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Important Disclosure

Please read carefully before proceeding

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Restricted Access — Qualified Investors Only

This material is intended exclusively for accredited investors, qualified purchasers, and professional investors as defined under applicable securities laws. If you do not meet these criteria, please exit this document immediately.

Performance Data Disclosure

The performance data presented in this document reflects the historical returns of the Convequity Public Strategy: NDI-FutureTech, a publicly accessible model portfolio managed by the Convequity investment team since January 2024. This portfolio is tracked transparently and can be independently verified.

This is NOT the performance of the ALL PATH AI Future Fund. The Fund is a newly formed investment vehicle. Past performance of the Public Strategy does not guarantee, predict, or indicate future results of the Fund or any other investment.

Important Risks & Considerations

  • Past performance is not indicative of future results. Investment returns can vary significantly and you may lose some or all of your investment.
  • This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security.
  • Any investment decision should be made only after reviewing the Fund's official Private Placement Memorandum (PPM) and related offering documents.
  • Investments in private funds involve significant risks including illiquidity, lack of diversification, and potential total loss of capital.
  • The Fund will employ a similar but not identical strategy to the Public Strategy, with different constraints, fees, and market conditions.

Regulatory Notice

Convequity Ltd (Company No. 12093463) is a UK-registered company. This material has not been approved by the Financial Conduct Authority (FCA) or any other regulatory body. Distribution of this material may be restricted in certain jurisdictions.

Convequity
Convequity ALL PATH AI Future Fund
One Pager
January 2026

AI is the New Cloud

Capturing the Next 15-Year Paradigm Shift

The AI Disruption: Generational Opportunity

Bessemer Cloud Index
The Proof: Cloud Era
2013 - 2021
Outperformed 2.14x of S&P 500
The Reckoning
Last 3 Years
Underperforming 0.37x of S&P 500
2013-2021 Outperformance → Recent Underperformance
Bessemer Cloud Index
Our Thesis: AI Era
Convequity Public Strategy
2024 - 2025
AI & Next-Gen Tech Outperformed
2x+
over the past 2 years
Since Inception: +98.78%

Cloud was the emerging tech in 2013, massively outperforming for a decade. But cloud underperformed massively since 2022 when the AI wave got started. We believe AI represents a larger generational opportunity today and will drive similar outperformance over the next 15 years.

Why NOW?

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Skepticism Creates Opportunity — AI skepticism keeps many investors on the sidelines, creating a generational opportunity
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Early AI Production — Enterprise AI deployment has just gotten started; we're in the first innings
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Asymmetric Opportunities — Ongoing AI tech roadmap shifts create great asymmetric risk/reward

Why US?

Mads Christiansen
Mads Christiansen CIO
Visionary top-down tech investor with deep expertise in identifying secular technology trends before institutional consensus.
Jordan Lambert
Jordan Lambert, CFA PM
Valuation & risk specialist combining rigorous financial analysis with systematic portfolio construction methodologies.
Simon He
Simon He Dir. Research
Technology generalist bridging engineering and investing. Translates complex AI system dynamics into high-conviction research.
Σ
Compass
Discovering Opportunity: Proprietary screening model identifies high-volatility, under-covered tech stocks.
P
PAV
Evaluating Moat & Vision: Product, Architecture, Vision framework assesses structural advantage.
M
MSU
Positioning & Sizing: Market, Street, Us framework maps consensus vs. our thesis to size positions.
A
ALL PATH
Foundational Philosophy: Ergodic framework diversifies across tech value chain for compounding.