Sustainable, Responsible &/or ESG Policy:

The EdenTree Sustainability Standard

Across our range of funds, we seek to identify companies that create value for people, the planet and investors through their products, services and operations. We believe that investing in companies creating value through strong sustainability practices will enable us to build portfolios that are not only sound long-term investment propositions, but which also generate positive outcomes for people and the planet.

Our framework for doing so – The EdenTree Standard – sets out clear expectations of the companies we invest in to demonstrate value. We assess companies against these expectations to determine how much value they are creating, and to identify sustainable leaders.

Please refer to The EdenTree Standard: Identifying Sustainable Companies for more details.

EdenTree Sustainable European Equity Fund's Sustainability Approach

The Fund seeks to invest at least 80% in companies that the manager classifies as sustainable, based on the EdenTree Standard of Sustainability (“the EdenTree Standard”). A company is considered to be sustainable if it makes a positive contribution to people and the planet through its products, services, and/or operations.

• People - A company’s impact on social groups across its value chain including employees, supply chain workers, local communities and customers. The company must have implemented measures, supported by sufficient oversight structures, to ensure these groups benefit from the company’s activities.
• Planet - A company’s impact on the environment, including natural ecosystems. The company must have implemented measures, supported by sufficient oversight structures, to ensure the environment benefits from the company’s activities.

How We Select Assets: The EdenTree Standard of Sustainability

A fund using a Sustainability Focus Label must decide which investments meet its sustainability objective using a robust, evidence-based standard that is an absolute measure of sustainability. This section explains what that standard is for the Fund. A company is classified as sustainable if it achieves a positive rating against the EdenTree Standard of Sustainability. When assessing a company against this Standard, and therefore whether it is considered sustainable, we follow a systematic, three stage assessment process:

The assessment is conducted independently from the Fund Management Team by the Sustainability Team. The Sustainability Team is comprised of experts in sustainability. The assessment considers all aspects of sustainability, including environmental, social, and governance topics which affect a company’s ability to deliver positive outcomes for people and the planet. As such it allows for a rigorous and detailed assessment of whether a company’s practices are resulting in outcomes that meet the sustainability objective of benefitting people and the planet.

Exclusions

A fund using a Sustainability Label must not invest in any assets that conflict with the sustainability objective. This section explains how the investment manager avoids conflicting assets and any other types of investment that it will not choose to hold for sustainability reasons.

The Fund does not invest in assets that the manager deems to conflict with the sustainability objective. This refers to assets that not only fail to meet the sustainability objective, but also actively conflict with the positive outcomes it seeks.

As the Fund aims to invest in companies that provide a positive contribution to people and the planet, the investment manager defines conflicting assets as companies which have a significant negative effect on people and the planet. Such companies are identified as those scoring below “adding value” on the EdenTree Standard, as well as those involved in the excluded activities listed below.

• Excluded sectors and activities: There are certain sectors and economic activities where we consider the sustainability risks fundamentally misaligned with the Manager’s Sustainability Objective. The Manager therefore applies baseline exclusions to actively exclude such companies from the investment universe. The Fund will avoid investment in companies which have a material involvement (10% or more) in alcohol and tobacco production, conventional weapon production, gambling, publication of violent or explicit materials, intensive farming, fossil fuel exploration and production and high interest (sub prime) lending. It will also avoid companies that have exposure to the manufacture of unconventional weapons where these are defined as nuclear, biological and chemical weapons, land mines and cluster bombs. Finally, the Fund will seek to avoid companies using animals to test cosmetics, beauty or household products. Please refer to the EdenTree Exclusions Policy for more details.
• Exposure to oppressive regimes: The Fund will avoid companies and governments with material operations in oppressive regimes. The Fund has a proprietary means of assessing oppressive regime risk based on assessment by Freedom House and Transparency International and operates this on a case-by-case basis. Further detail on how our Oppressive Regimes list is constructed, is available here.

Investor Stewardship

Funds using a Sustainability Label must have a ‘stewardship’ strategy designed to support their achievement of their sustainability objective, which sets out how the investment manager will try to influence the management teams of its investments to encourage behaviour that supports the Fund’s sustainability objective and discourage behaviour that does not. The Investor Stewardship section on Page number 53 and 54 of Prospectus summarises what types of stewardship the investment manager may use.

