International Public Partnerships Limited
SRI Style:
ESG Plus
SDR Labelling:
Unlabelled - promotes sustainable characteristics (has CFD)
Product:
Investment Trust
Fund Region:
Global
Fund Asset Type:
Infrastructure
Launch Date:
09/11/2006
Last Amended:
Jul 2026
Dialshifter (
):
Fund/Portfolio Size:
£m
ISIN:
GB00B188SR50
Objectives:
INPP is not currently an SDR labelled fund. However, please refer to the INPP website for an overview of environmental and social characteristics promoted by the Company
Please note re AUM data:
- Fund size: £2.7 billion NAV £2.2 billion Market Cap (as at 31/12/2025)
- Total Responsible Ownership Assets: £2.7 billion NAV £2.2 billion Market Cap (as at 31/12/25)
- Total Assets Under Management: £2.7 billion NAV £2.2 billion Market Cap (as at 31/12/2025)
Sustainable, Responsible
&/or ESG Overview:
Our purpose is to invest responsibly in social and public infrastructure that delivers long-term benefits for all stakeholders. We aim to provide our investors with stable, long-term, inflation-linked returns, based on growing dividends and the potential for capital appreciation. We expect to achieve this by investing in a diversified portfolio of infrastructure assets and businesses which, through our active management, meets societal and environmental needs both now and into the future.
The Company believes that the financial performance of its investments is linked to environmental and social success. ESG is integrated across the Company’s investment lifecycle, which helps it identify, assess, manage, monitor and disclose material ESG risks and opportunities across its investment activities. The Company does this through transaction screening, due diligence, execution, active management, reporting and optimisation to exit investments.
For more information, please refer to the Company’s latest Sustainability Report: https://www.internationalpublicpartnerships.com/media/nvyaj5am/inpp-sustainability-report-march-2026.pdf
Primary fund last amended:
Jul 2026
Information directly from fund manager.
Fund Filters
Sustainability - General
Has policies that consider (environmental and social) sustainability issues. Strategies vary but are likely to consider environmental issues like climate change, carbon emissions, biodiversity loss, resource management, environmental impacts; and social issues like equal opportunities, human rights, labour standards, diversity and adherence to internationally recognised codes. See individual entry information.
Aim to encourage higher sustainability standards through responsible ownership / stewardship / engagement / voting activity
Aim to invest (and manage assets) in ways that help to address all or some of the UN's Sustainable Development Goals (SDGs). See https://sdgs.un.org/goals).
Publicly report performance against named sustainability objectives
Environmental - General
Has policies which relate to environmental issues. These will typically set out their stance on issues such as pollution, climate change, resource management, biodiversity loss, carbon emissions, plastics and/or additional environmental impacts. Strategies vary.
Has documented policies explaining the approach to environmental damage and pollution. Strategies vary.
Climate Change & Energy
Avoid investment in major coal, oil and/or gas (extraction) companies. Strategies vary.
Encourage the transition to lower carbon activities through asset selection and / or responsible ownership activity.
Invest in renewable energy companies and / or companies where renewable energy is a significant part of their business. Strategies vary.
Will only invest in companies that report greenhouse gas emissions in line with this international reporting framework. See https://www.fsb-tcfd.org/ https ://www.ifrs.org/sustainability/tcfd/
Requires all, or most of, the assets they invest in to have a ‘net zero action plan’ - describing how they will reduce their greenhouse gas emissions.
Social / Employment
Has a labour standards policy - likely to mean they will invest in / favour companies that have higher employment related standards and avoid those with low standards. Strategies vary. See eg https://www.ilo.org/international-labour-standards
Ethical Values Led Exclusions
Has policies that set out their position on ethical or 'personal values' based issues. Strategies vary.
Companies are excluded if they are involved in any aspect of the production chain for tobacco products, including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Excludes companies which make controversial weapons such as landmines, cluster munitions and chemical weapons.
Avoids companies that manufacture weapons intended specifically for military use. Strategies vary - may or may not include non-strategic military products.
Has a written civilian firearms exclusion policy - meaning that they will not invest in companies that make (or perhaps also sell) handguns made for non-military users.
Avoids companies that produce alcohol. Strategies vary; some may allow a small proportion of revenue to come from this area.
Avoids companies with significant involvement in the gambling industry. Some may allow a small proportion of revenues to come from this area.
Avoids companies that derive significant income from pornography and related areas. Strategies vary.
Human Rights
Has policies relating to human rights issues. Typically require companies to demonstrate higher standards, although some managers work to encourage improvements. Investee companies are often judged against internationally agreed norms or standards. Strategies vary.
Has policies to avoid companies that employ children.
Has a policy which excludes assets with involvement in Modern Slavery
Governance & Management
Has policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices. Strategies vary.
Avoids investing in companies with poor governance practices.(e.g. board structure, management practices etc.) Views may however vary on what counts as 'poor' practices - and funds may not immediately divest as they may prefer to work to encourage higher standards.
Exclude companies that are subject to United Nations sanctions. See eg https://main.un.org/securitycouncil/en/content/un-sc-consolidated-list
Has policies explaining how managers will respond to assets / companies that do not comply with relevant anti-bribery and anti-corruption standards or laws. Strategies vary; options include stewardship/ engagement and divestment - or a combination.
Has policies explaining how the managers take into account digital/cyber security related risks. Cyber policies will typically favour companies with higher standards or that are helping to solve problems - but strategies vary.
Encourage the companies they invest in to have more diverse board structures (e.g. more women on boards)
Aim to encourage higher ESG standards through responsible ownership / stewardship / engagement /voting activity
Product / Service Governance
Find fund / asset managers that factor in 'environmental, social and governance' issues as part of their investment decision making process. A focus on 'ESG' typically means a fund is carrying out additional research to help reduce ESG related risks. It does not necessarily mean a focus on sustainability. Strategies vary. See fund literature.
Asset Size
Has SRI strategies which focus their investment stock selection on small or mid cap companies / assets. (e.g. below circa £10bn)
Targeted Positive Investments
Invests >25% of their capital in companies where a major part of their business is focused on helping to address environmental or social challenges.
Invests more than 25% of capital in assets which meet the EU Taxonomy requirements. This will typically require adding up the proportion of each individual company's activity that is regarded as 'green' so that the manager can produce an overall total for the whole fund or portfolio.
