For professional investors onlyInternational Equity
Future Quality: Attain and sustainhigh returns on investment

YOUR GOALS, OUR COMMITMENT.

We exist to grow capital for our clients by looking
for and finding great investment ideas in an
enjoyable, creative and collegial environment.
• Concentrated Global Equity portfolios focused on the best Future Quality ideas.
• Team approach with a flat structure and no key person risk.
• Track record of outperformance and the capacity to grow.

Future Quality Companies
ATTAIN AND SUSTAIN HIGH RETURNS ON INVESTMENT
Our investment philosophy is centred on the search for
Future Quality in a company. Future Quality companies
share strong and sustainable growth of future cash flow thatwill provide higher investment returns than the current shareprice indicates.
We identify Future Quality by assessing a business across four
key pillars – Quality of Franchise, Management, Balance Sheetand Future Valuation. This framework gives us a complete
picture of the potential for investment. We also believe thatenvironmental, social and governance (ESG) considerations
are integral to Future Quality – good companies makegood investments.
Michael, Lisa, Iain, JamesThe Four Pillars of Future Quality

Quality ofFranchise

Quality ofManagement

Quality ofBalance Sheet

Quality ofFuture Valuation

Focusing on the future
returns of the franchise,including any ESG
factors that may have asignificant impact.

Identifying companies
with exceptional
strategic vision, strong
internal leadershipand a high standard ofcorporate governanceand awareness of ESG.

Ensuring companies
can finance futureorganic growth using
their own capital.

Applying researchmodels to provide
detailed forecastsof future ROI andgrowth of a company’scash flow.

Our Team Approach
EXPERIENCE, MUTUAL RESPECT AND A SHARED PASSION
We are passionate believers that our team’s collective knowledge and experience is more powerful than any individual
team member’s. We harness 110 years of collective investment experience to strive for outperformance and grow capital forour clients.
Our shared passion for discovering Future Quality businesses drives our disciplined, repeatable investment process. With thetrust of clients all around the world, we currently manage over USD1.5 billion.
We believe a team-based approach to investing best limits key person risk and cognitive bias, and delivers the benefits thatcome with the deep and diverse experience of the team. Our most senior team members constantly share their experienceby working closely with our younger colleagues. At every stage of the investment process ideas are challenged throughrigorous and open debate and within a culture of mutual respect.
Our core values of diligence, respectfulness, mindfulness and transparency form the foundation of our team culture.

The Team• James Kinghorn* • Lisa Edmundson• Greig Bryson*• Vicky Murray• Iain Fulton*• Cameron Kuwahara• Johnny Russell*• Michael Lack

• William Low*

• Angela McLean• Michael Chen**• Ellie Stephenson*** Portfolio Manager / Analyst** Analyst

James, Greig, Iain, William, Michael and Johnny

Our Process
CREATING A HIGH-CONVICTION PORTFOLIO
We always strive to identify long-term winners through the lens of Future Quality. This passion is underpinned by our
day-to-day process, which drives our outperformance. With a flat structure, our portfolio managers share both analyst
responsibilities and ownership of investment outcomes.
Focused on identifying true Future Quality, our process begins with idea generation that is tested by bottom-up
fundamental research. All portfolio ideas are then peer challenged and ranked in our stock-ranking tool. The peerchallenge stage is where having a team of experienced portfolio managers best limits cognitive bias and delivers
superior long-term returns.
Our process produces a portfolio tilt towards growth and quality, with a total carbon footprint well below
our benchmark.

Idea Generation

Fundamental ResearchPeer Challenge

Portfolio Construction

About Nikko Asset Management
At Nikko Asset Management, we believe in partnering with our clients to build progressive investment solutions. Ina world where one-size-fits-all solutions are no longer the answer, our ability to turn insights into opportunities sets
us apart. Our understanding of both our clients and the drivers of investment markets underpins the innovation andrelevance of the solutions we develop. One of Asia’s largest asset managers, we provide high-conviction, active fundmanagement across a range of Equity, Fixed Income and Multi-Asset strategies. In addition, our complementary rangeof passive strategies covers more than 20 indices and includes some of Asia’s largest exchange-traded funds (ETFs).

Important Information:
This document is prepared by Nikko Asset Management Co., Ltd. and/or its affiliates (Nikko AM) and is for distribution only
under such circumstances as may be permitted by applicable laws. This document does not constitute investment advice
or a personal recommendation and it does not consider in any way the suitability or appropriateness of the subject matterfor the individual circumstances of any recipient. There can be no assurance that any stated investment objective will beachieved, and therefore should not be relied upon.
This document is for information purposes only and is not intended to be an offer, or a solicitation of an offer, to buy orsell any investments or participate in any trading strategy. Moreover, the information in this material will not affect Nikko
AM’s investment strategy in any way. The information and opinions in this document have been derived from or reachedfrom sources believed in good faith to be reliable but have not been independently verified. Nikko AM makes noguarantee, representation or warranty, express or implied, and accepts no responsibility or liability for the accuracy orcompleteness of this document. No reliance should be placed on any assumptions, forecasts, projections, estimates orprospects contained within this document. This document should not be regarded by recipients as a substitute for theexercise of their own judgment. Opinions stated in this document may change without notice.
In any investment, past performance is neither an indication nor guarantee of future performance and a loss of capital
may occur. Estimates of future performance are based on assumptions that may not be realised. Investors should be able
to withstand the loss of any principal investment. The mention of individual stocks, sectors, regions or countries within thisdocument does not imply a recommendation to buy or sell.
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