PORTFOLIO UPDATE — NOVEMBER 12, 2025

Portfolio update— November 12, 2025

I am writing to provide a comprehensive update on our current portfolio positioning as we approach year-end. Our allocation remains strategically diversified across Japanese structural plays, emerging-market opportunities, and carefully selected special situations, each positioned to capture distinct market dynamics while maintaining disciplined risk management.

Our Japanese holdings reflect our conviction in both cyclical rate tailwinds and longer-term structural evolution within the region's markets.

Nintendo (7974.T | ¥13,885 | P/E: 43.77x | Div Yield: 0.89%)

Nintendo represents our core growth exposure, trading at a premium valuation that reflects market confidence in the imminent Switch 2 platform upgrade cycle. We view this not as a simple hardware refresh, but as the catalyst for a new chapter of ecosystem expansion, with meaningful opportunities in digital monetization, subscription services, and transmedia IP exploitation. The company's fortress balance sheet, iconic intellectual property portfolio, and proven ability to command pricing power across consumer electronics provide downside support despite the elevated multiple. We expect margin expansion and sustained capital returns to drive value creation over the next 12–18 months as the platform cycle matures.

Kyoto Financial Group (5844.T | ¥3,271 | P/E: 26.17x | Div Yield: 1.99%)

Kyoto Financial Group anchors our Japan regional banking exposure, capturing both cyclical rate benefits and longer-term industry consolidation dynamics. The Bank of Japan's policy rate remains at 0.5% — the highest since 2008 — creating a favorable environment for net interest margin expansion. Management's active investment strategy and regional expansion across Asia-Pacific position the bank to benefit not only from domestic rate cycles but also from emerging-market growth. We view Kyoto Financial as a balanced play combining current yield (1.99%) with capital appreciation potential as the bank executes its ROE improvement roadmap.

OUG Holdings (8041.T | ¥3,770 | P/E: 4.49x | Div Yield: 2.55%)

OUG Holdings represents our deep-value conviction play within the Japanese market. The extraordinarily low P/E multiple of 4.49x suggests either significant unrecognized asset value or a meaningful operational turnaround opportunity. Our thesis centers on improving return on equity through efficiency gains and optimized capital deployment, with the current valuation providing substantial asymmetric risk-reward characteristics. While this position carries higher execution risk, the margin of safety embedded in the valuation offers attractive downside protection and significant upside should management successfully navigate its operational transformation.

Beyond Japan, we have positioned the portfolio to capture high-conviction opportunities tied to specific catalysts and structural market trends.

Kaspi.kz (KSPI | $75.00 | P/E: 6.96x | Div Yield: 2.29%)

Kaspi.kz represents our most compelling emerging-market opportunity, combining an attractive valuation with a clear geopolitical catalyst. This Kazakhstan-based fintech consolidator operates a dominant payments and commerce platform within one of Central Asia's largest economies. Our investment thesis rests on improving financial metrics — demonstrated by consecutive quarters of robust growth — coupled with a binary catalyst: resolution of the Russia-Ukraine conflict would substantially reduce regional inflation, stabilize the macroeconomic environment, and unlock significant upside for Kaspi's business. At 6.96x P/E with a 2.29% dividend yield, we believe the market has not yet adequately priced the geopolitical de-risking that may unfold. We maintain conviction in this position as a value play with asymmetric upside potential.

Canadian Natural Resources (CNQ | $32.39 | P/E: 14.33x | Div Yield: 6.03%)

Canadian Natural Resources provides our energy exposure, capturing both cyclical commodity dynamics and long-term energy transition positioning. The company's combination of high-quality, long-life reserves, disciplined cost management, and robust free cash flow generation creates a compelling total-return profile. The 6.03% dividend yield — supported by active capital return programs including share buybacks — offers meaningful current income while positioning us to benefit from commodity price recovery as global energy demand remains resilient. We view CNQ as a foundational allocation within the energy transition, offering reasonable valuation multiples (14.33x P/E) relative to peers while maintaining exposure to upside energy price scenarios.

dLocal Limited (DLO | $14.52 | P/E: 30.25x | Div Yield: 3.62%)

dLocal represents our emerging-market fintech turnaround opportunity, anchored by new management's operational execution roadmap. As a market leader in Latin American and African payments infrastructure, dLocal operates within one of the highest-growth fintech corridors globally. The new CEO's mandate centers on margin expansion, geographic diversification, and operational efficiency — catalysts that we believe are not yet fully reflected in the current valuation.

