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Further information","page_number":8,"box":{"x":72,"y":251,"width":396,"height":8}},{"id":"01c46883-9a2a-4599-aaab-241e2c1d7d20","block_type":"box","text":"about these policies and on how we integrate ESG is available","page_number":8,"box":{"x":72,"y":263,"width":391,"height":10}},{"id":"06355412-9a3b-4475-8b04-34fae9ca28bf","block_type":"box","text":"on our website and in the Prospectus. For directly held real","page_number":8,"box":{"x":72,"y":275,"width":369,"height":10}},{"id":"75b30b45-4542-4b28-8c60-bd1d068fd815","block_type":"box","text":"assets and those indirectly held assets where the Investment","page_number":8,"box":{"x":72,"y":287,"width":381,"height":10}},{"id":"f5aca538-7687-42df-97d3-d591638c8594","block_type":"box","text":"Manager has the ability to exercise unilateral control over","page_number":8,"box":{"x":72,"y":299,"width":363,"height":10}},{"id":"01affed2-7bd8-4295-a2dd-1e9e0ae69a14","block_type":"box","text":"the ESG policy in respect of management of those assets, the","page_number":8,"box":{"x":71,"y":311,"width":385,"height":9}},{"id":"6f818e68-af41-4f9b-8f29-263b63392f26","block_type":"box","text":"Aviva Investors UK Responsible Investment Policy prohibits the","page_number":8,"box":{"x":71,"y":322,"width":394,"height":10}},{"id":"e307a7d0-703f-4a7f-8bc9-bcdccfed0b6f","block_type":"box","text":"Sub-fund from (i) entering into a lease or contract where the","page_number":8,"box":{"x":72,"y":334,"width":382,"height":10}},{"id":"d09c121e-66bb-4808-9dc3-02570b6bd414","block_type":"box","text":"occupier or counterparty meets the threshold as listed in section","page_number":8,"box":{"x":72,"y":346,"width":405,"height":10}},{"id":"e95684c2-3438-4865-a8d8-9f7dff9d2183","block_type":"box","text":"40 of the Prospectus (Aviva Investors’ Responsible Investment","page_number":8,"box":{"x":71,"y":358,"width":389,"height":10}},{"id":"d0da5b54-070b-4d6d-b574-a97f1fb132c7","block_type":"box","text":"Philosophy) and (ii) making an investment in real estate and","page_number":8,"box":{"x":72,"y":370,"width":377,"height":10}},{"id":"91e87ce7-12b8-4edd-9f5c-c545b69bd9c4","block_type":"box","text":"land and all types of real estate long income investments where","page_number":8,"box":{"x":72,"y":382,"width":402,"height":10}},{"id":"2e7a81cd-471b-4bd1-bc08-3fe63b237622","block_type":"box","text":"a material proportion (i.e. more than 10%) of contractual rent","page_number":8,"box":{"x":72,"y":394,"width":390,"height":9}},{"id":"e7ede993-84ac-4f83-af3b-079a060be33f","block_type":"box","text":"or revenue from the asset is derived from occupiers or activities","page_number":8,"box":{"x":72,"y":405,"width":398,"height":10}},{"id":"ebc5842f-439e-4fab-ad8f-4162b30de43d","block_type":"box","text":"that are excluded. For the avoidance of doubt, the Exclusions","page_number":8,"box":{"x":71,"y":417,"width":385,"height":9}},{"id":"34e65925-5675-495a-86e5-6cacf0a4b399","block_type":"box","text":"Policy is applied at the level of the lease or contract being","page_number":8,"box":{"x":72,"y":429,"width":361,"height":10}},{"id":"34c4f430-10b6-46ae-a8c1-be992a8526a8","block_type":"box","text":"entered into by the Sub-fund (whether directly or indirectly","page_number":8,"box":{"x":72,"y":441,"width":374,"height":10}},{"id":"8f16dfc1-a781-4f31-b268-15f2ba9f866c","block_type":"box","text":"where the Investment Manager