Impact Methodologies
Directs investment towards companies where a major part of their business is about solving environmental challenges. e.g. companies helping to address climate change.
Invest in companies where a major part of their business is specifically aimed at helping to address social challenges. e.g. companies helping to address poverty.
Aims to deliver positive environmental and or social impacts (real world benefits) through its engagement with investee assets
Invests more than 50% of capital in assets which are regarded as being significantly focused on providing solutions to environmental or social challenges. Strategies vary.
How The Fund/Portfolio Works
Focuses on finding and investing in companies with positive / beneficial attributes. This strategy can be applied in addition to exclusion criteria and engagement/stewardship activity.
Has principle 'ethical approach' to avoid companies by using negative screening criteria. Strategies vary.
Has some exclusions - typically for example excludes tobacco or companies that breach commonly adopted standards or norms such as the UN Global Compact.
Aims to avoid companies that do significant harm. This originates from the EU’s sustainable finance ‘DNSH’ (do no significant harm) work, which is not necessarily used by UK investors.
Invests in assets which can be 'mapped' (reviewed) their investment selection and management strategies to identify which of the UN Sustainable Development Goals (SDGs) the fund is helping to address.
Focuses on the careful management of environmental, social and governance (ESG) related risks - typically by avoiding or being underweight in companies seen as posing major risks in these areas (i.e. not necessarily by using themes, exclusions etc).
Publish explanations of their ethical, social and/or environmental policies online (i.e. investment decision making strategies/ buy/sell &/or asset management strategies).
Does not use stock lending for performance or risk purposes.
Unscreened Assets & Cash
All assets - except cash - meet the sustainability criteria published in strategy documentation.
Intended Clients & Product Options
Designed to meet the needs of individual investors with an interest in sustainability issues.
Designed for clients who care about ethical and values-based issues, often alongside sustainability issues also.
Labels & Accreditations
Find options classified under Article 8 of the EU’s SFDR (Sustainable Finance Disclosure Requirements). Article 8 of the SFDR is a set of requirements that apply to financial products that 'promote' environmental or social characteristics together with high governance. These rules do not currently apply to UK products so many managers may leave this field blank.
Fund Management Company Information
About The Business
Finds fund / asset management companies that have a published company wide stewardship, engagement and / or responsible ownership policy or strategy that covers all investments. Stewardship typically involves encouraging higher ESG standards through voting and dialogue.
Find fund / asset management companies that actively encourage higher 'environmental, social and governance' and / or 'sustainable and responsible investment' practices across investee companies - typically where the aim is to encourage positive change that is aligned with the best interests of investors. Strategies vary. See additional information and options.
Find fund / asset managers that consider responsible ownership and ESG to be a key differentiator for their business.
The leadership team of this fund / asset manager have performance targets linked to environmental goals.
Find fund / asset management companies that aim to align all their investments (across all funds) to help meet the aims of the UN Sustainable Development Goals.
Find fund / asset management companies that consider environmental, social and governance (ESG) issues when deciding whether or not to invest in a company for all / almost all of their funds and other assets. This is increasingly seen as part of sound risk management.
Find fund / asset management companies that encourage the companies they invest in to have strong diversity, race, gender and other equality policies across all assets held, not simply screened or themed SRI/ESG funds. (ie Asset Management company wide).
Collaborations & Affiliations
Find fund / asset management companies that have signed up to the UN backed 'Principles of Responsible Investment'.
A member of the Taskforce for Nature Related Financial Disclosures group which aims to aid risk management and shift money towards nature-positive outcomes.
Resources
Find fund / asset management companies that employ people to steer and support fund managers in voting shares at company AGM's and EGMs in ways that are consistent with encouraging higher ESG/sustainability standards.
Find a fund / asset management company that directly employs specialist ESG/SRI/sustainability researchers or analysts. This allows asset managers to discuss environmental, social and governance risks and opportunities directly with companies.
Finds organisations / fund managers that have one or more ESG/sustainability experts on all investment teams or 'desks' (all asset types)
Accreditations
Finds organisations / fund managers that have an A+ PRI rating - meaning they are highly rated according to the 'Principles of Responsible Investment'
Engagement Approach
Find fund / asset management companies that regularly initiate or run industry wide (collaborative) investor projects aimed at raising environmental, social and governance standards amongst investee companies.
Fund / asset manager has stewardship /responsible ownership strategy that is focused on addressing climate change with investee assets.
Fund / asset manager has a stewardship /responsible ownership strategy that involves working with fossil fuel companies on climate change related issues. See fund manager website for details.
Fund / asset manager has stewardship /responsible ownership strategy with involves encouraging investee asset to reduce plastic waste and pollution.
The fund / asset manager has a responsible ownership / stewardship strategy that focuses on biodiversity and nature issues relating to the assets they invest the aim of which will be to reduce harm and or deliver improvement. Strategies vary. https://tnfd.global
Fund / asset manager has a responsible ownership / stewardship strategy which means they are working to encourage the shift to more sustainable business practices in ways that respect and are sensitive to social issues and the impact change has on people effected by the changes that are taking place. https://www.transitionpathwayinitiative.org/ https://transitiontaskforce.net/
Fund / asset manager has responsible ownership / stewardship strategy in place which aims to address human rights issues in investee companies (and potentially their suppliers) with the aim of raising standards
Fund / asset manager has responsible ownership / stewardship strategy in place that aims to improve labour standards for the benefit of employees in investee companies (and potentially their suppliers)
Fund / asset management company has a stewardship strategy in place which involves working to raise diversity, equality and inclusion standards across investee assets
Fund / asset manager is working with the assets they hold to help stamp out modern slavery - where direct or indirect company employees are exploited for business benefits.
Fund / asset managers have stewardship strategies in place that focus on improving governance standards across investee assets
Has a stewardship / responsible ownership strategy that encourages responsible supply chain - ie the managers will discuss environmental, social and governance issues with investee companies with the aim of raising standards
Company Wide Exclusions
Find fund / asset management companies (not funds) that avoid investment in 'controversial weapons' across all of their funds and other investment vehicles.
Find fund / asset management companies that avoid investment in tobacco (manufacturing) companies across all their assets.
This fund / asset manager excludes direct investment in the coal mining industry. Managers ability to do this may depend on the geographic regions in which they invest.
