2025 Highlights: Reflecting on a standout 2025 and the value of engaging with CdR

Strategic Asset Allocation: Delivering Alpha Through Conviction

Our Strategic Asset Allocation (SAA) delivered a return of 22.5% in 2025, materially outperforming the benchmark’s 12.3%. Since Inception, the SAA has generated annualised returns of 9.5% versus 7.4% for the benchmark which it’s achieved with lower volatility (6.7% compared to 7.7%). This year’s outperformance reflects disciplined positioning, tactical agility, and conviction in structural themes.

• Fixed Income: Diversification and active risk management drove strong results (+9.3% vs 7.4% benchmark 50% IG /50% HY). The portfolio’s risk-adjusted performance exceeded that of any single fund, demonstrating the value of thoughtful construction in a challenging rate environment.
• Equities: In December 2024 we pivoted to passive exposure, rotating our core allocation into a Global ETF at a critical juncture. This positioned us to fully capture the AI-driven rally while maintaining healthy skepticism about stretched US fundamentals.
• Gold: Increasing Gold from 3% to 5% in December 2024 proved timely. It delivered strong returns and served as a diversifier during market volatility, reinforcing its role as a strategic portfolio anchor amid macro uncertainty.
• Thematic and Tactical Investments: Well-judged rotations into Energy Transition (including Utilities and Nuclear), Defence, European Banks, and Ethereum added valuable optionality to the portfolio and delivered outsized gains.
• FX Positioning: Unhedged foreign exchange exposures allowed us to benefit from USD weakness, providing a tailwind to international equities and complementing our global rebalancing views.

Commodity-Linked Equities: Favourable Conditions Elevated Through Active Management

• 2025 marked an exceptional milestone for the Impera AMC. The strategy, which invests in equities of companies active in commodity-related sectors, delivered a return of +73.5% for the year, its strongest performance since inception, significantly outperforming both the MSCI ACWI Commodity Producers Index (+32.5%) and the S&P 500 (+17.4%).
• Launched in 2021, at a time when commodities attracted little investor interest, CdR identified commodity-linked equities as a high-potential segment lacking compelling investment solutions. Our conviction was grounded in the view that the post-pandemic environment materially increased the likelihood of an inflation resurgence, making the theme particularly timely. The certificate launched in partnership with Impera Capital has delivered exceptional results, validating the thesis with cumulative performance of 217.5% and a CAGR of 29.3% since inception, well ahead of benchmarks.
• Performance in 2025 was driven by Precious Metals miners, contributing around 60%, with a further 12% from Base Metals equities. This result reflects continuous and deliberate active management; in 2022, the portfolio was intentionally concentrated in Energy producers, a positioning that proved highly effective at the time, and has since been actively rotated. In 2025, performance was supported by a material reduction in Energy exposure, higher allocations to Precious Metals stocks, selectively trimmed in the fourth quarter, and a late year reallocation toward Base Metals equities, particularly copper focused companies.

Investing in Anthropic: Delivering Exceptional Returns in Private Markets

• Our Anthropic investment delivered a partial exit in 2025, returning four times the original capital to investors in under 18 months. The balance of our original investment is now marked to market at close to eight times, highlighting the value of selective private market opportunities and our ability to identify high-quality growth companies ahead of broader recognition.
• This investment reflects our private market approach: disciplined selection, concentrated conviction, and patient capital in businesses with competitive advantages and transformative potential. Anthropic’s rapid growth underscores its leadership in AI foundation models and strong positioning in a dynamic tech sector.

Unlocking Premium Opportunities: Accessing Market Leaders with Clear Value Creation

CdR uses its long-standing network to provide clients with access to exclusive, institution-grade private market opportunities, including private companies and real estate, via direct allocations or dedicated SPVs.

• EQT’s Logistics Platform: Capitalizing on e-commerce expansion and nearshoring tailwinds.
• Aman Resorts: The ultra-luxury hospitality leader renowned for its loyal clientele and pricing power.
• Co-Investment Mid-Market PE Program
• AI Index Exposure to both established leaders and next generation innovators

The Legacy Hub

At the core of our philosophy lies a deep commitment to our clients and their families. We believe that meaningful wealth management extends well beyond financial assets—it requires a nuanced understanding of our clients’ aspirations, family dynamics, and long-term vision. Through this lens, we have increasingly recognised the need for holistic support that goes beyond traditional wealth management.

In response, CdR Capital partnered in 2025 with Walid S. Chiniara, a recognised authority in family governance, to establish The Legacy Hub. This collaboration was founded on a clear and compelling reality: families of wealth are entering a new generational chapter. Today’s next generation seeks not only to inherit, but to actively shape the future—bringing global perspectives, entrepreneurial ambition, and a strong desire for purpose and impact. What is often missing, however, is a structured framework to successfully bridge legacy with innovation.

Through The Legacy Hub, CdR Capital offers families a disciplined and forward-looking approach to long-term continuity. Together with Walid S. Chiniara, we support families in navigating intergenerational transitions, addressing governance complexity, and building enduring structures that align financial stewardship with shared values and future ambition. Our role is to help families evolve from preserving wealth to consciously shaping their legacy for generations to come.

Client structuring and succession planning oversight

Drawing on extensive experience gained through long-standing client engagements, as well as benefitting from an in-house UK-qualified lawyer and Swiss fiduciary, CdR Capital is able to provide thoughtful guidance to clients considering the structuring of their assets for succession planning and broader family objectives. In recent years, this has evolved into a natural extension of our core wealth management offering.

We support clients as they reflect on family planning, governance, and long- term continuity, helping them navigate complex legal, fiduciary, and cross- border considerations with clarity and perspective. Our role is not to replace specialist advisers, but to act as a trusted point of coordination and direction – to help our clients select the best in breed for the services they need and ensure that structuring decisions are aligned with each family’s values, objectives, and long-term vision.