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Saxo Bank– J. Safra Sarasin update   Pure Value Metrics is delighted that our strategic partner Saxo Bank  has received full regulatory approval for its new majority shareholder J Safra Sarasin , one of the world’s most highly capitalized (CET1 ratio) Banks.   Despite the Iran/Middle East war, March 2026 led to relatively small Client drawdowns, given the current low chosen investment exposure and resulted in an overall a pleasing positive Q1 result, given the circumstances. Your overall portfolio investment level remains at the lowest of the last 3 years   as gains have been realized and exposure reduced in line with the PVM Matrix investment model, we are ready and prepared to engage again on significant market dips.                                                                Global Shipping One of the key trends of the last 20 years has been a doubling of the global Seaborne cargo tonne miles travelled, whilst global GDP has grown less than 50% during the same period, illustrating what an increasingly critically important factor it has become.   Knowing this fact alone, should have made people think twice about starting a new Middle East war, in such a pivotal shipping region. The ongoing inflationary impacts are probably still underestimated.                                                                                            March Portfolio Returns Summary   Amongst the equity positions held, Neste Sustainable Fuels,   Woodside Energy and Norsk Hydro were the best performers; whilst Barratt Redrow, Taylor Wimpey and  Brembo underperformed.                                                       Recent Portfolio Changes Bellway Homes was added as a new investment, the positions in Barrat & Taylor   Wimpey were increased, whilst some of the portfolio holdings in Norsk Hydro , Kali & Salz & Neste were reduced.                                                                Portfolio Construction* Pure Value Metrics Client Portfolios are built “bottom up” with a selection of companies found in the latest PVM Investment Matrix. They are very well diversified across Countries and Industry Sectors, the Companies and Sectors rotate over time with changes in their relative valuations.  Yours Sincerely,   Richard-Mark Dodds Chairman & Chief Investment Officer   This message and any attachment may contain confidential, proprietary and/or legally privileged information and is intended only for the use of the individual or entity to which it is addressed. If the reader of this message is not the intended recipient or its employee, or agent responsible for delivering the message to the intended recipient, you are hereby notified that any use, dissemination, distribution or copying of this communication and any attachments hereto in any form is strictly prohibited. If you have received this communication in error, please notify the sender immediately and destroy this message or any copies without delay physically and from all your systems. Any views expressed in this message are those of the individual sender, except where the message states otherwise, and the sender is authorised to state them to be the views of another person or entity. * Please note this is a referential PVM portfolio; your own portfolio may differ.

Iran war update : 'physical prices of crude' still near $150.. ...Trump was so predictable over week-end and his friendly chat just open the U.S market open.. (so much insider going on, no doubt, and markets learn to 'read' him quit easily..), Vance says 'the ball is in Iran's court', progress made etc, talks will go on for a while, During the weekend meeting, the US proposed a 20-year “suspension” of all nuclear activity, while Iran renewed a suggestion for a halt of up to five years, the NYT reported, US and Iranian delegations will return to Islamabad later this week to resume the talks, possibly closing a deal... >>> big build up and possible disappointment for the weekend again!.. let's see Markets : Fed nominee Warsh clears a hurdle to Senate hearing, RBA's Hauser hawkish, Sing CB tightens monetary policy, crude down back to where it was on Friday, while SPX500 is actually higher than pre war 27th Feb, and the market is about to discover the 'REAL' cost of the closure of the strait of Hormuz (so far nothing has effectively happened - the shortages and inflation will be felt form here on with a lag, now kicking in.., focus back on credit markets too '' From private credit fund withdrawals to the Fed pulling bank exposure data and pressure now spreading through the financial system'', and Trump will most likely focus on Cuba next ! >>> price of diamonds fall to all time lows (diamonds are for ever...but..), the blockade in Hormuz is far from over really, risk is Iran won't fold as easily as markets thinks, commodity prices (crude oil) on your screen don't always reflect reality in the PHYSICAL world!... Virgin Atlantic’s new CEO said he can see about six weeks of secure jet-fuel supplies before the outlook gets murkier OpenAI investors question $852bn valuation as strategy shifts. Chief executive Sam Altman refocuses AI company as Anthropic tests its early lead Hungary PM  Péter Magyar : "I am not going to call Trump from my side. If he wants, his administration can call me and talk to me" China for the United States: “If you want war, you will get war; if you