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This review of the carbon emissions","page_number":8,"box":{"x":512,"y":233,"width":392,"height":8}},{"id":"67c16cb1-12a6-4835-8c4a-4128807c79c3","block_type":"box","text":"will inform asset allocation decisions.","page_number":8,"box":{"x":512,"y":245,"width":233,"height":8}},{"id":"ec06db95-b07b-4a20-9860-bfd45ae9c722","block_type":"box","text":"Disinvestment Policy","page_number":8,"box":{"x":513,"y":267,"width":137,"height":10}},{"id":"63416546-1669-4c5f-a957-77378956c230","block_type":"box","text":"The financial objective of the Sub-fund and ESG performance are","page_number":8,"box":{"x":512,"y":278,"width":410,"height":10}},{"id":"f9d9359f-963e-4ff4-9f7e-d3611edc2c8d","block_type":"box","text":"intrinsically linked. 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In this instance, over the longer term, it would likely lead","page_number":8,"box":{"x":512,"y":326,"width":393,"height":10}},{"id":"d70203c1-352f-4df7-9db8-a4d14583c301","block_type":"box","text":"to a decision to disinvest in accordance with the disinvestment","page_number":8,"box":{"x":512,"y":338,"width":395,"height":8}},{"id":"f9a78f44-8ddf-41ed-b02f-cb47aedd98ff","block_type":"box","text":"policy noted in section 40 of the Prospectus (Aviva Investors’","page_number":8,"box":{"x":513,"y":350,"width":380,"height":10}},{"id":"cf410372-7f2d-4349-8198-d987052f178e","block_type":"box","text":"Responsible Investment Philosophy) above. 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Therefore,","page_number":8,"box":{"x":512,"y":397,"width":395,"height":10}},{"id":"2b20c518-3498-47a6-bfb2-3273c37d4e90","block_type":"box","text":"there is no guarantee that an investment would not be made","page_number":8,"box":{"x":512,"y":409,"width":387,"height":10}},{"id":"bc2e37d0-ad2f-41b4-92fb-5e189108d055","block_type":"box","text":"in an asset that has been assessed as a Tier 3 (weak) investment","page_number":8,"box":{"x":513,"y":421,"width":401,"height":9}},{"id":"e16929d9-0232-4f28-adca-89e010a5edc9","block_type":"box","text":"from either an environmental and/or social perspective, nor","page_number":8,"box":{"x":512,"y":433,"width":378,"height":10}},{"id":"c700695e-a121-43f6-896b-a320c33a9974","block_type":"box","text":"following investment that we would divest purely because an","page_number":8,"box":{"x":512,"y":445,"width":389,"height":10}},{"id":"6b7b4014-2011-4280-ae7c-25125916fe66","block_type":"box","text":"asset has failed to transition in line with the recommendations","page_number":8,"box":{"x":512,"y":457,"width":394,"height":7}},{"id":"2549aac5-70aa-4480-b5b6-8b5908126f3b","block_type":"box","text":"from its Net Zero Audit and/or Social Value Audit, providing at","page_number":8,"box":{"x":512,"y":468,"width":394,"height":10}},{"id":"0b9118fe-0096-47c0-b340-5b3c733c0c1d","block_type":"box","text":"an overall portfolio level the Investment Manager considers that","page_number":8,"box":{"x":512,"y":480,"width":406,"height":10}},{"id":"378e8943-e877-4eb4-9f5a-3598d6369ca6","block_type":"box","text":"retention of such an asset would not harm the Sub-fund’s overall","page_number":8,"box":{"x":513,"y":492,"width":409,"height":8}},{"id":"4746c05f-219b-41b1-954d-8ce9a04df88a","block_type":"box","text":"financial, environmental and/or social