Sustainable, Responsible &/or ESG Policy:

OBJECTIVES AND INVESTMENT POLICY

The Fund seeks long-term total returns in excess of the MSCI Europe Index  (the "Index"), primarily though investment in European companies whose  management teams and boards display exemplary 'stewardship'.

• The investment manager defines 'stewardship' as how companies balance the interests of all stakeholders (e.g., customers, employees, communities, and the supply chain) in the pursuit of profits and how they incorporate material environmental, social and governance ("ESG") risks and opportunities in their corporate strategy.
• The investment manager will manage the Fund to target net zero carbon emissions by 2050 in alignment with the Paris Agreement by actively engaging with companies held in the Fund to commit to net zero sciencebased targets.
• The fund will be actively managed seeking to outperform the Index by primarily investing in European equity securities issued by large-cap companies that are deemed Sustainable Investments by the investment manager. The investment manager is biased to own companies already in a position of strength: with established competitive positions, identifiable business advantages, a history of continuous improvement and innovation, and inspiring leadership. To help evaluate the likelihood of continuing attractive returns, the investment manager places an emphasis on each company's stewardship, with the belief that proper care and nurturing of a corporation's valuable assets and intangibles is critical to a company's long-term resilience.
• The strong links between stewardship and return on capital over the longterm make ESG factors a particular catalyst for active company engagement, which the investment manager believes is essential if investee companies are to sustain their returns in the long term.
• The Fund is expected to be well diversified by country, currency and industry but may hold positions that are concentrated in this manner from time to time. The Fund is also expected to be concentrated in a relatively small number of securities and turnover is expected to be low. 
• The Index serves as a reference benchmark for performance comparison and weighted average carbon intensity purposes. Whilst Fund securities may be components of the Index, the Index is not considered during portfolio construction and the investment manager will not manage the extent to which Fund securities differ from the Index. The Index is market capitalisation weighted and designed to measure the equity market performance of developed and emerging markets. The Index does not take into account the environmental and social characteristics referenced above.
• The investment manager will only invest in securities that are considered Sustainable Investments and materially align with at least one of the stewardship aims. The Fund will invest a minimum of 90% of its net assets in companies which meet the above criteria and which are assessed to be Sustainable Investments.
• The investment manager is committed to investing 65% of its net assets (excluding cash and cash equivalents) in companies with net zero sciencebased targets by 2030, and 100% of the Fund's net assets (excluding cash and cash equivalents) by 2040.
• The investment manager will invest 100% of its net assets (excluding cash and cash equivalents) in companies that have at least one of the following three attributes: a target validated by science-based targets initiative, an alternative public active emissions reduction target or a combined Scope 1+2 carbon intensity (tons CO2/ $M revenue) that is at least 25% below their industry average based on publicly disclosed emissions.

(Source: KIID, as at April 2026)

SDR Labelling:

Not eligible to use label (out of scope)