Please refer to Page number 53 and 54 of EdenTree Investment Funds Series 1 Prospectus for more details on Stewardship.

Ongoing Monitoring and Sustainability Metrics

The Fund’s compliance with the requirement to invest at least 80% of its portfolio in sustainable companies is monitored systematically on a daily basis via the manager’s compliance control framework.

In addition, the Manager uses the following KPIs to illustrate whether the Fund has invested in companies that are assessed as providing a positive contribution to people and the planet during the previous reporting period.

The manager measures progress against these KPIs annually. The following metric will be used to monitor whether investee companies (companies the Fund is invested in) continue to meet the Manager’s Sustainability Assessment:

• Percentage of sustainable investments: The proportion of the portfolio that meets the EdenTree Standard of Sustainability (%) – this measures the actual proportion of the fund made up of sustainable companies, as described under “how we select assets” above.
• Overall sustainability rating of the fund: EdenTree Standard is a measure of a company’s positive contribution to people and the planet, enabling us to identify companies aligned with the objective of the fund. Based on the EdenTree Standard of Sustainability, as described under “how we select assets” above, all companies in the Fund are assigned a rating of “maximising value”, “enhancing value”, “adding value” or “damaging value”. In order to measure the Fund’s performance against its objective, manager assigns all companies in the Fund a rating, and the overall score presents the % of the fund within each rating (i.e. the split between “adding value”, “enhancing value”, and “maximising value”). This represents the extent of the Fund’s positive contribution to people and the planet, in line with the sustainability approach of the Fund.

Please refer to the EdenTree Sustainable Global Equity Fund Sustainability Disclosure for more information on Fund's Sustainability Metrics.

Process:

In continuation of the response provided above containing our Sustainability Approach, detailed below is the Fund’s Investment Process:

It consists of four key elements including idea generation, fundamental integrated analysis, portfolio & active ownership and sell discipline, which is explored further below.

We apply our criteria, which consists of both positive and negative sustainability assessment processes, to assess the suitability of potential holdings from a sustainability perspective, while simultaneously establishing their investment thesis by conducting issuer credit analyses to gauge ability to service and repay debt.

Idea generation

Investment ideas are derived from a variety of sources, including in-house integrated sustainable thematic research, company meetings, peer company reviews, industry conferences and networks, and third-party research.

Insight comes from our in-house integrated sustainable investment thematic research (i.e. focusing on the what), which utilises a sustainable lens to focus on those companies that are identifying solutions to resolve a range of challenges that the global society encounters today and in the future. Significant new idea generation arises from this thought-leading research, covering structural challenges such as water scarcity, the waste problem or cybersecurity. Thematic research is undertaken by both the investment team and SI team, however the application to company equity research is primarily undertaken by the analysts and fund managers within the global team.

Investment Universe

We identify investment opportunities by focusing on those structural themes that we believe will positively impact society and the planet more broadly over the long-term. This Is built around our three core themes "Cleaner, Safer, Circular", "Disruptive Innovation" and "Healthy Future". 

While many investors include screening as part of an initial sift (e.g. quality, returns, leverage, valuation), our experience of screening for “solutions” was constrained due to limited disclosures around revenue exposure. This often resulted in associations with various sub-sectors, which did not typically yield quality or consistent new idea generation. Historically, we found that utilising quantified metrics alone to filter the investment universe did not produce a list of companies that met our criteria. This is largely due to inconsistent activity mapping and disclosure across the global universe. Despite the positive screening challenges, it is much easier to use filters to be removing those companies that are clearly undertaking activities that are not eligible for investment.

Once the research-led universe aggregation process was appropriately populated, the efficacy of filtering these c.750-850 companies using quantifiable metrics increases materially. We would typically exclude those companies where there are clear signs of excessive financial risk, including unsustainable leverage, large off-balance sheet financings, high levels of contingent liabilities. Similarly, we exclude those companies that have historically poor margin and return profiles, indicative of a poor competitive position, particularly where there is limited opportunity to address. Note, we do not rank companies based on these metrics.