aims.","page_number":8,"box":{"x":512,"y":504,"width":275,"height":9}},{"id":"9bf52912-43c5-47f4-a030-082932ede2c4","block_type":"box","text":"Additional Investment Restrictions","page_number":8,"box":{"x":512,"y":525,"width":231,"height":8}},{"id":"72351fc1-5ec8-420b-972a-e0d2b969632e","block_type":"box","text":"The Sub-fund will be subject to the following restrictions","page_number":8,"box":{"x":512,"y":537,"width":358,"height":10}},{"id":"9338882d-e1f8-46f9-896a-9900fc5e0908","block_type":"box","text":"and limits, subject always in any event to the overarching","page_number":8,"box":{"x":512,"y":549,"width":360,"height":10}},{"id":"da1fcfe9-dbfa-4b38-bf0c-1ceca4d227ea","block_type":"box","text":"requirement to maintain a prudent spread of risk, as set out in","page_number":8,"box":{"x":513,"y":561,"width":391,"height":10}},{"id":"6c213220-72ee-4e0d-ac85-3e677b51f2f2","block_type":"box","text":"the investment policy 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public Real Estate Investment Trusts (REITs) or other","page_number":8,"box":{"x":515,"y":682,"width":288,"height":8}},{"id":"dab3fe3a-b57b-4c3e-b0df-a53706fe30f4","block_type":"box","text":"listed real estate securities","page_number":8,"box":{"x":515,"y":692,"width":113,"height":6}},{"id":"eb872391-8acc-47c5-9573-492d4f8dfc23","block_type":"box","text":"10%","page_number":8,"box":{"x":907,"y":692,"width":18,"height":6}},{"id":"78e8ae2b-11d0-4013-9e0a-ea4a8fb5b713","block_type":"box","text":"Investments in property derivatives","page_number":8,"box":{"x":515,"y":708,"width":150,"height":8}},{"id":"b81fd83a-3e31-4019-8286-c10a71e02aa7","block_type":"box","text":"10%","page_number":8,"box":{"x":907,"y":708,"width":18,"height":7}},{"id":"bb487da8-d11e-440d-87d9-8c32291f16cc","block_type":"box","text":"Performance & Risk Measurement:","page_number":8,"box":{"x":513,"y":729,"width":228,"height":8}},{"id":"94d921d3-90b5-48f1-a311-d5128407246c","block_type":"box","text":"The Sub-fund’s performance can be measured against its","page_number":8,"box":{"x":512,"y":741,"width":360,"height":10}},{"id":"867b165d-15e0-4dc2-b2e8-2d008e581b73","block_type":"box","text":"objective of aiming to provide an overall GBP return (net of","page_number":8,"box":{"x":512,"y":753,"width":373,"height":9}},{"id":"032b76df-f86d-4ed2-bd06-ba143ee528c7","block_type":"box","text":"annual management charges) of 6% per annum on a rolling","page_number":8,"box":{"x":512,"y":764,"width":380,"height":10}},{"id":"5505980a-157b-4ea7-8872-35d3a265bd90","block_type":"box","text":"5-year basis. 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For directly held real","page_number":18,"box":{"x":72,"y":275,"width":369,"height":10}},{"id":"98a35888-c408-4afb-8ee3-ff48f4a09a82","block_type":"box","text":"assets and those indirectly held assets where the Investment","page_number":18,"box":{"x":72,"y":287,"width":381,"height":10}},{"id":"51e6d563-7b77-4d7e-91d7-49d169c0e54a","block_type":"box","text":"Manager has the ability to exercise unilateral control over","page_number":18,"box":{"x":72,"y":299,"width":363,"height":10}},{"id":"4a736498-f261-4ddd-9d83-c2e34d3bcf37","block_type":"box","text":"the ESG policy in respect of management of those assets, the","page_number":18,"box":{"x":71,"y":311,"width":385,"height":9}},{"id":"9cfcf15a-74e8-4fdc-b319-ec1501c7c446","block_type":"box","text":"Aviva Investors UK Responsible Investment Policy prohibits