Summary of US Equity Strategy: Institutional 13F Positioning - 4Q25 Industry Overview - The report focuses on the US equity market, particularly the shifts in institutional investor positioning across various sectors during the fourth quarter of 2025. Key Findings Sector Shifts - **Healthcare**: Increased exposure by 1.0% among large-cap investors and 2.6% among small-cap investors, driven by strong performance in biotech [6][9] - **Communication Services**: Gained 0.4% in large caps and saw notable inflows [6][8] - **Materials**: Experienced a reduction in exposure by 1.1% in large caps and 0.6% in small caps, indicating a shift away from this sector [6][9] - **Tech Holdings**: Remained flat quarter-over-quarter, with a notable reduction from EMEA-based investors [6][8][26] Investor Behavior - **Hedge Funds**: Followed similar trends as long-only funds, increasing their positions in Healthcare while reducing exposure to Materials [6][8] - **Geographic Ownership**: US-domiciled funds account for 80% of S&P 500 ownership, with Energy being the most North America-dominated sector at 86% [26][28] Performance Metrics - The S&P 500 posted a 2.4% return in Q4, led by Healthcare (+11%) and Communication Services (+7%) [8] - Hedge funds saw diverse flows, with Consumer Discretionary and Healthcare adding the most share, while Materials and Communication Services saw reductions [8][19] Small Cap Insights - Small-cap investors increased their exposure to Healthcare and Real Estate, while reducing positions in Discretionary and Materials [9][10] - Small-cap Healthcare now represents 36% of AUM compared to 19% in the Russell 2000, indicating a significant overweight in this sector [10] Active Share Changes - The report highlights the largest active share increases and reductions among the top 100 hedge funds, indicating a focus on concentrated positions in specific sectors [28] Additional Insights - **Sector Allocation Trends**: Investors are generally overweight in Industrials and Healthcare while underweight in Technology and Discretionary sectors relative to index weights [38] - **Historical Positioning**: The underweight in Technology has increased since 2010, reflecting concerns over concentration in megacap stocks [38] Conclusion - The report indicates a clear trend of increasing investor confidence in Healthcare and Communication Services, while Materials and Technology are experiencing reduced interest. The shifts in small-cap allocations further emphasize the growing focus on biotech within the Healthcare sector.

Runway Growth Finance Corp. Overview of Proposed Acquisition of SWK Holdings NASDAQ Listed I RWAY I RWAYL I RWAYZ October 2025 © Runway Growth Capital LLC 2025 Forward-looking Statements This presentation dated October 2025 is being provided by Runway Growth Finance Corp. ("Runway Growth" or the "Company") for discussion purposes only and is neither an offer to sell, nor a solicitation of an offer to purchase, an interest in the Company. It is solely intended to describe the general business, investment obj ...

Group 1 - On September 24, a total of 17 stocks received buy ratings from brokerages, with 4 stocks announcing target prices [1] - Based on the highest target prices, Dongcai Technology, Rongchang Bio, and Changan Automobile ranked highest in target price increase, with expected increases of 51.19%, 32.4%, and 26.54% respectively [1] - Among the stocks receiving buy ratings, the sectors with the most stocks were technology hardware and equipment (3 stocks), pharmaceuticals (2 stocks), biotechnology and life sciences (2 stocks), and food, beverage, and tobacco (2 stocks) [1] Group 2 - 11 stocks maintained their ratings, while 6 stocks received ratings for the first time [1]