Dear Investor:

The first half of 2025 has once again been characterised by the positive performance of our funds. especially our Iberian Portfolio. which has risen by 29% in the first half of the year, compared to 24.7% for its benchmark index. Técnicas Reunidas, our main position in the Iberian Portfolio, has risen by more than 70% so far this year, and other companies with significant positions such as Prosegur, Prosegur Cashand Elecnor have also risen significantly, contributing to the strong performance of the Iberian Fund.

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