Finally, as long-term investors, it is worth noting there is often a lack of longer-term consensual forecasts that can be utilised for screening. Many companies having consensus estimates of only two years forward, so screening on longer term financial metrics is increasingly challenging and focuses the attention towards short-term, more myopic investment horizons. This highlights the value of looking beyond the short-term, particularly when incorporating our sustainability lens, to identify companies that aren’t valued as long-term solutions providers. 

Fundamental investment analysis and decision-making process

Assuming the company has passed the ‘Ethics/Values’ and ‘Sustainability/ESG’ screens (detailed below), the Global Equity team will undertake a review of the analysis with the view to incorporate it into the portfolio. This will incorporate the broader team’s view in this assessment; however, the ultimate investment decision is made by the Fund Managers and will reflect how attractive the long-term sustainable investment case is and to what extent the valuation seemingly reflects this thesis.

Should there not be sufficient safety margin within the current valuation, the proposed holding will remain “on the bench” retaining active analytical coverage, in order for the team to move quickly to purchase the proposed holding should the valuation offer a more attractive risk/reward entry point. Should the valuation be attractive, the size of position purchased is captured in the portfolio construction process detailed below:

• Fund manager/analyst conviction in investment case – to what extent there is an asymmetric risk/reward payoff based on the current valuation and sustainable investment thesis.
• Fit - how the factor risks of the proposed holding reflect the current portfolio position, e.g. is there an existing holding that better captures this sustainable opportunity?
• Liquidity – a key element of position sizing will be the average daily volume (30 day) and market cap of the company (although this largely would have been captured within the investable universe at the idea generation phase).   This would be where any trading analysis or implementation strategy would be reflected.
• Risk profile – the volatility of the security will be assessed to reflect how it will impact the overall portfolio volatility, as well as its marginal contribution to risk (i.e. it could serve as a diversifier despite having greater short-term volatility).
• Market outlook – the extent to which the security and the embedded factor risks are likely to be in favour from a macro-economic and market outlook. Elements to consider here include geographic mix, commodity exposure, political risk, FX, etc.

In terms of portfolio construction risk, as previously mentioned, there are several concentration parameters around individual holdings (e.g. max 5% active), sectors (+/-10%) that work in tandem with ex-ante tracking error risk budget of 4-8%, with the targeted active share of more than 85%.  With respect to tracking error, the marginal contribution to overall portfolio risk is also assessed as part of the portfolio construction process.

Portfolio, Active Ownership

The process outlined above will typically involve a meeting or call with management as part of the due diligence process. As part of this fundamental analytical process, we will also assess business model sustainability, source of competitive advantage, extent of SI leadership, risk or opportunities from disruption, assessment of competition landscape and barriers to entry, supply chain analysis, volatility of cost base/inputs and margin stability through the cycle; breadth of customer demand and pricing; and other potential macro-economic influences.

Following the completion of the fundamental analysis process, the research is circulated to the team for peer review, with a dedicated review meeting held in a timely manner to challenge and potentially act on the proposed investment case. Should there be any material concerns arising, these will be addressed before any decision can be made. Once addressed, the team will aim to make a unanimous decision with any dissension typically met with further due diligence. Should there be insufficient safety margin within the current valuation, the proposed holding will remain “on the bench” retaining active analytical coverage, in order for the team to move quickly to purchase the proposed holding should the valuation offer a more attractive risk/reward entry point. Should the valuation be attractive, the size of position purchased is captured in the portfolio construction process.

With regards to company coverage, each member of the team takes the lead on one of the respective thematic areas. Specifically, David leads on the Cleaner, Safer, Circular theme – companies addressing climate mitigation, adaptation, aiming to increase the sustainability of the energy, utilities, mobility, manufacturing as well as sustainable financial firms that aim to insuring the future. Tom leads on the Disruptive Innovation theme - companies providing cutting-edge, innovative solutions that enable increased efficiency and improve sustainable outcomes. Lydia leads on Healthy Future – companies that work to maintain and improve health globally, through boosting efficiency within the healthcare system, developing innovations or supporting disease prevention. The team are also supported by a broader investment team with regional or sectoral focuses, utilising the same in-house proprietary investment research template.

