Brighthouse Financial, Inc.

• PA Pendelhaven Asset Management B.V. Investor’s Letter November 2025 ↗ ARAR Fund retained Jiayin despite China’s lending restrictions, citing a valuation floor, potential recovery in originations and overseas growth, while adding gold-miner exposure on operating leverage to higher gold prices. The fund exited Deutsche Rohstoff and argues that AI infrastructure spending is unlikely to earn adequate returns, leaving hardware suppliers especially exposed to spending cuts. November 2025 JFIN $80MAMZN $2.9TBHF $2.4B +10

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