UAT Focused Growth Overview Composite Performance Overview The Focused Growth strategy seeks to produce long-term growth of capital Primary BenchmarkRussell 1000 Growth IndexPortfolio Management Aziz Hamzaogullari Founder, Chief Investment Officer and Portfolio Manager, Growth Equity Strategies Team Read bio Strategy Highlights Highly selective management with a long-term, private equity approach to investing High active share: typically greater than 80%1 Low turnover: 0-25% annualized Seven-step research framework focuses on quality, growth and valuation High-conviction portfolio of typically 20 to 30 US-based companies Looks to identify high-quality companies – those with difficult-to-replicate business models Team must view growth as sustainable and profitable Stock values are modeled and regularly updated based on our four valuation scenarios: Best, Base, Bear and Worst Seeks to create a margin of safety2 by investing only when company is selling meaningfully below the team’s estimate of intrinsic value Active risk management defines risk as a permanent loss of capital, not tracking error or short-term relative underperformance Bottom-up stock selection drives excess returns Strategy Facts as of 9/30/2025Composite Inception6/28/2023Fact Sheet 1Active share indicates the proportion of portfolio’s holdings (by market value) that are different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio. 2Holding all else equal, the larger the discount between market price of a particular security and our estimate of its intrinsic value, the greater we view our margin of safety. Margin of safety is not an indication of the strategy’s safety as all investments Performance Primary BenchmarkRussell 1000 Growth Index Month-End Performance as of 9/30/2025CumulativeGrossNetIndex3 month6.40%6.25%10.51% Year-to-date15.04%14.55%17.24%Quarter-End Performance as of 9/30/2025CumulativeGrossNetIndex3 month6.40%6.25%10.51% Year-to-date15.04%14.55%17.24%Trailing Performance as of 9/30/2025Annualized Total ReturnGrossNetIndex1 year26.36%25.65%25.53% Since Inception 6/28/202329.12%28.40%27.55% Monthly Characteristics Monthly as of -1/-1/-1 Currency Distribution @ERROR% Duration Distribution @ERROR% Sector Distribution (Fixed) * 0.0% Country Distribution @ERROR% Maturity Distribution @ERROR% S&P 500 Index is a widely recognized measure of US stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors.Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents. Due to rounding, market capitalization and sector distribution totals may not equal 100%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors. P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. P/E (forward) measures price-to-earnings ratio using forecasted earnings for the price-to-earnings calculation; the forward measure is not a forecast of the fund’s performance. 3-5 Year EPS Growth is sourced from FactSet and based on long-term EPS growth rate estimates gathered directly from brokers. The portfolio and benchmark statistic is a weighted average of company level estimates. ROE (1-year equal weighted) is the 1-year ROE of all holdings divided by number of holdings. Median active share indicates the proportion of the portfolio’s holdings (by market value) that is different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio. Quarterly Characteristics Quarterly as of -1/-1/-1 Currency DistributionFundIndex @ERROR%0.0% Duration DistributionFundIndex@ERROR%@ERROR% Market CapitalizationFundIndex N/A0.0% Sector Distribution (Fixed) *FundIndex0.0%0.0% 0.0%0.0% Country DistributionFundIndex@ERROR%0.0% Maturity DistributionFundIndex @ERROR%@ERROR% S&P 500 Index is a widely recognized measure of US stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors.Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents. Due to rounding, market capitalization and sector distribution totals may not equal 100%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors. P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. P/E (forward) measures price-to-earnings ratio using forecasted earnings for the price-to-earnings calculation; the forward measure is not a forecast of the fund’s performance. 3-5 Year EPS Growth is sourced from FactSet and based on long-term EPS growth rate estimates gathered directly from brokers. The portfolio and benchmark statistic is a weighted average of company level estimates. ROE (1-year equal weighted) is the 1-year ROE of all holdings divided by number of holdings. Median active share indicates the proportion of the portfolio’s holdings (by market value) that is different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio. Holdings Top Ten Holdings as of -1/-1/-1% Assets@ERROR% Top 10 holdings may not be representative of current or future holdings and will evolve over time. x < Page: / > Download PDF