Iza Global Balanced Fund

Investment Objective and Strategy

Objective: The primary objective of the fund is to achieve long-term growth of at least UK CPI + 5% per annum. Long term means over rolling periods exceeding 6 years.

Strategy: The fund will achieve its objectives by investing in multiple asset classes, geographics and currencies, both directly via listed instruments or indirectly through participatory interest in collective investment schemes. To reduce volatility of returns, the fund will have exposure to various investment styles, including, but not limited to value, quality and growth investing.

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Cumulative Growth Since Inception (GBP)

Trailing Returns (GBP)

Risk Measures

Risk Metrics	IZA Global Balanced Fund	Benchmark
Standard Deviation*	10.30	7.39
Sharpe Ratio*	0.45	0.03
Sortino Ratio*	0.35	-0.06

*Annualised

Periodic Returns (GBP)

Period	Iza Global Balanced Fund	Benchmark	UK CPI +5
1 Month	1.14	1.02	—
3 Months	3.02	2.52	—
6 Months	10.25	6.84	—
YTD	6.02	3.10	—
1 Year	12.73	8.34	—
3 Years	-1.68	0.20	—
5 Years	4.13	3.00	—
Since Inception	8.17	6.50	—

Asset Allocation

Equity Sectors

	%
Financial Services	23.98
Healthcare	16.81
Technology	14.65
Consumer Cyclical	14.24
Consumer Defensive	11.50
Communication Services	7.57
Industrials	6.05
Energy	2.32
Basic Materials	1.81
Utilities	0.74
Real Estate	0.32

Top 10 Equities

	%
Berkshire Hathaway Inc Class B	6.23
Gold	5.69
Microsoft Corp	2.79
Novo Nordisk A/S Class B	1.82
Amazon.com Inc	1.72
United States Treasury Notes 3.5%	1.68
United States Treasury Notes 3.375%	1.65
United States Treasury Notes 4.5%	1.40
NVIDIA Corp	1.37
United States Treasury Notes 4%	1.34

Monthly Portfolio Net Returns (GBP)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	B-Mark	UK CPI + 5
2024	0.63	2.28	3.78	-1.86	1.14	1.77							7.90	4.15	—
2023	3.02	-0.72	-0.94	0.33	-0.27	0.75	2.37	-1.52	-1.46	-2.61	4.88	3.99	7.79	5.93	—
2022	-11.35	-3.83	3.33	-4.88	-5.47	-5.33	8.71	-2.14	-4.21	-0.48	2.28	-1.24	-23.17	-11.52	16.32
2021	-0.63	-2.91	1.10	4.92	-1.23	4.57	0.71	1.93	-0.77	2.02	0.44	-0.84	9.41	8.58	10.51
2020	0.84	-3.92	-3.37	7.05	4.94	2.84	0.60	3.80	1.06	-1.93	5.18	4.12	22.57	4.09	5.59
2019	3.38	2.25	2.72	2.12	-0.60	2.66	3.36	-1.66	-1.35	-1.76	1.58	1.22	14.60	11.96	6.30
2018	0.58	-0.41	-2.78	3.5	2.77	0.63	1.49	1.70	-0.89	-5.92	1.38	-5.12	-3.51	-7.32	7.10

Cumulative Growth Since Inception (USD)

Trailing Returns (USD)

Risk Measures

Risk Metrics	IZA Global Balanced Fund	Benchmark
Standard Deviation*	13.86	8.42
Sharpe Ratio*	0.32	0.19
Sortino Ratio*	0.39	0.10

*Annualised

Periodic Returns (USD)

Period	Iza Global Balanced Fund	Benchmark	US CPI +5
1 Month	3.17	1.93	—
3 Months	3.98	1.52	—
6 Months	11.29	6.88	—
YTD	6.12	3.11	—
1 Year	15.42	10.33	—
3 Years	-5.29	0.21	—
5 Years	4.21	4.03	—
Since Inception	5.05	9.82	—

Equity Sectors

	%
Financial Services	23.98
Healthcare	16.81
Technology	14.65
Consumer Cyclical	14.24
Consumer Defensive	11.50
Communication Services	7.57
Industrials	6.05
Energy	2.32
Basic Materials	1.81
Utilities	0.74
Real Estate	0.32

Top 10 Equities

	%
Berkshire Hathaway Inc Class B	6.23
Gold	5.69
Microsoft Corp	2.79
Novo Nordisk A/S Class B	1.82
Amazon.com Inc	1.72
United States Treasury Notes 3.5%	1.68
United States Treasury Notes 3.375%	1.65
United States Treasury Notes 4.5%	1.40
NVIDIA Corp	1.37
United States Treasury Notes 4%	1.34

Asset Allocation

Monthly Portfolio Net Returns (USD)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	B-Mark	US CPI + 5%
2024	0.29	1.77	3.78	-2.89	3.17	0.99							7.17	4.14	—
2023	5.04	-3.13	1.66	2.21	-1.45	2.85	3.44	-2.77	-5.15	-2.98	8.95	4.87	13.32	10.22	—
2022	-11.89	-4.05	1.23	-8.99	-5.25	-8.51	-8.63	-6.55	-7.94	2.19	7.54	-1.04	-31.38	-13.47	12.45
2021	-0.18	-1.64	0.02	5.25	1.40	1.64	1.27	1.05	-2.98	3.64	-2.39	0.85	7.90	7.76	12.13
2020	0.34	-6.90	-6.20	8.89	2.85	2.78	6.87	5.75	-2.62	-1.62	8.73	6.36	26.30	6.87	6.30
2019	6.78	3.39	0.63	2.17	-3.90	3.67	-0.55	-2.19	-0.18	3.15	1.54	3.66	19.21	13.46	7.26
2018	5.73	-3.50	-1.02	1.62	-0.71	-0.16	-.83	0.77	-0.56	-7.82	1.23	-5.29	-9.16	-7.98	6.92

Historical returns are taken from actual segregated portfolio returns prior to the inception of the fund in April 2018

*The performance information is based on the back-tested performance of hypothetical investments over the time periods indicated. “Back-testing” is a process of objec-tively simulating historical investment returns by applying a set of rules for buying and selling securities, and other assets, backward in time, testing those rules, and hypo-thetically investing in the securities and other assets that are chosen. Back-testing is designed to allow investors to understand and evaluate certain strategies by seeing how they would have performed hypothetically during certain time periods. While back-testing results reflect rigorous application of the investment strategy selected, back-tested results have certain limitations and should not be considered indica-tive of future results. The results achieved in our simulations do not guarantee future investment results.

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