the","page_number":18,"box":{"x":71,"y":322,"width":394,"height":10}},{"id":"e0ca4e83-bda4-43b6-a1b8-eb8239ddd4c3","block_type":"box","text":"Sub-fund from (i) entering into a lease or contract where the","page_number":18,"box":{"x":72,"y":334,"width":382,"height":10}},{"id":"2670ae66-ac11-43c8-af40-0ce87cc738af","block_type":"box","text":"occupier or counterparty meets the threshold as listed in section","page_number":18,"box":{"x":72,"y":346,"width":405,"height":10}},{"id":"0d7eb8c3-d95e-48d0-82c9-e9fb210b79ec","block_type":"box","text":"40 of the Prospectus (Aviva Investors’ Responsible Investment","page_number":18,"box":{"x":71,"y":358,"width":389,"height":10}},{"id":"d73e4978-c74f-4b9e-913e-6ecee871d56a","block_type":"box","text":"Philosophy) and (ii) making an investment in real estate and","page_number":18,"box":{"x":72,"y":370,"width":377,"height":10}},{"id":"ba59b1c5-36b8-4497-a904-e9015d94aeca","block_type":"box","text":"land and all types of real estate long income investments where","page_number":18,"box":{"x":72,"y":382,"width":402,"height":10}},{"id":"fa47a48d-219f-4c91-86e6-bf7a38590956","block_type":"box","text":"a material proportion (i.e. more than 10%) of contractual rent","page_number":18,"box":{"x":72,"y":394,"width":390,"height":9}},{"id":"fb55c5cd-768d-407a-9c28-4e67e115bc4e","block_type":"box","text":"or revenue from the asset is derived from occupiers or activities","page_number":18,"box":{"x":72,"y":405,"width":398,"height":10}},{"id":"c8836aa1-1ea2-4aa2-aeda-3d6460100a9c","block_type":"box","text":"that are excluded. For the avoidance of doubt, the Exclusions","page_number":18,"box":{"x":71,"y":417,"width":385,"height":9}},{"id":"8ce7eee5-7508-4143-b3b6-d1684a65efc9","block_type":"box","text":"Policy is applied at the level of the lease or contract being","page_number":18,"box":{"x":72,"y":429,"width":361,"height":10}},{"id":"a352604a-9651-4327-85d4-81146bb85d53","block_type":"box","text":"entered into by the Sub-fund (whether directly or indirectly","page_number":18,"box":{"x":72,"y":441,"width":374,"height":10}},{"id":"17e0e31f-526f-4eee-9dee-e6ad0ecbd7bb","block_type":"box","text":"where the Investment Manager has unilateral control), rather","page_number":18,"box":{"x":71,"y":453,"width":388,"height":10}},{"id":"dab42736-67d3-4489-b9aa-943b17d9cfc0","block_type":"box","text":"than also being applied to any downstream arrangements in the","page_number":18,"box":{"x":71,"y":465,"width":409,"height":10}},{"id":"503a7a8b-862e-4e84-bbd7-b4b32ff4eb7e","block_type":"box","text":"investment chain. As such, the ACS Manager cannot guarantee","page_number":18,"box":{"x":72,"y":477,"width":398,"height":10}},{"id":"0aa6b9c5-e98b-488f-adff-db67c83450e4","block_type":"box","text":"that Aviva Investors’ standards, as set out in this section and in","page_number":18,"box":{"x":71,"y":489,"width":393,"height":9}},{"id":"61910ee6-44ba-4a9a-b0e9-70e1f8dd01f5","block_type":"box","text":"section 40 (Aviva Investors’ Responsible Investment Philosophy),","page_number":18,"box":{"x":72,"y":500,"width":404,"height":10}},{"id":"895b1fdf-8370-4802-96cb-a1776c2b6583","block_type":"box","text":"will be met throughout the investment chain and consequently","page_number":18,"box":{"x":71,"y":512,"width":402,"height":10}},{"id":"7249ee50-72ea-434e-b94d-9face3a3bd74","block_type":"box","text":"there may be cases where the Sub-fund will have