Annual report
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Nanuk New World Fund ARSN 618 696 843 Annual report For the year ended 30 June 2026
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Nanuk New World Fund ARSN 618 696 843 Annual report For the year ended 30 June 2026 1 Contents Page This annual report covers Nanuk New World Fund as an individual entity. The Responsible Entity of Nanuk New World Fund is Equity Trustees Limited (ABN 46 004 031 298) (AFSL 240975). The Responsible Entity's registered office is: Level 22, 530 Collins Street Melbourne, VIC 3000. Directors’ report 2 Auditor’s independence declaration 5 Statement of comprehensive income 6 Statement of financial position 7 Statement of changes in equity 8 Statement of cash flows 9 Notes to the financial statements 11 Directors’ declaration 31 Independent auditor’s report to the unit holders of Nanuk New World Fund 32
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Nanuk New World Fund Directors’ report 30 June 2026 Directors’ report 2 The directors of Equity Trustees Limited, the Responsible Entity of Nanuk New World Fund (the "Fund"), present their report together with the financial statements of the Fund for the year ended 30 June 2026. Principal activities The Fund invests mainly in a diversified portfolio of listed global equities potentially benefitting from the broad themes of resource scarcity and environmental sustainability in accordance with the Product Disclosure Statement (PDS) and the provisions of the Fund's Constitution. The Investment Manager is a specialist firm dedicated to understanding the investment implications of sustainability. The Investment Manager incorporates positive and negative screening, Environmental, Social and Governance (ESG) factors and values-based norms into the decision-making process. The Fund is certified as a Responsible Investment by the Responsible Investment Association of Australasia. The unhedged unit class is available to investors as an active exchange-traded fund (ETF) via the Australian Securities Exchange (ASX) using ASX code NNUK. The currency hedged unit class is available to investors as an active exchange-traded fund (ETF) via the Australian Securities Exchange (ASX) using ASX code NNWH. The Fund did not have any employees during the year ended 30 June 2026. There were no significant changes in the nature of the Fund's activities during the year ended 30 June 2026. The various service providers for the Fund are detailed below: Service Provider Responsible Entity Equity Trustees Limited Investment Manager Nanuk Asset Management Pty Limited Custodian and Administrator Citigroup Pty Limited Statutory Auditor Ernst & Young Directors The following persons held office as directors of Equity Trustees Limited during or since the end of the year and up to the date of this report: Michael J O’Brien Chairman Russell W Beasley (appointed 1 July 2025) Mary A O’Connor (resigned 1 July 2025) David B Warren Andrew P Godfrey Johanna E Platt Review and results of operations During the year, the Fund continued to invest its funds in accordance with the Product Disclosure Statement and the provisions of the Fund's Constitution. The Fund’s performance was 27.1% for unhedged class units and 36.1% for hedged class units for the year ended 30 June 2026. The Fund does not operate against a benchmark. The Fund's performance return calculation methodology utilises month end unit prices to calculate the Total Return (as outlined in Financial Services Council (FSC) Standard No 6). Net Asset Value unit prices are used to calculate returns with distributions assumed to be reinvested into the Fund.
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Nanuk New World Fund Directors’ report 30 June 2026 (continued) 3 The performance of the Fund, as represented by the results of its operations, was as follows: Year ended 30 June 2026 30 June 2025 Profit/(loss) before finance costs attributable to unit holders for the year ($'000) 256,252 124,690 Distributions - Class A Distributions paid and payable ($'000) 88,000 97,180 Distributions (cents per unit) 22.65 26.27 Distributions - Class H Distributions paid and payable ($'000) 35,000 8,979 Distributions (cents per unit) 22.70 9.19 Significant changes in the state of affairs In the opinion of the directors, there were no significant changes in the state of affairs of the Fund that occurred during the financial year. Matters subsequent to the end of the financial year No matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may have a significant effect on: (i) the operations of the Fund in future financial years; or (ii) the results of those operations in future financial years; or (iii) the state of affairs of the Fund in future financial years. Likely developments and expected results of operations The Fund will continue to be managed in accordance with the investment objectives and guidelines as set out in the Product Disclosure Statement and the provisions of the Fund's Constitution. The results of the Fund's operations will be affected by a number of factors, including the performance of investment markets in which the Fund invests. Investment performance is not guaranteed and future returns may differ from past returns. As investment conditions change over time, past returns should not be used to predict future returns. Indemnification and insurance of officers No insurance premiums are paid out of the assets of the Fund in regard to insurance cover provided to the officers of Equity Trustees Limited. So long as the officers of Equity Trustees Limited act in accordance with the Fund's Constitution and the Law, the officers remain indemnified out of the assets of the Fund against losses incurred while acting on behalf of the Fund. Indemnification of auditor The Responsible Entity has not, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify the auditor of the Fund against a liability incurred as auditor. Fees paid to and interests held in the Fund by the Responsible Entity and its associates Fees paid to the Responsible Entity and its associates out of the Fund property during the year are disclosed in Note 16 to the financial statements. No fees were paid out of Fund property to the directors of the Responsible Entity during the year. The number of interests in the Fund held by the Responsible Entity or its associates as at the end of the financial year are disclosed in Note 16 to the financial statements. Review and results of operations (continued)
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Nanuk New World Fund Directors’ report 30 June 2026 (continued) 4 Directors’ report (continued) Interests in the Fund The movement in units on issue in the Fund during the year is disclosed in Note 9 to the financial statements. The value of the Fund's assets and liabilities is disclosed in the statement of financial position and derived using the basis set out in Note 2 to the financial statements. Environmental regulation The operations of the Fund are not subject to any particular or significant environmental regulations under Commonwealth, State or Territory law. Rounding of amounts to the nearest thousand dollars Amounts in the Directors' report have been rounded to the nearest thousand dollars in accordance with ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2026/183, unless otherwise indicated. Auditor's independence declaration A copy of the Auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 5. This report is made in accordance with a resolution of the directors of Equity Trustees Limited through a delegated authority given by Equity Trustees Limited’s Board. Andrew P Godfrey Director Melbourne Date: 2 7 August 2026
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Auditor’s independence declaration to the directors of Equity Trustees Limited as Responsible Entity for Nanuk New World Fund As lead auditor for the audit of the financial report of Nanuk New World Fund for the financial year ended 30 June 2026, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. Ernst & Young Jonathan Hall Partner 27 August 2026
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Nanuk New World Fund Statement of comprehensive income For the year ended 30 June 2026 Statement of comprehensive income 6 Year ended 30 June 2026 30 June 2025 Note $'000 $'000 Income Interest income from financial assets at amortised cost 191 206 Dividend and distribution income 12,312 13,859 Net foreign exchange gain/(loss) 44 17 Net gains/(losses) on financial instruments at fair value through profit or loss 256,352 123,051 Other income 817 61 Total income/(loss) 269,716 137,194 Expenses Management fees and costs 16 10,729 9,668 Withholding taxes 1,500 2,133 Transaction costs 1,235 703 Total expenses 13,464 12,504 Profit/(loss) before finance costs attributable to unit holders for the year 256,252 124,690 Finance costs attributable to unit holders Distributions to unit holders 10 (123,000) (106,159) (Increase)/decrease in net assets attributable to unit holders 9 (133,252) (18,531) Profit/(loss) for the year – – Other comprehensive income – – Total comprehensive income for the year – – 1 The above statement of comprehensive income should be read in conjunction with the accompanying notes.