Security selection

We do this by initially scoping the potential impact of the relevant theme (e.g. renewable energy infrastructure, the circular economy, digital resilience, frontier medicine) and then we seek to evaluate the leaders and emerging disruptive players within those relative themes. We consider the companies addressing these global challenges (the what) but also if the company conducts itself in a sustainable manner (the how). Another core tenet is our valuation discipline, Sustainability at a Reasonable Price (SARP), where we view the market undervalues the long term opportunity of the company. 

Sector selection

The Sustainability Assessment naturally avoids companies whose activities derive 10% or more of pre-tax profit or turnover from alcohol production, gambling operations, pornographic and violent material, tobacco production, strategic armaments, animal testing (cosmetic and household products) and intensive farming. In this context and reflecting the constant evolution of our working investment universe, we would consider our broad investment opportunity universe, as defined by MSCI ACWI, to be c.1500 companies, with a refined target universe closer to 750-850 companies. The difference between the 2560 constituents within MSCI ACWI and the 1500 cited reflects the exclusion of companies by activity / sector (such as oil & gas, coal, tobacco, alcohol, mining etc.) and country of domicile/risk. For example, there are 539 companies within China with the vast majority of these A-share listed, which would fail our governance screens, oppressive regime screen. Similarly, c.40 is listed in Saudi Arabia.

Portfolio construction

We have managed our investment universe by focusing on companies that address those structural themes that we believe will positively impact society and the planet more broadly over the long-term. We do this by initially scoping the potential impact of the relevant theme (e.g. renewable energy infrastructure, the circular economy, digital resilience, frontier medicine) and then we seek to evaluate the leaders and emerging disruptive players within those relative themes.

In addition to the positive solutions we look for, the investment universe is also influenced by the Sustainability Assessment. We avoid companies whose activities derive 10% or more of turnover from fossil fuel exploration and production, high interest lending, alcohol production, gambling operations, pornographic and violent material, tobacco production, strategic armaments, animal testing (cosmetic and household products) and intensive farming. The negative screening approach directly impacts consumer staples particularly, with most EdenTree strategies having limited, if any, exposure to the sector. Additionally, another maximum underweight is Energy and Metals & Mining, due to social risks, human right challenges, environmental footprint and fossil fuel exposure.

Post idea generation, initial research will assess the industry dynamics, as well as company and peer group’s fundamentals to identify which company should be the subject of priority research. The research output is documented within our proprietary investment process template.

Portfolio construction and risk management

We try to manage a well-diversified and relatively compact portfolio of typically 50-70 holdings, allowing for position sizes of around 1-3%. In constructing the portfolio, the team seeks to ensure that it is invested in a broad spread of companies including market capitalization, countries and industrial sectors to ensure a wide degree of diversification in terms of factor risk. as mentioned above, there are several concentration parameters around individual holdings (e.g. max 5%), sectors (+/-10%) that work in tandem with ex-ante tracking error risk budget of 4-8%, with the targeted active share of more than 85%. With respect to tracking error, the marginal contribution to overall portfolio risk is also assessed as part of the portfolio construction process.

Ongoing Review & Sell Discipline 

The ongoing monitoring and coverage for each holding remains, from an investment perspective, with the team member who undertook the initial analytical research, to ensure the investment and sustainability case remains strong and consistent. In addition, the Sustainability Team, who initially approved the stock for investment, continually monitors the holding to ensure it remains appropriate for investment according to our Sustainability Assessment – The EdenTree Standard.

Portfolio holdings and position sizes are typically subject to ongoing reviews including performance and risk analysis, outcomes of sustainable engagement, market outlook and with respect to asset and sector allocations. We accept that circumstances change and therefore revisit positions to ensure that they continue to deliver against the strategy's objectives. Investment recommendations and three-year target prices remain dynamic and are frequently revisited, typically post new information (e.g. earnings, acquisitions). Further, an automatic review is triggered when a company’s share exceeds 10% of three-year target price. In terms of sell discipline, an equity holding would be typically sold when the long-term investment thesis has been realised and the stock has reached a price that no longer offers long-term value (thesis realisation).

