Issue link: https://info.seic.com/i/1540525
Inside Your Defensive Fund. Positioning & Outlook Asset Class Positioning Outlook Equity Focused on defensive stocks that are less sensitive to economic factors and adverse market movements. With ongoing uncertainty expected ahead, our defensive positioning aims to minimise market volatility. We continue to emphasise diversification within equities, particularly among geographies, market capitalisations, and themes. Fixed Income Diversified across various fixed-income funds to mitigate interest rate risk. We expect interest rates to gradually ease, though volatility and inflation risks remain. Alternatives Exposure to a variety of assets designed to provide downside protection in adverse markets. We continue to see inflation risks on the upside and elevated geopolitical uncertainty, which supports exposure to inflation sensitive assets. Building Block Insight SGMF Emerging Markets Debt Fund (GBP Inst) This fund has delivered 9.77% over one year, with 2.08% alpha (relative to 50/50 JPM EMBI Glob Div (H) & GBI EM Glob Div (GBP) as Benchmark) Drivers ● Positive contribution from selective duration positioning in countries that are continuing to cut rates and countries with undervalued currencies. Positioning ● Positioning remains mostly unchanged with a marginal overweight to duration. Source: SEI IMU. All data as at 30th September 2025. Data includes equity funds managed by SEI Investment Management Company and SEI Investments Global Ltd. 6