IMP Global Megatrend Umbrella Fund Commentary - 30 April 2025

Data as of 30.04.2025 - Marketing Communication 1 IMP Global Megatrend Umbrella Fund Commentary April was marked by renewed extreme volatility across global equity markets, driven by a complex interplay of policy-driven escalations, economic data, corporate earnings, and shifting investor sentiment. One of the most significant events was the fourth-largest two-day plunge in U.S. equities since the Second World War, triggered by the “Liberation Day” announcement. This sharp decline resulted in a $5.4 billion rout in U.S. stocks, unnerving investors and raising concerns about the broader economic outlook. The sudden market turbulence highlighted the fragility of investor confidence amid ongoing unpredictability. However, as the month progressed, major U.S. indices regained their composure, buoyed by better-than-expected corporate earnings, signs of labor market resilience, and a de-escalation in tariff tensions. These positive developments helped lift the indices back above the pre-April 2nd levels. The S&P 500 retreated by 0.68% over the month, driven by concerns over potential economic cooling and geopolitical uncertainties. The technology-heavy Nasdaq Composite showed greater resilience, increasing by just shy of 1%, underscoring the sector’s continued relative strength despite broader market softness. While global indices reflected caution, beneath the surface, company fundamentals continued to differentiate performance. Investors favored companies with strong earnings growth, solid balance sheets, and leadership in innovation-driven sectors; traits that are well represented in the positioning of our fund. Consequently, the IMP Global Megatrend Fund was able to successfully offset the earlier market stress and generate a positive performance of 2.63% for the month of April, bringing the year-to-date performance to -7.23% as of April 30, 2025, net of fees. While we believe U.S. equities should continue to find support, uncertainty remains elevated, with market sentiment likely to remain volatile as investors weigh the evolving economic landscape. Technology stocks once again proved their strategic importance, as corporate earnings exceeded expectations, despite the challenge of predicting guidance amid potential tariff repercussions. Leading firms such as Alphabet Inc. surpassed earnings forecasts, buoyed by continued investments in artificial intelligence and digital transformation, which drove notable share price appreciation. Similarly, Apple Inc. reported better-than-feared quarterly results, supported by strong services revenue and steady iPhone demand. Additionally, Amazon.com Inc. delivered an impressive performance, driven by the strength of its cloud computing division, AWS, and a more disciplined approach to retail operations, including cost optimization efforts. Most importantly, the fundamental drivers behind our overweight stance, such as AI adoption, cloud infrastructure expansion, and the digitalization of industries, remain firmly intact. As such, we continue to focus on companies with scalable business models, robust cash flows, and clear leadership in critical technologies, believing these will be the long- term beneficiaries, even amid short-term market noise. In March, we initiated three new investments, capitalizing on the market dislocation triggered by the “Liberation Day” events to make targeted tactical adjustments. Our focus remains firmly on companies at the forefront of the megatrends shaping tomorrow, with particular emphasis on those disrupting the AI landscape and driving innovation in smart grid technologies, both of which are gaining momentum due to accelerating urbanization. Our first investment was in Nebius Group NV, an innovative AI company specializing in full-stack cloud infrastructure. The company offers an AI-native cloud platform that delivers a true hyperscale experience,

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Data as of 30.04.2025 - Marketing Communication 2 specifically tailored for AI pioneers. At the core of its business is the provision of competitively priced GPU compute rentals through AI neoclouds; next-generation cloud providers built to meet the surging demand for AI-centric workloads. This investment aligns seamlessly with our second pick, Itron, Inc., a leading provider of smart city infrastructure. The company digitizes data across energy, water, and gas networks, helping cities improve efficiency and resilience. Itron represents a core holding for investors looking to capitalize on the urbanization megatrend and the accelerated adoption of AI-powered solutions at the grid edge. With over 13 million intelligent endpoints deployed globally, Itron enables real-time insights and grid optimization. These capabilities are essential, as demonstrated by the recent blackout on the Iberian Peninsula, which underscored the growing urgency for modern, robust infrastructure. Our third strategic move was the initiation of a position in Schneider Electric SE, a global leader in energy efficiency and automation. The company is well-positioned to benefit from rising demand for data centers and grid upgrades, with the data center infrastructure market expected to grow significantly in the coming years. Its strengths in uninterruptible power supply systems, smart energy management, and building automation make it a key player in the evolution of smart, AI-driven cities. Together, these megatrend investments reflect our conviction in the transformative power of AI, smart infrastructure, and urbanization, which we believe will define the next decade. Moreover, they also position our portfolio to benefit from the structural tailwinds driving long-term technological and infrastructural evolution. In addition to our new positions, we increased our exposure to Apple Inc., taking advantage of share price weakness caused by tariff-related concerns. The U.S. administration’s temporary tariff exemption on phones, computers, and semiconductors helped alleviate the potential for cost inflation, creating a favorable entry point for us. We view the current 20% surcharge as manageable, especially as Apple continues to diversify its hardware and strengthen its ecosystem. With a growing suite of subscription services and complementary products, Apple is enhancing user stickiness, increasing average revenue per user, and reinforcing its competitive position, setting the stage for continued market share growth. This investment decision comes amidst an economic environment where indicators represent an overall mixed outlook. While employment data has been stable, there are clear signs of slowing in manufacturing and consumer spending, leading some forecasters to predict modest GDP contraction in the near term. This raises questions about the possibility of a ‘soft landing’ for the U.S. economy. On a more positive note, inflationary pressures have continued to ease, giving the Federal Reserve more room to maneuver in its policy decisions. As a result, market expectations for interest rates have shifted, with growing speculation that the central bank could adopt a more accommodative stance if economic growth weakens further. In such an environment, quality growth stocks, particularly in sectors like technology, stand to benefit, as their earnings growth is less dependent on cyclical economic trends. Despite the recurring 'Sell America' sentiment that persists in some parts of the investment community, we remain confident in U.S. equities, especially given the lack of compelling alternatives and the likelihood that European stocks will follow a similar trajectory during market downturns.

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Data as of 30.04.2025 - Marketing Communication 3 In conclusion, while the current market environment continues to be shaped by elevated uncertainty and sustained volatility, we view such dislocations as catalysts for long-term opportunity. Our investment strategy, anchored in overarching structural megatrends and underpinned by a forward-looking, research-driven process, remains central to portfolio construction. By concentrating on high-quality companies with resilient balance sheets, durable competitive advantages, and long-term earnings visibility, the IMP Global Megatrend Fund is well-positioned to weather short-term market dislocations and harness the upside potential of transformative secular shifts. Looking ahead, we maintain a patient yet opportunistic stance, ready to deploy capital decisively when fundamentals and valuation converge to support high- conviction outcomes. Thank you for your continued trust and support. Stefan Wiederkehr & Karin Wiederkehr

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Data as of 30.04.2025 - 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

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Data as of 30.04.2025 - Marketing Communication 5 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 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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