Listed Index Fund ToPIX Ex-Financials · TSE:1586
Listed Index Fund ToPIX Ex-Financials — Amova Asset Management — Q1 2026 Earnings Presentation
70 slides from Listed Index Fund ToPIX Ex-Financials's earnings presentation, April 2026
Slide 1: Global Equity Portfolio Review Q1 2026
This is a marketing communication GLOBAL For Professional Investors Only EQUITY Portfolio Review Q1 2025 2026 Q4 Confidential – Not for redistribution
Slide 2: Table of Contents
TABLE OF CONTENTS Section 1 Performance Update & Market Context Section 2 Portfolio Changes and Current Positioning Section 3 Outlook & Implementation 2
Slide 3: Executive Summary 2026 YTD in review
Executive Summary 2026 YTD in review Performance Attribution Outlook – In Q1 2026 the portfolio faced − Relative underperformance primarily – As always, we seek Future Quality significant headwinds from style and AI stock selection driven but sector and companies with clear leadership and spending/
Slide 4: The Investment Team
The Investment Team Ella-Kara Greig Michael Iain James William Johnny Finn Brown Bryson Chen Fulton Kinghorn Low Russell Stewart PM PM PM PM PM PM PM Analyst Background Financial Law Economics History MBA Geology Economics Physics Services Research responsibility Consumer Healthcare Materials Consum
Slide 5: Performance Update & Market Context
Performance Update & Market Context Q1 2026
Slide 6: Performance update
Performance update Fund Performance 25% Class A USD (Gross*) 20.01% 20% 16.58% 15% 10.87% 12.49%11.93% 9.49% 10% 5.35% 5% 0% -0.54% -5% -3.20% -7.18% -10% -8.84% -15% -12.45% 1 Month 3 Months 1 Year 3 Years 5 Years Since Inception Global Equity MSCI ACWI Net Total Return Index Since Gross Returns (U
Slide 7: Key Decisions for Our Stock Picking
Key Decisions for Our Stock Picking The key decisions for all our stock picks 1. Are the key pillars in place? 2. What is the path of future returns? Four Pillars of Future Quality Franchise Management Balance sheet Valuation Valuation ESG is firmly embedded in our process Source: Amova Asset Manage
Slide 8: Q1 2026 – Repricing of duration and growth impacting quality companies
Q1 2026 – Repricing of duration and growth impacting quality companies The period of negative relative returns has continued in Q1. There are a number of factors that have converged to create this unusual outcome, and we will now dive into these key drivers in more detail to provide context and unde
Slide 9: 1. Cyclical value leadership the dominant short-term trend
1. Cyclical value leadership the dominant short-term trend Value has experienced a rally, particularly in markets with less technology weight in the benchmark Growth and quality have sharply underperformed in Q1 Style rotation towards value in Q1 2026 – Powerful rotation into value and cyclicality i
Slide 10: 2. Gulf conflict and other supply chain squeezes boosting commodity prices
2. Gulf conflict and other supply chain squeezes boosting commodity prices Price hikes in energy and IT hardware (DRAM’s) have supported typically cyclical industries History suggests that even with price spikes, returns on Catalysts vary but price squeezes driving profits up short capital are neith
Slide 11: 3. AI capex cycle surprise continues, but shift in leadership amongst suppliers
3. AI capex cycle surprise continues, but shift in leadership amongst suppliers Spending by key customers on AI capex (Hyperscalers) remains strong Scale of capex on AI datacentres and compute is large: DRAM companies rallying in tandem with price hikes - Supply chain not prepared for jump in AI cap
Slide 12: 4. AI disruption has emerged as dominant theme
4. AI disruption has emerged as dominant theme Digital intelligence business models at risk of being compromised by AI Rapid innovation in LLM capabilities and in software coding De-rating of disruption candidates over quarter in particular, are likely to lower barriers to entry for digital only bus
Slide 13: 5. Retail flows have dominated some markets, including USA
5. Retail flows have dominated some markets, including USA Evidence of retail investor flows dominating vol and prices in markets such as USA and Korea Basket trading of AI winners/losers has been winning Unusual market trends – Returns to momentum (6m) near historical highs (ACWI) – Single stock vo