has unilateral control), rather","page_number":8,"box":{"x":71,"y":453,"width":388,"height":10}},{"id":"8047331d-cd8b-4ed5-9308-ea6f6e57c6f5","block_type":"box","text":"than also being applied to any downstream arrangements in the","page_number":8,"box":{"x":71,"y":465,"width":409,"height":10}},{"id":"af0f9e7d-9d32-47e4-968a-1f26ba3a32c7","block_type":"box","text":"investment chain. As such, the ACS Manager cannot guarantee","page_number":8,"box":{"x":72,"y":477,"width":398,"height":10}},{"id":"b3f0e8c9-b0a9-4f4d-973a-14ce86591416","block_type":"box","text":"that Aviva Investors’ standards, as set out in this section and in","page_number":8,"box":{"x":71,"y":489,"width":393,"height":9}},{"id":"543302da-bd9c-4e01-965c-48eaf915fae2","block_type":"box","text":"section 40 (Aviva Investors’ Responsible Investment Philosophy),","page_number":8,"box":{"x":72,"y":500,"width":404,"height":10}},{"id":"9a86bb3c-53d8-4250-82f8-552f74b23fdb","block_type":"box","text":"will be met throughout the investment chain and consequently","page_number":8,"box":{"x":71,"y":512,"width":402,"height":10}},{"id":"a69f5ca1-f462-4ce1-ae8b-01fd9d6e767d","block_type":"box","text":"there may be cases where the Sub-fund will have indirect","page_number":8,"box":{"x":71,"y":524,"width":362,"height":10}},{"id":"d94a9a98-290f-41f2-be30-794718f437d4","block_type":"box","text":"exposure to entities that would otherwise have been screened","page_number":8,"box":{"x":72,"y":536,"width":394,"height":10}},{"id":"9982a22f-8168-45cf-b41a-86cc80119499","block_type":"box","text":"out by the Exclusion Policy.","page_number":8,"box":{"x":72,"y":548,"width":168,"height":10}},{"id":"c54f45e9-528b-4c60-971e-9bc63b81eb6a","block_type":"box","text":"Performance & Risk Measurement","page_number":8,"box":{"x":72,"y":566,"width":225,"height":8}},{"id":"22b988fa-d087-4937-b46f-5d0c6f5a5059","block_type":"box","text":"The Sub-fund’s financial performance can be measured","page_number":8,"box":{"x":71,"y":578,"width":349,"height":9}},{"id":"0f4fc0d6-d533-417f-9550-c2a88c41f706","block_type":"box","text":"against its objective of aiming to provide an overall GBP return","page_number":8,"box":{"x":72,"y":590,"width":394,"height":9}},{"id":"7e35c827-62c6-4b68-b381-faf9822d8864","block_type":"box","text":"(net of annual management charges) of 8% per annum on","page_number":8,"box":{"x":72,"y":601,"width":370,"height":10}},{"id":"dac44c04-245e-4714-83f2-1cb554a233ac","block_type":"box","text":"a rolling 5-year basis. Annual management charges are the","page_number":8,"box":{"x":72,"y":613,"width":372,"height":10}},{"id":"dc6ec1a1-9549-4826-b4c4-3ad8e8065ec0","block_type":"box","text":"ACS Management Charge charged to the Sub-fund pursuant","page_number":8,"box":{"x":71,"y":625,"width":386,"height":10}},{"id":"867c0e66-623b-4832-9336-706a940c9a5e","block_type":"box","text":"to the prospectus together with the pro-rated annual","page_number":8,"box":{"x":71,"y":637,"width":337,"height":10}},{"id":"a659b4eb-87ea-4c65-8704-cc0b17aef01d","block_type":"box","text":"management charges borne by the Sub-fund’s investments in","page_number":8,"box":{"x":72,"y":649,"width":389,"height":10}},{"id":"1ba43fc3-db59-4169-b62c-9944ad98c795","block_type":"box","text":"any underlying fund in which it invests. 