Portfolio

Top positions of the Portfolio

as per 31 December 2025 (in % of Total Assets)

IP Group PLC	Equity - Long Only	14.2%
Idorsia SPV - A2 notes	Credit Opportunities	10.8%
Idorsia SPV - B notes	Credit Opportunities	8.4%
Cheyne New Europe Fund L.P.	Real Estate	6.7%
HBM Healthcare Investments Ltd.	Equity - Long Only	6.2%

Updated (in % of Total Assets)

RockawayX Blockchain Fund I ²⁾	30 September 2025	3.4%
RockawayX Blockchain Fund II	30 September 2025	1.9%
a16z IV via Honduras II s.r.o.	30 September 2025	1.6%
L1D Blockchain Venture Fund II	30 September 2025	0.8%
Liberty City Ventures Fund VIII	30 September 2025	0.6%
Animoca Brands via Liberty City Ventures 2021 14 LLC	30 September 2025	0.5%

¹⁾ Quarterly and lagging valuations (given the nature of Venture capital investing)
²⁾ Adjusted for quoted portfolio position