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Stewart Investors Global Emerging Markets Sustainability Leaders Fund (DST)

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Stewart Investors Global Emerging Markets Sustainability Leaders Fund (DST) Stewart Investors Global Emerging Markets Sustainability Leaders Fund (DST) Quarterly Investment Report 1 April - 30 June 2021 Q 2 Contents Portfolio Performance 3 Portfolio Allocation and Stock Holdings 4 Largest Stock Holdings 5 Market Capitalisation Allocation 5 Significant Transactions 6 Contribution Analysis 6 Performance Analysis 7 Sector Performance 7 Full Portfolio Listing 8 Important Information 9 STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 2 INVESTMENT REPORT 30 JUNE 2021 Portfolio Performance 30 June 2021 Fund Details Investment Objective Fund Managers: Jack Nelson/David Gait The fund's investment objective is to achieve long-term capital growth by investing US$263.3 in large and mid-capitalization equities in emerging economies, including those Fund Size: companies listed on developed market exchanges whose activities predominantly take place in emerging market countries. Number of Holdings: 45 Cumulative Performance to June 30 2021 Since 10 7 5 3 2 1 6 3 % Change: Inception* Years Years Years Years Years Year Months Months Portfolio Return (Net) 61.9 - - - - - 40.4 5.9 7.1 Benchmark Return ** 67.1 - - - - - 41.4 7.6 5.1 Annualised Performance to 30 June 2021 Since Inception 31 Mar 2020 10 yrs 5 yrs 3 yrs Portfolio Return (Net) 47.1 - - - Benchmark Return 50.8 - - - * The inception date for performance measurement purposes is 31 March 2020. Returns are cumulative, net of fees and gross of tax, and denominated in USD. ** The benchmark for the Stewart Investors Global Emerging Markets Sustainability Leaders Fund (DST) is the MSCI Emerging Markets Index and is calculated gross of tax. Please note that past performance is not a reliable indicator of future returns. STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 4 INVESTMENT REPORT 30 JUNE 2021 Portfolio Allocation and Stock Holdings 30 June 2021 Ten Largest Holdings as at June 30 2021 Portfolio Index Stock Name Country Sector Weight* (%) Weight** (%) Taiwan Semiconductor (TSMC) Taiwan Information Technology 5.5 6.1 Tata Consultancy Serv. Ltd India Information Technology 5.2 0.5 Unicharm Corporation Japan Consumer Staples 5.0 0.0 Housing Development Finance Corporation Limited India Financials 4.7 0.7 Marico Limited India Consumer Staples 4.4 0.0 Alibaba Group Holding China Consumer Discretionary 4.2 5.0 Samsung Electronics Co., Ltd. South Korea Information Technology 3.8 4.0 Unilever Plc UK Consumer Staples 3.8 0.0 Hoya Corp. Japan Health Care 3.0 0.0 NAVER Corp. South Korea Communication Services 2.9 0.5 Total 42.4 16.8 Sector Breakdown 40 34.0 35 30 24.6 25 20.4 20 17.8 17.6 15 Weight (%) 11.6 11.3 9.2 8.4 9.0 10 6.6 5.6 4.9 5.0 4.9 5.1 5 3.1 0.9 0.0 0.0 0 Information Consumer Financials Consumer Communication Health Care Industrials Materials Other Cash and Cash Technology Staples Discretionary Services Equivalents SI Global Emerging Markets Sustainability Leaders Fund (DST) MSCI Emerging Markets Index Country Breakdown 40 37.6 35 29.1 30 25 20 16.7 15.0 13.8 13.2 15 Weight (%) 9.9 9.4 8.0 7.7 10 6.7 6.3 5.2 5.1 4.7 3.7 3.5 5 2.2 2.0 0.0 0.0 0.0 0.0 0.0 0 India China Taiwan Japan UK South Brazil Hong Kong USA South Other Cash and Korea Africa Cash Equivalents SI Global Emerging Markets Sustainability Leaders Fund (DST) MSCI Emerging Markets Index * Portfolio weights are calculated on the entire portfolio, including cash holdings. ** Index weights are for the MSCI Emerging Markets Index. Data source: This information is calculated by Stewart Investors using Eagle Pace Performance system. Index information provided by FactSet. The sector and country allocations presented on this page include the cash element of the portfolio. Active weights are expressed relative to the MSCI Emerging Markets Index. STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 4 INVESTMENT REPORT 30 JUNE 2021 Market Capitalisation Allocation 30 June 2021 Market Capitalisation Allocation (% in USD) 100 81.3 80 71.0 60 % 40 20 14.8 12.4 7.7 5.8 0.0 0.0 0.0 0.0 1.3 0.5 0 0 to 500m 500m to 1bn 1bn to 2.5bn 2.5bn to 5bn 5bn to 10bn 10bn+ Portfolio Weight Index Weight Additional Information as at 30 June 2021 Measure Value Description Turnover (1yr) 30.0% Turnover is a measure to capture the trading activity within the portfolio over the period and represents the percentage of the portfolio's market value that is traded over the period. Number of Holdings 45 Total number of securities held at period-end by the portfolio. Active Share 78.9% Active share is a measure of the percentage of the holdings of a portfolio that differ from the holdings of its associated benchmark. Significant