Our Singapore construction holdings provide complementary exposure to the city-state's multi-year infrastructure capex cycle, with both defensive cash-generative characteristics and meaningful upside participation from project execution.

Huationg Global Limited (41B | S$0.55 | P/E: 5.96x | Div Yield: 2.00%)

Huationg Global represents our primary construction services exposure, positioned to capture Singapore's accelerating infrastructure investment cycle. The company operates across civil engineering contract works (earthworks, drainage, road diversion), inland logistics support (equipment rental), sales of construction materials (recycled concrete aggregate, liquefied soil stabilizer), and dormitory operations. With annualized revenues of approximately S$227 million and strong order visibility extending through FY2029, Huationg Global benefits from flagship projects including the Cross Island MRT, Changi Airport Terminal 5, Tuas Port expansion, and extensive HDB initiatives. The company has demonstrated earnings momentum with H1 2025 attributable profit surging 56.8% year-on-year, reflecting both volume growth and operational leverage. Trading at an exceptional 5.96x P/E with a 2.00% dividend yield and S$97.5 million market cap, Huationg Global offers deep value exposure to Singapore's construction upcycle with visible near-term catalysts and strong balance sheet fundamentals (debt-to-equity of 48.7%, robust return on equity of 15.69%).

Thakral Corporation (AWI | S$1.67 | P/E: 5.95x | Div Yield: 2.96%)

Thakral Corporation anchors our Singapore exposure with diversified exposure to beauty, wellness, and lifestyle distribution alongside meaningful real estate holdings. The company has demonstrated exceptional momentum, posting a 144% gain over the prior 52 weeks, supported by operational excellence across its distribution networks. Management has generated a solid 16.75% return on equity while maintaining a conservative capital structure. The 2.96% dividend yield on a modest market cap provides attractive risk-adjusted returns with exposure to Singapore-based consumer and real estate trends, serving as a complementary holding to Huationg's project-driven construction narrative.

Our special situations positions reflect disciplined capital deployment in select risk-controlled opportunities.

Mayne Pharma (MYX.AX | Deal: A$672M)

Mayne Pharma represents a carefully managed special-situations arbitrage position tied to a takeover by Cosette Pharmaceuticals. The Australian court's October 2025 decision to block Cosette's Material Adverse Effect claim significantly de-risked the transaction and confirmed the acquirer's obligation to proceed subject to regulatory approvals. This ruling has substantially enhanced deal certainty. Our position is now focused on regulatory execution — specifically Foreign Investment Review Board (FIRB) approval and final court clearance — rather than fundamental deal viability. The deal spread offers attractive risk-adjusted returns with clear downside protection mechanisms.

As we move into the final quarter of 2025, we are focused on several key execution milestones:

• Nintendo: Monitor Switch 2 announcement timing and pre-order momentum as early indicators of platform cycle strength
• Kyoto Financial & OUG: Track quarterly earnings for evidence of ROE improvement and margin expansion
• KSPI: Maintain geopolitical monitoring while assessing financial performance independent of macro catalysts
• CNQ & Energy: Observe crude oil price dynamics and global energy demand signals
• dLocal: Evaluate new management's first full quarter of operational initiatives
• Huationg Global & AWI: Monitor contract wins, project delivery execution, order book progression, and dividend sustainability across Singapore's construction and distribution landscape
• Mayne Pharma: Track FIRB approval timeline and final regulatory clearances

We remain confident in our portfolio positioning and the conviction thesis underlying each holding. Our diversified approach across geographies, valuations, and catalysts positions us to participate meaningfully in both structural and cyclical opportunities while maintaining disciplined risk management. The addition of Huationg Global to our Singapore construction exposure provides tangible leverage to the region's multi-year infrastructure capex cycle, complementing our broader allocation to emerging-market growth and Japanese structural tailwinds. We will continue to monitor each position carefully and communicate material developments to you on a timely basis.

Thank you for your continued trust and partnership. Should you have any questions regarding this portfolio update, please do not hesitate to reach out.

Warm regards,

Goofy Investments

November 12, 2025

This letter is for informational purposes only and should not be construed as investment advice or a solicitation to buy or sell any security.