Slide 14: Why has 2026 been challenging so far
Why has 2026 been challenging so far Multiple factors have coincided in Q1 Rising rate sensitivity drove derating Macro & Style Value cyclicals outperforming longer of quality stocks duration growth firms Overweight AI exposed names Underweight energy, commodities and deemed more at risk from disrup
Slide 15: Performance – Stock Attribution
Performance – Stock Attribution Top 10 Positive Contributors – Q1 2026 Portfolio Index Average Average Active Total Effect Name Sector Average Weight Weight Weight (%) (%) (%) (%) Curtiss-Wright Corporation Industrials 2.00 0.01 1.99 0.44 ASM International N.V. Information Technology 2.36 0.04 2.32
Slide 16: Performance – Stock Attribution
Performance – Stock Attribution Holdings with a notable impact on returns included the following: • Curtiss-Wright Corporation stock participated strongly in the rally in stocks correlated with AI capex spend. Tailwinds for both Curtiss’ defence and nuclear business appear to be accelerating. Given
Slide 17: Performance – Stock Attribution
Performance – Stock Attribution Top 10 Negative Contributors – Q1 2026 Portfolio Index Average Average Active Total Effect Name Sector Average Weight Weight Weight (%) (%) (%) (%) HDFC Bank Limited Financials 2.49 0.12 2.37 -0.69 Trip.com Group Ltd. Consumer Discretionary 1.82 0.04 1.79 -0.60 Micros
Slide 18: Performance – Stock Attribution
Performance – Stock Attribution Holdings with a notable impact on returns included the following: • HDFC Bank Limited shares faced a few headwinds in the quarter. As the largest private sector bank in India and largest weighting in the Nifty 50 index, HDFC Bank is very correlated to country-level pe
Slide 19: Performance – Sector Attribution
Performance – Sector Attribution Performance Attribution by Sector – Q1 2026 Portfolio Average Index Average Average Active Allocation Selection Effect Interaction Total Effect Sector Weight (%) Weight (%) Weight (%) Effect (%) (%) Effect (%) (%) Communication Services 3.55 8.61 -5.06 0.25 0.11 -0.0
Slide 20: Performance – Sector Attribution
Performance – Sector Attribution Performance Attribution by Sector – 5 Years Portfolio Average Index Average Average Active Allocation Selection Effect Interaction Total Effect Sector Weight (%) Weight (%) Weight (%) Effect (%) (%) Effect (%) (%) Communication Services 3.93 8.06 -4.13 2.28 -4.58 4.4
Slide 21: Portfolio Changes and Current Positioning
Portfolio Changes and Current Positioning Q1 2026
Slide 22: What We Did in Q1 2026
What We Did in Q1 2026 Portfolio changes to maintain our conviction towards Future Quality names Purchases Funding Sources New holdings Complete sales Option Care Health is a clear market leader in the provision of infusion Progressive Corporation has added significant alpha over many years and ther
Slide 23: What We Did in Q1 2026
What We Did in Q1 2026 Portfolio changes to maintain our conviction towards Future Quality names Purchases Funding Sources New holdings cont. Complete sales cont. US Foods US Foods Holding Corp. is a large US food distribution company, Tencent Music Entertainment We became more conservative on Tence
Slide 24: What We Did in Q1 2026
What We Did in Q1 2026 Portfolio changes to maintain our conviction towards Future Quality names Purchases Funding Sources New holdings cont. Complete sales cont. SMC Corporation is the global leader in pneumatics, with a 36% market Samsonite Group Following a rally in the shares from a low of HKD 1
Slide 25: New holding – Epiroc
New holding – Epiroc A high-quality industrial franchise with structural growth drivers Orders Received Cash return on investment (%) 20 15 10 5 0 2022 2028 2023 2013 2025 2015 2026 2016 2019 2020 2021 2024 2027 2029 2010 2011 2014 2017 2012 2018 Source: Amova AM estimates Source: Epiroc, Investor R
Slide 26: New holding – Epiroc
New holding – Epiroc What this company does Founded in 2018 following its separation from Atlas Copco, Epiroc is a global provider of productivity solutions for the mining, infrastructure and natural resources industries. The company designs, manufactures and services equipment used in drilling, exc