Climate & Net Zero Transition
Find fund / asset management companies that are working with the companies they invest in to encourage reductions in carbon dioxide and other greenhouse gas emissions.
Finds organisations / fund management companies that are in the process of working out how to make a ‘net zero commitment’ - meaning that when that is finalised they will have started the process of reducing their total greenhouse gas emissions to 'zero'.
Transparency
Find fund / asset management companies that publish a report detailing their responsible investment ownership - also known as 'Stewardship' - activity.
Find fund / asset management companies that publish information about their sustainable and responsible investment strategies on their company website.
Find fund / asset management companies that will supply information about their sustainable and responsible investment activity on request.
Sustainable, Responsible &/or ESG Policy:
Through its investments in infrastructure that supports a sustainable society, the Company promotes environmental and social characteristics, but does not have sustainable investment as its objective and does not solely invest in sustainable investments, as defined under the SFDR.
The Company has strengthened the alignment of its investment activity with the objectives of the Paris Agreement, the recommendations of the Taskforce on Climate-related Financial Disclosures (‘TCFD’) and investments that positively contribute towards the UN Sustainable Development Goals (‘SDGs’).
To ensure these characteristics are met, the following practices are mandatory under the Company’s internal policies and procedures:
a) SDG Alignment.
The Company positively screens each investment to identify those that are directly contributing towards the SDGs, or through the Company’s involvement, could transition to become an environmentally or socially positive investment.
The SDGs listed below have been identified as those INPP is most likely to significantly contribute towards in terms of overall positive contributions. The positive characteristics of an investment is considered by the Investment Committee and may influence the decision.
- 3 – Good health and well-being
- 4 – Quality education
- 6 – Clean waster and sanitation
- 7 – Affordable and clean energy
- 9 – Industry innovation and infrastructure
- 11 – Sustainable cities and communities
- 13 – Climate action
The Company tracks several metrics aligned to these SDGs, such as the number of Students attending schools developed and managed by the Company and Annual passenger journeys through sustainable transport investments.
b) Alignment with INPP Exclusion criteria. The Company will not invest in infrastructure projects or associated businesses that do not demonstrate the ability or willingness to manage current and future ESG risks effectively, unless through its involvement, Amber will be able to significantly improve the situation. This means the Company will not invest in Coal, Arms, Tobacco, Pornography, Gambling, Alcohol or any other sectors that have the potential to lead to Human Rights abuses.
Equally the Company will not invest in infrastructure or associated businesses that have an extended track record of:
- corrupt practices;
- poor governance and ethics practices; or
- poor safety or environmental management.
Except for the exclusions stated above, the Company does not typically exclude infrastructure companies, sectors or asset types based on any particular activity or ESG exposure. Instead, the Company prefers to engage with the investments in its portfolio and use its position to influence positive change.
c) Alignment with INPP’s minimum Governance standards. Minimum requirements must be applied across all investments to ensure a solid foundation of governance is applied and that there is no significant harm to environmental and social receptors. Compliance with these requirements is assessed at the due diligence stage of the investment process. Where minimum requirements are not met, the Company, through its investment adviser, will work directly with its investments to ensure they meet the requirements
d) ESG incorporated through the investment process, including the consideration of sustainability risks. The consideration of ESG risks and opportunities is a formal element of the investment origination process undertaken by the Company’s investment adviser. Following a review against the Company's exclusion criteria, every investment opportunity undergoes a detailed screening and due diligence process, which considers both potential negative and positive impacts.
In line with international industry practice, potential investments are categorised as follows:
- Category A: investments with potential to cause adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented in the absence of mitigation;
- Category B: investments with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures; and
- Category C: investments with minimal or no adverse environmental and social risks and/or impacts.
The categorisation described above drives the level of due diligence undertaken, including assessment against emerging and future trends that could impact the long-term viability of the investment.
Further information on the sustainability characteristics of the Company’s investments can be found in its latest sustainability report: https://www.internationalpublicpartnerships.com/media/nvyaj5am/inpp-sustainability-report-march-2026.pdf
Process:
Process
Integration of the Company's strategic sustainability objectives and ESG drivers into investment decision making is an essential part of the INPP investment process, which is outlined below:
1. Research and Innovation
The Company’s Investment Adviser, Amber Infrastructure (‘the Investment Adviser’), undertakes targeted research that examines the potential for new investment opportunities. The future-focused insights that its award-winning ‘Amber Horizons’ programme provides, complements the Investment Adviser’s culture of primary investment origination.
This approach ensures that the Company is positioned to take advantage of new investment sectors that meet its risk-return and ESG requirements and create value over the long term.
2. Screening
All investments are initially screened against the Company’s exclusion criteria, and for any ESG ‘red flags’. The screening also includes consideration of EU Taxonomy eligibility, SFDR categorisation requirements and positive contribution towards the SDGs.
3. Due Diligence
The Investment Adviser undertakes a bespoke due diligence on all potential investments, guided by the investment’s location, asset type and risk profile.
The Investment Adviser’s deal teams work closely with its dedicated ESG team to develop comprehensive ESG due diligence scopes to ensure aspects such as EU Taxonomy, SFDR and TCFD requirements are considered prior to investment. Any items that require addressing post-investment are built into Environmental and Social Action Plans.
4. Execution
The Company seeks to build ESG clauses into documentation with its investments, including Environmental and Social Action Plans that are prepared at the due diligence stage.
This incorporates any actions required to ensure environmental and social safeguarding, or more ambitious targets such as alignment with EU Taxonomy Technical Screening Criteria or net zero strategies.
5. Active Management
Where possible, Amber’s specialist asset management teams monitor the delivery of Environmental and Social Action plans and other agreed targets, such as alignment with EU Taxonomy Technical Screening Criteria.
ESG Key Performance Indicators (‘KPIs’) and risks are incorporated into reporting, risk management systems and objectives.
6. Monitoring and Reporting
The Investment Adviser asset management team is responsible for monitoring assets and reporting to the Company’s Investment Adviser’s ESG Steering Committee. This process covers a comprehensive set of ESG data, including energy and carbon metrics.
The Investment Adviser’s ESG Steering Committee then formally reports to the Company’s ESG Committee on a quarterly basis. Reports are produced to inform the Board of any underlying issues on the assets that may require additional time and resource to resolve.
