G10 Capital Ltd

G10 is an investment advisory firm based in London, United Kingdom that provides portfolio management services to pooled investment vehicles and institutional investors. G10 is a multiasset platform and applies various strategies to multiple funds and managed accounts. G10 has been incorporated under the laws of England & Wales since September 2014 and is also authorised in the United Kingdom by the Financial Conduct Authority (Firm Registration Number: 648953). It is a part of the IQ-EQ Group and the Firm is a wholly owned subsidiary of IQ EQ IFG Holdings (UK) Limited. Rachel Aldridge sits as the Chief Executive Officer of G10 and the Compliance Oversight is performed by Niall Markey. 

Services

Discretionary Portfolio Management G10 provides discretionary portfolio management to its clients by way of being appointed as fund manager as well as providing managed accounts (collectively, the “Funds”). Discretionary portfolio management consists of making investment decisions and executing trades on behalf of the client without the requirement of their individual consent. Such management is monitored in accordance with the terms and investment objectives prescribed within the specific Investment Management Agreements (“IMA”) for each managed accounts or fund. The IMA will be entered into with each subscriber to a managed account and with each fund overseen by G10. Types of Investment G10 provides management services in relation to a variety of fund types and products. The investments prescribed will be determined by the investment strategy set out in each IMA. Please note, G10 does not provide advice only with respect to proprietary products or a limited menu of products or types of investments. Restrictions may be imposed on investments in particular securities or certain types of securities. You will be notified of these restrictions prior to entering into an agreement. 

AUM

As of December 31, 2025, G10 advised 40 clients and managed approximately $13,140,707,269 in discretionary assets and $0 in non-discretionary assets.

All fees are prescribed in the IMA of each managed account or fund. These will be determined at the outset of the engagement and are dependent on the specific mandate required and the investment strategy being adhered to. Fees may be based on assets under management and will therefore fluctuate or could be prescribed on a fixed fee basis.

Fees may be reviewed periodically; all investors will be notified prior to any change in fees taking effect. The fees paid for the discretionary management service may not be the only fees that your managed account may be subject to. Further fees may be charged for services related to brokerage (payable to the prime broker and any executing brokers engaged) and transaction costs, as well as any costs with regards to the custody of the account. You should familiarise yourself with all costs that will be encountered prior to the finalisation of any IMA. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying.

G10 is a multi-asset platform and applies various strategies to multiple funds and managed accounts. The strategy applicable to each fund or managed account will be disclosed in the IMA. Please note, investing in securities involves risk of loss that clients should be prepared to bear. The present risks for each fund or managed account will be highlighted in the concerning IMA. Investment and Trading Risks in General All investments risk the loss of capital. No guarantee or representation is made that the Clients’ investment program will be successful, and investment results may vary substantially over time. Prospective investors should carefully consider the following factors in evaluating the merits and suitability of an investment in Interests. Investment Strategy Risks Interest in a Fund or Managed Account advised by the Firm may be a speculative and illiquid investment. Investors must be prepared to lose all or substantially all of their investment in a Fund or Managed Account managed or advised by G10. An investment in a Fund or Managed Account involves a high degree of risk and is suitable only for a limited portion of the risk segment of an investor’s portfolio. Given the typical duration of a Fund or Managed Account and investors’ potential limited ability to withdraw capital from it, no prospective investor should have any need for the capital committed to a Fund or Managed Account for the foreseeable future. The following considerations, which do not purport to be a complete indication of all risks involved in the strategies of Adviser, should be carefully evaluated before deciding whether to invest.

Market Volatility The value of some investments held by a Client can be expected to be subject to periods of excessive volatility, as demonstrated by past market conditions. Certain investment values are influenced by many unpredictable factors, such as market sentiment, inflation rates, changes in supply and demand, interest-rate movements and general economic and political conditions. Futures Depending on the strategy, the Adviser will trade futures on behalf of the Client for directional or hedging purposes. Market volatility is not a component of futures pricing, although market movements, of course, determine the profitability or losses on open futures positions. Futures are often inherently highly leveraged (often with margin deposits as low as 2% to 15% of contract value) and can become illiquid due to exchange-imposed price fluctuation limits. Foreign Securities Investments in foreign securities involve certain factors not typically associated with investing in U.S. securities, such as risks relating to (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar (the currency in which the books of the Clients are maintained) and the various foreign currencies in which the Clients’ portfolio securities will be denominated and costs associated with conversion of investment principal and income from one currency into another; (ii) differences between the U.S. and foreign securities markets, including the absence of uniform accounting, auditing and financial reporting standards and practices and disclosure requirements, and less government supervision and regulation; (iii) political, social or economic instability; (iv) imposition of foreign income, withholding or other taxes; and (v) the extension of credit, especially in the case of sovereign debt. THE FOREGOING RISK FACTORS DO NOT PURPORT TO BE A COMPLETE EXPLANATION OF ALL OF THE INVESTMENT RISKS G10 AND ITS CLIENTS ARE EXPOSED TO AS A PART OF G10’S BUSINESS.

