Dear Fellow Investors,

We are pleased to share the 2025 Interim Investor Letter for the Arnott Opportunities Strategy.

The aim of this letter is to provide you with some insights into our process, particularly relating to our performance over the past six months. Furthermore, we provide an update regarding our macro views, current investment themes and ideas.

Download Arnott Capital Interim Investor Letter 2025

Please note, we manage one strategy across multiple investment vehicles. All discussion in this letter references performance data from the Arnott Opportunities (Cayman) Fund Founder Class. Investors in Class D of the Arnott Opportunities Trust should refer to the Arnott Opportunities Trust monthly performance reports for the applicable performance and fee amounts.

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