capital Aware Fund returned -3.07% over the month and -6.05% for the last 12 months to January 2026. As at the end of January 2026, the Fund maintained approximately 69% protection.

The Insync Global Capital Aware Fund returned -1.24% over the month and has gained 4.77% for the last 12 months to November 2025. Approximately 65% of the fund is covered by index puts on a notional basis.

Over more than sixteen years, Insync has delivered annualised returns in the 10–12% range by investing in high-quality, highly profitable businesses with enduring competitive advantages, exposure to long-term structural growth trends...