Your global
investor
March 2024

abrdn.com

For professional investors only – Not for retailuse. In Switzerland for qualified investors only.
In Australia, for wholesale clients only.

Your global investor

30£366.7bn 650+ 200

Offices in 24 locations
worldwide

Global assets
under management

Close to 200 years ofhistory (establishedin 1825)

Investment
professionals
around the worldFigures as at December 2023.

Our principles
At abrdn, our investments business is dedicated toproviding tailored client strategies, core investment
vehicles, and compelling investment opportunities forwholesale and institutional clients on a global scale.
As industry trends and client behaviours evolve, we
continually adapt to the rapidly changing investment
landscape. By focusing on areas where we possess boththe skill and the scale, we are able to capitalise on the key
themes shaping the market through public markets oralternative asset classes.

“Through our investment approach, we aim to
help our clients create more opportunity, morepossibility, and more impact. And, at the sametime, we believe we do our part to create asustainable future for the world around us.”At the heart of our approach is a focus on fundamental
research. By combining our in-depth proprietary
research, thematic thinking, ESG (environmental, socialand governance) best practices, and extensive on-theground analysis, we can identify sustainable, future-fit andcompelling investment opportunities across the globe
for our clients.

Stephen Bird
CEOabrdn

With a presence in 24 locations worldwide, we maintainclose proximity to our clients and ensure first-hand insights
into companies, industries, and markets. Our global reachallows us to effectively manage £366.7 billion in assets
for our clients. These include individuals, governments,pension funds, insurers, companies, charities, andfoundations across 80 countries.

30 offices in 24 countries worldwide

75111723

20
93

19

24

13

128
15

21

614

10

1
16

22
18

4

2

1. UAE

4. Brazil

7. Denmark

10. Hong Kong

13. Japan

16. Malaysia

19. Spain

22. Thailand

2. Australia

5. Canada

8. France

11. Ireland

14. Korea

17. Netherlands

20. Sweden

23. UK

3. Belgium

6. China

9. Germany

12. Italy

15. Luxembourg

18. Singapore

21. Switzerland

24. US

Together, we invest for a better future2Built around you
Our expertise is focused on achieving the best solutions for you.
We believe that in today’s world it’s prudent to rely on multiple sources of information. That’s why we embrace diversityof thought, experience, skills and technology to deliver the best investment ideas and outcomes for you.
We think creatively and boldly to solve your investment challenges. You’ll connect with wide-ranging opinions
and perspectives by accessing the breadth of our business across geographic regions, asset classes andinvestment specialisms.

Why choose us as your investment partner?

We aim to meet yourinvestment needs

We can help you planahead

We are focusedon areas where
we possess boththe skill and thescale. We combine
active and passive
investment
approaches tomaximise outcomes.
Whatever yourinvestment goals,
we’ll have a solution
for you.

We anticipate
different investment
scenarios and weshare these global
market insights withyou. We also build
resilience to thesescenarios into yourinvestment portfolio.

Together, we invest for a better future

We have local
expertise on a global
scale
You’ll receive local
expertise andsupport wherever
you need it. We haveover 650 investment
professionals(including portfolio
managers, analysts,and specialists inproduct, risk andtrading) in 30 offices
globally. You can also
gain access to theexpertise of over 500
client specialists.

We are stewards ofour clients’ capital
We believe thatsustainability factors
can be financiallymaterial and could
meaningfully impact
the performanceof assets in which
we invest.

3What we do
Asset under management breakdown1%2%

4%

3% 2%

7%

9%

8%

24%

4%

2%

18%

9%
44%

By asset class
13%

68%

By client types

By region
1%

13%
42%
6%

20%

Fixed income

Specialist equities

Multi-asset and quantsMulti-asset

0%Corporate

Real estate

Infrastructure

Private credit

Americas

APACEurope

MEA

Other

United Kingdom

Tax-exempt organisation

Quantitative investment solutions
Real assets

Public fundInsurance

Alternative investment solutions
Private equity
Figures as at December 2023.

Our investments offering
Active equity.
.
.
.
.

Fixed income

Global, regional and emerging markets
High activeSmaller companies
IncomeSustainable investing

Liquidity.
.
.
.
.
.

