Responsible Investing

Our approach to responsible investing is pragmatic, material and grounded in our fiduciary duty. We evaluate environmental, social and governance (ESG) considerations through the lens of long-term business resilience and not as a checklist or an exercise in ideology.

We believe that good governance, disciplined capital allocation and thoughtful corporate responsibility are integral to enduring value creation. These factors can strengthen competitive advantages, reduce risk and enhance a company’s ability to generate sustainable returns over time.

We do not outsource our judgement, nor do we rely on third-party ESG scores or generic screening lists. Instead, we do our own work, engaging directly with company disclosures, leadership and data to understand the specific issues most relevant to each business.

This means our ESG analysis is context-specific:

• We focus on the risks and opportunities that are material to a company’s long-term success.

• We integrate these insights into our investment decisions rather than treating them as an afterthought.

• We remain guided by our primary objective by delivering strong, risk-adjusted returns for our clients while being responsible stewards of capital.

For us, responsible investing is about aligning sustainable practices with enduring business value and ensuring that the companies we own are built to thrive in a changing world.