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Nanuk New World Fund Statement of financial position As at 30 June 2026 Statement of financial position 7 As at 30 June 2026 30 June 2025 Note $'000 $'000 Assets Cash and cash equivalents 11 38,976 16,082 Receivables 13 2,856 2,806 Due from brokers - receivable for securities sold – 232 Financial assets at fair value through profit or loss 6 1,167,828 920,066 Total assets 1,209,660 939,186 Liabilities Distributions payable 10 123,000 106,159 Payables 14 1,970 1,813 Due to brokers - payable for securities purchased – 232 Financial liabilities held at fair value through profit or loss 7 9,087 810 Total liabilities (excluding net assets attributable to unit holders) 134,057 109,014 Net assets attributable to unit holders – liability 9 1,075,603 830,172 The above statement of financial position should be read in conjunction with the accompanying notes.
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Nanuk New World Fund Statement of changes in equity For the year ended 30 June 2026 Statement of changes in equity 8 Year ended 30 June 2026 30 June 2025 $'000 $'000 Total equity at the beginning of the financial year – – Comprehensive income for the financial year Profit/(loss) for the year – – Other comprehensive income – – Total comprehensive income/(loss) – – Transactions with unit holders in their capacity as owners – – Total equity at the end of the financial year* – – 1 * Under Australian Accounting Standards, net assets attributable to unit holders are classified as a liability rather than equity. As a result, there was no equity at the beginning or end of the financial year. The above statement of changes in equity should be read in conjunction with the accompanying notes with reference to Notes 2(c) and 9.
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Nanuk New World Fund Statement of cash flows For the year ended 30 June 2026 Statement of cash flows 9 Year ended 30 June 2026 30 June 2025 Note $'000 $'000 Cash flows from operating activities Proceeds from sale of financial instruments at fair value through profit or loss 890,124 795,600 Payments for purchase of financial instruments at fair value through profit or loss (872,769) (749,620) Dividends received 10,514 11,345 Interest income received from financial asset at amortised cost 191 206 Management fees and costs paid (10,487) (9,556) Transaction costs paid (1,235) (703) Other income received 817 61 RITC received/(paid) (56) 7 Net cash inflow/(outflow) from operating activities 12(a) 17,099 47,340 Cash flows from financing activities Proceeds from applications by unit holders 269,567 217,294 Payments for redemptions by unit holders (164,405) (198,300) Distributions paid to unit holders (99,411) (75,677) Net cash inflow/(outflow) from financing activities 5,751 (56,683) Net increase/(decrease) in cash and cash equivalents 22,850 (9,343) Cash and cash equivalents at the beginning of the year 16,082 25,408 Effects of foreign currency exchange rate changes on cash and cash equivalents 44 17 Cash and cash equivalents at the end of the year 11 38,976 16,082 Non-cash operating and financing activities 12(b) 7,236 4,357 1 The above statement of cash flows should be read in conjunction with the accompanying notes.
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 Notes to the financial statements Contents 10 Page 1 General information 11 2 Summary of material accounting policy information 11 3 Financial risk management 18 4 Offsetting financial assets and financial liabilities 21 5 Fair value measurement 22 6 Financial assets at fair value through profit or loss 24 7 Financial liabilities at fair value through profit or loss 24 8 Derivative financial instruments 24 9 Net assets attributable to unit holders – liability 25 10 Distributions to unit holders 26 11 Cash and cash equivalents 26 12 Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities 27 13 Receivables 27 14 Payables 27 15 Remuneration of auditors 28 16 Related party transactions 28 17 Transactions with the Investment Manager 30 18 Operating segments 30 19 Events occurring after the reporting period 30 20 Contingent assets and liabilities and commitments 30
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 11 1 General information General information These financial statements cover Nanuk New World Fund (the "Fund") as an individual entity. The Fund is an Australian registered managed investment scheme which was constituted on 2 September 2015 and will terminate in accordance with the provisions of the Fund's Constitution or by Law. The Responsible Entity of the Fund is Equity Trustees Limited (ABN 46 004 031 298) (AFSL 240975) (the "Responsible Entity"). The Responsible Entity's registered office is Level 22, 530 Collins Street, Melbourne, VIC 3000. The financial statements are presented in the Australian currency unless otherwise noted. The investment activities of the Fund are managed by Nanuk Asset Management Pty Limited (the “Investment Manager”). The custody and administration services of the Fund are delegated to Citigroup Pty Limited (the “Custodian and Administrator”). The Fund invests mainly in a diversified portfolio of listed global equities potentially benefitting from the broad themes of resource scarcity and environmental sustainability in accordance with the PDS and the provisions of the Fund's Constitution. The unhedged unit class is available to investors as an active ETF via the ASX using ASX code NNUK. The currency hedged unit class is available to investors as an active exchange-traded fund (ETF) via the Australian Securities Exchange (ASX) using ASX code NNWH. The financial statements were authorised for issue by the directors on the date the Directors' declaration was signed. The directors of the Responsible Entity have the power to amend and reissue the financial statements. 2 Summary of material accounting policy information Summary of material accounting policy information The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated in the following text. (a) Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards, and Interpretations issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001 in Australia. The Fund is a for-profit entity for the purpose of preparing the financial statements. The financial statements are prepared on the basis of fair value measurement of assets and liabilities except where otherwise stated. The statement of financial position is presented on a liquidity basis. Assets and liabilities are presented in decreasing order of liquidity and do not distinguish between current and non-current. All balances are expected to be recovered or settled within 12 months, except for investments in financial assets and liabilities and net assets attributable to unit holders. The Fund manages financial assets at fair value through profit or loss based on the economic circumstances at any given point in time, as well as to meet any liquidity requirements. As such, it is expected that a portion of the portfolio will be realised within 12 months, however, an estimate of that amount cannot be determined as at reporting date. In the case of net assets attributable to unit holders, the units are redeemable on demand at the unit holders’ option. However, holders of these instruments typically retain them for the medium to long term. As such, the amount expected to be settled within 12 months cannot be reliably determined. (i) Compliance with International Financial Reporting Standards (IFRS) The financial statements of the Fund also comply with IFRS as issued by the International Accounting Standards Board (IASB). (ii) New and amended standards adopted by the Fund There are no standards, interpretations or amendments to existing standards that are effective for the first time for the financial year beginning 1 July 2025 that have a material impact on the amounts recognised in the prior periods or will affect the current or future periods.
