Sustainable, Responsible &/or ESG Policy:

Objectives and Investment Policy

• The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets.
• The Fund invests globally at least 80% of its total assets in the equity securities (i.e. shares) of companies globally that benefit from, or contribute to, the advancement of the “Circular Economy”. The Circular Economy concept recognises the importance of a sustainable economic system and aims to minimise waste by considering the full life-cycle of materials, and redesigning products and operations to encourage greater re-use and recycling.
• In normal market conditions the Fund will invest in a portfolio of equity securities of companies with large, medium and small market capitalisation (market
  capitalisation is the share price of the company multiplied by the number of shares issued) that are involved in activities including the following: raw materials (e.g. metals and battery materials), across all industry sectors, that contribute to the advancement of a Circular Economy across three categories as described in the prospectus: (1) Adopters (2) Enablers (3) Beneficiaries. The companies are rated by the Investment Advisor (IA) based on their ability to manage the risks and opportunities associated with the Circular Economy and on their environmental, social and governance ("ESG") risk and opportunity credentials.
• The Fund’s total assets will be invested in accordance with its Environmental, Social and Governance ("ESG") Policy as described in the prospectus and will apply the EU Paris-Aligned Benchmark Exclusions as disclosed in the prospectus. For further details please refer to the prospectus.The Fund adopts a “best in class” approach to sustainable investing. This means that the Fund selects the best issuers (from an ESG perspective) for each relevant sector of activities (without excluding any sector of activities). More than 90% of the issuers of securities the Fund invests in are ESG rated or have been analysed for ESG purposes.
• The Fund may gain limited exposure to issuers that do not meet the Circular Economy and/or the ESG criteria described above.
• The IA may use financial derivative instruments ("FDIs") (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). Any ESG rating or analysis referenced above will apply only to the underlying securities of FDI’s used by the Fund.
• The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The MSCI All Countries World Index (MSCI ACWI) should be used by investors to compare the performance of the Fund. The weighted average ESG rating of the Fund will be higher than the ESG rating of the MSCI ACWI after eliminating at least 20% of the least well rated securities from the MSCI ACWI.

(Source: KIID, as at December 2025)

SDR Labelling:

Not eligible to use label (out of scope)