增量四季基金（英）

1 27th November 2025 Incrementum All Seasons Fund - in pursuit of real returns - Dear readers, I hope you had a wonderful summer and are enjoying an equally lovely autumn. For me, the highlight of the summer was a family holiday in Ireland, during which I also celebrated my 60th birthday. I readily admit that I didn't really feel like celebrating on this occasion, which is why I opted for a small gathering. Lough Léin, Killarney, Ireland, 10AUG25, HGS Photo This was not only due to my recollection of how I perceived 60-year-olds during my youth, namely really old, i.e. pensioners, grandfathers and often harassed by physical ailments. It was also due to a certain melancholy that reminded me that the optimism of youth and the certainties of family life are giving way to an increasingly changing perspective. Musically, this was aptly reflected in John Mayer's "I Guess I Just Feel Like". For those of you who can relate to this mood, I have linked the song here. Table of contents (red passages are active web links and all translations are mine): - Macro thoughts ...................................................................... p. 2 - A look into the Middle Kingdom …..…………………………..... p. 5 - What’s happening in the rest of the world ......................... p. 9 - Active investing ...................................................................... p. 17 - A review of our theme selection …….................................... p. 19 - Life outside the equity themes ….......................................... p. 27 - Investor feedback ………………................................................. p. 32 2025 / 04 Seasonal Reflections Winter Is Coming 2 27th November 2025 Incrementum All Seasons Fund - in pursuit of real returns - The views, analyses and forecasts contained in this document are based on current market conditions and reflect the opinion of the author. All information has been compiled from sources believed to be reliable. However, no assurance or guarantee is given as to its accuracy or completeness. Seasonal Reflections are issued to registered subscribers for informational and entertainment purposes and do not constitute a recommendation or solicitation to purchase any security or the Incrementum All Seasons Fund. Past performance is no guarantee of future results, and the value of the fund may go up as well as down. If you require investment advice, please consult a licensed investment adviser. Macro thoughtsWhen considering what to write about in this issue, I decided to take my cue from our updated fund presentation, which we gave a workover during the past few months to hopefully make it even more informative. In line with our investment process, I would therefore like to begin with my macro thoughts. These are shaped by a number of long-term macro-economic and social trends that are leading to profound changes, which are presenting our world and society with major