Swizzels Matlow Limited Retirement Benefits Plan - IS0008341 
 
ESG REPORT – 30-Mar-2023

Summary 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 2 of 58 
 
Scheme: Swizzels Matlow Limited Retirement Benefits Plan - IS0008341 
Statement Date: 30-Mar-2023 
 
Fund 
Value (£) 
% Holding 
Insight LDI Enhanced Selection Shorter Real Fund 
1,560,612.96 
7.92% 
Insight LDI Enhanced Selection Longer Nominal Fund 
630,559.04 
3.20% 
Insight LDI Enhanced Selection Shorter Nominal Fund 
2,532,928.72 
12.86% 
Ninety One Global Total Return Credit 
1,416,217.48 
7.19% 
CT LDI Equity-linked Nominal Dynamic LDI Sub-Fund 
1,500,290.69 
7.62% 
Insight LDI Enhanced Selection Longer Real Fund 
708,387.09 
3.60% 
Nordea 1 – GBP Diversified Return Fund 
2,197,047.28 
11.15% 
M&G Total Return Credit Investment Fund 
3,320,008.87 
16.85% 
Partners Group Generations Fund 
3,099,460.84 
15.74% 
Threadneedle Multi Asset Fund 
2,732,030.33 
13.87%

Summary 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 3 of 58 
 
Fund 
Fund Manager ESG Credentials 
Fund ESG Credentials 
Data Provided by FM as at 
% Qs answered 
Data Provided by FM as at 
Insight LDI Enhanced Selection Shorter Real 
Fund 
31/03/2023 
97 
31/03/2023 
Insight LDI Enhanced Selection Longer Nominal 
Fund 
31/03/2023 
97 
31/03/2023 
Nordea 1 – GBP Diversified Return Fund 
31/03/2023 
99 
31/03/2023 
Insight LDI Enhanced Selection Shorter Nominal 
Fund 
31/03/2023 
97 
31/03/2023 
CT LDI Equity-linked Nominal Dynamic LDI Sub-
Fund 
31/03/2023 
88 
31/03/2023 
M&G Total Return Credit Investment Fund 
31/03/2023 
83 
31/03/2023 
Threadneedle Multi Asset Fund 
31/03/2023 
95 
31/03/2023 
Partners Group Generations Fund 
31/03/2023 
29 
31/03/2023 
Insight LDI Enhanced Selection Longer Real 
Fund 
31/03/2023 
97 
31/03/2023 
Ninety One Global Total Return Credit 
31/03/2023 
87 
31/03/2023 
 
Disclaimer: 
This report has been designed by Mobius Life to support Pension Schemes. Mobius Life understand the information produced in this report may be used as an input for an implementation statement but 
is not responsible for producing the implementation statement. When compiling this report, Mobius Life has shared all the information provided by the external fund manager. Where a response field is 
blank this means the question is not applicable or a response was not provided by the fund manager.  
Mobius Life accepts no responsibility or liability for the accuracy or content of the data provided by the external fund managers.

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 4 of 58 
 
Questions 
Insight Investment 
Do you have an ESG policy that is 
integrated into the investment 
process? 
Yes 
 
Yes 
Are Senior Management accountable for 
ESG or Climate Change risks? 
Yes 
 
Yes, the Insight Responsible Oversight Committee (IROC) is the principle 
governance group with oversight and accountability for responsible investment 
across investment, commercial development and communications activities, and 
corporate and social responsibility (CSR) programmes. 
 
The purpose of the Committee is to set the strategic priorities and apply 
appropriate oversight to ensure responsible investment and CSR performance 
aligns with Insight’s organisational objectives. The Committee’s focus includes 
climate change including oversight and accountability for climate strategy and 
policy, as well as overseeing investment and operational activities. 
 
Additionally, the IROC oversees a range of sub-governance groups focused on 
different aspects of our commitment to responsible investment on behalf of our 
clients. These governance groups include representation from investment, client, 
commercial, operations, product, legal, risk and marketing divisions. Joshua 
Kendall, Head of Responsible Investment Research and Stewardship, has 
responsibility, along with our Corporate Risk Team, for managing the scope, 
procedures and documentation for each group, which is described in full within the 
terms of reference documentation reviewed and approved by the IROC. 
Do you have a firm ESG rating? 
 
 
No 
Do you have a dedicated team that 
considers ESG and Climate Change 
related factors? 
Yes 
 
Yes, Insight's approach to responsible investment is the responsibility of the 
relevant investment teams and decision-makers, supported by our dedicated 
Responsible Investment Team. The Responsible Investment Team is co-led by 
Robert Sawbridge (Head of Responsible Investment Solutions) and Joshua Kendall 
(Head of Responsible Investment Research and Stewardship). Rob and Josh are 
supported by Nimisha Sodha (ESG Analyst), Tudor Thomas (ESG Quantitative 
Researcher) and Alex Verissimo (ESG Analyst). 
Please provide your UNPRI survey 
scores 
2020 Scores: 
Strategy & Governance: A+ 
Fixed Income - SSA: A+ 
Fixed Income - Corporate Financial: A+ 
Fixed Income - Corporate Non-Financial: A+ 
Fixed Income - Securitised: A+ 
Do you rely on any third parties to 
provide ESG and Climate Change 
related analysis/research? 
No 
 
To assist with our governance assessment and how a company’s management 
team responds to environmental and social issues, we use our proprietary risk-
centric, corporate Insight ESG score, Prime. This quantitative framework 
effectively integrates our analysts' research, and supplemented with data from 
multiple third-party data providers, generates an ESG rating and momentum 
signal for a wide range of entities. We incorporate raw ESG data from four full ESG 
datasets; MSCI, Sustainalytics, VigeoEiris, and CDP climate change and water 
metrics. We also use the Bloomberg legal entities for credit risk datasets to map 
the ESG records to all issuers within a credit risk tree. Raw data from these data 
providers is mapped and assigned global company identifiers and ultimate parent 
identifiers before being added to our ESG database. ESG data can provide 
evidence that management has adopted and implemented appropriate policies, 
systems and controls to manage risks and comply with relevant codes, laws and 
regulations, and go beyond them to meet the expectations of key stakeholders. 
Do you have a Climate Change policy 
that is integrated into the investment 
process? 
Yes 
 
Yes. Our purpose is to create investment solutions that give 
clients financial certainty. This cannot come at the expense of 
a deteriorating natural environment or unmanageable climate-
related events. We believe Insight has a responsibility to 
manage environment-related risks and outcomes for our 
clients.  
Do you create your own ESG or Climate 
Change related scores 
No

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 5 of 58 
Questions 
Insight Investment 
 
It is important to examine broader environmental issues than 
climate change alone because we identify broader impacts 
from climate issues, such as on water, biodiversity, land, 
waste, marine life and health. Delivering on our commitment 
is a holistic responsibility, affecting our corporate actions, the 
investments we make, and interactions with the wider financial 
community. 
 
The Insight Environment Policy 
1. Minimise the environmental impact of our corporate 
activities 
2. Deliver clients investment solutions aligned with their 
environmental objectives 
3. Strive to hold issuers accountable for their environmental 
responsibilities 
4. Manage investment environment risks and support 
environmental transition activities  
5. Operate internal processes to manage environmental risk 
issues and deliver transparency 
Does your company have a policy on 
equality and diversity in the 
workplace? 
Yes 
 
Yes, it is the policy of Insight and all its entities, to provide 
equal employment opportunity to all applicants and employees 
by establishing employment practices that provide for non-
discriminatory treatment in accordance with all applicable 
laws, regulations and orders. Insight is committed to providing 
equal employment opportunities to all employees and 
applicants by establishing employment practices and terms, 
conditions and privileges of employment regardless of race, 
disability, religion or belief or creed, colour, gender or sex, 
gender re-assignment, national origin, age, marriage or civil 
partnership, ancestry, citizenship, ethnic origin, sexual 
orientation, pregnancy or maternity or other factors prohibited 
by law. This policy has the full support and commitment of the 
Chief Executive Officer and senior management of the 
company. 
Do you provide any reporting publicly or 
to clients with regard to ESG and 
Climate Change related issues? How 
often? 
Yes 
 
The sixth point of our Responsible Investment Policy states that we aim to deliver 
on our commitments and our beliefs by exercising transparency and disclosing our 
activities. We believe we should be held accountable for the actions that we take 
and for the outcomes that we achieve. We report annually on our approach to 
responsible investment. We discuss our actions and their impact to reflect on our 
successes and failures, to highlight the lessons we have learned and to set out our 
priorities for action.  
 
Clients invested in corporate credit are able to receive ESG reporting as part of 
their monthly, quarterly or annual reporting requirements, regardless of whether 
their mandate includes specific ESG exclusions, constraints or targets. This 
includes Insight's proprietary risk-centric, corporate Insight ESG score, Prime, and 
carbon footprint data. 
 
For mandates that are managed with bespoke ESG criteria, we have vast 
experience in providing clear and transparent reporting that is highly customised, 
to reflect the specific guidelines, restrictions, customised exclusion lists, impact 
themes and ESG filters. 
 
Additionally, we work with clients to create bespoke ESG reporting, including 
themes such as engagement, positive impact and Paris alignment. 
Do ESG related factors get considered 
with respect to performance 
management of investment companies 
and funds? 
 
 
Yes 
Are you signatories of the FRC UK 
Stewardship Code or equivalent? 
No 
 
We submitted responses to the FRC on 16 March 2021 and received feedback on 1 
September 2021 that our submission was unsuccessful. Whilst our Stewardship 
Report had not met the standard to become a signatory on this occasion, we are 
confident that addressing the areas identified in FRC’s feedback will make our next 
application more likely to be successful.  For example, our report referred to other 
documents to evidence our stewardship activity.  However, our Stewardship 
Report needed to demonstrate our application of the principles and reporting 
expectations in a single document. FRC did not review these other documents in 
their assessment, and we believe that by including some of this information within 
our revised report it will lead to a successful re-application. To support our re-
application to be recognised as a signatory to the Code, we have fully addressed 
this and other feedback in the redraft, including sourcing an external review of the

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 6 of 58 
Questions 
Insight Investment 
revised submission.  We provided the FRC with an updated submission which we 
are confident addresses all the areas that were highlighted as inadequate by the 
FRC. We expect a response from FRC in due course. 
 
 
 
Questions 
Nordea 
Do you have an ESG policy that is 
integrated into the investment 
process? 
Yes 
 
Under the guidance of our Responsible Investment Committee 
(RIC), chaired by Nordea Asset Management’s (NAM) CEO, we 
have developed a corporate-wide Responsible Investments 
(RI) policy and various RI-related procedures and investment 
products. These underpin our comprehensive Responsible 
Investment Framework. NAM’s Responsible Investment 
Framework comprises a wide range of RI approaches. Some 
are decided and deployed at the corporate level – “overlays” – 
while others are product-specific and apply to solutions with a 
stronger ESG focus. 
 
 
 
 
The corporate “overlays” apply to all funds managed by NAM 
and include the following:  
 
 
 
 
- Active Ownership 
 
- Corporate-Level Exclusion List 
 
- Norms-Based Screening 
 
- Sustainability Risk Integration 
 
  
 
All of our strategies are subject to minimum sustainability-
related eligibility criteria.  
 
 
 
 
Please find more details below: 
 
 
 
 
Active Ownership 
Are Senior Management accountable for 
ESG or Climate Change risks? 
Yes 
 
Board and management oversight  
 
 
 
 
Sustainability is embedded across Nordea’s business strategy, backed by 
measurable targets, strong governance, and one of the broadest sustainability 
offerings in the market. A net-zero emissions objective by 2050 across Nordea’s 
lending and investment portfolios and internal operations was published in 2021. 
Group sustainability has the responsibility to support the business areas, such as 
NAM, in the implementation of this and other objectives.  
 
 
 
 
At NAM, the commitment to climate-resilient investments comes from the top. The 
Board oversees the strategic direction and reviews the development of our ESG 
and climate policies, and is updated at least annually on their implementation. The 
Senior Executive Management team is kept well informed on climate-related 
matters and several are members of the Responsible Investment Committee 
(RIC), where oversight of the strategic delivery of NAM’s climate commitments 
rests. RIC was created in 2009 and is chaired by the CEO of NAM.  
 
 
 
 
Every quarter RIC meets to monitor progress toward climate targets, discuss 
whether to engage or divest from companies that are failing to meet responsible 
investment expectations and decide on significant changes to our Responsible 
Investment policy and processes.  
 
 
 
 
The Heads of Investment Boutiques are responsible for integrating ESG risks, 
including risks arising from climate change, into the investment analysis and 
decisions. Various resources are available for investment teams to monitor climate 
risks and opportunities in the portfolios, including a climate dashboard in regular 
risk reports.

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 7 of 58 
Questions 
Nordea 
 
Active ownership is a central component of our corporate-wide 
overlays. Being an active owner is of paramount importance to 
NAM. We believe this is a powerful way to protect shareholder 
value, enhance long-term returns and foster positive change. 
We do this by exercising our formal voting rights as well as 
engaging with companies and encouraging them to improve 
their management systems and ESG performance. 
 
 
 
 
Corporate Level Exclusion List 
 
While engagement is always NAM’s preferred approach, we do 
believe that there are activities and types of behaviour that 
cannot be reconciled with our mission of delivering Returns 
and Responsibility. In these cases, we have made a corporate-
level decision to exclude certain stocks, sectors, and practices 
across our entire fund range. For example, NAM does not 
invest in companies active in the production of illegal or 
nuclear weapons, including cluster munitions and anti-
personnel mines.  
 
 
 
 
Norms-based screening 
 
As stated in our RI Policy, all our funds (including those 
managed by external boutiques) are subject to a regular 
norms-based screening which identifies companies that are 
allegedly involved in breaches of, or controversies around, 
international law and norms on environmental protection, 
human rights, labour standards and anti-corruption. Examples 
of such norms and standards include the UN Global Compact 
and the OECD Guidelines for Multinationals. Our RI Policy 
provides a list of the main international norms and 
conventions that our investments adhere to. NAM receives 
alerts from ISS ESG on an ongoing basis in case there are 
changes to the assessment to any of our holdings.  
 
 
 
 
Sustainability Risk Integration 
 
NAM aims to take returns with responsibility to a new level. 
Because sustainability issues are an increasing source of risk 
and opportunity, we seek to integrate sustainability 
considerations into all our investment solutions with firm-level 
elements applicable to all our holdings. Every investment 
boutique has access to NAM’s proprietary ESG Model and ESG 
analysis from the RI team, as well as ESG data from external 
data providers – all via our proprietary ESG data platform. 
NAM’s proprietary ESG data platform, covering more than 
120,000 securities, aggregates information from multiple 
sources and supports both our investment analysts and our RI 
specialists. This ESG data, which includes internally generated 
 
Climate is a key focus area for the Responsible Investment (RI) Team. Climate-
focused workshops for investment teams and other functions are regularly 
conducted to increase knowledge and awareness of climate issues, and the 
analysis of climate-related investment risks and opportunities is an important part 
of the product development work. 
 
