Ainslie Bitcoin & Bullion Fund.

The Ainslie Bitcoin & Bullion Fund is an unregistered wholesale managed investment scheme aiming to preserve and grow capital by strategically allocating across Bitcoin, Gold, and Silver, with the objective of outperforming the Reserve Bank of Australia Cash Rate plus four per cent per annum.

The Fund's philosophy centres on the capacity of these three assets to outperform monetary debasement and preserve wealth across economic cycles. The Investment Manager applies a disciplined strategy, actively adjusting the portfolio in response to macroeconomic trends and global liquidity conditions.

In practice, the Fund moves between a Bitcoin-led position when global liquidity is expanding and a metals-led position when liquidity is contracting or economic risk is elevated. Within the metals allocation, the balance between Gold and Silver is actively managed using the Gold-to-Silver ratio and supporting indicators, leaning toward Silver in reflationary phases and toward Gold as economic stress builds.

The Fund is a wholesale fund, or an unregistered managed investment scheme structured as a unit trust. In this structure, money invested in the scheme by all Investors is pooled and used to buy investments, which are managed on behalf of all Investors by the Investment Manager. The Trustee has day-to-day control over the operation of the Fund. By investing in the Fund, Investors access Ainslie Wealth's specialist knowledge and investment strategies.

Investment Objective

The investment objective is to preserve and grow capital by strategically allocating assets to Bitcoin, Gold, and Silver with the aim of outperforming the RBA Cash Rate plus 4% p.a. The Investment Manager implements a strategy that monitors macroeconomic trends and global liquidity conditions to inform its investment decisions.

Depending on the economic phase, the portfolio may be adjusted as follows:

• The Fund's allocation moves between two regimes: a Bitcoin-led position when global liquidity is expanding, and a metals-led position when liquidity is contracting or risk is elevated.
• The transition between regimes is informed by macroeconomic and liquidity indicators, with each asset retained in some weight at all times rather than rotated to zero.
• Within the metals allocation, the Fund actively manages the split between Gold and Silver using the Gold-to-Silver ratio and supporting signals, leaning toward Silver in reflationary phases and toward Gold as economic stress builds.

Investment Philosophy

The Fund's investment philosophy is centred around the belief that Bitcoin, Gold, and Silver are assets that can outperform monetary debasement and preserve wealth during periods of economic uncertainty. It seeks to capture the historically large increases in Bitcoin prices at certain periods and to protect investments by holding Gold before large historical retracements and during periods of economic uncertainty that favour Gold.

The Fund actively invests in Bitcoin, Gold, and Silver, with allocation decisions driven by macroeconomic trends and global liquidity conditions.

The Fund's strategy moves between two regimes. When global liquidity is expanding and risk appetite is rebuilding, the portfolio is weighted heavily to Bitcoin with a defensive base in metals. When liquidity is contracting or economic risk is elevated, the portfolio is weighted heavily to metals with Bitcoin retained in a smaller core position. Within the metals allocation, the balance between Gold and Silver is actively managed using the Gold-to-Silver ratio and supporting indicators, leaning toward Silver in reflationary phases and toward Gold as economic stress builds.

The Investment Manager manages inflows and outflows to maintain target weightings while minimising spread and execution costs: a structural advantage of operating within the Ainslie Group's bullion infrastructure.

The Investment Committee meets weekly. Each meeting is guided by a pre-prepared report covering the macroeconomic indicators the framework is built on, including liquidity, inflation, growth, and ratio signals across the three assets. The Committee assesses the prevailing liquidity phase and adjusts allocations for the week ahead based on the data, not the narrative.

The macroeconomic analysis underpinning these decisions is published publicly each week through the Chief Economist's report, giving investors continuous visibility into the framework guiding the Fund's positioning.

• Strategic Asset Mix: Access a curated portfolio of Gold, Silver, and Bitcoin, actively allocated for resilience and growth across economic cycles.
• Dual-Advantage Investments: Benefit from assets with a proven track record of both safeguarding capital and delivering long-term growth.
• Secure Custody: Underlying assets are held by an Australian custodian, with bullion stored physically and Bitcoin held in institutional-grade custody.
• Direct Redemption: Investors can redeem in cash or in-specie, taking physical delivery of bullion or transfer of Bitcoin if preferred.
• High Liquidity: Weekly cash and in-specie redemption windows, supported by the inherent liquidity of the underlying assets.
• Expert-Led Strategy: Decisions are guided by proprietary macroeconomic and global liquidity analysis, with portfolio weightings adjusted weekly by the Investment Committee.

