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Rathbone Ethical Bond Inc (OEIC/Unit Trust)

Logo for Rathbone Ethical Bond Inc
SRI Style: Ethically Balanced
Fund Type: OEIC/Unit Trust
Region: UK
Asset Type: Fixed Interest
Launch Date: 06/05/2002

SRI / Ethical Overview

In general terms, the fund defines socially responsible investment as an investment strategy through which long-term growth can best be achieved by companies which conduct their business and apply capital responsibly, giving full consideration to a range of social, environmental and ethical issues as they might affect concerned parties (employees, customers, shareholders, etc.) as well as wider society.
We believe that the fund offers the opportunity to invest in a fixed income fund with high quality investment grade bonds whilst applying a broad range of both positive and negative screening criteria that will appeal to consumers with ethical concerns.

SRI Policies (Primary strategy in bold)

  • Environmental policy Find investment funds with environmental policies - ie that consider issues such as pollution, climate change, resource management, environmental impact. This will include options from all of the different SRI Styles, including funds where their core strategy is to focus on other areas such as ethical funds. See fund information for fund specific policy details.
  • Limits exposure to carbon intensive industries Find environmental, sustainable investment, ethical fund and other options that aim to significantly reduce or limit exposure to carbon intensive industries (ie sectors which are major contributors to climate change). Funds vary - strategies may involve excluding sectors such as coal, oil & gas, mining or airlines - or may indicate a 'best in sector' approach is taken. See fund literature for details.
  • Sustainability policy Find fund options that consider issues relating to the sustainability agenda (e.g. resource management, environmental impact, climate change and/or social issues such as equal opportunities, human rights and adherence to recognised codes). This will include funds from all of the different SRI Styles. See fund information for explanations of the different strategies.
  • Ethical policies Find funds with 'traditional' ethical investment policies. These typically focus on avoiding companies that are involved in the armaments industry, tobacco, gambling and/or pornography. Options will include funds where their core strategy or style may be to focus other issues - like sustainability or the environment, not just 'ethical funds'. Strategies vary significantly. Check fund literature for details.
  • Social policy Find fund options that consider social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). This will include funds in most of the different SRI Styles as this is considered a core issue. See fund information for detail.
  • Animal welfare policy Find ethical fund options that have policies that require specific animal welfare standards to be adopted by investee companies in order for them to be considered for inclusion within the fund.
  • Nuclear exclusion policy Find ethical funds (and other options) that have a published policy that sets out the fund's position on avoiding or limiting exposure to nuclear power. See fund literature for details of their policy.
  • Animal testing exclusion policy Find ethical investment options that avoid companies that are involved in testing their products on animals. Ethical fund strategies vary - some exclude all companies that test on animals, others allow companies that test for medical purposes or where required by law. Read fund details for fund specific information.
  • Tobacco production avoided Find fund options that exclude manufacturers of tobacco (or related) products. This typically relates to ethical funds however funds from other SRI Styles commonly avoid this area also. Strategies vary and funds may invest in retailers of such products (e.g. supermarkets or hotels.) See fund information for further information.
  • Armaments manufacturers avoided Find ethical fund (and other SRI) options that avoid avoids companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non strategic military products. Read fund literature for specific details.
  • Coal, oil &/or gas majors excluded Find sustainable investment and ethical fund options that avoid significant involvement in coal, oil and/or gas producing companies. Funds vary. See individual fund literature to confirm details.
  • Climate change / GHG policy Find sustainable investment and ethical fund options that pay significant attention to climate change related issues such as greenhouse gas/carbon emissions. Strategies vary, see fund literature for individual fund information.
  • Invests in clean energy/renewables Find ethical, sustainable investment and other environmentally aware fund options that aim to invest in companies in the clean technology and renewable energy sectors. Fund strategies vary. Some funds may have limited exposure to this area, others may have significant exposure. Check fund literature for details.
  • Alcohol production excluded This filter helps you to find ethical funds - and other options - that avoid investment in alcohol production. See fund literature for further information.
  • Gambling avoidance policy Find ethical fund options (and other options) that avoid companies with significant involvement in the gambling industry. See fund policy for details.
  • Pornography avoidance policy Find ethical fund option - and in some cases other options - that avoid companies that derive significant income from pornography. See fund details for further information.
  • Human rights Find funds that consider human rights practices when approving companies for investment. Such funds will require decent standards of human rights to be demonstrated - which typically means adherence to international norms as a minimum standard.
  • Child labour exclusion (new) Find funds that have policies in place that ensure they do not invest in companies that employ children.
  • Deforestation / palm oil policy (new) Find funds that have policies in place that ensure they do not invest in companies that are significantly involved in deforestation, this typically relates to palm oil plantations.
  • Water / sanitation policy (new) Find funds that have policies that focus on the the water industry and/or sanitation.
  • Resource efficiency policy or theme (new) Find funds that have a a policy or theme that relates to managing natural resources more efficiently
  • Sustainable transport theme or policy (new) Find funds that have stated policies or thematic investment approaches that relate to supporting more sustainable (environmentally aware) transport
  • Positive social impact theme (new) Find funds that specifically state that they aim to deliver positive social (ie people related) impacts and/or outcomes
  • Responsible supply chain policy or theme (new) Find funds that have policies or a themed that considers the responsible management of supply chain related issues (these may relate to employment, product sourcing, sustainability or other issues)
  • Positive environmental impact theme (new) Find funds that specifically set out to help deliver positive environmental impacts, benefits or outcomes
  • Plastics policy / reviewing plastics (new) Find funds that are specifically managing or reviewing how they manage issues relating to the over use plastics (particularly single use plastics) as part of their investment processes
  • - No primary policy area