 
 
 
 
 
 
Our current restrictions can be found in Nordea Asset Management’s Responsible 
Investment Policy  - available here: 
 
https://www.nordea.lu/documents/esg--ri-policy/ESG-RI-PL_eng_INT.pdf

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 8 of 58 
Questions 
Nordea 
ESG scoring, is shared with all our investment teams. The 
investment teams use this data to meet their ESG KPIs, as 
well as their financial performance targets. 
 
 
 
 
Our RI Policy was first introduced in 2007 and is applicable to 
all of our actively managed funds.  
 
 
 
 
As part of our Responsible Investment (RI) Policy, all our 
actively managed funds are subject to an annual norms-based 
screening. The screening is used to identify listed companies 
allegedly involved in breaches of international law, and norms 
on environmental protection, human rights, labor standards 
and anti-corruption. Examples of such norms and standards 
include the UN Global Compact and the OECD Guidelines for 
Multinationals.  
 
 
 
 
The policy also includes clear positions regarding the operation 
of our investee companies in line with our commitment to the 
UN-supported PRI and in observance of existing laws and 
regulations, as well as standards for sound environmental, 
social and governance performance. The positions are 
regarding illegal and nuclear weapons, certain fossil fuels and 
natural resources, climate change, corruption, human rights, 
water management, business activities in conflict areas, and 
investments in countries under international sanctions.  
 
 
 
 
In addition, the policy defines guidelines with respect to 
stewardship and active ownership. Nordea Asset 
Management’s (NAM) ownership activities are aimed at 
promoting sustained profitability and risk management in 
portfolio companies in order to protect shareholder value and 
enhance long-term returns. Our active ownership tools include 
voting, attending Annual General Meetings, representation on 
nomination committees and engagement with companies. 
 
 
 
 
NAM’s Responsible Investment (RI) policy is publicly available 
here: https://www.nordea.lu/documents/esg--ri-policy/ESG-
RI-PL_eng_INT.pdf+G6 
Do you have a firm ESG rating? 
ESG Rating Comments 
 
Over the years our RI team has been recognised for its work in 
the field. The team has received awards from several external 
entities such as Environmental Finance and the London-based 
Do you have a dedicated team that 
considers ESG and Climate Change 
related factors? 
Yes 
 
Our RI efforts, in particular our ESG integration and engagement activities, are 
supported by NAM’s in-house Responsible Investments team (“RI team”). Formed 
in 2009, Nordea’s RI team is one of the largest and most experienced in Europe in

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 9 of 58 
Questions 
Nordea 
Magazine Capital Finance International (CFI). In the 
Environmental Finance Sustainable Investment Awards 2020, 
NAM’s engagement with the pharma industry in India, which 
you can read about here, was awarded as the best ESG 
engagement initiative of the year. CFI has awarded Nordea 
Asset Management “Best ESG Investment Process in Europe” 
for six consecutive years (2014-2019) and “Best ESG  Team in 
Europe” in 2021 and 2022 (1). In addition, in 2021, NAM 
received  the FN Asset Management Awards 2021 in the 
category “ESG initiative of the Year” for the collaborative 
engagement we initiated and led against the construction of 
the Vung Ang 2 coal-fired power plant in Vietnam (2). More 
recently, NAM was recognized as the Best ESG firm by the 
International Investor Awards 2022 (3) and our ESG STARS 
family was awarded as the Best Sustainable Fund Range by 
Sustainable Investment Awards 2022 (4). 
 
 
 
 
(1) Source: cfi.co. is a London-based magazine whose annual 
awards focus on best practice. (2) Financial News is a financial 
newspaper and news website published in London. Its annual 
awards celebrate the success of companies and individuals 
working in the institutional asset management sector in 
Europe. (3) International Investor Awards is an online 
publication that provides insights, news and visual informative 
pieces with topics ranging from world markets, investing 
opportunities, industry analysis and so much more. Its annual 
awards are open to fund managers operating in Europe. (4) 
The Sustainable Investment Awards 2022 were launched by 
Investment Week. These awards are intended to honor fund 
providers, research & ratings teams, service providers and 
individuals who have a key part to play in the evolution of 
sustainable investing. 
terms of pure ESG analysts. It is composed of 22 analysts, who work closely with 
their respective portfolio management teams in Stockholm, Oslo and Copenhagen. 
The RI team often participates in client meetings and ESG conferences to share 
their latest insights and findings. It also leads ESG training (e.g., climate 
workshops) both internally and for clients. 
 
 
 
 
The team maintains both a broad coverage and a particular focus ESG-enhanced 
strategies (i.e., the ESG STARS and thematic strategies), working closely with 
their respective portfolio management teams. The team has developed proprietary 
models, which are a key part of our internal ESG scoring system, however, the 
team’s approach goes well beyond ESG scores, which are just a starting point. 
 
 
 
 
The team carries out its various functions in four clusters: 
 
 
 
 
Active Ownership: The Active Ownership team is responsible for NAM’s 
engagement activities, as well as for driving the RIC agenda and the RI Policy 
development. This group also works with the Corporate Governance team on proxy 
voting. 
ESG Products & Research: The Research team carries out company specific ESG 
research and engagement for NAM’s ESG funds, as well as ESG product 
development. This includes our proprietary ESG scoring, which is an integral part 
of our ESG-enhanced strategies such as the ESG STARS funds.  
Climate: The Climate team maintains focused expertise and analysis of climate 
change factors and policies, implementation and reporting on TCFD 
recommendations.  
ESG Quant: The ESG Quant team develops and maintains NAM’s proprietary ESG 
scoring model, as well as other advanced applications of ESG data. 
Please provide your UNPRI survey 
scores 
Over more than a decade, we have developed and continually 
improved a strong and proven RI framework. This is evidenced 
by the fact that PRI has given our RI strategy and governance 
framework a top score of A+ for 6 consecutive years (2015-
2021) and this year, our Investment & Stewardship policy 
received a rating of 5-stars (highest possible score) following 
the recent change in the PRI reporting assessment. 
Do you rely on any third parties to 
provide ESG and Climate Change 
related analysis/research? 
Yes 
 
While we emphasize our internal research capabilities, Nordea’s in-house 
Responsible Investment team underpins our approach with externally sourced ESG 
research and ratings. Some of our most used partners include the following:  
 
 
 
 
- MSCI ESG 
 
- RepRisk 
 
- TruValue Labs 
 
- Bloomberg 
 
- ISS Global 
 
- CDP 
 
- Upright

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 10 of 58 
Questions 
Nordea 
 
- Clarity AI  
 
- Impact-cubed  
 
- Maplecroft 
 
- NGO's (WWF, Amnesty International, Transparency International, Greenpeace, 
SwedWatch, DanWatch). 
 
 
 
 
We evaluate all our service providers regularly. However, it is important to 
emphasize that the RI team is not dependent on any sole provider and any of our 
partners can be replaced if we feel a better service can be achieved elsewhere.  
Do you have a Climate Change policy 
that is integrated into the investment 
process? 
Yes 
 
Climate strategy and our commitment to net zero  
 
Climate change has been a strategic focus for NAM since we 
became a signatory to the UN-supported Principles for 
Responsible Investment (PRI) in 2007. In 2015, we 
implemented our first climate-related divestment from coal 
mining, and started analysing and disclosing the carbon 
footprint of our ESG STARS funds. In 2019, we publicly 
committed to aligning our investment strategies with the 
objectives of the Paris Agreement, and in 2020 we cemented 
this commitment by becoming a founding member of the Net 
Zero Asset Managers (NZAM) initiative, a global coalition of 
asset managers working for the achievement of net-zero 
greenhouse gas emissions by 2050. In addition, during 2020, 
we helped co-create the Net Zero Investment Framework 
(NZIF), a method for asset managers/owners to set climate 
targets consistent with the objectives of the Paris Agreement, 
and in November 2021, we released a set of additional climate 
targets, in line with NZIF guidance and our NZAM commitment 
(1). 2022 in turn was a year of execution. We built an in-
house issuer-level Paris alignment assessment tool, initiated 
engagements with 149 investee companies on Paris-
alignment. 
 
 
 
 
Targets and metrics 
 
Our overarching long-term goal is to achieve net-zero 
emissions for all assets under management by 2050. Our 
short-and mid-term targets work towards this overall 
ambition, through complimentary top-down and bottom-up 
approaches: from an organisational wide target to reduce the 
weighted average carbon intensity (WACI) of investments; a 
set of portfolio-specific carbon footprint reduction targets, and 
a complimentary target to ensure individual companies are 
engaged to become 1.5°C aligned. To this end, we have also 
set a 2025 target to phase out investments in coal-related 
companies without plans to achieve a full exit from coal 
Do you create your own ESG or Climate 
Change related scores 
Yes 
 
Leveraging more than a decade of ESG analysis NAM has developed proprietary 
scoring models which are implemented on our ESG data platform. The data 
platform aggregates information from multiple sources, supporting our analysts as 
they carry out in-depth research. This includes the alignment of company revenues 
to the EU Taxonomy and to the UN's SDGs. In addition to the ESG scoring model, 
the team has developed modules to collect, analyse and manage data on PAI, 
Sustainable Investments and Climate metrics. The data platform uses AI features 
and analyst-structured weights and formulas to generate ESG scores for more 
than 120,000 securities – almost full coverage of the main benchmark indices. Our 
automation of part of the process allows the team to provide the full research 
coverage we believe our strategies deserve while allowing time to dive deeper into 
more difficult cases. This results in internal scoring that is consistent, forward-
looking and nuanced to reflect company actions rather than solely relying on third 
party scores, which must – by definition – be backward looking. The scores that 
result from this process can be A, B or C; our ESG STARS and ESG-thematic funds 
cannot invest in C-scored companies.

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 11 of 58 
Questions 
Nordea 
globally by 2040 (2).  
 
In practice, we expect our targets to be achieved through 
three mechanisms, which in order of priority are:   
 
Pushing current investee companies towards accelerated 
decarbonization. Active ownership is a core pillar of our 
climate strategy underpinning our investments, including the 
launch of our Climate Engagement strategy.  
Investing in companies that facilitate real-world 
decarbonization. A good example of this is our PAFF Policy, as 
well as our efforts to ensure our portfolio-level carbon 
footprint targets incentivise investment in decarbonisation 
leaders.  
Shifting portfolio allocation away from high-emitting 
companies and sectors. We restrict investments in sectors with 
a limited future in a decarbonised economy, and integrate the 
identification of negative emission outliers into the overall 
investment process. 
 
For more information about our portfolio level and issuer level 
targets, please refer to our latest annual Climate Report here: 
https://www.nordea.lu/documents/esg---climate-report/ESG-
CR_eng_INT.pdf  
 
 
 
 
(1) The targets can be found in Net Zero Asset Manager 
initiative’s 2021 Progress Report, which presents targets set 
by all founding members. (2) We define coal-related 
companies as those that are involved in the mining for coal or 
use it for electricity generation. NAM already excludes 
companies with more than 10% of their revenues from coal 
production from all its portfolios, and applies our Paris-Aligned 
Fossil Fuel Policy or even stricter exclusion criteria to all 
portfolios designated ESG (currently app. 70% of NAM AuM). 
Does your company have a policy on 
equality and diversity in the 
workplace? 
Yes 
 
The NAM D&I policy is implemented as per June 2021. The 
purpose of the policy is to set out the principles for Diversity 
and Inclusion within Nordea Asset Management Holding AB 
(“NAM Holding”) in its work to accelerate progress towards a 
diverse, inclusive and equitable culture within NAM. The policy 
describes the scope, initiatives as well as the established 
overview of governance structure, roles and responsibilities 
within NAM to act according to the policy elements. Nordea 
Asset Management also follows the Nordea Diversity and 
Inclusion Policy. The policy consists of different group 
directives and guidelines. Diversity and Inclusion are 
incorporated in e.g. Nordea Recruitment Policy, Code of 
Conduct, Nordea Sustainability Policy and Directive on 
Promotion of Gender Balance. Nordea and NAM have overall 
diversity and inclusion KPIs and metrics, tracked yearly, bi-
yearly and quarterly. Overall KPIs relate to gender balance 
(not one gender shall be represented more than 60% on all 
levels) and an overall inclusion score, measured through an 
internal employee engagement survey. 
Do you provide any reporting publicly or 
to clients with regard to ESG and 
Climate Change related issues? How 
often? 
Yes 
 
We strive to be transparent in regard to how we work and incorporate ESG in our 
responsible investment decisions and activities. We regularly report via our 
website, through our Responsible Investment Annual Report and through the PRI 
reporting framework.  
 
 
 
 
For our funds, we support standardized and integrated reporting, which 
incorporates material sustainability information with financial information. Our 
regular monthly fund factsheet incorporates both financial and ESG data.  
 
 
 
 
At firm level, we report via a variety of ESG-related materials. Please find weblinks 
to the main resources below.

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 12 of 58 
Questions 
Nordea 
 
 
 
 
In October 2022, the D&I policy was updated and a family-
friendly part was included. The policy now includes standpoints 
to support employees before, during and after returning from 
parental leave. 
 
 
 
 
In 2023, the focus will be on keeping momentum in the D&I 
initiatives already implemented such as being true to our 
recruitment policy with extensive D&I focus (inclusive job ad, 
screening criteria, D&I committee to approve candidates for 
leader positions), growing the established Employee Resource 
Group's (parents, women and internationals), be active in the 
local communities as well as the industry by exchanging 
knowledge and best practices i.e. with the Diversity Project to 
accelerate progress in the asset management industry.  
 
 
 
 
Further, we continue to run our yearly cultural employee 
engagement survey as a data source to get the employees’ 
insights about what can make NAM an even more inclusive 
and fair workplace. These inputs are informing the D&I 
priorities.  
 
