IMP Global Megatrend Umbrella Fund Commentary - 31 May 2025

Data as of 31.05.2025 - Marketing Communication 1 IMP Global Megatrend Umbrella Fund Commentary In May, markets staged a sharp rebound, driven by progress in trade talks, signs of economic resilience, and easing volatility; marking a strong turnaround from April’s turmoil, when sentiment shifted toward bracing for the worst. The easing of U.S.-China trade tensions, albeit temporary, reassured investors, leading to a pivot back to fundamentals. The shift in market dynamics was particularly evident in sectors that had been under due pressure, with technology and consumer discretionary stocks making notable recoveries. The Nasdaq Composite led the charge with a remarkable 9.65% gain for the month, while the S&P 500 followed suit with a 6.29% advance, marking its best May performance since 1990. In particular, the "Magnificent Seven" cohort was back in the driver’s seat, buoyed by results that showed sustained demand for cloud-computing services, software, electronic devices, and digital advertising. This marked a critical shift for the major U.S. indices, signaling a decisive reversal from the prior month’s turmoil and underscoring renewed investor confidence in the broader market recovery. Nonetheless, in the long-run, the ongoing threat of further tariff escalations remains a major market overhang, injecting potential uncertainty into corporate earnings forecasts, supply chain planning, and overall investor sentiment. While recent progress has offered a temporary reprieve, the fragile nature of geopolitical negotiations means that markets remain vulnerable to abrupt shifts in policy tone or renewed tensions, which could quickly dampen risk appetite and reignite volatility across asset classes. Against this backdrop, the balanced positioning of the IMP Global Megatrend Fund delivered a robust return of 8.10% in May, bringing its year- to-date performance back into positive territory at 0.29% as of May 31, 2025, net of fees. The recent earnings season underscored the durability of structural trends in AI and digital consumption, reinforcing our constructive outlook for U.S. equities over the next months. We continue to favor sectors such as communication services, information technology, health care, utilities, and consumer discretionary. Within technology, earnings have stood out for their resilience, reflecting deepening integration of AI and accelerating digital transformation across industries. Although first-quarter results from global technology companies reflected some impact from U.S. trade policies, overall earnings exceeded expectations, underscoring the sector's solid growth trajectory. Moreover, we see compelling long-term potential in the longevity sector, supported by breakthroughs in robotic surgery, healthcare innovation, and preventive medicine. As the global population continues to age, demand for longevity-driven solutions is set to rise, creating a robust platform for sustained growth. As such, we maintain our strong conviction in the long-term potential of our core investment themes: artificial intelligence, smart infrastructure (spanning power, resources, and sustainable technologies), longevity, and the expanding trends in consumption, particularly in digital format. In May, we maintained a largely unchanged approach to portfolio construction, reflecting our confidence in the current asset allocation. This decision aligned with our overarching megatrend strategy, ensuring adequate exposure without diluting the portfolio’s focus. While a number of new opportunities were identified, we opted against initiating new positions to avoid the risk of overdiversification, which could undermine overall performance. The portfolio’s positioning remained well-suited to the prevailing market environment, characterized by elevated risk appetite. Our allocation strategy delivered a healthy balance between return

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Data as of 31.05.2025 - Marketing Communication 2 potential and volatility, supporting a strong risk-return profile and guarding against excessive exposure to any single sector. Within this context, we increased our position in Schneider Electric SE, reinforcing our strategic focus on smart infrastructure. Schneider continues to distinguish itself as a global leader in energy management and automation and is ideally placed to benefit from structural demand drivers such as datacenter growth and grid modernization. We also undertook a modest profit-taking measure on our position in NVIDIA Corp., following a strong month-to-date rally of +24%. This move also aimed to reduce concentrated single- stock risk, given NVIDIA’s status as the fund’s largest holding. Finally, we fully exited our position in Vishay Intertechnology, Inc. following underwhelming Q1 earnings. The anticipated rebound in demand, particularly from NVIDIA's component switch from Infineon to Vishay for its graphics cards, did not materialize as expected, prompting our decision to reallocate capital elsewhere. In terms of foreign exchange, in particular on the greenback, the U.S. dollar has consolidated in recent months, following a spell of significant weakness in the immediate aftermath of "Liberation Day." Since peaking in February, the U.S. Dollar Index has declined by nearly 10% as investor sentiment has been weighed down by the Trump Administration’s evolving trade policies. These developments have prompted a reassessment of the global financial system’s reliance on the greenback as the primary reserve currency. We anticipate that the longer-term trend toward international diversification may continue to exert downward pressure on the dollar, particularly if the Federal Reserve adopts a more interventionist stance in bond markets to address rising fiscal deficits. While the dollar’s status as the world’s dominant reserve currency is not under immediate threat, structural shifts are evidently underway. In light of these dynamics, the portfolio management team has decided to introduce a CHF- hedged share class for the fund. This new share class offers investors the opportunity to participate in the IMP Global Megatrend Umbrella Fund while mitigating risks associated with currency fluctuations. Designed to provide enhanced access for investors based in Switzerland and Liechtenstein, the CHF-hedged share class aims to attract a broad range of institutional and private investors seeking to manage currency risk and strengthen portfolio resilience amid increasing foreign exchange volatility. The new share class is expected to launch in mid-June, pending regulatory approval, and will be available to both existing and new investors through the fund’s current investment platforms and custodial network. Further details regarding the launch and subscription process will be communicated in due course. In conclusion, challenges undoubtedly lie ahead in forging a durable agreement between the U.S. and China, as well as with other nations and blocs, developments that may trigger further market volatility. These concerns, coupled with incoming U.S. economic data, ongoing fiscal uncertainties, and rising geopolitical tensions, are likely to also keep markets on edge. Nevertheless, we see these fluctuations as attractive opportunities for investors willing to look beyond short-term swings and invest selectively. Our strategy centers on identifying powerful, long-term megatrends through rigorous research and a forward-looking perspective. By focusing on financially strong companies with sustainable competitive advantages and predictable earnings growth, the IMP Global Megatrend Fund is strategically prepared to navigate market disruptions and capitalize on transformative shifts. As conditions evolve, we

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Data as of 31.05.2025 - Marketing Communication 3 remain patient but ready to deploy capital decisively when fundamentals and valuations align with our highest conviction ideas. Thank you for your continued trust and support. Stefan Wiederkehr & Karin Wiederkehr

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Data as of 31.05.2025 - 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

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Data as of 31.05.2025 - Marketing Communication 5 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 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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