Updating Our Benchmarks: Pinetree Macro at Three Years

Why Pinetree Macro is moving from a blended benchmark to ACWI, AGG, and RAAX.

As Pinetree Macro completes its third year, we are updating our benchmarks to facilitate easier comparison for our investors. Our previous benchmarks were a blend of:

· Vanguard Total World Stock Index ETF (VT) - 34%

· Vanguard Total Bond Market ETF (BND) - 33%

· VanEck Inflation Allocation ETF (RAAX) - 33%

These ETFs were chosen to reflect the diversified nature of Pinetree’s portfolio. Peers in the space typically use a 60:40 combination of the MSCI World Stock Index and the Bloomberg Global Bond Index. We also included real assets in the previous benchmark mix, reflecting our macro view: as early signs of a multipolar currency world emerge, global supply chains face efficiency challenges that push procurement costs higher. Combined with mounting debt in developed economies, real asset owners like commodity producers and efficient commodity procurers are well positioned to benefit, while commodities also act as an inflation hedge.

Our New Benchmarks

To provide more precise insight into PineTree’s performance across different asset classes, we have now opted for three distinct benchmarks, each representing 100% of the reference asset class. These are:

1. Equity Benchmark – iShares MSCI ACWI ETF (ACWI)
The iShares MSCI ACWI ETF tracks the MSCI All Country World Index, a broad global equity index covering large- and mid-cap stocks across 23 developed markets and 24 emerging markets. It represents approximately 85% of the world’s investable equity opportunity set, with U.S. exposure of 64.28%. ACWI serves as a comprehensive reference for global equity performance, providing investors with a clear view of how PineTree’s global stock holdings perform relative to the entire world market.

2. Bond Benchmark – iShares Core U.S. Aggregate Bond ETF (AGG)
The iShares Core U.S. Aggregate Bond ETF (AGG) tracks the Bloomberg U.S. Aggregate Bond Index, representing the U.S. investment-grade bond market, including Treasuries, mortgage-backed securities, and corporate bonds. AGG provides a transparent benchmark to measure PineTree’s fixed-income performance against the broader U.S. bond market, reflecting both credit quality and market depth.

3. Real Assets Benchmark – VanEck Real Assets ETF (RAAX)
RAAX provides diversified exposure to real assets, including commodities, natural resource equities, infrastructure, REITs, and gold. Including RAAX as a benchmark captures the strategic role of real assets in the portfolio as both a hedge against inflation and a diversifier against traditional equity and bond risks. In today’s macroeconomic environment, real assets are particularly relevant: supply chain pressures and high debt levels in developed economies favour owners of productive, inflation-sensitive assets.

Why This Matters - Benchmarking with Full Asset Allocation

By presenting three separate benchmarks at 100% each, we aim to make Pinetree’s asset allocation and performance easier to evaluate. Investors can now clearly evaluate the fund’s returns across global equities, U.S. fixed income, and real assets, without the dilution or blending inherent in a single composite benchmark.

Together, ACWI, AGG, and RAAX create a robust framework to assess Pinetree’s performance while aligning with our macro perspective and investment philosophy.

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