Dear Investor,

During 2024, our funds have continued with the good performance of recent years. Our International Portfolio has increased in value by 23.4% and our Iberian Portfolio by 12.1%. The International Portfolio has far outperformed its benchmark index, the BBG Europe Developed Markets, which rose by 9% in 2024. On the other hand, our Iberian Portfolio has done slightly worse than its index, which has risen by 16.4%.

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