7. Exit
While the Company ESG considerations are considered through the entire lifecycle, to the eventual exit from the investment, or at the point of hand back to public sector clients.
The Company aims to enhance value by ensuring investments are on a sustainable pathway, in line with recognised performance standards and business case assumptions.
Data sources
The Investment Adviser uses a range of data and tools to assess ESG through the investment process. For example, at the screening stage, Amber deal teams may use the GRESB Infrastructure materiality tool to support the identification of material issues for an investment sector. The Company uses Moody’s RMS™ catastrophe risk modelling to assess the physical risk of climate change across the portfolio.
In addition to third-party tools and resources, the Investment Adviser has developed proprietary tools. For example, it has developed a bespoke ESG objectives framework, which it uses to drive action across fund portfolios, including INPP. This ESG Stewardship Objectives Framework maps out a comprehensive range of data to be collected and monitored, which is gathered directly from investments.
Resources, Affiliations & Corporate Strategies:
The INPP Board sets the strategy for the Company and makes decisions on changes to the portfolio (including approval of acquisitions, disposals and valuations). Through Committees and the use of external independent advisers, it manages the governance and risks of the Company. The Board has overall responsibility for ESG considerations and for ensuring they are fully integrated into all aspects of the investment, divestment and asset management strategies. The ESG Committee provides a forum for discussion, support, and challenge regarding ESG. This includes the policies adopted by the Company in relation to both investments and divestments and those of its Investment Adviser with respect to Amber’s asset management activities and reporting on such matters to the ESG Committee and Board. The ESG Committee meets at least semi-annually, and full Terms of Reference can be viewed on the Company’s website.
In addition to the ESG Committee, ESG focus is also applied through the Audit and Risk, and Management Engagement Committees, where the latter reviews the effectiveness of ESG integration by the Investment Adviser.
Amber is responsible for implementing the Company’s ESG policies within its day-to-day activities. This includes integrating ESG considerations into the Company's investment origination and management. Amber’s Executive Committee is responsible for the stewardship of its business and affairs. The Executive Committee discharges its sustainability responsibilities directly through its internal Risk Committee, ESG Steering Committee, and Diversity and Inclusion Subcommittee. The Committee’s primary role is to integrate and strengthen its ESG considerations within investment and asset management activities at a corporate level. The Investment Adviser is supported by a dedicated ESG team.
The Company's Investment Adviser undertakes targeted research that examines the potential for new investment opportunities. This future-focused insights provides, complements the Investment Adviser’s culture of primary investment origination. This approach ensures that the Company is positioned to take advantage of new investment sectors that meet its risk-return and ESG requirements and create value over the long term.
For existing investments, the Company's Investment Adviser undertakes an annual ESG data collection and quantification exercise which collects ESG data from each of the Company's investments. This data collection process is tailored to each investment sector and covers a broad range of ESG topics. The data also enables the Company to quantify its financed emissions; to monitor ESG progress; and to identify opportunities to improve performance through the Investment Adviser's Asset Management teams.
The Investment Adviser has two dedicated ESG employees, including a Head of ESG with 20+ years’ experience and an ESG Analyst with 10+ years’ experience. The team works exclusively on integrating ESG across the investment lifecycle. Amber undertakes targeted research that examines the potential for new investment opportunities. The Investment Adviser’s future-focused research, complements its culture of primary investment origination. This approach ensures that the Company is positioned to take advantage of new investment sectors that meet its risk-return and ESG requirements and create value over the long term.
Please refer to page 9 of the Company’s Sustainability Report for more information on its approach to ESG Governance https://www.internationalpublicpartnerships.com/media/nvyaj5am/inpp-sustainability-report-march-2026.pdf
SDR Labelling:
Unlabelled - promotes sustainable characteristics (has CFD)
Key Performance Indicators:
Although the Company does not have a sustainability objective in line with the definitions of SDR, it seeks to improve the sustainability performance of its investments. To help streamline ESG data for financial reporting and monitor progress at the portfolio level, the Company tracks the performance of its investments through a set of KPIs, covering some of its most material sustainability aspects, including: net zero; EU Taxonomy alignment; robust governance requirements; health and safety; diversity, equality and inclusion; and climate risk.
The Company’s full set of sustainability KPIs can be found in its latest sustainability report:
- Consumer Facing Disclosure
- Sustainability Report
SDR Literature:
Fund Holdings
Disclaimer
Information contained has been provided at the direction of International Public Partnerships Limited (‘INPP’ or ‘the Company’) solely for use to inform existing investors, professional, wholesale and institutional investors, sophisticated and knowledgeable private investors and regulated retail advisers on the sustainable approach adopted by INPP to current new investments and ESG matters, including climate change. Other than in the UK, information contained and documentation provided is not intended for retail investors.
The information provided does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities, it does not constitute marketing or promotional material, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.
The information provided is not comprehensive and may be partial, incomplete or on its own be at risk of being taken out of context. This information is not intended in any way to be a substitute for a review of the annual and semi-annual reports and accounts of INPP, the Factsheet, Key Information Document (‘KID’), nor the most recently published INPP Sustainability Report, and should not be relied on as such. Further information is available on INPP's website https://www.internationalpublicpartnerships.com, subject to certain access restrictions.
The information herein and any opinions expressed reflect the current views of the Company, its Investment Advisor, Amber Fund Management Limited (‘AFML’), or Amber Infrastructure (‘Amber’), only, are subject to change and should not be acted or relied upon by any person without obtaining specific and relevant legal, tax, securities or investment advice.
