Prepared by your relationship team. A standing copy is held in the family vault. Three copies were posted by hand.
ACCOUNT № SP-2014-0184 · 12 YEARS WITH STERLINGREPORT № 048 · DECEMBER 2026
SP-2014-0184 · HALÁSZ FAMILYA LETTER FROM THE CHAIRMAN02 / 20
A LETTER FROM THE CHAIRMAN
A few words at the close of a quiet, patient year.
2026 has been a year of measured returns and unmeasured patience. The portfolio you entrusted to us at the start of the year has, by every honest measure, grown — but more importantly, it has grown without losing the shape of the family's long-term wishes. We thank you for your continued confidence, and we look forward to continuing this work into the year ahead.
With my regards,
R. Lansing
CHAIRMAN · STERLING PRIVATE OFFICE · 22 YEARS
A LETTER · DECEMBER 202602 / 20
SP-2014-0184 · HALÁSZ FAMILYPORTFOLIO · AS OF 30 NOV 202603 / 20
TOTAL PORTFOLIO VALUE
€48,212,400
Up 7.4% year-to-date · ahead of the family's 5.5% target.
YTD RETURN
+7.4%
TARGET RETURN
5.5%
5-YEAR ANNUALIZED
8.1%
ASSET ALLOCATIONPOLICY BAND COMPLIANT04 / 20
CURRENT ASSET ALLOCATION
Five classes, within policy.
A slow drift toward fixed income through the year. Cash kept at the lower end of the policy band; rebalancing is scheduled for January.
EQUITIES
45%€21.7M · policy 40-50
ASSET ALLOCATION · AS OF 30 NOV04 / 20
PERFORMANCE · YTD+1.9PP vs BENCHMARK05 / 20
PERFORMANCE · YTD vs BENCHMARK
Ahead of benchmark in every month after March.
BENCHMARK · 60/40 GLOBAL CUSTOM-WEIGHTED · NET OF FEES05 / 20
TOP HOLDINGS · BY WEIGHT10 OF 84 POSITIONS06 / 20
TOP HOLDINGS · TEN OF EIGHTY-FOUR
The names that move the portfolio.
HOLDING
CLASS
WEIGHT
VALUE
YTD
YIELD
HELD SINCE
Atlas Industrial Group
EQUITY
6.2%
€2.99M
+18.4%
3.2%
JAN 2018
HOLDINGS · DETAILED IN APPENDIX A06 / 20
GEOGRAPHIC EXPOSURE4 REGIONS · NET BIAS EUROPE07 / 20
GEOGRAPHIC EXPOSURE · BY REVENUE
Europe-weighted, by design.
EUROPE
48%
€23.1M · home bias
GEOGRAPHIC · BY UNDERLYING REVENUE07 / 20
RISK PROFILE · vs FAMILY TARGETWITHIN TOLERANCE08 / 20
RISK PROFILE · vs FAMILY TARGET
Six dimensions, all within agreed tolerance.
PORTFOLIO · TODAY
FAMILY TARGET
All six metrics sit within the agreed tolerance band. Volatility has drifted slightly above the midpoint and is the only line we plan to rebalance in January.
RISK MEASURED ON A ROLLING 3-YEAR WINDOW08 / 20
INCOME & YIELD · 2026€1.42M DISTRIBUTED09 / 20
INCOME & YIELD · MONTHLY DISTRIBUTION
Distributions received, by month and source.
MONTH
EQUITY DIV.
BOND COUPON
FUND DIST.
REAL ESTATE
TOTAL · MO
CUMULATIVE
January
€18,420
€42,180
—
€12,400
€73,000
€73,000
DISTRIBUTIONS · NET OF WITHHOLDING TAX09 / 20
WEALTH PROJECTION · 10-YEARTHREE SCENARIOS10 / 20
WEALTH PROJECTION · 10-YEAR HORIZON
Three scenarios, all positive after year 4.
ASSUMPTIONS · 5.5% BASE · 3.0% LOW · 8.0% HIGH · NET OF FEES10 / 20
CASHFLOW SCHEDULE · 6 MONTHSNET +€842K11 / 20
CASHFLOW SCHEDULE · DEC '26 → MAY '27
Eight upcoming cashflows, planned.
15 DEC 2026Atlas IV capital call · tranche 3Final tranche of the 2024 commitment, paid from cash reserveAtlas IV · LP commitment−€420,000SCHEDULED
CASHFLOW · NEXT 6 MONTHS11 / 20
TAX SUMMARY · YTD 2026NET LIABILITY €218K12 / 20
TAX SUMMARY · YEAR TO DATE
Realised gains, harvested losses, net liability.
REALISED GAINS
€842K
12 sales · long-term majority
Liability shown is gross. The family office expects a further €38K reduction once foreign tax credits are applied in March. Detailed jurisdictional breakdown in §C.
ESTATE STRUCTURE · DETAILED IN PRIVATE MEMO13 / 20
HALÁSZ FOUNDATION · 2026€824K DISBURSED14 / 20
CHARITABLE GIVING · FOUNDATION · 2026
Six causes, €824,000 this year.
EDUCATIONMunich Scholars Programme€240K12 SCHOLARSHIPS · 7 YEARS
LIFETIME GIVING · SINCE 2014€4,820,000
YOUR RELATIONSHIP TEAM4 NAMED CONTACTS15 / 20
YOUR RELATIONSHIP TEAM · 2026
Four named people. Always reachable.
Marit Kovaleva
PRIVATE BANKER · LEAD
m.kovaleva@sterling.bank
+49 89 ★ ext. 184
YOUR TEAM · 24/7 ANSWERING SERVICE15 / 20
CALENDAR · 6 MONTHS5 SCHEDULED · 1 OPEN16 / 20
CALENDAR · UPCOMING MEETINGS
Five meetings already in your diary.
18 DEC 2026Annual portfolio reviewFull team present · two-hour session with break for teaM. Kovaleva · in person, Munich officeCONFIRMED
CALENDAR · 6 MONTHS · IN YOUR DIARY16 / 20
CONCIERGE · LIFETIME PRIVILEGESUSED 14× THIS YEAR17 / 20
CONCIERGE · YOUR PRIVILEGES
Six services, none of them on a price list.
TRAVEL DESKA travel team for the whole family.Booking, rebooking, ground transfer, visa work, and the kind of last-minute arrangements that ordinary booking sites cannot reach. Used 6× this year.CONTACT · ext. 401
CONCIERGE · DIRECT LINES IN APPENDIX D17 / 20
MARKET COMMENTARY · 2026BY THE CIO18 / 20
MARKET COMMENTARY · 2026 IN THREE PARAGRAPHS
A measured year, with one or two surprises.
I.
2026 will be remembered as the year the rotation away from late-stage venture finally finished. Capital that had been waiting on the sidelines for nearly four years moved, at last, into instruments that pay coupons.
"The fastest investor on the table is no longer the one who reads the room."
— P. ADELMANN · CIO
MARKET COMMENTARY · CIO18 / 20
IMPORTANT NOTICESREAD BEFORE FILING19 / 20
IMPORTANT REGULATORY NOTICES
A few notices the regulator requires.
CLASSIFICATION
This document is private & confidential.
Distribution is limited to the named addressee and their estate's appointed advisers. The document may not be reproduced, redistributed, or forwarded in any form without our written consent.
A private bank serving thirty-eight families since 1974. Regulated by BaFin (Munich), the FINMA (Zurich) and the FCA (London). Member of the Verband deutscher Privatbanken.