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 12 (iii) New standards and interpretations not yet adopted AASB 18 Presentation and Disclosure in Financial Statements AASB 18 was issued in June 2024 and replaces AASB 101 Presentation of Financial Statements. The new standard introduces new requirements for the statement of comprehensive income, including: • new categories for the classification of income and expenses into operating, investing and financing categories, and • presentation of subtotals for “operating profit” and “profit before financing and income taxes”. Additional disclosure requirements are introduced for management-defined performance measures and new principles for aggregation and disaggregation of information in the notes and the primary financial statements and the presentation of interest and dividends in the statement of cash flows. The new standard is effective for annual periods beginning on or after 1 January 2027 and will be applied retrospectively by the Fund for the financial year ending 30 June 2028. This new standard is not expected to have an impact on the recognition and measurement of assets, liabilities, income and expenses, however there will likely be changes in how the statement of comprehensive income and statement of financial position line items are presented as well as some additional disclosures in the notes to the financial statements. Management is in the process of assessing the impact of the new standard. AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments [AASB 7 & AASB 9] (effective for annual periods beginning on or after 1 January 2026). In July 2024, the AASB issued amendments to AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments. This amendment amends requirements related to settling financial liabilities using an electronic payment system and assessing contractual cash flow characteristics of financial assets with environmental, social and corporate governance and similar features. It also amends disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and adds disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs. The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Management is currently working to identify all the impact of the new standards and amendments on the primary financial statements and the related notes. Certain amendments to accounting standards have been published that are not mandatory for the 30 June 2026 reporting year and have not been early adopted by the Fund. These amendments are not expected to have a material impact on the Fund in the current or future reporting periods and on foreseeable future transactions. (b) Financial instruments (i) Classification • Financial assets The Fund classifies its financial assets in the following measurement categories: - those to be measured at fair value through profit or loss; and - those to be measured at amortised cost The Fund classifies its financial assets based on its business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The Fund’s portfolio of financial assets is managed and its performance is evaluated on a fair value basis in accordance with the Fund’s documented investment strategy. The Fund’s policy is for the Investment Manager to evaluate the information about these financial assets on a fair value basis together with other related financial information. 2 Summary of material accounting policy information (continued) (a) Basis of preparation (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 13 Equity securities and derivatives are measured at fair value through profit or loss. For cash and cash equivalents, due from brokers and receivables, these assets are held in order to collect the contractual cash flows. The contractual terms of these assets give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. Consequently, these are measured at amortised cost. • Financial liabilities For financial liabilities that are not classified and measured at fair value through profit or loss, these are classified as financial liabilities at amortised cost (due to brokers, distributions payable, management fees and costs payable, and redemptions payable). (ii) Recognition and derecognition The Fund recognises financial assets and financial liabilities on the date it becomes party to the contractual agreement (trade date) and recognises changes in the fair value of the financial assets or financial liabilities from this date. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or the Fund has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled or expires. (iii) Measurement • Financial instruments at fair value through profit or loss At initial recognition, the Fund measures a financial asset and financial liability at its fair value. Transaction costs of financial assets and liabilities carried at fair value through profit or loss are expensed in the statement of comprehensive income. Subsequent to initial recognition, all financial assets and liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the ‘financial assets or liabilities at fair value through profit or loss’ category are presented in the statement of comprehensive income within ‘net gains/(losses) on financial instruments at fair value through profit or loss’ in the period in which they arise. For further details on how the fair value of financial instruments is determined please see Note 5 to the financial statements. • Financial instruments at amortised cost For financial assets and financial liabilities at amortised cost, they are initially measured at fair value including directly attributable costs and are subsequently measured at amortised cost using the effective interest rate method less any allowance for expected credit losses (“ECL”). Cash and cash equivalents, due from brokers and receivables are carried at amortised cost. (iv) Impairment At each reporting date, the Fund shall estimate a loss allowance on each of the financial assets carried at amortised cost (cash and cash equivalents, due from brokers and receivables) at an amount equal to the lifetime ECL if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Fund shall measure the loss allowance at an amount equal to 12-month ECL. Significant financial difficulties of the counterparty, probability that the counterparty will enter bankruptcy or financial reorganisation, and default in payments are all considered indicators that the asset is credit impaired. If the credit risk increases to the point that it is considered to be credit impaired, interest income will be calculated based on the net carrying amount adjusted for the loss allowance. A significant increase in credit risk is defined by management as any contractual payment which is more than 30 days past due. Any contractual payment which is more than 90 days past due is considered credit impaired. 2 Summary of material accounting policy information (continued) (b) Financial instruments (continued) (i) Classification (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 14 The ECL approach is based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Fund expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. The amount of the impairment loss is recognised in the statement of comprehensive income within other expenses. When a trade receivable for which an impairment allowance had been recognised becomes uncollectible in a subsequent period, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against other expenses in the statement of comprehensive income. (v) Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when the Fund has a legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. As at the end of the reporting period, there are no financial assets or liabilities offset or with the right to offset in the statement of financial position. (c) Net assets attributable to unit holders Units are redeemable at the unit holders’ option; however, applications and redemptions may be suspended by the Responsible Entity if it is in the best interests of the unit holders. The Fund's units are classified as financial liabilities as the Fund is required to distribute its distributable income in accordance with the Fund's Constitution. The units can be put back to the Fund at any time for cash based on the redemption price which is equal to a proportionate share of the Fund's net asset value attributable to the unit holders. The units are carried at the redemption amount that is payable at the reporting date if the holder exercises the right to put the units back to the Fund. (d) Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, and other short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Payments and receipts relating to the purchase and sale of investment securities are classified as cash flows from operating activities, as trading of these securities represents the Fund's main income generating activity. 2 Summary of material accounting policy information (continued) (b) Financial instruments (continued) (iv) Impairment (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 15 (e) Income (i) Interest income Interest income from financial assets at amortised cost is recognised using the effective interest method and includes interest from cash and cash equivalents. The effective interest method is a method of calculating the amortised cost of a financial asset or liability and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or liability. When calculating the effective interest rate, the Fund estimates cash flows considering all contractual terms of the financial instruments (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees paid or received between the parties to the contract that are an integral part of the effective interest rate, including transaction costs and all other premiums or discounts. Changes in fair value of financial instruments at fair value through profit or loss are recorded in accordance with the policies described in Note 2(b) to the financial statements. (ii) Dividends and distributions Dividend income is recognised on the ex-dividend date with any related foreign withholding tax recorded as an expense. The Fund currently incurs withholding tax imposed by certain countries on investment income. Such income is recorded gross of withholding tax in the statement of comprehensive income. Distributions are recognised on an entitlement basis. (f) Expenses All expenses are recognised in the statement of comprehensive income on an accruals basis. Management fees and costs cover certain ordinary expenses such as Responsible Entity fees, investment management fees, custodian fees, and administration and audit fees and other operating expenses. (g) Income tax Under current legislation, the Fund is not subject to income tax provided it attributes the entirety of its taxable income to its unit holders on present entitlement basis. The Fund currently incurs withholding taxes imposed by certain countries on investment income and capital gains. Such income or gains are recorded gross of withholding taxes in the statement of comprehensive income. Withholding taxes are included in the statement of comprehensive income as an expense. (h) Distributions The Fund may distribute its distributable income, in accordance with the Fund’s Constitution, to unit holders by cash or reinvestment. The distributions are recognised in the statement of comprehensive income as finance costs attributable to unit holders. (i) Increase/decrease in net assets attributable to unit holders Income not distributed is included in net assets attributable to unit holders. As the Fund’s units are classified as financial liabilities, movements in net assets attributable to unit holders are recognised in the statement of comprehensive income as finance costs. 