Potential investors should be aware that any investment in the Company is speculative, involves a high degree of risk, and could result in the loss of all or substantially all of their investment. Results can be positively or negatively affected by market conditions beyond the control of the Company or any other person. The past performance of the Company or the shares in the Company cannot be relied upon as a guide to the future performance of the Company.
| Fund Name | SRI Style | SDR Labelling | Product | Region | Asset Type | Launch Date | Last Amended |
|
|---|---|---|---|---|---|---|---|---|
International Public Partnerships Limited |
ESG Plus | Unlabelled - promotes sustainable characteristics (has CFD) | Investment Trust | Global | Infrastructure | 09/11/2006 | Jul 2026 | |
ObjectivesINPP is not currently an SDR labelled fund. However, please refer to the INPP website for an overview of environmental and social characteristics promoted by the Company
Please note re AUM data:
|
ISIN: GB00B188SR50 Contact Us: CSIR@amberinfrastructure.com / investorrelations@amberinfrastructure.com |
|||||||
Sustainable, Responsible &/or ESG OverviewOur purpose is to invest responsibly in social and public infrastructure that delivers long-term benefits for all stakeholders. We aim to provide our investors with stable, long-term, inflation-linked returns, based on growing dividends and the potential for capital appreciation. We expect to achieve this by investing in a diversified portfolio of infrastructure assets and businesses which, through our active management, meets societal and environmental needs both now and into the future. The Company believes that the financial performance of its investments is linked to environmental and social success. ESG is integrated across the Company’s investment lifecycle, which helps it identify, assess, manage, monitor and disclose material ESG risks and opportunities across its investment activities. The Company does this through transaction screening, due diligence, execution, active management, reporting and optimisation to exit investments. For more information, please refer to the Company’s latest Sustainability Report: https://www.internationalpublicpartnerships.com/media/nvyaj5am/inpp-sustainability-report-march-2026.pdf |
||||||||
|
Primary fund last amended: Jul 2026 |
||||||||
|
Information received directly from Fund Manager |
||||||||
|
Please select what you would like to read:
Fund FiltersSustainability - General
Sustainability policy
Has policies that consider (environmental and social) sustainability issues. Strategies vary but are likely to consider environmental issues like climate change, carbon emissions, biodiversity loss, resource management, environmental impacts; and social issues like equal opportunities, human rights, labour standards, diversity and adherence to internationally recognised codes. See individual entry information.
Encourage more sustainable practices through stewardship
Aim to encourage higher sustainability standards through responsible ownership / stewardship / engagement / voting activity
UN Sustainable Development Goals (SDG) focus
Aim to invest (and manage assets) in ways that help to address all or some of the UN's Sustainable Development Goals (SDGs). See https://sdgs.un.org/goals).
Report against sustainability objectives
Publicly report performance against named sustainability objectives Environmental - General
Environmental policy
Has policies which relate to environmental issues. These will typically set out their stance on issues such as pollution, climate change, resource management, biodiversity loss, carbon emissions, plastics and/or additional environmental impacts. Strategies vary.
Environmental damage & pollution policy
Has documented policies explaining the approach to environmental damage and pollution. Strategies vary. Climate Change & Energy
Coal, oil & / or gas majors excluded
Avoid investment in major coal, oil and/or gas (extraction) companies. Strategies vary.
Encourage transition to low carbon through stewardship activity
Encourage the transition to lower carbon activities through asset selection and / or responsible ownership activity.
Invests in clean energy / renewables
Invest in renewable energy companies and / or companies where renewable energy is a significant part of their business. Strategies vary.
TCFD / IFRS reporting requirement
Will only invest in companies that report greenhouse gas emissions in line with this international reporting framework. See https://www.fsb-tcfd.org/ https ://www.ifrs.org/sustainability/tcfd/
Require net zero action plan from all / most companies
Requires all, or most of, the assets they invest in to have a ‘net zero action plan’ - describing how they will reduce their greenhouse gas emissions. Social / Employment
Labour standards policy
Has a labour standards policy - likely to mean they will invest in / favour companies that have higher employment related standards and avoid those with low standards. Strategies vary. See eg https://www.ilo.org/international-labour-standards Ethical Values Led Exclusions
Ethical policies
Has policies that set out their position on ethical or 'personal values' based issues. Strategies vary.
Tobacco & related product manufacturers excluded
Companies are excluded if they are involved in any aspect of the production chain for tobacco products, including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Controversial weapons exclusion
Excludes companies which make controversial weapons such as landmines, cluster munitions and chemical weapons.
Armaments manufacturers avoided
Avoids companies that manufacture weapons intended specifically for military use. Strategies vary - may or may not include non-strategic military products.
Civilian firearms production exclusion
Has a written civilian firearms exclusion policy - meaning that they will not invest in companies that make (or perhaps also sell) handguns made for non-military users.
Alcohol production excluded
Avoids companies that produce alcohol. Strategies vary; some may allow a small proportion of revenue to come from this area.
Gambling avoidance policy
Avoids companies with significant involvement in the gambling industry. Some may allow a small proportion of revenues to come from this area.
Pornography avoidance policy
Avoids companies that derive significant income from pornography and related areas. Strategies vary. Human Rights
Human rights policy
Has policies relating to human rights issues. Typically require companies to demonstrate higher standards, although some managers work to encourage improvements. Investee companies are often judged against internationally agreed norms or standards. Strategies vary.
Child labour exclusion
Has policies to avoid companies that employ children.
Modern slavery exclusion policy
Has a policy which excludes assets with involvement in Modern Slavery Governance & Management
Governance policy
Has policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices. Strategies vary.
Avoids companies with poor governance
Avoids investing in companies with poor governance practices.(e.g. board structure, management practices etc.) Views may however vary on what counts as 'poor' practices - and funds may not immediately divest as they may prefer to work to encourage higher standards.
UN sanctions exclusion
Exclude companies that are subject to United Nations sanctions. See eg https://main.un.org/securitycouncil/en/content/un-sc-consolidated-list
Anti-bribery & corruption policy
Has policies explaining how managers will respond to assets / companies that do not comply with relevant anti-bribery and anti-corruption standards or laws. Strategies vary; options include stewardship/ engagement and divestment - or a combination.
Digital / cyber security policy
Has policies explaining how the managers take into account digital/cyber security related risks. Cyber policies will typically favour companies with higher standards or that are helping to solve problems - but strategies vary.
Encourage board diversity e.g. gender
Encourage the companies they invest in to have more diverse board structures (e.g. more women on boards)
Encourage higher ESG standards through stewardship activity
Aim to encourage higher ESG standards through responsible ownership / stewardship / engagement /voting activity Product / Service Governance
ESG integration strategy
Find fund / asset managers that factor in 'environmental, social and governance' issues as part of their investment decision making process. A focus on 'ESG' typically means a fund is carrying out additional research to help reduce ESG related risks. It does not necessarily mean a focus on sustainability. Strategies vary. See fund literature. Asset Size
Invests mostly in small or mid cap companies / assets
Has SRI strategies which focus their investment stock selection on small or mid cap companies / assets. (e.g. below circa £10bn) Targeted Positive Investments
Invests >25% in environmental / social solutions companies
Invests >25% of their capital in companies where a major part of their business is focused on helping to address environmental or social challenges.
