Since inception, June 2, 2025

All data is shown net of a 2 % management fee and 20 % performance fee and does not reflect any particular investor’s realized return. Past performance is not indicative of future results. There can be no assurance that the strategy will achieve profits or avoid losses. Time-weighted strategy performance differs from investor-level performance. Actual investor returns are affected by each investor’s subscription date, withdrawal date, capital account balance, applicable fee arrangement, performance allocation, expense allocation, and other individual circumstances. Current investors should refer to their official capital account statements and fund reports for investor-specific performance. Hound Dog Fund, LP commenced operations on February 1, 2026. Performance shown for periods prior to February 1, 2026 was achieved by the same strategy as implemented inside individual accounts. Hound Dog Fund, LP did not exist during the pre-February 1, 2026 period, and no investor in Hound Dog Fund, LP received the returns shown for that period through Hound Dog Fund, LP. The pre-Hound Dog results are included because Mu Hat believes they are relevant to understanding the historical performance of the strategy, but they should be evaluated in light of the fact that the strategy was implemented in a different investment vehicle before Hound Dog Fund, LP commenced operations. The pre-Hound Dog performance is included only because the investment strategy, investment objective, portfolio construction process, and principal decision-making responsibility are believed to be substantially similar to the strategy currently implemented for Hound Dog Fund, LP. To the extent there were differences in vehicle structure, fee arrangements, expenses, account size, tax treatment, liquidity terms, cash flows, or operational constraints, those differences may cause Hound Dog Fund, LP’s results to differ from the pre-Hound Dog results.