As a manager of client funds over the medium to long term, we are conscious that the stocks in which we invest, are best positioned to perform if they can sustain:

• cash flow generation growth,
• brand value and
• reputational credibility.

These characteristics are common with many environmental, social and corporate governance (ESG) attributes.

Therefore, we believe it is valuable to consider ESG issues as part of our investment process, as such issues can influence the risk adjusted investment returns of a stock.

The UN Principles for Responsible Investing are ingrained in our organisational culture, and therefore we commit to the following:

• We will incorporate ESG issues into our investment analysis and decision-making processes.
• We will be active owners and incorporate ESG issues into our ownership policies and practices.
• We will seek appropriate disclosure on ESG issues by the entitles in which we invest.
• We will promote acceptance and implementation of the Principles within the investment industry.
• We will work to enhance our effectiveness in implementing the Principles.
• We will report on our activities and progress towards implementing the Principles.

For more information regarding the UN Principles for Responsible Investing, please visit their website.