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UNAUDITED SEMI-ANNUAL
REPORT
3 July 2026
Sarasin Funds ICVC FCA Authorised UK OEIC Umbrella Funds
Sarasin Thematic Global Equity Sarasin Global Equity Real Return Sarasin Responsible Global Equity Sarasin Global Dividend Sarasin Multi Asset - Strategic Sarasin Responsible Strategic Bond Sarasin Food and Agriculture Opportunities Sarasin Responsible Corporate Bond Sarasin Responsible Multi Asset Sarasin Balanced Managed Sarasin Cautious Managed Sarasin Equity Managed Sarasin Growth Managed
For the period 1 January 2026 to 3 Ju ly 2026
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Contents (Continued) Page
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SARASIN FUNDS ICVC Management and Professional Service Providers’ Details 4 Introduction to Shareholders 5 Remuneration Disclosure 5 Market Review 6 Notification of Amendments 9 Investment Themes 9 Fund Details 11 Certification of Accounts by Directors 26
SARASIN Thematic Global Equity Investment Objective and Policy 27 Investment Review 29 Sub-fund Information 31 Portfolio Statement 32 Statement of Total Return 50 Statement of Changes in Net Assets Attributable to Shareholders 50 Balance Sheet 51 Notes to the Financial Statements 52
SARASIN Global Equity Real Return Investment Objective and Policy 54 Investment Review 56 Sub-fund Information 59 Portfolio Statement 60 Statement of Total Return 65 Statement of Changes in Net Assets Attributable to Shareholders 65 Balance Sheet 66 Notes to the Financial Statements 67
SARASIN Responsible Global Equity Investment Objective and Policy 69 Investment Review 71 Sub-fund Information 73 Portfolio Statement 74 Statement of Total Return 88 Statement of Changes in Net Assets Attributable to Shareholders 88 Balance Sheet 89 Notes to the Financial Statements 90
SARASIN Global Dividend Investment Objective and Policy 92 Investment Review 94 Sub-fund Information 96 Portfolio Statement 97 Statement of Total Return 113 Statement of Changes in Net Assets Attributable to Shareholders 113 Balance Sheet 114 Notes to the Financial Statements 115
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SARASIN Multi Asset - Strategic Investment Objective and Policy 117 Investment Review 119 Sub-fund Information 122 Portfolio Statement 123 Statement of Total Return 128 Statement of Changes in Net Assets Attributable to Shareholders 128 Balance Sheet 129 Notes to the Financial Statements 130
SARASIN Responsible Strategic Bond Investment Objective and Policy 132 Investment Review 133 Sub-fund Information 135 Portfolio Statement 136 Statement of Total Return 140 Statement of Changes in Net Assets Attributable to Shareholders 140 Balance Sheet 141 Notes to the Financial Statements 142
SARASIN Food & Agriculture Opportunities Investment Objective and Policy 144 Investment Review 145 Sub-fund Information 147 Portfolio Statement 148 Statement of Total Return 150 Statement of Changes in Net Assets Attributable to Shareholders 150 Balance Sheet 151 Notes to the Financial Statements 152
SARASIN Responsible Corporate Bond Investment Objective and Policy 154 Investment Review 155 Sub-fund Information 157 Portfolio Statement 158 Statement of Total Return 162 Statement of Changes in Net Assets Attributable to Shareholders 162 Balance Sheet 163 Notes to the Financial Statements 164
SARASIN Responsible Multi Asset Investment Objective and Policy 166 Investment Review 168 Sub-fund Information 171 Portfolio Statement 172 Statement of Total Return 176 Statement of Changes in Net Assets Attributable to Shareholders 176 Balance Sheet 177 Notes to the Financial Statements 178
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SARASIN Balanced Managed Investment Objective and Policy 180 Investment Review 182 Sub-fund Information 184 Portfolio Statement 185 Statement of Total Return 189 Statement of Changes in Net Assets Attributable to Shareholders 189 Balance Sheet 190 Notes to the Financial Statements 191
SARASIN Cautious Managed Investment Objective and Policy 193 Investment Review 195 Sub-fund Information 197 Portfolio Statement 198 Statement of Total Return 202 Statement of Changes in Net Assets Attributable to Shareholders 202 Balance Sheet 203 Notes to the Financial Statements 204
SARASIN Equity Managed Investment Objective and Policy 206 Investment Review 208 Sub-fund Information 210 Portfolio Statement 211 Statement of Total Return 214 Statement of Changes in Net Assets Attributable to Shareholders 214 Balance Sheet 215 Notes to the Financial Statements 216
SARASIN Growth Managed Investment Objective and Policy 218 Investment Review 220 Sub-fund Information 222 Portfolio Statement 223 Statement of Total Return 227 Statement of Changes in Net Assets Attributable to Shareholders 227 Balance Sheet 228 Notes to the Financial Statements 229
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Management and Professional Service Providers’ Details
The Company Sarasin Funds ICVC 50 George Street London W1U 7DY Tel: 020 7038 7000 Fax: 020 7038 6851
Authorised Corporate Director Sarasin Investment Funds Limited 50 George Street London W1U 7DY Tel: 020 7038 7000 Fax: 020 7038 6851 (Authorised and regulated by the Financial Conduct Authority)
Directors of the Authorised Corporate Director G.V. Matthews S.A.M. Jeffries (resigned 30 June 2026) G. Steinberg* E. Tracey*
*Independent Non-executive Director
Depositary (to 5 July 2026) NatWest Trustee and Depositary Services Limited Trustee & Depositary Services 250 Bishopsgate London EC2M 4AA (Authorised and regulated by the Financial Conduct Authority)
Depositary (from 6 July 2026) Northern Trust Investor Services Limited 50 Bank Street London E14 5NT (Authorised and regulated by the Financial Conduct Authority)
Investment Manager Sarasin & Partners LLP 50 George Street London W1U 7DY Tel: 020 7038 7000 Fax: 020 7038 6851 (Authorised and regulated by the Financial Conduct Authority) Website: www.sarasinandpartners.com
Auditor Deloitte LLP 110 Queen Street Glasgow G1 3BX
Registrar/Administrator Northern Trust Global Services SE UK Branch 50 Bank Street Canary Wharf London E14 5NT Tel: 0333 300 0373 Fax: 020 7982 3924 (Authorised and regulated by the Financial Conduct Authority)
Representative in Switzerland J. Safra Sarasin Investmentfonds AG Wallstrasse 9, CH-4002 Basel
Paying Agent in Switzerland Bank J. Safra Sarasin AG Elisabethenstrasse 62, CH-4002 Basel
Place where the relevant documents may be obtained by investors in Switzerland: the Prospectus, Articles of Association and Key Investor Information Document, as well as the latest annual report and any subsequent half yearly report, may be obtained free of charge from the representative and the paying agent in Switzerland.
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Introduction to Shareholders
The Company The Sarasin Funds ICVC (the “Company”) is an investment company with variable capital incorporated under the OEIC Regulations. It is a UK UCITS scheme for the purposes of COLL and also an umbrella company for the purposes of the OEIC Regulations. The Company is incorporated in England and Wales with registered number IC000046 and its head office is at 50 George Street, London W1U 7DY. The Company was authorised by an order (number ICVC55 and FCA product reference number 190262) made by the Financial Services Authority with effect from 22 October 1999. The Financial Services Authority has now been superseded by the FCA and the Prudential Regulation Authority. The property of the Company for the period to 5 July 2026 was entrusted to NatWest Trustee and Depositary Services Limited and from 6 July 2026 to Northern Trust Investor Services Limited (the “Depositary”).
The objective of the Company is to invest the scheme property in transferable securities with the aim of spreading investment risk and giving its shareholders the benefit of the results of the management of that property. The shareholders have no interest in the scheme property and are not liable for the debts of the Company.
The Company has an umbrella structure, and currently comprises Sarasin Thematic Global Equity and Sarasin Multi Asset – Strategic, both part of the conversion in November 1999, Sarasin Global Equity Real Return and Sarasin Responsible Strategic Bond which launched in May 2006, Sarasin Food & Agriculture Opportunities which launched in March 2008, Sarasin Responsible Global Equity which launched on 1 June 2011, Sarasin Global Dividend which launched on 4 December 2013, Sarasin Responsible Corporate Bond which launched in November 2016, Sarasin Responsible Multi Asset which launched on 18 March 2021 and Sarasin Cautious Managed, Sarasin Growth Managed, Sarasin Balanced Managed and Sarasin Equity Managed which were launched on 29 April 2025. Sarasin Responsible Multi Asset was formerly called Sarasin Tomorrow’s World Multi Asset and renamed on 8 October 2025. The Company is a UCITS Scheme as defined by the FCA’s Collective Investment Schemes Sourcebook (COLL).
Sarasin Funds ICVC is a “Protected Cell Company” meaning the sub-funds are segregated portfolios of assets, and, accordingly, the assets of a sub-fund belong exclusively to that sub-fund, and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the ICVC or any other sub-fund, and shall not be available for any such purpose.
Sub-fund Cross-Holdings There are sub ‑ fund cross ‑ holdings during the period, which are recognised and disclosed within the Related Party Transactions note for certain sub ‑ funds, including Sarasin Balanced Managed, Sarasin Cautious Managed and Sarasin Growth Managed.
The Financial Statements We are pleased to present the interim financial statements of the Company for the period ended 3 July 2026 . Remuneration Disclosure Remuneration Disclosure
The provisions of the UCITS Remuneration Code took effect in full on 18 March 2016. That legislation requires the fund manager, Sarasin Investment Funds Limited (the “ACD”), to establish and apply remuneration policies and practices that are consistent with, and promote, sound and effective risk management and that neither encourage risk taking which is inconsistent with the risk profiles, prospectuses, trust deeds and deeds of constitution of the UCITS funds to which it has been appointed (the “Company”) nor impair compliance with the ACD’s duty to act in the best interests of the Company.
As the nature and range of the ACD’s activities, its internal organisation and operations are, in the Directors’ opinion, limited in their nature, scale and complexity, that is, to the business of a management company engaging in collective portfolio management of investments of capital raised from the public, this is reflected in the manner in which the ACD has addressed certain requirements regarding remuneration imposed upon it by the regulations.
The board of directors of the ACD (the “Board”) customarily consists of four directors (each a Director). The ACD has no additional employees.
The ACD has delegated the performance of the investment and re-investment of the assets of the Company to Sarasin & Partners LLP (the “Investment Manager”).
As noted below, the ACD relies on the remuneration policies and procedures of each delegate to ensure that their remuneration structures promote a culture of investor protection and mitigate conflicts of interest.
The regulations provide that the remuneration policies and practices shall apply to those categories of staff, including senior management, risk takers, control functions and any employee receiving total remuneration that falls within the remuneration bracket of senior management and risk takers whose professional activities have a material impact on the risk profiles of the Company.
It should be noted that the ACD has appointed the Board and has no additional employees. The ACD has also appointed the Investment Manager under an investment management agreement, which sets out the commercial terms under which the Investment Manager is appointed. Given that the ACD does not directly remunerate any individuals engaged in the performance of the investment management activity, and staff of the Investment Manager are not remunerated solely for their work in relation to services provided to the ACD, it is not possible to separately identify remuneration related to service provision specific to the ACD, and any allocation approach is considered, by the Board, not to provide meaningful disclosure.
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The Directors are therefore considered to be those that have a material impact on the risk profile of the Company. Accordingly, the remuneration provisions of the regulations only affect the ACD with regard to the Board. Each Director is entitled to be paid a fixed director’s fee based on an expected number of meetings and the work required to oversee the operations of the ACD, which is considered to be consistent with the powers, tasks, expertise and responsibility of the Directors. The fee payable to each Director is reviewed from time to time, based on the evolution of the ACD’s activities.
The Directors do not receive performance based variable remuneration, therefore avoiding any potential conflicts of interest. In addition, two of the serving Directors have waived the fees to which they would otherwise be entitled. No amounts were paid directly by the Company.
The total fixed and variable remuneration of the Directors of the Board considered to comprise the entire staff of the ACD for the financial year ending 3 1 December r 202 5 is analysed below:
Fixed Remuneration £80,600 Variable Remuneration Total £80,600
Given the internal organisation of the ACD, and considering its size with the limited nature, scope and complexity of its activities, it is not considered proportionate for the ACD to set up a remuneration committee. The Board notes that the net assets of the Company and the legal structure of the ACD as a management company with a Board of Directors and no other employees are factors supporting the view that a remuneration committee would not be considered appropriate for the ACD.
The Board receives confirmation from the Investment Manager on an annual basis that there has been no material change to its remuneration policy, or if there has been a material change, receives details of those changes to the Board.
The Remuneration Policies of Sarasin Investment Funds Limited and Sarasin & Partners LLP are available at www.sarasinandpartners.com/important-information.
Market Review
Market Review World Economy Global fragmentation continued to reshape trade and finance in the first half of 2026, with economies increasingly prioritising security and supply chains over efficiency. This shift looks set to persist and will offset some of the productivity gains from Artificial Intelligence (AI) over time.
One consequence of this reordering is that the world economy is now more prone to supply shocks than demand shocks. The Iran war's disruption to energy supplies sits within that broader pattern. It has pushed up inflation and slowed growth over the period, most visibly in survey data, reversing the tailwind provided by falling energy prices over the past two years.
Central banks have so far responded only modestly, though that depends on the disruption not getting worse, and on governments not repeating the heavy spending response seen in 2022.
That modest response also fits a bigger shift: governments now seem to need higher nominal growth and inflation to service their debts. Governments are facing rising debt costs, defence spending, climate spending and the costs of an ageing population. Interest rates are higher than before, but once inflation is taken into account, real interest rates remain fairly modest. Government bond yields are still below the pace of nominal GDP growth in most economies, meaning debt is quietly being eroded rather than paid down. That keeps government debt manageable, and looser credit conditions are also feeding through to households and businesses, with credit now picking up again globally. Central banks have gone along with this: quick to cut rates when disinflationary shocks hit, but slow to raise them when inflation picks up. In effect, 2% inflation has become a floor rather than a ceiling.
AI investment is feeding directly into this stronger growth and inflation. People and businesses are spending today in anticipation of the income gains AI will bring. AI-related demand, including through US imports, is helping offset the drag from tariffs elsewhere, especially in Asia. AI's cost-cutting, deflationary effects should still come through eventually, but that has not shown up in the numbers yet.
Beneath these swings, Japan and China continue to move in opposite directions. Japan is emerging from three decades of deflation, which is pushing up its borrowing costs and raising new questions about how it will manage its debt. China, by contrast, is settling into a prolonged period of falling prices, as losses from its property sector and other overbuilt industries are increasingly felt by households, weighing on spending even as continued investment in manufacturing adds to an already large oversupply.