2 Summary of material accounting policy information (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 16 (j) Foreign currency translation (i) Functional and presentation currency Balances included in the Fund's financial statements are measured using the currency of the primary economic environment in which it operates (the "functional currency"). This is the Australian dollar which reflects the currency of the economy in which the Fund competes for funds and is regulated. The Australian dollar is also the Fund's presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translations at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when fair value was determined. The Fund does not isolate that portion of unrealised gains or losses on financial instruments at fair value through profit or loss which is due to changes in foreign exchange rates. Such fluctuations are included in the net gains/(losses) on financial instruments at fair value through profit or loss. (k) Due from/to brokers Amounts due from/to brokers represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet delivered by the end of the year. The due from brokers balance is held for collection and is recognised initially at fair value and subsequently measured at amortised cost. (l) Receivables Receivables may include amounts for interest, dividends, and distributions. Dividends and distributions are accrued when the right to receive payment is established. Where applicable, interest is accrued on a daily basis. Amounts are generally received within 30 days of being recorded as receivables. (m) Payables Payables include liabilities and accrued expenses owed by the Fund which are unpaid as at the end of the reporting period. A separate distribution payable is recognised in the statement of financial position. Distributions declared effective 30 June in relation to unit holders who have previously elected to reinvest distributions are recognised as reinvested effective 1 July of the following financial year. (n) Applications and redemptions Applications received for units in the Fund are recorded net of any entry fees payable prior to the issue of units in the Fund. Redemptions from the Fund are recorded gross of any exit fees payable after the cancellation of units redeemed. 2 Summary of material accounting policy information (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 17 (o) Goods and services tax (GST) The GST incurred on the costs of various services provided to the Fund by third parties such as management, administration and custodian services where applicable, have been passed on to the Fund. The Fund qualifies for Reduced Input Tax Credits (RITC) at a rate of at least 55%. Hence, fees for these services and any other expenses have been recognised in the statement of comprehensive income net of the amount of GST recoverable from the Australian Taxation Office (ATO). Amounts payable are inclusive of GST. The net amount of GST recoverable from the ATO is included in receivables in the statement of financial position. Cash flows related to GST are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as an operating cash flow. (p) Use of estimates and judgements The Fund makes estimates, assumptions and judgements that affect the reported amounts of assets and liabilities within the current and next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. For the majority of the Fund's financial instruments, quoted market prices are readily available. However, certain financial instruments, for example over-the-counter derivatives or unquoted securities, are fair valued using valuation techniques. Where valuation techniques (for example, pricing models) are used to determine fair values, they are validated and periodically reviewed by experienced personnel of the Investment Manager. Models use observable data, to the extent practicable. However, areas such as credit risk (both own and counterparty), volatilities and correlations, require management to make estimates and judgements. Changes in assumptions about these factors could affect the reported fair value of financial instruments. For more information on how fair value is calculated refer to Note 5 to the financial statements. The Fund estimates that the resultant ECL derived from using the impairment model, has not materially impacted the Fund. Please see Note 3 for more information on credit risk. (q) Rounding of amounts The Fund is an entity of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183 relating to the "rounding off" of amounts in the financial statements. Amounts in the financial statements have been rounded to the nearest thousand dollars, unless otherwise indicated. (r) Comparative revisions Comparative information has been revised where appropriate to enhance comparability. Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current year. (s) Operating segments The Fund's ETF class units are within the scope of AASB 8: Operating Segments as they satisfy the requirement, under AASB 8, of having debt or equity instruments traded in a public market or filing financial statements with a regulator for the purpose of issuing any class of instruments in a public market. 2 Summary of material accounting policy information (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 18 3 Financial risk management Financial risk management The Fund's activities expose it to a variety of financial risks including market risk (which incorporates price risk, foreign exchange risk and cash flow and fair value interest rate risk), credit risk and liquidity risk. The Fund’s overall risk management programme focuses on ensuring compliance with the Fund's Product Disclosure Statement and the investment guidelines of the Fund. It also seeks to maximise the returns derived for the level of risk to which the Fund is exposed and seeks to minimise potential adverse effects on the Fund's financial performance. The Fund's policy allows it to use derivative financial instruments in managing its financial risks. All investments present a risk of loss of capital. The maximum loss of capital on long equity and debt securities is limited to the fair value of those positions. The maximum loss of capital on long futures and forward currency contracts is limited to the notional contract values of those positions. On equities sold short, the maximum loss of capital can be unlimited. The investments of the Fund, and associated risks, are managed by a specialist Investment Manager, Nanuk Asset Management Pty Limited under an Investment Management Agreement (IMA) approved by the Responsible Entity and containing the investment strategy and guidelines of the Fund, consistent with those stated in the Product Disclosure Statement. The Fund uses different methods to measure different types of risk to which it is exposed. These methods are explained below. (a) Market risk (i) Price risk The Fund is exposed to price risk on equity securities listed or quoted on recognised securities exchanges. Price risk arises from investments held by the Fund for which prices in the future are uncertain. Where non-monetary financial instruments are denominated in currencies other than the Australian dollar, the price in the future will also fluctuate because of changes in foreign exchange rates which are considered a component of price risk. Note 3(a)(ii) below sets out how this component of price risk is managed and measured. Investments are classified on the statement of financial position as at fair value through profit or loss. All investment securities present a risk of loss of capital. The maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. The price risk disclosures have been prepared on the basis of the Fund's direct investment and not on a look through basis for investments held indirectly. The table at Note 3(b) summarises the sensitivity of the Fund's assets and liabilities to price risk. The analysis is based on the reasonably possible shift that the investment portfolio in which the Fund invests moves by +/- 10% (2025: +/- 10%). (ii) Foreign exchange risk The Fund operates internationally and holds both monetary and non-monetary assets denominated in currencies other than the Australian dollar. Foreign exchange risk arises as the value of monetary securities denominated in other currencies will fluctuate due to changes in exchange rates. The foreign exchange risk relating to non-monetary assets and liabilities is a component of price risk and not foreign exchange risk. However, the Investment Manager monitors the exposure of all foreign currency denominated assets and liabilities. For Class H (the currency hedged class of units), foreign exchange risk arising from holding foreign currency denominated assets is managed using a hedging strategy implemented by the sub-investment manager, Rochford Capital Pty Ltd (RC). RC executes forward foreign exchange contracts on behalf of the Fund to substantially hedge the direct foreign currency exposure arising from the Fund's investments in offshore markets attributable to Class H units back to Australian dollars. The Fund invests in overseas markets and has exposure to movements in the currencies concerned. Currency movements against the Australian dollar may adversely affect the domestic value of the Fund's investments and the income from those investments.