EU Sustainable Finance Taxonomy holdings >25% of assets
Invests more than 25% of capital in assets which meet the EU Taxonomy requirements. This will typically require adding up the proportion of each individual company's activity that is regarded as 'green' so that the manager can produce an overall total for the whole fund or portfolio. Impact Methodologies
Invests in environmental solutions companies
Directs investment towards companies where a major part of their business is about solving environmental challenges. e.g. companies helping to address climate change.
Invests in social solutions companies
Invest in companies where a major part of their business is specifically aimed at helping to address social challenges. e.g. companies helping to address poverty.
Aim to deliver positive impacts through engagement
Aims to deliver positive environmental and or social impacts (real world benefits) through its engagement with investee assets
Over 50% in assets providing environmental or social ‘solutions’
Invests more than 50% of capital in assets which are regarded as being significantly focused on providing solutions to environmental or social challenges. Strategies vary. How The Fund/Portfolio Works
Positive selection bias
Focuses on finding and investing in companies with positive / beneficial attributes. This strategy can be applied in addition to exclusion criteria and engagement/stewardship activity.
Negative selection bias
Has principle 'ethical approach' to avoid companies by using negative screening criteria. Strategies vary.
Limited / few ethical exclusions
Has some exclusions - typically for example excludes tobacco or companies that breach commonly adopted standards or norms such as the UN Global Compact.
Significant harm exclusion
Aims to avoid companies that do significant harm. This originates from the EU’s sustainable finance ‘DNSH’ (do no significant harm) work, which is not necessarily used by UK investors.
Assets mapped to SDGs
Invests in assets which can be 'mapped' (reviewed) their investment selection and management strategies to identify which of the UN Sustainable Development Goals (SDGs) the fund is helping to address.
ESG risk mitigation focus
Focuses on the careful management of environmental, social and governance (ESG) related risks - typically by avoiding or being underweight in companies seen as posing major risks in these areas (i.e. not necessarily by using themes, exclusions etc).
SRI / ESG / Ethical policies explained on website
Publish explanations of their ethical, social and/or environmental policies online (i.e. investment decision making strategies/ buy/sell &/or asset management strategies).
Do not use stock / securities lending
Does not use stock lending for performance or risk purposes. Unscreened Assets & Cash
All assets (except cash) meet published sustainability criteria
All assets - except cash - meet the sustainability criteria published in strategy documentation. Intended Clients & Product Options
Intended for clients interested in sustainability
Designed to meet the needs of individual investors with an interest in sustainability issues.
Intended for clients interested in ethical issues
Designed for clients who care about ethical and values-based issues, often alongside sustainability issues also. Labels & Accreditations
SFDR Article 8 fund / product (EU)
Find options classified under Article 8 of the EU’s SFDR (Sustainable Finance Disclosure Requirements). Article 8 of the SFDR is a set of requirements that apply to financial products that 'promote' environmental or social characteristics together with high governance. These rules do not currently apply to UK products so many managers may leave this field blank. Fund Management Company InformationAbout The Business
Responsible ownership / stewardship policy or strategy (AFM companywide)
Finds fund / asset management companies that have a published company wide stewardship, engagement and / or responsible ownership policy or strategy that covers all investments. Stewardship typically involves encouraging higher ESG standards through voting and dialogue.
ESG / SRI engagement (AFM companywide)
Find fund / asset management companies that actively encourage higher 'environmental, social and governance' and / or 'sustainable and responsible investment' practices across investee companies - typically where the aim is to encourage positive change that is aligned with the best interests of investors. Strategies vary. See additional information and options.
Responsible ownership / ESG a key differentiator (AFM companywide)
Find fund / asset managers that consider responsible ownership and ESG to be a key differentiator for their business.
Senior management KPIs include environmental goals (AFM companywide)
The leadership team of this fund / asset manager have performance targets linked to environmental goals.
SDG aligned aims / objectives (AFM companywide)
Find fund / asset management companies that aim to align all their investments (across all funds) to help meet the aims of the UN Sustainable Development Goals.
Integrates ESG factors into all / most research (AFM companywide)
Find fund / asset management companies that consider environmental, social and governance (ESG) issues when deciding whether or not to invest in a company for all / almost all of their funds and other assets. This is increasingly seen as part of sound risk management.
Diversity, equality & inclusion engagement policy (AFM companywide)
Find fund / asset management companies that encourage the companies they invest in to have strong diversity, race, gender and other equality policies across all assets held, not simply screened or themed SRI/ESG funds. (ie Asset Management company wide). Collaborations & Affiliations
PRI signatory
Find fund / asset management companies that have signed up to the UN backed 'Principles of Responsible Investment'.
TNFD forum member (AFM companywide)
A member of the Taskforce for Nature Related Financial Disclosures group which aims to aid risk management and shift money towards nature-positive outcomes. Resources
In-house responsible ownership / voting expertise
Find fund / asset management companies that employ people to steer and support fund managers in voting shares at company AGM's and EGMs in ways that are consistent with encouraging higher ESG/sustainability standards.
Employ specialist ESG / SRI / sustainability researchers
Find a fund / asset management company that directly employs specialist ESG/SRI/sustainability researchers or analysts. This allows asset managers to discuss environmental, social and governance risks and opportunities directly with companies.
ESG specialists on all investment desks (AFM companywide)
Finds organisations / fund managers that have one or more ESG/sustainability experts on all investment teams or 'desks' (all asset types) Accreditations
PRI A+ rated (AFM companywide)
Finds organisations / fund managers that have an A+ PRI rating - meaning they are highly rated according to the 'Principles of Responsible Investment' Engagement Approach
Regularly lead collaborative ESG initiatives (AFM companywide)
Find fund / asset management companies that regularly initiate or run industry wide (collaborative) investor projects aimed at raising environmental, social and governance standards amongst investee companies.
Engaging on climate change issues
Fund / asset manager has stewardship /responsible ownership strategy that is focused on addressing climate change with investee assets.
Engaging with fossil fuel companies on climate change
Fund / asset manager has a stewardship /responsible ownership strategy that involves working with fossil fuel companies on climate change related issues. See fund manager website for details.