G10 performs discretionary portfolio management on behalf of professional clients and institutional investors. G10 provides investment advice to Funds, and to Sub-Advised Accounts of Private Funds (as previously noted, collectively referred to in this brochure as “Clients”) in accordance with such Client’s Offering Documents. Currently, Funds managed by G10 are privately offered and exempt from registration under the Investment Company Act of 1940, as amended. Any minimum requirements for account size will be disclosed in the IMA.

The Firm is obliged to act in accordance with the regulatory environment that it operates within. This includes its registration status with the SEC and FCA. The Firm will endeavour to act in the client’s best interest whilst operating within the perimeters of the regulatory environment that it functions within. Please note that in addition to the managed account services provided by the Firm, the Firm additionally acts as fund manager and delegated portfolio manager for a number of funds. Depending on the specific mandate engaged will affect the relevance/prominence of any conflicts. Prior to engagement the Firm will make known any conflicts or potential conflicts of interest that arise and how these conflicts will be managed in accordance with the Firm’s conflicts of interest policy. When G10 acts as an investment adviser, the Firm must act in the client’s best interest and not put the Firm’s interest ahead of the clients’ interests. At the same time, the way G10 makes money may create some conflicts with the clients’ interests. The client should understand and ask us about these conflicts because they can affect the investment advice we provide. Here are some examples to help you understand what this means, e.g., Revenue Sharing: investments where the manager or sponsor of those investments or another third party (such as an intermediary) shares with you revenue it earns on those investments. Please note that any revenue that the Firm will earn from any investment in your managed account portfolio will be clearly communicated to you at the outset. Prior to engagement a full conflicts of interest assessment will be undertaken, and the Firm will make known any conflicts or potential conflicts of interest that arise and how these conflicts will be managed in accordance with the Firm’s conflicts of interest policy. Furthermore, conflicts of interest are continuously monitored throughout the client relationship. The Firm will not act where it cannot manage a conflict of interest. Where an investment manager is being remunerated through a non-cash medium, these will be clearly stated at the point of IMA engagement to ensure that this method of remuneration will not give rise to a conflict of interest. Please note that our investment managers are not permitted to undertake excessive risk taking and fee schedules are reviewed at the point of engagement to ensure that they do not encourage this. Please note that this does not prohibit

any fees from being structured to reflect the assets under management, or the time and complexity required to adhere to the investment strategy prescribed within the mandate.

G10 is part of the IQ-EQ group. Within this group there is another entity, Sapia Partners LLP (“Sapia”), which is also an FCA authorised entity and files with the SEC as an Exempt Reporting Adviser (“ERA”). Sapia provides sub-threshold fund and managed account services to professional and institutional investors. IQ-EQ is a global investor services group which offers a comprehensive range of compliance, administration, asset and advisory services. IQ-EQ works with investment funds, global firms,

family offices and private clients. IQ-EQ has offices based in 25 jurisdictions and where applicable, has the relevant authorisations in those jurisdictions. Due to the multi-asset strategy of the Firm, from time to time there may be some conflicts of interests that may arise which may be disclosed on a case-by-case basis. However, any conflicts identified will be managed in accordance with the Firm’s conflict of interest policy.

Trading The Firm is subject to the G10 Compliance Manuals which outline its Ethics and Personal Account Dealing (“Trading”) policies and takes into consideration the Firm’s extended Code of Ethics, which can be made available to all clients upon request. The Firm is committed to acting ethically in conducting its business. This high level and over-arching concept is achieved through every employee of the Firm acting in an ethical way and accepting personal responsibility for their actions in all of their dealings. The interests of the Firm’s Clients are paramount and should be placed above those of the Firm and the individual employees. All qualifying Personal Account Dealing transactions must achieve pre-approval and this is monitored on a continuous basis. The Firm maintains all records of the pre-approval process and all Personal Account Dealing transactions entered into by its relevant persons. The preapproval process considers the following (full pre-approval deal request assessment questionnaire can be found in the Firm’s compliance platform MaxComply):

If the instrument is held in a fund / portfolio that the Firm is responsible for. If a derivative of the instrument (e.g Future/Option) is held in a fund/portfolio that the Firm is responsible for. If the instrument, or derivative of the instrument, has been traded in the past 24 hours. If the instrument, or derivative of the instrument, is considered a potential investment into a fund/portfolio that the Firm is responsible for. If the instrument, or a derivative of the instrument, can be found on the Firm's Insider/Restricted List.