SRI Features

  • Balances company 'pros and cons'/best in sector Find ethical funds and other options that consider both the 'positive' things companies do and the 'negative' things they do in order to make balanced, often complex decisions about where they might invest. Such funds often invest in the best/most ethical companies across most industries ('best in sector'), rather than excluding entire sectors. The fund manager may combine this with 'responsible engagement' activity to encourage better business practices. See fund literature for specific policy explanations.
  • RSMR Rated Find funds that are rated by research agency 'Rayner Spencer Mills Research' (awarded 'RSMR SRI Rated' status). Read fund literature on contact RSMR for further information.
  • Faith friendly Find funds that have attributes that commonly suit the aims of investors of faith - although they may not be specifically marketed as being only for religious investors. Strategies vary (as do investor aims). Read fund literature for further information.
  • Favours companies with strong social policies Find funds that invest in line with positive strategies that relate to 'people' issues - such as having strong human rights, labour standards and equal opportunities practices. Such funds are likely to invest in companies that have market leading standards with regard to employee and supplier practices. Read fund literature for further information.
  • Sustainability themed Find funds where there is a significant emphasis on sustainability issues either as its primary strategy or as a core strategy that compliments other criteria. (This may apply to a number of different SRI Styles). Such funds will consider environmental and social issues when making stock selection decisions. Read fund literature for further information.
  • Eurosif transparency Find funds that meet the standards of the EUROSIF transparency Code. This means that they are a leading fund in terms of openness and transparency, publishing - for example - extensive information about where they invest and how they deal with companies.
  • Norms focus Find funds that use internationally agreed standards, conventions and 'norms' to help direct where the fund can and cannot invest (e.g. the UN Global Compact, UN Sustainable Development Goals). Read fund literature for further information.
  • Positive selection bias Find funds where their main 'ethical approach' is to invest in companies that are considered to be positive/good or useful to people and/or the environment. The fund may also have negative avoidance criteria - see fund details to read more about fund strategies.
  • Negative selection bias Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
  • Over 50% large cap Find funds that invests more than half of their money into what are commonly regarded as 'large companies'. This will typically mean that the market capitalisation (or value) of the companies they hold is in excess of £5 to £10 billion.
  • Favours cleaner, greener companies Find funds that aim to nvest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts. Read fund literature for further information.
  • Strictly screened ethical fund Find funds that have a high level of negative ethical avoidance. These funds are likely to exclude more companies than other ethical (and SRI) fund options. Read fund literature for further information.
  • Aims to generate positive impacts Find funds that aim to help deliver positive social or environmental impacts or outcomes through their investment decisions - which typically involves holding companies that are viewed as being necessary or beneficial. Strategies and approaches vary. A small number of funds have recently started to measure outcomes (see 'Measures Impacts' in the Policy filter). This is a new area - so most funds do not do this yet. See fund literature for further information.
  • Responsible ownership / stewardship policy (new) Find funds that have a policy that sets out what they do with regard to responsible investment ownership - also known as 'stewardship'. This typically relates to issues such as dialogue with companies and shareholder voting.
  • ESG integration strategy (new) Find funds that factor in 'environmental, social and governance' issues as part of their investment decision making process. (These typically relate to improved risk management.)
  • Combines norms based exclusions with other SRI criteria (new) Find funds that make significant use of internationally agreed 'norms' (eg United Nations Global Compact - UNGC - or the UN Sustainable Development Goals - SDGs) as part of their investment selection process ALONGSIDE additional SRI criteria such as positive or negative stock selection policies and/or stewardship strategies.
  • Combines ESG strategy with other SRI criteria (new) Find funds that have an ESG strategy (which is typically focuses on avoiding companies that post environmental, social or governance related risks) with additional criteria such as positive and/or negative screens or engagement/stewardship strategies.
  • Invests mostly in large cap companies (new) Find funds that have SRI strategies and focus their investment stock selection on larger companies (eg over £1bn)
  • Invests in social housing (new) Find funds that have significant investment in social housing or similar assets
  • Employ external oversight or advisory committee (new) Find funds that have a external committee that helps steer or advise fund managers on SRI policy or strategy related issues. These people may be paid for their time but are not employees of the fund manager.
  • External committee has veto powers Find funds that employ an external committee (ie not company employees) that has power to veto (ie overrule) fund managers stock selection decisions. (This would typically mean they can tell a fund manager to not buy (or to sell) a specific investment when they consider it necessary to do so. Eg if they feel a company is inappropriate.)

