Objective & Strategy

The investment objective of the Fund is to deliver a higher total return (combination of capital growth and income) than that of global equities markets over any five-year period. In managing the Fund’s portfolio, the Investment Manager takes into account ESG considerations and the ability of issuers to comply with international ESG standards. The Fund seeks to achieve its objective by investing at least 80% of its Net Asset Value in equity securities issued by infrastructure companies, investment trusts and real estate investment trusts ("REITs") that may be domiciled in any country. The Investment Manager will target investments it believes offer capital appreciation and will deliver an income stream that increases every year based on an assessment of long-term earnings growth described below. The types of infrastructure companies the Fund may acquire include companies that operate in the following sectors: utilities, energy, transport, health, education, security, communications and transactions. The Fund has a global investment mandate insofar as its investments are not confined to or concentrated in any particular geographic region or market and it may invest up to 20% of its Net Asset Value in emerging market countries. The equity securities in which the Fund will invest include but are not limited to common stock, preferred stock, and convertible bonds (provided that no more than 20% of the Fund’s Net Asset value may be invested in convertible bonds). The Fund may also invest in deposits, warrants, money market instruments such as T-bills, certificates of deposit, commercial paper and bankers’ acceptances. Investment in warrants will not be leveraged and will be limited to 10% of the Fund’s Net Asset Value. There can be no guarantee that the investment objective will actually be attained. Investors can redeem their Shares on any Business Day, as defined in the supplement. Investors can ask for full or partial redemption of the Shares held. The Sub-Fund may use derivatives to reduce various risks, for hedging and investment purposes. SFDR Classification : The sub-fund is classified as an Article 8 financial product under SFDR. For more detailed information on the ESG components of the Sub-Fund as well as the integration of sustainability risks into the investment decision process, please refer to the supplement and to the ICAV prospectus. Benchmark Information : The Fund is actively managed. The Investment Manager has selected the MSCI ACWI Net Return Index (“Index”) that will be used as a comparison for the investment performance only. The Index is designed to represent performance of a broad range of large and mid-cap stocks from around the world, including developed markets and emerging markets. The Index is not an ESG benchmark and is not consistent with ESG or sustainability criteria.

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