Slide 27: New holding – Keyence Corporation
New holding – Keyence Corporation A high-quality automation leader levered to an industrial capex upcycle Sales spread across industries Cash return on investment (%) 15 10 5 0 2026 2020 2021 2024 2027 2029 2022 2028 2012 2018 2023 2013 2025 2015 2016 2019 2010 2011 2014 2017 Source: Keyence Corpora
Slide 28: New holding – Keyence Corporation
New holding – Keyence Corporation What this company does Founded in 1974 in Osaka, Japan, Keyence Corporation is a global leader in factory automation and industrial inspection, specialising in high-value-added sensors, measurement systems, machine vision, laser markers and microscopes. The company
Slide 29: New holding – Nu Holdings
New holding – Nu Holdings A high-quality digital financial franchise compounding through structural growth Sustained growth of one of the world’s largest digital banking platforms Cash return on equity (%) 35 30 25 20 15 10 5 0 -5 -10 -15 -20 -25 2022 2028 2023 2013 2025 2015 2026 2029 2016 2019 202
Slide 30: New holding – Nu Holdings
New holding – Nu Holdings What this company does Founded in 2013, Nu Holdings is a leading digital financial services platform in Latin America, offering mobile-first banking, payments, credit and wealth products to individuals and small businesses. Through its flagship Nubank platform, the company
Slide 31: New holding – Option Care Health Inc
New holding – Option Care Health Inc A market share gainer with a structural growth opportunity The reach of it’s home and alternative site infusion services Cash return on investment (%) asdfsadfsadfsadf 35 30 25 20 15 10 5 0 2022 2028 2023 2025 2026 2027 2029 2019 2020 2021 2024 Source: Amova AM e
Slide 32: New holding – Option Care Health Inc
New holding – Option Care Health Inc What this company does Founded in 1979, Option Care Health has grown into the largest independent provider of infusion therapy services in the United States, delivering specialty pharmaceuticals to patients primarily in their homes and through a nationwide networ
Slide 33: New holding – SMC Corporation
New holding – SMC Corporation A high-quality automation leader levered to a semiconductor upcycle WFE recovery should drive further returns Cash return on investment (%) 12 10 8 6 4 2 0 2022 2028 2023 2013 2025 2015 2026 2027 2029 2016 2019 2020 2021 2024 2010 2011 2014 2017 2012 2018 Source: SMC, I
Slide 34: New holding – SMC Corporation
New holding – SMC Corporation What this company does Founded in Japan in 1959, SMC Corporation is the global leader in The Profile of the Business pneumatic control engineering, specialising in components that enable factory automation and industrial efficiency. The company designs and manufactures
Slide 35: New holding – US Foods Holding Corporation
New holding – US Foods Holding Corporation Mix upgrade and operational efficiencies are lifting returns and strengthening franchise quality Cash return on investment (%) Growing trend to eat outside of home supports presents an opportunity 25 20 15 10 5 0 2026 2020 2021 2024 2027 2029 2022 2028 2012
Slide 36: New holding – US Foods Holding Corporation
New holding – US Foods Holding Corporation What this company does Founded in 1989, US Foods is one of the largest foodservice distributors in the United States, supplying fresh, frozen and dry food alongside non-food products to restaurants, healthcare, hospitality and education customers nationwide
Slide 37: Portfolio By Sector
Portfolio By Sector Active Weight Active Weight Active Weight Defensive Sectors 0.5 Cyclical Sectors 4.2 Commodity Sectors -6.1 Consumer Staples 2.5 Consumer Discretionary 2.7 Energy -4.7 Coca-Cola Europacific Partners plc 2.8 Amazon.com, Inc. 3.3 US Foods Holding Corp. 2.7 Compass Group PLC 2.8 Mat
Slide 38: Portfolio Positioning
Portfolio Positioning Top 10 Holdings Top 10 Active Weights Portfolio Index Active Portfolio Index Active Name Name Weight (%) Weight (%) Weight (%) Weight (%) Weight (%) Weight (%) NVIDIA Corporation 7.85 4.72 3.13 Amazon.com, Inc. 5.49 2.23 3.26 Microsoft Corporation 5.49 2.91 2.58 NVIDIA Corporat
