Securities Report (Domestic Investment Trust Beneficiary Certificates) - 23rd Period (2025/10/15 - 2026/04/14)

Carrera Asset Management Co., Ltd. Securities Report (Domestic Investment Trust Beneficiary Certificates) - 23rd Period (2025/10/15 - 2026/04/14)

This report is the securities report for the 23rd period (from October 15, 2025 to April 14, 2026) concerning domestic investment trust beneficiary certificates managed by Carrera Asset Management Co., Ltd. It is disclosed in accordance with Article 24 of the Financial Instruments and Exchange Act as an information disclosure to investors.

The investment trust primarily invests in domestic equities, bonds, and other securities, aiming to provide stable asset growth for its investors. This report details the investment performance for the period, asset composition, dividend distribution policy, risk factors, and the management status of the asset management company.

Regarding investment performance, the net asset value increased by 3.2% compared to the previous mid-term period, achieving an annualized return of 2.8%. This result stems from the moderate rise in the stock market and stable yields from the bond portfolio. Additionally, the revision of the foreign exchange hedging strategy has effectively reduced valuation fluctuation risks associated with foreign currency-denominated assets.

In terms of risk management, monitoring systems for market risk, credit risk, and liquidity risk have been strengthened from both quantitative and qualitative perspectives. In particular, interest rate volatility risk during shifts in monetary policy is a key focus, with regular scenario analyses and stress tests being conducted.

Looking ahead, the company will continue to emphasize investments in growth stocks while actively identifying undervalued value stocks. Furthermore, the allocation to ESG investments will be gradually expanded, with a target to raise the holding ratio of ESG-related securities to over 35% by the end of fiscal year 2026.

This report aims to provide investors with information useful for making investment decisions. It is publicly available on the official website of Carrera Asset Management Co., Ltd. and the Financial Services Agency's EDINET system. Detailed financial statements and notes can be downloaded from these sites.