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 19 The table below summarises the fair value of the Fund's financial assets and liabilities, monetary and non-monetary, which are denominated in a currency other than the Australian dollar. US Dollars A$'000 Japanese Yen A$'000 Euro A$'000 Taiwan Dollar A$'000 Other currencies A$'000 Total A$'000 As at 30 June 2026 Cash and cash equivalents 27,259 – – 27 27 27,313 Receivables 225 – 1,178 117 136 1,656 Financial assets at fair value through profit or loss 630,702 94,339 140,121 104,923 197,642 1,167,727 Net exposure 658,186 94,339 141,299 105,067 197,805 1,196,696 Increase/(decrease) in exposure from forward currency contracts (notional principal) Buy foreign currency 5,718 1,323 3,695 – 1,125 11,861 Sell foreign currency (171,466) (19,505) (31,778) – (19,344) (242,093) Net exposure including forward currency contracts 492,438 76,157 113,216 105,067 179,586 966,464 US Dollars A$'000 Japanese Yen A$'000 Euro A$'000 Taiwan Dollar A$'000 Other currencies A$'000 Total A$'000 As at 30 June 2025 Cash and cash equivalents 12,429 232 16 – 37 12,714 Receivables 194 – 1,270 157 225 1,846 Due from brokers - receivable for securities sold 232 – – – – 232 Financial assets at fair value through profit or loss 466,901 73,143 165,993 78,237 134,313 918,587 Due to brokers – payable for securities purchased – (232) – – – (232) Net exposure 479,756 73,143 167,279 78,394 134,575 933,147 Increase/(decrease) in exposure from forward currency contracts (notional principal) Buy foreign currency – – – – 2,677 2,677 Sell foreign currency (75,838) (9,512) (21,091) – (14,836) (121,277) Net exposure including forward currency contracts 403,918 63,631 146,188 78,394 122,416 814,547 The table at Note 3(b) summarises the sensitivities of the Fund's monetary and non-monetary assets and liabilities to foreign exchange risk. The analysis is based on the assumption that the Australian dollar weakened and strengthened by 10% (2025: +/-10%) against the material foreign currencies to which the Fund is exposed. 3 Financial risk management (continued) (a) Market risk (continued) (ii) Foreign exchange risk (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 20 (iii) Cash flow and fair value interest rate risk The Fund is exposed to cash flow interest rate risk on financial instruments with variable interest rates. Financial instruments with fixed rates expose the Fund to fair value interest rate risk. The Fund's interest bearing financial instruments expose them to risks associated with the effects of fluctuation in the prevailing market interest rate on its financial positions and cash flows. The impact of interest rate risk on the profit and net assets attributable to unit holders is considered immaterial to the Fund. Interest rate risk management is undertaken by maintaining as close to a fully invested position as possible thus limiting the exposure of the Fund to interest rate risk. (b) Summarised sensitivity analysis The following table summarises the sensitivity of the Fund's profit/(loss) and net assets attributable to unit holders to market risks. The reasonably possible movements in the risk variables have been determined based on management's best estimate, having regard to a number of factors, including historical levels of changes in foreign exchange rates, interest rates and historical correlation of the Fund's investments with the relevant benchmark and market volatility. However, actual movements in the risk variables may be greater or less than anticipated due to a number of factors, including unusually large market movements resulting from changes in the performance of and/or correlation between the performances of the economies, markets and securities in which the Fund invests. As a result, historic variations in risk variables should not be used to predict future variances in the risk variables. Impact on net assets attributable to unit holders Foreign exchange risk +10% USD -10% USD +10% JPY -10% JPY +10% EUR -10% EUR +10% TWD -10% TWD +10% Other Currencies -10% Other Currencies $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 As at 30 June 2026 49,244 (49,244) 7,616 (7,616) 11,322 (11,322) 10,507 (10,507) 17,959 (17,959) As at 30 June 2025 40,392 (40,392) 6,363 (6,363) 14,619 (14,619) 7,839 (7,839) 12,242 (12,242) The Fund's four largest exposure to foreign currency risks were to USD, EUR, TWD and JPY as at 30 June 2026. Price risk +10% -10% $'000 $'000 As at 30 June 2026 116,773 (116,773) As at 30 June 2025 91,859 (91,859) (c) Credit risk The Fund is exposed to credit risk, which is the risk that a counterparty will be unable to pay its obligations in full when they fall due, causing a financial loss to the Fund. The Fund does not have a significant concentration of credit risk that arises from an exposure to a single counterparty or group of counterparties having similar characteristics. The main concentration of credit risk, to which the Fund is exposed, arises from cash and cash equivalents and amounts due from brokers balances. None of these assets are impaired nor past their due date. The maximum exposure to credit risk is the carrying amount of these balances as at the reporting date. The exposure to credit risk for due from brokers and cash and cash equivalents are low as Citigroup Pty Limited has a rating of A (2025: A or higher) as determined by Standard & Poor's (S&P). 3 Financial risk management (continued) (a) Market risk (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 21 The Fund holds forward foreign exchange contracts to substantially hedge the foreign currency exposure attributable to Class H units back to Australian Dollars. To manage credit risk associated with the contracts, the sub-investment manager enters into contracts on the Fund’s behalf with a panel of derivative counterparties. Each counterparty must have a minimum S&P rating of A or the equivalent credit rating by a recognised credit rating agency. Furthermore, the duration of each contract is for a maximum period of three months, upon which profits or losses are cash settled between the Fund and the relevant counterparties. (d) Liquidity risk Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. Exposure to liquidity risk for the Fund may arise from the requirement to meet daily unit holder redemption requests or to fund foreign exchange related cash flow requirements. Liquidity risk is managed by investing the majority of its assets in investments that are traded in an active market and can be readily disposed of. In order to manage the Fund’s overall liquidity, the Responsible Entity has the discretion to reject an application for units and to defer or adjust redemption of units if the exercise of such discretion is in the best interests of unit holders. The Fund did not reject or withhold any redemptions during 30 June 2026 and 30 June 2025. (i) Maturities of non-derivative financial liabilities All non-derivative financial liabilities of the Fund in the current and prior periods have maturities of less than one month. (ii) Maturities of gross settled derivative financial instruments Gross settled derivative financial instruments are based on their contractual maturity. The Fund may, at its discretion, settle financial instruments prior to their original contractual settlement date, in accordance with its investment strategy, where permitted by the terms and conditions of the relevant instruments. 