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Credo Global Equity Fund A GBP Credo ICAV Credo Global Equity Fund A GBP Regional Portfolio Structure(Semi-Annual Comparison) Sectorial Portfolio Structure(Semi-Annual Comparison) Price   Ranking Sector: Global-Equity-General Size: (GBP) 146 700 000   Sector Rank: 34 out of 152 (lump sum over 3 years to 31 May 2025)   Overall Rank: 59 out of 490 (lump sum over 3 years to 31 May 2025)   R20000 invested on 31 May 2022 was worth R32 557 at 31 May 2025 (17.64% annual compound return)   R5000 per month since 31 May 2022 was worth R226 066 at 31 May 2025 (14.37% annual return compounded monthly)   Please note that offshore fund performance figures are calculated from NAV prices (ie, equivalent to sell-to-sell) and therefore not directly comparable to domestic fund performance figures on this site.   Management Jarrod Cahn, BA (LLB) Jarrod joined Credo in 2001 and is a Senior Portfolio Manager and Director with over 20 years of industry experience. He holds a BA (LLB) from the University of the Witwatersrand and is a qualified attorney on the non-practising roll in South Africa.   Jason Spilkin, MSc (Investment Management), CFA Jason is a CFA charterholder and joined Credo’s investment team as an Equity Analyst in 2013. He obtained a Bachelor of Commerce degree from Stellenbosch University and subsequently completed Honours at the University of Cape Town followed by an MSc in Investment Management at the CASS Business School in London.   Focus and Objective The investment objective is to generate sustainable excess returns versus global equity markets through an actively managed portfolio of equities. The Fund adopts a value-based investment approach founded on the following tenets: wealth is created and preserved by following a patient and disciplined investment strategy, which is focused on the long term; identify matters of strategic importance rather than fixating on short-term news flow and forecasts; and to minimise turnover and limit transaction costs. Credo believes this philosophy allows time for the intrinsic value of the Fund holdings to be realised.   Technical Overview Benchmark: MSCI World (expressed in GBP) Annual fee (A): 0.86 Formation date: 03 Jul 2017 Base currency: GBP Minimum lump sum: £5 000   Top holdings on 31 Mar 2025 Share (Sector) Value (GBP) % of fund PROGRESSVECRP (Insurance) 7 188 300 4.90% SHELL (Energy) 6 014 700 4.10% VISAINCORPORA (Retail) 5 868 000 4.00% ADMIRALGRUPUK (Insurance) 5 721 300 3.90% HCAHEALTHCARE (Healthcare) 5 574 600 3.80% MTUAEROENG (Goods & Services) 5 427 900 3.70% AUTOZONE (Auto) 5 281 200 3.60% FLUTTER (Cyclical Goods & Services) 4 987 800 3.40% RYANAIR (Goods & Services) 4 987 800 3.40% MSFT.US () 4 987 800 3.40% TOTALS 56 039 400 38.20%

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