Remuneration Disclosure (continued)
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Global Equities The first half of 2026 was dominated by the ongoing growth of AI and, in particular, the spending on building out AI infrastructure. This was similar to the second half of 2025, but with the market focusing on new bottlenecks in the buildout process. Most notable was the boom in memory demand driven by the increasing amount of memory required per AI processor chip. This drove the price of DRAM (dynamic random access memory) up dramatically, and so helped increase the profitability of the memory manufacturers, with their share prices rising significantly. Similarly, the price of other stocks in the AI buildout chain rose dramatically, with companies that had hitherto been relatively slow-growing and often considered ‘cash return’ or dividend-type stocks seeing their share prices rise well over 100%. For example, the share price of hard disk drive maker Western Digital was up around 250%. Conversely, stocks that might suffer from AI continued to sell off, with software companies the worst among them.
Separate from the AI buildout was the commencement by the US of the war with Iran, which initially shut the Strait of Hormuz and significantly reduced the supply of oil to the world economy. The Brent crude oil price rose from roughly US $60 per barrel, peaking at over $125 per barrel, and the European natural gas price doubled. As the US is self-sufficient in natural gas, the American price of the resource did not move. The price of energy in Europe, however, became elevated again, having separately already roughly doubled since the war in Ukraine. The price of gasoline in the US did rise significantly (up around 50%) though the impact on the economy has so far been muted, which is somewhat surprising given the size of the move. There is some evidence that the AI boom is masking weakness in the rest of the economy, with much of the earnings growth in 2026 coming from AI-related companies.
We have exposure to several themes, but the market is arguably being driven by just one: AI. While equities in aggregate have done well, there is some evidence that the market has become overexcited by AI, and certainly so far in the second half of 2026 there has been some unwinding of those outperformers. This could continue as there is growing concern over the economics of AI. The market may overlook those concerns and bid up the stocks again on the assumption of a sustained boom in AI spending and/or potential future growth. Equity trading has become dominated by retail traders and systematic trading strategies reinforcing the importance of the momentum factor, whereby stocks that have been going up tend to continue rising irrespective of fundamentals. This has been a key feature of the market over the past 18 months, although ultimately fundamentals will likely reassert their importance.
Fixed Income The first half of 2026 was another volatile period for fixed income markets. Geopolitical tensions, changing expectations for monetary policy and the continued rapid development of AI were the dominant themes. Despite the challenging backdrop, the ICE BofA Global Fixed Income Markets Index returned 0.7% (in local currency terms). Sterling corporate bonds recovered during the second quarter following a weaker start to the period.
Economic activity remained relatively resilient at the start of the period, particularly in the US, where labour market conditions continued to surprise on the upside. Growth in the UK and Europe was more subdued but remained positive. However, sentiment deteriorated as the conflict in the Middle East escalated, leading to a sharp rise in energy prices and renewed concerns over inflation and global growth. Brent crude oil recorded its largest quarterly increase since the Gulf War in 1990, rising by around 94% to finish the quarter at $118.35 per barrel. Against this backdrop, markets repriced the expected path of monetary policy, with investors increasingly expecting interest rates to remain higher for longer, putting upward pressure on government bond yields.
The second quarter remained dominated by developments in the Middle East. Energy prices remained volatile as negotiations between the US and Iran alternated between signs of progress and renewed escalation. However, sentiment improved following the signing of an interim agreement in June, easing concerns over a prolonged disruption to global energy supplies. Brent crude oil fell sharply during the month, ending June at $72.92 per barrel, close to its pre-conflict level. As fears of a sustained energy shock and stagflation (an economic condition characterised by simultaneous slowing economic growth and higher prices) receded, government bond and credit markets recovered.
Economic data remained relatively resilient throughout the period. This was particularly evident in the US, where labour market data continued to surprise on the upside. By May, the three-month average of non-farm payroll growth had risen to 188,000, its highest level in two years. Growth in the UK and Europe remained more subdued but continued to expand, with June flash composite Purchasing Managers' Indices (data reflecting early estimates of business activity) remaining in expansionary territory across all three regions. Meanwhile, inflation proved more persistent than previously anticipated, reflecting both higher energy prices and resilient underlying demand.
Against this backdrop, central banks adopted a more cautious – and in some cases increasingly hawkish – stance. In the US, the Federal Reserve held rates but the first Federal Open Market Committee (which determines US monetary policy) meeting chaired by Kevin Warsh struck a more hawkish tone than expected. In the UK, the Bank of England left the Bank Rate unchanged at 3.75%, while highlighting the uncertainty surrounding the inflation outlook. Elsewhere, the European Central Bank raised its deposit rate by 25 basis points to 2.25% in June, its first increase since 2023.
Market Review (continued)
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Alongside geopolitics, AI remained one of the defining investment themes during the first half of the period. Continued spending on AI infrastructure supported companies across the technology supply chain and remained an important driver of broader market sentiment. While AI has had a more direct impact on equity markets, it continued to shape the fixed income investment backdrop throughout the period.
Currencies The US dollar strengthened modestly against roughly two thirds of major currencies in the first half of 2026 to unwind some of last year’s broad-based weakness. Higher oil prices, some safe-haven demand tied to the Gulf conflict, resilient US growth, an AI-driven investment boom and a shift in expectations toward a Fed rate hike have supported the dollar, reinforced by new Federal Reserve Chair Kevin Warsh's hawkish tone.
Among the majors that weakened against the dollar, the euro and Swiss franc both gave back some of 2025's gains, with dollar strength outweighing firmer European rate expectations. Sterling was similarly softer. The Japanese yen underperformed again, as the Bank of Japan's policy normalisation remains too gradual to offset wide rate differentials with the US. The Korean won was one of the weaker performers among larger economies, touching record lows and prompting regulatory concern. Turkey's lira was the clear laggard, extending its managed depreciation path as inflation remains well above target, worsened by the energy price shock from the Iran conflict.
Still, a meaningful group of currencies held their ground or gained. The Brazilian real was the standout, and the best-performing major currency globally, supported by Brazil's high real interest rates, strong carry appeal and improved terms of trade from higher oil, iron ore and soybean prices. China's yuan also firmed modestly, continuing a gradual managed appreciation as Beijing diversifies trade away from the US. The Australian dollar strengthened due to expectations for higher interest rates due to stubborn above-target inflation.
Guy Monson Chief Market Strategist Sarasin & Partners LLP 28 July 2026
All opinions and estimates contained in this report constitute the Company’s judgement and view as of the date of the report and are subject to change without notice.
Market Review (continued)
Fixed Income (continued)
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Notification of Amendments
Sarasin Multi Asset – Strategic: Benchmark Change The sub-fund uses a benchmark against which you can compare investment performance. This is in addition to determining whether sub-fund has met its investment target of growing (through increases in investment value and income) in real terms, i.e. more than the Consumer Price Index, over a rolling 5-year period after deducting fees and costs.
On 1 May 2026 we changed this sub-fund’s comparator benchmark to be the performance of the Investment Association’s (IA) Mixed Investment 20%-60% Shares sector. Many funds sold in the UK are grouped into sectors by the IA (the trade body that represents UK investment managers), to help investors to compare funds with broadly similar characteristics. This sub-fund is classified in the IA Mixed Investment 20%-60% Shares sector and assessing the sub-fund’s performance against this sector will allow investors to compare how the sub-fund is performing relative to its peers.
Sarasin Global Equity Real Return: Benchmark Change The sub-fund uses a benchmark against which you can compare investment performance. This is in addition to determining whether sub-fund has met its investment target of growing (through increases in investment value and income) by 4% more than the Consumer Price Index, over a rolling 5-year period after deducting fees and costs.
On 1 May 2026 we changed this sub-fund’s comparator benchmark to be the performance of the IA’s Global sector. Many funds sold in the UK are grouped into sectors by the IA (the trade body that represents UK investment managers), to help investors to compare funds with broadly similar characteristics. This sub-fund is classified in the IA Global sector and assessing the sub-fund’s performance against this sector will allow investors to compare how the sub-fund is performing relative to its peers.
Sarasin Managed Funds: Investment Policies On 6 July 2026, the investment policies of the four Sarasin Managed Funds – namely, Sarasin Cautious Managed, Sarasin Balanced Managed, Sarasin Growth Managed and Sarasin Equity Managed – were updated to clarify the types of other funds that could be invested in, and also to introduce a limit of how much investment in private equity could be made, of 10% of each sub-fund.
All Sub-Funds On 6 July 2026, Northern Trust Investor Services Limited replaced NatWest Trustee & Depositary Services Limited as the trustee and depositary of the Sarasin ICVC. The main responsibilities of the trustee/depositary are the safe-keeping of the sub-funds’ assets, independent oversight of other service providers to the sub-funds, including of Sarasin, and monitoring of cash flows into and out of the sub-funds. Northern Trust Investor Services Limited are regulated and authorised to conduct these activities in the UK.
Investment Themes
Investment Themes In this document we present a Portfolio Statement for each sub-fund to show what investments were held in your sub-fund(s) as at the account date of 3 July, how they were valued on that date, and what percentage of the overall sub-fund they represented.
We break the Portfolio Statement down into several categories to show the different types of investments that the sub-funds hold. As a global thematic investor, where a sub-fund holds shares in companies, we categorise the companies held according to the six Themes outlined below. We are committed to identifying and capitalising on enduring themes to deliver long-term value to clients investing in our sub-funds. By integrating thematic research into all aspects of investing, we strive to mitigate biases, uncover opportunities, and address risks that could impact client outcomes.
Guided by long-term structural trends that drive global change, our thematic investment approach helps us find what we see as the most compelling long-term opportunities. We believe these are the key themes that will play the most significant role in shaping our futures. Thinking thematically narrows our investment universe to companies that benefit from these themes.
On 3 July 2026, our themes were;
Digitalisation The world’s shift from analogue to digital is well underway and seems to have only sped up since the pandemic. Just look at your own behaviours. How we work, play, shop and socialise have changed. We’re now hyperconnected, instantly, all the time, while rapid developments in Artificial Intelligence (AI) are also having a huge impact on our lives. Witness the exponential growth in digital content, transactions, advertising or data science in their varied forms. With vast processing power paving the way for even more complex computing, the possibilities — and risks — of digitalisation feel almost limitless.
Automation With labour shortages growing, technology costs falling, and added efficiencies from AI, automation is advancing faster than ever. Pace of progress and adoption will vary but in overhauling most, if not all, sectors, opportunities prevail. Manufacturing is a little further along, with the automative, and food and drink sectors at the forefront. For others it’s early days. Digital networks enabling data collection, storage and analysis are also thriving as they support an increasingly automated world.
Evolving Consumption The way we consume is changing. Perhaps your own habits look different than they did a few years ago. A greater interest in health, wellness and sustainability. Discovering experiences rather than buying things. Rising living standards in emerging markets will naturally converge with those in developed markets. As younger people start earning, their priorities will differ from those of their parents and grandparents. And entertainment preferences are more personalised, seen in the shift to smartphones and on-demand models.
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Ageing If you’re investing for the long term, the theme of an ageing population may feel particularly relevant. Today, more than 10% of people in the world are aged 65 or older. With rising life expectancy and lower fertility rates, the United Nations expects this figure to double to more than 20% by 2074. A society with more older people affects how everyone works, pays tax, saves and spends. Financial services and healthcare are two sectors hugely affected, each full of diverse opportunities and risks, depending where you are in the world.
Climate Change Whatever your understanding of climate change, know that its impact is inevitable, hugely underestimated and cannot be ignored. From trying to minimise its effects or adapting to its consequences, enormous challenges exist. But with these challenges come opportunities to invest in the future, especially as you take a long-term view. Dynamic new sectors like renewable energy and electric vehicles, or smart buildings and agriculture are full of potential, requiring thorough analysis.
Security We’re living through a time of widespread geopolitical change. A growing global population and rising demand for resources are placing strain on once-seemingly stable rules-based systems. Since the Cold War, the world looks increasingly divided over identity, politics and economic regimes. And with no unity in sight, uncertainty is becoming the norm. All this means that financial decisions are being made based on concerns over security, resilience and long-term stability. We’re seeing the impact on global trade, supply chains and food or energy security, through to defence and cyberthreats. These risks are real, yet present fresh investment ideas.
Assessment of Value
The latest Assessment of Value report, as at 31 December 2025, was published in April 2026 in line with the FCA’s requirements. The Assessment of Value is a comprehensive annual review of each sub-fund, conducted across multiple value assessment criteria, with conclusions published with regards to the value that is considered to have been provided to investors. The latest report is available on the Sarasin website at www.sarasinandpartners.com.
ESG and TCFD Reporting Disclosures
We have produced and published a report for each sub-fund which aim to help investors understand the impact of the sub-fund has on climate change by providing detailed climate-related information on the sub-fund’s investments in a manner consistent with the Task Force on Climate-Related Financial Disclosures (TCFD).
We have also produced and published reports for various, in-scope, sub-funds which are designed to provide investors with details of their sustainability-related characteristics. They provide key metrics that investors may find useful in understanding each sub-fund’s sustainability characteristics or, where applicable, sustainability objectives. Annual data (where available) is provided to show how these characteristics have changed over time. These reports are produced in compliance with the regulatory requirement to publish product-level disclosures under the Sustainability Disclosure Requirements (SDR).
These reports can be found on each sub-fund’s page of our website at www.sarasinandpartners.com/individual/funds/.
