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Insights

Performance and market insights - April 2026

Market Insight
May 14, 2026

Performance summary

The CC Sage Capital Absolute Return Fund delivered a strong April result, returning 2.3% versus the RBA Cash Rate of 0.34%, an active return of 2.05%.*

The CC Sage Capital Equity Plus Fund returned 3.2% in April versus the S&P/ASX 200 Accumulation Index return of 2.18%, an active return of 1.06%.*

Portfolio performance was driven by three of the Sage Groups^, Resources, Yield and Growth, with small offsetting drags from Global Cyclicals and Gold groups. The breadth of contributors across these distinct earnings drivers reflects disciplined positioning rather than a single thematic bet and reinforces Sage Capital’s conviction that the process continues to add value across a complex macroeconomic backdrop.

Market Review

Australian equities had a constructive month with the S&P/ASX 200 Accumulation Index rising 2.18%. This performance was largely driven by resilience in the resources sector, which seemingly offset broader weakness in domestic facing industries.

The global narrative continues to be dominated by energy supply disruption following on from the closure of the Strait of Hormuz. While oil prices have stabilised at higher levels, the persistence of the energy supply shock has tightened global supply chains and pushed up inflation expectations. As a result, interest rate assumptions have transitioned to a 'higher-for-longer' interest rate environment which is now driving significant volatility across global asset prices.

Against this backdrop, the AI capex story took a clear step up during the month. Microsoft, Google, Amazon and Meta all announced significantly upsized capex programs, reinforcing that AI infrastructure spending is structural rather than a single-year phenomenon. For the Australian market, the impact is now tangible: local data centre operators are experiencing unprecedented demand, and corporates across multiple sectors are reporting measurable cost savings from AI deployment.

For more detailed commentary and analysis, view the latest performance reports:

* Past performance is not indicative of future performance. ^ Sage Capital uses a custom grouping system for long and short positions (Defensives, Domestic Cyclicals, Global Cyclicals, Gold, Growth, REITs, Resources and Yield). With a focus on the principal macro earnings drivers for each stock, Sage Groups allow for comparisons to GICS for selecting stocks within a sector.
This information is for professional and wholesale investors only and has been prepared by Sage Capital Pty Ltd ACN 632 839 877 AR No. 001276472 (‘Sage Capital’). Channel Investment Management Limited ACN 163 234 240 AFSL 439007 (‘CIML’) is the responsible entity and issuer of units in the CC Sage Capital Equity Plus Fund ARSN 634 148 913 and the CC Sage Capital Absolute Return Fund ARSN 634 149 287 (collectively ‘the Funds’).

Channel Capital Pty Ltd ACN 162 591 568 AR No. 001274413 (‘Channel’) provides investment infrastructure services for Sage Capital and is the holding company of CIML. None of Sage Capital, Channel, CIML or their respective employees or officers (collectively, ‘the Beneficiaries’) make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of this information and nothing contained in this information is or shall be relied upon as a promise or representation, whether as to the past or the future. Past performance is not a reliable indicator of future performance. All investments contain risk. This information should not be considered advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling units in the Funds and has been prepared without take into account the objectives, financial situation or needs of any particular person. It is intended solely for wholesale clients (including sophisticated investors) as defined under sections 761G and 761GA of the Corporations Act 2001 (Cth). Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document, and in particular, you should seek independent financial advice.

For further information and before investing, please read the Product Disclosure Statement and Target Market Determination which are available from www.channelcapital.com.au/funds
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