G10 is required to put in place arrangements to enable it to deliver best execution. This is referenced in the Firm’s Order Execution Policy. The best execution regime requires investment Firms to take sufficient steps to obtain the best possible result for their clients when transacting in financial instruments, taking into account:

Price: The fairness of the price proposed to the client which will be determined by gathering market data used in the estimation of the price of such product and comparing this with similar or comparable products.

Total consideration (price plus costs incurred by clients): External Costs include commissions, fees, taxes, exchange fees, clearing and settlement costs or any other costs passed on to the client by intermediaries participating in the transaction. Internal Costs include the Firm’s own remuneration, such as a commission or a spread, when completing a transaction. These must also be taken into account when assessing order execution where more than one competing venue is available.

Size, nature and likelihood of execution and settlement: The size and nature of the transaction are contributing factors to the consideration of the likelihood of execution and settlement. o In determining the relative importance of these factors the Firm will take into account the clients’ status as a professional client, together with the nature of the order, the characteristics of the financial instruments to which the order relates and the characteristics of the available execution venues. In the absence of specific instructions from the client, the Firm will exercise its discretion to determine which of these factors, or combination of them, will be relevant to achieve the best result.

Speed of execution

Any other relevant considerations

G10 does not have arrangements to provide additional compensation for non-clients or referrals.

There are no material disciplinary events to disclose of at this time.

All mandates are monitored on a continuous basis and reviewed at least annually, the frequency of the review will be agreed with the client and agreed in writing where applicable.

Rule 206(4)-2 promulgated under the Advisers Act (the “Custody Rule”) (and certain related rules and regulations under the Advisers Act) imposes certain obligations on registered investment advisers that have custody or possession of any funds or securities in which any client has any beneficial interest. An investment adviser is deemed to have custody or possession of client funds or securities if the adviser directly or indirectly holds client funds or securities or has the authority to obtain possession of them. Although G10 is deemed, under applicable rules, to have custody of the funds and securities of certain Funds, G10 is exempt from many of the provisions of the Custody Rule because G10

undertakes to deliver to investors, within 120 days after the end of the fiscal year of such Fund, financial statements that are (i) prepared in accordance with U.S. GAAP; and (ii) audited by an independent public accountant that is registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board. G10 urges Fund investors to carefully review such statements and compare such official custodial records to the account statements provided by G10. G10’s statements may vary from custodial statements based on accounting procedures, reporting dates or valuation methodologies of certain securities.

G10 offers management services on a discretionary basis. Clients must grant discretionary authority in the IMA. Discretionary authority extends to the types and amounts of securities to be bought and sold in client accounts. Please refer to Item 4: Advisory Business section above for more information on the Firm’s discretionary management services.

All corporate actions are maintained on a mandate-by-mandate basis. The applicability and proportionality of all voting is assessed and communicated on a mandate-by-mandate basis. Adviser proxy voting policies and procedures apply to Adviser and all Funds and other Client accounts for which the Adviser is responsible for voting proxies. In circumstances when the Adviser believes that voting a proxy would be to the Funds or Clients overall benefit, the Adviser will vote a proxy. However, due to the nature of the investment strategy employed by the Adviser, there may be instances where it determines that the benefit which would accrue to a Fund or Client from proxy voting is outweighed by the costs associated with voting proxies. In these instances, the Adviser may determine to abstain from voting proxies in a Fund or Client account as it is seen as being in their best interests. To the extent that Adviser receives such proxies and determines to vote, the Adviser is guided by general fiduciary principles. Adviser will vote proxies in the manner that it believes is consistent with efforts to achieve a Client’s stated investment objectives, including maximizing the value of the Client’s portfolio. When a Client has authorized the Adviser to vote proxies on its behalf, the Adviser will generally not accept instructions from the Client regarding how to vote proxies. In furtherance of the Adviser’s goal to vote proxies in the best interests of Clients, the Adviser has created procedures it believes are reasonably designed to identify and address material conflicts that may arise between the Adviser’s interests and those of its Clients before voting proxies on behalf of such Clients. If it is determined that any such conflict or potential conflict is not material, the Adviser may vote proxies notwithstanding the conflict or potential conflict. If, however, it is determined that a conflict or potential conflict is material, the Adviser’s procedures require the Chief Compliance Officer to work with appropriate personnel to agree upon a method to resolve such conflict before voting proxies affected by the conflict. The

Adviser’s procedures require it to maintain a written record of the method used to resolve a material conflict of interest.

G10 does not require a prepayment of fees from clients for providing portfolio management services. Please refer to Item 5: Fees and Compensation for further information on how clients are charged.