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Inside Your Conservative 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 keep easing, but with volatility and inflation risks still present, we maintain our defensive positioning in fixed income. Alternatives Diversified across 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. Fund Old Manager New Manager Reason High Yield Fixed Income T. Rowe Price Blackstone T Rowe's portfolio has over time begun to resemble other managers and thus diminished its differentiation within a multi-manager framework. Blackstone leverages a distinctive quantitative strategy grounded in fundamentals, designed to consistently capture alpha, potentially enhancing both the Fund's return and its diversification profile. Building Block Insight SGMF Emerging Markets Debt Fund (GBP Hedged Inst) This fund has delivered 15.7% over the past year, with 3.1% 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 31st December 2025. Data includes equity funds managed by SEI Investment Management Company and SEI Investments Global Ltd. 6

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