Performance

Concentrated Australian Share Fund
Australian Share Income Fund

Performance

Performance figures for the strategy and the retail share class are available in the tabs below:

Merlon Concentrated Australian Share Strategy (Wholesale Investors)

Merlon Concentrated Australian Share Strategy – Performance (before fees) as at 31-Dec-25

PERFORMANCE	1 month (%)	3 months (%)	FYTD (%)	1 year (%)	3 years (%) p.a.	5 years (%) p.a.	10 years (%) p.a.	Since Inception** (%) p.a.	REPORTING_DATE	SORT
Strategy Total Return	-1.4	1.5	3.9	9.6	10.7	12.7	10.5	10	31-Dec-25	1
ASX200 Accumulation Index	1.3	-1	3.7	10.3	11.4	9.9	9.3	8.8	31-Dec-25	2
Excess Return	-2.7	2.5	-0.3	-0.8	-0.7	2.8	1.2	1.1	31-Dec-25	3

Past performance is not a reliable indicator of future performance. Strategy Total Return and S&P/ASX 200 Accumulation Index Total Return stated before fees.

**Strategy Inception date is 31 May 2010.

For wholesale investors interested in the strategy, please contact Merlon directly: info@merloncapitalpartners.com

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Merlon Concentrated Australian Share Fund (Retail Investors)

Merlon Concentrated Australian Share Fund – Performance (after fees) as at 31 January 2026

Performance*	TYPE	REPORTING_DATE	RETURN_TYPE	1 month (%)	3 months (%)	FYTD (%)	1 year (%)	3 years (%) p.a.	5 years (%) p.a.	Since Inception** (%) p.a.	SORT
Merlon Concentrated Australian Share Fund	Fund	31 January 2026	Net Return	1.8	1.9	5.6	7.0	9.5	12.1	8.2	3
S&P/ASX 200 Accumulation Index	Benchmark	31 January 2026	Gross Return	1.8	0.4	5.5	7.4	9.8	10.2	8.9	5
Excess Return	Fund	31 January 2026	Excess Return	0.0	1.5	0.1	-0.4	-0.3	1.9	-0.7	8

*Performance figures are calculated after fees have been deducted and assume distributions have been reinvested. No allowance is made for tax when calculating these figures. Past performance is not a reliable indicator of future performance.
The Fund benchmark is the S&P/ASX 200 Accumulation Index.
**The Inception Date for the fund is 1 February 2018. Strategy Inception date is 31 May 2010.

For performance related queries, please call the Fidante Investor Services Team on 13 51 53.

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Performance

Merlon Australian Share Income Fund – Performance (after fees) as at 31 January 2026

Performance*	TYPE	REPORTING_DATE	RETURN_TYPE	1 month (%)	3 months (%)	FYTD (%)	1 year (%)	3 years (%) p.a.	5 years (%) p.a.	10 years (%) p.a.	Since Inception (%) p.a.^	SORT
Merlon Australian Share Income Fund	Fund	31 January 2026	Net Return Incl IC	2.0	2.4	6.3	7.3	8.5	10.4	9.0	7.6	3
70% ASX200/30% Bank Bills	Benchmark	31 January 2026	Gross Return Incl IC	1.3	0.6	4.9	7.2	9.1	9.0	8.8	7.5	5
Gross Distribution Yield	Fund	31 January 2026	Gross Distribution Yield	0.4	1.2	3.8	6.5	6.2	6.5	6.9	9.1	8

*Returns are calculated after fees and expenses, and assuming the reinvestment of distributions. All returns are grossed up for franking credits. Past performance is not a reliable indicator of future performance. The inception date for the Fund is 30 September 2005.
**The Fund’s benchmark is a composite of 70% S&P/ASX 200 Accumulation Index / 30% Bloomberg Ausbond Bank Bill Index and is used for all time periods. From 30 September 2005 to 16 May 2022, the Fund’s benchmark was the S&P/ASX 200 Accumulation Index. The Fund reduces exposure to share market volatility to a typical range of 60-80% through the use of derivatives with the remaining 20-40% option protection seeking to deliver a cash-like risk/return profile.
^The Inception Date for the fund is 30 September 2005.

For performance related queries call the Fidante Investor Services Team on 13 51 53

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