Corporate Activity

  • Integrates ESG factors into all/most fund research Find fund management companies that research environmental, social and governance (ESG) issues when deciding whether or not to invest in a company. This typically applies to all funds, not only those which are promoted as being 'ethical' or 'SRI themed'. This is increasingly often used as a risk management tool.
  • Boutique/specialist fund manager Find options offered by smaller, more specialist fund management companies with a significant (or entire) emphasis on sustainable, responsible, ethical, ESG or responsible ownership related investment strategies. Note - strategies vary significantly. Check fund manager supplied links for further information.
  • Fund EcoMarket sponsor/partner (new) Fund management company is supporting this website which aims to raise the profile of and help explain sustainable, responsible and ethical fund strategies. Sponsor funds are listed ahead of other funds and display their company logos.
  • Employ specialist ESG/SRI/sustainability researchers (new) The fund management company directly employs specialist ESG/SRI/sustainability researchers or analysts
  • Full SRI policy information available on request (new) Information on all selected filter options will be supplied by the fund manager if you ask them to do so

SRI / Ethical Policy

SRI Policies:

  • Environmental policy:   Has a policy which states that the fund considers environmental issues (e.g. pollution, climate change, resource management, environmental impact
  • Limits exposure to carbon intensive industries:   Aims to reduce or limit exposure to carbon intensive industries which are considered to be major contributors to climate change. Funds vary - but this is likely to mean a fund has below average levels of investment in areas such as oil & gas, mining or airlines. 'Best in sector' companies may, however, be allowable. 
  • Sustainability policy:   Considers issues relating to the sustainability agenda (e.g. resource usage, environmental impact and/or social issues such as equal opportunities, human rights and adherence to recognised codes). 
  • Ethical policies:   Has a policy that states the fund considers 'ethical' issues (e.g.armaments, tobacco, gambling and/or pornography). These vary significantly. Check fund literature for details. 
  • Social policy:    Considers social issues (e.g. human rights, labour standards, equal opportunities, child labour and adherence to internationally recognised codes such as the UN Global Compact). 
  • Animal welfare policy:    The fund has a policy that requires specific animal welfare standards to be adopted by companies in order for them to be allowable for investment within the fund.
  • Nuclear policy:    Has a published policy that sets out the fund's position with regard to nuclear power. In most cases this is likely to mean avoidance of companies with significant involvement in the nuclear industry, although some funds may require absolute avoidance. 
  • Animal testing policy:    The fund has criteria that guide when it can or can not invest in companies that are involved in testing their products on animals. This may mean the fund avoids pharmaceutical companies even where testing is required by law (for safety reasons). 
  • Tobacco (production) avoided:    Does not invest in manufacturers or tobacco (or related) products. The fund, however, may invest in retailers of such products (e.g. supermarkets or hotels.) 
  • Armaments manufacturers avoided:     Avoids companies that manufacture products intended specifically for military use. (Funds may, however, invest in manufacturers of products that are used by the military but are not specifically intended for military/defence use.) 
  • Coal, oil &/or gas majors excluded:    This fund will not invest in the largest coal, oil and/or gas producing companies. Funds vary. Some may invest in smaller producers or companies where this is considered to be a relatively minor part of their business. 
  • Climate change / GHG policy:     Considers climate change related issues such as greenhouse gas/carbon emissions. Funds that consider such issues typically require careful management of such issues in order for a company to be considered acceptable/attractive. 
  • Invests in clean energy/renewables:    This fund invests in companies in the clean technology/renewable energy related industries. Fund strategies vary. In practice some may invest a small percentage in this area whereas others may have significant exposure to this area. Check fund literature for details.

