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Inside Your Aggressive 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 Global equity markets closed 2025 on a strong note, driven by broadening corporate earnings and a supportive policy mix. In Q3, 85% of U.S. companies beat earnings estimates, with the rally extending well beyond technology to sectors like financials and utilities. Looking ahead, we expect positive earnings across all major sectors, underpinned by ongoing monetary and fiscal support and the lagged effects of recent easing. However, risks remain around elevated market concentration and stretched valuations particularly in the artificial intelligence space, with the 10 largest companies now accounting for over 40% of the U.S. market. While we are optimistic about AI's potential to drive profitability across market sectors, we remain cautious about the fragility associated with such concentrated market leadership. Outside the U.S., we remain optimistic about emerging markets opportunities due to easing global fiscal and monetary policies against a backdrop of relatively robust global growth. Current Positioning Active management and broad diversification remain central to our investment strategy. We continue to underweight U.S. mega-cap technology stocks, favouring a more balanced allocation across geographies, market capitalisations, and sectors. Within equities, we maintain exposure to value, quality, and momentum factors, with a tactical tilt towards value given elevated valuations elsewhere. Emerging markets and commodities continue to be key pillars of our strategic approach. In fixed income, we remain defensive in credit and cautious on long-term debt. Inflation expectations are skewed to the upside, though uncertainty around the legal status of President Trump's tariffs could increase volatility and widen the range of possible outcomes. ■ Value 44.0% ■ Momentum 26.0% ■ Quality 21.0% ■ Low Volatility 9.0% As at 31/12/2025 No Manager Changes Building Block Insight SGMF Select Value Fund* This fund has delivered 20.3% over the past year, with 7.6% alpha (relative to MSCI World Index as Benchmark). Drivers ● Benefitted from style tailwinds and underweights to mega caps given record-high valuation levels and unwinding of the AI-trade in Q4 2025. ● This fund saw further tailwinds towards the end of the year due to the funds exposure to economically sensitive stocks benefiting from easing Fed and policy uncertainty. Positioning ● We expect value stocks to remain supported by market dynamics, including stubborn inflation. Source: SEI IMU. All data as at 31st December 2025. Data includes equity funds managed by SEI Investment Management Company and SEI Investments Global Ltd. *This fund is an Article 8 fund. Please see the Article 8 disclosure at the end of the document. 6

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