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YOUR GOALS,OUR COMMITMENT.

Nikko AM Asia Ex Japan Equity Fund
August 2024 Supplementary Information

Top 10 Holdings
Country
Taiwan Semiconductor Manufacturing Co Ltd
Samsung Electronics Co Ltd
Tencent Holdings Ltd
Samsung Biologics Co Ltd
Havells India Ltd
Alibaba Group Holding Ltd
Tech Mahindra Ltd
Godrej Properties Ltd
Hindalco Industries Ltd
Zomato Ltd

Portfolio
Weight
9.67%
6.99%
5.62%
3.60%
2.56%
2.40%
2.34%
2.32%
2.26%
2.26%

Top 10 Currencies
Country

Portfolio
WeightHong Kong Dollar (HKD)
Indian Rupee (INR)
New Taiwan Dollar (TWD)
South Korean Won (KRW)
Chinese Renminbi Onshore (CNY)
United States Dollar (USD)
Indonesian Rupiah (IDR)
Philippine Peso (PHP)
Malaysian Ringgit (MYR)
Singapore Dollar (SGD)

23.32%
21.40%
19.35%
15.96%
5.90%
4.50%
3.41%
2.41%
2.18%
1.56%

Market Review

Global equities took a beating early August as major indexes plunged
following a disappointing July jobs report, culminating in a severe
meltdown in Tokyo’s markets as traders rushed to unwind popular
carry trades. The whiplash was short-lived, however, as stocks quickly
recovered and the MSCI Asia Ex Japan Index advanced 1.9% in US
dollar (USD) terms from the end of July. Investors had their eyespeeled on US Federal Reserve (Fed) Chair Jerome Powell’s speech at
the Jackson Hole symposium, where he gave his clearest signal yetthat interest-rate cuts are coming soon.
In North Asia, China shares notched a 1.0% gain in August. China’s
housing regulator pledged to speed up the purchase of unsold
apartments and turn them into affordable housing, as part of its latest
effort to end the country’s property slump. The latest economicindicators continued to point to an unbalanced recovery, with retailsales growing at a faster pace in July, while industrial production and
fixed-asset investment slowed.

The Caixin Manufacturing Purchasing Managers’ Index also dropped
to 49.8 in July from 51.8 in June, as China’s manufacturing activity
shrank for the first time in nine months. Aside from the ongoing
European Union-China spat over electric vehicles (EV) tariffs, Canada
has also imposed new tariffs on Chinese-made EVs, aluminium andsteel, lining up behind Western allies. Meanwhile, Hong Kong stocks
added 5.8% as the economy expanded 3.3% year-on-year (YoY) in thesecond quarter, but private consumption remained weak.
In South Korea (-2.2%), the Cabinet approved the 2025 budget
proposal, which amounts to Korean won (KRW) 677.4 trillion andoutlines a plan to increase government spending next year to support
an economy that is expected to cool. The budget plan will include
greater financial support for semiconductors and other growing
sectors such as Korean pop entertainment and advance nuclearenergy projects. Elsewhere in Taiwan (+3.4%), global index provider
MSCI announced that it will trim Taiwan’s weighting in two of its
major indexes, namely the MSCI Emerging Markets Index and theMSCI All-Country Asia ex-Japan Index. The weighting of Taiwan
Semiconductor Manufacturing Co will be increased, given that thecontract chipmaker would emerge as a major beneficiary of theartificial intelligence boom.
ASEAN markets once again outperformed their North Asian
counterparts amid a blistering rally in Southeast Asian currencies
versus the US dollar. Singapore (+5.5%) has established a review
group to revive its flagging stock market amid growing calls for
initiatives to tackle poor liquidity. Thailand (+9.2%) has ushered in a
new prime minister as Paetongtarn Shinawatra, the head of the ruling
Pheu Thai party, assumed the role days after Srettha Thavisin wasdismissed as premier by Thailand’s Constitutional Court. Malaysia(+9.8%) anticipates that economic growth will accelerate towards 5%
this year, as second-quarter GDP rose 5.9% YoY, spurred by robust
consumer spending and exports. In Indonesia (+9.9%), outgoing
President Joko Widodo unveiled a state budget for fiscal year 2025
that promised continuity of signature economic programmes under
his successor Prabowo Subianto, while keeping to a deficit that would
likely reassure investors for its fiscal soundness. In the Philippines(+10.4%), the Bangko Sentral ng Pilipinas became the region’s firstcentral bank to cut its policy rate. The key policy rate was reduced by
25 basis points to 6.25%, kicking off a much-awaited loosening cycle
to preserve the momentum of economic growth.
Indian equities edged up 1.1% in August. The Reserve Bank of India(RBI) left its benchmark interest rate unchanged at 6.50% as expected,
with policymakers worrying that high food prices will continue tokeep inflation above its target. Soon after, the Consumer Price Index
inflation for July eased sharply to 3.54%, the lowest print in nearly five
years and dipping below RBI’s 4.0% medium-term target.

