Pendelhaven Asset Management B.V.

• Q3 2026 Letter — Van der Mandele ARAR Fund ↗ Van der Mandele ARAR Fund retained its economic exposure to SK Hynix, resized Jackson Financial after a rally, and sold Ferrotec over valuation and moat concerns. It added Deutsche Rohstoff on oil-linked production leverage, cited Thor Explorations’ permitting outlook, and viewed Gravity’s dividend as a positive capital-allocation signal. Q3 2026 DR0 $503MALM $5.1BFRRZF delisted +4

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