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www.stjamesia.com St. James Investment Advisors 1-800-966-9343 All Cap Equity Portfolio Objective The St. James All Cap Equity Portfolio seeks long-term capital appreciation through an actively managed portfolio of companies with sustainable competitive advantages and consistent strong business performance. The portfolio will consist of approximately 30 to 35 holdings and is balanced amongst market capitalizations, sectors, and industries. We emphasize “All-Weather Businesses.” St. James employs a disciplined investment strategy by identifying high quality companies at what it believes to be attractive prices. We focus on essential companies in today’s economy but notably on companies we believe will be just as relevant in five to seven years. Exceptional business performance combined with endurance. Under normal circumstances, at least 95% of the portfolio assets will be invested in equity securities selected through a thoughtful value-oriented approach. Philosophy We believe our philosophy is a rational and intelligent approach to investing. We buy partial ownership of companies which we understand at prices below our assessment of their intrinsic value. We approach investing in publicly traded companies on a long-term basis as if we were buying the company outright and retaining current management. We are patient investors who believe that the intrinsic value of an underlying business will be recognized by the market over time. Our goal is to provide superior long-term returns for investors while attempting to minimize risk. We seek absolute returns while attempting to outperform the S&P 500 index over the long-term. Primary Portfolio Publicly traded equities St. James Investment Advisors We are professional portfolio managers Committed to Value Investing. St. James is an independent, fee-only, United States Securities and Exchange Commission registered investment advisory firm, providing customized portfolio management services to individuals and their financial advisors. Partnership Investing We invest our money alongside you as partners in our process. As managers we have significant amounts of our own capital invested in the strategy. Governing Principles We invest in quality companies with strong cash flow above operating needs. We invest in quality companies with exceptional Return on Shareholder Equity. We will treat your investment with St. James as if it were our own. We will remain significant investors with you in St. James Investment Advisors portfolios. Our independence as a firm allows us to focus on the interests of our clients in our decision-making process. Our decision-making process takes full advantage of individual insights within a partnership-oriented culture. We are patient, long-term investors. We will discourage short-term speculators and market timers. We will communicate with our investment partners as candidly as possible. We think “benchmark risk” is part of investment life. Our firm’s goal is to earn good absolute investment returns over long periods of time without exposing our clients’ capital to undue risk. We do not think about any particular index when we make investment decisions.

All investing involves risk of loss, and the All Cap Equity investment strategy could lose money over short or even long periods. Companies with indicated dividend yields that are above the S&P 500 average are referred to as above-average dividend yields. Discussion and allocations of investments shown above reflect the portfolio’s investments on the date of this presentation and may not be representative of the portfolio’s future holdings. The Investment Highlight position described above was randomly selected and was not selected based on performance. Views expressed regarding a particular company, security, industry, or market sector should not be considered an indication of trading intent of any investments managed by St. James Investment Advisors. These views should not be considered investment advice, nor should they be considered a recommendation to buy or sell. Data is based on a representative account selected because it has the least number of restrictions and best represents the implementation of the strategy. Presentations of composite performance are available upon request. Part 2 of form ADV is available upon request or at www.stjamesia.com. www.stjamesia.com St. James Investment Advisors 1-800-966-9343 All Cap Equity Portfolio Quarter Ending March 31, 2025 | Commentary There are unfortunate times when we are “right” about a topic, and the start of 2025 is one of them. A common question we have answered since the election is, “What do you think will happen to the markets?” Our consistent answer, mainly due to today’s political climate, is that we anticipate market volatility. We have recently experienced some market volatility. However, as long-term investors, what does this mean to us? “Nothing” is our direct and rather blunt response! Investing has always involved market volatility, and there will always be uncertainty about the future. Investors should keep in mind that the stock market functions as a forward-looking pricing mechanism. As a result, it makes sense for markets to experience increased volatility when the outlook becomes uncertain. Fear of the unknown is a powerful psychological factor that affects the decision-making of both professional and retail investors. This fear can lead to various cognitive biases, causing investors to act irrationally. During times of widespread doubt and uncertainty, many investors stray from the strategies that have previously worked for them, regardless of whether those strategies remain sound. This highlights one of the core principles we follow when managing client assets: we remain disciplined in our time-tested, value-oriented investment philosophy. Our strong belief in our investment approach compels us to stay the course, particularly during periods of market uncertainty and volatility. While tariffs have introduced new challenges in the investment landscape, we will continue to adhere to our value-oriented principles, avoid emotional decision-making, and maintain a focused long-term perspective. During the last quarter the St. James All Cap Equity Portfolio benefitted with exposure to: During the last quarter the St. James All Cap Equity Portfolio exposure to the following was negative: The following are the individual contributors and detractors from the portfolio during the last quarter: As of quarter-end, the St. James All Cap Equity Portfolio had the following compositions: Investment Highlight Alibaba Group Holding Ltd. (BABA) is an eCommerce and Internet technology giant headquartered in the People's Republic of China. Its core platform, Alibaba.com, is the world’s third largest eCommerce platform by sales. The company, through its vast network of subsidiary companies, provides the infrastructure and marketing to help merchants of all sizes develop their brands and to connect with customers in the People's Republic of China and internationally. The company also aids other businesses with a vast array of digital and logistical solutions with a reach that spans the globe. Alibaba has a market capitalization of $315.28 billion and generated 2024 annual revenue of $130.35 billion. • Industrials • Financials • Consumer Discretionary • Select Consumer Discretionary • Select Health Care • Technology Contributors: Detractors: Alibaba Group Holding Ltd. ADR Salesforce Inc. Amgen Inc. Alphabet Inc. Berkshire Hathaway Inc. Oracle Corp. Equities: 98.00% Cash: 2.00% Total: 100.00%