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-Aug-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	2	7	6.4	13.7	14.3	16.4	11.2	10.4	31-Aug-25	1
ASX200 Accumulation Index	3.1	7	5.5	14.7	13	12.3	9.9	9.2	31-Aug-25	2
Excess Return	-1.1	0	0.8	-1.1	1.3	4.1	1.3	1.2	31-Aug-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 30 September 2025

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	30 September 2025	Net Return	-3.8	2.3	2.3	6.7	14.2	15.7	8.1	3
S&P/ASX 200 Accumulation Index	Benchmark	30 September 2025	Gross Return	-0.8	4.7	4.7	10.6	15.2	13.0	9.2	5
Excess Return	Fund	30 September 2025	Excess Return	-3.0	-2.5	-2.5	-3.8	-0.9	2.7	-1.0	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 30 September 2025

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	30 September 2025	Net Return Incl IC	-2.2	2.6	2.6	5.7	11.6	12.6	8.8	7.6	3
70% ASX200/30% Bank Bills	Benchmark	30 September 2025	Gross Return Incl IC	-0.3	3.8	3.8	9.5	12.8	10.9	8.8	7.6	5
Gross Distribution Yield	Fund	30 September 2025	Gross Distribution Yield	1.0	2.1	2.1	6.5	6.4	6.6	6.9	9.2	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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