Aoris considers a company’s management of itsenvironmental and labour resources, as well as its socialand ethical behaviour (ESG) to be important factors inour assessment of its quality, and in turn its suitability forinvestment. Aoris aims to screen outcompanies engaging in certain activities, such as thosewe consider to be in structurally declining industries likefossil fuels and tobacco and those whose negative impacton society puts them at risk of adverse regulatory findingssuch as gambling and social media. Aoris also excludescompanies based on their behaviour, such as poor labourand environmental practices. Aoris positively seekscompanies they believe exhibit ethical and sustainablebehaviour. ESG aspects are ordinarily consideredthroughout the investment process as part of thefundamental research, investment selection and portfolioconstruction stages of the process. There is a risk that thecompanies in the portfolio may not necessarily meet allof the ESG requirements at all times. To help mitigate thisrisk, Aoris conducts an annual ESG process for all portfoliostocks and portfolio candidates.

A single portfolio of15 highly profitable, market-leading businesses that meet our demanding quality, valueand resilience criteria, run by prudent and capable management.