Multi-asset

.
.
.
.

Developed and emerging markets
Investment grade and high-yield
Absolute return
Private and alternative
Core, aggregate and multi-asset
Socially responsible

Tactical asset allocation
Enhanced diversification
Diversified income/growth
Absolute ‘cash-plus’
return strategies. Multi-manager

Real estate. Money market. Ultra-short duration. Tax-exempt.
.
.
.
.

Alternatives. Liquid and risk premia. Hedge fund research and investable indices. Global risk mitigation strategy

Private markets ommercial, residential and sector-specialist
CDirect and indirect
Multi-manager
Real estate debt
Listed and private

Quantitative.
.
.
.
.

Traditional beta
Sustainable beta
Enhanced indexation
Smart beta
Active quant using artificial intelligence

.
.
.
.

Real assets
Private equity
Private credit
Infrastructure (core and concession)

Sustainable investing

.
.
.
.
.

ValuesSustainable
Impactful
Thematic
Esg-integrated

How we invest
Our ethos is consistent across different asset classes and investment disciplines.
Research-driven

A team-based approach

Always active

Looking to the long term

ESG

We combine an in-depth
analysis of markets,economies and industries,
with first-hand company
and asset insights. Our
goal is to spot trends and to
identify the best investment
opportunities.

Our investment teams pool
their insights and challenge
each other’s thinking, while
each portfolio manager
remains fully responsible
for their decisions.

In our active equity
investment strategies,
we aim to deliver betterlong-term, risk-adjusted
returns than the index orbenchmark. We do so by
actively selecting stocks andconstructing our investmentportfolios with your risk
preferences in mind.

Rather than chasing shortterm profits, our investment
approach focuses ontargeting specific highquality assets. We believethese assets have thepotential to outperform theindex or benchmark overthe long term.

Experience has taught us thatcompanies with good ESG
credentials tend to be lessrisky than those with poor ESG
practices. Such companies are
adaptable, and demonstrate
the market leadership andgood governance that isessential to sustainable growth.

Together, we invest for a better future

That’s why we embed
ESG considerations in ourinvestment process.

4Invest today, change tomorrow
ESG considerations have been an integral part of our decisions for over 30 years. That’s because we believe ESG factors
are financially important and can affect performance – both positively and negatively.
We strive to lead the way in sustainable investment and corporate practice, by embedding ESG considerations in both
our investment process and our operations.

Supporting a climate transition:
operational commitments

Supporting a climate transition:
investment commitments. We have set a target to achieve operational netzero by 2040
. We have an interim target to reduce ourIn 2021,we joined the Net Zero Asset Managers
initiative, which commits us to supporting the goal ofnet zero greenhouse gas emissions by 2050 or sooner.
As a result, we are working to reduce the carbon
intensity of our assets by 50% by 2030 vs a 2019baseline intensity of our assets by 50% by 2030 vs a
2019 baseline.1

Active, engaged owners

SFDR2 customer solutions

In 2023, we conducted 2,000+ company
engagements where ESG was discussed.

60 abrdn funds are SFDR Article 8/9.

operational emissions by 50% by 2025, against
a 2018 baseline year, and we measure ouroperational climate targets through theachievement of absolute emissions reductions
over time. We offset residual emissions using
carbon credits.

We voted at 7,100+ general meetings , voting
against management recommendations on 14%of resolutions, demonstrating a willingness to act.
Source: Stats for 2023, abrdn December 2023.

In the 2023 Principles for Responsible Investment
assessment report, abrdn achieved five-star ratings
across seven of the 14 categories.
Source: abrdn December 2023.

1

 ssets initially in scope are Equities, Credit, active Quants, Real Estate and selected Multi-Asset strategies. More detail on our baseline and implementation approach will beA
published in a separate target setting paper. We are committed to this decarbonisation path on the expectation that climate policy will strengthen globally and we will review ourcommitments on a regular basis to reflect policy developments and client commitments.

