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 International securities. The fund aims to outperform its benchmark, the MSCI EAFE Index, over a full market cycle while managing downside risk through rigorous fundamental analysis.

The fund employs a top-down investment approach, focusing on value companies in the International space. Portfolio construction is driven by in-depth fundamental research, earnings momentum, and macroeconomic analysis. The management team leverages T. Rowe Price Group's global research platform to identify high-conviction opportunities while maintaining a disciplined risk management framework.

Stewardship is not a compliance exercise for us — it is a fundamental expression of our fiduciary duty to clients. We believe that as significant shareholders in the companies we invest in, we have both the right and the responsibility to engage actively with management on issues that are material to long-term value creation.

Our stewardship programme is organised around three pillars: monitoring and assessment, engagement, and voting. Our monitoring framework tracks a comprehensive set of corporate governance and sustainability indicators for every holding, flagging material changes for immediate review. Our engagement programme involves direct dialogue with boards and senior management, focusing on the issues where we have the highest conviction that change will create value. Our voting programme applies a rigorous set of guidelines that prioritise shareholder rights, board accountability, and executive pay alignment.

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.