MLN – February 2026 monthly update

1
A WORD FROM THE MANAGER
Marlin’s gross performance return for January was -3.0%, while
the adjusted NAV return was -3.2%. This compared with our
global benchmark, S&P Large Mid Cap/S&P Small Cap Index
(50% hedged to NZD), which was +1.1%.
Market Environment
January was notable for a sharp factor rotation. High quality
companies underperformed low quality by 10% - one of the
sharpest one-month differentials we have seen. And growth
underperformed value by 5%, which is again one of the
sharpest months we have seen. Global equities rose in January
with Japan and emerging markets outperforming the US.
Portfolio
The AI winner-loser narrative was once again a driver
of diverging performance in markets, with the 25%
outperformance of semiconductor versus software stocks
particularly stark. ASML (+33%) was our top contributor for the
month, driven by overwhelming demand for its advanced chip-
making equipment. ASML received $13 billion of orders for its
lithography tools in the fourth quarter. This was nearly double
what the market expected as AI chip manufacturers rapidly
build new capacity to meet high demand. Leading chip maker
TSMC is running near 100% capacity for its advanced chips,
while memory chip makers like Micron are also “sold out” until
the end of the year. We took the opportunity to reduce our
position in ASML after strong share price performance (+90%
since the end of August).
Old Dominion (+10%) has been impacted by the longest
freight recession in the US for 20 years. While the cycle has not
yet turned a corner, January saw the strongest demand relative
to supply since 2022. Given Old Dominion is the most efficient
operator, consistently shows best-in-class service metrics (on
time delivery and low damage claims) and has a track record
of maintaining these leading service levels when the freight
recovery returns, we believe Old Dominion is the best placed
carrier to benefit from a recovery in the freight market.
Dexcom (+10%) was up in January, after being down 1%
in the fourth quarter of 2025. Dexcom has faced several
execution missteps over the last year as it manages rapid
growth in its business. While this dented investors’ confidence,
the company is now moving past these headwinds. Dexcom’s
sales of continuous glucose monitors were ahead of
expectations for the quarter, and Dexcom increased its user
base by 25% in 2025. With penetration of the large Type-2
non-insulin using diabetic population only just beginning, there
is a long runway for growth ahead.
Software stocks were the biggest detractors in January,
with Salesforce (-20%) down on fears that the traditional
software model could be disrupted by AI. These fears were
reignited as AI company Anthropic launched its own enterprise
AI agent “Claude Co-Work” to rave reviews. The software
sell-off was compounded by software earnings releases that
were below expectations. Microsoft (-11%) saw the largest
single-day decline since 2020 after signalling that its massive
AI investments may take longer to pay off than the market
expected. We have been cutting our target weighting in this
sector fairly consistently for the last 18-24 months. And we
believe that large, entrenched enterprise software platforms
such as Microsoft and Salesforce will play an important role
in the roll-out of AI to the enterprise. However, this is a fast-
changing space so we will tread carefully.
By contrast, Meta’s (+9%) earnings highlighted its AI
prowess with quarterly advertising revenue growth ahead
of expectations. Meta credited AI for these gains as users
spend more time on its apps (time spent on Instagram
Reels is up 30% year-on-year); and credited AI-driven ad
creative for driving higher conversion and therefore pricing for
advertisements. While the current AI models are impressive,
Mark Zuckerberg expects continued improvement, even going
so far as calling the current models “primitive”. Meta’s results
helped reassure the market that the large increases in AI spend
(including 70% growth in capital expenditures this year alone)
will generate a measurable return on investment.
Intuitive Surgical (-11%) was down for the month, following
a strong return in the fourth quarter of 2025. While both
procedure growth and sales of robotic surgical robots were
1
Share Price Premium to NAV (using the net asset value per share, after expenses, fees and tax, to four decimal places).
MONTHLY UPDATE
February 2026
as at 31 January 2026
SHARE PRICE
$
0.92
PREMIUM
1
1. 2
%