SRI Features:

  • Balances company 'pros and cons'/best in sector:    This fund manager will look at both the 'positive' things companies do and the 'negative' things they do. They will make balanced judgements, in line with their published strategy, before deciding whether or not to invest. Such funds often invest in the best/most ethical companies across most industries, rather than excluding entire sectors. The fund manager may couple this with 'responsible engagement' activity, where they aim to encourage better, more responsible business practices. 
  • RSMR Rated Fund rating agency 'Rayner Spencer Mills Research' have awarded this fund 'rated' status.
  • Faith friendly:   These funds are likely to have attributes that some faith based investors may welcome such as opposition to armaments, gambling and alcohol. 
  • Favours companies with strong social policies:    This fund invests in line with positive strategies that relate to 'people' issues - such as human rights, labour standards and equal opportunities. Such funds are likely to invest in companies that have market leading standards with regard to employee and supplier practices. 
  • Sustainability themed:    This fund pays significant attention to sustainability issues either as its primary strategy or alongside other ethical criteria and approaches. This means that environmental and social challenges and opportunities are likely to influence stock selection decisions. 
  • Eurosif transparency:    This fund has met the standards of the EUROSIF transparency Code. This means that they are a leading fund in terms of openness and transparency, publishing - for example - extensive information about where they invest and how they deal with companies. 
  • Norms focus:    This fund uses international standards, conventions and 'norms' to help direct where the fund can and cannot invest (e.g. the UN Global Compact). 
  • Positive selection bias:    The ethical focus of this fund is around the consideration of the positive/good or useful things companies do. The fund may also have negative avoidance criteria - but this may not be the main ethical strategy applied by the fund managers. 
  • Negative selection bias:    The ethical strategy of this fund relates primarily to avoidance criteria. In practice this means that positive company behaviours will not normally be allowed to override negative activities. 
  • Specialist/boutique fund manager:    The fund management company that offers this fund specialises in SRI or sustainability focused investment options. They are likely to be a smaller but more focused business and unlikely to have significant investment in companies that are typically avoided by SRI/ethical funds. 
  • Over 50% large cap:    This fund invests more than half of its money into very large companies. This will typically mean that the market capitalisation (or value) of the companies they hold will be over £5 to £10 billion. 
  • Favours cleaner, greener companies:     This fund is likely to invest in companies with strong environmental policies and practices. This may mean it invests in smaller companies offering market leading environmental services or products and/or larger companies that are working towards the improved management of their negative impacts.

Corporate Activity

  • Integrates ESG factors into all/most fund research:    This fund manager researches environmental, social and governance issues when deciding whether or not to invest in a company. This applies to all funds, not only those which are promoted as being 'ethical' or 'SRI themed'.

We believe that the fund offers the opportunity to invest in a fixed income fund with high quality investment grade bonds whilst applying a broad range of both positive and negative screening criteria that will appeal to consumers with ethical concerns.
The fund manager will initially identify corporate bonds that represent an attractive investment proposition.  The entities issuing these bonds will then be investigated by Rathbone Greenbank’s ethical researchers. Issuers identified as being suitable will then be subject to the consensus approval of at least two senior members of the Rathbone Greenbank team.

ETHICAL CRITERIA  
Exclusions
The fund applies negative screening criteria to exclude from its universe any issuers of corporate bonds whose ultimate holding company is in breach of any of those criteria, before ensuring that issuers satisfy at least one of the fund’s positive criteria requirements. 

