Securities Report (Domestic Investment Trust Beneficiary Certificates) - 11th Period (2025/09/23–2026/03/23)

Carrera Asset Management Co., Ltd. Securities Report (Domestic Investment Trust Beneficiary Certificates) - 11th Period (2025/09/23–2026/03/23)

Pursuant to the Financial Instruments and Exchange Act, Carrera Asset Management Co., Ltd. hereby submits this securities report regarding domestic investment trust beneficiary certificates. This report covers the operational performance, asset composition, income calculations, risk factors, and management outlook for the 11th period from September 23, 2025, to March 23, 2026.

The investment trust primarily invests in domestic equities and bonds, with an investment strategy focused on achieving stable returns and risk diversification. During the reporting period, the net asset value increased by 3.2% compared to the same period of the previous year, achieving an annualized return of 2.8%. This performance was driven by strategic allocations to small- and mid-cap stocks and a revised bond portfolio adjusted in anticipation of interest rate movements.

The report also includes management's outlook on the macroeconomic environment, noting that changes in the Bank of Japan's monetary policy and foreign exchange rate fluctuations may impact investment performance over the next three to six months. Particular attention is being paid to the pace of U.S. interest rate hikes and the recovery strength of the Chinese economy, which could contribute to global market volatility.

Regarding risk management, the company has established defined risk tolerance levels for credit risk, liquidity risk, and foreign exchange risk, and has enhanced its regular monitoring systems. The report also highlights ESG investment initiatives, noting the introduction of a new sustainability assessment model in 2025 to strengthen screening of investee companies based on environmental, social, and governance criteria.

This report is intended to provide information to investors and stakeholders and is publicly available on the company's website and the Financial Services Agency's EDINET system. The company will continue transparent disclosure practices to solidify its position as a trusted asset management firm.