Environmental, Social, and Governance (ESG) considerations are not an add-on to our investment process — they are embedded within it. We believe that companies that manage their environmental footprint responsibly, treat their employees and communities fairly, and maintain robust governance structures are better positioned to deliver sustainable returns over the long term.

Our dedicated ESG research team conducts proprietary assessments of every holding in the portfolio, going beyond what is disclosed in standard sustainability reports. We engage directly with company management on material ESG issues, and we have a clear policy of escalating our engagement through formal resolutions and, where necessary, divestment, when companies fail to meet our standards.

Seeks to provide long-term capital appreciation by investing in a diversified portfolio of Balanced securities. The fund aims to outperform its benchmark, the 50/50 S&P 500 / Bloomberg US Agg, over a full market cycle while managing downside risk through rigorous fundamental analysis.

The fund employs a bottom-up investment approach, focusing on quality companies in the Balanced space. Portfolio construction is driven by in-depth fundamental research, earnings momentum, and macroeconomic analysis. The management team leverages PIMCO Asset Management's global research platform to identify high-conviction opportunities while maintaining a disciplined risk management framework.

Climate change is the defining systemic risk of our time, and we are acutely aware of our responsibility as a capital allocator to support the transition to a net-zero economy. Our climate strategy operates at two levels: at the portfolio level, we manage our exposure to climate-related physical and transition risks; and at the stewardship level, we actively engage with portfolio companies to accelerate their decarbonisation pathways.

We have committed to achieving net-zero portfolio emissions by 2050, with an interim target of a 50% reduction by 2030. Our progress toward these goals is reported transparently in our annual Stewardship and Sustainability Report, which is available on our website. We submit our portfolio to independent verification against the TCFD framework and the Net Zero Asset Managers initiative.

Interest rates, having peaked after one of the most aggressive tightening cycles in modern central banking history, are now on a gradual downward trajectory. This shift has significant implications for asset allocation. Fixed income assets, which suffered dramatically in 2022, are once again offering attractive yields that provide both income and diversification benefits in multi-asset portfolios.

In equities, we are seeing an interesting bifurcation. High-quality, cash-generative businesses with strong balance sheets — the sort of companies we favour — are performing well as investors increasingly distinguish between genuine value creation and financial engineering. Meanwhile, the speculative, unprofitable growth segment of the market continues to de-rate as the era of zero interest rates recedes into history.

Founded over three decades ago, our asset management firm has grown from a boutique advisory practice into a globally recognised investment house managing capital on behalf of sovereign wealth funds, pension funds, insurance companies, endowments, and high-net-worth individuals across more than 40 countries. Throughout this journey, we have remained true to our founding principles: intellectual rigour, unwavering client focus, and a commitment to delivering superior risk-adjusted returns.

Our firm is independently owned, which we consider a significant structural advantage. Without the short-term earnings pressures that come with public market listing or private equity ownership, we can invest in our research capabilities, technology infrastructure, and talent development for the long term — aligning our interests completely with those of our clients.

The people behind this fund represent the best of the investment profession. Our fund management team is deliberately kept lean — we believe that great investment decisions are made by small teams of talented individuals working with clear accountability, not by large committees that can diffuse responsibility and slow decision-making.

Each fund manager is supported by a dedicated research analyst, ensuring that every position in the portfolio has been subjected to thorough independent verification. Our portfolio managers and analysts rotate regularly between market environments, asset classes, and geographies, broadening their perspective and sharpening their analytical skills.