4 Offsetting financial assets and financial liabilities Offsetting financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The Fund does not have any financial assets and liabilities to offset at 30 June 2026 and 30 June 2025. (a) Master netting arrangement - not currently enforceable Agreements with derivative counterparties are based on the International Swaps and Derivatives Association (ISDA) Master Agreement. Under the terms of these arrangements, only when certain credit events occur (such as default), the net position owing/receivable to a single counterparty in the same currency will be taken as owing and all the relevant arrangements terminated. As the Fund does not presently have a legally enforceable right of set-off, these amounts have not been offset in the statement of financial position. 3 Financial risk management (continued) (c) Credit risk (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 22 5 Fair value measurement Fair value measurement The Fund measures and recognises financial assets and liabilities at fair value through profit or loss on a recurring basis. • Financial assets/liabilities at fair value through profit or loss (see Note 6 and 7); and • Derivative financial instruments (see Note 8). The Fund has no assets or liabilities measured at fair value on a non-recurring basis in the current reporting period. AASB 13 Fair Value Measurement requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1); • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly (level 2); and • Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3). The Fund values its investments in accordance with the accounting policies set out in Note 2(b) to the financial statements. The Fund relies on information provided by independent pricing services for the valuation of its investments. (a) Quoted prices in active markets (Level 1) The fair value of financial instruments traded in active markets (such as listed equity securities) are based on quoted market prices at the close of trading at the end of the reporting period without any deduction for estimated future selling costs. The quoted market price used for financial assets held by the Fund is the current bid price; the quoted market price for financial liabilities is the current asking price. The quoted market price incorporates the market’s assumptions with respect to changes in economic climate such as rising interest rates and inflation, as well as changes due to risk. When the Fund holds derivatives with offsetting market risks, it uses mid-market prices as a basis for establishing fair values for the offsetting risk positions and applies this bid or asking price to the net open position, as appropriate. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. (b) Significant observable inputs (Level 2) The fair value of financial instruments that are not traded in an active market is determined using valuation techniques that maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all material inputs required to fair value an instrument are observable, the instrument is included in level 2. Some of the inputs to these models may not be market observable and are therefore estimated based on assumptions. The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and valuation techniques employed may not fully reflect all factors relevant to the positions the Fund holds. Specific valuation techniques using observable inputs used to value financial instruments include: • Foreign currency forwards are valued at the present value of future cash flows based on the forward exchange rates at the balance sheet date.
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 23 (c) Recognised fair value measurements The tables below present the Fund's financial assets and liabilities measured at fair value as at 30 June 2026 and 30 June 2025. Level 1 $'000 Level 2 $'000 Level 3 $'000 Total $'000 As at 30 June 2026 Financial assets Listed equities 1,167,727 – – 1,167,727 Forward currency contracts – 101 – 101 Total financial assets 1,167,727 101 – 1,167,828 Financial liabilities – – – – Forward currency contracts – 9,087 – 9,087 Total financial liabilities – 9,087 – 9,087 As at 30 June 2025 Financial assets Listed equities 918,588 – – 918,588 Forward currency contracts – 1,478 – 1,478 Total financial assets 918,588 1,478 – 920,066 Financial liabilities – – – – Forward currency contracts – 810 – 810 Total financial liabilities – 810 – 810 (d) Transfer between levels Management’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. There were no transfers between levels in the fair value hierarchy at the end of the reporting period. (e) Financial instruments not carried at fair value The financial instruments not measured at fair value through the profit and loss include: • Cash and cash equivalents, balances due from/to brokers and receivables/payables. These are short-term financial assets and financial liabilities whose carrying values approximate fair value, because of their short-term nature and the high credit quality of counterparties; and • Net assets attributable to unit holders, as the Fund routinely redeems and issues units at an amount equal to the proportionate share of the Fund’s net assets at the time of redemption, calculated on a basis consistent with that used in these financial statements. Accordingly, the carrying value of net assets attributable to unit holders approximates their fair value. Any difference is not material in the current year or prior year. 5 Fair value measurement (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 24 6 Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss As at 30 June 2026 $'000 30 June 2025 $'000 Listed equities 1,167,727 918,588 Forward currency contracts 101 1,478 Total financial assets at fair value through profit or loss 1,167,828 920,066 An overview of the risk exposures and fair value measurements relating to financial assets at fair value through profit or loss is included in Notes 3 and 5 to the financial statements. 7 Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss As at 30 June 2026 $'000 30 June 2025 $'000 Forward currency contracts 9,087 810 Total financial liabilities at fair value through profit or loss 9,087 810 An overview of the risk exposures and fair value measurements relating to financial liabilities at fair value through profit or loss is included in Notes 3 and 5 to the financial statements. 8 Derivative financial instruments Derivative financial instruments In the normal course of business, the Fund enters into transactions in various derivative financial instruments which have certain risks. A derivative is a financial instrument or other contract which is settled at a future date and whose value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index or other variable. Derivative financial instruments require no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors. Derivative transactions include many different instruments such as forwards, futures and options. Derivatives are considered to be part of the investment process and the use of derivatives is an essential part of the Fund’s portfolio management. Derivatives are not managed in isolation. Consequently, the use of derivatives is multifaceted and includes: • hedging to protect an asset or liability of the Fund against a fluctuation in market values, foreign exchange risk or to reduce volatility; • a substitution for trading of physical securities; and • adjusting asset exposures within the parameters set in the investment strategy and adjusting the duration of fixed interest portfolios or the weighted average maturity of cash portfolios.
