We are focused on active sustainable investment management with an equal emphasis on preserving capital and generating superior returns. We have worked hard to build an investment team and a client base committed to these principles and today we continue to focus on maximum performance. Our managers build portfolios from first principles using judgment and primary research to set asset allocation, to understand industrial cycles and to select promising markets. This approach means that our strategies are necessarily capacity constrained. However, we have established a loyal and diverse client base and over the long term we have performed well across our strategies. Our research analysts are generalists. This approach ensures that we remain industry agnostic and focused on finding value, regardless of which industries or geographies are in favor at the moment. Throughout our history, we have implemented a consistent investment philosophy Our investment team continually monitors developments on the regulatory, political and technological fronts to gauge the economic impact to our companies from environmental factors, such as climate change. Socially, we monitor how well a company is positioned to retain key talent, manage supply chain risk, and outperform local product safety and quality regulations, among other metrics We view every stock purchase as if we are buying a piece of a business and seek to invest with management teams that are well-aligned with shareholders. And we believe our clients should demand the same from their investment managers.

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