Positive Change Impact Report

We believe businesses – and those who invest in them – have a responsibility to help build a more sustainable, inclusive future. Government and charity funding alone will not be enough.

Inclusive capitalism needs to be part of the solution. In our quest for attractive investment returns for our clients, we seek to harness the beneficial impact of humanity’s entrepreneurial spirit and contribute to a better world for current and future generations.

Change takes time. Our Positive Change Strategy aims to deliver strong long-term returns while supporting businesses that make a real difference with committed and patient capital.

We look for high quality companies whose products and services are in growing demand, who have attracted loyal customers and motivated teams, and whose impact is built into their business model.

Based on these beliefs, the Positive Change Strategy has two objectives of equal importance:

1. To deliver attractive long-term investment returns (2 percent per annum ahead of the MSCI ACWI net of fees over rolling five-year periods)*.
2. To contribute towards a more sustainable, healthy and inclusive world.

We don’t just avoid harm; we actively seek out progress. Every company we invest in must meet our financial and impact goals. This long-term approach is rooted in optimism, patience and a belief that doing good and doing well can go hand in hand.

Every company in the portfolio must have products or services that are meeting significant global challenges in one or more of our four impact themes. These are:

Below, you will find a brief introduction to each theme, including headline impact numbers and a short case study. We hope they will encourage you to explore our themes and portfolio companies in greater depth in the full report.

We analyse each holding in the portfolio and map significant contributions from products and services to the UN SDGs. This allows us to represent the overall contribution of the portfolio to the SDGs. Interact with the the goals to find out more.

We have sought and obtained independent limited assurance from BDO LLP (“BDO”) on selected information as identified with the symbol ▵ in our report. BDO’s independent limited assurance engagement was performed in accordance with the International Standard for Assurance Engagements 3000 (Revised) - 'Assurance engagement other than audits or reviews of historical financial information report'. BDO has issued an unqualified report over the selected information.

The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.

This communication was produced and approved in June 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.

*The performance target is aspirational and is not guaranteed. We don’t use it to compile the portfolio and returns will vary. A single performance target may not be appropriate across all vehicles and jurisdictions. We may not meet our investment objectives if, for example, our growth investment style is out of favour or we misjudge the long-term earnings growth of our holdings.