Additionally, holdings may also be sold if the original investment thesis has been violated and the fund manager no longer has conviction (thesis violation). This would include mandated divestments such as screening breaches resulting from a severe controversary.

Resources, Affiliations & Corporate Strategies:

As a dedicated sustainable investment manager, all of EdenTree’s investment expertise and resources are directed towards sustainable investing. At the heart of EdenTree’s investment process is the close collaboration of its Sustainable Investment Team.

EdenTree’s Sustainable Investment Team comprises both its fund managers and its sustainability specialists. The individuals within these teams work side by side on stock selection, stewardship and thematic research. EdenTree thus employs a dual due diligence process, endeavoring to ensure robust risk management and positive sustainability outcomes. 

EdenTree’s activities are overseen by its Sustainable Investment Advisory Panel, which comprises industry and business experts appointed for their specialist knowledge. For investors, it’s an added layer of assurance that their money is being invested in companies that are operating in a sustainable way. 

Our Sustainability Specialists  

The dedicated sustainability component of our Sustainable Investment Team is made up of five sustainability specialists who oversee EdenTree’s sustainability research and stewardship activity. The team has oversight of how EdenTree assesses and integrates sustainability across all funds.

• Carlota Esguevillas, Head of Sustainable Investment - Carlota leads the sustainability team and has oversight of EdenTree’s sustainability and stewardship activities. She joined the firm in 2021, having previously worked for a leading sustainability consultancy advising global companies on their ESG strategies and disclosures. She holds a First-Class Honours BA in Geography from Oxford University, a master’s certificate with distinction in Business & Human Rights from Bergen University, and the Investment Management Certificate (IMC). She is also a member of the PA Future (formerly ESG Clarity) Committee, the IA’s Sustainability & Responsible Investment Committee, winner of Investment Week’s Rising Star Sustainable Investment Champion of the Year 2024 and highly commended Sustainable & ESG Woman of the Year at Investment Week’s Women in Investment Awards 2025.
• Hayley Grafton, Senior Sustainable Investment Analyst - Hayley Leads on the firm's approach to corporate governance and proxy voting. Hayley joined EdenTree in 2024 and leads the firm’s corporate governance approach and proxy voting activity. She is also responsible for EdenTree’s long-term engagement on financial inclusion in the UK. Hayley holds the Investment Management Certificate and is a student member of the Chartered Governance Institute UK & Ireland (CGIUKI), through which she is completing the Chartered Governance Qualifying Programme. Before joining EdenTree, she worked at Mercer as a Sustainable Investment Specialist, where she focused on the firm’s stewardship approach and activity across portfolio funds.
• Cordelia Dower-Tylee, Senior Sustainable Investment Analyst- Cordelia joined EdenTree in 2022 and leads the firm’s engagement strategy, overseeing activity across the team’s priority themes. She also leads EdenTree’s environmental work, with an emphasis on water, and supports the company’s work on governance. She holds the Investment Management Certificate, an MA in History from the University of Edinburgh, and a Certificate in Sustainable Finance from the University of Cambridge. She is also a member of the UKSIF Future Leaders Cohort and the PRI Nature Reference Group. Prior to joining EdenTree, Cordelia worked with the International Water Management Institute and in a green-focused corporate advisory firm.
• Aaron Cox, Impact Strategist - Aaron Leads the firm’s public market impact strategy across equities, listed infrastructure, and fixed income. He joined EdenTree in June 2022 and is an Impact Strategist within the Sustainability Team. Prior to joining EdenTree, Aaron had roles at First State Investments (now First Sentier), Jupiter and Majedie as a writer and researcher with a focus on ESG and sustainable investing. He started his career as a derivatives broker in Sydney. Aaron has a BA in English from the University of New South Wales, Post Grad Certificate in Environmental Economics from SOAS and Certificate in Sustainable Investing from Harvard Business School. He is currently undertaking a post graduate research project at Birmingham University on computational linguistic methods to identify sustainability stretch goal tensions and the risk of greenwashing and corporate misbehaviour.
• Ross Albany-Ward, Sustainable Investment Analyst - Ross joined EdenTree in 2025, and is a Sustainable Investment Analyst on the Sustainability Team and leads EdenTree’s work on climate strategy. Working across the firm’s sustainability research and stewardship activities, he leads EdenTree’s work on climate, including carbon footprinting the funds. Prior to joining EdenTree, Ross worked in the Sustainable Investment team at CCLA, assessing companies and supporting stewardship activities. Ross has a First-Class Honours degree in Geography from Nottingham University, completing his dissertation on sustainable finance and corporate sustainability.

