Aspiriant Defensive Allocation Fund · NASDAQ:RMDFX

Aspiriant Defensive Allocation Fund — Aspiriant Capital Appreciation Fund — Investor Presentation (March 2026)

10 slides from Aspiriant Defensive Allocation Fund's investor presentation, March 2026

  1. Slide 1: Aspiriant Capital Appreciation Fund (XACAX) Overview Presentation

    Aspiriant Capital Appreciation Fund (XACAX) ‫‫‬ Overview Presentation ‫‫‬ March 2026 aspiriant │ │ 1

  2. Slide 2: Fund description and objective

    XACAX ‫‫‬ Fund description and objective ‫‫‬  Fund Description  Aspiriant Capital Appreciation Fund (“XACAX” or the “Fund”) provides exposure to public and private equities  The Fund is a continuously offered closed-end fund, registered under the Investment Company Act of 1940  Investment Object

  3. Slide 3: Summary fund construction

    XACAX ‫‫‬ Summary fund construction ‫‫‬  Fund of (underlying) funds  Institutional managers  Experience over multiple market cycles  No direct holdings  Expensive to source, execute and monitor private transactions  Considerable key person risk  Less consistent and durable return stream  Glo

  4. Slide 4: Three sleeves of the portfolio, each with different return and liquidity profiles

    XACAX ‫‫‬ Three sleeves of the portfolio, each with different return and liquidity profiles ‫‫‬  Daily liquid (long only equities with some cash / short-term fixed income) Market  Principal funding source for capital calls and client redemptions  Holdings largely mirror fund benchmark  Generally

  5. Slide 5: Identify and invest behind big themes that may provide a margin of safety

    XACAX ‫‫‬ Identify and invest behind big themes that may provide a margin of safety ‫‫‬ Theme Impact Implementation Data, data, data  Accelerated innovation (and destruction)  Digital transformation / software / robotics / AI Early Stage  Increased data storage, processing and power demand  Digi

  6. Slide 6: Detailed fund exposures

    XACAX Detailed fund exposures Allocation XACAX Strategy Summary Description  GMO Quality Fund Mutual fund  DFA Global Equity Mutual fund  New Perspective Fund Mutual fund Market  iShares ACWI Exchange-traded fund  RA Capital Healthcare Hybrid hedge fund  AQR Delphi Long / short hedge fund  TC

  7. Slide 7: Historical allocations, portfolio positioning and performance

    XACAX ‫‫‬ Historical allocations, portfolio positioning and performance ‫‫‬  Historical Allocations Historical Net Performance 100% 90% Performance* YTD 1-YR 3-YR 5-YR 7-YR 10-YR Incept.1 XACAX -2.96% 14.86% 10.10% 6.67% 8.57% 8.25% 5.06% 80% ACWI -3.20% 20.01% 16.58% 9.49% 11.62% 11.33% 6.87% 70%

  8. Slide 8: Historical Performance: Attractive returns through various market environments

    XACAX – Historical Performance ‫‫‬ Attractive returns through various market environments ‫‫‬ Net Performance As of March 31, 2026 YTD 2025 2024 2023 2022 2021 2020 2019 7 Years 7 Yr SD 7 Yr SR XACAX -2.96% 18.03% 9.50% 6.83% -10.11% 20.17% 11.38% 18.28% 8.57% 11.18% 0.54 ACWI -3.20% 22.34% 17.49% 2

  9. Slide 9: Closed-end fund key process dates

    XACAX ‫‫‬ Closed-end fund key process dates ‫‫‬ Consideration Subscriptions Redemptions Frequency Quarterly Quarterly Max per period (fund level) NA 5.0% First available October 1, 2021 June 30, 2021 Documentation New investors ~ 6 pages NA Existing investors / additions ~ 3 pages ~ 3 pages Electron

  10. Slide 10: Additional footnotes

    XACAX ‫‫‬ Additional footnotes ‫‫‬ Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus that contains this and other information about the Fund is available by calling 1.877.997.9971 and should be read carefully prior to investing.

Aspiriant Capital Appreciation Fund — Investor Presentation (March 2026) on 6ix