Fund Performance (Class A)

System Capital Long Short Fund (Class A)

Performance¹ as at 31 May 2025 (after fees)

	1 Month (%)	3 Months (%)	6 Months (%)	1 Year (%)	2 Years (% p.a.)	3 Years (% p.a.)	Since Inception (% p.a.)
System Capital Long Short Fund	1.7	1.0	-	-	-	-	-

Historical Fund Performance

Monthly Performance as at 31 May 2025 (after fees)

Year	Jan (%)	Feb (%)	Mar (%)	Apr (%)	May (%)	Jun (%)	Jul (%)	Aug (%)	Sep (%)	Oct (%)	Nov (%)	Dec (%)	YTD (%)
2025			-4.1	3.6	1.7

System Capital Pty Ltd (ABN 14 657 739 323) (System) is the investment manager of the System Capital Long Short Fund (ARSN 683 513 948) (the Fund). Fidante Partners Limited (ABN 94 002 835 592 AFSL 234668) (Fidante) is a member of the Challenger Limited group of companies (Challenger Group) and is the issuer and responsible entity of the Fund. System is a corporate authorised representative of Fidante (Authorised Representative Number 001309928). You should read the Fund’s Product Disclosure Statement (PDS) and Target Market Determination (TMD) to ensure the key attributes of the Fund as described in the PDS and TMD aligns with your objectives, financial situation, and needs.

Returns are calculated after fees have been deducted and assume distributions have been reinvested. No allowance is made for tax when calculating these figures. Past performance is not a reliable indicator of future performance. The Inception date for Class A is 4 February 2025.