MLN NAV
$
0.9 1

2
KEY DETAILS
as at 31 January 2026
FUND TYPE
Listed Investment Company
INVESTS IN
Growing international companies
LISTING DATE
1 October 2007
FINANCIAL YEAR END
30 June
TYPICAL PORTFOLIO
SIZE
20-35 stocks
INVESTMENT CRITERIA
Long-term growth
PERFORMANCE
OBJECTIVE
Long-term growth of capital and
dividends
TAX STATUS
Portfolio Investment Entity (PIE)
MANAGER
Fisher Funds Management Limited
MANAGEMENT FEE RATE
1.25% of gross asset value
(reduced by 0.10% for every
1% of underperformance
relative to the change in the
NZ 90 Day Bank Bill Index
with a floor of 0.75%)
PERFORMANCE FEE
HURDLE
Changes in the NZ 90 Day Bank
Bill Index + 5%
PERFORMANCE FEE
10% of returns in excess of
benchmark and high-water mark
HIGH WATER MARK
$0.89
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
227m
MARKET CAPITALISATION
$209m
GEARING
None (maximum permitted 20% of
gross asset value)
ahead of expectations, there are some concerns that growth
could slow in 2026 as health systems in some countries
including the US, UK and Japan are facing pressure. Health
systems see surgical robots as a higher priority for spend;
and coupled with the ongoing launch of Intuitive Surgical’s
new DV5 system, we anticipate the strong sales growth to
continue.
New portfolio addition
Keyence is a leader in the development of industrial
automation and inspection equipment globally. It develops
advanced cameras, sensors, and microscopes that help
SECTOR SPLIT
as at 31 January 2026
GEOGRAPHICAL SPLIT
as at 31 January 2026
Sam Dickie
Senior Portfolio Manager
Fisher Funds Management Limited
manufacturers improve productivity and ensure quality control
across end markets such as automotive and food production.
Keyence’s large direct salesforce, intellectual property portfolio,
broad product range, and disciplined culture underpin its
competitive moat. This positions the company well to benefit
from increasing factory automation globally.
Health Care26%
Information Technology22%
Consumer Discretionary17%
Financials12%
Communication Services12%
Industrial6%
Cash & Derivatives4%
Consumer Staples1%
North America82%
Western Europe11%
Asia Pacific6%
South & Central America1%

3
JANUARY’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month in local currency
ASML HOLDINGS
+33
%
INTUITIVE SURGICAL
-11
%
MICROSOFT
-11
%
SALESFORCE
-17
%
5 LARGEST PORTFOLIO POSITIONS as at 31 January 2026
AMAZON
7
%
MICROSOFT
7
%
MASTERCARD
6
%
META PLATFORMS
6
%
DANAHER CORP
4
%
The remaining portfolio is made up of another 25 stocks and cash.
PERFORMANCE to 31 January 2026
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return(1.7%)(1.2%)+0.6%+8.4%+1.3%
Adjusted NAV Return(3.2%)(3.3%)(6.8%)+9.1%+4.3%
Portfolio Performance
Gross Performance Return (3.0%)(2.7%)(4.5%)+11.8%+6.7%
Benchmark Index^+1.1%+2.3%+16.8%+17.2%+12.1%
^Benchmark index: S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD)
Non-GAAP Financial Information
Marlin uses non-GAAP measures, including adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return. The rationale for using such non-GAAP measures is as follows:
»adjusted net asset value – the underlying value of the investment portfolio adjusted for dividends (and other capital management initiatives) and after expenses, fees, and tax,
»adjusted NAV return – the percentage change in the adjusted NAV,
»gross performance return – the Manager’s portfolio performance in terms of stock selection and currency hedging before expenses, fees and tax, and
»total shareholder return – the return combines the share price performance, the warrant price performance, the net value of converting any warrants into shares, and the dividends paid to shareholders. It
assumes all dividends are reinvested in the company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money) at warrant expiry date.
All references to adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return in this monthly update are to such non-GAAP measures. The calculations applied to non-GAAP
measures are described in the Marlin Non-GAAP Financial Information Policy. A copy of the policy is available at marlin.co.nz/about-marlin/marlin-policies.
GARTNER
-20
%
TOTAL SHAREHOLDER RETURN to 31 January 2026
Share Price/Total Shareholder Return
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Share Price Total Shareholder Return
Nov
2007
Nov
2011
Nov
2013
Nov
2014
Nov
2015
Nov
2008
Nov
2009
Nov
2010
Nov
2016
Nov
2020
Nov
2012
Nov
2022
Nov
2017
Nov
2018
Nov
2019
Nov
2021
Nov
2023
Nov
2024
Nov
2025

