DKAM Australia Market Neutral Fund Quarterly Investment Update - September 2026

+4.5% Q3 return, moving YTD performance into positive territory following a challenging period for resources/cyclicals-oriented equity strategies. • Quarterly performance drivers was the metals and mining and cyclicals exposure, with strong performance from idiosyncratic alpha generation in August t

DKAM Global Market Neutral Fund Quarterly Investment Update - September 2026

+1.1% Q3 return driven by consecutive positive months in September (+1.5%) and August (+1.7%) has brought performance to flat on a rolling 12-month basis, against an increasingly challenging macro backdrop. • September built on August; short positions in lithium, chemicals and coal contributed stron

DKAM Australia Market Neutral Fund Monthly Investment Update - August 2026

The +3.9% in August was encouraging, reconfirming that fundamentals can matter, and allowing the strategy to monetise attractive alpha opportunities during an eventful reporting season. • Two of our long positions within industrials received takeover approaches, helping to generate standout returns

DKAM Global Market Neutral Fund Monthly Investment Update - August 2026

• The +1.7% August return was driven by idiosyncratic wins across the earnings season and a strong base metal tailwind which supported our positive thesis on copper. • August news flow was dominated by interest rates and economic data prints, impacting currency, rates and importantly for our portfol

DKAM Global Market Neutral Fund Monthly Investment Update - July 2026

• July performance was largely a macro story, not a bottom-up one. Idiosyncratic alpha was positive on the month, with losses primarily attributable to renewed Iran-related oil volatility. • Drawing on our March experience, quick reduction in energy-sensitive exposure intra-month, given the lack of

DKAM Australia Market Neutral Fund Monthly Investment Update - July 2026

• The Fund returned +0.8% in July, successfully navigating the challenging re-escalation of hostilities in Iran and a momentum-driven unwind. • The short book was the key return driver with Cyclicals and Energy, the largest contributing sectors, anchored by several high-conviction shorts and an