Supporting many of the world’s leading families and wealth creators across generations and geographies

Our sustainable investment strategy has a dual objective

of long-term capital appreciation

and targeting investments with sustainable characteristics.

We find sustainable investing means different things

to different people, but

to us it means limiting our investments

to more harmful areas such as weapons, tobacco, and oil

and gas, while also leaning into areas

that are positive outcomes for people and the planet.

Uh, we recognize that at some point on

that positive impact spectrum market returns become

more difficult to achieve.

Our objective is to maximize those sustainable

characteristics without accepting a below market return.

We use three lenses for assessing impact.

The first is the alignment

with the UN developed sustainable development goals,

which include goals such as climate action,

reduced inequalities, and good health and wellbeing.

We use a third party to map the revenue exposure

that the underlying companies

with the sustainable development goals

to understand which ones we are more closely aligned to.

The second is the impact and environmental, social

and governance metrics

or ESG metrics as they're widely known in the industry.

Here we look through to see company specific ESG data

and could see statistics such as

how many high risk patients are being treated, the number

of healthy meals being produced,

and the amount of water being saved

for a certain amount invested in a sustainable portfolio.

And the third and one that is often overlooked is the

impact of engagement.

This is where discussions with underlying companies can lead

to incremental positive changes in how a company operates.

In relation to ESG matters,

One of the sustainable development goals

that the portfolio is well aligned to is SDG six,

which is clean water and sanitation.

We recognize the global need to reduce water pollution

and improve access to clean sanitation.

It's staggering that

around 700 million people today don't have access

to clean water, which is about one in 10 people globally.

We have a number of underlying companies which touched this

goal, including Xylem, which is the company that moves,

treats, and analyzes water.

In 2023 alone,

the company helped its customers reduce water loss

by 800 billion liters, and importantly provided clean water

and sanitation to 3.8 million people at the

bottom of the economic pyramid.

This comes up a lot and the short answer I'm pleased

to say is no.

We started this journey in mid 2019,

and whilst the path of the investment returns looks slightly

different to broader financial markets,

performance numbers have been competitive versus peers

and our core investment strategy.