TrinityBridge Sustainable Balanced Portfolio Fund X ACC

Objectives and investment policy1 Objectives: To provide capital growth with some income over the medium term (i.e. more than 5 years)2. Investment policy: The Fund will invest 80-90% of its portfolio in a mixture of equities and fixed interest securities (being corporate and government bonds). The equities and corporate bonds in which the Fund invests will be subject to the Manager’s sustainability screens. The first is an ethical screen (focusing on what an entity produces). Secondly, an ESG (environmental, social and governance) screen is applied (focusing on how the entity operates). Under the ethical screen, the Fund may not invest in issuers with more than 10% of their revenue exposure to alcohol, gambling, tobacco or any other areas deemed not to meet the Manager’s ethical standards. Securities which meet the ethical criteria are then subject to an ESG rating screening, where ESG ratings provided by a third party are used. The purpose of the ESG screen is to identify and invest in issuers which have, what the Manager considers to be, positive ESG attributes. In the Manager’s view, these issuers are likely to be better prepared for the risks and opportunities associated with ESG factors and are therefore suitable for investment in a ‘sustainable’ context. For government bonds, only the ESG screen is applied when selecting investments. The allocation between the equities and fixed income securities in which the Fund invests will be actively managed and will vary in response to short term market conditions. However, the allocation to equities will remain within a 40% to 85% range, consistent with its balanced risk/return profile. Subject to the sustainability screens, the Fund may invest in equities of companies from anywhere in the world, in any sector and of any market capitalisation. This may include shares in smaller companies and companies listed in emerging markets. The Fund will not hold unlisted investments. Subject to the applicable sustainability screens, the fixed interest component of the Fund may include government and corporate bonds which may include emerging market and high yield bonds from issuers anywhere in the world. These may be investment grade, sub-investment grade or unrated. The Fund may also invest in money market instruments and deposits, cash and near cash. There may be occasions where the Manager considers that it is prudent, given market conditions, to maintain higher levels of liquidity in the Fund. In such circumstances, the Manager may hold up to 20% of the Fund in cash. 1 A summary of the Manager’s Sustainability Policy and Investment Process can be found in Appendix 1 of the Prospectus. 2 The Fund should be regarded as a long term investment and may not be appropriate for investors who plan to withdraw their money in the short to medium term i.e. within 5 years. The Fund may also invest in other transferable securities (including closed ended funds and exchange traded funds), and collective investment schemes which may include schemes managed by the Manager or an affiliate of the Manager. The Fund may also gain exposure to alternative asset classes, such as commodities, hedge funds, infrastructure, property and convertibles through investment in transferable securities. The Fund may use derivatives, including exchange traded and over the counter derivatives, forward transactions and currency hedges for investment purposes as well as for efficient portfolio management