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Quarterly fund commentary State Street Global Equity Fund

03 November 2026

Market Commentary

Global economic activity strengthened during the third quarter, supported by resilient services activity and continued expansion in manufacturing. Labor market conditions remained generally resilient, although hiring activity and wage growth moderated across some economies. Higher energy and input costs contributed to renewed inflationary pressures. Against this backdrop, monetary policy remained restrictive, with the Fed and ECB both raising interest rates during the quarter.

Global equities advanced modestly in the third quarter of 2026 as resilient economic activity and strong corporate earnings outweighed higher bond yields, renewed inflation concerns and geopolitical tension. The MSCI World Index returned +1.9% in US-dollar terms over the three months to 30 September 2026 and was up +11.8% year to date.

Equity market performance was driven by a combination of earnings growth and improving profit expectations, particularly in the United States and emerging markets. Business investment remained healthy, with AI-related capital expenditure continuing to support technology and other beneficiaries of the digital infrastructure buildout. Investors also responded positively to upward revisions in 2026 earnings estimates, which helped offset periods of market volatility during the quarter.

While tighter monetary policy and higher interest rates created headwinds for market valuations, strong earnings momentum supported broader equity-market resilience. Market leadership broadened relative to the second quarter, with technology remaining a key contributor to returns while energy and financial companies also benefited from improving earnings trends. Developed Markets generally outperformed Emerging Markets while Large Cap stocks outperformed Small Cap ones.Equity market leadership was concentrated in Energy and Technology. Energy benefited from higher commodity prices and inflation-sensitive earnings, while Technology and Communication Services continued to be supported by strong AI-related spending and earnings growth. In contrast, rising bond yields pressured duration-sensitive sectors such as Utilities and Real Estate. Defensive sectors produced mixed results, with Health Care outperforming while Consumer Staples lagged.

Fund Update

State Street Global Equity Fund (“the Fund”) ended the quarter with a gross return of +4.24% (4.02% net), outperforming the MSCI World ex Australia (unhedged) index return of 1.45%.

The strategy outperformed during the quarter, driven primarily by stock selection within the equity portfolio, with additional value added by the Dynamic Strategy Hedging (DSH) program.

Market conditions continued to favour higher-beta stocks, although this preference was notably less pronounced than in the previous quarter. Investor focus also shifted toward valuation, with attractively priced securities outperforming more expensive counterparts. While the portfolio's defensive low-beta positioning was a modest headwind to relative performance, this was more than offset by the strategy's exposure to attractively valued stocks, which performed strongly during the quarter and contributed positively to excess returns.

From a sector perspective, strong stock selection within Industrials and Energy was the largest contributor to relative performance during the quarter. These gains more than offset the drag from the portfolio's underweight position in Information Technology and overweight exposure to Utilities.

The portfolio's emphasis on downside resilience, diversified stock selection, and high-quality companies positions it well for an environment in which equity markets continue to offer return opportunities, while risks associated with narrow market leadership, persistent inflation uncertainty, and geopolitical developments continue to warrant a disciplined investment approach.

Q3-2026: Top 5, bottom 5 contributors

Top 5 Contributors	Sector	Active Weight	Total Return	Total Effect
SITC International Holdings Co., Ltd.	Industrials	1.41	57.45	0.64
NetApp, Inc.	Information Technology	1.71	35.47	0.5
Dell Technologies	Information Technology	1.66	24.3	0.29
Fortinet, Inc.	Information Technology	0.54	20.95	0.28
Hewlett Packard Enterprise	Information Technology	0.75	41.27	0.27
Bottom 5 Contributors	Sector	Active Weight	Total Return	Total Effect
Microsoft Corporation	Information Technology	-3.63	37.11	-1.1
Corning Inc	Information Technology	0.45	-44.82	-0.76
NVIDIA Corporation	Information Technology	-5.52	13.75	-0.67
Apple Inc.	Information Technology	-5.27	14.68	-0.65
Meta Platforms	Communication Services	-1.53	28.27	-0.39

Source: State Street Investment Management as of 30 September 2026. Excludes cash, cash equivalents and accruals. The securities included in the Fund and their weightings can change at any time. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future. The holdings are taken from the accounting records of State Street Investment Management which may differ from the official books and records of the custodian. Past performance is not a reliable indicator or future performance.

DSH Comments

The fund’s Dynamic Strategic Hedging (DSH) currency program maintained a weighted average AUD hedge ratio of just over 97% at the end of the quarter. Among major currency pairs, USD (100%), CHF (100%), SGD (100%), CAD (70%), GBP (100%) and EUR (100%) were heavily hedged. Conversely, JPY (0%), DKK (0%), NOK (0%), HKD (0%) and SEK (0%) had the lowest hedge ratios.

The impact of currency hedging was positive this quarter. Since inception, DSH has detracted from the Fund's return.

12 Month Commentary

The Fund delivered a return of +20.30% gross of fees (+19.29% net), outperforming the MSCI World ex Australia (unhedged) Index, which returned +9.87% over the past 12 months. Both stock selection and the Dynamic Strategy Hedging (DSH) program contributed positively to this outperformance.

Global equity markets experienced significant volatility over the past year. Following three consecutive positive quarters, markets declined in Q1 before staging a sharp recovery in April. Despite ongoing trade policy shifts, geopolitical tensions, evolving AI narratives, and changing consumer dynamics, corporate earnings remained resilient and consistently exceeded expectations. The AI investment theme continued to dominate market leadership, evolving from infrastructure-related demand toward greater scrutiny of return on investment and the emergence of agentic AI applications. Reflecting this strength, S&P 500 earnings for Q3 2026 are expected to increase by nearly 30%, marking a third consecutive quarter of earnings growth exceeding 25%.

