Performance Report

April 2026

Fund: Coolabah Active Global Bond Fund - Assisted Investor Class

Strategy: Global Active Credit

Return (since Sep. 2024): 4.28% pa gross (3.46% pa net)

Net return volatility (since Sep. 2024): 3.79% pa

Objective: The Coolabah Active Global Bond Fund (CAGBF) targets returns in excess of the Bloomberg Global Aggregate Corporate Bond Index (hedged to AUD), after management costs, by 1.0% to 2.0% per annum over rolling 3 year periods.

Strategy: The Fund offers an active fixed-income strategy focused on mispricing in global government and corporate bonds with the aim of delivering superior risk-adjusted returns over the Bloomberg Global Aggregate Corporate Index (hedged to AUD). The Fund seeks to have broadly similar interest rate duration risk to the Index subject to any active decisions implemented by the Portfolio Manager to generate excess returns.
The Fund is permitted to invest in Australian and global bonds, such as government and semi-government bonds, bank and corporate bonds, hybrid and asset-backed securities, including residential-mortgage-backed securities, issued in G10 currencies hedged to Australian Dollars, as well as cash, cash equivalents and related derivatives. It can borrow, use derivatives and short-sell, meaning it may be geared (or leveraged). Leverage can amplify gains and also amplify losses.

Period Ending 2026-04-30	Gross Return	Net Return	Bloomberg Global Agg Corp Index (AUD Hedged)	Gross Excess Return^†	Net Excess Return^†
1 month	0.94%	0.84%	0.66%	0.28%	0.18%
3 months	-0.22%	-0.36%	-0.38%	0.16%	0.01%
6 months	0.72%	0.42%	0.28%	0.45%	0.14%
1 year	7.09%	6.07%	4.47%	2.63%	1.60%
Inception pa Sep. 2024	4.28%	3.46%	2.85%	1.44%	0.61%

^† The Excess Return column represents the gross and net return above the Bloomberg Global Aggregate Corporate Index (AUD hedged)

Disclaimer: Past performance does not assure future returns. Returns and yields are shown net of management fees and costs unless otherwise stated. All investments carry risks, including that the value of investments may vary, future returns may differ from past returns, and that your capital is not guaranteed. To understand Fund’s risks better, please refer to the Product Disclosure Statement available at Coolabah Capital Investments' website.

*Note: all portfolio statistics other than yields and duration are reported on gross asset value*
Av. Portfolio Credit Rating	A+	Modified Interest Rate Duration	5.68 years
Portfolio MSCI ESG Rating	AA	Gearing Permitted?	Yes
No. Cash Accounts	21	Net Annual Volatility (since incep.)	3.79%

No. Notes and Bonds

211

Fund: Coolabah Active Global Bond Fund - Assisted Investor Class

Return/Risk: 4.28% pa gross/3.46% pa net (3.79% pa volatility)

Disclaimer: Past performance does not assure future returns. Returns and yields are shown net of management fees and costs unless otherwise stated. All investments carry risks, including that the value of investments may vary, future returns may differ from past returns, and that your capital is not guaranteed. To understand Fund’s risks better, please refer to the Product Disclosure Statement available at Coolabah Capital Investments' website.

The since inception gross (net) return of 4.28% pa gross (3.46% pa net) is the total annual return earned by the fund since Sep. 2024, including interest income and movements in the price of the bond portfolio after all fund fees (assuming net returns are calculated from the historic gross returns using the current fee structure as displayed in the Product Disclosure Statement). The net return quoted applies to the Coolabah Active Global Bond Fund - Assisted Investor Class, with quarterly distributions reinvested. Investment return will vary depending upon investment date and any additional investments and withdrawals made. The annualised volatility estimate of 3.79% pa is based on the standard deviation of net daily returns since inception, which are then annualised, attributable to the Coolabah Active Global Bond Fund - Assisted Investor Class.

Portfolio Managers

Christopher Joye, Ashley Kabel, Roger Douglas, Fionn O'Leary (Coolabah Capital Investments)

APIR Code	ETL2586AU	Fund Inception	23-Sep-24
ISIN	AU60ETL25862	Distributions	Quarterly
Benchmark	Bloomberg Global Agg Corp Index (AUD hedged)	Unit Pricing	Daily (earnings accrue daily)
Asset-Class	Global Credit	Mgt. & Admin Fee	0.65% pa
Target Return	1-2% pa above Benchmark after fees	Perf. Fee	20.5% of outperformance of benchmark after fees
Investment Manager	Coolabah Capital Investments (Retail)	Custodian	Citigroup

Fund: Coolabah Active Global Bond Fund - Assisted Investor Class

Return/Risk: 4.28% pa gross/3.46% pa net (3.79% pa volatility)

Portfolio commentary: In April, the long duration daily liquidity Coolabah Active Global Bond Fund (CAGBF) returned 0.94% gross (0.84% net), outperforming the Bloomberg Global Aggregate Corporate Index Hedged AUD (0.66%) by 0.28% (0.18% net). Over the previous 12 months, CAGBF returned 7.09% gross (6.07% net), outperforming the Bloomberg Global Aggregate Corporate Index Hedged AUD (4.47%) by 2.63% (1.60% net). CAGBF ended April with a running yield of 6.50% pa, a weighted-average credit rating of A+, and a portfolio weighted average MSCI ESG rating of AA.