Investment Themes (continued)
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Fund Details As at 3 July 2026 (unaudited)
Thematic Global Equity
Global Equity Real Return
Responsible Global Equity
Launch Date 1 Jul 94 8 May 06 1 Jun 11
Annual Charges per share class
Investment Manager’s Charge A Class 1.50% 1.50% 1.50% D Class 0.50% 0.50% 0.50% D (GBP Hedged) Class 0.50% N/A 0.50% F Class 1.00% 1.00% 1.00% I Class 0.85% 0.85% 0.85% I (GBP Hedged) Class 0.85% N/A 0.85% P Class 0.75% 0.75% 0.75% P (GBP Hedged) Class 0.75% N/A 0.75% V Class 0.40% N/A 0.40% X Class 1.35% 1.35% 1.35% X (GBP Hedged) Class 1.35% N/A 1.35% Z Class 0.00% 0.00% 0.00% Z (GBP Hedged) Class 0.00% 0.00% 0.00% V EUR Class N/A N/A 0.40% X EUR Class N/A N/A 1.35% I USD Class N/A N/A 0.85% Z USD Class N/A N/A 0.00%
Fixed Rate Operating Charge (FOC) (annual)
FOC Tier 1 (£0-£300m sub-fund Net Asset Value) A Class 0.21% 0.21% 0.21% D Class 0.21% 0.21% 0.15% D (GBP Hedged) Class 0.21% N/A 0.15% F Class 0.21% 0.21% 0.21% I Class 0.21% 0.21% 0.15% I (GBP Hedged) Class 0.21% N/A 0.15% P Class 0.21% 0.21% 0.21% P (GBP Hedged) Class 0.21% N/A 0.21% V Class 0.15% N/A 0.15% X Class 0.21% 0.21% 0.21% X (GBP Hedged) Class 0.21% N/A 0.21% Z Class 0.18% 0.18% 0.18% Z (GBP Hedged) Class 0.18% 0.18% 0.18% V EUR Class N/A N/A 0.15% X EUR Class N/A N/A 0.21% I USD Class N/A N/A 0.15% Z USD Class N/A N/A 0.18%
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Fund Details (continued)
Thematic Global Equity
Global Equity Real Return
Responsible Global Equity
Fixed Rate Operating Charge (FOC) (annual) (continued)
FOC Tier 2 (£300m-£600m sub-fund Net Asset Value) A Class 0.16% 0.16% 0.16% D Class 0.21% 0.21% 0.15% D (GBP Hedged) Class 0.21% N/A 0.15% F Class 0.16% 0.16% 0.16% I Class 0.16% 0.16% 0.10% I (GBP Hedged) Class 0.16% N/A 0.10% P Class 0.16% 0.16% 0.16% P (GBP Hedged) Class 0.16% N/A 0.16% V Class 0.15% N/A 0.15% X Class 0.21% 0.21% 0.21% X (GBP Hedged) Class 0.21% N/A 0.21% Z Class 0.18% 0.18% 0.18% Z (GBP Hedged) Class 0.18% 0.18% 0.18% V EUR Class N/A N/A 0.15% X EUR Class N/A N/A 0.21% I USD Class N/A N/A 0.10% Z USD Class N/A N/A 0.18%
FOC Tier 3 (£600m+ sub-fund Net Asset Value) A Class 0.11% 0.11% 0.11% D Class 0.21% 0.21% 0.15% D (GBP Hedged) Class 0.21% N/A 0.15% F Class 0.11% 0.11% 0.11% I Class 0.11% 0.11% 0.05% I (GBP Hedged) Class 0.11% N/A 0.05% P Class 0.11% 0.11% 0.11% P (GBP Hedged) Class 0.11% N/A 0.11% V Class 0.15% N/A 0.15% X Class 0.21% 0.21% 0.21% X (GBP Hedged) Class 0.21% N/A 0.21% Z Class 0.18% 0.18% 0.18% Z (GBP Hedged) Class 0.18% 0.18% 0.18% V EUR Class N/A N/A 0.15% X EUR Class N/A N/A 0.21% I USD Class N/A N/A 0.05% Z USD Class N/A N/A 0.18%
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SARASIN Funds ICVC
Fund Details (continued)
Thematic Global Equity
Global Equity Real Return
Responsible Global Equity
Share Types Inc and Acc Inc and Acc Inc and Acc
Minimum Initial Investment A Class £1,000 £1,000 £1,000 D Class £5,000,000 £5,000,000 £5,000,000 D (GBP Hedged) Class £5,000,000 N/A £5,000,000 F Class £1,000 £1,000 £1,000 I Class £1,000,000 £1,000,000 £1,000,000 I (GBP Hedged) Class £1,000,000 N/A £1,000,000 P Class £1,000 £1,000 £1,000 P (GBP Hedged) Class £1,000 N/A £1,000 V Class £1,000 N/A £1,000 X Class £1,000 £1,000 £1,000 X (GBP Hedged) Class £1,000 N/A £1,000 Z Class £1,000 £1,000 £1,000 Z (GBP Hedged) Class £1,000 £1,000 £1,000 V EUR Class N/A N/A €1,000 X EUR Class N/A N/A €1,000 I USD Class N/A N/A $1,000,000 Z USD Class N/A N/A $1,000
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SARASIN Funds ICVC
Fund Details (continued)
Thematic Global Equity
Global Equity Real Return
Responsible Global Equity
Minimum Monthly Savings Plan A Class £100 £100 £100 D Class None None None D (GBP Hedged) Class None N/A None F Class None None None I Class None None None I (GBP Hedged) Class None N/A None P Class None None None P (GBP Hedged) Class None N/A None V Class None N/A None X Class None None None X (GBP Hedged) Class None N/A None Z Class None None None Z (GBP Hedged) Class None None None V EUR Class N/A N/A None X EUR Class N/A N/A None I USD Class N/A N/A None Z USD Class N/A N/A None
ISA Yes Yes Yes
Annual Accounts 31 Dec 31 Dec 31 Dec
Interim Accounts 30 Jun 30 Jun 30 Jun
Annual Distribution 28 Feb 28 Feb 28 Feb
Interim Distribution 31 Aug 31 Aug 31 Aug
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SARASIN Funds ICVC
Fund Details (continued)
Global Dividend
Multi Asset Strategic
Responsible Strategic Bond
Launch Date 5 Dec 13 3 Feb 99 4 May 06
Annual Charges per share class
Investment Manager’s Charge A Class 1.50% 1.50% N/A D Class 0.50% 0.50% N/A D (GBP Hedged) Class 0.50% N/A N/A F Class 1.00% 1.00% N/A I Class 0.85% 0.85% 0.50% I (GBP Hedged) Class 0.85% N/A N/A P Class 0.75% 0.75% N/A P (GBP Hedged) Class 0.75% N/A N/A V Class 0.40% N/A 0.40% X Class 1.35% 1.35% N/A X (GBP Hedged) Class 1.35% N/A N/A Z Class 0.00% 0.00% 0.00% Z (GBP Hedged) Class 0.00% N/A N/A A EUR Class 1.50% N/A N/A F EUR Class 1.00% N/A N/A I EUR Class 0.85% N/A N/A I (EUR Hedged) Class 0.85% N/A N/A V EUR Class 0.40% N/A N/A V (EUR Hedged) Class 0.40% N/A N/A X EUR Class 1.35% N/A N/A X (EUR Hedged) Class 1.35% N/A N/A Z EUR Class 0.00% N/A N/A Z (EUR Hedged) Class 0.00% N/A N/A A USD Class 1.50% N/A N/A I USD Class 0.85% N/A N/A Z USD Class 0.00% N/A N/A
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SARASIN Funds ICVC
Fund Details (continued)
Global Dividend
Multi Asset Strategic
Responsible Strategic Bond
Fixed Rate Operating Charge (FOC) (annual)
FOC Tier 1 (£0-£300m sub-fund Net Asset Value) A Class 0.21% 0.21% N/A D Class 0.15% 0.21% N/A D (GBP Hedged) Class 0.15% N/A N/A F Class 0.21% 0.21% N/A I Class 0.15% 0.21% 0.21% I (GBP Hedged) Class 0.15% N/A N/A P Class 0.21% 0.21% N/A P (GBP Hedged) Class 0.21% N/A N/A V Class 0.15% N/A 0.15% X Class 0.21% 0.21% N/A X (GBP Hedged) Class 0.21% N/A N/A Z Class 0.18% 0.18% 0.18% Z (GBP Hedged) Class 0.18% N/A N/A A EUR Class 0.21% N/A N/A F EUR Class 0.21% N/A N/A I EUR Class 0.15% N/A N/A I (EUR Hedged) Class 0.15% N/A N/A V EUR Class 0.15% N/A N/A V (EUR Hedged) Class 0.15% N/A N/A X EUR Class 0.21% N/A N/A X (EUR Hedged) Class 0.21% N/A N/A Z EUR Class 0.18% N/A N/A Z (EUR Hedged) Class 0.18% N/A N/A A USD Class 0.21% N/A N/A I USD Class 0.15% N/A N/A Z USD Class 0.18% N/A N/A
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SARASIN Funds ICVC
Fund Details (continued)
Global Dividend
Multi Asset Strategic
Responsible Strategic Bond
Fixed Rate Operating Charge (FOC) (annual) (continued)
FOC Tier 2 (£300m-£600m sub-fund Net Asset Value) A Class 0.16% 0.16% N/A D Class 0.15% 0.21% N/A D (GBP Hedged) Class 0.15% N/A N/A F Class 0.16% 0.16% N/A I Class 0.10% 0.16% 0.16% I (GBP Hedged) Class 0.10% N/A N/A P Class 0.16% 0.16% N/A P (GBP Hedged) Class 0.16% N/A N/A V Class 0.15% N/A 0.15% X Class 0.21% 0.21% N/A X (GBP Hedged) Class 0.21% N/A N/A Z Class 0.18% 0.18% 0.18% Z (GBP Hedged) Class 0.18% N/A N/A A EUR Class 0.16% N/A N/A F EUR Class 0.16% N/A N/A I EUR Class 0.10% N/A N/A I (EUR Hedged) Class 0.10% N/A N/A V EUR Class 0.15% N/A N/A V (EUR Hedged) Class 0.15% N/A N/A X EUR Class 0.21% N/A N/A X (EUR Hedged) Class 0.21% N/A N/A Z EUR Class 0.18% N/A N/A Z (EUR Hedged) Class 0.18% N/A N/A A USD Class 0.16% N/A N/A I USD Class 0.10% N/A N/A Z USD Class 0.18% N/A N/A
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SARASIN Funds ICVC
Fund Details (continued)
Global Dividend
Multi Asset Strategic
Responsible Strategic Bond
Fixed Rate Operating Charge (FOC) (annual) (continued)
FOC Tier 3 (£600m+ sub-fund Net Asset Value) A Class 0.11% 0.11% N/A D Class 0.15% 0.21% N/A D (GBP Hedged) Class 0.15% N/A N/A F Class 0.11% 0.11% N/A I Class 0.05% 0.11% 0.11% I (GBP Hedged) Class 0.05% N/A N/A P Class 0.11% 0.11% N/A P (GBP Hedged) Class 0.11% N/A N/A V Class 0.15% N/A 0.15% X Class 0.21% 0.21% N/A X (GBP Hedged) Class 0.21% N/A N/A Z Class 0.18% 0.18% 0.18% Z (GBP Hedged) Class 0.18% N/A N/A A EUR Class 0.11% N/A N/A F EUR Class 0.11% N/A N/A I EUR Class 0.05% N/A N/A I (EUR Hedged) Class 0.05% N/A N/A V EUR Class 0.15% N/A N/A V (EUR Hedged) Class 0.15% N/A N/A X EUR Class 0.21% N/A N/A X (EUR Hedged) Class 0.21% N/A N/A Z EUR Class 0.18% N/A N/A Z (EUR Hedged) Class 0.18% N/A N/A A USD Class 0.11% N/A N/A I USD Class 0.05% N/A N/A Z USD Class 0.18% N/A N/A
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SARASIN Funds ICVC
Fund Details (continued)
Global Dividend
Multi Asset Strategic
Responsible Strategic Bond
Share Types Inc and Acc Inc and Acc Inc and Acc
Minimum Initial Investment A Class £1,000 £1,000 N/A D Class £5,000,000 £5,000,000 N/A D (GBP Hedged) Class £5,000,000 N/A N/A F Class £1,000 £1,000 N/A I Class £1,000,000 £1,000,000 £1,000,000 I (GBP Hedged) Class £1,000,000 N/A N/A P Class £1,000 £1,000 N/A P (GBP Hedged) Class £1,000 N/A N/A V Class £1,000 N/A £1,000 X Class £1,000 £1,000 N/A X (GBP Hedged) Class £1,000 N/A N/A Z Class £1,000 £1,000 £1,000 Z (GBP Hedged) Class £1,000 N/A N/A A EUR Class €1,000 N/A N/A F EUR Class €1,000 N/A N/A I EUR Class €1,000,000 N/A N/A I (EUR Hedged) Class €1,000,000 N/A N/A V EUR Class €1,000 N/A N/A V (EUR Hedged) Class €1,000 N/A N/A X EUR Class €1,000 N/A N/A X (EUR Hedged) Class €1,000 N/A N/A Z EUR Class €1,000 N/A N/A Z (EUR Hedged) Class €1,000 N/A N/A A USD Class $1,000 N/A N/A I USD Class $1,000,000 N/A N/A Z USD Class $1,000 N/A N/A
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SARASIN Funds ICVC
Fund Details (continued)
Global Dividend
Multi Asset Strategic
Responsible Strategic Bond
Minimum Monthly Savings Plan A Class £100 £100 N/A D Class None None N/A D (GBP Hedged) Class None N/A N/A F Class None None N/A I Class None None None I (GBP Hedged) Class None N/A N/A P Class None None N/A P (GBP Hedged) Class None N/A N/A V Class None N/A None X Class None None N/A X (GBP Hedged) Class None N/A N/A Z Class None None None Z (GBP Hedged) Class None N/A N/A A EUR Class None N/A N/A F EUR Class None N/A N/A I EUR Class None N/A N/A I (EUR Hedged) Class None N/A N/A V EUR Class None N/A N/A V (EUR Hedged) Class None N/A N/A X EUR Class None N/A N/A X (EUR Hedged) Class None N/A N/A Z EUR Class None N/A N/A Z (EUR Hedged) Class None N/A N/A A USD Class None N/A N/A I USD Class None N/A N/A Z USD Class None N/A N/A
ISA Yes Yes Yes
Annual Accounts 31 Dec 31 Dec 31 Dec
Interim Accounts 30 Jun 30 Jun 30 Jun
Annual Distribution 28 Feb 28 Feb 28 Feb
Interim Distribution 31 May - 31 May 31 Aug 31 Aug 31 Aug 30 Nov - 30 Nov
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SARASIN Funds ICVC
Fund Details (continued)
Food & Agriculture Opportunities
Responsible Corporate Bond
Responsible Multi Asset
Launch Date 31 Mar 08 14 Nov 16 18 Mar 21
Annual Charges per share class
Investment Manager’s Charge: A Class 1.50% N/A N/A D Class N/A N/A 0.50% F Class 1.00% N/A N/A I Class 0.85% 0.40% N/A L Class N/A N/A 0.50% P Class 0.75% 0.40% 0.75% V Class 0.40% 0.40% N/A X Class 1.35% N/A N/A Z Class 0.00% 0.00% 0.00% Z EUR Class 0.00% N/A N/A
Fixed Rate Operating Charge (FOC) (annual)
FOC Tier 1 (£0-£300m sub-fund Net Asset Value) A Class 0.21% N/A N/A D Class N/A N/A 0.15% F Class 0.21% N/A N/A I Class 0.21% 0.15% N/A L Class N/A N/A 0.21% P Class 0.21% 0.21% 0.21% V Class 0.15% 0.15% N/A X Class 0.21% N/A N/A Z Class 0.18% 0.18% 0.18% Z EUR Class 0.18% N/A N/A
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SARASIN Funds ICVC
Fund Details (continued)
Food & Agriculture Opportunities
Responsible Corporate Bond
Responsible Multi Asset
Fixed Rate Operating Charge (FOC) (annual) (continued)
FOC Tier 2 (£300m-£600m sub-fund Net Asset Value) A Class 0.16% N/A N/A D Class N/A N/A 0.15% F Class 0.16% N/A N/A I Class 0.16% 0.10% N/A L Class N/A N/A 0.16% P Class 0.16% 0.16% 0.16% V Class 0.15% 0.15% N/A X Class 0.21% N/A N/A Z Class 0.18% 0.18% 0.18% Z EUR Class 0.18% N/A N/A
FOC Tier 3 (£600m+ sub-fund Net Asset Value) A Class 0.11% N/A N/A D Class N/A N/A 0.15% F Class 0.11% N/A N/A I Class 0.11% 0.05% N/A L Class N/A N/A 0.11% P Class 0.11% 0.11% 0.11% V Class 0.15% 0.15% N/A X Class 0.21% N/A N/A Z Class 0.18% 0.18% 0.18% Z EUR Class 0.18% N/A N/A
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SARASIN Funds ICVC
Fund Details (continued)
Food & Agriculture Opportunities
Responsible Corporate Bond
Responsible Multi Asset
Share Types Inc and Acc Inc and Acc Inc and Acc
Minimum Initial Investment A Class £1,000 N/A N/A D Class N/A N/A £5,000,000 F Class £1,000 N/A N/A I Class £1,000,000 £1,000,000 N/A L Class N/A N/A £10,000,000 P Class £1,000 £1,000 £1,000 V Class £1,000 £1,000 N/A X Class £1,000 N/A N/A Z Class £1,000 £1,000 £1,000 Z EUR Class €1,000 N/A N/A
Food & Agriculture Opportunities
Responsible Corporate Bond
Responsible Multi Asset
Minimum Monthly Savings Plan A Class £100 N/A N/A D Class N/A N/A None F Class None N/A N/A I Class None None N/A L Class N/A N/A None P Class None None None V Class None None N/A X Class None N/A N/A Z Class None None None Z EUR Class None N/A N/A
ISA Yes Yes Yes
Annual Accounts 31 Dec 31 Dec 31 Dec
Interim Accounts 30 Jun 30 Jun 30 Jun
Annual Distribution 28 Feb 28 Feb 28 Feb
Interim Distribution - 31 May 31 Aug 31 Aug 31 Aug - 30 Nov -
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SARASIN Funds ICVC
Fund Details (continued)
Balanced Managed
Cautious Managed
Equity Managed
Growth Managed
Launch Date 29 Apr 25 29 Apr 25 29 Apr 25 29 Apr 25
Annual Charges per share class
Investment Manager’s Charge: I Class 0.40% 0.40% 0.40% 0.40% M Class 0.55% 0.55% 0.55% 0.55% P Class 0.75% 0.75% 0.75% 0.75% R Class 0.30% 0.30% 0.30% 0.30% Z Class 0.00% 0.00% 0.00% 0.00% M USD Class 0.55% 0.55% 0.55% 0.55%
Fixed Rate Operating Charge (FOC) (annual)
FOC Tier 1 (£0-£300m sub-fund Net Asset Value) I Class 0.15% 0.15% 0.15% 0.15% M Class 0.15% 0.15% 0.15% 0.15% P Class 0.21% 0.21% 0.21% 0.21% R Class 0.15% 0.15% 0.15% 0.15% Z Class 0.18% 0.18% 0.18% 0.18% M USD Class 0.15% 0.15% 0.15% 0.15%
FOC Tier 2 (£300-£600m sub-fund Net Asset Value) I Class 0.10% 0.10% 0.10% 0.10% M Class 0.10% 0.10% 0.10% 0.10% P Class 0.16% 0.16% 0.16% 0.16% R Class 0.10% 0.10% 0.10% 0.10% Z Class 0.18% 0.18% 0.18% 0.18% M USD Class 0.10% 0.10% 0.10% 0.10%