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The Sub-fund","page_number":17,"box":{"x":82,"y":841,"width":391,"height":10}},{"id":"03e45f6e-22fb-4254-90d2-22929d058615","block_type":"box","text":"may make investments in the Core Asset Classes alongside","page_number":17,"box":{"x":83,"y":853,"width":367,"height":10}},{"id":"494070d9-e489-4758-a606-dbb23ebb7200","block_type":"box","text":"other lenders including Aviva Investors companies.","page_number":17,"box":{"x":82,"y":865,"width":320,"height":9}},{"id":"179f5ddf-37ca-49cd-a2da-6e5de6631c11","block_type":"box","text":"AVIVA INVESTORS MULTI-SECTOR PRIVATE DEBT LTAF","page_number":17,"box":{"x":71,"y":95,"width":506,"height":10}},{"id":"7bed0d89-5969-44bc-b523-aa638c032cde","block_type":"box","text":"–","page_number":17,"box":{"x":511,"y":149,"width":8,"height":0}},{"id":"809a4749-d52d-4e08-83ad-347e7cc3ecac","block_type":"box","text":"The loans within each of the Core Asset Classes will either be on","page_number":17,"box":{"x":522,"y":144,"width":403,"height":8}},{"id":"e5987d43-e9d1-4db6-986c-d7ca04477613","block_type":"box","text":"a secured or unsecured basis. Where secured, Real Estate Debt","page_number":17,"box":{"x":523,"y":156,"width":393,"height":9}},{"id":"316ae449-c914-4a9e-89d1-bf0d491c8ac2","block_type":"box","text":"and Infrastructure Debt investments will be secured against","page_number":17,"box":{"x":523,"y":168,"width":376,"height":10}},{"id":"c1a7351c-f02d-45cb-a811-cc464edee1ca","block_type":"box","text":"assets located in the UK and Europe; whereas Structured","page_number":17,"box":{"x":523,"y":180,"width":355,"height":10}},{"id":"7e84988c-f14a-4bef-a147-4cd1141dd661","block_type":"box","text":"Finance and Private Corporate Debt investment, will be secured","page_number":17,"box":{"x":523,"y":192,"width":400,"height":10}},{"id":"ec6090fc-3114-4797-81f6-a565419dd31f","block_type":"box","text":"against assets located anywhere in the world.","page_number":17,"box":{"x":523,"y":204,"width":287,"height":10}},{"id":"648e12da-f405-424a-a5ab-0360c9282860","block_type":"box","text":"Core Asset Classes:","page_number":17,"box":{"x":512,"y":222,"width":123,"height":7}},{"id":"53102c1c-050b-4a0a-9c9a-06b31cb8d333","block_type":"box","text":"–","page_number":17,"box":{"x":511,"y":238,"width":8,"height":1}},{"id":"34c848a1-ec68-4bf0-99ee-30071ca0a1d8","block_type":"box","text":"Real Estate Debt","page_number":17,"box":{"x":523,"y":233,"width":109,"height":8}},{"id":"82517077-2936-4af6-ad60-1cfbc7be5938","block_type":"box","text":"Loans that support the acquisition, development, refinancing","page_number":17,"box":{"x":524,"y":245,"width":385,"height":10}},{"id":"5b584ed4-8490-4817-9bbf-7e99f9358cdb","block_type":"box","text":"or recapitalisation of real estate assets in the UK and Europe for","page_number":17,"box":{"x":523,"y":257,"width":401,"height":10}},{"id":"4f5ba62e-0d8b-4c80-b109-7c74839fc658","block_type":"box","text":"commercial borrowers (for example, private or public property","page_number":17,"box":{"x":523,"y":269,"width":394,"height":10}},{"id":"b0475c8f-ae4f-40be-9bf6-3482d53b70de","block_type":"box","text":"companies, developers, REITs, funds investing in real estate).","page_number":17,"box":{"x":523,"y":281,"width":379,"height":10}},{"id":"bab9e849-04dc-4b2c-9db8-8439a1d414ca","block_type":"box","text":"The assets and borrowers can be in any real estate sector,","page_number":17,"box":{"x":523,"y":293,"width":361,"height":10}},{"id":"29a9a7eb-ccc7-4771-b424-841841c00551","block_type":"box","text":"including