V E H I C L E P E R F O R M A N C E

CTi valuations are based on the mid-point of the third-party assessment valuation range

The Fund's QoQ gross returns (+5%) were on the softer side compared to other markets, however when you have the Reserve Bank’s head of economic analysis, Marion Kohler, saying stock prices in Australia probably peaked at the end of 2022 (after posting a -5% YoY decline), Australia's sovereign wealth fund (Future Fund) losing -3.7% YoY, and the market experiencing the most volatility since 2008, the stability and wealth preservation that vehicles offer are a compelling reason to keep them as part of an investment portfolio.

This quarter experienced declines in two of the Mach 1 Fund's classes. Both the MkI and Mk-IV classes posted a QoQ decline, however the overall weighted returns were still positive (highlighting one of the reasons we have multiple classes - it helps diversify the Mach 1 portfolio)

Approximately 80% of the Mk-I class is comprised of the Ferrari marque. While the Ferrari marque has largely been a stalwart of growth over the last year, it cooled somewhat over the last quarter. Hagerty's Ferrari index reported no movement over the quarter, and HAGI's Ferrari index reported a +1% marginal gain.