FOC Tier 3 (£600+ sub-fund Net Asset Value) I Class 0.05% 0.05% 0.05% 0.05% M Class 0.05% 0.05% 0.05% 0.05% P Class 0.11% 0.11% 0.11% 0.11% R Class 0.05% 0.05% 0.05% 0.05% Z Class 0.18% 0.18% 0.18% 0.18% M USD Class 0.05% 0.05% 0.05% 0.05%
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SARASIN Funds ICVC
Fund Details (continued)
Balanced Managed
Cautious Managed
Equity Managed
Growth Managed
Share Types Inc and Acc Inc and Acc Inc and Acc Inc and Acc
Minimum Initial Investment I Class £1,000,000 £1,000,000 £1,000,000 £1,000,000 M Class £10,000,000 £10,000,000 £10,000,000 £10,000,000 P Class £1,000 £1,000 £1,000 £1,000 R Class £1,000,000 £1,000,000 £1,000,000 £1,000,000 Z Class £1,000 £1,000 £1,000 £1,000 M USD Class $1,000,000 $1,000,000 $1,000,000 $1,000,000
Balanced Managed
Cautious Managed
Equity Managed
Growth Managed
Minimum Monthly Savings Plan I Class N/A N/A N/A N/A M Class N/A N/A N/A N/A P Class N/A N/A N/A N/A R Class N/A N/A N/A N/A Z Class N/A N/A N/A N/A M USD Class N/A N/A N/A N/A
ISA Yes Yes Yes Yes
Annual Accounts 31 Dec 31 Dec 31 Dec 31 Dec
Interim Accounts 30 Jun 30 Jun 30 Jun 30 Jun
Annual Distribution 28 Feb 28 Feb 28 Feb 28 Feb
Interim Distribution 31 Aug 31 Aug 31 Aug 31 Aug
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SARASIN Funds ICVC
Certification of Accounts by Directors Having considered relevant factors, the Directors of the ACD are of the opinion that it is appropriate to continue to adopt the going concern basis in the preparation of the Financial Statements. The assets of the Company consist predominantly of securities that are readily realisable, and accordingly, the Company has adequate resources to continue in operational existence for the foreseeable future.
In accordance with the requirements of COLL 4.5.8BR, we hereby certify the Interim Report and Unaudited Financial Statements on behalf of the Authorised Corporate Director, Sarasin Investment Funds Limited.
G. Steinberg Director of Sarasin Investment Funds Limited 27 August 2026
G.V. Matthews Director of Sarasin Investment Funds Limited 27 August 2026
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SARASIN Thematic Global Equity
Investment Objective and Policy Investment Objective We seek to grow the sub-fund (through increases in investment value and income) over a rolling 5 year period after deducting fees and costs.
Investment Policy Investments
We invest at least 80% of the sub-fund in the shares of large and medium sized companies from around the world.
We may also invest in cash or bonds or units in funds (including funds managed by Sarasin).
Investment Selection
We carefully select the sub-fund’s investments and have free choice to select companies from any country/region, sector or industry.
We identify the long-term investment themes that drive growth and lead to disruption in global economies and industries. We believe that these themes are likely to result in structural consequences for company performance which will be reflected in their share price. We select companies which are most likely to benefit from our investment themes, and are well placed to grow their revenues and cash flows as a result of them, based on our own analysis.
Integral to this analysis is the Sarasin Sustainability Impact Matrix (“SIM”) - an in-house tool devised to examine and quantify any material environmental, social and/or governance factors. A comprehensive assessment of the related risks and opportunities resulting from these factors that are identified through the SIM, are then embedded within our financial modelling and analysis of companies.
The sub-fund will not therefore always exclude holdings for which material environmental, social and/or governance risks have been identified.
Stewardship
In keeping with our overall stewardship philosophy, we engage, as far as possible, with underlying issuers (both shares and corporate bonds) to promote actions to mitigate material environmental, social and/or governance risks identified through the SIM or other analysis. Engagements are prioritised according to the materiality of our concern, the size of our holding, and also our view of the ability for engagement to have a meaningful impact. Engagements are conducted in line with our Ownership Discipline, further detail of which can be accessed on our website at www.sarasinandpartners.com/stewardship.
Voting is integral to our engagement work where we are a shareholder in a company, and we seek to ensure votes on routine items are aligned with our engagement priorities. Our Corporate Governance and Voting Guidelines are updated annually and published on our website at www.sarasinandpartners.com/stewardship/how-we-vote-for you/.
Finally, we undertake market-level outreach to policy makers, standard setters or other multilateral or non-governmental bodies to support action to tackle market failures that threaten long-term financial performance for investors.
Additional Techniques
We may only use derivatives to maintain the sub-fund’s value, manage investment risk and to gain cost-effective access to investments. Derivatives are financial contracts whose value is linked to the price of another asset (e.g. indices, rates, share prices, currencies).
Sustainability Labels
Sustainable labels help investors find products that have a specific sustainability goal.
Whilst the sub-fund incorporates environmental, social and governance (ESG) considerations, active ownership and policy outreach, it does not have a defined sustainability goal or objective, therefore this product does not have a UK sustainability investment label.
Benchmark Information Because the sub-fund offers Share Classes denominated in various currencies and with various currency hedging options, shareholders may assess performance in respect of hedged share classes against a iteration of the MSCI All Countries World Index (Net Total Return) which is hedged to the currency of denomination of the relevant Share Class. In respect of all other share classes, shareholders may assess performance against the MSCI All Countries World Index (Net Total Return) denominated in the same currency as the relevant unhedged share class.
The MSCI All Countries World Index (Total Net Return), including in hedged form, represents the performance of shares of companies from around the world.
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SARASIN Thematic Global Equity
Sensitivity Analysis The sub-fund invests in equities. The sub-fund will then use options on individual stocks to implement views on specific stocks and to increase the yield on the sub-fund by selling options on stocks.
Sarasin uses FactSet to measure Fund risk. The FactSet multi-asset class (MAC) risk framework is a set of tools that investors can utilise to estimate, monitor, and control the exposure of their portfolios to market risk (either on an absolute basis or relative to a benchmark), using a Monte Carlo simulation methodology.
The Value at Risk (VaR) is a statistical technique used to measure and quantify the level of risk within an investment portfolio over a specific timeframe.
The VaR statistic adopted for Sarasin funds is the “99% / 20-day VaR” model. To calculate this figure, FactSet ranks the distribution and then calculates the VaR figure based on the 99th percentile.
The “99% / 20-day Relative VaR” for Sarasin Thematic Global Equity, as at 3 July 2026, was 99.91% (31 December 2025: 104.46%). The lowest, highest, and average utilisation in the period was 97.46%, 108.53% and 102.67%, respectively (31 December 2025: 94.16%, 107.76% and 101.65%, respectively).
Note: Sub-fund moved to relative VaR in mid-2020 so that the VaR limit moves with market volatility. The regulatory limit is 200% relative to benchmark VaR.
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SARASIN Thematic Global Equity
Investment Review
ew Investment Review Sub-fund Performance Cumulative performance 6 mos 1 yr 3 yrs 5 yrs Since Inception 01 Jan 26 03 Jul 26
01 Jul 25 03 Jul 26
01 Jul 23 03 Jul 26
01 Jul 21 03 Jul 26
01 Jul 94 03 Jun 26
% % % % % Fund P Acc (Net) 3.70 7.40 20.20 22.20 953.80 Comparator Index 12.40 25.60 62.90 73.20 1,430.10
Discrete performance 01 Jul 25 03 Jul 26
01 Jul 24 30 Jun 25
01 Jul 23 30 Jun 24
01 Jul 22 30 Jun 23
01 Jul 21 30 Jun 22
% % % % % Fund P Acc (Net) 7.40 -1.60 14.00 7.90 -5.70 Comparator Index 25.60 7.20 20.10 11.30 -4.20
Source: Sarasin & Partners LLP and FE Fundinfo. Performance is provided net of fees. Past performance is not a guide to future returns and may not be repeated. Performance is calculated in GBP on the basis of net asset values (NAV) and dividends reinvested. Class P (Acc) has been used as the representative share class in the table above, which launched on 15 October 2012. Performance prior to this date is from the previously merged share class Sarasin Thematic Global Equity A Acc. Prior to 28 November 2016, the sub-fund was named Sarasin EquiSar Global Thematic. Performance figures for other share classes in issue can be obtained by contacting marketing@sarasin.co.uk.
Performance The sub-fund returned 3.70% (net of charges) for the period from 1 January 2026 to 3 July 2026, versus 12.40% for the comparator benchmark. The performance of the sub-fund compared to the benchmark has again been challenging. In particular, the extraordinary moves by the semiconductor and memory stocks within the world equity index have been extremely hard to match. Yes, the sub-fund has exposure to these sectors in the US and Asia, but not at market weights. More generally, the accelerating AI boom has created one of the most powerful momentum-led rallies in recent years, and those diversifying into ‘quality’ or more defensive equity holdings have inevitably underperformed. We are no exception, given that our thematic stocks typically tend to show higher returns on equity, lower financial leverage, and more stable earnings growth, which have often been overlooked in the recent market rally. There are signs that market leadership may be broadening beyond a narrow group of AI winners, which would be beneficial for our thematic equity approach.
Review Disruption resulting from the US imposition of tariffs and a surge in energy prices following the start of the war in Iran negatively affected investor sentiment during the opening months of the year. The uncertainty caused investors to become increasingly concerned about inflation risks, which led to weak performance across global stock markets.
However, investor sentiment towards the stock market improved as the period progressed. It was boosted by a de-escalation in the conflict in the Middle East that led to a sharp fall in oil prices from their April peak.
The easing of energy concerns allowed markets to refocus on Artificial Intelligence (AI), pushing technology stocks higher. Further boosts came from companies raising their spending plans for the year and upgraded global earnings forecasts. Shares delivered strong gains. Emerging markets fared best, driven by the heavy weighting of semiconductor and IT hardware companies in the index. Japan also performed strongly, supported by a weak currency and expectations of higher government spending. Meanwhile, UK equities were relatively resilient due to a weaker sterling.
Positives Among the sub-fund’s holdings, ASML Holding, a leading manufacturer of semiconductor production equipment, delivered strong performance throughout the period. This was driven by record-breaking new orders, profit margins that were at the upper end of expectations and an increase in projected revenues for the full year.
Another holding which delivered strong returns was SK Hynix. The company announced record Quarter 1 2026 results, with operating profit nearly doubling and operating margins also up substantially, as AI infrastructure investment continued to outpace the supply of memory.
The shares of consumer products company Colgate-Palmolive performed well as the company maintained its upward momentum. This was largely a result of better-than-expected results for the final quarter of 2025 and a strategy aimed at maintaining growth over the next five years.
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Negatives Microsoft shares were weaker amid concerns around higher levels of spending on AI, and the company’s ongoing commitment in this area. However, we believe that Microsoft will be a long-term AI winner.
The holding in ServiceNow, a software specialist, detracted from returns after the company announced its fourth quarter 2025 results. The weakness was despite performance that was better than expectations and guidance for the full year 2026 coming in ahead of consensus.
Our holding in Netflix, the subscription streaming service, also detracted despite the release of results that were ahead of expectations. Investors focused instead on a disappointing outlook for revenue and operating income, plus unchanged full-year revenue guidance. The latter frustrated investors hoping that a price increase for US subscribers would lift the overall outlook. The company also announced that co-founder Reed Hastings would not stand for re-election to the board; he subsequently stepped down at the annual meeting in June.
Transactions We took a holding in the aforementioned BHP Group We believe that it offers high-quality exposure to copper, which we view as benefiting from demand arising from electrification, as well as tightening global supply.
SK Hynix was also added to portfolios, reflecting our expectation that the memory cycle will prove more extended than prior cycles, with the position also providing a hedge on memory risk and improving overall sub-fund volatility characteristics.
We started a position in Citigroup, a global bank which is reaching the end of a multi-year restructuring plan. The firm now has a greater focus on growth. We see signs of progress towards this goal, and valuations are supportive, making it one of the cheaper financial stocks in the US.
We completed the sale of our holding in lift manufacturer Otis Worldwide. We felt that the company faced headwinds in its service business, which could act as a drag on its future financial performance.