The team leverages both proprietary and third-party research applies value orientated screens, attends conferences and often meets with company management. The investment research undertaken provides the foundations for the lead fund manager to decide whether it is appropriate to include the stock in the overall portfolio.

Proprietary analysis sits at the core of our investment process at EdenTree. For our sustainability analysis we believe a qualitative approach is needed to capture the nuances and hence we choose to rely on in-depth analyst research, rather than third-party ratings, to form an opinion on suitability. To complete the assessment, the analyst utilises a variety of sources, including: Newsflow, annual and sustainability reports, policies, industry publications and websites, NGO research, investor databases, benchmark initiatives, and government and academic research. As mentioned above, EdenTree also has access to several third-party research providers, including Bloomberg, Sustainalytics, ISS ESG, and Glass Lewis, which are used to support the analyst assessment.

Partnerships

We are members or signatories to several industry partnerships involving the sustainable investment community. Ultimately, membership of organisations such as the Principles for Responsible Investment (PRI) affords specific opportunity to work with like-minded global investors on material issues. The SI Team oversee periodic review of our involvement in these industry partnerships and collaborative initiatives, particularly assessing effectiveness, progress made and alignment with our engagement priorities. Over the period, our partnerships included:

Collaborative engagement memberships

Most engagement is conducted by EdenTree directly. However, we seek to collaborate positively with like minded investors wherever possible or as part of collaborative industry initiatives. Detailed below is a list of the initiatives we were involved in, and in what capacity, over the period. Further detail and updates on our involvement in these collaborations are shared in our quarterly reports.

EdenTree believes these partnerships signals their commitment to having an active and positive role in the investment community. Collaborations are critical to driving change, whilst learning from expert sources allows them to provide more for their clients.

EdenTree also sits on UKSIF’s Analyst Committee, which advises on the development of UKSIF’s knowledge sharing programme on evolving sustainability issues. They also sit on the PRI’s Circular Economy Reference Group, which explores how investors can better integrate the principles of a circular economy into investment processes. EdenTree’s CIO, Charlie Thomas, sits on the IA’s Sustainability and Responsible Investment Committee.

EdenTree Sustainable Investment Advisory Panel

The EdenTree Sustainable Investment Advisory Panel is an external advisory panel of seven senior industry practitioners with expertise in the field of sustainable investment. The Sustainable Investment Advisory Panel (“the Panel”) has independent oversight over the Sustainability Team, led by Carlota Esguevillas, Head of Sustainable Investment. The Panel meets three times each year to provide oversight to EdenTree’s proprietary sustainable investment process (the “EdenTree Standard” edentree-identifying-sustainable-companies.pdf) and to discuss the latest trends and developments in sustainable investment and research. The purpose of the Panel is to: 

• Ensure that EdenTree’s range of funds meet the stated sustainable aims and objectives. 
• Provide advice in the formulation of policy in the light of changing social and sustainability issues.
• Advise on emerging issues or topics relevant to EdenTree’s sustainable investment criteria. 
• Provide advice and guidance on individual companies or sectors, and engagement work with regards to sustainable and social topics.

EdenTree Sustainable Investment Advisory Panel Members: 