 
RI at NAM 
 
Nordea Asset Management - Annual Responsible Investment 
Report:https://www.nordea.lu/documents/esg---ri-annual-report/ESG-RI-
AR_eng_INT.pdf/ 
Responsible Investment 
Microsite:https://www.nordea.lu/en/professional/responsible-investment/ 
Nordea Responsible Investment Policy:https://www.nordea.lu/documents/esg--ri-
policy/ESG-RI-PL_eng_INT.pdf 
Nordea Exclusion List: https://www.nordea.com/en/sustainability/sustainable-
business/investments/exclusion-list/ 
 
  
 
Corporate Governance and Active Ownership  
 
Nordea Corporate Governance Principles: 
https://www.nordea.lu/documents/corporate-governance-
principles/CGP_eng_INT.pdf/ 
Nordea Engagement Policy: https://www.nordea.lu/documents/engagement-
policy/EP_eng_INT.pdf/ 
Voting Portal: https://vds.issgovernance.com/vds/#/NzI0Nw==/ 
SRD II 2021 Annual Report: https://www.nordea.lu/documents/srdii-annual-
report/SRDII-AR_eng_INT.pdf 
Corporate Governance Activities Voting Season 2022 Report: 
https://www.nordea.lu/documents/esg-voting-report/ESG-VR_eng_INT.pdf/ 
 
  
 
Climate 
 
Climate Report: https://www.nordea.lu/documents/esg---climate-report/ESG-
CR_eng_INT.pdf/ 
NAM Fossil Fuel Policy for sustainable funds: https://www.nordea.com/Images/35-
381562/NAM-fossil-fuel-policy.pdf 
CO2 footprint (upon request) 
Do ESG related factors get considered 
with respect to performance 
management of investment companies 
and funds? 
Yes 
 
A key part of our process is the identification of financially 
material ESG issues – those which are likely to influence the 
financial performance of the company or a country. We weigh 
these issues flexibly, according to their materiality for the 
specific sector and geographical location. We use the 
materiality map of SASB as a guideline to determine 
materiality, but we supplement it with our own insight into the 
workings of the company. Both which issues we consider 
material and the weight we assign to them will vary by sector. 
A software company, for example, will have a relatively low 
environmental footprint, be dependent on skilled labour and 
intellectual property (social), and be vulnerable to data privacy 
regulations such as the GDPR (business ethics). A mining 
company, on the other hand, will have a high environmental 
footprint and will also need solid relations with its labour force 
(social). And exposure to universal risks such as climate 
change will also be different. 
 
Are you signatories of the FRC UK 
Stewardship Code or equivalent? 
Yes 
 
Nordea became a signatory of the UK Stewardship Code as of 7 September 2022. 
You can find the Code on FRC’s website 
(https://www.frc.org.uk/getattachment/4b5e9a8b-f4f8-47cc-8233-
3c7749268d57/NAM-UK-Stewardship-Code_W2204128_c.pdf) as well as on our UK 
Responsible Investment microsite (https://www.nordea.lu/documents/uk-
stewardship-code/ESG-UK-SC_eng_GB.pdf/).

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 13 of 58 
Questions 
Nordea 
 
 
 
Part of our ESG analysis is to interact and engage with 
companies, through management meetings and systematic 
engagement. The outcome and knowledge of these activities 
flows into our assessment of the companies. Reputational risk 
and exposure to controversy is also something we consider at 
the company or country-specific level. Responsiveness to 
investor concerns, tone from the top, and company culture are 
important parts of the final evaluation. This allows us to 
produce forward-looking ESG scores that include the direction 
a company is moving in, dimensions that are not found in 
traditional external ESG ratings.  
 
 
 
 
We consider how a company’s business aligns with the SDG’s, 
whether the service or product the company offers contributes 
positively to society, how significant aligned activities are as a 
proportion of revenue, how much capex is directed into them, 
and whether they are a visible driver of growth. This is 
relevant both because the SDG’s present large and durable 
business opportunities, and because SDG alignment – or the 
lack thereof – is an indicator of a company’s material impact 
on the world around it. In other words, both how a company 
makes money and how it is run always matter. 
 
 
 
Questions 
Columbia Threadneedle Investments 
Do you have an ESG policy that is 
integrated into the investment 
process? 
Yes 
 
Yes 
Are Senior Management accountable for 
ESG or Climate Change risks? 
Yes 
 
Yes 
Do you have a firm ESG rating? 
 
 
Yes 
Do you have a dedicated team that 
considers ESG and Climate Change 
related factors? 
Yes 
 
Yes 
Please provide your UNPRI survey 
scores 
Strategy & Governance: A+ 
Listed Equity - Incorporation: A+ 
Listed Equity - Active Ownership: A+ 
Fixed Income - SSA: A 
Fiexd Income - Corporate Non-Financial (New): A 
Fixed Income - Corporate Non-Financial: A 
Private Equity (New): A 
Property (New): B 
Do you rely on any third parties to 
provide ESG and Climate Change 
related analysis/research? 
Yes 
 
MSCI ESG: Our primary source for ESG data. MSCI ESG data and analysis is used 
to systematically screen client portfolios for ESG risks, identify priority companies 
for engagement and to inform company analysis. 
ISS: ISS supplies us with custom research based on our own in-house corporate 
governance guidelines (which are updated annually based on country-specific best 
practice standards). Research provided by ISS is used to inform our vote execution 
as well as company engagement.

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 14 of 58 
Questions 
Columbia Threadneedle Investments 
Broker Research: All members of the Responsible Investment team have access to 
broker research. The team uses this content to stay on top of market trends, 
identify companies for engagement and to inform company, market or topic 
specific research. Examples of Brokers with solid ESG offerings include Kepler 
Cheuvreux, Natixis, Societe Generale, HSBC and Morgan Stanley. 
Sustainalytics: Used for landmine and cluster munition screening. 
Bloomberg: Bloomberg terminals are used to perform qualitative as well as 
quantitative analysis on a multitude of topics. In particular, Bloomberg has proven 
useful for linking ESG with financial data to determine the materiality of particular 
ESG issues.  
Non-Governmental Organisations(NGO`s): Examples include Transparency 
International (anti-corruption), Oxfam, CERES and Human Rights Watch. Research 
provided by NGO`s is used to identify priority companies and identify priority 
companies for engagement. 
Other: Our research is also informed by our networks that may provide briefings 
and publications, including the UN PRI, International Corporate Governance 
Network and Asian Corporate Governance Association. 
Do you have a Climate Change policy 
that is integrated into the investment 
process? 
Yes 
 
Yes 
Do you create your own ESG or Climate 
Change related scores 
Yes 
 
Yes 
Does your company have a policy on 
equality and diversity in the 
workplace? 
Yes 
 
Yes 
Do you provide any reporting publicly or 
to clients with regard to ESG and 
Climate Change related issues? How 
often? 
Yes 
 
Yes - Quarterly and annually 
Do ESG related factors get considered 
with respect to performance 
management of investment companies 
and funds? 
 
 
Yes 
Are you signatories of the FRC UK 
Stewardship Code or equivalent? 
Yes 
 
Yes 
 
 
Questions 
M&G Investments 
Do you have an ESG policy that is 
integrated into the investment 
process? 
Yes 
 
On 1 January 2022, M&G published its ESG Investment Policy. 
This further sets out our principles-based approach to 
addressing ESG matters in investing, and policies for specific 
ESG matters that must be applied by the asset manager 
across all asset classes. The Policy is owned by the Chief 
Investment Officer (CIO) or their delegated deputy, and will be 
refreshed at least annually. Updates to the new policy can be 
summarised by the below bullet points: - M&G's new ESG 
priorities for the year (Climate Change and Diversity and 
Inclusion) - Inclusion of M&G's Climate change objectives 
(becoming Net Zero as an organisation by 2030, and achieve 
Net Zero investment portfolios by 2050 across the group's 
total assets under management, to align with the Paris 
Agreement. - Addition of the ESG Governance structure of the 
group - Details of M&G's ESG Investment principles, which we 
use to inform and guide all investments made as an asset 
manager. These principles are consistent with M&G plc's ESG 
principles and reflect the firm's purpose and corporate values 
Are Senior Management accountable for 
ESG or Climate Change risks? 
Yes 
 
The Board is ultimately responsible for setting M&G’s sustainability strategy and 
ESG values and principles. The Board delegates specific duties to sub-committees 
as follows: Reporting in the Annual Report and Accounts and any other material 
public documents in respect of climate change and ESG matters (for compliance 
with relevant regulations, legislation and standards) is included in the Audit 
Committee’s terms of reference, available on our website. Assessment of ESG risk 
within the Group Risk Management Framework, including climate-related stress 
and scenario testing, the reporting of climate-related risk disclosures and provision 
of advice to the Board in setting M&G’s ESG strategy, is included in the Risk 
Committee’s terms of reference, available on our website. Responsibility for 
sustainability at an individual level is assigned to our Chief Financial Officer, who 
has previous experience in climate stress testing and sustainable impact investing.

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 15 of 58 
Questions 
M&G Investments 
of Care and Integrity. - Details of M&G's ESG integration 
approach across all asset classes. - Further information on 
M&G's Engagement and Exclusion approaches. 
Do you have a firm ESG rating? 
 
 
Yes 
Do you have a dedicated team that 
considers ESG and Climate Change 
related factors? 
Yes 
 
The central ESG team at M&G Investments is the Stewardship & Sustainability 
(S&S) team, which currently comprises of 32 M&G employees. Additionally, there 
are numerous ESG specialists across the floor, embedded in investment teams. At 
M&G we believe that ESG integration should occur in all parts of our investment 
business and to reflect this everyone has an objective to this end. We look to 
continuously monitor S&S team resourcing levels to ensure the best quality of 
service is provided to clients. M&G will also ensure and make it the responsibility 
of all team members to keep up to date with the rapidly changing landscape of 
ESG to leverage resources effectively. The S&S team works collaboratively, both 
directly and via the analysts, to equip managers to make better-informed 
decisions, knowing the full spectrum of ESG risks that could impact their portfolios, 
as well as where these risks may be concentrated within certain issuers or 
holdings. By working in conjunction with the credit and equity analysts on ESG, 
the S&S team is able to ensure that ESG risks and opportunities are considered 
throughout the full investment process, as well as in the monitoring of companies. 
Please provide your UNPRI survey 
scores 
We are advised not to report individual scores. Please see our 
2021 UNPRI Assessment report to be read in conjunction with 
theTransparency link and UNPRI Assessment Method: 
Transparency Report 
Do you rely on any third parties to 
provide ESG and Climate Change 
related analysis/research? 
Yes 
 
Yes, MSCI, ISS, Eikon & RepRisk 
Do you have a Climate Change policy 
that is integrated into the investment 
process? 
Yes 
 
At M&G, we recognise the urgency of near-term action and are 
committed to using the levers at our disposal to support real-
world emissions reductions and economy-wide change. 
Collaboration with our clients is critical to support our climate 
objectives and address related issues through our investments 
and stewardship. We have set the following climate objectives: 
1. Reach net zero emissions by 2050, following Paris-aligned 
decarbonisation pathways for our investments. This is 
supported by our interim targets set across our asset manager 
and asset owner businesses. 2. Contribute to real-world 
positive impact by scaling investment in climate solutions. 3. 
Support a just transition and advocate for economy-wide 
change. We progressed well last year through multiple 
initiatives such as publishing our first progress report as part 
of the Net Zero Asset Managers initiative (NZAMi), disclosing 
our position and policy on thermal coal, and acquiring impact 
investing specialist responsAbility. Our transition 
implementation strategy has four key actions: 1. Engage with 
investees to set and track progress against their net zero 
targets, ideally validated by the Science Based Targets 
initiative (SBTi) 2. Engage with clients to encourage a move 
towards Paris-alignment of mandates and fund objectives 3. 
Increase capital directed to climate solutions, companies and 
projects 4. Transition portfolios, or if unsuccessful, divest 
Do you create your own ESG or Climate 
Change related scores 
Yes 
 
Yes, we have proprietary ESG scorecards to capture our ESG analysis. 
Does your company have a policy on 
equality and diversity in the 
workplace? 
Yes 
 
Diversity and Inclusion (D&I) drives inspirational performance 
and innovation. Our clients are all diverse, so having a team 
Do you provide any reporting publicly or 
to clients with regard to ESG and 
Climate Change related issues? How 
often? 
Yes 
 
Yes, we publish firm-wide periodic reports and we also publish fund-related 
information on our website such as Fund Monthly Reviews, annually updated

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 16 of 58 
Questions 
M&G Investments 
that reflects this diversity helps us better serve their needs 
and deliver results. Our Diversity and Inclusion policy applies 
to all UK M&G plc employees and the ethos should be followed 
by anyone who works with us. 
product information in the prospectus, Annual ESG Criteria report for our SICAV 
funds classified as SFDR Articles 8 & 9. Please see the following links for our latest 
annual sustainability report and stewardship report: M&G plc Sustainability Report 
2022/23 (mandg.com) https://www.mandg.com/~/media/Files/M/MandG-
Plc/documents/responsible-investing/stewardship/mg-investments-annual-
stewardship-report-2022.pdf 
Do ESG related factors get considered 
with respect to performance 
management of investment companies 
and funds? 
Yes 
 
M&G believes that ESG factors can have a material impact on 
long-term investment outcomes. Our goal is to achieve the 
best possible risk- adjusted returns for our clients, taking into 
account all factors that influence investment performance. 
Consequently, ESG issues are integrated into investment 
decisions wherever they have a meaningful impact on risk or 
return. We apply this approach to ESG analysis across all of 
the asset classes and sectors in which we invest. Research and 
investment teams have access to internal proprietary ESG 
thematic research, as well as relevant data from other 
sources. They evaluate the impact and materiality of these 
ESG themes within the context of the industries and 
companies that they cover, with assistance from the 
Stewardship & Sustainability team. Together, these teams 
deliver actionable investment research that includes ESG 
issues, insights and recommendations to fund managers for 
use within the investment decision-making and portfolio 
construction processes. 
Are you signatories of the FRC UK 
Stewardship Code or equivalent? 
Yes 
 
The UK Stewardship Code 2020 sets high stewardship standards for both asset 
owners and asset managers. We were among the first tranche of signatories to the 
new code in 2021, having reported in line with the code in both 2020 and 2021. In 
both these years we have demonstrated that our stewardship activities are in line 
with the code. We’ve done this in two ways: 1. Through this annual stewardship 
report, which highlights key activities from the previous year across equities, fixed 
income, property and infrastructure. 2. Through a static document, reviewed 
annually, that provides an overview of our stewardship approach, and specifically 
outlines how we adhere to the code. This can be found in the appendix of this 
report. Please see our latest Annual Stewardship Report for more context: mg-
investments-annual-stewardship-report-2022.pdf (mandg.com) 
 
 
 
Questions 
Partners Group AG 
Do you have an ESG policy that is 
integrated into the investment 
process? 
Yes 
 
Yes. Partners Group aims to realize potential in private 
markets and create sustainable returns with a lasting, positive 
impact for all of its stakeholders, in line with its fiduciary duty 
and return-generating goals. 
Are Senior Management accountable for 
ESG or Climate Change risks? 
Yes 
 
André Frei, former Co-CEO and now Chairman of Sustainability of Partners Group, 
is responsible for the firm’s overall sustainability strategy. In this role he prioritizes 
and coordinates portfolio and corporate sustainability efforts, in interaction with 
the Partners Group’s Executive Committee. 
Do you have a firm ESG rating? 
Yes 
 
Partners Group is one of the only global private markets firm 
to be included in the Dow Jones Sustainability Indices (DJSI), 
reflecting the firm's position as a corporate sustainability 
leader in private markets. 
Do you have a dedicated team that 
considers ESG and Climate Change 
related factors? 
Yes 
 
The ESG team is embedded within the wider investment team and has 
responsibility for the framework that guides investment DD and monitoring. The 
team also engages with the portfolio businesses 
Please provide your UNPRI survey 
scores 
5 stars: Private Equity; 4 stars: Investment & Stewardship 
Policy, Infrastructure, Debt; 3 stars: Real estate 
Do you rely on any third parties to 
provide ESG and Climate Change 
related analysis/research? 
Yes 
 