want to destroy China, you will be destroyed. China will not fire the first shot, but China will not allow you to fire the second shot” President of China Energy Security Institute MAGA's policies towards the EU are proving really counter productive for the US & really good for the EU - “buy European” provisions; India, Australia, Mercosur trade deals; military/defence self-sufficiency; UK pivot towards the EU; European far-right poss in retreat Fed chair nominee Kevin Warsh clears a hurdle to Senate hearing From private credit fund withdrawals to the Fed pulling bank exposure data and pressure now spreading through the financial system – Citizen Watch Report Private credit fault lines | UBP Vance: Up to Iran to push peace talks amid Hormuz Strait blockade US and Iran Mull Second Meeting in Bid to Revive Ceasefire Talks The US and Iran are in discussions about holding another round of face-to-face negotiations for a longer-term ceasefire, people familiar with the matter said, after talks in Islamabad led by Vice President JD Vance failed to produce a breakthrough. The people, who asked not to be identified discussing private deliberations, said the goal is to hold fresh talks before a two-week ceasefire announced April 7 expires next week. One idea is to return to Islamabad for a second round, though other venues have also been discussed, they said. The White House and the State Department didn’t immediately respond to requests for comment. CNN reported Monday that White House officials were discussing the possibility of another meeting, and Pakistan Prime Minister Shehbaz Sharif said efforts are ongoing to resolve the outstanding issues between the US and Iran. President Donald Trump signaled his own openness to more talks earlier Monday, saying Iran had reached out to the US. At the same time, he’s pressing ahead with a naval blockade of the vital Strait of Hormuz waterway as a way of ramping up pressure on the regime in Tehran.  “We’ve been called this morning by the right people, the appropriate people, and they want to work a deal,” Trump said at the White House, without elaborating on who participated in the conversation Oil supply crunch intensifies as last Hormuz tankers reach refineries Oil supply crunch intensifies as last Hormuz tankers reach refineries. Final prewar cargoes to leave Gulf set to unload in coming days, escalating a global rush to secure barrels Middle East war live: China’s Xi warns Iran conflict leaves world ‘beset by disarray’ Hungary's PM-elect Magyar vows to bring in 'new era' Le Pen probably furious that the model they were going to 'offer' in France, wrecking EU form the inside etc, has been rejected in Hungary,.. Big problem for Farage in UK too one would assume TeinaPosts.🇪🇺 on X: "It just so happens that, while our neighbors in the European Union decided not to build any more refineries, we Spaniards, being the crazy ones we are, decided the opposite. The thing is, time has passed and now Spain will be supplying kerosene to the entire European Union under https://t.co/EuFDWKF7ew " / X RBA’s Hauser uncertain if rates adequate to control inflation By Investing.com Singapore central bank tightens monetary policy as Iran war stokes price risks China’s Propylene Oxide Prices Surge Over 60% in One Month, Listed Producers Operate at High Capacity - YT FINANCE UK Approves £7.5B AI Data Center Campus in Lincolnshire JP Morgan on the looming oil "flow shock": "Against this backdrop, reopening the Strait of Hormuz has become the market’s most time-sensitive priority . The last tanker to clear Hormuz on February 28 is expected to reach its destination around April 20, marking the point at which pre-closure barrels are fully exhausted from the global supply chain. Yet—and contrary to our expectations—large-scale refinery run cuts outside the Middle East have not materialized. Asian refiners appear to have reduced throughput by only around 2 mbd due to crude shortages in addition to seasonal maintenance, with China accounting for roughly 1 mbd, Japan 0.4 mbd, and the remainder spread across Singapore, Malaysia, and India. This implies that most of the missing 13 mbd of Persian Gulf supply has instead been bridged by a combination of aggressive inventory draws and involuntary demand destruction, as fuel availability becomes increasingly difficult to secure ." Swiss Bank UBP buying gold again, forecasting $6,000 year-end

Iran war update : Ormuz in focus again...Oil and gas jumped, while stocks and bonds fell after Donald Trump ordered a full naval blockade of the Strait of Hormuz following failed negotiations with Iran over the weekend. Vessels that aren’t stopping in the Islamic Republic will be allowed to pass. Two fuel tankers are attempting the exit through the strait, with US forces set to begin the blockade at 10 a.m. ET today. Tehran warned any military vessels approaching the strait “under any pretext” would be treated as a ceasefire violation. The president said he doesn’t care if Iran returns for talks or not, seems Vance had NO authority in Islamabad talks, he called Trump during talks 12 times to get 'feedback'.. >>> ''' Trump’s counter-blockade in the Strait of Hormuz seems comically absurd and seems born out of raw desperation..''' Markets : Citi hints Saaspocalypse is far from over, Orban got hammered in Hungary and the new party has 2/3rd majority (constitutional changes possible), GS kicks