Fama LatAm Climate Turnaround | Management Report 3Q26

We are pleased to share the the LatAm Climate Turnaround Fund’s Management Report for the third quarter of 2026.

The quarter marked a new stage in the evolution of our strategy. The portfolio expanded from four to eight companies with the addition of Klabin, Cemex, WEG and Rumo, broadening its sector and geographic diversification. The report takes a closer look at the investment theses behind these new positions, exploring how climate transformation can strengthen competitive advantages and create economic value for their shareholders.

In the CIO Letter, we discuss a dimension that remains largely underexplored by the market: o natural capital as a source of durable competitive advantage.lThe combination of natural conditions that are difficult to replicate, operational know-how and sound management can generate structural advantages in cost, productivity and resilience, which are particularly relevant in a world facing mounting climate pressures.

The report also presents the evolution of our approach to climate value creation, which now encompasses different value creation mechanisms across the companies' operations, value chains and end markets. Finally, the Climate Dashboard brings together the key indicators for our eight investees and the progress of our engagement activities.

We hope you find the report insightful, and we remain at your disposal to discuss it and the evolution of the strategy.