As a private markets firm, we conduct the most part of our ESG & Sustainability 
research ourselves. Prior to investing Partners Group engages external service 
providers including: EY, PwC, KPMG, ERM, Ramboll. During ownership Partners 
Group uses the services of ESG providers including: Sancroft and Gallup

Fund Manager Business Response 
 
 
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Page 17 of 58 
Questions 
Partners Group AG 
Do you have a Climate Change policy 
that is integrated into the investment 
process? 
Yes 
 
Yes. While addressing climate change will require action from 
governments and society, we believe that private market 
investment managers and investors are uniquely positioned to 
support the transition to a low-carbon economy through 
systematic assessment and management of climate risks and 
opportunities. 
Do you create your own ESG or Climate 
Change related scores 
No 
 
We only create proprietary ESG scoring for debt assets  
Does your company have a policy on 
equality and diversity in the 
workplace? 
Yes 
 
Yes. The Diversity and Inclusion Policy ("Policy") sets forth 
Partners Group's commitment to promoting a diverse and 
inclusive workplace, articulates guiding principles and 
ambitions towards diversity and inclusion, and specifies the 
organization and responsibilities of the groups charged with 
advancing Partners Group's diversity and inclusion initiatives. 
In addition to affirming Partners Group's values, the Policy 
constitutes the basis for effective diversity and inclusion 
management at Partners Group, and what the company 
believes best supports its business, clients, and people. 
Do you provide any reporting publicly or 
to clients with regard to ESG and 
Climate Change related issues? How 
often? 
Yes 
 
Depending on the product Partners Group includes ESG related topics in 
monthly/quarterly reports. Partners Group also produces an annual CSR report 
with key ESG updates, including the publication of the ESG dashboards for each 
asset class - within these dashboards each asset is tracked and measured across 
key KPIs 
Do ESG related factors get considered 
with respect to performance 
management of investment companies 
and funds? 
Yes 
 
 
Are you signatories of the FRC UK 
Stewardship Code or equivalent? 
No 
 
Partners Group is not currently a signatory to the code. Note that given the UK 
Stewardship Code only applies to UK funds, only our Generations Fund would fall 
under direct scope (our other programs are domiciled in Luxembourg, Guernsey 
etc.) We are currently in the process of discussing our application with the FRC.  
 
 
 
Questions 
Ninety One 
Do you have an ESG policy that is 
integrated into the investment 
process? 
Yes 
 
Our commitment and approach to stewardship is underpinned 
by our robust Stewardship Policy and Proxy voting guidelines. 
Ninety One applies its stewardship approach and principles 
across all the asset classes in which it invests, tailoring its 
stewardship efforts at the different stages of the investment 
cycle, depending on the opportunities and constraints of each 
asset class and the particular nature of the investment 
strategy. 
 
As an asset manager, Ninety One has carefully considered all 
global principles and we focus on the following core principles 
to guide our stewardship role in representing our client’s 
ownership rights. 
 
  
 
Ninety One will support a long-term investment perspective 
by integrating, engaging, escalating and monitoring 
Are Senior Management accountable for 
ESG or Climate Change risks? 
Yes 
 
Ninety One’s management team is responsible for developing and implementing 
business strategy, under the direction of the Chief Executive Officer (CEO). This 
will include assessing and mitigating Ninety One’s exposure to ESG and climate 
risks. One of Ninety One’s strategic objectives is to ensure that sustainability is at 
the core of the business. Progress is reviewed against objectives identified by the 
Board under the firm’s Invest, Advocate, Inhabit sustainability framework. 
Responsible objectives are formally set at the executive level annually with clear 
Key Performance Indicators (KPIs) for our Chief Executive Officer, Hendrik Du Toit.

Fund Manager Business Response 
 
 
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Page 18 of 58 
Questions 
Ninety One 
material ESG issues. 
Ninety One will exercise its ownership rights responsibly 
including engagement and voting rights. 
Ninety One will address internal governance of effective 
stewardship including conflicts of interest and potential 
obstacles. 
Ninety One will disclose how it discharges its stewardship 
duties through publicly available policies and reporting. 
Ninety One is, where appropriate, willing to act alongside 
other investors. 
 
 
 
 
Each investment team are responsible for managing their 
exposure to sustainability risks and opportunities within the 
portfolios they manage. Investment capabilities have 
developed and continue to develop high-quality integration 
approaches to identify and value sustainability risks. Due to 
inherent differences in investment philosophies, styles, asset 
classes and data, ESG integration requires different 
approaches. However, we seek high quality ESG integration 
standards across all of our strategies, ensuring the range of 
ESG risks and opportunities are assessed and priced for. 
Do you have a firm ESG rating? 
 
 
Ninety One has been a signatory to the PRI since 2008. As a 
signatory, it is mandatory to report annually on our 
responsible investment practices through the PRI 
Transparency report.  
 
  
 
Our latest PRI scores from the assessment report are shown in 
the table below and the full report is available on our website 
at this link. 
 
  
 
PRI Assessment Module 2021 
Investment & Stewardship Policy 4 stars 
Listed Equity - Incorporation  4 stars 
Listed Equity - Voting 4 stars 
Fixed Income - SSA 5 stars 
Fixed Income - Corporate 5 stars 
Infrastructure 5 stars 
 
Source: PRI Assessment report.  
 
  
 
Past performance is not a guide to future performance. 
 
  
 
We are pleased that our commitment to responsible investing 
and our continual efforts in deepening our integration 
processes have been reflected by our scores. 
Do you have a dedicated team that 
considers ESG and Climate Change 
related factors? 
Yes 
 
ESG knowledge and expertise is held across a number of areas of the business.  
 
 
 
 
Ultimately, the investment teams have responsibility for managing sustainability 
risks and opportunities within their investment process through their integration 
frameworks. We place a big emphasis on ensuring that the investment teams have 
the appropriate knowledge, insights, data and tools so that the expertise is a truly 
integrated part of the investment process. 
 
 
 
 
The investment teams are supported by dedicated ESG specialists across our 
Sustainability team and Investment Risk team. We also have further expertise that 
we can draw upon from the portfolio managers managing our dedicated 
sustainability strategies and other sustainability specialists that are dedicated 
individual investment teams. 
 
 
 
 
The Sustainability Committee oversees the wider sustainability ecosystem in the 
business. Ninety One’s firm-wide sustainability initiatives are overseen by the 
Chief Sustainability Officer, Nazmeera Moola. This includes investment integration, 
advocacy, corporate transition to net zero and developing and implementing 
efforts to mobilise dedicated funding for an inclusive net zero transition.

Fund Manager Business Response 
 
 
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Page 19 of 58 
Questions 
Ninety One 
 
  
 
The PRI Assessment scores are based on our response within 
the PRI Transparency report, which is available via the 
following link: https://ninetyone.com/-
/media/documents/stewardship/91-pri-public-transparency-
report-en.pdf 
 
  
 
Please see the following link which provides further 
information around the scoring methodology: 
https://www.unpri.org/signatories/about-pri-
assessment/3066.article 
Please provide your UNPRI survey 
scores 
2021 scores: 
Investment & Stewardship Policy - 4 stars Listed Equity - 
Incorporation - 4 stars 
Listed Equity - Voting - 4 stars 
Fixed Income - SSA - 5 stars 
Fixed Income - Corporate - 5 stars 
Infrastructure - 5 stars 
Do you rely on any third parties to 
provide ESG and Climate Change 
related analysis/research? 
Yes 
 
The ESG research and data that we have access to is integrated with the 
investment research process, and is used to support our understanding of material 
information. Data is integrated in various ways depending on the strategy, 
including scorecards, research dashboard, and use of vendor research reports. The 
Sustainability team and investment risk team  look to ensure that the business has 
appropriate access to data and research. We use several internal and external 
sources, utilising both proprietary and market research. The primary ESG data 
sources that we make use of are: MSCI ESG, Carbon Disclosure Project, ISS, 
RepRisk, Bloomberg, Clarity Al and our in-house investment data platform 
Jasmine. 
Do you have a Climate Change policy 
that is integrated into the investment 
process? 
Yes 
 
Our climate change statement sits within our sustainability 
policy. We consider climate change as the biggest challenge 
confronting humanity in the current century. We therefore aim 
to put sustainability, with a focus on climate risk and 
transition, at the core of our business strategy. In our pursuit 
of net-zero global emissions to address climate change, we 
recognise that a range of critical ecological and human-related 
sustainability challenges require urgent action, and that 
participants in capital markets have an important role to play 
in addressing them. We wholeheartedly support the objectives 
of the Paris Agreement and investing that is aligned with the 
goal of net-zero emissions by 2050 or sooner. As a signatory 
to the Net Zero Asset Managers Initiative, we intend to 
decarbonise our operations (Scope 1, 2 & 3) over time and 
align our investment strategies with our pledge to net zero. 
We have sought to design net-zero targets for our investment 
teams aimed at driving real-world carbon reduction and 
allowing emerging markets to transition in a fair and inclusive 
manner. We have set the following targets for our 
investments: - At least 50% of the financed emissions for 
corporate assets under management at Ninety One will be 
generated by companies with Paris-aligned science-based 
transition pathways by 2030, including science-based targets. 
- The proportion of our corporate AUM covered by Paris-
aligned, science-based targets to exceed the SBTi verification 
standards for Ninety One. We calculate this requirement to be 
56% of our corporate assets under management with 
transition pathways, including science-based targets, by 2030. 
Do you create your own ESG or Climate 
Change related scores 
No 
 
We do not create our own ESG related scores. However, we use third party 
ESG/IVA ratings, ESG Controversy Flags and Governance Ratings as appropriate to 
help with our analysis. Our assessment of these factors is reflected in the valuation 
we ascribe to a stock, and the risk/reward trade-off of a stock that determines 
inclusion in the portfolio and position sizing.

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 20 of 58 
Questions 
Ninety One 
- We will also undertake direct engagement with companies 
responsible for at least 80% of our financed emissions, 
prioritising engagements with our highest emitting companies4 
to maximise the proportion of our corporate AUM and financed 
emissions with science-based transition pathways. In general, 
as an asset manager we will: 1. Develop ways to assess and 
measure the carbon exposure of companies in our portfolios. 
2. Consider the impact of climate change when valuing 
companies through ESG integration strategies. 3. Engage with 
the largest corporate contributors to Ninety One’s financed 
emissions to encourage them to address climate change by 
measuring, managing and reducing their real-world carbon 
footprints. 
Does your company have a policy on 
equality and diversity in the 
workplace? 
Yes 
 
Doing the right thing' is part of our cultural identity and 
underpins everything we do at Ninety One. We know that 
diversity and inclusion make great business sense. It is also 
about doing the right thing for our clients, shareholders, our 
people and the communities in which we operate. 
 
Equality policy 
 
At the core of our values is the respect for the dignity and 
worth of the individual. Our imperative is to attract and retain 
the best talent by providing a corporate environment where 
people from varying backgrounds can develop professionally 
and build a rewarding career. While there may be minor 
nuances between the laws of the different countries in which 
the Company operates, the concepts outlined in our Equality 
policy enshrine our global approach to the principles of 
equality, embracing diversity and doing the right thing. 
 
We want everyone to have the opportunity to build a 
successful career and to thrive in a collaborative work 
environment. In addition to our Equality policy, we have 
established our own set of diversity principles and created a 
framework for our ongoing journey that translates into four 
key areas of focus described below. 
 
Our Diversity Principles 
 
Our set of diversity principles, created in 2017, help define the 
framework for our on-going journey with regards to diversity 
and inclusion. These principles apply across the global 
business and incorporate key aspects of a number of more 
locally-based diversity and inclusion initiatives. 
 
1. In terms of diversity, we commit to zero variance in 
compensation on a like-for-like basis. 
2. We will work proactively to rebalance our firm in line with 
the societies in which we operate. 
3. We will measure and track progress annually. 
4. Diversity forms part of the formal appraisal process 
(including a financial component) of all senior leaders and they 
are held accountable and responsible for ensuring change. 
5. We believe in the importance and benefits of diversity and 
foster a culture that is supportive and inclusive of different 
Do you provide any reporting publicly or 
to clients with regard to ESG and 
Climate Change related issues? How 
often? 
Yes 
 
Transparent reporting and communication with clients and stakeholders are key 
features of our “sustainability with substance” approach. We believe that being 
transparent about our stewardship approach is important, and this is reflected in 
our reporting to clients. We publish several regular and bespoke reports, which 
include:  
 
 
 
 
Sustainability and Stewardship report 
 
  
 
This report includes progress on integration across the investment teams over the 
year, engagement details, advocacy work, voting data, case studies and market 
trends and is published annually covering the period from 1 April to 31 March. You 
can access the report via the following link: https://ninetyone.com/-
/media/documents/sustainability/91-sustainability-and-stewardship-report-en.pdf 
 
  
 
PRI Transparency and Assessment reports 
 
  
 
As a signatory, it is mandatory to report annually on our responsible investment 
practices through the PRI Transparency report. Our latest PRI reports can be found 
on our website via the following link: https://ninetyone.com/-
/media/documents/stewardship/91-pri-public-transparency-report-en.pdf 
 
  
 
Task Force on Climate-related Financial Disclosures (TCFD) 
 
  
 
Ninety One formally pledged its support for the TCFD in September 2018 and this 
report sets out how we disclose our exposure to and management of climate risk, 
using the TCFD framework. You can access the report via the following link: 
https://ninetyone.com/-/media/documents/reports/91-tcfd-report-2021-en.pd

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 21 of 58 
Questions 
Ninety One 
perspectives and experiences. 
6. As an active investment manager, diversity of thought and 
perspective is an essential component in developing our 
investment views. 
7. As a global investment manager, diversity ensures that we 
represent the diversity of our global client base. 
8. We are proud of our culture and our Diversity Principles sit 
within the context of our culture. In that sense, our 
commitment to diversity is fundamentally about ‘doing the 
right thing’. 
9. We foster a ‘work ecosystem’ that is flexible and responsive 
to the needs of all individuals and to that effect, we support 
flexible work arrangements where feasible. 
10. We will work towards achieving our targets through 
concrete actions rather than employing quotas. 
 
Our diversity and inclusion (D&I) framework 
 
We have created a D&I framework to enable change by 
considering diversity in all our people decisions. We apply our 
diversity principles practically through this framework using 
the following four key areas of focus. 
 
1. Commitment and accountability of our senior leadership 
team. 
 
The leaders of our business are committed to creating a more 
balanced organisation and are held accountable for making 
progress. This includes our executive management, and our 
CEO Hendrik du Toit. 
 
