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Inside Your Core Fund. Active Management Different investment styles come in and out of favour. Over the 40 years researching active managers, we have identified three academically proven drivers of excess return; Quality, Momentum and Value. Outlook The global economy faced renewed challenges over the past year, driven by shifting political landscapes and rising geopolitical tensions. Donald Trump's return to the U.S. presidency brought the largest tariff package since 1930, sparking fears of a global slowdown. U.S. growth contracted in Q1, while the U.K. and Eurozone outperformed expectations. Inflation remained stubborn in the U.S. and U.K., while easing Eurozone inflation led to a May rate cut by the ECB. Geopolitical risks persisted, with the wars in Ukraine and the Middle East continuing to unsettle markets. However, commodities underperformed in Q2 as a temporary ceasefire and open shipping lanes eased oil supply concerns. In Asia, China was buoyed by expected fiscal stimulus and a late Q2 trade deal with the U.S.; despite global uncertainty, equities proved resilient, with many indices ending Q2 higher. Current Positioning Global diversification across asset classes continues to be an important cornerstone of our strategic approach. Despite U.S. technology stocks dominating performance over the past year, we expect broader market participation in the latter half of the year. We remain cautious about the impact of tariffs on inflation and economic growth and are positioned for persistent U.S. inflation. Commodities, especially gold, remain a compelling hedge against inflation. New managers Q2: ■ Value 44.0% ■ Momentum 26.0% ■ Quality 21.0% ■ Low Volatility 9.0% As at 30/06/2025 Fund Old Manager New Manager Reason SGMF Select Value Poplar Forest Capital Tocqueville Asset Management Retaining our conviction in lead portfolio manager Dale Harvey, who has moved to a larger asset manager called Tocqueville. Global Fixed Income & Global Opportunistic Fixed Income Wellington Management International Ardea Investment Management Ardea runs a value fund from the UK, focused around delivering uncorrelated outperformance, that's not tied to macro moves or the broader fixed income environment, making it a strong diversifier for portfolios. Building Block Insight SGMF Select Value Fund (GBP Inst) This fund has delivered 2.24% year to date, with 2.19% alpha (relative to MSCI World Index as Benchmark). Drivers ● Benefited from style tailwinds and underweights to mega caps. Positioning ● We expect value stocks to continue to benefit from market dynamics, including stubborn inflation, higher interest rates, and a reassessment of the AI landscape. ● From a sector perspective, we generally favour sectors such as financials, industrials, and consumer staples. Source: SEI IMU. All data as at 30th June 2025. Data includes equity funds managed by SEI Investment Management Company and SEI Investments Global Ltd. 6

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