Since the inception of CAGBF in September 2024, it has returned 4.28% pa gross (3.46% pa net), outperforming the Bloomberg Global Aggregate Corporate Index Hedged AUD (2.85% pa) by 1.44% pa (0.61% pa net). While CAGBF's return volatility since inception has been low at around 3.79% pa (measured using daily returns), as a daily liquidity product with assets that are marked-to-market using executable prices, volatility does exist. This contrasts with illiquid credit (eg, loans and high yield bonds) wherein assets that have very high risk can appear to have remarkably low volatility, which is, in fact, just a mirage explained by the inability to properly value these assets using executable prices.

Strategy commentary: After positioning defensively coming into March and fading the sell-off in risk in the latter half of that month, Coolabah's portfolios delivered strong across-the-board alpha in April, which we will cover shortly.

The Iran conflict remained the dominant influence on markets in April. Fears around the trajectory of the conflict persisted into the start of the month, but risk assets rallied as April progressed — first on news of a two-week ceasefire, and subsequently after Trump indicated that an agreement with Iran had largely been negotiated, including a commitment from Iran not to close the Strait of Hormuz again. With the Strait nevertheless remaining closed and prospects of a deal fading into month-end, optimism gave way to renewed concern.

Brent crude reached an intra-month low of US$86.01/bbl on the initial optimism before closing at US$114.01/bbl, which still represented a 3.7% decline over April. Notably, both 6-month and 12-month forward oil contracts rose over the month, suggesting investors are pricing in a more prolonged closure of the Strait. Elevated oil prices have started to flow through to inflation, with US and Euro Area March CPI rising 0.9 per cent and 1.3 per cent month-on-month respectively.

Although most G7 central banks held cash rates steady this month, the accompanying rhetoric shifted to a more hawkish tone. Sovereign 10-year yields rose accordingly: JGBs by 17bps, UK Gilts by 10bps and US Treasuries by a more modest 5bps. Part of the underperformance in UK Gilts reflected political instability around Starmer's ability to remain Prime Minister.

French OATs and Italian BTPs were exceptions to the broader move, with 10-year yields falling 3bps and 5bps respectively, and the OAT/Bund and BTP/Bund spreads compressing 6 and 8 basis points. Peripheral compression alongside a hawkish rates backdrop reflects continued investor demand for carry against limited European primary supply.

Despite the move higher in oil and yields, equities rallied to all-time highs. The S&P 500 returned 10.5 per cent over the month — its strongest single-month performance since November 2020 — posting four consecutive weekly gains in a mirror image of March's four consecutive weekly declines. European equities also performed well, with the Eurostoxx 50 returning 6.4 per cent and the Eurostoxx Banks index 10.2 per cent. The Nikkei 225 returned 16.1 per cent and the Nasdaq 15.7 per cent.

Investment-grade cash credit rallied alongside equities. US IG spreads tightened 11bps to 78bps over the month, while European IG spreads tightened 16bps to 81bps. CDX IG narrowed 13bps and iTraxx Main 16bps. Subordinated indices moved further: Financial Senior CDS in Europe tightened 21bps and the Crossover index narrowed 88.5bps.

The firm macro backdrop drove elevated US primary issuance. According to Bank of America, US$201 billion of investment-grade supply was printed in April, split roughly evenly between Financials and Corporates. The standout deal was a US$25 billion issuance from Meta which attracted US$85 billion of demand, as the hyperscalers continued to tap debt capital markets to fund their AI capex programmes. Several deals from Financials also priced, including benchmark HoldCo senior transactions from four of the US Big 6 banks. These deals had average one-day spread performance of 2.3bps.

Fund: Coolabah Active Global Bond Fund - Assisted Investor Class

Return/Risk: 4.28% pa gross/3.46% pa net (3.79% pa volatility)

Strategy commentary cont'd: In contrast, European investment-grade issuance was more modest at €62 billion, of which €25 billion came from Financials — though that marked a pickup from just €8 billion of Financials supply in March. Average subscription rates across Financials deals reached approximately 3.9x, reflecting a combination of muted supply over the past two months and elevated investor cash balances. The most notable deal was a 6-year Belfius senior bond, which drew 5x demand and rallied 8bps in spread terms on the break.

In Australia, A$12.6 billion of investment-grade credit was issued in April, heavily skewed to Financials, which accounted for 90 per cent of total supply after a very quiet March. Despite this, the big four Australian banks stayed away from primary markets. The major Financial deals were senior transactions from MQGAU, UBS and BENAU, which had combined demand of A$13 billion for A$5 billion of total issuance and 3–8bps spread concessions, resulting in strong performance. Several corporate deals priced in the second half of the month, with APA the standout at A$6 billion in demand. In SSAs, AUSTC and EIB attracted demand of A$6 billion and A$4.8 billion respectively, with both deals well received after minimal issuance in the sector since February.