Ninety One became a signatory of the Women in Finance 
Charter in 2018 and committed to achieving a target of 30% 
women in senior leadership by 2023. When we signed up to 
the Charter we had 26% female representation in our global 
senior leadership. In 2021 we met our target and we are now 
committed to proactively working towards a new target of 
35% female representation in our senior leadership by 2024. 
Our senior executives pay is linked to the delivery of this 
target. For our 2022 reporting period we were pleased to 
report we now have 33% women in our global senior 
leadership. 
 
Alongside our senior leadership target, we strive for diverse 
representation on our boards. Our board of directors for Ninety 
One is comprised of 50% women and our global executive 
management team is 33% female. 
 
In our annual talent review process leaders are held 
accountable for managing diversity in their teams and building 
a diverse pipeline of talent. The data collected during this 
process is then analysed and presented to our business 
leaders, with a particular focus on diversity. 
 
2. Enabling change by embedding diversity in all our people 
decisions 
 
We have made diversity and inclusion a central consideration 
in all our decision making, especially when it comes to our 
Online voting disclosure  
 
  
 
Voting decisions are disclosed publicly on a monthly basis on the Ninety One 
website and can be found our website via the following link: 
https://ninetyone.com/en/united-states/how-we-think/investing-for-a-world-of-
change/sustainable-investing/invest/proxy-voting-results 
 
  
 
Annual Impact Reports 
 
  
 
With regard to our sustainability-focused products, our Annual 
Impact Reports present significant developments throughout the year, including all 
environmental metrics for the portfolios and underlying holdings as well as 
engagement goals and progress towards those goals. See the following links for 
examples: 
 
Global Environment Impact Report: https://ninetyone.com/-
/media/documents/impact-report/91-global-environment-impact-report-2022-
en.pdf 
UK Sustainable Equity Impact Report: https://ninetyone.com/-
/media/documents/sustainability-report/91-uk-sustainable-equity-fund-
sustainability-report-en.pdf 
 
Quarterly Sustainability Reports 
 
  
 
For our non sustainability-focused products, our quarterly 
sustainability reports provide an outline of the key sustainability risks and 
opportunities and cover the investment team's approach to sustainability 
integration; key engagements; proxy voting activity; portfolio climate risk analysis 
and portfolio characteristics. 
 
  
 
Other sustainability disclosures  
 
  
 
We publish various sustainability disclosures on our website as per regulatory 
requirements i.e. SFDR disclosures.

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 22 of 58 
Questions 
Ninety One 
people. We take a proactive approach to hiring, ensuring 
balanced and diversified shortlists and interview panels, and 
that our entry level recruitment creates a diverse pipeline of 
talent. 
 
We work with universities and support the following cross-
industry initiatives to promote and attract diverse talent, 
including: 
 
‘Investment 2020’, which focuses on bringing diverse talent 
into all aspects of the asset management industry, including 
different socio-economic backgrounds. 
We work with 'Women Returners', whose mission is removing 
'the career break penalty' for women who have taken an 
extended career break. By targeting this population we have 
the opportunity to increase gender diversity by providing 
opportunities for experienced and talented women to return to 
the industry. 
Ninety One has a generous family leave policy offering all 
expectant parents (including adoptive parents) six months full 
pay. This is available to all employees globally. 
 
We place a greater emphasis on productivity than 
presenteeism and actively encourage flexible working where 
appropriate. 
 
We are partnered with the 30% Club and Women Ahead to 
offer women across our global business an opportunity to be 
mentored by an external, seasoned business leader. 
 
We invested in diversity training that was designed to help all 
our employees become aware of their conscious and 
unconscious biases. The training was compulsory for all our 
employees because we believe that everyone shares a 
responsibility to recognise and remove barriers to inclusion. In 
this coming year we plan to build on this work, by working 
closely with our leaders to further explore this topic. 
 
To help build a diverse talent pipeline, diversity is a key 
consideration in all our leadership development training 
opportunities. 
 
3. Measuring our progress so we can challenge and change 
 
We monitor key diversity statistics, so we can measure our 
progress, and use this data to inform our ongoing diversity 
and inclusion efforts. We share this data with business leaders, 
including the heads of our investment capabilities, to empower 
them to effect change. 
 
4. Promoting an inclusive work environment 
 
Our employee networks are essential for creating an 
environment where everyone can be themselves. 
Do ESG related factors get considered 
with respect to performance 
management of investment companies 
and funds? 
Yes 
 
ESG risk reporting forms part of the monthly Investment Risk 
Committee (IRC), which oversees the governance of all 
Are you signatories of the FRC UK 
Stewardship Code or equivalent? 
Yes 
 
Ninety One is a signatory to the updated 2020 UK Stewardship Code.

Fund Manager Business Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 23 of 58 
Questions 
Ninety One 
aspects of investment risk. ESG risk reporting also forms part 
of the reporting to the Sustainability Committee which 
oversees the overall response by the business to its 
commitment to ESG integration, including the effectiveness of 
the risk component. 
  
  
 
The UK Stewardship Code 2020 is a substantial and ambitious revision to the 2012 
edition of the Code. The new Code consists of 12 principles for asset managers 
and asset owners and sets high expectations of those investing money on behalf of 
UK savers and pensioners. Please refer to our latest Sustainability and 
Stewardship report for our response to the reporting requirements of the code.

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 24 of 58 
 
Activity 
Insight LDI Enhanced Selection Shorter Real Fund 
Do you undertake Engagements for this fund? 
Yes,  
How many engagements have you had with companies in 
the past 12 months? 
37 
How many engagements were made regarding climate 
change? 
22 
How many engagements were made regarding board 
diversity? 
 
How many engagements were made regarding waste 
reduction? 
 
How many engagements were made regarding financials? 
102 
How many engagements were made regarding other 
issues? 
41 
Which form of engagement is most representative of the 
approach taken for this fund over the last 12 months: 
• Sending standardised letters to companies Sending 
bespoke letters to companies  
• Standard period engagement with companies  
• Active private engagement on specific issues  
Active public engagement on specific issues 
 
Please discuss some of the key engagements and 
outcomes from the last 12 months. 
UBS - Counterparty engagement Topic: Governance - Board 
effectiveness - Other Rationale: We held a dedicated ESG 
meeting with Investor Relations, Business Strategy, Global 
Head of Funding to address UBS' weak governance scores in 
our Prime ESG ratings and understand how they are working 
to improve their performance. What have you done: UBS has 
experienced various governance-related controversies. We 
discussed these and asked about the controls in place to 
avoid a repeat of these in the future, and received a 
satisfactory response. For example, there was a complete 
overhaul on the controls framework in relation to tax. We 
also challenged them on their diversity performance, as only 
25% of management are female. They have since released a 
target of 30%. Outcomes and next steps: We continue to 
engage regularly. We would like to see specific net zero 
target for the loan book (although UBS is tightening lending 
criteria, squeezing out any new coal and with nuclear 
highlighted as an area of concern). 
 
 
Do you engage in voting for this fund? 
No, LDI Fund 
Do you conduct your own votes? 
Not applicable for this fund 
Do you use a third party to vote on your behalf? 
 
If Yes, please provide the details of your provider and 
any comments 
Not applicable for this fund 
 
 
 
 
How many votes were proposed across the underlying 
companies in the fund?

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 25 of 58 
Activity 
Insight LDI Enhanced Selection Shorter Real Fund 
How many times did you vote in favour of 
management? 
 
How many times did you vote against management? 
 
How many votes did you abstain from? 
 
Do you have a vote you consider the most significant for this 
fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the second most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘second most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
No 
 
 
 
 
 
Do you have a vote you consider the third most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘third most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fourth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘fourth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fifth most significant for 
this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘fifth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
No, LDI Fund

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 26 of 58 
Activity 
Insight LDI Enhanced Selection Shorter Real Fund 
company ahead of the vote? 
of the vote? 
Do you have a vote you consider the sixth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘sixth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the seventh most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘seventh most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the eighth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘eighth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the nineth most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘nineth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the tenth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘tenth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you monitor the carbon emission levels or similar of the 
underlying companies in the fund? 
Yes Rationale: As a response to this, Insight became a 
signatory of the Net Zero Asset Managers initiative in April 
2021, where we have committed to reach net zero emissions 
by 2050 at the latest. To support our journey towards net zero, 
we will either actively engage with our highest emitters, or 
ensure they are on a net zero pathway. Therefore, we are 
developing bespoke strategies to engage with the highest 
emitters within our portfolio on climate-related issues, such as 
coal exposure and carbon intensity performance. We use our 
Net Zero Model to identify companies to engage with, as we 
look to ensure that at least 50% of financed emissions are 
either net zero, aligned to a net-zero pathway, aligning to a 
net-zero pathway or subject of engagement with a view to 
moving into alignment by net zero, by 2023. This target 
increases to cover 70% by of financed emissions by 2025. We

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 27 of 58 
Activity 
Insight LDI Enhanced Selection Shorter Real Fund 
company ahead of the vote? 
identify objectives for engagement using tools such as the Net 
Zero Benchmark from Climate Action 100. Success will be 
measured on improvement across the criteria of our Net Zero 
model and will be assessed on a case-by-case basis. 
What is the target turnover rate for the portfolio? 
 
What was the actual turnover rate over the last 12 months? 
 
 
 
Activity 
Insight LDI Enhanced Selection Longer Nominal Fund 
Do you undertake Engagements for this fund? 
Yes,  
How many engagements have you had with companies in 
the past 12 months? 
37 
How many engagements were made regarding climate 
change? 
22 
How many engagements were made regarding board 
diversity? 
 
How many engagements were made regarding waste 
reduction? 
 
How many engagements were made regarding financials? 
102 
How many engagements were made regarding other 
issues? 
41 
Which form of engagement is most representative of the 
approach taken for this fund over the last 12 months: 
• Sending standardised letters to companies Sending 
bespoke letters to companies  
• Standard period engagement with companies  
• Active private engagement on specific issues  
Active public engagement on specific issues 
 
Please discuss some of the key engagements and 
outcomes from the last 12 months. 
UBS - Counterparty engagement Topic: Governance - Board 
effectiveness - Other Rationale: We held a dedicated ESG 
meeting with Investor Relations, Business Strategy, Global 
Head of Funding to address UBS' weak governance scores in 
our Prime ESG ratings and understand how they are working 
to improve their performance. What have you done: UBS has 
experienced various governance-related controversies. We 
discussed these and asked about the controls in place to 
avoid a repeat of these in the future, and received a 
satisfactory response. For example, there was a complete 
overhaul on the controls framework in relation to tax. We 
also challenged them on their diversity performance, as only 
25% of management are female. They have since released a 
target of 30%. Outcomes and next steps: We continue to 
engage regularly. We would like to see specific net zero 
target for the loan book (although UBS is tightening lending 
criteria, squeezing out any new coal and with nuclear 
highlighted as an area of concern). 
 
 
Do you engage in voting for this fund? 
No, LDI Fund 
Do you conduct your own votes? 
Not applicable for this fund

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 28 of 58 
Activity 
Insight LDI Enhanced Selection Longer Nominal Fund 
Do you use a third party to vote on your behalf? 
 
If Yes, please provide the details of your provider and 
any comments 
Not applicable for this fund 
 
 
 
 
How many votes were proposed across the underlying 
companies in the fund? 
 
How many times did you vote in favour of 
management? 
 
How many times did you vote against management? 
 
How many votes did you abstain from? 
 
Do you have a vote you consider the most significant for this 
fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the second most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘second most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
No 
 
 
 
 
 
Do you have a vote you consider the third most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘third most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 29 of 58 
Activity 
Insight LDI Enhanced Selection Longer Nominal Fund 
Do you have a vote you consider the fourth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘fourth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fifth most significant for 
this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘fifth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the sixth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘sixth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the seventh most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘seventh most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the eighth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘eighth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the nineth most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘nineth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the tenth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘tenth most significant’? 
No, LDI Fund 
 
 
 
 
 
 
 
Do you monitor the carbon emission levels or similar of the 
underlying companies in the fund? 
Yes Rationale: As a response to this, Insight became a 
signatory of the Net Zero Asset Managers initiative in April 
2021, where we have committed to reach net zero emissions 
by 2050 at the latest. To support our journey towards net zero, 
we will either actively engage with our highest emitters, or 
ensure they are on a net zero pathway. Therefore, we are 
developing bespoke strategies to engage with the highest 
emitters within our portfolio on climate-related issues, such as

Fund Manager Product Response 
 
 
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Page 30 of 58 
Activity 
Insight LDI Enhanced Selection Longer Nominal Fund 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
 
 
 
coal exposure and carbon intensity performance. We use our 
Net Zero Model to identify companies to engage with, as we 
look to ensure that at least 50% of financed emissions are 
either net zero, aligned to a net-zero pathway, aligning to a 
net-zero pathway or subject of engagement with a view to 
moving into alignment by net zero, by 2023. This target 
increases to cover 70% by of financed emissions by 2025. We 
identify objectives for engagement using tools such as the Net 
Zero Benchmark from Climate Action 100. Success will be 
measured on improvement across the criteria of our Net Zero 
model and will be assessed on a case-by-case basis. 
What is the target turnover rate for the portfolio? 
 
What was the actual turnover rate over the last 12 months? 
 