off bank earnings season today >> usual Trump moves on a Sunday, send markets down in Asia, (he can't afford higher crude..) then probably come up with some sort of 'we've had a regime change, talks going well, we can do business'' etc...more bigly INSIDER trading do doubt... , UK could align with EU rules without full parliamentary scrutiny, JGB 10y yields 2.45% claxon, markets fading Trump's 'moves', having less and less impact, earnings season kicking-off today AI Is Using So Much Energy That Computing Firepower Is Running Out. AI companies are rationing offerings and products, rankling users—a warning sign for a boom that depends on rapid adoption. (WSJ) US-Iran talks fail Hormuz blockade What investors need to know | Saxo Bank Switzerland How to build a bank from almost nothing - The Banker Trump Warns China Explicitly Over Iran Weapons, Threatens ‘50% Tariff’ - Newsweek Empty threats, we've been here before, if he does, then China stops rare earth exports.. nothing new... Brief Trump summary of the past weeks: - “Open the strait” - “Help us open the strait” - “We don’t need the strait open” - “Open the f’king strait or I destroy you all” - “We block the strait” '' The reason Trump’s counter-blockade in the Strait of Hormuz seems comically absurd is because it is born out of raw desperation. You see, Trump expected Europe and others to send their navies to reopen the Strait, figuring that those regions rely upon trade via the Strait more than we do. What he didn’t figure was how utterly intransigent the Euros and others would be to his pressure campaign. Once he realized that the Euros, Japanese, etc., were simply going to pay the Iranian toll to move their goods through the Strait rather than risk a war, Trump panicked, understanding too late in this affair how dreadfully exposed to the disruptions of Iran’s blockade the US economy was. Now, Trump is scrambling. Desperate to pressure the rest of the world into supporting his bid to reopen the Strait. He still doesn’t get it. Which is why he will keep getting this thing wrong.''' China in English on X: "Trump: “I think that countries like Japan and China have neither the courage nor the will to open the Strait of Hormuz.” ➖️China: “The Strait of Hormuz was already open before the war. You are the ones who created the war out of nothing and closed the strait to the rest of the https://t.co/LSWGvZkyXX " / X UK could align with EU rules without full parliamentary scrutiny #GBP The Guardian: “Ministers are planning to fundamentally reshape Britain’s relationship with the European Union, with new legislation that could result in the UK signing up to EU single market rules without a normal parliamentary vote. In a major development in the prime minister’s push for closer ties with the continent after the Iran war, the Guardian understands ministers are bracing to face down opposition to “dynamic alignment” with the EU from those who “scream treason” over the powers in a new EU-UK reset bill. After weeks of Donald Trump’s war with Iran that have exposed the fragility of the UK’s damaged special relationship with the US, ministers argue the move will add billions to the UK economy, help temper the cost of the conflict and boost sluggish productivity.” Japan’s 10-Year Bond Yield Rises to 1997 High on Iran Tensions - Bloomberg Dow Jones Top Company Headlines at 1 AM ET: AI Is Using So Much Energy That Computing Firepower Is Running Out | JBS ... | Morningstar ‘We overthrew the Hungarian regime’: Peter Magyar celebrates election landslide as PM Viktor Orban crushed | The Standard Maybe Vance going there 1 week before the election wasn't such a great idea.. Citi hints Saaspocalypse is far from over: "As we look ahead to Q1 earnings-and-beyond, amidst parabolic AI revenue inflections at foundational model leaders, we outline updated views on software. Put simply, we see risk that concerns around software application architecture, business model durability and terminal value intensify in the months ahead . Privately held AI companies are on track to add $100 billion+ of net-new revenue in the years ahead, materially eclipsing the $50 billion of traditional application software NNACV. While AI budgets may be mostly additive vs. replacement to software, checks indicate an uptick in software optimization costs/vendor consolidation." Trump lambasts pope, extending feud over Iran war | AP News US, Australia, Philippines hold second joint drills in South China Sea this year | Reuters Meta builds AI version of Mark Zuckerberg to interact with staff Citadel's Ken Griffin Just Called Out the AI Hype — and He's Not Wrong | Abhishek Gautam Irish police clear Dublin blockade staged by fuel price protesters | Ireland | The Guardian Swiss mountain crack grows after extreme rainfall - SWI swissinfo.ch

MANAGEMENT TEAM Elke Balters Compliance Officer Qualified Lawyer Read More ProCloud AG Information Technology Provider Cloud Services and Cyber Security Read More SwissComply Compliance ICS Specialising in Finma Compliance Read More Alison Lazerwitz Non Executive Director Legal & strategy advisor Read More Stephan Collet Chief Executive Officer Expert in global macro and derivative products Read More Richard-Mark Dodds CIO & Chairman Detailed knowledge of fund management portfolio construction, accounting and treasury operations management. Read More

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