Investment Approach

• Invest across the entire frontier investment universe, including countries outside the MSCI Frontier Markets Index.
• Rigorous, risk-aware approach to identify quality growing companies trading at attractive valuations.
• Employ fundamental analysis with a focus on returns, balance sheet structure, management team and corporate governance.
• Disciplined approach to valuation. Verify relative valuation appeal versus peers and history.
• Consider macroeconomic and political factors to temper bottom-up enthusiasm.
• Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the fund’s portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.