Reference to any particular securities or sectors is purely for information only and does not constitute a recommendation to buy, sell or holdany securities or to be relied upon as financial advice in any way.

FOR PROFESSIONAL INVESTORS ONLY1

ASIA EX JAPAN EQUITY MARKET SEGMENTInvestment Review and Outlook

The Fund returned 2.13% in August in USD terms, outperforming thebenchmark's return of 1.95%. Stock selection in Malaysia detracted
from performance, but this was offset by positive contributions fromIndia and Taiwan.
ST Pharm was the top contributor in August on the back of a contract
to supply active pharmaceutical ingredients for Gilead Sciences'
blockbuster HIV treatment from 2025, potentially worth KRW 10–40billion. PB Fintech, an Indian online insurance company, was anothernotable contributor. Strong revenue growth, net profit and afavourable outlook for the Indian fintech industry supported thestock's performance.
On the flip side, Samsung Electronics, a global leader in memory chips
and smartphones, dragged performance due to muted demand
recovery from the mobile and personal computer segments. Thestronger memory profit is offsetting weakness in other businesses, so
we will continue to hold. Indian real estate developer Godrej
Properties also dragged performance due to its reported revenue notmeeting high expectations and significant premium to net assetvalue.
Portfolio changes this month were driven by bottom-up selection.
Overall, we increased exposure to financials in the form of adding
more to Kiwoom Securities, the dominant digital-only and retail
broker, to participate in the Korean value-up programme. We alsobought GDS Holdings on the back of stronger AI/cloud capex ofinternet giants and corporations in various sectors.
On the flip side, we sold Chinese transformer manufacturer Hainan
Jinpan, which continues to face geopolitical risks that will negatively
impact global sales. We also sold Chinese educational services
provider New Oriental, which missed its conservative margin
guidance and amid concerns on corporate governance on its
acquisition of East Buy.

In China, we continue to expect the external environment to be astronger driver of returns. Domestically, fund flows should be morepositive and monetary policy will be increasingly supportive
alongside rate cuts in the US. We also expect more consumption
policy to patch up the weakness caused by the property downturn.
The efficacy of these consumption policies, however, remains aquestion mark in the context of the track record of the current
administration which continues to favour a piecemeal approach
towards supporting the economy. We remain selective in China in theabsence of a significant policy shift towards a more sizeable support
for consumption and housing.
Where we remain more constructive is in Korea, India and ASEAN. InKorea, the government continues to make progress in the “Value Up”
program, boosting the prospects for equity holders of lazy,undervalued balance sheets. A potential tax incentive package forshareholders and companies participating in the program aimed atlisted companies could result in increased shareholder returns. We
also continue to find attractive opportunities in innovative Korean
companies in the areas of pharmaceutical contract manufacturing
and global AI supply chain which offer strong positive fundamental
changes and high sustainable returns.
In India, we continue to see leading indicators of a rise in private capex
investments, which should drive the next wave of structural growthin the country. We continue to favour companies exposed to theimproving domestic infrastructure, domestic consumption, as well as
online consolidators. Malaysia stands out in ASEAN, with a
combination of political stability and better top-down policy making,embellishing its advantage of having a cheap and well-educatedlabour force in a strategic location. The aforementioned is the reason
Malaysian state Johor is growing to be a data centre hub, and Penang
a budding semiconductor hub with foreign direct investments
surpassing the total amount from the previous seven years combined.

The biggest fundamental change for Asian markets in the mediumterm is a change in the interest rates regime. As guided by the Fed,
amid a slew of softer labour market data as well as benign inflation
numbers, we should see the first interest rates cut in the comingmonth. This has massive implications for Asia. Not only will Asian
central banks be afforded more space for their own interest rates cuts,
a possible weakening of the US dollar will also be a strong tailwind for
the Asian region. In particular, capital importers such as India,
Indonesia and the Philippines would be some of the biggest winners.
We should also see the unwinding of carry trades across countries
such as Japan, China and Korea, which could drive a reversion ofglobal risk pricing as capital gets repatriated back from pockets ofdeveloped markets with stretched valuations.

Reference to any particular securities or sectors is purely for information only and does not constitute a recommendation to buy, sell or holdany securities or to be relied upon as financial advice in any way.

YOUR GOALS, OUR COMMITMENT.

