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

DKAM Global Market Neutral Fund Quarterly Investment Update - June 2026

• +2.2% net return in June and +4.9% for Q2 as our post Iran conflict short book drove meaningful performance. • With some tentative resolution in the Iran conflict, we are positioned for a period of more normal market conditions, focusing on our commodity and company fundamentals in constructing

DKAM Australia Market Neutral Fund Quarterly Investment Update - June 2026

• The Fund returned +1.9% vs -2.5% for ASX100 in June, taking the quarter to +6.1% vs 4.7%. We generated strong returns on the short side of the book in energy and energy derivative names where prices had over inflated during the Iran shock. • Thematically, we remain net short energy, largely

DKAM Australia Market Neutral Fund Monthly Investment Update - May 2026

• The Fund returned +1.4% vs 1.1% for ASX200, generating strong idiosyncratic returns across industries, including energy and commercial services. • The ASX continued to lag global tech-heavy peers, starting to show some rotation into cyclical names later in the month, with a potential end to the hi

DKAM Global (Resources Market Neutral Fund Monthly Investment Update - May 2026

• +1.6% net return in May; long copper and aluminium companies benefitted from a re-focus on fundamentals. • Gross exposure was increased from 160% at the beginning of the month to 180% at month end. • The opportunity set in resources and adjacent cyclicals remains compelling on both sides of the po