Slide 39: Portfolio ESG Characteristics
Portfolio ESG Characteristics Portfolio has a lower carbon footprint and is not exposed to destructive companies Lower GHG intensity Social safeguards Fund has lower GHG intensity Fund exposure to companies flagged for certain compared to the benchmark frequently used social safeguard screens 41.8 F
Slide 40: Sector Allocation
Sector Allocation Active Weight % Financials 5.0 Health Care 4.3 Consumer Discretionary 2.7 Consumer Staples 2.5 Industrials 1.8 Materials -1.4 Real Estate -1.8 Information Technology -2.0 Utilities -2.8 Energy -4.7 Communication Services -5.0 -8.0 -4.0 0.0 4.0 8.0 Sector Portfolio%* Index % Active
Slide 41: Regional Allocation
Regional Allocation Active Weight % Europe ex Uk 6.2 Japan 3.5 GEM - LA 1.5 HK/Sing 1.5 Israel -0.2 United Kingdom -0.6 Australasia -0.6 GEM - EMEA -1.4 Canada -3.2 USA -3.7 GEM - Asia -4.5 -8.0 -4.0 0.0 4.0 8.0 Region Portfolio%* Index % Active Weight % Europe ex Uk 17.5 11.2 6.2 Japan 8.6 5.0 3.5
Slide 42: Portfolio Characteristics
Portfolio Characteristics Period As at 31 March 2026 Risk Factors As at 31 March 2026 Number of Holdings (inc. Cash) 43 Country 4.20 Weighted Average Market Cap (USD Mn) 744,464 FX 1.10 Predicted Beta 1.03 Industry 27.75 VaR (%, 1 Month) 6.92 Market -0.59 Tracking Error (Active Risk) 4.57 Risk Indic
Slide 43: Style Exposures
Style Exposures Past performance is not a guide to future returns As at 31 March 2026 . Source: StyleAnalytics. 43
Slide 44: Outlook & Implementation
Outlook & Implementation Current stock picking themes
Slide 45: The Importance of Future Quality Paths
The Importance of Future Quality Paths Markets continue to highlight the importance of having the right path of returns on capital What we look for in all our holdings – Ability to grow and attain and sustain high returns on invested capital over next 5 years or longer – Ideally deliver improving re
Slide 46: Strategic questions that matter today
Strategic questions that matter today Market dynamics are clearly highlighting a shift in the investment regime, and this has been driving a change in leadership. Our investing philosophy does not change but typically the companies that best exhibit our Future Quality criteria can evolve over time d
Slide 47: 1. Economic growth – Mixed outlook with geopolitics a key variable
1. Economic growth – Mixed outlook with geopolitics a key variable Current Portfolio assumptions: Our working long term assumptions for economic growth in larger developed economies: • Cyclical impetus to remain concentrated in capex (AI related, defence and infrastructure. Industrial needs • Policy
Slide 48: 2. Valuation spreads and the value/growth debate
2. Valuation spreads and the value/growth debate Context for style rotations Rising money multiplier can signal upcycle and value winning – Long term it is profits that are the key driver of equity returns – But over shorter time horizons valuation changes can dominate investor returns – The most co
Slide 49: How does recent value rally compare to prior periods?
How does recent value rally compare to prior periods? Markets have seen similar outcomes in 2000’s and 2020’s. Below is comparison for ex USA (EAFE) • Sept 2002 was base for value rally • Key drivers – Credit growth accelerated, China external demand driver and low prior interest rates • Main cyclic
Slide 50: USA market however more heavily influenced by AI
USA market however more heavily influenced by AI USA followed similar trend historically but AI cycle has muddied broad style indices this time. • Sept 2022 was the base for value rally • Key drivers – Credit growth accelerated, China external demand driver and low prior interest rates • Main cyclic
Slide 51: Valuation spreads collapsed and limiting future value outperformance
Valuation spreads collapsed and limiting future value outperformance Value rally already comparable ex USA, but less so in USA. Valuation spreads narrowed sharply in all locations. Value versus market average - USA Value versus market average – ex USA Our conclusion: In many markets the scope for ex
Slide 52: 3. AI disruption – Who wins and loses from the AI capex wave?
