IMP Global Megatrend Umbrella Fund Commentary - 31 March 2025

Data as of 31.03.2025 - Marketing Communication 1 IMP Global Megatrend Umbrella Fund Commentary Throughout March, equity markets continued to slide amid growing fears over tariffs, as lingering uncertainty about forthcoming tariff announcements eroded investor confidence. The lack of clarity regarding the economic impact of the escalating global trade tensions drained liquidity from U.S. markets, leading technology stocks to post their sixth straight week of declines. This turmoil significantly pressured major U.S. indices, culminating in their weakest quarterly performance since 2022. The S&P 500 and Nasdaq Composite suffered their sharpest correction since the pandemic, falling -6.63% and -8.14% in March alone, bringing year-to- date returns to -4.28% and -10.26%, respectively. While the full scope and implications of the tariff regime remain unclear, the broader outlook for U.S. economic growth remains moderately positive, provided major disruptions can be circumnavigated. Nonetheless, heightened volatility is likely to persist in the near term. With markets closely watching President Trump’s declared "Liberation Day" on April 2nd, investor sentiment remains cautious for the time being. Against this backdrop, our IMP Global Megatrend Fund posted a year-to-date return of -9.60% net of fees, as of March 31st, 2025. As markets search for firmer footing and the dust has yet to settle, patience remains a paramount virtue. For now, uncertainty remains the only common maxim across asset classes. While economically disruptive policies persist, it is becoming increasingly evident that the Trump Administration is employing punitive tariffs more as a strategic bargaining tool than as a long-term economic policy. In this volatile environment, we remain steadfast in our asset allocation conviction and resist engaging in premature selling tactics. Although capital continues to rotate into international markets, a sharp reversal back into U.S. equities could unfold swiftly if relative strength resumes. Select companies in the technology, infrastructure, healthcare, and transportation sectors—many of which have been unduly sold off due to unfavorable market sentiment rather than operational or managerial deficiencies—may offer attractive recovery potential. Recent market behavior reflects a frontloading of economic pessimism, implying that much of the long-term negative sentiment may already be priced in. Albeit, quantifying the potential consequences of an ever-evolving U.S. policy framework remains increasingly difficult. A worst-case tariff scenario is especially elusive, making coherent market projections inherently challenging. While current technical levels bear hallmarks of capitulation, which are often indicative of a tradable bottom, uncertainty continues to cloud the near-term outlook. In light of these dynamics, we remain committed to our disciplined and selective approach in allocating to our IMP Global Megatrend portfolio with a focus on long-term resilience and thematic integrity. In March, we refrained from initiating new positions, instead concentrating on increasing exposure to existing holdings within the portfolio. As noted above, we deliberately avoided any premature divestments, focusing our efforts on selectively accumulating shares in companies we believe remain fundamentally attractive. Our primary allocations were directed toward transformational opportunities within AI-related sectors, including semiconductors, hyperscalers, and independent power producers. In this context, we added to existing positions in NVIDIA Corp., Marvell Technology, Inc., Alphabet Inc., and Constellation Energy Corp. The structural drivers underpinning AI remain firmly in place, with sustained capital

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Data as of 31.03.2025 - Marketing Communication 2 expenditures by megacap technology firms continuing to drive innovation and expansion. These dynamics position our holdings for long-term, secular growth across key AI-driven verticals. Within the healthcare segment, Intuitive Surgical, Inc. offered a compelling tactical entry point. The recent share price weakness, perceived as excessive provided a favorable opportunity to accumulate, in light of the company’s continued market leadership in robotic surgery and robust growth outlook. At month-end, we also increased our position in Tesla, Inc. following a pronounced drawdown that we believe was overly influenced by political narratives surrounding Elon Musk. This market reaction, which overlooked the company's improving product cycle, in particular the refreshed Model Y and the growing adoption of Full Self-Driving features offered an attractive risk-reward profile. Additionally, speculation around Musk stepping back from his public service roles after fulfilling his 130-day period as a temporary advisors of the DOGE mandate could serve as a positive catalyst for the share price. Continuing with our strategic positioning, we further added to our stake in Coinbase Global, Inc. in anticipation of ongoing deregulatory efforts that aim to enhance banking access for cryptocurrency-related firms. We view this as a potentially transformative development for the broader digital asset ecosystem. Lastly, we maintained our allocation to the J.P. Morgan ETFs Ireland ICAV – Nasdaq Premium Income Active UCITS ETF as a cash management tool. With an annualized dividend yield of up to 11% and a degree of downside cushioning relative to its benchmark, this ETF continues to provide a steady income stream and stability amid volatile market conditions. As we move into the second quarter, market volatility is expected to remain elevated. The announcement of reciprocal tariffs on April 2nd and the possibility of retaliatory action by U.S. trading partners could prove pivotal in shaping investor sentiment. In this highly uncertain environment, the market continues to search for a sense of direction. With downside momentum persisting and risk aversion intensifying, a definitive catalyst may be necessary to reset positioning and reestablish confidence. Such a capitulation could help stabilize asset prices and mark the beginning of a more constructive phase for equities. Crucially, the market's response to the perceived impact of these trade policies, whether viewed as severe or more symbolic, may provide the clarity needed to break the current cycle of hesitation and rapid volatility. During this transitional period, selective opportunities are beginning to surface. The broader macroeconomic environment, while complex, offers pockets of potential for investors who remain disciplined and focused. This shift suggests that parts of the market may already reflect a considerable amount of pessimism, and any signs of stabilization could lead to renewed interest in long-term investing. In essence, patience and selectivity remain central to our strategy. Staying the course through volatile conditions has historically led to more meaningful outcomes over time as captured in the well-known wisdom “Be greedy when others are fearful, and fearful when others are greedy.” In summary, while the current market environment is marked by elevated uncertainty and persistent volatility, we believe that dislocations of this nature often sow the seeds for long- term opportunity. Our disciplined investment approach, rooted in structural themes and a forward-looking view, continues to inherently shape our portfolio allocation decisions. By remaining focused on quality businesses with strong fundamentals and long-term growth

