Spyglass Investment Strategy Overview

ד $100,000 $50,000 $0 -$50,000 -$100,000 -$150,000 -$200,000 -$250,000 A Tale of Two Headwinds Value vs. Growth US Cumulative Net Fund Flows $ millions $100,000 $50,000 $0 -$50,000 Large vs. SMID Q2 2020-Q2 2023 -$300,000 -$100,000 2020 Q2 2020 Q3 2020 Q4 2021 Q1 -$150,000 2021 Q2 2021 Q3 2021 Q4 Value Growth 2022 Q1 2022 Q2 Source: Morningstar. SMID includes small and mid-cap categories of funds as defined by Morningstar. For informational purposes only. -$200,000 2022 Q3 2022 Q4 -$250,000 2023 Q1 2023 Q2 -$300,000 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 Large SMID 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 36

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