2

 ustainable Finance Disclosure Regulation (SFDR)
SIntroduced by the European Commission (EC) and effective in March 2021, the Sustainable Finance Disclosure Regulation (SFDR) is a disclosure regulation which requires fundmanagers like abrdn to provide sustainability-related information about the funds they offer. The goal is to ensure investors have the information they need to make investment
decisions in line with their sustainability goals and preferences.
Articles 8 and 9 of the SFDR respectively prescribe the detailed disclosure requirements for products that promote environmental or social characteristics and products that havesustainable investments as their objective. By requiring detailed sustainability-related disclosures, SFDR also seeks to avoid the ‘greenwashing’ of financial products. Greenwashing
can be described as “the practice of misrepresenting sustainability-related practices or the sustainability-related features of investment products” (International Organisation ofSecurities Commission (IOSCO): ‘Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management’, November 2021).

Together, we invest for a better future5Important Information
Investment involves risk. The value of investments and the income from them can go down as well as up and investors may
get back less than the amount invested.
This communication constitutes marketing, and is available in the following countries/regions and issued by the respective
abrdn group members detailed below. abrdn group comprises abrdn plc and its subsidiaries:(entities as at 04 December 2023)
United Kingdom (UK)abrdn Investment Management Limited registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL.
Authorised and regulated in the UK by the Financial Conduct Authority.
Europe1, Middle East and Africa
In EU/EEA for Professional Investors, in Switzerland for Qualified Investors - not authorised for distribution to retail investors
in these regions

1Belgium, Cyprus, Denmark, Finland, France, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal,
Spain, and Sweden: Produced by abrdn Investment Management Limited which is registered in Scotland (SC123321) at
1 George Street, Edinburgh EH2 2LL and authorised and regulated by the Financial Conduct Authority in the UK. Unlessotherwise indicated, this content refers only to the market views, analysis and investment capabilities of the foregoingentity as at the date of publication. Issued by abrdn Investments Ireland Limited. Registered in Republic of Ireland(Company No.621721) at 2-4 Merrion Row, Dublin D02 WP23. Regulated by the Central Bank of Ireland. Austria, Germany:
abrdn Investment Management Limited registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL.
Authorised and regulated by the Financial Conduct Authority in the UK. Switzerland: abrdn Investments Switzerland AG.
Registered in Switzerland (CHE-114.943.983) at Schweizergasse 14, 8001 Zürich. Abu Dhabi Global Market (“ADGM”):
abrdn Investments Middle East Limited, 6th floor, Al Khatem Tower, Abu Dhabi Global Market Square, Al Maryah Island,P.O. Box 764605, Abu Dhabi, United Arab Emirates. Regulated by the ADGM Financial Services Regulatory Authority. For
Professional Clients and Market Counterparties only. South Africa: abrdn Investments Limited (“abrdnIL”). Registered in
Scotland (SC108419) at 10 Queen’s Terrace, Aberdeen AB10 1XL. abrdnIL is not a registered Financial Service Provider
and is exempt from the Financial Advisory And Intermediary Services Act, 2002. abrdnIL operates in South Africa underan exemption granted by the Financial Sector Conduct Authority (FSCA FAIS Notice 3 of 2022) and can render financial
services to the classes of clients specified therein.
Asia-Pacific
Australia and New Zealand: abrdn Oceania Pty Ltd (ABN 35 666 571 268) is a Corporate Authorised Representative (CARNo. 001304153) of AFSL Holders MSC Advisory Pty Ltd, ACN 607 459 441, AFSL No. 480649 and Melbourne Securities
Corporation Limited, ACN 160 326 545, AFSL No. 428289. In New Zealand, this material is provided for information
purposes only. It is intended only for wholesale investors as defined in the Financial Markets Conduct Act (New Zealand).
Hong Kong: abrdn Hong Kong Limited. This material has not been reviewed by the Securities and Futures Commission.
Japan: abrdn Japan Limited Financial Instruments Firm: Kanto Local Finance Bureau (Kinsho) No.320 Membership: Japan
Investment Advisers Association, The Investment Trusts Association, Type II Financial Instruments Firms Association.
Malaysia: abrdn Malaysia Sdn Bhd, Company Number: 200501013266 (690313-D). This material has not been reviewed
by the Securities Commission of Malaysia. Thailand: Aberdeen Asset Management (Thailand) Limited. Singapore: abrdn
Asia Limited, Registration Number 199105448E.

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