 
 
Activity 
Nordea 1 – GBP Diversified Return Fund 
Do you undertake Engagements for this fund? 
Yes,  
How many engagements have you had with companies in 
the past 12 months? 
100 
How many engagements were made regarding climate 
change? 
16 
How many engagements were made regarding board 
diversity? 
5 
How many engagements were made regarding waste 
reduction? 
8 
How many engagements were made regarding financials? 
16 
How many engagements were made regarding other 
issues? 
55 
Which form of engagement is most representative of the 
approach taken for this fund over the last 12 months: 
• Sending standardised letters to companies Sending 
bespoke letters to companies  
• Standard period engagement with companies  
• Active private engagement on specific issues  
Active public engagement on specific issues 
Sending standardised letters to companies,Sending bespoke 
letters to companies,Active public engagement on specific 
issues,Active private engagement on specific issues 
Please discuss some of the key engagements and 
outcomes from the last 12 months. 
Nestlé Air Liquide Topic Environment - Regenerative 
agriculture Topic Environment - Climate Background Nestle 
S.A. is a multinational packaged food company, that 
manufactures and markets a wide range of food products. 
The Company's product line includes prepared dishes, milk, 
confectionery, bottled water, coffee, food seasoning and pet 
foods. Nestle continues to be a holding with an impact-
intensive business model and is therefore one of our long-
term engagements. We previously pushed the company 
specifically to improve traceability in its deforestation-linked 
supply chain on which Nestlé has made improvements in the 
last years. After having set a target of 100% traceability for 
its primary supply chains for meat, palm oil, soy and sugar 
for 2022 and for cocoa and coffee for 2025, Nestlé just 
recently reported that they are at 99.1% and on track for 
their 2025 traceability target. Nestle is now at a point where 
improved technology, e.g. satellite monitoring as well as 
improved management of anti-deforestation initiatives and 
deforestation-related controversies pays off. Background Air

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Activity 
Nordea 1 – GBP Diversified Return Fund 
Liquide is a France-based company producing solutions and 
services based on gases and essential molecules. Some of its 
solutions improve energy and industrial efficiency by use of 
application. The industrial sector is responsible for 23% of 
global energy-related CO2 emissions (IEA 2021) which 
stresses the need for increased efficiency in the sector. Air 
Liquide’s climate track record as well as its emissions 
reductions need to be considered in a holistic perspective 
that takes the entire value chain of emissions into account. 
The Engagement While it has improved its supply chain 
traceability substantially in recent years, we started 
engaging Nestlé in 2021 on its regenerative agriculture 
practices, a topic that should get more attention from 
investors and policymakers due to its tremendous 
importance for the achievement of global climate and 
biodiversity targets as well as improving livelihoods of 
farmers. Nestlé currently targets sourcing 20% of its key 
ingredients through regenerative agriculture methods by 
2025 and 50% by 2030. It is scaling and rolling out its 
regenerative agriculture practices as regenerative sourcing 
currently accounts only for 6.8% of total ingredient sourcing. 
Given that regenerative agriculture – when well done – can 
improve climate-, and biodiversity- as well as social 
outcomes and reduces the company’s diverse risks in these 
areas, we welcome that Nestlé is resourcing the topic 
sufficiently, but expect and push for further improvements. 
We discussed regenerative practices in Nestlé’s different 
high-impact segments (coffee, cocoa, soy, dairy) with their 
dedicated experts and the IR office and received updates on 
the scale, the challenges in each segment and how it affects 
yields for farmers. The Engagement Following up on our 
conversations with Air Liquide’s CEO and Head of 
Sustainability, we met with the VP of European & 
International Affairs in September. Air Liquide is one of our 
focus engagements due to the company’s important role in 
the transition of the economy to net zero. The company’s low 
scores on conventional carbon footprinting tools and its 
status as a heavy emitter through its operations have been a 
long-standing detriment for both the company and its 
investors. Its important place in the value chain is also not 
grasped by ESG data providers. In our latest engagement 
meeting, we discussed the company’s lobbying efforts, 
memberships in major trade organisations and its 
transparency around this topic after a research piece from 
InfluenceMap raised doubts over Air Liquide’s position on 
electrification and the relevant regulation to speed up the 
transition in the transport sector. Outcome and next steps 
The engagement provides us with necessary detail on the 
importance of regenerative agriculture practices and enables 
us to better compare it to its peers while pushing for 
progress on a few key metrics. Improving its track record on 
GHG emissions, protecting biodiversity and ensuring yields 
for farmers are not obscure ideas. Regenerative agriculture 
can deliver these improvements partly. Put simply, nature 
and farmers underpin our lives and Nestlé’s business. Nestlé 
is aware of the economic imperative and also expects 
increased attention from policymakers, investors as well as 
end-consumers. Where the regulator has not clearly defined

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Page 32 of 58 
Activity 
Nordea 1 – GBP Diversified Return Fund 
regenerative agriculture, it is our expectation to Nestlé that 
it will be ambitious in its definition of the term and that it will 
continue making defendable claims towards regenerative 
agriculture in the absence of standardization. Nestlé actively 
responds to investor views, so we have a good chance of 
effectively advocating for changes and higher ambition on 
this key topic. We will be in touch again shortly with Nestlé. 
Outcome and next steps The VP for European & International 
Affairs informed us that Air Liquide continues to be 
supportive of regulation that contributes to companies taking 
action on reaching carbon neutrality. The company does not 
currently focus on mobility as the accelerated development 
of hydrogen solutions for industrials is in focus. It does 
however call for technological neutrality with regard to the 
electrification of light-duty vehicles. In this context, we 
called for improved transparency around its memberships in 
major trade organisations and stressed the importance of 
ensuring that the company’s lobbying activities are in line 
with the goals and timelines of the Paris Agreement. Air 
Liquide informed that it is currently in the midst of reviewing 
its trade associations alignment status and that it will 
commit to disclosing its main industry bodies in the next 
reporting cycle. 
Do you engage in voting for this fund? 
Yes,  
Do you conduct your own votes? 
Yes. At Nordea Asset Management we take a global, 
aggregated voting approach. In addition to actively engaging 
with companies by voting at annual general meetings, we 
participate in nomination committees and maintain a regular 
dialogue with the companies in question. Nordea’s policies and 
principles define how we act in corporate governance-related 
matters and set the rules for which strategies apply and how 
the voting of the shares owned by the funds shall take place. A 
Corporate Governance Committee has been set up in order to 
ensure appropriate handling of the corporate-governance 
matters, and the operational responsibility rests with the 
Corporate Governance Function (outside the Responsible 
Investment organization). The Corporate Governance team 
works closely together with the RI team and the Portfolio 
Managers to align the stewardship work on various ESG 
aspects. The RI team gives input on all proposals related to 
environmental and social issues, and provides an overview of 
industry-related issues affecting multiple companies. 
Do you use a third party to vote on your behalf? 
 
If Yes, please provide the details of your provider and 
any comments 
Yes. Our proxy voting is supported by two external vendors 
(Institutional Shareholder Services and Nordic Investor 
Services) to facilitate proxy voting, execution and to provide 
analytic input. In general, every vote we cast is considered 
individually on the background of our bespoke voting policy, 
which we have developed in-house based on our own 
principles. All AGM/EGM proposals relating to Environmental 
(including Climate) and Social issues are flagged and 
considered specifically. 
 
Our proxy voting is supported by two external vendors 
(Institutional Shareholder Services and Nordic Investor 
Services – “ISS” and “NIS”) to facilitate the proxy voting, 
execution and to provide analytic input. In 2021 these two 
vendors have merged. The contrast in the services – ISS is a 
global player with international reach and practices, while 
How many votes were proposed across the underlying 
companies in the fund? 
2363

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Activity 
Nordea 1 – GBP Diversified Return Fund 
NIS is a small niche player whose best practices are much in 
line with our own, gives us a broad palette of input which is 
very valuable in the evolution of our own Corporate 
Governance Principles. This setup has continued after the 
merger of ISS and NIS. 
 
- 
How many times did you vote in favour of 
management? 
1989 
How many times did you vote against management? 
374 
How many votes did you abstain from? 
3 
Do you have a vote you consider the most significant for this 
fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
Yes,  
 
Johnson & Johnson 
2022-04-28 
Report on government financial support and access to 
COVID-19 vaccines and therapeutics (shareholder 
proposal) 
Significant votes are those that are severely against our 
principles, and where we feel we need to enact change in 
the company. 
2.88 
FOR 
We think reporting on the impact of public funding on the 
company's pricing and access plans would allow 
shareholders to better assess the company's 
management of related risks. 
AGAINST 
No 
Do you have a vote you consider the second most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘second most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
Yes,  
 
Microsoft Corporation 
2022-12-13 
Report on tax transparency 
Yes 
3.61 
FOR 
We voted for the shareholder proposal as the proposed 
GRI Tax Standard would enhance the company's 
transparency in communicating its tax practices to 
investors globally. 
AGAINST 
No 
Do you have a vote you consider the third most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘third most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
Yes,  
 
Monster Beverage 
2022-06-14 
Report on GHG emission reduction targets aligned with 
the Paris Agreement goal. 
Significant votes are those that are severely against our 
principles, and where we feel we need to enact change in 
the company. 
1.27 
FOR 
We think that additional information on the company's 
efforts to reduce its carbon footprint and align its 
operations with Paris Agreement goals would allow 
investors to better understand how the company is 
managing its transition to a low carbon economy and 
climate change related risks. 
AGAINST 
No

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Page 34 of 58 
Activity 
Nordea 1 – GBP Diversified Return Fund 
Do you have a vote you consider the fourth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘fourth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
Yes,  
 
PepsiCo 
2022-05-04 
Report on global public policy and politcal influence. 
Significant votes are those that are severely against 
our principles, and where we feel we need to enact 
change in the company. 
1.87 
FOR 
We supported the shareholder proposal as increased 
global transparency and disclosure around its 
memberships in political organizations and lobbying 
expenditures, as well as the company's management- 
and board-level oversight of spending would help 
shareholders evaluate the company's management of 
related risks and benefits. 
AGAINST 
No 
Do you have a vote you consider the fifth most significant for 
this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘fifth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
Yes,  
 
The TJX Companies 
2022-06-07 
Report on assesing due diligence on human rights in 
supply chain (shareholder proposal) 
Significant votes are those that are severely against our 
principles, and where we feel we need to enact change in 
the company. 
0.67 
FOR 
Additional information regarding the processes the 
company uses to assess human rights impacts in its 
operations and supply chain would allow shareholders to 
better gauge how well TJX is managing human rights 
related risks. 
AGAINST 
No 
Do you have a vote you consider the sixth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘sixth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
Yes,  
 
Walmart 
2022-06-01 
Report on Alignment of Racial Justice Goals and 
Starting Wages 
 
Significant votes are those that are severely against 
our principles, and where we feel we need to enact 
change in the company. 
FOR 
We voted for the shareholder proposal since the 
company has been involved in a number of 
controversies, scrunity and investigations surrounding 
racial discrimination and gender inequality. In addition, 
the company has admittedly made several increases in 
recent years, however, the minimum wage still lags in 
comparison to its competitors. We also voted for four 
other shareholder proposals such as Report on Impacts 
of Restrictive Reproduction Healthcalre Legislation. 
AGAINST 
No 
Do you have a vote you consider the seventh most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘seventh most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
Yes,  
 
Alphabet 
2022-06-01 
Report on managing risks related to data collection, 
privacy and security (shareholder proposal) 
Significant votes are those that are severely against our 
principles, and where we feel we need to enact change in 
the company. 
4.09 
FOR 
At the Alphabet AGM we supported a number of 
shareholder proposals, besides Report on managing risks 
related to data collection, prvacy and security, such as 
Report on physical risks of climate change, Report on 
climate lobbying and Report on steps to improve racial 
and gender Board diversity. Management voting 
recommendations was against on all these proposals. The 
dominant position of Google, its impact on society and 
integrity of individuals is very important for us as 
investors. 
AGAINST 
No 
Do you have a vote you consider the eighth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘eighth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
Yes,  
 
Meta Platforms 
2022-05-22 
Elect Director Mark Zuckerberg 
Significant votes are those that are severely against 
our principles, and where we feel we need to enact 
change in the company. 
0.89 
AGAINST 
We voted against the election of Mark Zuckerberg 
since significant risks to shareholders stemming from 
severe ESG controversies have been identified at the 
company, which reflects a failure by the board to 
proficiently guard against and manage material 
Do you have a vote you consider the nineth most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘nineth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
Yes,  
 
Merck 
2022-05-24 
Report on access to COVID-19 products (shareholder 
proposal) 
Significant votes are those that are severely against our 
principles, and where we feel we need to enact change in 
the company. 
0.69 
FOR 
We think reporting on the impact of public funding on the 
company's pricing and access plans would allow 
shareholders to better assess the company's 
management of related risks.

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Page 35 of 58 
Activity 
Nordea 1 – GBP Diversified Return Fund 
company ahead of the vote? 
environmental, social and governance risks. We also 
think that roles of CEO and Chair should be separated. 
We supported several shareholder proposals at the 
AGM. 
FOR 
No 
of the vote? 
AGAINST 
No 
Do you have a vote you consider the tenth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘tenth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
Yes,  
 
Microsoft Corporation 
2022-12-13 
Assess and Report on the Company's Retirement 
Funds' Management of Systemic Climate Risk 
Significant votes are those that are severely against 
our principles, and where we feel we need to enact 
change in the company. 
3.6 
FOR 
We believe that while the company may not be 
responsible for its employees' investment decisions, 
the information requested in the report would not only 
complement and enhance Microsoft's existing 
commitments regarding climate change, but also allow 
shareholders to better evaluate the company's 
strategies and management of related risks. 
AGAINST 
No 
Do you monitor the carbon emission levels or similar of the 
underlying companies in the fund? 
Yes. For our portfolios, we calculate a Weighted Average 
Carbon Intensity (WACI), in line with the recommendations of 
the EU’s Non-Financial Reporting Directive and TCFD, which 
measures a portfolio’s exposure to carbon-intensive companies. 
For more information on how we compute the WACI for our 
funds, please refer to the following link: 
https://www.nordea.lu/documents/esg---carbon-footprint-
disclosure/ESG-CFD_eng_INT.pdf/ 
What is the target turnover rate for the portfolio? 
 
What was the actual turnover rate over the last 12 months? 
114.54 
 
 
Activity 
Insight LDI Enhanced Selection Shorter Nominal Fund 
Do you undertake Engagements for this fund? 
Yes,  
How many engagements have you had with companies in 
the past 12 months? 
37 
How many engagements were made regarding climate 
change? 
22 
How many engagements were made regarding board 
diversity? 
 
How many engagements were made regarding waste 
reduction? 
 
How many engagements were made regarding financials? 
102 
How many engagements were made regarding other 
issues? 
41 
Which form of engagement is most representative of the 
approach taken for this fund over the last 12 months: 
• Sending standardised letters to companies Sending 
bespoke letters to companies  
• Standard period engagement with companies  
• Active private engagement on specific issues  
Active public engagement on specific issues 
 
Please discuss some of the key engagements and 
outcomes from the last 12 months. 
UBS - Counterparty engagement Topic: Governance - Board 
effectiveness - Other Rationale: We held a dedicated ESG 
meeting with Investor Relations, Business Strategy, Global

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Page 36 of 58 
Activity 
Insight LDI Enhanced Selection Shorter Nominal Fund 
Head of Funding to address UBS' weak governance scores in 
our Prime ESG ratings and understand how they are working 
to improve their performance. What have you done: UBS has 
experienced various governance-related controversies. We 
discussed these and asked about the controls in place to 
avoid a repeat of these in the future, and received a 
satisfactory response. For example, there was a complete 
overhaul on the controls framework in relation to tax. We 
also challenged them on their diversity performance, as only 
25% of management are female. They have since released a 
target of 30%. Outcomes and next steps: We continue to 
engage regularly. We would like to see specific net zero 
target for the loan book (although UBS is tightening lending 
criteria, squeezing out any new coal and with nuclear 
highlighted as an area of concern). 
Do you engage in voting for this fund? 
No, LDI Fund 
Do you conduct your own votes? 
Not applicable for this fund 
Do you use a third party to vote on your behalf? 
 
If Yes, please provide the details of your provider and 
any comments 
Not applicable for this fund 
 
 
 
 
How many votes were proposed across the underlying 
companies in the fund? 
 
How many times did you vote in favour of 
management? 
 
How many times did you vote against management? 
 
How many votes did you abstain from? 
 
