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IMPACT OPPORTUNITIES EQUITY

Investing in companies making a positive impact on people and the planet.

We aim to outperform by investing in companies succeeding in their core purpose: to generate value by creating positive and sustainable change. By meeting the underserved needs of society and the environment, these impactful businesses are directly exposed to sources of enduring demand – the beta of future growth.

Tim Crockford

Fund Manager

Conviction

A highly concentrated global equity strategy that targets companies that provide innovative solutions to society’s
underserved needs, and thereby have strong growth potential.

Unconstrained

Focused on companies exposed to the drivers of future growth, we aim to invest in future leaders rather than
today’s index heavyweights.

Theory of change

As an essential part of the investment case for each portfolio stock, we connect their outputs with positive
impacts on society and the planet, and return prospects for investors.

Impact themes

Our eight themes are aligned with UN Sustainable Development Goals, providing exposure to sources of future growth and supporting greater prosperity.

Engaging for impact

One of the most powerful forces in investment is the compounding of returns. It is why sustainability is the ultimate objective of business and forms the core of long-term value-creation processes within companies. Reporting and measuring on impacts achieved is essential to fostering strong relationships between companies and their investors. Active and collaborative corporate engagement, therefore, is an essential part of the approach and results in better alignment between all stakeholders in a business and encourages investors to take a truly long-term perspective.

Podcast: key impact themes

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Techtronic: Drilling deep into the supply chain Company overview Techtronic Industries is one of a number of consumer discretionary or industrial manufacturing companies within our portfolio. We consider these companies to be, from an engagement perspective, ideal investments as each has multiple touch points with different SDGs. Techtronic is a Hong-Kong listed company focused on the US consumer market, with predominantly Chinese manufacturing operations for its power tools and floor-care products, principally sold under its Milwaukee brand. •Market capitalisation: $10bn •Leadership: Joseph Galli Jr, CEO; Horst Julius Pudwill, Chair •Operational scope: Hong Kong-listed with a majority Asia-based workforce, but principally a US sales market. Investment case The attraction of the stock is its exemplary innovation record, which has resulted in it rapidly taking market share in the industry verticals it has chosen to target. This was evident to us in a recent visit to the global R&D centre of Milwaukee – one of the most impressive company visits that Hamish Galpin, Lead Manager of the Fund, has undertaken in his 29 years as a professional stock picker. From a financial perspective, if the company delivers on its aims of releasing innovative products, achieving further increases in market share and expanding into new markets, it should sustain a strong growth profile for a number of years to come. The stock has a similar margin and return profile to its larger and better-known competitor, Stanley Black and Decker, and we believe its slightly higher return on equity and price-to-earnings ratio are justified by the track record and quality of the business.

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