Sustainable, Responsible &/or ESG Policy:

Investment Objective and Policy

The aim of the fund is to provide a total return (income and capital growth) over the longer term (five years or more) from a portfolio of shares from around the world. The fund aims to beat the performance of its benchmark (MSCI All Countries World GBP - a measure of global share market returns), after charges, measured over periods of three years or more.

The Fund aims to achieve the objective by investing in other funds rather than investing directly in individual shares. This type of fund is often known as a 'fund-of-funds'.

Normally as least 80% of the funds that the Fund invests in will be passively managed. This means that they aim to track the performance of a particular share index. The rest will be actively managed funds - this is where the fund manager chooses individual shares and as a result, returns may be higher (or lower) than the market.

The Fund's mix of investments will typically be reviewed at least every six months and may change in consideration of the outlook for each geographic region. Here's how it works:

• The Fund considers investment across five regions - North America, Europe (excluding the UK), the UK, Japan and Asia (excluding Japan) combined (due to high overlap) with Global Emerging Markets.
• The allocation across the different regions will be managed using the benchmark as a starting point.
• The Fund may differ from the benchmark, by up to +/- 10% in each region. If, for example, the benchmark weight was 20% for Europe (excluding the UK) at the time of the review, the Fund would allocate between 10-30% to that region.
• There may be times when the fund invests outside of these limits. This could be due to market movement between portfolio reviews or sticking to Environmental, Social and Governance considerations.

The Fund is expected to have a modest tracking error of 1-4%, meaning returns will differ from the benchmark, but not by a large amount.

One way in which the fund seeks to manage risks and opportunities is through Environmental, Social and Governance (ESG) considerations. Where the Investment Adviser feels it is beneficial from a risk and return perspective and suitable opportunities are available, investments will be chosen because of their integration of ESG considerations into stock selection, adoption of sustainable investing objectives or policies, positive shareholder engagement policies, and/or supporting the transition to a low carbon economy. Also the fund will limit (to no more than 0.5% of the value of the fund) indirect exposure to companies which

• make more than 5% of their earnings from tobacco, thermal coal or unconventional oil and gas (such as oil sands or shale gas)
• are involved in the manufacture of controversial weapons such as cluster munitions
• or who violate the UN Global Compact principles on human rights, labour, the environment and anti-corruption.

(Source: KIID, as at June 2026)

SDR Labelling:

Unlabelled - promotes sustainable characteristics (has CFD)

SDR Literature:

• Consumer Facing Disclosure