Engaging to reduce plastics pollution / waste
Fund / asset manager has stewardship /responsible ownership strategy with involves encouraging investee asset to reduce plastic waste and pollution.
Engaging on biodiversity / nature issues
The fund / asset manager has a responsible ownership / stewardship strategy that focuses on biodiversity and nature issues relating to the assets they invest the aim of which will be to reduce harm and or deliver improvement. Strategies vary. https://tnfd.global
Engaging to encourage a Just Transition
Fund / asset manager has a responsible ownership / stewardship strategy which means they are working to encourage the shift to more sustainable business practices in ways that respect and are sensitive to social issues and the impact change has on people effected by the changes that are taking place. https://www.transitionpathwayinitiative.org/ https://transitiontaskforce.net/
Engaging on human rights issues
Fund / asset manager has responsible ownership / stewardship strategy in place which aims to address human rights issues in investee companies (and potentially their suppliers) with the aim of raising standards
Engaging on labour / employment issues
Fund / asset manager has responsible ownership / stewardship strategy in place that aims to improve labour standards for the benefit of employees in investee companies (and potentially their suppliers)
Engaging on diversity, equality & / or inclusion issues
Fund / asset management company has a stewardship strategy in place which involves working to raise diversity, equality and inclusion standards across investee assets
Engaging to stop modern slavery
Fund / asset manager is working with the assets they hold to help stamp out modern slavery - where direct or indirect company employees are exploited for business benefits.
Engaging on governance issues
Fund / asset managers have stewardship strategies in place that focus on improving governance standards across investee assets
Engaging on responsible supply chain issues
Has a stewardship / responsible ownership strategy that encourages responsible supply chain - ie the managers will discuss environmental, social and governance issues with investee companies with the aim of raising standards Company Wide Exclusions
Controversial weapons avoidance policy (AFM companywide)
Find fund / asset management companies (not funds) that avoid investment in 'controversial weapons' across all of their funds and other investment vehicles.
Tobacco avoidance policy (AFM companywide)
Find fund / asset management companies that avoid investment in tobacco (manufacturing) companies across all their assets.
Coal exclusion policy (group wide coal mining exclusion policy)
This fund / asset manager excludes direct investment in the coal mining industry. Managers ability to do this may depend on the geographic regions in which they invest. Climate & Net Zero Transition
Encourage carbon / greenhouse gas reduction (AFM companywide)
Find fund / asset management companies that are working with the companies they invest in to encourage reductions in carbon dioxide and other greenhouse gas emissions.
Working towards a ‘Net Zero’ commitment (AFM companywide)
Finds organisations / fund management companies that are in the process of working out how to make a ‘net zero commitment’ - meaning that when that is finalised they will have started the process of reducing their total greenhouse gas emissions to 'zero'. Transparency
Publish responsible ownership / stewardship report (AFM companywide)
Find fund / asset management companies that publish a report detailing their responsible investment ownership - also known as 'Stewardship' - activity.
Full stewardship / responsible ownership policy information on company website
Find fund / asset management companies that publish information about their sustainable and responsible investment strategies on their company website.
Full stewardship / responsible ownership policy information available on request
Find fund / asset management companies that will supply information about their sustainable and responsible investment activity on request. Sustainable, Responsible &/or ESG Policy:Through its investments in infrastructure that supports a sustainable society, the Company promotes environmental and social characteristics, but does not have sustainable investment as its objective and does not solely invest in sustainable investments, as defined under the SFDR. The Company has strengthened the alignment of its investment activity with the objectives of the Paris Agreement, the recommendations of the Taskforce on Climate-related Financial Disclosures (‘TCFD’) and investments that positively contribute towards the UN Sustainable Development Goals (‘SDGs’). To ensure these characteristics are met, the following practices are mandatory under the Company’s internal policies and procedures: a) SDG Alignment. The Company positively screens each investment to identify those that are directly contributing towards the SDGs, or through the Company’s involvement, could transition to become an environmentally or socially positive investment. The SDGs listed below have been identified as those INPP is most likely to significantly contribute towards in terms of overall positive contributions. The positive characteristics of an investment is considered by the Investment Committee and may influence the decision.
The Company tracks several metrics aligned to these SDGs, such as the number of Students attending schools developed and managed by the Company and Annual passenger journeys through sustainable transport investments.
b) Alignment with INPP Exclusion criteria. The Company will not invest in infrastructure projects or associated businesses that do not demonstrate the ability or willingness to manage current and future ESG risks effectively, unless through its involvement, Amber will be able to significantly improve the situation. This means the Company will not invest in Coal, Arms, Tobacco, Pornography, Gambling, Alcohol or any other sectors that have the potential to lead to Human Rights abuses. Equally the Company will not invest in infrastructure or associated businesses that have an extended track record of:
Except for the exclusions stated above, the Company does not typically exclude infrastructure companies, sectors or asset types based on any particular activity or ESG exposure. Instead, the Company prefers to engage with the investments in its portfolio and use its position to influence positive change.
c) Alignment with INPP’s minimum Governance standards. Minimum requirements must be applied across all investments to ensure a solid foundation of governance is applied and that there is no significant harm to environmental and social receptors. Compliance with these requirements is assessed at the due diligence stage of the investment process. Where minimum requirements are not met, the Company, through its investment adviser, will work directly with its investments to ensure they meet the requirements
d) ESG incorporated through the investment process, including the consideration of sustainability risks. The consideration of ESG risks and opportunities is a formal element of the investment origination process undertaken by the Company’s investment adviser. Following a review against the Company's exclusion criteria, every investment opportunity undergoes a detailed screening and due diligence process, which considers both potential negative and positive impacts. In line with international industry practice, potential investments are categorised as follows:
The categorisation described above drives the level of due diligence undertaken, including assessment against emerging and future trends that could impact the long-term viability of the investment. Further information on the sustainability characteristics of the Company’s investments can be found in its latest sustainability report: https://www.internationalpublicpartnerships.com/media/nvyaj5am/inpp-sustainability-report-march-2026.pdf Process:Process Integration of the Company's strategic sustainability objectives and ESG drivers into investment decision making is an essential part of the INPP investment process, which is outlined below:
The Company’s Investment Adviser, Amber Infrastructure (‘the Investment Adviser’), undertakes targeted research that examines the potential for new investment opportunities. The future-focused insights that its award-winning ‘Amber Horizons’ programme provides, complements the Investment Adviser’s culture of primary investment origination.