offices, retail, industrial & logistics, leisure and hotels,","page_number":17,"box":{"x":524,"y":305,"width":396,"height":9}},{"id":"f07d7ff6-4663-498c-aa0e-05cf4fc4dacb","block_type":"box","text":"healthcare facilities and the living sector (for example, student","page_number":17,"box":{"x":524,"y":316,"width":392,"height":10}},{"id":"76de9ba3-cc96-4820-a4bf-79a384051c28","block_type":"box","text":"accommodation and tenanted residential). The expected","page_number":17,"box":{"x":523,"y":328,"width":359,"height":10}},{"id":"906ecbd8-4b47-4c3d-b6ac-94c8ffeaa37a","block_type":"box","text":"weighted average life of the investments shall generally be","page_number":17,"box":{"x":523,"y":340,"width":372,"height":10}},{"id":"1f1674ba-5b58-4cfe-b934-81711b1bd18c","block_type":"box","text":"between three and seven years.","page_number":17,"box":{"x":524,"y":352,"width":199,"height":10}},{"id":"53373b69-d08f-4523-8543-a74ef57ef917","block_type":"box","text":"–","page_number":17,"box":{"x":511,"y":374,"width":8,"height":1}},{"id":"981d665f-098f-4693-9790-9e35710580fc","block_type":"box","text":"Infrastructure Debt","page_number":17,"box":{"x":523,"y":370,"width":128,"height":8}},{"id":"dec6a727-d495-4160-8ba8-89aeedc7e559","block_type":"box","text":"Loans that support the physical assets, structures, systems and","page_number":17,"box":{"x":524,"y":382,"width":390,"height":10}},{"id":"2f44f314-c84a-4b71-bfa6-c18c43f41150","block_type":"box","text":"networks that provide or support essential public services in","page_number":17,"box":{"x":524,"y":394,"width":376,"height":9}},{"id":"58822927-eafd-4a4a-9921-4ea6cf48403c","block_type":"box","text":"the UK and Europe. It includes energy, utilities, transportation,","page_number":17,"box":{"x":523,"y":406,"width":392,"height":9}},{"id":"eff3654d-4677-43d5-8562-7ecfbf8af14d","block_type":"box","text":"social infrastructure and technology & communication (digital","page_number":17,"box":{"x":523,"y":417,"width":392,"height":10}},{"id":"4c197ff4-81e4-45b1-aa73-bb0586d053c1","block_type":"box","text":"infrastructure) as well as ports and airports. Investments can","page_number":17,"box":{"x":524,"y":429,"width":378,"height":10}},{"id":"35812882-cc4f-42de-bb8e-ec61ea8633d1","block_type":"box","text":"take the form of project finance through a special-purpose","page_number":17,"box":{"x":523,"y":441,"width":370,"height":10}},{"id":"7fbaceb4-e542-4ad0-b1b9-a64f1ce8f375","block_type":"box","text":"entity, or corporate finance through a company focused on","page_number":17,"box":{"x":523,"y":453,"width":373,"height":10}},{"id":"a4a71ef5-16b0-4bfd-bd20-ee29bb9f94bc","block_type":"box","text":"infrastructure activities, and generally provide stable long-term","page_number":17,"box":{"x":524,"y":465,"width":396,"height":10}},{"id":"bf09c105-4aa5-46a5-bbf5-b7d354f46d51","block_type":"box","text":"income generation. The expected weighted average life of the","page_number":17,"box":{"x":524,"y":477,"width":393,"height":10}},{"id":"3c92764b-976a-4902-9df7-c5edddb831c5","block_type":"box","text":"investments shall generally be between five and ten years.","page_number":17,"box":{"x":524,"y":489,"width":366,"height":10}},{"id":"42e46af1-0540-4d37-9f65-abb73ee5e958","block_type":"box","text":"–","page_number":17,"box":{"x":511,"y":511,"width":8,"height":1}},{"id":"361337ef-f15b-4cdd-8aba-e0edddf75168","block_type":"box","text":"Structured