Disclaimer: The information in this update has been prepared as at the date noted on the front page. The information has been prepared as a general summary of the matters covered only, and it is by necessity
brief. The information and opinions are based upon sources which are believed to be reliable, but Marlin Global Limited and its officers and directors make no representation as to its accuracy or completeness.
The update is not intended to constitute professional or investment advice and should not be relied upon in making any investment decisions. Professional financial advice from a financial adviser should be
taken before making an investment. To the extent that the update contains data relating to the historical performance of Marlin Global Limited or its portfolio companies, please note that fund performance can
and will vary and that future results have no correlation with results historically achieved.
Marlin Global Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 484 0365
Email: enquire@marlin.co.nz | www.marlin.co.nz
4
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142
Phone: +64 9 488 8777
Email: enquiry@computershare.co.nz | www.computershare.com/nz
ABOUT
MARLIN GLOBAL
Marlin is an investment company
listed on the New Zealand Stock
Exchange. The company gives
shareholders an opportunity to
invest in a diversified portfolio of
between 20 and 35 quality growing
international companies (excluding
New Zealand and Australia) through
a single, professionally managed
investment. The aim of Marlin
is to offer investors competitive
returns through capital growth and
dividends.
CAPITAL MANAGEMENT STRATEGIES
Regular Dividends
»Quarterly distribution policy introduced in August 2010
»Under this policy, 2% of average NAV is targeted to be
paid to shareholders quarterly
»Dividends paid by Marlin may include dividends received,
interest income, investment gains and/or return of capital
»Shareholders who prefer to have increased capital rather
than a regular income stream have the opportunity to
participate in the company’s dividend reinvestment plan
(DRP)
»Shares issued to DRP participants are at a 3% discount
to market price
»Marlin became a portfolio investment entity on 1 October
2007. As a result, dividends paid to New Zealand tax
resident shareholders have not been subject to further tax
Share Buyback Programme
»Marlin has a buyback programme in place allowing it (if it
elects to do so) to acquire its shares on market
»Shares bought back by the company are held as treasury
stock
»Shares held as treasury stock are available to be utilised
for the dividend reinvestment plan
Warrants
»Warrants put Marlin in a better position to grow further,
operate efficiently, and pursue other capital structure
initiatives as appropriate
»A warrant is the right, not the obligation, to purchase an
ordinary share in Marlin at a fixed price on a fixed date
»There are currently no Marlin warrants on issue

MANAGEMENT
The Manager has authority delegated to
it from the Board to invest according to
the Management Agreement and other
written policies. Marlin’s portfolio is
managed by Fisher Funds Management
Limited. Sam Dickie (Senior Portfolio
Manager), Chris Waters (Senior
Investment Analyst), and Charles
Barty (Investment Analyst) have prime
responsibility for managing the Marlin
portfolio. Together they have significant
combined experience and are very
capable of researching and investing
in the quality global companies that
Marlin targets. Fisher Funds is based in
Takapuna, Auckland.

BOARD
The Board of Marlin comprises
independent directors
Andy Coupe (Chair), David
McClatchy, Fiona Oliver and
Dan Coman.