2008 marked a pivotal shift in the global financial landscape. In response to the Global Financial Crisis, central banks initiated an unprecedented monetary expansion that rewrote traditional valuation frameworks and asset correlations. Bitcoin was launched in the same year, independently of these events, and has since grown into a credibly scarce monetary asset alongside the more established roles played by Gold and Silver.

What began as a monetary policy regime has since evolved into one of fiscal dominance. Sovereign debt loads, structural deficits, and the political constraints on central bank independence have reached a point where monetary policy is increasingly subordinate to fiscal needs. The capacity of central banks to fight inflation with traditional tools is now bounded by the cost of servicing public debt, and currency debasement has shifted from tail risk to structural feature.

The Ainslie Bitcoin & Bullion Fund is built for this environment, on the view that traditional portfolios of stocks and bonds were optimised for a monetary regime that no longer exists.

Bitcoin offers what no fiat currency can: a verifiable, fixed monetary base of 21 million units, secured by a decentralised network and growing in value with adoption in line with Metcalfe's Law.

Gold is the world's most established store of value, a primary reserve asset for central banks globally, with no counterparty risk and a supply that grows at less than two per cent per year.

Silver carries a dual monetary and industrial role, giving it leverage to Gold during periods of monetary stress and additional demand from electrification, renewables, and advanced manufacturing.

Combined and actively managed, these three assets give investors exposure to the major credibly scarce stores of value, weighted to the prevailing macroeconomic and liquidity environment.

The Ainslie Group has operated in the Australian precious metals market since 1974. Over more than five decades, the Group has built a bullion business serving over 46,000 Australian clients (the majority repeat) with annual turnover exceeding $1 billion. Ainslie Crypto, the Group's digital assets arm, has been active in Bitcoin since 2017, with a dealing and custody operation that predates the entry of most Australian financial institutions into the asset class.

This scale is the structural foundation of the Fund. Bullion is sourced, traded, and held within the Group's own infrastructure. Bitcoin is acquired through long-established institutional channels. The result is tighter execution, lower spreads, and a transparent chain of custody from purchase through to in-specie redemption.

Bullion is held in Reserve Vault, a world-class vaulting facility originally established by the Reserve Bank of Australia, with all client holdings independently audited quarterly by PKF and insured through Lloyd's of London. Bitcoin is custodied with Zodia, the institutional digital asset custody venture of Standard Chartered Bank and NAB. Dealing, execution, and analytical capability sit within the Group, providing meaningful pricing, execution, and in-specie redemption advantages without compromising the integrity of asset holdings.

The Fund is managed by a senior team with combined experience across precious metals, digital assets, macroeconomic analysis, and global markets, including CMT and CFTe-credentialed market technicians and decades in licensed Funds Management. The Chief Economist's weekly published report is further discussed and analysed in fortnightly publicly available video panel presentations, giving investors and the broader market continuous visibility into the analytical framework guiding the Fund's positioning.

Investors benefit not only from the Fund's strategy, but from the operational depth of a group whose entire business is built around the assets the Fund holds. This alignment, between manager, dealer, vaulting partner, and analytical engine, is rare in the Australian funds management landscape and is, in our view, a meaningful structural advantage.

The information in this website has been prepared by Ainslie Wealth Holdings Pty Ltd (ABN 75 647 626 784) as the Trustee of the Ainslie B & B Fund. The Trustee is a corporate authorised representative (CAR No. 1315240) of Ainslie Group Holdings Pty Limited (ABN 94 676 163 974, AFSL 560644) and appoints Ainslie Group Holdings as its AFS licensed intermediary under s911A(2)(b) of the Corporations Act 2001 (Cth) to arrange for the offer to issue, vary or dispose of units in the Fund.

The material is for general information only and is not an offer for the purchase or sale of any financial product or service. The material has been prepared for investors who qualify as wholesale clients under sections 761G of the Corporations Act or to any other person who is not required to be given a regulated disclosure document under the Corporations Act. The material is not intended to provide you with financial or tax advice and does not take into account your objectives, financial situation or needs.

Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Past performance may not be indicative of future performance and no guarantee of performance, return of capital or a particular rate of return is given by Ainslie Group Holdings, the Trustee or any other person. To the maximum extent possible, Ainslie Group Holdings, the Trustee or any other person do not accept any liability for any statement in this material.