MWC Group. “Art & Inflation Accel eration. ” April 2022.

F E A T U R E | P O R T F O L I O I N R E V I E W

Q1 FY23

RESULTS THROUGH 30 SEPT 2022

C A R S C O N T I N U E T O A P P R E C I A T E

When all the traditional markets post double digit YOY and QOQ declines — FTSE (-3%) and (-5%), respectively; ASX/200 (-12%) across each period; S&P 500 (-17%) and (-16%), respectively; NASDAQ (-27%) and (-22%), respectively; and BitcoinAUD (-50%) and (-53%), respectively — the Fund's positive returns are comparatively good. However, we are acutely aware that the Fund's results were negatively impacted by relatively little new investment to take advantage of the buying opportunities that generate acquisition returns. Given acquisition returns are an immediate source of double-digit return opportunities, they can have significant benefits. Considering that the results reflect only hold strategy returns, we double down on our belief that the Fund not only represents a strong sources of wealth preservation but with more capital the Fund can generate strong returns in this market.