• Will Oulton, Panel Chair - Will Oulton is the Chair of the European Sustainable Investment Forum (Eurosif), a Non-Exec Director and Board Champion for Ocean Recovery at the UK based Marine Conservation Society, and Chair of King Charles III’s Accounting for Sustainability (A4S) Expert Panel. Prior to these positions he was for over a decade the Global Head of Responsible Investment at global asset manager First Sentier Investors, where he led the delivery of an award winning RI strategy for the business. He was also the Head of Responsible Investment for EMEA at Mercer Investments and the Director of Responsible Investment at FTSE, leading the ongoing management and development of FTSE’s responsible investment services.
• Paul Simpson OBE, Strategic Advisor - Paul is an advisor to organisations focussed on accelerating the transition to a net zero economy. He pioneered climate and environmental disclosure globally having co-founded CDP (Carbon Disclosure Project) in 2001 and spent 12 years as the CEO until 2022. Paul received an OBE for services to tackling climate change in the 2022 Honours List. He initiated the Science Based Targets Initiative (SBTi) in 2014 and has held board positions with SBTi, We Mean Business, EIRIS, The Investor Agenda and the Climate Disclosure Standards Board (now part of the International Sustainability Standards Board).
• Verity Mitchell, Independent Consultant - Verity Mitchell is UK Analyst and editor of What's Next for UK Water for Global Water Intelligence magazine. Previously she was Director, Utilities for HSBC Global Research. Her equity coverage included Pennon, Severn Trent and United Utilities in the UK; Veolia in France; and American Water and Essential Utilities in the US, together with Centrica, Drax, National Grid, SSE and Biffa. She covered most of the larger UK water companies before they were taken private. She has been involved in bringing a number of global water and waste management companies to the listed equity markets in the UK, US and Middle East. Previously she worked in project finance for HSBC on a number of infrastructure mandates including water projects. She began her career at what is now the Department of Business and Trade.
• Annette Fergusson, Independent Consultant - Annette is an independent consultant with over 25 years of experience working on sustainability and business and human rights, with a particular focus on the telecoms and technology sectors. She advises companies, industry associations and non-governmental organisations on a wide range of human rights issues including digital rights, children’s rights and labour standards. Annette was previously Vodafone Group’s Head of Sustainable Business and for over 10 years led the company’s human rights programme. From 2016 to 2018, she was a member of the Board of the multi-stakeholder Global Network Initiative.
• Julian Parrott, Client Member, Ethical Futures - Julian Parrott is an independent financial planner specialising in ethical and sustainable investment advice. Julian has over 25 years’ experience in financial services, encompassing building society management, life assurance sales and financial planning & advice. He is the founding partner of the Ethical Futures LLP and holds the ISO 22222 standard in financial planning. Julian is active in promoting ethical investment to the public and adviser community. He has served on the board of UKSIF & Ethical Investment Association. He is a Director of the Ethical Finance Hub project as well as other consultancy roles. Julian is a fellow of the RSA.
• Mike Barry, Former Director of Sustainable Business - Until recently, Mike was Director of Sustainable Business at Marks & Spencer, spearheading its ground-breaking Plan A sustainability programme. He also co-chaired the Consumer Goods Forum’s sustainability work, bringing together the world’s largest retailers and fast moving consumer goods brands to work on issues such as deforestation, plastics and forced labour. He is a Senior Associate at the Cambridge Institute for Sustainability Leadership.
• Sue Round, Chair, EdenTree Investment Management - Following more than 40 years in investment management, Sue retired in 2022. Prior to retirement she had developed and led EdenTree and is currently Chair of EdenTree Investment Management.

Sue joined what was then Ecclesiastical Investment Management in 1984 and as a senior fund manager, launched one of the first responsible (ethical) retail funds in 1988. She went to develop and reposition a range of funds to integrate environmental, social and governance into the investment process. Prior to retirement, Sue was a member of FCA Smaller Business Practitioners Panel and an advocate for improvements across the broader investment industry to promote greater clarity of approach to avoid “greenwash “ to clients. Prior to joining Ecclesiastical, Sue spent five years at Philip Hill, the Investment Trust specialist management house.

Dialshifter

This fund is helping to ‘shift the dial from brown to green’ by…

Progressing towards our goals is driven by our Climate Change Strategy. It is based on four pillars where we believe there is both a need for action and where we can make a difference. The four pillars – Decarbonise, Accelerate, Collaborate and Embody – each address a different part of the low carbon transition, targeting the areas where investors have the biggest role to play.

Please refer to the Climate Stewardship Report 2024/25 for more details.

SDR Labelling:

Sustainability Focus label

SDR Literature:

• EdenTree Global Equity Fund Sustainability Disclosure - 28th March 2025