Do you have a vote you consider the most significant for this 
fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund

Fund Manager Product Response 
 
 
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Page 37 of 58 
Activity 
Insight LDI Enhanced Selection Shorter Nominal Fund 
Do you have a vote you consider the second most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘second most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
No 
 
 
 
 
 
Do you have a vote you consider the third most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘third most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fourth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘fourth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fifth most significant for 
this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘fifth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the sixth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘sixth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the seventh most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘seventh most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the eighth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘eighth most significant’? 
No, LDI Fund 
 
 
 
 
 
 
 
Do you have a vote you consider the nineth most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘nineth most significant’? 
No, LDI Fund

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 38 of 58 
Activity 
Insight LDI Enhanced Selection Shorter Nominal Fund 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
 
 
 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
 
 
 
Do you have a vote you consider the tenth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘tenth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you monitor the carbon emission levels or similar of the 
underlying companies in the fund? 
Yes Rationale: As a response to this, Insight became a 
signatory of the Net Zero Asset Managers initiative in April 
2021, where we have committed to reach net zero emissions 
by 2050 at the latest. To support our journey towards net zero, 
we will either actively engage with our highest emitters, or 
ensure they are on a net zero pathway. Therefore, we are 
developing bespoke strategies to engage with the highest 
emitters within our portfolio on climate-related issues, such as 
coal exposure and carbon intensity performance. We use our 
Net Zero Model to identify companies to engage with, as we 
look to ensure that at least 50% of financed emissions are 
either net zero, aligned to a net-zero pathway, aligning to a 
net-zero pathway or subject of engagement with a view to 
moving into alignment by net zero, by 2023. This target 
increases to cover 70% by of financed emissions by 2025. We 
identify objectives for engagement using tools such as the Net 
Zero Benchmark from Climate Action 100. Success will be 
measured on improvement across the criteria of our Net Zero 
model and will be assessed on a case-by-case basis. 
What is the target turnover rate for the portfolio? 
 
What was the actual turnover rate over the last 12 months? 
 
 
 
Activity 
CT LDI Equity-linked Nominal Dynamic LDI Sub-Fund 
Do you undertake Engagements for this fund? 
Yes,  
How many engagements have you had with companies in 
the past 12 months? 
23 
How many engagements were made regarding climate 
change? 
 
How many engagements were made regarding board 
diversity? 
 
How many engagements were made regarding waste 
reduction? 
 
How many engagements were made regarding financials? 
 
How many engagements were made regarding other 
issues? 
 
Which form of engagement is most representative of the 
approach taken for this fund over the last 12 months: 
• Sending standardised letters to companies Sending 
bespoke letters to companies  
• Standard period engagement with companies  
• Active private engagement on specific issues  
Active public engagement on specific issues 
 
Please discuss some of the key engagements and 
outcomes from the last 12 months. 
Barclays PLC At the Q3 investor update, the company 
announced that it was accelerating its timeline to phase out

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 39 of 58 
Activity 
CT LDI Equity-linked Nominal Dynamic LDI Sub-Fund 
the financing of thermal coal power in the US from 2035 to 
2030, in line with its approach in the UK and EU. The 
decision was taken as a result of engagement with 
shareholders and the introduction of the Inflation Reduction 
Act in the US. HSBC Holdings PLC HSBC has updated its 
energy policy to include the ending of funding for new oil and 
gas projects. In particular it states: HSBC will not provide 
new finance, or new advisory services, to any client for the 
specific purposes of O&G exploration, appraisal, 
development, and production pertaining to: • ultra-
deepwater offshore O&G projects; • shale oil projects; extra 
heavy oil projects; • projects in environmentally and socially 
critical areas; •infrastructure whose primary use is in 
conjunction with the above activities. 
Do you engage in voting for this fund? 
No, LDI Fund 
Do you conduct your own votes? 
Not applicable for this fund 
Do you use a third party to vote on your behalf? 
 
If Yes, please provide the details of your provider and 
any comments 
Not applicable for this fund 
 
 
 
 
How many votes were proposed across the underlying 
companies in the fund? 
 
How many times did you vote in favour of 
management? 
 
How many times did you vote against management? 
 
How many votes did you abstain from? 
 
Do you have a vote you consider the most significant for this 
fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
N/A, LDI Fund

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 40 of 58 
Activity 
CT LDI Equity-linked Nominal Dynamic LDI Sub-Fund 
Do you have a vote you consider the second most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘second most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
N/A, LDI Fund 
 
 
 
 
N/A 
 
 
 
 
 
Do you have a vote you consider the third most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘third most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
N/A, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fourth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘fourth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
N/A, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fifth most significant for 
this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘fifth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
N/A, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the sixth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘sixth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
N/A, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the seventh most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘seventh most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
N/A, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the eighth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘eighth most significant’? 
N/A, LDI Fund 
 
 
 
 
 
 
 
Do you have a vote you consider the nineth most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘nineth most significant’? 
N/A, LDI Fund

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 41 of 58 
Activity 
CT LDI Equity-linked Nominal Dynamic LDI Sub-Fund 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
 
 
 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
 
 
 
Do you have a vote you consider the tenth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘tenth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
N/A, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you monitor the carbon emission levels or similar of the 
underlying companies in the fund? 
Not Provided 
What is the target turnover rate for the portfolio? 
 
What was the actual turnover rate over the last 12 months? 
 
 
 
Activity 
M&G Total Return Credit Investment Fund 
Do you undertake Engagements for this fund? 
Yes,  
How many engagements have you had with companies in 
the past 12 months? 
3 
How many engagements were made regarding climate 
change? 
 
How many engagements were made regarding board 
diversity? 
 
How many engagements were made regarding waste 
reduction? 
 
How many engagements were made regarding financials? 
 
How many engagements were made regarding other 
issues? 
3 
Which form of engagement is most representative of the 
approach taken for this fund over the last 12 months: 
• Sending standardised letters to companies Sending 
bespoke letters to companies  
• Standard period engagement with companies  
• Active private engagement on specific issues  
Active public engagement on specific issues 
Active private engagement on specific issues 
Please discuss some of the key engagements and 
outcomes from the last 12 months. 
INFORMA PLC Engagement Objective: To ensure that there is 
appropriate succession planning for INforma, British 
publishing, business intelligence, and exhibitions group 
Action Taken: M&G met with the Chairman and Head of IR 
Engagement Outcome: The board have regular and formal

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 42 of 58 
Activity 
M&G Total Return Credit Investment Fund 
discussions on succession planning for the CEO and 
executives. There are no current plans for the CEO leaving, 
he is expected to stay in the business for the foreseeable 
future. Informa don't specifically use an external head-
hunter to search for potential talent, if the CEO were to leave 
on a planned or unplanned basis they would have someone 
step into the role in the interim and they have someone in 
mind for the moment. Then, from here they would 
specifically evaluate the situation to see whether they 
needed to recruit externally for the role. They have had good 
stability in the leadership team for long time and the 
company reassured us that the team is not likely to change 
in the short term and that they have controls and measures 
in place to replace him if necessary. 
Do you engage in voting for this fund? 
No,  
Do you conduct your own votes? 
N/A 
Do you use a third party to vote on your behalf? 
 
If Yes, please provide the details of your provider and 
any comments 
N/A 
 
 
 
 
How many votes were proposed across the underlying 
companies in the fund? 
 
How many times did you vote in favour of 
management? 
 
How many times did you vote against management? 
 
How many votes did you abstain from? 
 
Do you have a vote you consider the most significant for this 
fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
N/A,

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 43 of 58 
Activity 
M&G Total Return Credit Investment Fund 
Do you have a vote you consider the second most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘second most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
N/A,  
 
 
 
 
N/A 
 
 
 
 
 
Do you have a vote you consider the third most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘third most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
N/A,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fourth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘fourth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
N/A,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fifth most significant for 
this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘fifth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
N/A,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the sixth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘sixth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
N/A,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the seventh most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘seventh most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
N/A,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the eighth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘eighth most significant’? 
N/A,  
 
 
 
 
 
 
 
Do you have a vote you consider the nineth most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘nineth most significant’? 
N/A,

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 44 of 58 
Activity 
M&G Total Return Credit Investment Fund 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
 
 
 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
 
 
 
Do you have a vote you consider the tenth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘tenth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
N/A,  
 
 
 
 
 
 
 
 
 
 
Do you monitor the carbon emission levels or similar of the 
underlying companies in the fund? 
As an asset manager, we use a range of information, including 
portfolio alignment data and scenario modelling, to identify 
exposure to climate risk across our clients’ portfolios. We have 
a range of tools used to identify and assess risks including our 
Portfolio Analytics Tool (PAT) and Coal Tool, which provide a 
quantitative assessment of investees’ exposure to climate risks 
and opportunities. Our portfolio analytics tool (PAT), which 
incorporates NZIF metrics, allows our investment teams to 
monitor and visualise climate data and enables them to track 
progress against relevant benchmarks. In 2022, the PAT was 
updated to reflect the latest climate science and bring the NZIF 
in line with relevant IIGCC guidelines. A separate TCFD product 
report is not available for this fund. 
What is the target turnover rate for the portfolio? 
 
What was the actual turnover rate over the last 12 months? 
 
 
 
Activity 
Threadneedle Multi Asset Fund 
Do you undertake Engagements for this fund? 
Yes,  
How many engagements have you had with companies in 
the past 12 months? 
177 
How many engagements were made regarding climate 
change? 
 
How many engagements were made regarding board 
diversity? 
 
How many engagements were made regarding waste 
reduction? 
 
How many engagements were made regarding financials? 
 
How many engagements were made regarding other 
issues? 
 
Which form of engagement is most representative of the 
approach taken for this fund over the last 12 months: 
• Sending standardised letters to companies Sending 
bespoke letters to companies  
• Standard period engagement with companies  
• Active private engagement on specific issues  
Active public engagement on specific issues 
 
Please discuss some of the key engagements and 
outcomes from the last 12 months. 
NextEra Energy 
Rationale: We wanted more insight regarding the impact of 
the US Inflation Reduction Act (IRA), as well as the 
implementation of forced labour rules on the solar supply 
chain in the US.

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 45 of 58 
Activity 
Threadneedle Multi Asset Fund 
What you have done: Our utilities industry equity analyst 
organised a series of calls with US solar  companies on this 
topic. The call with NextEra was joined by the RI analyst as 
well as portfolio managers.  
Outcomes and next steps: The company sees the potential 
for a US supply chain to form in next two to four years given 
manufacturing incentives from the IRA. In particular, 
community solar is likely to play a more significant role than 
rooftop solar in the evolution of the electric grid given its 
scale advantages and increasing popularity.  
The company also sees bright prospects for the adoption of 
renewables in the US with tax incentives facilitating the 
addition of significant extra renewable  
capacity. NextEra expects that as a result of IRA the energy 
transition could happen twice as fast over the next decade. 
The call provided valuable insight on the broader 
developments impacting the US solar industry and NextEra’s 
position within this. We concluded that  
the company is relatively insulated from the forced labour 
rules and very well positioned to seize the expansion and 
growth within solar energy in the US. 
Do you engage in voting for this fund? 
Yes,  
Do you conduct your own votes? 
Columbia Threadneedle Investments utilises the proxy voting 
platform of Institutional Shareholder Services, Inc. (ISS) to 
cast votes for client securities and to provide recordkeeping 
and vote disclosure services. We have retained both Glass, 
Lewis & Co. and ISS to provide proxy research services to 
ensure quality and objectivity in connection with voting client 
securities. 
Do you use a third party to vote on your behalf? 
 
If Yes, please provide the details of your provider and 
any comments 
 
 
 
 
 
How many votes were proposed across the underlying 
companies in the fund? 
5830 
How many times did you vote in favour of 
management? 
5127 
How many times did you vote against management? 
448 
How many votes did you abstain from? 
117 
Do you have a vote you consider the most significant for this 
fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
Yes,  
 
Cintas Corporation 
2022-10-25 
Report on Political Contributions 
Vote against management on certain environmental or 
social proposals & >20% dissent 
0.002 
For 
Supporting better ESG risk management disclosures

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 46 of 58 
Activity 
Threadneedle Multi Asset Fund 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
Fail 
No 
Do you have a vote you consider the second most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘second most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
Yes,  
 
General Motors Company 
2022-06-13 
Report on the Use of Child Labor in Connection with 
Electric Vehicles 
Yes 
0.0001 
For 
Supporting better ESG risk management disclosures 
Fail 
No 
Do you have a vote you consider the third most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘third most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
Yes,  
 
The TJX Companies, Inc. 
2022-06-07 
Report on Risks from Company Vendors that Misclassify 
Employees as Independent Contractors 
Vote against management on certain environmental or 
social proposals & >20% dissent 
0 
For 
Supporting better ESG risk management disclosures 
Fail 
No 
Do you have a vote you consider the fourth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘fourth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
Yes,  
 
The TJX Companies, Inc. 
2022-06-07 
Report on Assessing Due Diligence on Human Rights in 
Supply Chain 
Vote against management on certain environmental or 
social proposals & >20% dissent 
0 
For 
Supporting better ESG risk management disclosures 
Fail 
No 
Do you have a vote you consider the fifth most significant for 
this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘fifth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
Yes,  
 
Alphabet Inc. 
2022-06-01 
Report on Metrics and Efforts to Reduce Water Related 
Risk 
Vote against management on certain environmental or 
social proposals & >20% dissent 
0.0032 
For 
Supporting better ESG risk management disclosures 
Fail 
No 
Do you have a vote you consider the sixth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘sixth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
Yes,  
 
Alphabet Inc. 
2022-06-01 
Commission Third Party Assessment of Company's 
Management of Misinformation and Disinformation 
Across Platforms 
 
Vote against management on certain environmental or 
social proposals & >20% dissent 
For 
Supporting better ESG risk management disclosures 
Fail 
No 
Do you have a vote you consider the seventh most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘seventh most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
Yes,  
 
Alphabet Inc. 
2022-06-01 
Report on Climate Lobbying 
Vote against management on certain environmental or 
social proposals & >20% dissent 
0.0032 
For 
Supporting better ESG risk management disclosures 
Fail 
No

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 47 of 58 
Activity 
Threadneedle Multi Asset Fund 
company ahead of the vote? 
of the vote? 
Do you have a vote you consider the eighth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘eighth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
Yes,  
 
Amazon.com, Inc. 
2022-05-25 
Commission Third Party Report Assessing Company's 
Human Rights Due Diligence Process 
Vote against management on certain environmental or 
social proposals & >20% dissent 
0.0056 
For 
Supporting better ESG risk management disclosures 
Fail 
No 
Do you have a vote you consider the nineth most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘nineth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
Yes,  
 
Amazon.com, Inc. 
2022-05-25 
Report on Lobbying Payments and Policy 
Vote against management on certain environmental or 
social proposals & >20% dissent 
0.0056 
For 
Supporting better ESG risk management disclosures 
Fail 
No 
Do you have a vote you consider the tenth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘tenth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
Yes,  
 
Amazon.com, Inc. 
2022-05-25 
Report on Protecting the Rights of Freedom of 
Association and Collective Bargaining 
Vote against management on certain environmental or 
social proposals & >20% dissent 
0.0056 
For 
Supporting better ESG risk management disclosures 
Fail 
No 
Do you monitor the carbon emission levels or similar of the 
underlying companies in the fund? 
Yes 
What is the target turnover rate for the portfolio? 
 
