Securities Report (Domestic Investment Trust Beneficiary Certificates) - 26th Period (2025/10/16–2026/04/15)

Carrera Asset Management Co., Ltd. Securities Report (Domestic Investment Trust Beneficiary Certificates) - 26th Period (2025/10/16–2026/04/15)

This report is submitted by Carrera Asset Management Co., Ltd. in accordance with Article 24 of the Financial Instruments and Exchange Act regarding publicly offered domestic investment trust beneficiary certificates, with the objective of disclosing information to support investor decision-making.

Item 1 Financial Status For the current period (26th period: October 16, 2025 – April 15, 2026), investment performance reflects market movements in domestic and international equities and bonds. Through timely portfolio rebalancing, net asset value increased by 3.2% compared to the prior period-end, reaching JPY 184.2 billion. Primary investments were concentrated in core funds focused on large-cap Japanese equities and balanced funds incorporating emerging market bonds.

Item 2 Changes in Investment Policy During this period, the company expanded exclusion criteria for securities failing to meet ESG standards to strengthen climate risk management. As a result, exposure to high-carbon-emission sectors was reduced by 1.8 percentage points compared to the previous period. Additionally, preparations have begun for a new thematic fund specializing in AI-related technologies, with full-scale operations scheduled to commence in the next period.

Item 3 Risk Factors Key risks for future operations include uncertainty surrounding U.S. monetary policy, rising geopolitical tensions, and volatility in cryptocurrency markets. In particular, a slower-than-expected pace of interest rate cuts by the U.S. Federal Reserve could impact global equity markets. The company is prioritizing hedging strategy reviews and liquidity preservation to mitigate these risks.

Item 4 Outlook For the next period (27th period), the company aims for a 5% increase in total assets under management, with a focus on expanding robo-advisor products for individual investors. Furthermore, a new disclosure platform will be introduced in July 2026, enabling real-time performance monitoring. This initiative aims to enhance transparency and investor satisfaction.

Item 5 Company Overview Carrera Asset Management Co., Ltd. was established in April 2010 as a comprehensive asset management firm headquartered in Chiyoda-ku, Tokyo, and is registered with Japan’s Financial Services Agency as an investment management company. The company employs 142 people and has a capital of JPY 1.5 billion. Its core businesses include the establishment and management of public and private investment trusts, advisory services for institutional investors, and research and development in asset management solutions.