3. AI disruption – Who wins and loses from the AI capex wave? Forecast capex for US Hyperscalers risen notably And new revenue sources are emerging Hyperscalers: Microsoft, Amazon, Alphabet, Meta, Oracle But new model revenues at the expense of incumbents? AI “losers” are currently being derated due
Slide 53: AI losers – Risk and Reward at current levels
AI losers – Risk and Reward at current levels Is the market being rational – our Q&A Is AI disruption an issue? Is it evidence based? Yes – If AI Capex spenders are to get a return from ~3 trillion Not yet – basket trading and proliferation of ETF’s suggest that US$ capex they will need significant
Slide 54: Portfolio positioning strategy
Portfolio positioning strategy With hindsight we could have changed the portfolio more in 2025 towards AI supply chain beneficiaries and away from companies with perceived disruption risks. Experience also tells us that the temptations of momentum can be alluring and the fear of missing out can play
Slide 55: AI capex spenders and recipients
AI capex spenders and recipients AI capex spending continues to rise – as does the debate on the returns for the hyperscalers AI Investment cycle - are we peak AI spending? Risk profile of AI winners has evolved The case for enduring AI capex Leadership within AI capex recipients changed in 2025 R
Slide 56: Holdings directly related to AI
Holdings directly related to AI Reduced exposure to big spenders on capex AI capex recipients AI capex spenders • Added modestly to weights • No exposure Meta, Oracle and Alphabet • Valuation for franchise leaders such as NVDA already • Falling returns on capital appear likely due to either unclear
Slide 57: AI disruption – Reality will be overplayed for some…but not all
AI disruption – Reality will be overplayed for some…but not all Increasing evidence that some firms vulnerable (sold) whilst others are now very attractive Moat – Brand and sticky customers Moat - Platform scale Moat – IP and partnership • Market leaders • Incumbents scale • Critical technology • Su
Slide 58: Economic cyclicality – Capex beneficiaries and yield curve winners
Economic cyclicality – Capex beneficiaries and yield curve winners Higher and steeper yield curves Fiscal deficit funding has become normalised Fed and ECB have lowered short rates Longer rates have risen globally Energy shortages a wild card Implication – Rising profit pool for banks that w
Slide 59: Defensive growth – pricing power and reasonable valuations
Defensive growth – pricing power and reasonable valuations Evident pricing power despite inflationary inputs Defensive business models Energy and commodity prices volatile Market share gainers Pass through business models more valuable Superior business model versus peers Limited AI disrup
Slide 60: Key trends to monitor – Underappreciated long term cycles?
Key trends to monitor – Underappreciated long term cycles? What is still not fully appreciated with a long-term perspective? Emerging markets in the foothills? Operating leverage in Industrial manufacturing? US market supremacy may be undermined by prolonged Broadening of global capex seems likely,
Slide 61: Uncertainty watch – Time to look beyond the retail crowding?
Uncertainty watch – Time to look beyond the retail crowding? Interesting observations from the team Less efficient price discovery when ETF’s dominate? Jensen or Elon….Lower expectations for NVDA! What happens if CB lose control of long end of curve? Indian growth premium unwound…opportunity? Past p
Slide 62: Summary
Summary There will be periods overall an investment cycle when deep value, lower quality/cyclicality and more speculative investment flows can provide headwinds – we have just experienced that and already on a scale matching historical parallels. Conclusion – style may not immediately reverse but va
Slide 63: Deep Dive – ASMI
Deep Dive – ASMI What do they do? Why is it interesting today and what are the catalysts? ASM International (ASMI) is a leading supplier of advanced semiconductor process equipment, specialising in Atomic Layer A lack of near-term order momentum created an attractive entry Deposition (ALD) and Epita
Slide 64: Deep Dive – ASMI
Deep Dive – ASMI Increasing ALD market share Why… we think ASMI is Future Quality ALD market share increased to >55% in 2024 An expanding opportunity set with durable competitive advantages 1. ASMI is a key partner to the semiconductor industry, and its tools are crucial in enabling further scaling
Slide 65: Our Future Quality Philosophy
Our Future Quality Philosophy Investing in companies with high and/or improving returns on investment Future Quality companies are those that are anticipated to attain and sustain high returns on investment Four Pillars of Future Quality Franchise Management Balance sheet Valuation Lasting sustainab
Slide 66: The path to Future Quality
The path to Future Quality Improving Returns on Investment See also our whitepaper: Investing for the long term: ‘future quality’ companies. 66
Slide 67: Important Information
Important Information This document (the "Document") is prepared by Amova Asset Management Co., Ltd. and/or its affiliates (hereinafter referred to as the “Group”) and is for distribution only under such circumstances as may be permitted by applicable laws. This Document does not constitute personal
Slide 68: Important Information
Important Information The Management Company may terminate the arrangements for marketing under the denotification process in the Cross-Border Distribution Directive (Directive EU) 2019/1160. This would be subject to the applicable de-notification process. No part of this Document may be reproduced,
Slide 69: Important Information
Important Information MSCI: The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute i
Slide 70: Amova Asset Management
AAamMOVAa Asset Management
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