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 25 The Fund holds the following derivatives: Forward currency contracts Forward currency contracts are primarily used by the Fund to economically hedge against foreign currency exchange rate risks on its non-Australian dollar denominated trading securities. The Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed upon price on an agreed future date. Forward currency contracts are valued at the prevailing bid price at the end of each reporting period. The Fund recognises a gain or loss equal to the change in fair value at the end of each reporting period. The Fund’s derivative financial instruments measured at fair value at year end are detailed below: Contractual/ notional Assets Contractual/ notional Liabilities $'000 $'000 $'000 $'000 As at 30 June 2026 Forward currency contracts 10,842 101 243,114 9,087 Total derivatives 10,842 101 243,114 9,087 As at 30 June 2025 Forward currency contracts 88,648 1,478 35,306 810 Total derivatives 88,648 1,478 35,306 810 Information about the Fund's exposure to foreign exchange risk, interest rate risk and about the methods and assumptions used in determining fair values is provided in Notes 3 and 5 to the financial statements. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of derivative financial instruments disclosed above. 9 Net assets attributable to unit holders – liability Net assets attributable to unit holders – liability The Fund’s units are classified as a liability as they do not meet the definition of a financial instrument to be classified as equity. Movements in the number of units and net assets attributable to unit holders during the year were as follows: Year ended Year ended 30 June 2026 Units'000 30 June 2026 $'000 30 June 2025 Units'000 30 June 2025 $'000 Class A Opening balance 369,872 719,173 384,419 730,598 Applications 81,788 173,392 73,056 148,307 Redemptions (66,624) (140,248) (89,860) (181,955) Reinvestment of distributions 3,441 6,691 2,257 4,290 Increase/(decrease) in net assets attributable to unit holders – 113,331 – 17,933 Closing balance 388,477 872,339 369,872 719,173 Class H Opening balance 97,762 110,999 51,978 58,142 Applications 74,798 96,359 60,193 68,680 Redemptions (18,450) (24,072) (14,469) (16,488) Reinvestment of distributions 50 57 60 67 Increase/(decrease) in net assets attributable to unit holders – 19,921 – 598 Closing balance 154,160 203,264 97,762 110,999 Closing balance 1,075,603 830,172 8 Derivative financial instruments (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 26 As stipulated within the Fund's Constitution, each unit represents a right to an individual share in the Fund and does not extend to a right to the underlying assets of the Fund. There are two separate classes of units issued by the Fund. Class H units hold rights to returns from forward foreign exchange contracts executed for the purpose of hedging foreign currency exposures attributed to Class H units. Class A units do not have rights to returns from forward foreign exchange contracts executed for the purpose of hedging foreign currency exposures attributed to Class H units. There are no other differences to the rights attaching to the classes of units other than as disclosed here. Units are redeemed on demand at the unit holders’ option. However, holders of these instruments typically retain them for the medium to long term. As such, the amount expected to be settled within twelve months after the end of the reporting period cannot be reliably determined. Capital risk management The Fund considers its net assets attributable to unit holders as capital, notwithstanding that net assets attributable to unit holders are classified as a liability. The amount of net assets attributable to unit holders can change significantly on a daily basis as the Fund is subject to daily applications and redemptions at the discretion of unit holders. Daily applications and redemptions are reviewed relative to the liquidity of the Fund's underlying assets on a daily basis by the Responsible Entity. Under the terms of the Fund's Constitution, the Responsible Entity has the discretion to reject an application for units and to defer or adjust redemption of units if the exercise of such discretion is in the best interests of unit holders. 10 Distributions to unit holders Distributions to unit holders The distributions declared during the year were as follows: Year ended Year ended 30 June 2026 $'000 30 June 2026 CPU 30 June 2025 $'000 30 June 2025 CPU Class A Distributions - 30 June June (payable) 88,000 22.65 97,180 26.27 Total distribution 88,000 97,180 Class H Distributions - 30 June June (payable) 35,000 22.70 8,979 9.19 Total distribution 35,000 8,979 Total distribution 123,000 106,159 11 Cash and cash equivalents Cash and cash equivalents As at 30 June 2026 30 June 2025 $'000 $'000 Cash at bank 38,976 16,082 Total cash and cash equivalents 38,976 16,082 9 Net assets attributable to unit holders – liability (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 27 12 Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities Year ended 30 June 2026 30 June 2025 $'000 $'000 (a) Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities Increase/(decrease) in net assets attributable to unit holders 133,252 18,531 Distributions to unit holders 123,000 106,159 Proceeds from sale of financial instruments at fair value through profit or loss 890,124 795,600 Payments for purchase of financial instruments at fair value through profit or loss (872,769) (749,620) Net (gains)/losses on financial instruments at fair value through profit or loss (256,352) (123,051) Net foreign exchange (gain)/loss (44) (17) Dividend and distribution income reinvested (488) – Net change in receivables 134 (374) Net change in payables 242 112 Net cash inflow/(outflow) from operating activities 17,099 47,340 (b) Non-cash operating and financing activities The following purchases of investments were satisfied by the participation in dividend and distribution reinvestment plans 488 – The following distribution payments were satisfied by the issue of units under the distribution reinvestment plan 6,748 4,357 Total non-cash operating and financing activities 7,236 4,357 As described in Note 2(i), income not distributed is included in net assets attributable to unit holders. The change in this amount for the year (as reported in (a) above) represents a non-cash financing cost as it is not settled in cash until such time as it becomes distributable. 13 Receivables Receivables As at 30 June 2026 $'000 30 June 2025 $'000 Dividends receivable 346 448 Applications receivable 915 731 RITC receivable 285 229 Withholding taxes reclaims receivable 1,310 1,398 Total receivables 2,856 2,806 14 Payables Payables As at 30 June 2026 $'000 30 June 2025 $'000 Management fees and costs payable 1,070 828 Redemptions payable 900 985 Total payables 1,970 1,813
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 28 15 Remuneration of auditors Remuneration of auditors During the year, the following fees were paid or payable for services provided by the auditors of the Fund: Year ended 30 June 2026 $ 30 June 2025 $ Ernst & Young Audit and other assurance services Audit and review of financial statements 38,466 37,346 Total remuneration for audit and other assurance services 38,466 37,346 Taxation services Taxation compliance services 20,193 15,110 Total remuneration for taxation services 20,193 15,110 Total remuneration of Ernst & Young 58,659 52,456 PricewaterhouseCoopers Audit and other assurance services Audit of compliance plan 1,918 1,918 Total remuneration of audit and other assurance services 1,918 1,918 Total remuneration of PricewaterhouseCoopers 1,918 1,918 The auditors’ remuneration is borne by the Fund. Fees are stated exclusive of GST. 16 Related party transactions Related party transactions The Responsible Entity of Nanuk New World Fund is Equity Trustees Limited (ABN 46 004 031 298) (AFSL 240975). Accordingly, transactions with entities related to Equity Trustees Limited are disclosed below. The only related parties to the Fund, as defined by AASB 124 Related Party Disclosures, are the Responsible Entity, schemes managed by the Responsible Entity and key management personnel of the Responsible Entity. (a) Key management personnel (i) Directors Key management personnel include persons who were directors of Equity Trustees Limited at any time during or since the end of the financial year and up to the date of this report: Michael J O'Brien Chairman Russell W Beasley (appointed 1 July 2025) Mary A O’Connor (resigned 1 July 2025) David B Warren Andrew P Godfrey Johanna E Platt (ii) Responsible Entity Other than fees paid to the Responsible Entity, there were no other transactions.