Reflecting shifts in market sentiment and risk appetite, the Strategy generated modest excess returns in the fourth quarter of 2025, followed by particularly strong outperformance of 9.5% in the first quarter of 2026 (net of fees and including DSH). This was followed by underperformance of 5.7% in the second quarter before the strategy rebounded with outperformance of 2.6% in the third quarter.

From a sector perspective, contributions were broad-based, with the strongest positive contributions coming from Industrials, Financials, and Consumer Discretionary. Within Industrials, stock selection added value across the Construction & Engineering, Marine Transportation, and Aerospace & Defense industries. Notable contributors included overweight positions in Actividades de Construcción y Servicios, SITC International Holdings, and Yangzijiang Shipbuilding. Within Financials, positive contributions were driven by holdings in the Financial Services, Capital Markets, and Insurance industries.

The Fund continues to maintain a defensive positioning through a diversified portfolio of high-quality companies characterized by resilient business models, strong cash flow generation, and lower economic sensitivity. Consistent with this philosophy, the portfolio maintains overweight positions in traditionally defensive sectors such as Health Care and Utilities.

Within cyclical sectors, the Fund maintained a preference for Financials and Energy, while remaining underweight Information Technology and Consumer Discretionary. We believe this balanced approach, combining downside resilience with diversified sources of return, positions the Fund well for an environment in which equity markets continue to offer opportunities, while elevated valuations, narrow market leadership, inflation uncertainty, and geopolitical risks continue to warrant a disciplined investment approach.

12 months to 30 September 2026: Top 5, bottom 5 contributors

Top 5 Contributors	Sector	Active Weight	Total Return	Total Effect
Dell Technologies, Inc. Class C	Information Technology	1.57	264.72	2.59
NetApp, Inc.	Information Technology	1.38	71.01	0.83
ACS, Actividades de Construccion y Servicios SA	Industrials	0.81	44.37	0.77
SITC International Holdings Co., Ltd.	Industrials	0.8	54.81	0.69
Microsoft Corporation	Information Technology	-3.75	-5.12	0.67
Bottom 5 Contributors	Sector	Active Weight	Total Return	Total Effect
Micron Technology, Inc.	Information Technology	-0.76	507.11	-1.22
Advanced Micro Devices, Inc.	Information Technology	-0.65	260.21	-0.87
Apple Inc.	Information Technology	-4.96	24.92	-0.72
T-Mobile US, Inc.	Communication Services	0.91	-34.16	-0.55
Intel Corporation	Information Technology	-0.37	241.39	-0.47

Source: State Street Investment Management as of 30 September 2026. Excludes cash, cash equivalents and accruals. The securities included in the Fund and their weightings can change at any time. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future. The holdings Past performance is not a reliable indicator of future performance are taken from the accounting records of State Street Investment Management which may differ from the official books and records of the custodian. Past performance is not a reliable indicator of future performance.

Disclosure

For institutional / professional investors use only.

Issued by State Street Global Advisors, Australia Services Limited (AFSL Number 274900, ABN 16 108 671 441) ("SSGA, ASL"). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia · Telephone: 612 9240-7600 · Web: ssga.com.
State Street Investment Management is the business name for State Street Global Advisors, Australia, Limited (AFSL 238276, ABN 42 003 914 225) (“State Street IM”), the parent entity of SSGA, ASL. SSGA, ASL is the Responsible Entity and the issuer for the State Street Managed Funds, which are unlisted, and the State Street ETFs which are quoted on the AQUA market of the ASX or listed on the ASX.

The State Street Global Equity Fund (“the Fund”) in this communication are references to the managed investment schemes domiciled in Australia, promoted by State Street Investment Management, in respect of which SSGA, ASL is the Responsible Entity. This general information has been prepared without taking into account your individual objectives, financial situation or needs and you should consider whether it is appropriate for you. You should seek professional advice and consider the product disclosure statement and target market determination, available at www.ssga.com/au, before deciding whether to acquire or continue to hold units in the Funds. Investing involves risk including the risk of loss of principal. This material should not be considered a solicitation to apply for interests in the Funds and investors should obtain independent financial and other professional advice before making investment decisions. There is no representation or warranty as to the currency or accuracy of, nor liability for, decisions based on such information.

The views expressed in this material are the views of the Systematic Equity Team through the period ended 30 September 2026 and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

Currency Hedging involves taking offsetting positions intended to substantially offset currency losses on the hedged instrument. If the hedging position behaves differently than expected, the volatility of the strategy as a whole may increase and even exceed the volatility of the asset being hedged. There can be no assurance that the Fund’s hedging strategies will be effective. In the context of hedging equity investments against currency risk, these materials use the term "100% Hedging” to refer to portion of the nominal amount that is hedged at the beginning of a hedging period. After hedging 100% of the beginning nominal amount, the nominal amount may vary with time due to market forces, and the hedge will not be reset until the beginning of the next hedging period. In the interim, the hedge may vary from the 100% level. As such, a “100% Hedge” does not guarantee perfect hedging.

Investments in issuers in different countries are often denominated in different currencies. Changes in the values of those currencies relative to the Portfolio's base currency may have a positive or negative effect on the values of the Portfolio's investments denominated in those currencies. The Portfolio may, but will not necessarily, invest in currency exchange contracts or other currency-related transactions (including derivatives transactions) to reduce exposure to different currencies. These contracts may reduce, take or eliminate some or all of the benefit that the Portfolio may experience from favorable currency fluctuations.

Investing involves risk including the risk of loss of principal. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent. The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. Holdings and sectors shown are as of the date indicated and are subject to change. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future. The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street Investment Management Australia’s express written consent.

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