Another disposal was Fortinet, a US-based cybersecurity company. We reassessed our conviction in the software sector's resilience amid accelerating disruption from AI. We believe the broader software sector faces structural headwinds as AI increasingly automates and displaces traditional software-based solutions.
We also exited the position in professional services firm Marsh & McLennan Cos. We had lost confidence in the firm’s ability to withstand the impact of AI on its business model.
Outlook Global equity markets had been supported by easing oil supply concerns and major stock market listings by large technology companies, and investor confidence was returning. However, as we enter the second half of the period, a renewed flare up in conflict between the US and Iran brings fresh uncertainty and we will be keeping a close eye on the wider consequences.
The US is experiencing an extraordinary period of capital raising, led by SpaceX's record-breaking IPO (initial public offering), with Anthropic expected to follow later this year, and OpenAI potentially waiting until 2027. However, questions remain about the future valuations of these companies and whether markets can absorb the new supply of shares. More broadly, equity markets are being supported by potential long-term AI-linked productivity gains and AI-driven demand for new data centres.
We continue to focus on high-quality companies with higher returns on equity, stable earnings growth and lower borrowings, which should offer some downside protection in case of economic headwinds.
Tom Wildgoose Senior Portfolio Manager – Global Equities Sarasin & Partners LLP 28 July 2026
All opinions and estimates contained in this report constitute the Company’s judgement and view as of the date of the report and are subject to change without notice.
Top 10 purchases during the period BHP Group Shell National Bank of Greece EssilorLuxottica SK Hynix Taiwan Semiconductor Manufacturing Company ADR Duke Energy Koninklijke Ahold Delhaize AIA Group Ecolab Top 10 sales during the period Alphabet 'A' NVIDIA Marsh & McLennan Cos Keyence Schneider Electric Colgate-Palmolive Ross Stores Otis Worldwide Meta Platforms 'A' Fortinet
Investment Review (continued)
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Sub-fund Information
Risk and Reward Profile
0
Lower2 er2 risk Higher risk Typically lower rewards Typically higher rewards
1 2 3 4 5 6 7
• Historical data may not be a reliable indication for the future. • The risk category shown is not guaranteed and may shift over time. • The lowest category does not mean ‘risk-free’.
The Risk and Reward Indicator The Risk and Reward Indicator table demonstrates where the sub-fund ranks in terms of its potential risk and return, calculated using the volatility of monthly returns over five years. As it is based upon how the sub-fund has performed in the past, you should note that the sub-fund may well perform differently in the future. The higher the rank, the greater the potential reward but the greater the risk of losing money.
The sub-fund is ranked at 5 reflecting observed historical returns. The sub-fund is in this category because it has shown higher levels of volatility historically.
The following risks may not be fully captured by the Indicator: Emerging Markets Risk: Emerging markets may face more political, economic or structural challenges than developed markets. Shares may also be less liquid, meaning investments may not be sold quickly enough to prevent or minimise a loss. As a result, investing in emerging markets may involve a higher risk than investing in developed markets.
Operational Risk: Operational risks arising from failures or delays in processes and systems, or the failure of a third-party provider may affect the value of your investments. If compensation is required due to failures, payments may be delayed.
Counterparty and Settlement Risk: The sub-fund could lose money if a counterparty with which it transacts with becomes unwilling or unable to repay money owed to the sub-fund.
Charges deducted from capital: The sub-fund has charges deducted from capital. This may reduce the potential for growth.
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SARASIN Thematic Global Equity
Portfolio Statement As at 3 July 2026 (unaudited)
Holding Investment
Market Value £
% of Net Assets
Digitalisation 37.21% (31 December 2025 - 37.25%) 50,171 Alphabet 'A' 13,503,256 4.48 67,932 Amazon.com 12,320,572 4.09 54,191 Apple 12,501,557 4.15 11,800 Disco 4,195,028 1.39 24,400 Hoya 2,935,659 0.97 79,121 London Stock Exchange Group 6,856,626 2.27 19,756 Mastercard 'A' 7,976,054 2.64 13,963 Meta Platforms 'A' 6,090,616 2.02 52,369 Microsoft 15,275,319 5.07 11,081 Moody's 4,065,895 1.35 90,710 Netflix 5,269,091 1.75 6,775 SK Hynix 8,044,141 2.67 576,200 Sunny Optical Technology 3,299,897 1.09 152,800 Tencent Holdings 6,288,949 2.09 63,800 Uber Technologies 3,554,554 1.18 112,177,214 37.21
Automation 18.20% (31 December 2025 - 19.30%) 6,312 ASML Holding 8,836,249 2.93 27,521 Broadcom 7,420,728 2.46 55,473 Emerson Electric 5,771,766 1.92 64,268 Infineon Technologies 4,265,049 1.42 139,518 NVIDIA 20,314,320 6.74 9,948 Schneider Electric 2,386,957 0.79 17,986 Taiwan Semiconductor Manufacturing Company ADR 5,851,122 1.94 54,846,191 18.20
Ageing 6.07% (31 December 2025 - 2.27%) 745,600 AIA Group 5,213,021 1.73 5,536 BlackRock 4,121,030 1.37 237,621 GSK 4,785,687 1.59 6,201 Intuitive Surgical 1,977,263 0.65 21,844 Straumann 2,190,355 0.73 18,287,356 6.07
Evolving Consumption 14.34% (31 December 2025 - 20.59%) 43,521 Colgate-Palmolive 3,098,193 1.03 246,976 Compass Group 6,047,976 2.01 8,813 Costco Wholesale 6,274,499 2.08 36,563 EssilorLuxottica 5,393,500 1.79 9,973 Ferrari 2,829,087 0.94 752 Givaudan 2,456,969 0.81 8,119 Home Depot 2,174,731 0.72 81,438 Industria de Diseno Textil 3,989,027 1.32 14,618 L'Oreal 4,787,897 1.59 8,886 LVMH Moet Hennessy Louis Vuitton 3,773,297 1.25
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SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Evolving Consumption (continued) 51,892 Unilever 2,397,411 0.80 43,222,587 14.34
Security 15.83% (31 December 2025 - 11.58%) 127,675 BAE Systems 2,529,880 0.84 226,537 Bank of Ireland Group 3,358,199 1.11 179,748 BHP Group 5,646,405 1.87 38,217 BNP Paribas 3,360,885 1.11 41,047 Citigroup 4,299,986 1.43 33,429 CME Group 5,919,992 1.96 23,482 Euronext 2,971,059 0.99 20,423 JPMorgan Chase & Company 5,109,763 1.70 2,113 MercadoLibre 2,788,622 0.93 461,663 National Bank of Greece 6,216,892 2.06 191,199 Shell 5,528,519 1.83 47,730,202 15.83
Climate Change 5.28% (31 December 2025 - 4.07%) 108,732 A O Smith 5,103,871 1.69 48,253 Duke Energy 4,677,371 1.55 22,272 Ecolab 4,723,347 1.57 2,829 Quanta Services 1,414,616 0.47 15,919,205 5.28
Sustained Income 2.50% (31 December 2025 - 3.32%) 41,835 Kimberly-Clark 3,591,404 1.19 128,505 Koninklijke Ahold Delhaize 3,951,939 1.31 7,543,343 2.50
Forward Currency Contracts 0.24% (31 December 2025 - 0.10%) AUD (18,040) Sold AUD, Bought GBP 9,401 for settlement on 24/07/2026 37 AUD (6,393) Sold AUD, Bought GBP 3,331 for settlement on 24/07/2026 13 AUD (38,669) Sold AUD, Bought GBP 20,498 for settlement on 24/07/2026 424 AUD (491) Sold AUD, Bought GBP 257 for settlement on 24/07/2026 2 AUD (37) Sold AUD, Bought GBP 20 for settlement on 24/07/2026 – AUD (508,958) Sold AUD, Bought GBP 269,786 for settlement on 24/07/2026 5,584 AUD (22) Sold AUD, Bought GBP 12 for settlement on 24/07/2026 – AUD (206) Sold AUD, Bought GBP 109 for settlement on 24/07/2026 2 AUD (31) Sold AUD, Bought GBP 16 for settlement on 24/07/2026 – AUD (141) Sold AUD, Bought GBP 73 for settlement on 24/07/2026 1 AUD (1) Sold AUD, Bought GBP 1 for settlement on 24/07/2026 – AUD (49,809) Sold AUD, Bought GBP 26,402 for settlement on 24/07/2026 546 AUD (38,186) Sold AUD, Bought GBP 19,815 for settlement on 24/07/2026 (7) –
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SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) AUD (76) Sold AUD, Bought GBP 40 for settlement on 24/07/2026 – AUD (4) Sold AUD, Bought GBP 2 for settlement on 24/07/2026 – AUD (7) Sold AUD, Bought GBP 4 for settlement on 24/07/2026 – AUD (1) Sold AUD, Bought GBP – for settlement on 24/07/2026 – AUD (63,956) Sold AUD, Bought GBP 33,330 for settlement on 24/07/2026 130 AUD (301) Sold AUD, Bought GBP 157 for settlement on 24/07/2026 – AUD (722) Sold AUD, Bought GBP 375 for settlement on 24/07/2026 – AUD (1,062) Sold AUD, Bought GBP 563 for settlement on 24/07/2026 12 AUD (3) Sold AUD, Bought GBP 2 for settlement on 24/07/2026 – AUD (24) Sold AUD, Bought GBP 13 for settlement on 24/07/2026 – AUD (74) Sold AUD, Bought GBP 39 for settlement on 24/07/2026 1 AUD (2,138) Sold AUD, Bought GBP 1,117 for settlement on 24/07/2026 8 AUD (2) Sold AUD, Bought GBP 1 for settlement on 24/07/2026 – AUD 0 Sold AUD, Bought GBP – for settlement on 24/07/2026 – AUD (10,720) Sold AUD, Bought GBP 5,563 for settlement on 24/07/2026 (2) AUD (1) Sold AUD, Bought GBP 1 for settlement on 24/07/2026 – AUD (2,743) Sold AUD, Bought GBP 1,429 for settlement on 24/07/2026 6 AUD (1,832,247) Sold AUD, Bought GBP 971,229 for settlement on 24/07/2026 20,101 0.01 AUD (30) Sold AUD, Bought GBP 16 for settlement on 24/07/2026 – AUD (214,943) Sold AUD, Bought GBP 113,936 for settlement on 24/07/2026 2,358 AUD (1,628) Sold AUD, Bought GBP 845 for settlement on 24/07/2026 – AUD (1,048) Sold AUD, Bought GBP 544 for settlement on 24/07/2026 – AUD (3,801) Sold AUD, Bought GBP 1,972 for settlement on 24/07/2026 (1) AUD (77,784) Sold AUD, Bought GBP 41,231 for settlement on 24/07/2026 853 AUD (182,095) Sold AUD, Bought GBP 96,524 for settlement on 24/07/2026 1,998 AUD (7,586) Sold AUD, Bought GBP 3,953 for settlement on 24/07/2026 15 AUD (1,364) Sold AUD, Bought GBP 711 for settlement on 24/07/2026 3 AUD (1,759) Sold AUD, Bought GBP 917 for settlement on 24/07/2026 4 AUD (4,512) Sold AUD, Bought GBP 2,342 for settlement on 24/07/2026 (1) AUD (811) Sold AUD, Bought GBP 421 for settlement on 24/07/2026 – AUD 0 Sold AUD, Bought GBP – for settlement on 24/07/2026 – CHF (36,982) Sold CHF, Bought GBP 34,719 for settlement on 24/07/2026 206 CHF (1,379) Sold CHF, Bought GBP 1,292 for settlement on 24/07/2026 5 CHF (1,177) Sold CHF, Bought GBP 1,101 for settlement on 24/07/2026 2 CHF 0 Sold CHF, Bought GBP – for settlement on 24/07/2026 – CHF (912) Sold CHF, Bought GBP 852 for settlement on 24/07/2026 2 CHF (294) Sold CHF, Bought GBP 276 for settlement on 24/07/2026 1 –