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 29 (iii) Other key management personnel There were no other key management personnel with responsibility for planning, directing and controlling activities of the Fund, directly or indirectly during the financial year. (b) Transactions with key management personnel There were no transactions with key management personnel during the reporting period. (c) Key management personnel unit holdings Key management personnel did not hold units in the Fund as at 30 June 2026 (30 June 2025: nil). (d) Key management personnel compensation Key management personnel are paid by EQT Services Pty Ltd. Payments made from the Fund to Equity Trustees Limited do not include any amounts directly attributable to the compensation of key management personnel. (e) Key management personnel loans The Fund has not made, guaranteed or secured, directly or indirectly, any loans to key management personnel or their personally related entities at any time during the reporting period. (f) Other transactions within the Fund Apart from those details disclosed in this note, no key management personnel have entered into a material contract with the Fund during the financial year and there were no material contracts involving management personnel's interests existing at year end. (g) Responsible Entity fees and other transactions The transactions during the year and amounts payable as at year end between the Fund, the Responsible Entity and its service providers as per Note 1: Year ended 30 June 2026 30 June 2025 $ $ Management fees and costs for the year 10,728,621 9,667,626 Management fees and costs payable at year end 1,069,674 827,317 Equity Trustees Limited earned $372,826 (2025: $341,721) for responsible entity services provided to the Fund, paid from management fees. Under the terms of the Fund’s Constitution and Product Disclosure Statement, management fees and costs include responsible entity fees paid to the Responsible Entity, management fees paid to the Investment Manager and other costs (such as custody fees, administration fees and audit fees) paid to other unrelated parties. Please refer to the Fund's Product Disclosure Statement for information on how management fees and costs are calculated. (h) Related party unit holdings Parties related to the Fund (including Equity Trustees Limited, its related parties and other schemes managed by Equity Trustees Limited) held no units in the Fund as at 30 June 2026 (30 June 2025: nil). 16 Related party transactions (continued) (a) Key management personnel (continued)
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Nanuk New World Fund Notes to the financial statements For the year ended 30 June 2026 (continued) 30 (i) Investments The Fund did not hold any investments in Equity Trustees Limited or its related parties during the year (30 June 2025: nil). 17 Transactions with the Investment Manager Transactions with the Investment Manager Management fees are paid by the Responsible Entity to the Investment Manager and are included in management fees and costs as disclosed in Note 16(g). During the reporting year the Fund did not hold investments in other Schemes managed by the Fund's Investment Manager (30 June 2025: nil). 18 Operating segments Operating segments Operating segments are reported in a manner consistent with internal reporting to the Directors of the Responsible Entity. The Fund's investments are managed on a single portfolio basis in one operating segment, being investments in derivatives, equity securities and cash and cash equivalents, and performance is reviewed against the performance of the Fund's target. 19 Events occurring after the reporting period Events occurring after the reporting period No significant events have occurred since the end of the year which would impact on the financial position of the Fund as disclosed in the statement of financial position as at 30 June 202 6 or on the results and cash flows of the Fund for the year ended on that date. 20 Contingent assets and liabilities and commitments Contingent assets and liabilities and commitments There were no outstanding contingent assets, liabilities or commitments as at 30 June 2026 and 30 June 2025. 16 Related party transactions (continued)
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Nanuk New World Fund Directors’ declaration 30 June 2026 Directors’ declaration 31 In the opinion of the directors of the Responsible Entity: (a) The financial statements and notes set out on pages 6 to 30 are in accordance with the Corporations Act 2001, including: (i) complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and (ii) giving a true and fair view of the Fund's financial position as at 30 June 2026 and of its performance for the financial year ended on that date. (b) There are reasonable grounds to believe that the Fund will be able to pay its debts as and when they become due and payable; and (c) Note 2(a) confirms that the financial statements also comply with the International Financial Reporting Standards as issued by the International Accounting Standards Board. This declaration is made in accordance with a resolution of the directors of Equity Trustees Limited through a delegated authority given by Equity Trustees Limited's Board. Andrew P Godfrey Director Melbourne Date: 27 August 2026
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Independent Auditor's Report to the unit holders of Nanuk New World Fund Opinion We have audited the financial report of Nanuk New World Fund (the Fund), which comprises the statement of financial position as at 30 June 202 6, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended , notes to the financial statements, including material accounting policy information, and the directors’ declaration. In our opinion, the accompanying financial report of the Fund is in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of theFund’sfinancial position as at 30 June 2026 and of its financial performance for the year ended on that date; and b. Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Fund in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit s of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and informing our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit proc edures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report.
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation 1. Investment existence and valuation Why significant How our audit addressed the key audit matter The Fund has an investment portfolio consisting primarily of listed global equities and forward currency contracts. As at 30 June 2026, the financial assets and financial liabilities made up approximately 97% and 7% of the total assets and total liabilities respectively, of the Fund. As detailed in the Fund’saccounting policy, disclosed in Note 2 of the financial report, these financial assets and financial liabilities are measured at fair value through profit or loss in accordance with the requirements of Australian Accounting Standards. Pricing, exchange rates and other market drivers can have a significant impact on the value of these financial assets and financial liabilities. Accordingly, existence and valuation of the investment portfolio was considered a key audit matter. Our audit procedures included the following: Obtained and reviewed the assurance report on the controls of the Fund’s administrator for the period 1 July 2025 to 30 June 2026, and assessed the external auditor’s credentials, objectivity, and findings. Agreed all investment holdings, including cash accounts, to third party confirmations at 30 June 2026. Assessed the fair value of all investments in the portfolio held at 30 June 2026. For the listed securities and forward currency contracts, the values were verified against independently sourced market prices. Assessed the adequacy and appropriateness of the disclosures included in Note 5 of the financial report. Information other than the Financial Report and Auditor’sReport Thereon The directors of Equity Trustees Limited ( the Responsible Entity) are responsible for the other information. The other information comprises the information included in the Fund’s 2026 Annual Report, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors of the Responsible Entity for the Financial Report The directors of the Responsible Entity are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors of the Responsible Entity determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, thedirectors of the Responsible Entityare responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors of the Responsible Entity either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so.
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Auditor's Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high le vel of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ind ividually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ► Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis fo r our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. ► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors of the Responsible Entity. ► Conclude on the appropriateness of the directors of the Responsible Entity ’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Fund to cease to continue as a going concern. ► Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. We communicate with the directors of the Responsible Entity regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors of the Responsible Entity with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors of the Responsible Entity , we determine those matters that were of most significance in the audit of the financial report of the current year and are
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Ernst & Young Jonathan Hall Partner Sydney 27 August 2026