Finance","page_number":17,"box":{"x":523,"y":506,"width":124,"height":8}},{"id":"9f07e389-9aa5-42a4-b8c9-5c5eec5c08d6","block_type":"box","text":"This asset class comprises various bespoke financing including:","page_number":17,"box":{"x":523,"y":518,"width":394,"height":10}},{"id":"4e62d35e-d6e7-4345-869d-a3cb7f4f1807","block_type":"box","text":"(1) Public and private securitisations, (2) Loans and Bonds","page_number":17,"box":{"x":523,"y":530,"width":362,"height":10}},{"id":"1461a85b-918e-49c0-9274-76e1ba11fac5","block_type":"box","text":"hedged using either a guarantee, insurance policy or Credit","page_number":17,"box":{"x":524,"y":542,"width":374,"height":10}},{"id":"959b27f4-fe9c-42a5-bf1c-445df80288b0","block_type":"box","text":"Default Swaps, (3) Credit Linked Notes, (4) Assets linked to","page_number":17,"box":{"x":524,"y":554,"width":367,"height":10}},{"id":"a1eb9446-d6be-4ced-8b54-cfaa9f6cd64d","block_type":"box","text":"derivative transactions, and (5) Other asset-related financing.","page_number":17,"box":{"x":523,"y":566,"width":385,"height":10}},{"id":"64951a24-70ef-4977-af71-e0ca60854a66","block_type":"box","text":"The expected weighted average life of instruments shall","page_number":17,"box":{"x":523,"y":578,"width":353,"height":10}},{"id":"8fd52569-0539-4ee7-9be6-119eb2091b3f","block_type":"box","text":"generally be between three and ten years.","page_number":17,"box":{"x":523,"y":590,"width":266,"height":9}},{"id":"cecaae5b-d2bc-44b9-a3c1-ae70d0b2fa0b","block_type":"box","text":"–","page_number":17,"box":{"x":511,"y":612,"width":8,"height":1}},{"id":"0ee7d738-a910-4057-867d-9ef0d779bcea","block_type":"box","text":"Private Corporate Debt","page_number":17,"box":{"x":523,"y":607,"width":153,"height":10}},{"id":"761a586e-48d5-4778-a135-d99bcd15c75c","block_type":"box","text":"Loans made directly to or notes issued by a range of borrowers","page_number":17,"box":{"x":524,"y":619,"width":396,"height":10}},{"id":"8d49e4f2-3821-4b34-a1f8-c0f1526f48b1","block_type":"box","text":"including corporates, corporate infrastructure, social housing","page_number":17,"box":{"x":524,"y":631,"width":384,"height":10}},{"id":"2a9e9395-c390-4ab4-96c8-5166c5ad2674","block_type":"box","text":"and other quasi-sovereigns. 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The CBI Standards are used globally by bond","page_number":19,"box":{"x":71,"y":738,"width":390,"height":10}},{"id":"123041f5-5e47-4a80-aaaf-355e3a2e4472","block_type":"box","text":"issuers, governments, investors and the financial markets to","page_number":19,"box":{"x":72,"y":750,"width":376,"height":10}},{"id":"9a4e3645-6d4e-40a0-9278-a6f168d8e108","block_type":"box","text":"prioritise investments which genuinely contribute to addressing","page_number":19,"box":{"x":72,"y":762,"width":402,"height":10}},{"id":"901260bf-5312-4344-854d-9fa141bbc67a","block_type":"box","text":"global problems.","page_number":19,"box":{"x":72,"y":774,"width":105,"height":9}},{"id":"730e5fbd-223a-4bd3-9b07-40114378a542","block_type":"box","text":"2. 