Transactions - 3 months to June 30 2021 Significant New Additions - 3 Months† Stock Name Country Sector Infosys Limited India Information Technology Significant Complete Disposals - 3 Months No significant disposals were made in this period Data source: For illustration purposes only. Portfolio weights may not add up to 100% as cash holdings are excluded and full coverage of stocks is not always available. This information is calculated by Stewart Investors. †New investments show positions with a portfolio weight over 1.0%. All complete disposals are shown. STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 5 INVESTMENT REPORT 30 JUNE 2021 Contribution Analysis 30 June 2021 Contribution Analysis - 3 months to June 30 2021 Top Contributing Stocks: In absolute terms, the fund benefited from holding the following stocks. Stock Name Country Sector Portfolio Weight (%) Contribution bps Silergy Corp China Information Technology 2.5 110 Marico Limited India Consumer Staples 4.4 109 Totvs S.A. Brazil Information Technology 2.2 93 EPAM Systems, Inc. United States Information Technology 2.1 66 Hangzhou Robam App 'A' CNY1 China Consumer Discretionary 1.8 47 Natura & Co Hdls SA COM NPV Brazil Consumer Staples 1.6 42 Hoya Corp. Japan Health Care 3.0 37 Unilever Plc United Kingdom Consumer Staples 3.8 36 Shenzhen Inovance Technology Co Ltd A China Industrials 1.3 33 NAVER Corp. South Korea Communication Services 2.9 30 Bottom Contributing Stocks: In absolute terms, the fund would have been better off not holding the following stocks. Stock name Country Sector Portfolio Weight (%) Contribution bps Kasikornbank Public Co. Ltd. Thailand Financials 0.7 -19 Network International Holdings Plc United Kingdom Information Technology 1.4 -19 Unicharm Corporation Japan Consumer Staples 5.0 -17 Tencent Holdings Ltd. China Communication Services 2.5 -13 Vitasoy International Holdings Hong Kong Consumer Staples 2.7 -10 Housing Development Finance Corporation Limited India Financials 4.7 -10 Kotak Mahindra Bank Limited India Financials 1.9 -9 Mahindra & Mahindra Ltd. India Consumer Discretionary 1.5 -6 HDFC Bank INR1 India Financials 1.8 -3 PT Bank Central Asia Tbk Indonesia Financials 1.3 -2 Portfolio Risk Analysis - 3 Years Annualised to 30 June 2021 Risk Measure Value Risk Description Beta 0.7 Beta is a measure of volatility relative to the market. A beta of 1 would indicate that the portfolio tended to move in line with the market; a beta greater than 1 would indicate that the portfolio has been more volatile than the market; whereas a beta less than 1 would indicate that the portfolio has been less volatile than the market. Information Ratio -0.3 Information ratio is a risk-adjusted return of the portfolio versus the benchmark by measuring the portfolio's active return relative to the level of risk taken. The higher the portfolio's information ratio, the more active return it generates for each unit of tracking error. Portfolio Standard Deviation 14.1% Standard deviation is often used by investors to measure the risk of a portfolio as it measures the degree of fluctuation in the portfolio's return over the period. The higher the portfolio's standard deviation, the more those returns have varied from the portfolio's average return over the period, the more volatile (i.e. riskier) the portfolio. Benchmark Standard 18.5% Standard deviation is often used by investors to measure the risk of a benchmark as it measures the degree of Deviation fluctuation in the benchmark's return over the period. The higher the benchmark's standard deviation, the more those returns have varied from the benchmark's average return over the period, the more volatile (i.e. riskier) the benchmark. Tracking Error 9.8% Tracking error measures how far the portfolio's performance differs from its benchmark. The lower the tracking error, the more closely the portfolio tracks the benchmark. Data source: This information is calculated by Stewart Investors using Eagle Pace Performance system. Statistics have been calculated on an annualised three year basis. The benchmark used in calculations is the MSCI Emerging Markets Index. Data source: This information is calculated by Stewart Investors using Eagle Pace Performance system. Index information provided by FactSet. * Value added refers to the contribution to the portfolio's gross of fees and tax return as calculated by Stewart Investors. STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 6 INVESTMENT REPORT 30 JUNE 2021 Performance Analysis 30 June 2021 Sector Performance - 3 months to June 30 2021 Sector Contribution to Absolute Performance (bps) Contribution to Relative Performance (bps) Communication Services 32 28 Consumer Discretionary 53 21 Consumer Staples 222 122 Energy 0 -40 Financials -23 -84 Health Care 61 -1 Industrials
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