Investment policy/approach

The Manager aims to construct a differentiated and well diversifiedglobal portfolio of companies, based on the belief that superior returnscan be generated by companies that are that are aligned to thedevelopment of a sustainable economy. In the Manager’s view, thesecompanies should have attractive financial attributes such as persistentrevenue growth and durable cash flows, as well as exhibiting strongmanagement of environmental, social and corporate governance risks.Companies exhibiting strong management of environmental, social andcorporate governance risks are those listed global companies whosebusiness activities the Manager considers are contributing to orbenefiting from the broad themes of environmental and socialsustainability and whose corporate governance arrangements do notpose a material risk to the value of the company. The companies inwhich the Fund will invest will typically be strategically aligned withtrends such as climate change, resource constraints (for example,renewable and non-renewable resources, which includes geology,soils, air, water and all living organisms), growing populations, andageing populations. The Fund avoids investing in fossil fuels andcompanies the Manager considers that stand to be disrupted by thetransition to a low-carbon economy, and implements only the negativescreens outlined in section 2 of the Additional Information Guide.The Fund does not pursue a specific sustainability target but ratherinvests in companies that are aligned to the development of aSustainable Global Economy.The Manager will adopt and apply its own criteria for a ‘sustainableglobal economy,’ companies which are ‘exhibiting strong managementof environmental, social and corporate governance risks’ and the broadthemes of ‘environmental and social sustainability’ which may differfrom the view or opinion of an individual investor.Currency exposures will not be hedged back to the Australian dollar.

The Fund seeks to provide capital growth over the long term and to achieve a total return after fees that exceeds the total return of the Benchmark (MSCI World Index (net dividends reinvested) in AUD), over rolling five year periods.