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Where possible, these loans will be structured in","page_number":19,"box":{"x":523,"y":209,"width":383,"height":10}},{"id":"b807af0a-6727-4d46-8b19-594f3f71d96a","block_type":"box","text":"line with the Loan Market Association’s (‘LMA’) Green Loan","page_number":19,"box":{"x":523,"y":221,"width":372,"height":9}},{"id":"1a240f67-7cf5-4931-8cc9-1ece8fa5f01e","block_type":"box","text":"Principles, and an external Second Party Opinion may be","page_number":19,"box":{"x":523,"y":233,"width":355,"height":10}},{"id":"ce1ca6f0-9820-43b4-9ad0-195481eaaaaa","block_type":"box","text":"provided as independent assurance that the loans will have","page_number":19,"box":{"x":523,"y":245,"width":375,"height":10}},{"id":"03e92014-d168-43fb-8c88-356d9ed0f83a","block_type":"box","text":"the desired effect. Where a loan is not structured in line with","page_number":19,"box":{"x":522,"y":257,"width":382,"height":8}},{"id":"e2982bfe-c423-49d4-bef3-0a3ddf78dca9","block_type":"box","text":"the LMA’s Green Loan Principles, the loan may be internally","page_number":19,"box":{"x":522,"y":269,"width":375,"height":10}},{"id":"1ab60e87-007f-48e6-8322-a60ae4669019","block_type":"box","text":"classified by the Investment Manager as a Green Loan only","page_number":19,"box":{"x":523,"y":281,"width":370,"height":10}},{"id":"b4dc1ebc-9a3d-4714-8b83-101e289065ca","block_type":"box","text":"where proceeds are used for eligible projects, being those that","page_number":19,"box":{"x":522,"y":292,"width":395,"height":10}},{"id":"41ee0ea9-6f71-44d2-a690-f145c2efda0b","block_type":"box","text":"provide environmental benefits which will be assessed by, and","page_number":19,"box":{"x":523,"y":304,"width":392,"height":10}},{"id":"4d9f0595-3f7f-4627-98d6-9e1c29785ba2","block_type":"box","text":"where feasible, quantified by the borrower.","page_number":19,"box":{"x":522,"y":316,"width":274,"height":10}},{"id":"04df4dda-0389-4f1f-bd29-1a617ed058f9","block_type":"box","text":"–","page_number":19,"box":{"x":511,"y":339,"width":8,"height":0}},{"id":"d6dcd8d7-3224-499d-a955-0057e18de957","block_type":"box","text":"Sustainability-linked Loans: Sustainability-related KPIs will be","page_number":19,"box":{"x":523,"y":334,"width":382,"height":10}},{"id":"e11fc66f-4f2b-4fb2-958a-4bae60194048","block_type":"box","text":"built into the loan agreement as per the LMA’s Sustainability\u0002","page_number":19,"box":{"x":523,"y":346,"width":386,"height":10}},{"id":"2e3b358b-1c13-41fc-b3d5-7e09ceaf53c1","block_type":"box","text":"Linked Loan Principles. 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The ACS Manager will report to investors on","page_number":19,"box":{"x":513,"y":512,"width":408,"height":10}},{"id":"93dde371-c439-47f1-be89-b876fecf6c0b","block_type":"box","text":"performance against this objective and will further report on the","page_number":19,"box":{"x":513,"y":524,"width":407,"height":10}},{"id":"d46c56d7-8fee-42b6-abb3-a836a4da3ed7","block_type":"box","text":"overall realised look-back performance of the Sub-fund, net of","page_number":19,"box":{"x":512,"y":536,"width":394,"height":10}},{"id":"140f0624-965a-47c4-849d-9515411b14f6","block_type":"box","text":"fees and realised losses, and performance against the investment","page_number":19,"box":{"x":512,"y":548,"width":412,"height":10}},{"id":"e9e06de7-e779-4054-a455-e235cc50cb4d","block_type":"box","text":"restrictions referred to above. 