All investments are initially screened against the Company’s exclusion criteria, and for any ESG ‘red flags’. The screening also includes consideration of EU Taxonomy eligibility, SFDR categorisation requirements and positive contribution towards the SDGs.
The Investment Adviser undertakes a bespoke due diligence on all potential investments, guided by the investment’s location, asset type and risk profile.
The Company seeks to build ESG clauses into documentation with its investments, including Environmental and Social Action Plans that are prepared at the due diligence stage.
Where possible, Amber’s specialist asset management teams monitor the delivery of Environmental and Social Action plans and other agreed targets, such as alignment with EU Taxonomy Technical Screening Criteria.
The Investment Adviser asset management team is responsible for monitoring assets and reporting to the Company’s Investment Adviser’s ESG Steering Committee. This process covers a comprehensive set of ESG data, including energy and carbon metrics.
While the Company ESG considerations are considered through the entire lifecycle, to the eventual exit from the investment, or at the point of hand back to public sector clients. The Company aims to enhance value by ensuring investments are on a sustainable pathway, in line with recognised performance standards and business case assumptions.
In addition to third-party tools and resources, the Investment Adviser has developed proprietary tools. For example, it has developed a bespoke ESG objectives framework, which it uses to drive action across fund portfolios, including INPP. This ESG Stewardship Objectives Framework maps out a comprehensive range of data to be collected and monitored, which is gathered directly from investments. Resources, Affiliations & Corporate Strategies:The INPP Board sets the strategy for the Company and makes decisions on changes to the portfolio (including approval of acquisitions, disposals and valuations). Through Committees and the use of external independent advisers, it manages the governance and risks of the Company. The Board has overall responsibility for ESG considerations and for ensuring they are fully integrated into all aspects of the investment, divestment and asset management strategies. The ESG Committee provides a forum for discussion, support, and challenge regarding ESG. This includes the policies adopted by the Company in relation to both investments and divestments and those of its Investment Adviser with respect to Amber’s asset management activities and reporting on such matters to the ESG Committee and Board. The ESG Committee meets at least semi-annually, and full Terms of Reference can be viewed on the Company’s website. In addition to the ESG Committee, ESG focus is also applied through the Audit and Risk, and Management Engagement Committees, where the latter reviews the effectiveness of ESG integration by the Investment Adviser. Amber is responsible for implementing the Company’s ESG policies within its day-to-day activities. This includes integrating ESG considerations into the Company's investment origination and management. Amber’s Executive Committee is responsible for the stewardship of its business and affairs. The Executive Committee discharges its sustainability responsibilities directly through its internal Risk Committee, ESG Steering Committee, and Diversity and Inclusion Subcommittee. The Committee’s primary role is to integrate and strengthen its ESG considerations within investment and asset management activities at a corporate level. The Investment Adviser is supported by a dedicated ESG team. The Company's Investment Adviser undertakes targeted research that examines the potential for new investment opportunities. This future-focused insights provides, complements the Investment Adviser’s culture of primary investment origination. This approach ensures that the Company is positioned to take advantage of new investment sectors that meet its risk-return and ESG requirements and create value over the long term. For existing investments, the Company's Investment Adviser undertakes an annual ESG data collection and quantification exercise which collects ESG data from each of the Company's investments. This data collection process is tailored to each investment sector and covers a broad range of ESG topics. The data also enables the Company to quantify its financed emissions; to monitor ESG progress; and to identify opportunities to improve performance through the Investment Adviser's Asset Management teams. The Investment Adviser has two dedicated ESG employees, including a Head of ESG with 20+ years’ experience and an ESG Analyst with 10+ years’ experience. The team works exclusively on integrating ESG across the investment lifecycle. Amber undertakes targeted research that examines the potential for new investment opportunities. The Investment Adviser’s future-focused research, complements its culture of primary investment origination. This approach ensures that the Company is positioned to take advantage of new investment sectors that meet its risk-return and ESG requirements and create value over the long term. Please refer to page 9 of the Company’s Sustainability Report for more information on its approach to ESG Governance https://www.internationalpublicpartnerships.com/media/nvyaj5am/inpp-sustainability-report-march-2026.pdf SDR Labelling:Unlabelled - promotes sustainable characteristics (has CFD) Key Performance Indicators:
Although the Company does not have a sustainability objective in line with the definitions of SDR, it seeks to improve the sustainability performance of its investments. To help streamline ESG data for financial reporting and monitor progress at the portfolio level, the Company tracks the performance of its investments through a set of KPIs, covering some of its most material sustainability aspects, including: net zero; EU Taxonomy alignment; robust governance requirements; health and safety; diversity, equality and inclusion; and climate risk. The Company’s full set of sustainability KPIs can be found in its latest sustainability report:
SDR Literature:Fund HoldingsDisclaimerInformation contained has been provided at the direction of International Public Partnerships Limited (‘INPP’ or ‘the Company’) solely for use to inform existing investors, professional, wholesale and institutional investors, sophisticated and knowledgeable private investors and regulated retail advisers on the sustainable approach adopted by INPP to current new investments and ESG matters, including climate change. Other than in the UK, information contained and documentation provided is not intended for retail investors. The information provided does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities, it does not constitute marketing or promotional material, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. The information provided is not comprehensive and may be partial, incomplete or on its own be at risk of being taken out of context. This information is not intended in any way to be a substitute for a review of the annual and semi-annual reports and accounts of INPP, the Factsheet, Key Information Document (‘KID’), nor the most recently published INPP Sustainability Report, and should not be relied on as such. Further information is available on INPP's website https://www.internationalpublicpartnerships.com, subject to certain access restrictions. The information herein and any opinions expressed reflect the current views of the Company, its Investment Advisor, Amber Fund Management Limited (‘AFML’), or Amber Infrastructure (‘Amber’), only, are subject to change and should not be acted or relied upon by any person without obtaining specific and relevant legal, tax, securities or investment advice. Potential investors should be aware that any investment in the Company is speculative, involves a high degree of risk, and could result in the loss of all or substantially all of their investment. Results can be positively or negatively affected by market conditions beyond the control of the Company or any other person. The past performance of the Company or the shares in the Company cannot be relied upon as a guide to the future performance of the Company. |
||||||||