What was the actual turnover rate over the last 12 months? 
 
 
 
Activity 
Partners Group Generations Fund 
Do you undertake Engagements for this fund? 
Yes, As a private markets firm, we hold controlling stakes in 
our investment companies. Conseuqentially, our engagement 
is of an ongoing nature and we do not track individual 
exchanges. 
How many engagements have you had with companies in 
the past 12 months?

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 48 of 58 
Activity 
Partners Group Generations Fund 
How many engagements were made regarding climate 
change? 
 
How many engagements were made regarding board 
diversity? 
 
How many engagements were made regarding waste 
reduction? 
 
How many engagements were made regarding financials? 
 
How many engagements were made regarding other 
issues? 
 
Which form of engagement is most representative of the 
approach taken for this fund over the last 12 months: 
• Sending standardised letters to companies Sending 
bespoke letters to companies  
• Standard period engagement with companies  
• Active private engagement on specific issues  
Active public engagement on specific issues 
Sending standardised letters to companies,Sending bespoke 
letters to companies,Active public engagement on specific 
issues,Active private engagement on specific issues,Standard 
period engagement with companies 
Please discuss some of the key engagements and 
outcomes from the last 12 months. 
As a private markets investor we engage on an ongoing 
basis with our direct investments. therefore, we do not have 
engagement statistics of this granularity. For specific 
exmaples, please refer to pages 23 - 31 in our attached 
Corporate Sustainability Report. 
 
 
Do you engage in voting for this fund? 
Yes,  
Do you conduct your own votes? 
As a private markets firm, we have very limited exposure to 
voting activity. Partners Group uses a proxy advisor for its 
limited listed investments, working with one of the major proxy 
advising companies in the world - Glass Lewis. Glass Lewis 
does in-depth research on each ballot item and recommends 
voting in line with the list of guidelines best practice and 
considering local market standards. Glass Lewis also votes 
primarily according to Partners Group's Proxy Voting Policy. 
Do you use a third party to vote on your behalf? 
 
If Yes, please provide the details of your provider and 
any comments 
Yes 
 
Glass Lewis - please see above 
 
Glass Lewis does in-depth research on each ballot item and 
recommends voting in line with the list of guidelines best 
practice and considering local market standards. Glass Lewis 
also votes primarily according to Partners Group's Proxy 
Voting Policy. 
How many votes were proposed across the underlying 
companies in the fund? 
1014 
How many times did you vote in favour of 
management? 
963 
How many times did you vote against management? 
19 
How many votes did you abstain from? 
15 
Do you have a vote you consider the most significant for this 
fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
,

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 49 of 58 
Activity 
Partners Group Generations Fund 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
 
 
Do you have a vote you consider the second most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘second most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the third most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘third most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fourth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘fourth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fifth most significant for 
this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘fifth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the sixth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘sixth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the seventh most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘seventh most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
,

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 50 of 58 
Activity 
Partners Group Generations Fund 
company ahead of the vote? 
of the vote? 
Do you have a vote you consider the eighth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘eighth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the nineth most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘nineth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the tenth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘tenth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you monitor the carbon emission levels or similar of the 
underlying companies in the fund? 
Yes, for the direct investments in the strategy we collect 
carbon data on a best effort basis. 
What is the target turnover rate for the portfolio? 
 
What was the actual turnover rate over the last 12 months? 
9.1 
 
 
Activity 
Insight LDI Enhanced Selection Longer Real Fund 
Do you undertake Engagements for this fund? 
Yes,  
How many engagements have you had with companies in 
the past 12 months? 
37 
How many engagements were made regarding climate 
change? 
22 
How many engagements were made regarding board 
diversity?

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 51 of 58 
Activity 
Insight LDI Enhanced Selection Longer Real Fund 
How many engagements were made regarding waste 
reduction? 
 
How many engagements were made regarding financials? 
102 
How many engagements were made regarding other 
issues? 
41 
Which form of engagement is most representative of the 
approach taken for this fund over the last 12 months: 
• Sending standardised letters to companies Sending 
bespoke letters to companies  
• Standard period engagement with companies  
• Active private engagement on specific issues  
Active public engagement on specific issues 
 
Please discuss some of the key engagements and 
outcomes from the last 12 months. 
UBS - Counterparty engagement Topic: Governance - Board 
effectiveness - Other Rationale: We held a dedicated ESG 
meeting with Investor Relations, Business Strategy, Global 
Head of Funding to address UBS' weak governance scores in 
our Prime ESG ratings and understand how they are working 
to improve their performance. What have you done: UBS has 
experienced various governance-related controversies. We 
discussed these and asked about the controls in place to 
avoid a repeat of these in the future, and received a 
satisfactory response. For example, there was a complete 
overhaul on the controls framework in relation to tax. We 
also challenged them on their diversity performance, as only 
25% of management are female. They have since released a 
target of 30%. Outcomes and next steps: We continue to 
engage regularly. We would like to see specific net zero 
target for the loan book (although UBS is tightening lending 
criteria, squeezing out any new coal and with nuclear 
highlighted as an area of concern). 
 
 
Do you engage in voting for this fund? 
No, LDI Fund 
Do you conduct your own votes? 
Not applicable for this fund 
Do you use a third party to vote on your behalf? 
 
If Yes, please provide the details of your provider and 
any comments 
Not applicable for this fund 
 
 
 
 
How many votes were proposed across the underlying 
companies in the fund? 
 
How many times did you vote in favour of 
management? 
 
How many times did you vote against management?

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 52 of 58 
Activity 
Insight LDI Enhanced Selection Longer Real Fund 
How many votes did you abstain from? 
 
Do you have a vote you consider the most significant for this 
fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the second most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘second most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
No 
 
 
 
 
 
Do you have a vote you consider the third most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘third most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fourth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘fourth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fifth most significant for 
this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘fifth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 53 of 58 
Activity 
Insight LDI Enhanced Selection Longer Real Fund 
Do you have a vote you consider the sixth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘sixth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the seventh most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘seventh most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the eighth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘eighth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the nineth most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘nineth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the tenth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘tenth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
No, LDI Fund 
 
 
 
 
 
 
 
 
 
 
Do you monitor the carbon emission levels or similar of the 
underlying companies in the fund? 
Yes Rationale: As a response to this, Insight became a 
signatory of the Net Zero Asset Managers initiative in April 
2021, where we have committed to reach net zero emissions 
by 2050 at the latest. To support our journey towards net zero, 
we will either actively engage with our highest emitters, or 
ensure they are on a net zero pathway. Therefore, we are 
developing bespoke strategies to engage with the highest 
emitters within our portfolio on climate-related issues, such as 
coal exposure and carbon intensity performance. We use our 
Net Zero Model to identify companies to engage with, as we 
look to ensure that at least 50% of financed emissions are 
either net zero, aligned to a net-zero pathway, aligning to a 
net-zero pathway or subject of engagement with a view to 
moving into alignment by net zero, by 2023. This target 
increases to cover 70% by of financed emissions by 2025. We 
identify objectives for engagement using tools such as the Net 
Zero Benchmark from Climate Action 100. Success will be 
measured on improvement across the criteria of our Net Zero 
model and will be assessed on a case-by-case basis. 
What is the target turnover rate for the portfolio? 
 
What was the actual turnover rate over the last 12 months?

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 54 of 58 
Activity 
Ninety One Global Total Return Credit 
Do you undertake Engagements for this fund? 
Yes,  
How many engagements have you had with companies in 
the past 12 months? 
18 
How many engagements were made regarding climate 
change? 
8 
How many engagements were made regarding board 
diversity? 
 
How many engagements were made regarding waste 
reduction? 
 
How many engagements were made regarding financials? 
25 
How many engagements were made regarding other 
issues? 
18 
Which form of engagement is most representative of the 
approach taken for this fund over the last 12 months: 
• Sending standardised letters to companies Sending 
bespoke letters to companies  
• Standard period engagement with companies  
• Active private engagement on specific issues  
Active public engagement on specific issues 
Active private engagement on specific issues 
Please discuss some of the key engagements and 
outcomes from the last 12 months. 
Company: LBBW Type of engagement: Environmental 
(predominantly) Sector: Financials Issue: ESG integration 
and disclosure Date: November 2022 Status: Monitoring 
Privately owned LBBW is one of Germany’s largest 
Landesbanks and plays a key role in the State of Baden 
Wurttemberg as a financial services provider for large 
corporates, SMEs and the public sector. The group has 
significant exposure to higher emitting sectors, including 
manufacturing, autos, and the energy industry. We engaged 
with LBBW Investor Relations in the quarter after the recent 
publication of the updated emissions reduction targets for 
some of the subsectors within the lending portfolio. The 
purpose of this, and future engagements, is to support the 
bank transition to best in class sustainability disclosure 
practices, given they currently lag a number of their larger 
listed peers. We also wanted to get a better understanding of 
their planned disclosure of emission reduction targets for 
other sectors. The group has published interim targets for 
2030 for four sectors, including energy producers, oil & gas 
and auto’s (both original equipment manufacturers and auto 
suppliers). The targets were based on emissions intensity, 
which is a good start, but we feel that absolute targets are 
also required in order to demonstrate willingness to reduce 
overall emission levels coming from these sectors. Setting 
both intensity and absolute targets is considered best in 
class, and we feel that LBBW needs to be moving in this 
direction. Furthermore, the bank intends to publish targets 
on other sectors including cement, commercial real estate 
and further sectors in their annual update, where we 
highlighted that absolute targets would also be welcomed. 
The engagement with LBBW also highlighted that they are 
working on a sustainable finance framework on the lending 
side, focused on steering lending to taxonomy aligned 
assets. This would be welcomed and would improve their 
overall sustainability strategy and credibility. 
 
 
Do you engage in voting for this fund? 
Yes,  
Do you conduct your own votes? 
Yes

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 55 of 58 
Activity 
Ninety One Global Total Return Credit 
Do you use a third party to vote on your behalf? 
 
If Yes, please provide the details of your provider and 
any comments 
No Ninety One does not outsource the voting decision, as we 
carry out the decision and execution of the vote in house. 
We use an external proxy research and vote execution 
service provided by Institutional Shareholder Services (ISS) 
to produce tailored reports. We use ISS to provide us with a 
service through which they deliver both their benchmark 
research and Ninety One’s custom policy research. These 
reports include vote recommendations (not instructions) that 
arise from applying Ninety One’s voting guidelines. The vote 
decision is then reached by the relevant investment teams in 
accordance with the investment philosophy, supported by an 
Operational voting team. Through this rigorous voting 
process, we can be certain the voting done is in the best 
interest of our clients. 
 
Ninety One does not outsource the voting decision, as we 
carry out the decision and execution of the vote in house. 
We use an external proxy research and vote execution 
service provided by Institutional Shareholder Services (ISS) 
to produce tailored reports. We use ISS to provide us with a 
service through which they deliver both their benchmark 
research and Ninety One’s custom policy research. These 
reports include vote recommendations (not instructions) that 
arise from applying Ninety One’s voting guidelines. The vote 
decision is then reached by the relevant investment teams in 
accordance with the investment philosophy, supported by an 
Operational voting team. Through this rigorous voting 
process, we can be certain the voting done is in the best 
interest of our clients. 
 
Ninety One does not outsource the voting decision, as we 
carry out the decision and execution of the vote in house. 
We use an external proxy research and vote execution 
service provided by Institutional Shareholder Services (ISS) 
to produce tailored reports. We use ISS to provide us with a 
service through which they deliver both their benchmark 
research and Ninety One’s custom policy research. These 
reports include vote recommendations (not instructions) that 
arise from applying Ninety One’s voting guidelines. The vote 
decision is then reached by the relevant investment teams in 
accordance with the investment philosophy, supported by an 
Operational voting team. Through this rigorous voting 
process, we can be certain the voting done is in the best 
interest of our clients. 
How many votes were proposed across the underlying 
companies in the fund? 
 
How many times did you vote in favour of 
management? 
 
How many times did you vote against management?

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 56 of 58 
Activity 
Ninety One Global Total Return Credit 
How many votes did you abstain from? 
 
Do you have a vote you consider the most significant for this 
fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
N/A, Not applicable for proxy voting 
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the second most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘second most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the third most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘third most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fourth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘fourth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the fifth most significant for 
this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘fifth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
,

Fund Manager Product Response 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 57 of 58 
Activity 
Ninety One Global Total Return Credit 
Do you have a vote you consider the sixth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘sixth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the seventh most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘seventh most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the eighth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘eighth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the nineth most significant 
for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this vote to 
be ‘nineth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did you 
communicate your intent to the company ahead 
of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you have a vote you consider the tenth most 
significant for this fund?: 
 
• 
Company name 
• 
Date of the Vote 
• 
Summary of the resolution 
• 
On which criteria have you assessed this 
vote to be ‘tenth most significant’? 
• 
Approximate size of the fund’s/ mandate’s 
holding as a the date of the vote 
• 
How did you vote? 
• 
Rationale of the voting decision 
• 
Outcome of the vote 
• 
Where you voted against management, did 
you communicate your intent to the 
company ahead of the vote? 
,  
 
 
 
 
 
 
 
 
 
 
Do you monitor the carbon emission levels or similar of the 
underlying companies in the fund? 
Yes we measure contribution to carbon intensity 
What is the target turnover rate for the portfolio? 
 
What was the actual turnover rate over the last 12 months? 
17.71

Important Information 
 
 
Mobius Life Limited - 3rd Floor, 20 Gresham Street, London EC2V 7JE  |  t: + 44 (0)20 7847 3300  |   e: clientrelations@mobiuslife.co.uk  |  w: www.mobiuslife.co.uk 
Page 58 of 58 
 
Mobius Life Limited (Mobius Life) has prepared this report for professional advisers and institutional investors only. The purpose of this report is to provide information 
on Mobius Life’s own products and services and nothing in this presentation, or any supporting material, should be regarded as a personal recommendation. This report 
is not intended for onward transmission. 
The value of investments, and the income from them, may go down as well as up and investors may not get back the amount originally invested. Where 
an investment is denominated in a currency other than sterling, changes in exchange rates between currencies may cause investment values or income to rise or fall. 
Past performance should not be seen as a reliable indicator of future results. Any past performance quoted is based on dealing valuations. 
Within a fund, the asset allocations and choice of asset managers are at the discretion of Mobius Life and may change without notification to the investor.  
Where a fund is invested with another Life Company by means of a reinsurance arrangement, Mobius Life monitors the way the reinsurer manages its business, but does 
not guarantee the solvency of the reinsurer, so the risk of default by the reinsurer is borne by policyholders who invest in the relevant fund(s).  
A Liability Driven Investment (LDI) is a specialist fund that uses sophisticated techniques to meet it objective. An LDI fund may invest in a range of assets such as 
derivatives, swaps and bonds which individually may have a high degree of risk, be difficult to sell in stressed markets and/or be unregulated by the Financial Conduct 
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