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Data as of 31.03.2025 - Marketing Communication 3 prospects, we position the IMP Global Megatrend Fund to navigate short-term turbulence while capturing the upside potential of transformative overarching global trends. As we look ahead, we remain patient yet vigilant; ready to act decisively when conviction and opportunity align. Thank you for your continued trust and support, Stefan Wiederkehr & Karin Wiederkehr

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Data as of 31.03.2025 - Marketing Communication 4 This document is a marketing advertisement and has been prepared by MRB Fund Partners AG for information and marketing purposes only. All information and contents of this fund commentary are based on carefully selected sources that have been deemed reliable. Nevertheless, despite careful compilation of the information and content, MRB Fund Partners AG cannot assume any liability or guarantee for its correctness, completeness, accuracy, timeliness or availability. Furthermore, this fund commentary has neither been reviewed nor approved by a supervisory authority. The information and content legally constitute advertising messages that do not fulfil all legal requirements. This fund commentary is aimed at retail clients within the meaning of the European Financial Markets Directive and presents this investment opportunity as an entrepreneurial investment which, in addition to opportunities for returns, also involves risks up to and including the total loss of the invested capital. An investment decision may only be made on the basis of the information provided to investors as required by law. Please read the constituent documents, the prospectus and the key information documents before making a final investment decision. This fund commentary must be read in conjunction with the constituent documents or the prospectus and the key information documents for packaged investment products and insurance-based investment products (PRIIPs), if available under the relevant fund law, as these documents alone are authoritative. It is therefore necessary to read these documents carefully and in full before purchasing units in this fund. A subscription for units will only be accepted on the basis of the constituent documents, the prospectus and the key information documents for packaged investment products and insurance-based investment products (PRIIPs). No one should act on the basis of the information contained in this fund commentary without thoroughly analyzing the situation in question and obtaining appropriate professional advice from competent third parties. If available under the relevant fund law, the constitutive documents, the prospectus and the key information documents for packaged investment products and insurance-based investment products (PRIIPs) as well as the current annual and semi-annual reports can be obtained free of charge from the management company, the depositary and all authorized distributors in Switzerland and abroad. The information in this fund commentary is for information purposes only and does not contain any contractual or other obligations. It should not be construed as an offer or an advertisement soliciting the purchase of shares in this fund. Furthermore, this fund commentary does not constitute investment advice. The information and contents of this fund commentary may also be unsuitable or inapplicable for certain investors. It is intended solely for the purpose of providing information on your own responsibility and cannot replace individual advice. This fund commentary does not take into account specific or future investment objectives, financial or tax circumstances or other special needs of an investor. The value and income of the fund described in this fund commentary may go down as well as up. It is possible that an investor may not get back the amount originally invested or may not get it back in full. Past performance is not a reliable indicator of future results and the performance shown does not take into account the commissions and costs incurred on the subscription and redemption of fund units. Furthermore, the fund currency is subject to exchange rate fluctuations if the reference currency of a unit class is not the same as the fund currency. This fund commentary may contain forward-looking statements, in particular statements about future market developments. Future performance is neither expressly nor implicitly guaranteed or promised. Although all forward- looking statements contained in this fund commentary are based on our carefully reasoned judgements and expectations, uncertainties and various risk factors could cause actual developments and results to differ materially from our statements. Further information on public distribution in the individual countries can be found in the constituent documents, the prospectus and the key information documents for packaged investment products and insurance-based investment products (PRIIPs), if available under the respective fund law. Due to different authorization procedures, no guarantee can be given that the fund or any of its sub-funds are or will be authorized for distribution in every country at the same time. In countries in which the fund is not authorized for public distribution, it can only be distributed - in accordance with local regulations - as a "private placement" or to institutional

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Data as of 31.03.2025 - Marketing Communication 5 investors. Fund units are not offered for sale in countries in which such a sale is not permitted by law. This fund is not registered under the United States Securities Act of 1933. Fund units may therefore not be offered or distributed in the USA for or on behalf of a US person (in accordance with the definitions in US federal laws relating to securities, commodities and taxes, including "Regulation S" under the United States Securities Act of 1993). Subsequent transfers of fund units to the United States and/or to US persons are not permitted. Any documents relating to this fund may not be circulated in the United States. @MRB FUND PARTNERS AG. All rights reserved.

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