indirect","page_number":18,"box":{"x":71,"y":524,"width":362,"height":10}},{"id":"4265eed7-601f-45b1-9576-4525c251d9a9","block_type":"box","text":"exposure to entities that would otherwise have been screened","page_number":18,"box":{"x":72,"y":536,"width":394,"height":10}},{"id":"0b678228-a4ff-4c04-b463-f744213ce75c","block_type":"box","text":"out by the Exclusion Policy.","page_number":18,"box":{"x":72,"y":548,"width":168,"height":10}},{"id":"3588d86f-6686-4def-8d65-84f04d658bc4","block_type":"box","text":"Performance & Risk Measurement","page_number":18,"box":{"x":72,"y":566,"width":225,"height":8}},{"id":"bdc542b5-8fc2-4868-9a9c-16f26d239321","block_type":"box","text":"The Sub-fund’s financial performance can be measured","page_number":18,"box":{"x":71,"y":578,"width":349,"height":9}},{"id":"0d2687ba-d390-4032-b06e-1633dcc73994","block_type":"box","text":"against its objective of aiming to provide an overall GBP return","page_number":18,"box":{"x":72,"y":590,"width":394,"height":9}},{"id":"d19b3ab0-22e5-4e60-8727-4c428bc2eab8","block_type":"box","text":"(net of annual management charges) of 8% per annum on","page_number":18,"box":{"x":72,"y":601,"width":370,"height":10}},{"id":"2d23467a-aab7-4218-bb73-c9879ce4d9c5","block_type":"box","text":"a rolling 5-year basis. 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The ACS Manager will ensure the","page_number":18,"box":{"x":72,"y":845,"width":366,"height":10}},{"id":"fbf860c0-4b11-427b-9bf3-573e7466e888","block_type":"box","text":"Sub-fund maintains sufficient diversification of exposure across","page_number":18,"box":{"x":72,"y":857,"width":398,"height":9}},{"id":"c4a2ccb4-759d-4c99-a177-74da759e8038","block_type":"box","text":"the direct and indirect assets permitted by the investment","page_number":18,"box":{"x":71,"y":869,"width":366,"height":9}},{"id":"901b1d31-d92d-4b61-b8c7-148e5ada1707","block_type":"box","text":"objective and policy, including, where necessary, by virtue of the","page_number":18,"box":{"x":72,"y":880,"width":404,"height":10}},{"id":"96bb14c4-d0f8-4c67-9ff9-51de12640a43","block_type":"box","text":"underlying assets held indirectly through alternative investment","page_number":18,"box":{"x":72,"y":892,"width":404,"height":10}},{"id":"3930478c-5bf5-4491-83e5-bedddd09cec9","block_type":"box","text":"funds and other 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Investors may not get back the original amount invested.","page_number":19,"box":{"x":71,"y":658,"width":290,"height":7}},{"id":"9222b183-f58a-43c4-bbb9-2c195a7f86ac","block_type":"box","text":"Risk and Reward profile","page_number":19,"box":{"x":513,"y":149,"width":157,"height":10}},{"id":"0da0d8b4-692b-4910-8a90-466b415e140d","block_type":"box","text":"The Risk and Reward Indicator table demonstrates where","page_number":19,"box":{"x":512,"y":168,"width":362,"height":8}},{"id":"53f2e778-4f65-4a04-bb5f-40d6c8939702","block_type":"box","text":"the Sub-fund ranks in terms of its potential risk and reward.","page_number":19,"box":{"x":512,"y":180,"width":375,"height":10}},{"id":"7862e496-551b-4f74-8ec1-29ed7dc36dde","block_type":"box","text":"The higher the rank the greater the potential reward but the","page_number":19,"box":{"x":512,"y":192,"width":383,"height":10}},{"id":"eccd7c24-6227-48b1-9625-494ade6c44de","block_type":"box","text":"greater the risk of losing money. 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