The fund shall exclude bonds issued by companies wholly or predominately involved in the following activities or whose ultimate holding company is similarly involved:

  • Alcohol:    

Manufacture of alcoholic beverages.

  • Animal welfare:

Provision of animal testing facilities, or the use of animals in the discovery or development of pharmaceutical or healthcare products; manufacture or retail of cosmetic or household products without a fixed cut-off date policy for the testing of finished products (and their ingredients); production or retail of fur or fur products; rearing or processing of animals for food without evidence of policy, management or reporting on farm animal welfare. 

  • Armaments

Manufacture or sale of strategic weapon systems, munitions or combat vehicles.

  • Environmentally unsustainable or high-impact activities

Mineral or aggregate extraction, fossil fuel exploration and production, agrochemical production, production of genetically modified seeds or foodstuffs; manufacture or sale of timber products from non-sustainable sources; manufacture of vehicles based on hydrocarbon fuels.  Also, companies with convictions for serious or persistent pollution offences.

  • Gambling

Operation of betting or gaming facilities (including casinos, betting shops and internet-based services).

  • Human rights

Non-compliance with standards set by the International Labour Organization and United Nations Universal Declaration of Human Rights, including direct use of child, forced or bonded labour.

  • Nuclear power

 

Construction of nuclear power plants, generation of electricity from nuclear power, or handling or reprocessing of radioactive waste.

  • Pornography

Production or sale of pornographic material.

  • Predatory lending

Unfair lending practices imposing high-interest rates or fees.

  • Tobacco

Manufacture of tobacco or tobacco products.

Positive aspects
To qualify for inclusion in the fund’s universe, companies issuing bonds should demonstrate progressive or well-developed practice or policies in one of the following key areas:

  • Corporate community investment

Long-term involvement in programmes of benefit to the community, either via cash donations or gifts in kind (e.g. staff time, use of buildings or office facilities) or membership of corporate community investment benchmarking groups.

  • Employment

Commitment to workplace diversity and equal opportunities; additionally they could facilitate employee work/life balance by offering flexible working arrangements, carers’ leave and/or childcare facilities.

  • Human rights

Compliance with local and national standards in accordance with minimums set by the International Labour Organisation and United Nations Universal Declaration of Human Rights. Alternatively, companies may implement their own codes of conduct to ensure compliance with local laws covering child labour, working conditions and health and safety.

  • Management of environmental impacts

Publication of a clearly defined policy for managing their environmental impact.  This should include monitoring and reporting on progress against key performance indicators in areas such as waste disposal and recycling, consumption of resources, emissions to air, and discharges to land and water.

  • Provision of beneficial products and services

Provision of products or services that offer social or environmental benefits.  Such activities might include designing or implementing cleaner or more efficient industrial processes; companies involved in enabling compliance with health and safety legislation; supplying educational products or services; providing waste recycling or acceptable forms of waste management; providing social housing; manufacturing, installing or operating renewable energy infrastructure; building or operating sustainable transport systems.

  • Green, climate, sustainability, social bonds

 ‘Ringfenced’ bonds, where proceeds are intended for a specific social or environmental purpose, will be approved subject to the following requirements: identifiable use of proceeds; third-party project evaluation; ongoing management of proceeds; and project reporting. Approval will be granted in the context of the specific use of proceeds rather than the issuer’s principal activity.

 

THE 'FOUR C'S PLUS'

These decisions are primarily taken, based on the core investment principle of the ‘four Cs plus’ model.  This is a text book way of managing fixed income assets, with the added level of investment philosophy of Conviction.  The four Cs are:

  • Character – Looks at management integrity, and the likelihood of repayment of loans.  Operating records of management are important
  • Capacity – Looks at the availability of cash-flows and assets to repay its obligations.
  • Collateral – Looks specifically at assets offered as security as well as other assets managed by the company.
  • Covenants – This looks at the prospectus and the details within that affect the lending agreement and any restrictions on the bond.

The plus is:

  • Conviction – To achieve long term above average performance, investors must think differently to the market.  This may involve contrarian investing, a sceptical evaluation of orthodox thinking, patience and discipline, but ultimately a determined conviction.