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The ACS Manager will ensure the","page_number":19,"box":{"x":512,"y":601,"width":367,"height":10}},{"id":"c06692e8-349d-4be0-946e-9d0712e9270b","block_type":"box","text":"Sub-fund maintains sufficient diversification of exposure across","page_number":19,"box":{"x":512,"y":613,"width":398,"height":10}},{"id":"c4c24b77-4847-4e95-8468-98771b278c2b","block_type":"box","text":"the direct and indirect assets permitted by the investment","page_number":19,"box":{"x":512,"y":625,"width":365,"height":10}},{"id":"b8a676cf-31c3-48ec-af2c-70922e3b6ca9","block_type":"box","text":"objective and policy, including, where necessary, by virtue of the","page_number":19,"box":{"x":512,"y":637,"width":405,"height":10}},{"id":"00ec0de6-8db7-4300-aa34-6eed953131d1","block_type":"box","text":"underlying assets held indirectly through securitisation vehicles,","page_number":19,"box":{"x":513,"y":649,"width":401,"height":10}},{"id":"a8eef7e7-be33-4e36-b2dc-bebdeb102d19","block_type":"box","text":"other holding companies and other funds.","page_number":19,"box":{"x":512,"y":661,"width":267,"height":9}},{"id":"dc1ca13e-e019-435d-870d-0bcec8eeca4e","block_type":"box","text":"Aviva Investors LTAF ACS Interim Report and Financial Statements for the six months ended 30 June 2026","page_number":20,"box":{"x":272,"y":974,"width":548,"height":8}},{"id":"478b65a8-c215-48d3-a575-67fa309efcd0","block_type":"box","text":"|","page_number":20,"box":{"x":825,"y":973,"width":0,"height":8}},{"id":"39853e02-b401-4673-91b0-c448c23c4d4c","block_type":"box","text":"avivainvestors.com","page_number":20,"box":{"x":830,"y":974,"width":97,"height":6}},{"id":"bec2aa2e-4160-426a-9dcd-ab9545c0c816","block_type":"box","text":"Aviva Investors Multi-Sector Private Debt LTAF","page_number":20,"box":{"x":689,"y":19,"width":239,"height":7}},{"id":"77f31fdc-37e5-42c0-977d-6a14ab217613","block_type":"box","text":"18","page_number":20,"box":{"x":72,"y":974,"width":12,"height":6}},{"id":"8cdf2a58-c4c1-46de-8e71-db5cb669655a","block_type":"box","text":"AVIVA INVESTORS MULTI-SECTOR PRIVATE DEBT LTAF (CONTINUED)","page_number":20,"box":{"x":71,"y":94,"width":643,"height":13}},{"id":"8305510c-9063-4f06-9646-2ede79a8f36b","block_type":"box","text":"INVESTMENT MANAGER’S REPORT","page_number":20,"box":{"x":73,"y":145,"width":279,"height":9}},{"id":"bd489bb3-88d5-4433-b4d9-5d4fda225339","block_type":"box","text":"Performance","page_number":20,"box":{"x":72,"y":164,"width":84,"height":8}},{"id":"6fb22f51-f020-4ba2-a959-0968e313740b","block_type":"box","text":"Since launching the Aviva Investors Multi Sector Private Debt","page_number":20,"box":{"x":72,"y":176,"width":383,"height":10}},{"id":"8496bdb8-f8ae-465e-83a1-72c9c21218da","block_type":"box","text":"LTAF in November 2024, the Sub-fund has continued to deploy","page_number":20,"box":{"x":72,"y":188,"width":398,"height":10}},{"id":"992fde43-a289-4489-bb99-d8d8e19c38f7","block_type":"box","text":"capital in line with its investment objectives. 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The ongoing Iran conflict has reinforced expectations of","page_number":20,"box":{"x":72,"y":372,"width":407,"height":10}},{"id":"dd9283c5-0d88-4931-9d44-f525c829fa12","block_type":"box","text":"elevated inflation, higher-for-longer interest rates, and weaker","page_number":20,"box":{"x":72,"y":384,"width":395,"height":9}},{"id":"694821bb-bf03-4855-b107-8e96eaf5e08b","block_type":"box","text":"growth. UK inflation is now expected to end 2026 above target","page_number":20,"box":{"x":72,"y":395,"width":400,"height":10}},{"id":"8f78cf16-3a15-4292-8a72-11afa0e3721d","block_type":"box","text":"at c.2.9%, delaying near-term easing. 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