JANUARY 2026 PERFORMANCE REPORT

Geneva, 2 February 2026

Dear Valued Investor,

The new year started with significant excess returns, as the Great Visionaries (USD) and Global Alpha (CHF-hedged) actively managed certificates delivered +14.4% and +13.0% in January alone.

In a period where broader markets sought direction, our high-conviction thematic strategy - rooted in our proprietary quantitative approach - demonstrated exceptional decoupling from major indices. By comparison, the S&P MidCap 400 advanced +4.0%, while the S&P 500 and Nasdaq 100 appreciated by +1.5% and +1.2% respectively. 

Beyond pure equity returns, the Global Alpha (CHF-hedged) certificate demonstrated exceptional resilience amidst a structural shift in currency markets. The weakness in the US dollar this month was not a market accident, but an American policy choice. Consistent with the tenets of The Heritage Foundation’s Project 2025, the current environment suggests a weaponization of competitive devaluation to reset the U.S. trade balance. 

Against this backdrop, our architecture offers a decisive advantage for Swiss-based qualified investors. Historically, global currencies tend to depreciate against the Swiss Franc over the long run, often eroding the real returns of foreign equity portfolios. 

Our Global Alpha (CHF-hedged) strategy solves this structural challenge: it allows you to capture the full explosive potential of US-centric disruptive themes, while neutralizing the currency drag. By utilizing a systematic hedging layer of USD/CHF forwards, we isolate the returns of our stock selection from the devaluation of the dollar, ensuring your performance is driven by technological disruption, not diluted by exchange rates. 

Furthermore, recognizing shifting correlations, we proactively reduced our gold hedge in the Global Alpha (CHF-hedged) certificate prior to the current turmoil. Originally held to shield the portfolio from geopolitical escalation, this exposure to gold and mining assets has been trimmed to less than 7% to redeploy capital into higher-conviction themes.

With a gain of +74.2%, Bloom Energy was both certificates’ primary high return generator this month. The catalyst was a landmark $2.7bn agreement with American Electric Power (AEP), but the structural story is the validation of the "AI power bottleneck" thesis: as Artificial Intelligence data centers scale, the standard electrical grid cannot keep up. 

Bloom Energy‘s solid-oxide fuel cells (SOFC) offer the perfect solution: a non-combustion power source that is independent of the grid, deployable in months rather than years, and highly efficient.

Importantly, this technology allows AI data centers to bypass utility constraints while offering a pathway to zero emissions by leveraging hydrogen. 

After a period of market skepticism, Bloom Energy has secured its role as a critical infrastructure player for the AI era. The AEP deal builds upon major 2025 agreements with Brookfield, Oracle, and Equinix, confirming a definitive change in Bloom Energy’s commercial scale.

Delivering a +57.7% monthly return, Amprius Technologies surged as the company successfully funded its commercial ramp-up, validating its technological moat. Backed by over 80 patents, Amprius has achieved what was long considered the "holy grail" of battery chemistry: replacing the traditional graphite anode with a structure composed entirely of 100% silicon nanowires. 

This architecture allows for an energy density of 500 Wh/kg - nearly double that of the best graphite-based cells on the market today. Furthermore, Amprius has demonstrated the ability to charge to 80% in just six minutes, a breakthrough that is revolutionizing electric mobility. 

With a fresh $97.5 million capital injection, the company is now accelerating production to meet demand for NATO drones and next-generation satellite systems, while simultaneously delivering to top-tier commercial partners like Airbus, AeroVironment, and an undisclosed major automotive manufacturer. Across all these verticals, this superior power-to-weight ratio serves as a mission-critical advantage.

Ucore Rare Metals surged +53.4% as the geopolitical scramble for non-Chinese critical minerals intensified. The market is waking up to the reality that Ucore is transforming from a junior miner into a strategic industrial refiner. With a confirmed mid-2026 production start at its Louisiana complex - underpinned by a 10-year supply agreement for raw materials from Greenland - Ucore is positioning itself as the key to breaking the Chinese chokehold on heavy rare earths. 

Specifically, Ucore’s unique technology (RapidSX) will process Dysprosium (Dy) and Terbium (Tb). These elements are indispensable additives for high-performance permanent magnets used in EV engines and defense guidance systems, allowing them to operate at high temperatures without losing magnetization. Currently, the West is almost entirely dependent on China for these materials, positioning the Canadian firm as a critical, scalable supplier for the NATO alliance.

Micron Technology, another core holding in both certificates, rallied +45.4%, driven by exceptional demand as the "Memory Wall" narrative took center stage. Artificial Intelligence processors from NVIDIA and AMDrequire massive data throughput to function, positioning Micron’s High Bandwidth Memory (HBM) as the primary gating factor for system performance. As a result, memory has evolved from a cyclical commodity into a strategic, high-margin component essential to the entire accelerated computing stack, igniting a pricing power supercycle as hyperscalers compete for allocation of these specialized chips. 

Conversely, AppLovin retreated -29.8%, ending as the primary detractor for both certificates. This pullback was exacerbated by sector-wide jitters over Google's "Project Genie" and a short-seller report questioning compliance controls. We view these as transient sentiment shocks rather than structural threats to the company's core AI-driven predictive engine, which enables advertisers to target high-value users with pinpoint precision. While we remain confident in the long-term thesis, we are monitoring the situation closely, ready to act on any new developments to protect capital or capture upside.

In closing, we thank you for your continued trust and partnership. While the Great Visionaries AMC and Global Alpha (CHF-hedged) have delivered strong early results so far in 2026, we believe the most significant revaluation lies ahead. Many of our core positions have not yet fully reflected their fundamental intrinsic value, offering a compelling entry point for the next phase of growth across our diversified thematic spectrum. 

Whether you are looking to scale your exposure or just beginning this journey with us, we invite you to connect directly to discuss how our certificates can fit your long-term investment strategy . 

Best regards,

Wilhelm Sissener, CFA
+41 (0)79 447 57 48
www.starvestcapital.com 

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