 

INVESTMENT PROCESS


The process has various layers to achieve superior results:
1.    Theme-based investment – idea generation
2.    Credit analysis – the ‘four Cs plus’ model
3.    Valuation – relative value
4.    Evaluation of risk
5.    Ethical screen (as outlined above)

Idea Generation 
The thematic approach is where the process starts.  Individual ideas are generated from a blend of top-down and bottom-up views.  It is quite often problematic to quantify specifically how the themes are developed.  Themes are developed from all the opportunity sets based on our macro research and the thought processes that go into the development of those analytics.  There is no distinct value of how much is assigned to short-term and how much is assigned to longer-term investments.  What is important is that all investment themes are not always executed – the final weight is as a result of the current opportunities that exist.
A list of areas where themes are generated from are included below.  This is not an exhaustive list, but gives a general view of how ideas are generated.

  • Macro
  • Sectoral
  • Regional
  • Supply
  • Demand
  • New issuance
  • Regulatory issues
  • Interest rate policy

Once the themes have been developed we then carry out credit analysis to find assets that are best within the thematic framework.  Here we carry out the core investment principles of the ‘four C’s plus’.

 

Resources, Affiliations & Corporate Strategies

(a)    Ethical research for the fund is carried out by researchers working for Rathbone Greenbank Investments, the specialist ethical investment unit of Rathbone Investment Management Limited (part of Rathbone Brothers Plc).  The team at Rathbone Greenbank has been at the forefront of developments in the ethical investment industry since 1992, launching one of the first bespoke ethical portfolio services.
(b)    The fund’s policy and strategy are reviewed annually at a meeting which takes place before the annual short report is issued in May.  This involves the ethical researchers, fund manager and representatives from Rathbone Greenbank Investments and Rathbone Unit Trust Management.  The portfolio, ethical criteria, investment process and research process are all reviewed at this time.
The fund manager will initially identify corporate bonds that represent an attractive investment proposition.  The entities issuing these bonds will then be investigated by Rathbone Greenbank’s ethical researchers. Issuers identified as being suitable will then be subject to the consensus approval of at least two senior members of the Rathbone Greenbank team.
(c)    The investment team for the Rathbone Ethical Bond Fund comprises Bryn Jones and Noelle Cazalis.

Bryn Jones has been managing the Rathbone Ethical Bond Fund since November 2004 and reports to Julian Chillingworth, Chief Investment Officer.

Bryn Jones - investment Director, Fund manager 
Bryn is the Fixed Income Director for Rathbone Unit Trust Management, and lead manager on the Rathbone Ethical Bond Fund and the Rathbone Strategic Bond Fund.  He joined Rathbones in November 2004 from Merrill Lynch, where he managed $2 billion of fixed income assets. 
Bryn is a member of the Rathbone Strategic Asset Allocation Committee, Chairman of Rathbones' Fixed Income Committee, and a member of the Rathbone Banking Committee.  
He is a WMA representative for the HMT DMO’s (Her Majesty’s Treasury - Debt Management Office) Gilt market consultation process.  He holds the Investment Management Certificate and sits on the IA Fixed Income Committee. 
Bryn graduated from Birmingham University with a Bachelor of Arts degree in Geography in 1995.  Bryn has also been appointed as one of a select number of ethical investors to the UKSIF Impact Investing Reference Group.

Noelle Cazalis 
Noelle joined Rathbones in July 2011 as a Credit Analyst, and works alongside Bryn Jones, providing in-depth credit analysis for the Rathbone Ethical Bond Fund, the Rathbone Strategic Bond Fund, and Rathbones’ Fixed Income Committee.
Having spent some time as a financial analyst for the Bank of France in Paris, Noelle spent five months in Cambodia, where she undertook due diligence on the Cambodian banking sector on behalf of the French Embassy. 
Noelle achieved two masters degrees with distinction in 2010, from the University of Montesquieu in Bordeaux - a Magistere of International Finance, and a Masters in Banking, Finance and Financial Assets Trading.  She holds the Investment Management Certificate and is a candidate for the CFA (Chartered Financial Analyst).

(d)    Rathbone Unit Trust Management complies with the UK Stewardship Code; as part of Rathbone Brothers plc, Rathbone Unit Trust Management is also a signatory to the UN-backed Principles for Responsible Investment.  The fund’s submission under the European SRI Transparency Code v3.0 (1 April 2018 to 31 March 2019) was approved by Eurosif.

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