2ASIA EX JAPAN EQUITY MARKET SEGMENT

Risk Information
Synthetic Risk & Reward Indicator (SRRI)
Lower risk
Potentially lower reward

Higher risk
Potentially higher reward

The Sub-Fund promotes certain environmental and social characteristics within the meaning of article 8 of the SFD Regulation but
does not have a sustainable investment objective.
Currency risk - this exists when the Sub-Fund invests in assets denominated in a different currency. A devaluation of the asset's
currency relative to the currency of the Sub-Fund will lead to a reduction in the value of the Sub-Fund.
Counterparty risk - the possibility that the counterparty, such as brokers, clearing houses and other agents be unable to perform
its obligations due to insolvency, bankruptcy or other causes.
Liquidity risk - investments that could have a lower level of liquidity due to (extreme) market conditions or issuer-specific factors
and or large redemptions of shareholders. Liquidity risk is the risk that a position in the portfolio cannot be sold, liquidated or closed
at limited cost in an adequately short time frame as required to meet liabilities of the Sub-Fund.
Operational risk - due to issues such as natural disasters, technical problems and fraud.
Emerging markets risk - the risk arising from political and institutional factors which make investments in emerging markets lessliquid and subject to potential difficulties in dealing, settlement, accounting and custody.
Investing in China risk - the Sub-Fund intends to gain exposure to the financial securities of the People's Republic of China("China") without directly investing in the PRC (excluding Hong Kong). Investments in China will be sensitive to any political, social,economic, legal and regulatory developments which may take place in or in relation to China, which may adversely impact on thesecurities markets in China as well as the performance of the Sub-Fund.
Derivative risk - the Sub-Fund may use derivatives as described in the Objectives and Investment Policy. Use of derivatives resultsin higher chances of loss due to the use of leverage, or borrowing. Derivatives allow investors to earn large returns from small
movements in the underlying asset's price. However, investors could lose large amounts if the price of the underlying assets moves
against them significantly.
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect Risk - the Sub-Fund may be investing in China"A“ shares via the Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect which may entail additional
clearing and settlement, regulatory, operational and counterparty risks.
Sustainability Risk - The risk arising from any environmental, social or governance events or conditions that, were they to occur,
could cause material negative impact on the value of the investment. Specific sustainability risk can vary for each product andasset class, and include but are not limited to: Transition Risk, Physical Risk, Social Risk and Governance Risk.
Credit risk - is the possibility that a bond issuer will fail to pay interest and principal in a timely manner.

Important Information
Nikko AM Global Umbrella Fund is an open-ended investment company established in Luxembourg (the "Fund"). This
information has been issued by Nikko Asset Management Luxembourg S.A. and is not aimed at or intended to be read byinvestors in any country in which the Fund is not authorised.
The Fund is registered in multiple jurisdictions and some sub-funds and/or share classes may not be available in all jurisdictions.
Please contact Nikko Asset Management Europe Ltd for further information. This material is for information only and is not arecommendation to sell or purchase any investment.
Any investment in the Fund may only be made on the basis of the current Prospectus and the Key Investor Information
Document (KIID), as well as the latest annual or interim reports. Please refer to the "Risk Factors" for all risks applicable ininvesting in this Fund. These documents are available from our website emea.nikkoam.com or can be obtained free of charge
from the Funds registered office in Luxembourg: Private Business Center 32 – 36, boulevard d’Avranches, L-1160 Luxembourg,Luxembourg. Swiss representative, Swiss paying agent and place of jurisdiction in Switzerland: BNP Paribas, Paris, Zurich Branch,
Selnaustrasse 16, 8002 Zurich. Telephone: +41 582 126374
Past performance is not a guide to future performance. Market and currency movements may cause the capital value of sharesand income from them to fall as well as rise and you may get back less than you invested.

YOUR GOALS, OUR COMMITMENT.

3ASIA EX JAPAN EQUITY MARKET SEGMENTContact Us
Nikko Asset Management Europe Limited
Level 5, City Tower, 40 Basinghall Street, London, EC2V 5DEUnited Kingdom
Phone: +44 (0)20 7796 9866
Email: EMEAenquiries@nikkoam.com

Nikko Asset Management Luxembourg S.A. (German Branch)Frankfurt Spaces Tower One , Brüsseler Str. 1-3, 60327, Frankfurt amMain, Deutschland
Phone: +49 (0) 69 505047 301
Email: EMEAenquiries@nikkoam.com

Information sources include Bloomberg, Brown Brothers Harriman (Luxembourg) S.C.A., BNP Paribas, Luxembourg Branch, BNPParibas, Luxembourg Branch, SMBC Nikko Bank (Luxembourg) S.A., Nikko Asset Management Asia and Nikko Asset Management
Co., Ltd. All information as of 31 August 2024.
The copyright and intellectual rights to the index displayed above are the sole property of the index provider.
Authorised and regulated by the Financial Conduct Authority number 122084 and the Commission de Surveillance du Secteur
Financier (CSSF) number RCS Luxembourg B 123.103.

YOUR GOALS, OUR COMMITMENT.

4