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SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) CHF (19) Sold CHF, Bought GBP 17 for settlement on 24/07/2026 – CHF (57,754) Sold CHF, Bought GBP 54,219 for settlement on 24/07/2026 322 CHF 0 Sold CHF, Bought GBP – for settlement on 24/07/2026 – CHF (1,360,424) Sold CHF, Bought GBP 1,277,168 for settlement on 24/07/2026 7,590 CHF (2,149) Sold CHF, Bought GBP 2,014 for settlement on 24/07/2026 8 CHF (1,830) Sold CHF, Bought GBP 1,711 for settlement on 24/07/2026 3 CHF (19) Sold CHF, Bought GBP 17 for settlement on 24/07/2026 – CHF (135,204) Sold CHF, Bought GBP 126,930 for settlement on 24/07/2026 754 CHF (1) Sold CHF, Bought GBP 1 for settlement on 24/07/2026 – CHF (55) Sold CHF, Bought GBP 51 for settlement on 24/07/2026 – CHF 0 Sold CHF, Bought GBP – for settlement on 24/07/2026 – CHF (5,012) Sold CHF, Bought GBP 4,696 for settlement on 24/07/2026 20 CHF (4,271) Sold CHF, Bought GBP 3,993 for settlement on 24/07/2026 7 CHF (336) Sold CHF, Bought GBP 314 for settlement on 24/07/2026 – CHF (192) Sold CHF, Bought GBP 179 for settlement on 24/07/2026 – CHF (42,754) Sold CHF, Bought GBP 39,973 for settlement on 24/07/2026 74 CHF (49) Sold CHF, Bought GBP 46 for settlement on 24/07/2026 – CHF (2) Sold CHF, Bought GBP 2 for settlement on 24/07/2026 – CHF (50,475) Sold CHF, Bought GBP 47,301 for settlement on 24/07/2026 197 CHF (85) Sold CHF, Bought GBP 80 for settlement on 24/07/2026 – CHF (1,069) Sold CHF, Bought GBP 1,002 for settlement on 24/07/2026 4 CHF (6) Sold CHF, Bought GBP 5 for settlement on 24/07/2026 – CHF (5) Sold CHF, Bought GBP 5 for settlement on 24/07/2026 – CHF (377,896) Sold CHF, Bought GBP 354,769 for settlement on 24/07/2026 2,108 CHF (153) Sold CHF, Bought GBP 144 for settlement on 24/07/2026 1 CHF (14) Sold CHF, Bought GBP 13 for settlement on 24/07/2026 – CHF (159,593) Sold CHF, Bought GBP 149,826 for settlement on 24/07/2026 890 CHF (5,945) Sold CHF, Bought GBP 5,571 for settlement on 24/07/2026 23 CHF (5,071) Sold CHF, Bought GBP 4,741 for settlement on 24/07/2026 9 CHF (788) Sold CHF, Bought GBP 740 for settlement on 24/07/2026 4 CHF (1) Sold CHF, Bought GBP 1 for settlement on 24/07/2026 – CHF (29) Sold CHF, Bought GBP 28 for settlement on 24/07/2026 – CHF (25) Sold CHF, Bought GBP 23 for settlement on 24/07/2026 – CHF (1) Sold CHF, Bought GBP 1 for settlement on 24/07/2026 – CHF (1,297) Sold CHF, Bought GBP 1,217 for settlement on 24/07/2026 6 –
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SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) CHF (28,711) Sold CHF, Bought GBP 26,954 for settlement on 24/07/2026 160 CHF (14,072) Sold CHF, Bought GBP 13,187 for settlement on 24/07/2026 55 CHF (12,090) Sold CHF, Bought GBP 11,304 for settlement on 24/07/2026 21 EUR (10,226,634) Sold EUR, Bought GBP 8,876,429 for settlement on 24/07/2026 111,2 70 0.04 EUR (6,033) Sold EUR, Bought GBP 5,168 for settlement on 24/07/2026 (5) EUR (32) Sold EUR, Bought GBP 28 for settlement on 24/07/2026 – EUR (140) Sold EUR, Bought GBP 121 for settlement on 24/07/2026 1 EUR (27,718) Sold EUR, Bought GBP 23,745 for settlement on 24/07/2026 (21) EUR (11) Sold EUR, Bought GBP 9 for settlement on 24/07/2026 – EUR (7,790) Sold EUR, Bought GBP 6,674 for settlement on 24/07/2026 (6) EUR (33,560) Sold EUR, Bought GBP 28,750 for settlement on 24/07/2026 (26) EUR (3) Sold EUR, Bought GBP 2 for settlement on 24/07/2026 – EUR (832) Sold EUR, Bought GBP 718 for settlement on 24/07/2026 5 EUR (9) Sold EUR, Bought GBP 8 for settlement on 24/07/2026 – EUR (276,988) Sold EUR, Bought GBP 237,289 for settlement on 24/07/2026 (213) EUR (278,006) Sold EUR, Bought GBP 241,302 for settlement on 24/07/2026 3,025 EUR (6,657) Sold EUR, Bought GBP 5,740 for settlement on 24/07/2026 34 EUR (4,436) Sold EUR, Bought GBP 3,802 for settlement on 24/07/2026 (1) EUR (1,796) Sold EUR, Bought GBP 1,544 for settlement on 24/07/2026 5 EUR (242,029) Sold EUR, Bought GBP 208,677 for settlement on 24/07/2026 1,236 EUR (12,019) Sold EUR, Bought GBP 10,296 for settlement on 24/07/2026 (9) EUR (456) Sold EUR, Bought GBP 393 for settlement on 24/07/2026 3 EUR (20) Sold EUR, Bought GBP 17 for settlement on 24/07/2026 – EUR (181) Sold EUR, Bought GBP 156 for settlement on 24/07/2026 1 EUR (2,941) Sold EUR, Bought GBP 2,537 for settlement on 24/07/2026 16 EUR (186) Sold EUR, Bought GBP 159 for settlement on 24/07/2026 – EUR (79,741) Sold EUR, Bought GBP 68,312 for settlement on 24/07/2026 (61) EUR (434,147) Sold EUR, Bought GBP 376,828 for settlement on 24/07/2026 4,724 EUR (1,016,360) Sold EUR, Bought GBP 882,172 for settlement on 24/07/2026 11,058 EUR (3) Sold EUR, Bought GBP 3 for settlement on 24/07/2026 – EUR (6) Sold EUR, Bought GBP 5 for settlement on 24/07/2026 – EUR (413) Sold EUR, Bought GBP 357 for settlement on 24/07/2026 3 –
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SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) EUR (24,064) Sold EUR, Bought GBP 20,748 for settlement on 24/07/2026 123 EUR (166) Sold EUR, Bought GBP 142 for settlement on 24/07/2026 – EUR (2) Sold EUR, Bought GBP 2 for settlement on 24/07/2026 – EUR (215,830) Sold EUR, Bought GBP 187,334 for settlement on 24/07/2026 2,348 EUR (141) Sold EUR, Bought GBP 122 for settlement on 24/07/2026 1 EUR (5,136) Sold EUR, Bought GBP 4,428 for settlement on 24/07/2026 26 EUR (67,950) Sold EUR, Bought GBP 58,587 for settlement on 24/07/2026 347 EUR (10,281) Sold EUR, Bought GBP 8,864 for settlement on 24/07/2026 53 EUR (5,927) Sold EUR, Bought GBP 5,145 for settlement on 24/07/2026 65 EUR (1,199,696) Sold EUR, Bought GBP 1,041,302 for settlement on 24/07/2026 13,053 0.01 EUR (1,149) Sold EUR, Bought GBP 998 for settlement on 24/07/2026 13 EUR (27) Sold EUR, Bought GBP 24 for settlement on 24/07/2026 – EUR (2,840,733) Sold EUR, Bought GBP 2,465,676 for settlement on 24/07/2026 30,90 9 0.01 EUR (12,649) Sold EUR, Bought GBP 10,912 for settlement on 24/07/2026 71 EUR (28,606) Sold EUR, Bought GBP 24,664 for settlement on 24/07/2026 146 JPY 3,870 Bought JPY, Sold GBP 18 for settlement on 24/07/2026 – JPY 1,863,236 Bought JPY, Sold GBP 8,656 for settlement on 24/07/2026 12 JPY 140,873 Bought JPY, Sold GBP 654 for settlement on 24/07/2026 1 JPY 782,521 Bought JPY, Sold GBP 3,635 for settlement on 24/07/2026 5 HKD 22 Bought HKD, Sold GBP 2 for settlement on 24/07/2026 – HKD 9,611 Bought HKD, Sold GBP 919 for settlement on 24/07/2026 – JPY 749 Bought JPY, Sold GBP 3 for settlement on 24/07/2026 – JPY 662,049 Bought JPY, Sold GBP 3,076 for settlement on 24/07/2026 4 JPY 103,020 Bought JPY, Sold GBP 479 for settlement on 24/07/2026 – USD 35 Bought USD, Sold GBP 26 for settlement on 24/07/2026 – USD 15,205 Bought USD, Sold GBP 11,392 for settlement on 24/07/2026 (6) JPY 181,078 Bought JPY, Sold GBP 841 for settlement on 24/07/2026 1 JPY 239 Bought JPY, Sold GBP 1 for settlement on 24/07/2026 – JPY 6,612,072 Bought JPY, Sold GBP 30,718 for settlement on 24/07/2026 41 JPY 278,007 Bought JPY, Sold GBP 1,292 for settlement on 24/07/2026 2 AUD 13,615 Bought AUD, Sold GBP 7,193 for settlement on 24/07/2026 (125) JPY 769,351 Bought JPY, Sold GBP 3,606 for settlement on 24/07/2026 (31) JPY 2,518 Bought JPY, Sold GBP 12 for settlement on 24/07/2026 – –
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SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) SGD 174 Bought SGD, Sold GBP 102 for settlement on 24/07/2026 (1) SGD 93 Bought SGD, Sold GBP 54 for settlement on 24/07/2026 – SGD 51,317 Bought SGD, Sold GBP 30,025 for settlement on 24/07/2026 (251) USD 12,555 Bought USD, Sold GBP 9,499 for settlement on 24/07/2026 (100) USD 6,672 Bought USD, Sold GBP 5,041 for settlement on 24/07/2026 (46) USD 91 Bought USD, Sold GBP 69 for settlement on 24/07/2026 (1) USD 151 Bought USD, Sold GBP 115 for settlement on 24/07/2026 (1) JPY 854 Bought JPY, Sold GBP 4 for settlement on 24/07/2026 – USD 123,215 Bought USD, Sold GBP 93,221 for settlement on 24/07/2026 (977) USD 32,561 Bought USD, Sold GBP 24,638 for settlement on 24/07/2026 (262) USD 125 Bought USD, Sold GBP 95 for settlement on 24/07/2026 (1) USD 373 Bought USD, Sold GBP 279 for settlement on 24/07/2026 – AUD 4,932 Bought AUD, Sold GBP 2,606 for settlement on 24/07/2026 (45) AUD 3,465 Bought AUD, Sold GBP 1,819 for settlement on 24/07/2026 (20) AUD 2,636 Bought AUD, Sold GBP 1,377 for settlement on 24/07/2026 (9) AUD 1,183 Bought AUD, Sold GBP 614 for settlement on 24/07/2026 – CHF 15,755 Bought CHF, Sold GBP 14,802 for settlement on 24/07/2026 (99) USD 456 Bought USD, Sold GBP 344 for settlement on 24/07/2026 (3) JPY 217,811 Bought JPY, Sold GBP 1,016 for settlement on 24/07/2026 (4) JPY 1,010,330 Bought JPY, Sold GBP 4,715 for settlement on 24/07/2026 (20) JPY 3,189 Bought JPY, Sold GBP 15 for settlement on 24/07/2026 – EUR 124 Bought EUR, Sold GBP 107 for settlement on 24/07/2026 (1) EUR 8,907 Bought EUR, Sold GBP 7,687 for settlement on 24/07/2026 (54) EUR 35 Bought EUR, Sold GBP 30 for settlement on 24/07/2026 – EUR 104 Bought EUR, Sold GBP 89 for settlement on 24/07/2026 – HKD 7,411 Bought HKD, Sold GBP 716 for settlement on 24/07/2026 (8) HKD 3,936 Bought HKD, Sold GBP 380 for settlement on 24/07/2026 (4) HKD 53 Bought HKD, Sold GBP 5 for settlement on 24/07/2026 – HKD 58,022 Bought HKD, Sold GBP 5,631 for settlement on 24/07/2026 (90) HKD 98 Bought HKD, Sold GBP 9 for settlement on 24/07/2026 – HKD 147,832 Bought HKD, Sold GBP 14,276 for settlement on 24/07/2026 (159) HKD 290 Bought HKD, Sold GBP 28 for settlement on 24/07/2026 – HKD 20,375 Bought HKD, Sold GBP 1,968 for settlement on 24/07/2026 (22) HKD 80 Bought HKD, Sold GBP 8 for settlement on 24/07/2026 – HKD 237 Bought HKD, Sold GBP 23 for settlement on 24/07/2026 – JPY 87,275 Bought JPY, Sold GBP 410 for settlement on 24/07/2026 (5) –
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SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) JPY 47,929 Bought JPY, Sold GBP 224 for settlement on 24/07/2026 (2) JPY 634 Bought JPY, Sold GBP 3 for settlement on 24/07/2026 – JPY 988,703 Bought JPY, Sold GBP 4,657 for settlement on 24/07/2026 (63) JPY 1,028 Bought JPY, Sold GBP 5 for settlement on 24/07/2026 – CHF 12,933 Bought CHF, Sold GBP 12,080 for settlement on 24/07/2026 (11) EUR 41 Bought EUR, Sold GBP 35 for settlement on 24/07/2026 – CHF 550 Bought CHF, Sold GBP 514 for settlement on 24/07/2026 – EUR 7,267 Bought EUR, Sold GBP 6,227 for settlement on 24/07/2026 1 CHF 10,817 Bought CHF, Sold GBP 10,129 for settlement on 24/07/2026 (35) CHF 321 Bought CHF, Sold GBP 302 for settlement on 24/07/2026 (2) CHF 353 Bought CHF, Sold GBP 332 for settlement on 24/07/2026 (2) CHF 368,012 Bought CHF, Sold GBP 345,757 for settlement on 24/07/2026 (2,320) CHF 43 Bought CHF, Sold GBP 40 for settlement on 24/07/2026 – CHF 1,972 Bought CHF, Sold GBP 1,850 for settlement on 24/07/2026 (10) CHF 1,527 Bought CHF, Sold GBP 1,435 for settlement on 24/07/2026 (10) CHF 11,127 Bought CHF, Sold GBP 10,431 for settlement on 24/07/2026 (47) CHF 13 Bought CHF, Sold GBP 12 for settlement on 24/07/2026 – CHF 263 Bought CHF, Sold GBP 246 for settlement on 24/07/2026 – EUR 96 Bought EUR, Sold GBP 83 for settlement on 24/07/2026 (1) EUR 81,423 Bought EUR, Sold GBP 70,399 for settlement on 24/07/2026 (612) EUR 2,655 Bought EUR, Sold GBP 2,292 for settlement on 24/07/2026 (16) EUR 2,415 Bought EUR, Sold GBP 2,085 for settlement on 24/07/2026 (15) EUR 377,512 Bought EUR, Sold GBP 326,274 for settlement on 24/07/2026 (2,71 2 ) EUR 427 Bought EUR, Sold GBP 368 for settlement on 24/07/2026 (2) EUR 19,236 Bought EUR, Sold GBP 16,596 for settlement on 24/07/2026 (108) EUR 14,495 Bought EUR, Sold GBP 12,539 for settlement on 24/07/2026 (116) CHF 298,359 Bought CHF, Sold GBP 278,682 for settlement on 24/07/2026 (246) AUD 412 Bought AUD, Sold GBP 215 for settlement on 24/07/2026 (1) AUD 17,266 Bought AUD, Sold GBP 9,004 for settlement on 24/07/2026 (41) AUD 61,257 Bought AUD, Sold GBP 32,002 for settlement on 24/07/2026 (203) HKD 24,917 Bought HKD, Sold GBP 2,418 for settlement on 24/07/2026 (39) HKD 63,466 Bought HKD, Sold GBP 6,129 for settlement on 24/07/2026 (68) –
Page 41
40 41
SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) HKD 16,589 Bought HKD, Sold GBP 1,583 for settlement on 24/07/2026 1 JPY 328,810 Bought JPY, Sold GBP 1,541 for settlement on 24/07/2026 (13) JPY 425,181 Bought JPY, Sold GBP 2,003 for settlement on 24/07/2026 (27) JPY 434,492 Bought JPY, Sold GBP 2,028 for settlement on 24/07/2026 (9) JPY 176,195 Bought JPY, Sold GBP 820 for settlement on 24/07/2026 (2) SGD 22,025 Bought SGD, Sold GBP 12,887 for settlement on 24/07/2026 (108) USD 53,017 Bought USD, Sold GBP 40,111 for settlement on 24/07/2026 (420) USD 26,118 Bought USD, Sold GBP 19,532 for settlement on 24/07/2026 21 AUD 17 Bought AUD, Sold GBP 9 for settlement on 24/07/2026 – AUD 14,563 Bought AUD, Sold GBP 7,703 for settlement on 24/07/2026 (143) AUD 115,980 Bought AUD, Sold GBP 61,272 for settlement on 24/07/2026 (1,067) AUD 455 Bought AUD, Sold GBP 239 for settlement on 24/07/2026 (3) AUD 414 Bought AUD, Sold GBP 217 for settlement on 24/07/2026 (2) AUD 79,983 Bought AUD, Sold GBP 41,987 for settlement on 24/07/2026 (468) AUD 71 Bought AUD, Sold GBP 37 for settlement on 24/07/2026 – AUD 3,251 Bought AUD, Sold GBP 1,699 for settlement on 24/07/2026 (12) AUD 2,438 Bought AUD, Sold GBP 1,274 for settlement on 24/07/2026 (9) EUR 16,222 Bought EUR, Sold GBP 14,020 for settlement on 24/07/2026 (117) EUR 103,668 Bought EUR, Sold GBP 89,476 for settlement on 24/07/2026 (623) EUR 37,781 Bought EUR, Sold GBP 32,653 for settlement on 24/07/2026 (271) EUR 1,836 Bought EUR, Sold GBP 1,588 for settlement on 24/07/2026 (14) SGD 58 Bought SGD, Sold GBP 34 for settlement on 24/07/2026 – USD 140 Bought USD, Sold GBP 106 for settlement on 24/07/2026 (1) AUD 32,252 Bought AUD, Sold GBP 17,039 for settlement on 24/07/2026 (297) AUD 22,668 Bought AUD, Sold GBP 11,899 for settlement on 24/07/2026 (133) AUD 17,317 Bought AUD, Sold GBP 9,046 for settlement on 24/07/2026 (57) CHF 103,072 Bought CHF, Sold GBP 96,839 for settlement on 24/07/2026 (650) CHF 85,028 Bought CHF, Sold GBP 79,420 for settlement on 24/07/2026 (70) EUR 105,991 Bought EUR, Sold GBP 91,605 for settlement on 24/07/2026 (761) –
Page 42
41
SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) JPY 1,146 Bought JPY, Sold GBP 5 for settlement on 24/07/2026 – HKD 162,957 Bought HKD, Sold GBP 15,815 for settlement on 24/07/2026 (254) JPY 2,148,491 Bought JPY, Sold GBP 10,069 for settlement on 24/07/2026 (86) JPY 2,780,246 Bought JPY, Sold GBP 13,095 for settlement on 24/07/2026 (177) JPY 2,852,131 Bought JPY, Sold GBP 13,309 for settlement on 24/07/2026 (57) SGD 144,118 Bought SGD, Sold GBP 84,321 for settlement on 24/07/2026 (704) USD 346,851 Bought USD, Sold GBP 262,418 for settlement on 24/07/2026 (2,7 50 ) AUD 67 Bought AUD, Sold GBP 36 for settlement on 24/07/2026 (1) AUD 47 Bought AUD, Sold GBP 25 for settlement on 24/07/2026 – AUD 36 Bought AUD, Sold GBP 19 for settlement on 24/07/2026 – HKD 416,293 Bought HKD, Sold GBP 40,200 for settlement on 24/07/2026 (446) JPY 1,125 Bought JPY, Sold GBP 5 for settlement on 24/07/2026 – JPY 868 Bought JPY, Sold GBP 4 for settlement on 24/07/2026 – HKD 168 Bought HKD, Sold GBP 16 for settlement on 24/07/2026 – AUD 9,571 Bought AUD, Sold GBP 5,025 for settlement on 24/07/2026 (56) AUD 7,272 Bought AUD, Sold GBP 3,799 for settlement on 24/07/2026 (24) CHF 43,525 Bought CHF, Sold GBP 40,893 for settlement on 24/07/2026 (274) CHF 35,746 Bought CHF, Sold GBP 33,389 for settlement on 24/07/2026 (29) EUR 44,718 Bought EUR, Sold GBP 38,648 for settlement on 24/07/2026 (321) HKD 68,796 Bought HKD, Sold GBP 6,677 for settlement on 24/07/2026 (107) HKD 175,339 Bought HKD, Sold GBP 16,932 for settlement on 24/07/2026 (188) JPY 906,478 Bought JPY, Sold GBP 4,248 for settlement on 24/07/2026 (36) JPY 1,173,618 Bought JPY, Sold GBP 5,528 for settlement on 24/07/2026 (75) JPY 1,197,512 Bought JPY, Sold GBP 5,588 for settlement on 24/07/2026 (24) SGD 60,864 Bought SGD, Sold GBP 35,610 for settlement on 24/07/2026 (297) USD 145,810 Bought USD, Sold GBP 110,316 for settlement on 24/07/2026 (1,156) AUD 13 Bought AUD, Sold GBP 7 for settlement on 24/07/2026 – AUD 9 Bought AUD, Sold GBP 5 for settlement on 24/07/2026 – AUD 7 Bought AUD, Sold GBP 4 for settlement on 24/07/2026 – CHF 42 Bought CHF, Sold GBP 39 for settlement on 24/07/2026 – CHF 34 Bought CHF, Sold GBP 32 for settlement on 24/07/2026 – EUR 43 Bought EUR, Sold GBP 37 for settlement on 24/07/2026 – –
Page 43
42 43
SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) HKD 66 Bought HKD, Sold GBP 6 for settlement on 24/07/2026 – CHF 215 Bought CHF, Sold GBP 202 for settlement on 24/07/2026 (1) EUR 25 Bought EUR, Sold GBP 21 for settlement on 24/07/2026 – CHF 177 Bought CHF, Sold GBP 165 for settlement on 24/07/2026 – HKD 340 Bought HKD, Sold GBP 33 for settlement on 24/07/2026 (1) AUD 8,054 Bought AUD, Sold GBP 4,228 for settlement on 24/07/2026 (47) AUD 7 Bought AUD, Sold GBP 4 for settlement on 24/07/2026 – AUD 6,134 Bought AUD, Sold GBP 3,204 for settlement on 24/07/2026 (20) AUD 20 Bought AUD, Sold GBP 11 for settlement on 24/07/2026 – AUD 1,483 Bought AUD, Sold GBP 774 for settlement on 24/07/2026 (3) AUD 6 Bought AUD, Sold GBP 3 for settlement on 24/07/2026 – AUD 17 Bought AUD, Sold GBP 9 for settlement on 24/07/2026 – CHF 455 Bought CHF, Sold GBP 427 for settlement on 24/07/2026 (3) AUD 4 Bought AUD, Sold GBP 2 for settlement on 24/07/2026 – CHF 244 Bought CHF, Sold GBP 228 for settlement on 24/07/2026 (1) CHF 36,706 Bought CHF, Sold GBP 34,487 for settlement on 24/07/2026 (231) CHF 4 Bought CHF, Sold GBP 4 for settlement on 24/07/2026 – CHF 13 Bought CHF, Sold GBP 12 for settlement on 24/07/2026 – CHF 956 Bought CHF, Sold GBP 896 for settlement on 24/07/2026 (4) CHF 4 Bought CHF, Sold GBP 3 for settlement on 24/07/2026 – CHF 29,881 Bought CHF, Sold GBP 27,910 for settlement on 24/07/2026 (25) CHF 8 Bought CHF, Sold GBP 7 for settlement on 24/07/2026 – EUR 3,426 Bought EUR, Sold GBP 2,974 for settlement on 24/07/2026 (37) CHF 3 Bought CHF, Sold GBP 3 for settlement on 24/07/2026 – AUD 11,500 Bought AUD, Sold GBP 6,076 for settlement on 24/07/2026 (106) AUD 328 Bought AUD, Sold GBP 174 for settlement on 24/07/2026 (3) AUD 621 Bought AUD, Sold GBP 329 for settlement on 24/07/2026 (7) HKD 866 Bought HKD, Sold GBP 84 for settlement on 24/07/2026 (1) JPY 4,483 Bought JPY, Sold GBP 21 for settlement on 24/07/2026 – JPY 5,802 Bought JPY, Sold GBP 27 for settlement on 24/07/2026 – JPY 5,921 Bought JPY, Sold GBP 28 for settlement on 24/07/2026 – SGD 301 Bought SGD, Sold GBP 176 for settlement on 24/07/2026 (1) USD 722 Bought USD, Sold GBP 546 for settlement on 24/07/2026 (6) AUD 2,450 Bought AUD, Sold GBP 1,294 for settlement on 24/07/2026 (23) AUD 1,722 Bought AUD, Sold GBP 904 for settlement on 24/07/2026 (10) AUD 1,309 Bought AUD, Sold GBP 684 for settlement on 24/07/2026 (4) CHF 7,831 Bought CHF, Sold GBP 7,357 for settlement on 24/07/2026 (49) CHF 6,431 Bought CHF, Sold GBP 6,006 for settlement on 24/07/2026 (5) EUR 8,051 Bought EUR, Sold GBP 6,958 for settlement on 24/07/2026 (58) –
Page 44
43
SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) HKD 12,379 Bought HKD, Sold GBP 1,201 for settlement on 24/07/2026 (19) HKD 31,547 Bought HKD, Sold GBP 3,046 for settlement on 24/07/2026 (34) JPY 163,190 Bought JPY, Sold GBP 765 for settlement on 24/07/2026 (7) JPY 211,208 Bought JPY, Sold GBP 995 for settlement on 24/07/2026 (13) JPY 215,603 Bought JPY, Sold GBP 1,006 for settlement on 24/07/2026 (4) SGD 10,950 Bought SGD, Sold GBP 6,406 for settlement on 24/07/2026 (53) USD 26,268 Bought USD, Sold GBP 19,874 for settlement on 24/07/2026 (208) EUR 221 Bought EUR, Sold GBP 191 for settlement on 24/07/2026 (2) EUR 2,461 Bought EUR, Sold GBP 2,117 for settlement on 24/07/2026 (7) AUD 684 Bought AUD, Sold GBP 356 for settlement on 24/07/2026 – HKD 1,044 Bought HKD, Sold GBP 101 for settlement on 24/07/2026 (2) HKD 5,708 Bought HKD, Sold GBP 552 for settlement on 24/07/2026 (7) HKD 5,193 Bought HKD, Sold GBP 502 for settlement on 24/07/2026 (6) USD 351 Bought USD, Sold GBP 266 for settlement on 24/07/2026 (3) HKD 174,513 Bought HKD, Sold GBP 16,834 for settlement on 24/07/2026 (169) JPY 277,046 Bought JPY, Sold GBP 1,293 for settlement on 24/07/2026 (6) HKD 207 Bought HKD, Sold GBP 20 for settlement on 24/07/2026 – SGD 14,104 Bought SGD, Sold GBP 8,252 for settlement on 24/07/2026 (69) USD 33,689 Bought USD, Sold GBP 25,488 for settlement on 24/07/2026 (267) JPY 9,850,367 Bought JPY, Sold GBP 46,396 for settlement on 24/07/2026 (626) AUD 2 Bought AUD, Sold GBP 1 for settlement on 24/07/2026 – USD 295,876 Bought USD, Sold GBP 223,534 for settlement on 24/07/2026 (2,027) CHF 321 Bought CHF, Sold GBP 300 for settlement on 24/07/2026 – USD 8,893 Bought USD, Sold GBP 6,732 for settlement on 24/07/2026 (74) USD 9,775 Bought USD, Sold GBP 7,399 for settlement on 24/07/2026 (81) USD 1,571 Bought USD, Sold GBP 1,194 for settlement on 24/07/2026 (17) CHF 1 Bought CHF, Sold GBP 1 for settlement on 24/07/2026 – USD 71,662 Bought USD, Sold GBP 54,341 for settlement on 24/07/2026 (691) EUR 4,223 Bought EUR, Sold GBP 3,623 for settlement on 24/07/2026 (2) SGD 514,696 Bought SGD, Sold GBP 301,140 for settlement on 24/07/2026 (2,51 4 ) EUR 10 Bought EUR, Sold GBP 8 for settlement on 24/07/2026 – SGD 4,123 Bought SGD, Sold GBP 2,413 for settlement on 24/07/2026 (21) –
Page 45
44 45
SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) SGD 5 Bought SGD, Sold GBP 3 for settlement on 24/07/2026 – HKD 15,933 Bought HKD, Sold GBP 1,546 for settlement on 24/07/2026 (25) JPY 11,028 Bought JPY, Sold GBP 52 for settlement on 24/07/2026 (1) JPY 68,012 Bought JPY, Sold GBP 319 for settlement on 24/07/2026 (3) JPY 61,875 Bought JPY, Sold GBP 291 for settlement on 24/07/2026 (3) HKD 40,626 Bought HKD, Sold GBP 3,923 for settlement on 24/07/2026 (44) JPY 362,158 Bought JPY, Sold GBP 1,698 for settlement on 24/07/2026 (15) JPY 209,750 Bought JPY, Sold GBP 983 for settlement on 24/07/2026 (8) JPY 10,080,409 Bought JPY, Sold GBP 47,040 for settlement on 24/07/2026 (201) JPY 2,535,217 Bought JPY, Sold GBP 11,827 for settlement on 24/07/2026 (47) JPY 60,510 Bought JPY, Sold GBP 281 for settlement on 24/07/2026 – JPY 7,715,743 Bought JPY, Sold GBP 36,161 for settlement on 24/07/2026 (310) JPY 2,125,378 Bought JPY, Sold GBP 9,943 for settlement on 24/07/2026 (67) JPY 2,443 Bought JPY, Sold GBP 11 for settlement on 24/07/2026 – HKD 5,650 Bought HKD, Sold GBP 543 for settlement on 24/07/2026 (4) HKD 237,151 Bought HKD, Sold GBP 22,903 for settlement on 24/07/2026 (257) HKD 1,480,718 Bought HKD, Sold GBP 142,987 for settlement on 24/07/2026 (1,588) HKD 35,960 Bought HKD, Sold GBP 3,471 for settlement on 24/07/2026 (38) HKD 46,408 Bought HKD, Sold GBP 4,492 for settlement on 24/07/2026 (60) HKD 582,433 Bought HKD, Sold GBP 56,526 for settlement on 24/07/2026 (907) JPY 271,775 Bought JPY, Sold GBP 1,280 for settlement on 24/07/2026 (17) EUR 10,347 Bought EUR, Sold GBP 8,942 for settlement on 24/07/2026 (74) JPY 487,705 Bought JPY, Sold GBP 2,292 for settlement on 24/07/2026 (25) USD 54,054 Bought USD, Sold GBP 40,884 for settlement on 24/07/2026 (416) USD 8,891 Bought USD, Sold GBP 6,703 for settlement on 24/07/2026 (47) CHF 8,285 Bought CHF, Sold GBP 7,738 for settlement on 24/07/2026 (7) CHF 10,084 Bought CHF, Sold GBP 9,475 for settlement on 24/07/2026 (64) USD 1,227,322 Bought USD, Sold GBP 928,558 for settlement on 24/07/2026 (9,72 8 ) AUD 2,217 Bought AUD, Sold GBP 1,164 for settlement on 24/07/2026 (13) AUD 1,683 Bought AUD, Sold GBP 879 for settlement on 24/07/2026 (6) –
Page 46
45
SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) AUD 3,153 Bought AUD, Sold GBP 1,666 for settlement on 24/07/2026 (29) USD 378,991 Bought USD, Sold GBP 286,777 for settlement on 24/07/2026 (3,04 8 ) HKD (436) Sold HKD, Bought GBP 42 for settlement on 24/07/2026 1 HKD (49,835) Sold HKD, Bought GBP 4,822 for settlement on 24/07/2026 63 HKD (14,520) Sold HKD, Bought GBP 1,402 for settlement on 24/07/2026 16 HKD (655,851) Sold HKD, Bought GBP 63,458 for settlement on 24/07/2026 829 HKD (277,088) Sold HKD, Bought GBP 26,810 for settlement on 24/07/2026 350 HKD (6,101,947) Sold HKD, Bought GBP 589,598 for settlement on 24/07/2026 6,900 HKD (80,732) Sold HKD, Bought GBP 7,796 for settlement on 24/07/2026 87 HKD (301) Sold HKD, Bought GBP 29 for settlement on 24/07/2026 – HKD (21) Sold HKD, Bought GBP 2 for settlement on 24/07/2026 – HKD (64,248) Sold HKD, Bought GBP 6,217 for settlement on 24/07/2026 81 HKD (30,515) Sold HKD, Bought GBP 2,954 for settlement on 24/07/2026 40 HKD (296) Sold HKD, Bought GBP 28 for settlement on 24/07/2026 – HKD (10,807) Sold HKD, Bought GBP 1,032 for settlement on 24/07/2026 (1) HKD (2,183,161) Sold HKD, Bought GBP 210,947 for settlement on 24/07/2026 2,469 HKD (21,966,998) Sold HKD, Bought GBP 2,122,552 for settlement on 24/07/2026 24,838 0.01 HKD (14,018) Sold HKD, Bought GBP 1,339 for settlement on 24/07/2026 (1) HKD (58) Sold HKD, Bought GBP 6 for settlement on 24/07/2026 – HKD (14) Sold HKD, Bought GBP 1 for settlement on 24/07/2026 – HKD (885) Sold HKD, Bought GBP 85 for settlement on 24/07/2026 1 HKD (2,576,968) Sold HKD, Bought GBP 248,998 for settlement on 24/07/2026 2,914 HKD (24) Sold HKD, Bought GBP 2 for settlement on 24/07/2026 – HKD (4) Sold HKD, Bought GBP – for settlement on 24/07/2026 – HKD (463,607) Sold HKD, Bought GBP 44,796 for settlement on 24/07/2026 524 HKD (7) Sold HKD, Bought GBP 1 for settlement on 24/07/2026 – HKD (191,090) Sold HKD, Bought GBP 18,453 for settlement on 24/07/2026 206 HKD (233,488) Sold HKD, Bought GBP 22,592 for settlement on 24/07/2026 295 HKD (68,045) Sold HKD, Bought GBP 6,571 for settlement on 24/07/2026 73 HKD (18,719) Sold HKD, Bought GBP 1,808 for settlement on 24/07/2026 20 HKD (6) Sold HKD, Bought GBP 1 for settlement on 24/07/2026 – –
Page 47
46 47
SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) HKD (2,344,836) Sold HKD, Bought GBP 226,880 for settlement on 24/07/2026 2,963 HKD (4,122) Sold HKD, Bought GBP 396 for settlement on 24/07/2026 3 HKD (932,556) Sold HKD, Bought GBP 90,108 for settlement on 24/07/2026 1,054 HKD (265) Sold HKD, Bought GBP 26 for settlement on 24/07/2026 – HKD (423) Sold HKD, Bought GBP 40 for settlement on 24/07/2026 – HKD (100,176) Sold HKD, Bought GBP 9,693 for settlement on 24/07/2026 127 HKD (29,188) Sold HKD, Bought GBP 2,819 for settlement on 24/07/2026 31 HKD (1,368) Sold HKD, Bought GBP 132 for settlement on 24/07/2026 2 HKD (399) Sold HKD, Bought GBP 39 for settlement on 24/07/2026 – HKD (2,469) Sold HKD, Bought GBP 239 for settlement on 24/07/2026 3 HKD (1,043) Sold HKD, Bought GBP 101 for settlement on 24/07/2026 1 HKD (21,581) Sold HKD, Bought GBP 2,061 for settlement on 24/07/2026 (2) HKD (49) Sold HKD, Bought GBP 5 for settlement on 24/07/2026 – HKD (597,163) Sold HKD, Bought GBP 57,701 for settlement on 24/07/2026 675 HKD (60,205) Sold HKD, Bought GBP 5,749 for settlement on 24/07/2026 (6) HKD (682,852) Sold HKD, Bought GBP 65,943 for settlement on 24/07/2026 735 HKD (2,007) Sold HKD, Bought GBP 194 for settlement on 24/07/2026 3 HKD (10,127) Sold HKD, Bought GBP 966 for settlement on 24/07/2026 (1) HKD (501,698) Sold HKD, Bought GBP 47,908 for settlement on 24/07/2026 (47) HKD (77) Sold HKD, Bought GBP 7 for settlement on 24/07/2026 – HKD (49,753) Sold HKD, Bought GBP 4,751 for settlement on 24/07/2026 (5) HKD (7,197) Sold HKD, Bought GBP 698 for settlement on 24/07/2026 11 HKD (12,732) Sold HKD, Bought GBP 1,230 for settlement on 24/07/2026 14 HKD (142,768) Sold HKD, Bought GBP 13,633 for settlement on 24/07/2026 (13) JPY (238,672) Sold JPY, Bought GBP 1,109 for settlement on 24/07/2026 – JPY (7,252,026) Sold JPY, Bought GBP 34,080 for settlement on 24/07/2026 384 JPY (5,083) Sold JPY, Bought GBP 24 for settlement on 24/07/2026 – JPY (154,617) Sold JPY, Bought GBP 727 for settlement on 24/07/2026 8 JPY (74,102,888) Sold JPY, Bought GBP 348,240 for settlement on 24/07/2026 3,920 JPY (4,535) Sold JPY, Bought GBP 21 for settlement on 24/07/2026 – JPY (29,983) Sold JPY, Bought GBP 141 for settlement on 24/07/2026 2 JPY (31,295,061) Sold JPY, Bought GBP 147,068 for settlement on 24/07/2026 1,656 JPY (1,029,384) Sold JPY, Bought GBP 4,782 for settlement on 24/07/2026 (1) JPY (986) Sold JPY, Bought GBP 5 for settlement on 24/07/2026 – –
Page 48
47
SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) JPY (320,686) Sold JPY, Bought GBP 1,507 for settlement on 24/07/2026 17 JPY (2,447,844) Sold JPY, Bought GBP 11,371 for settlement on 24/07/2026 (3) JPY (226) Sold JPY, Bought GBP 1 for settlement on 24/07/2026 – JPY (260) Sold JPY, Bought GBP 1 for settlement on 24/07/2026 – JPY (26,512,610) Sold JPY, Bought GBP 124,594 for settlement on 24/07/2026 1,403 JPY (497) Sold JPY, Bought GBP 2 for settlement on 24/07/2026 – JPY (21,087) Sold JPY, Bought GBP 99 for settlement on 24/07/2026 1 JPY (4,584) Sold JPY, Bought GBP 22 for settlement on 24/07/2026 – JPY (75,985) Sold JPY, Bought GBP 358 for settlement on 24/07/2026 5 JPY (10,780) Sold JPY, Bought GBP 50 for settlement on 24/07/2026 – JPY (167) Sold JPY, Bought GBP 1 for settlement on 24/07/2026 – JPY (5,630,109) Sold JPY, Bought GBP 26,458 for settlement on 24/07/2026 298 JPY (107,563) Sold JPY, Bought GBP 501 for settlement on 24/07/2026 1 JPY (44,144) Sold JPY, Bought GBP 205 for settlement on 24/07/2026 – JPY (8,678,837) Sold JPY, Bought GBP 40,314 for settlement on 24/07/2026 (12) JPY (11,149) Sold JPY, Bought GBP 52 for settlement on 24/07/2026 – JPY (11,325,094) Sold JPY, Bought GBP 53,221 for settlement on 24/07/2026 599 JPY (867,662) Sold JPY, Bought GBP 4,030 for settlement on 24/07/2026 (1) JPY (81) Sold JPY, Bought GBP – for settlement on 24/07/2026 – JPY (372,183) Sold JPY, Bought GBP 1,729 for settlement on 24/07/2026 (1) JPY (266,770,277) Sold JPY, Bought GBP 1,253,662 for settlement on 24/07/2026 14,113 0.01 JPY (185,142) Sold JPY, Bought GBP 860 for settlement on 24/07/2026 – JPY (53) Sold JPY, Bought GBP – for settlement on 24/07/2026 – JPY (68) Sold JPY, Bought GBP – for settlement on 24/07/2026 – JPY (3,580) Sold JPY, Bought GBP 17 for settlement on 24/07/2026 – SGD (58) Sold SGD, Bought GBP 34 for settlement on 24/07/2026 – SGD (518,824) Sold SGD, Bought GBP 304,262 for settlement on 24/07/2026 3,240 SGD (60,864) Sold SGD, Bought GBP 35,693 for settlement on 24/07/2026 380 SGD 0 Sold SGD, Bought GBP – for settlement on 24/07/2026 – SGD (22,025) Sold SGD, Bought GBP 12,917 for settlement on 24/07/2026 138 SGD (51,563) Sold SGD, Bought GBP 30,239 for settlement on 24/07/2026 322 SGD 0 Sold SGD, Bought GBP – for settlement on 24/07/2026 – SGD (14,104) Sold SGD, Bought GBP 8,271 for settlement on 24/07/2026 88 SGD (301) Sold SGD, Bought GBP 176 for settlement on 24/07/2026 2 SGD (144,118) Sold SGD, Bought GBP 84,517 for settlement on 24/07/2026 900 SGD (21) Sold SGD, Bought GBP 12 for settlement on 24/07/2026 – –
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SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) SGD (10,950) Sold SGD, Bought GBP 6,421 for settlement on 24/07/2026 68 USD (132,972) Sold USD, Bought GBP 99,538 for settlement on 24/07/2026 (42) USD (10,827) Sold USD, Bought GBP 8,225 for settlement on 24/07/2026 119 USD (1,012,757) Sold USD, Bought GBP 766,192 for settlement on 24/07/2026 7,994 USD (110,988) Sold USD, Bought GBP 83,081 for settlement on 24/07/2026 (35) USD (23,910) Sold USD, Bought GBP 17,898 for settlement on 24/07/2026 (8) USD (92,074) Sold USD, Bought GBP 69,328 for settlement on 24/07/2026 397 USD (39) Sold USD, Bought GBP 29 for settlement on 24/07/2026 – USD (515) Sold USD, Bought GBP 390 for settlement on 24/07/2026 4 USD (127) Sold USD, Bought GBP 95 for settlement on 24/07/2026 – USD (656) Sold USD, Bought GBP 491 for settlement on 24/07/2026 – USD (786,253) Sold USD, Bought GBP 594,833 for settlement on 24/07/2026 6,206 USD (16,537) Sold USD, Bought GBP 12,452 for settlement on 24/07/2026 71 USD (4,370,403) Sold USD, Bought GBP 3,306,388 for settlement on 24/07/2026 34,49 9 0.01 USD (9) Sold USD, Bought GBP 7 for settlement on 24/07/2026 – USD (454) Sold USD, Bought GBP 342 for settlement on 24/07/2026 2 USD (3,098) Sold USD, Bought GBP 2,350 for settlement on 24/07/2026 30 USD (21,592) Sold USD, Bought GBP 16,336 for settlement on 24/07/2026 170 USD (37,254,874) Sold USD, Bought GBP 28,184,833 for settlement on 24/07/2026 294,07 6 0.10 USD (674) Sold USD, Bought GBP 511 for settlement on 24/07/2026 7 USD (21,411) Sold USD, Bought GBP 16,122 for settlement on 24/07/2026 92 USD (6,486) Sold USD, Bought GBP 4,890 for settlement on 24/07/2026 34 USD (88) Sold USD, Bought GBP 66 for settlement on 24/07/2026 – USD (770,730) Sold USD, Bought GBP 580,331 for settlement on 24/07/2026 3,326 USD (316,081) Sold USD, Bought GBP 236,605 for settlement on 24/07/2026 (100) USD (10,348,581) Sold USD, Bought GBP 7,829,124 for settlement on 24/07/2026 81,68 9 0.03 USD (1,110,245) Sold USD, Bought GBP 831,084 for settlement on 24/07/2026 (353) USD (15,945) Sold USD, Bought GBP 11,924 for settlement on 24/07/2026 (13) USD (47,121) Sold USD, Bought GBP 35,731 for settlement on 24/07/2026 454 USD (669) Sold USD, Bought GBP 501 for settlement on 24/07/2026 – –
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SARASIN Thematic Global Equity
Portfolio Statement (continued)
Holding Investment
Market Value £
% of Net Assets
Forward Currency Contracts (continued) USD (1,581,567) Sold USD, Bought GBP 1,196,520 for settlement on 24/07/2026 12,484 USD (12) Sold USD, Bought GBP 9 for settlement on 24/07/2026 – USD (30,849) Sold USD, Bought GBP 23,092 for settlement on 24/07/2026 (10) USD (3,702,526) Sold USD, Bought GBP 2,801,112 for settlement on 24/07/2026 29,226 0.01 USD (1,501) Sold USD, Bought GBP 1,134 for settlement on 24/07/2026 10 USD (47,285) Sold USD, Bought GBP 35,395 for settlement on 24/07/2026 (15) USD (33) Sold USD, Bought GBP 25 for settlement on 24/07/2026 – USD (74) Sold USD, Bought GBP 56 for settlement on 24/07/2026 1 USD (1,667) Sold USD, Bought GBP 1,261 for settlement on 24/07/2026 13 USD (218,524) Sold USD, Bought GBP 164,540 for settlement on 24/07/2026 943 USD (4,187) Sold USD, Bought GBP 3,168 for settlement on 24/07/2026 33 USD (33,133) Sold USD, Bought GBP 24,948 for settlement on 24/07/2026 143 USD (23) Sold USD, Bought GBP 17 for settlement on 24/07/2026 – USD (76,721) Sold USD, Bought GBP 57,768 for settlement on 24/07/2026 331 USD (8) Sold USD, Bought GBP 6 for settlement on 24/07/2026 – 721,407 0.24
Total Value of Investments 99.67% (31 December 2025 - 98.48%) 300,447,505 99.67 Net Other Assets 991,600 0.33 Net assets 301,439,105 100.00
All holdings are ordinary shares of stock and are listed on an official stock exchange unless otherwise stated.
Asset Allocation of Portfolio of Investments is as follows: Equities 299,726,098 99.43 Forward Currency Contracts 721,407 0.24 Net Other Assets 991,600 0.33 301,439,105 100.00
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Statement of Total Return For the period ended 3 July 2026 (unaudited)
03.07 .2026 1 30.06.2025 £ £ £ £
Income Net capital gains/(losses) 11,183,538 (15,217,490) Revenue 3,393,385 4,249,456 Expenses (931,556) (1,841,339) Interest payable and similar expenses (53) (1) Net revenue before taxation 2,461,776 2,408,116 Taxation (287,941) (359,480) Net revenue after taxation for the period 2,173,835 2,048,636 Total returns before distributions 13,357,373 (13,168,854) Distributions (3,083,500) (3,858,809)
Change in net assets attributable to shareholders from investment activities 10,273,873 (17,027,663)
Statement of Changes in Net Assets Attributable to Shareholders For the period ended 3 July 2026 (unaudited)
03.07 .2026 1 30.06.2025 £ £ £ £
Opening net assets attributable to shareholders 2 411,739,068 668,449,244 Issue of shares 25,127,270 80,128,192 Cancellation of shares (146,412,222) (174,096,604) (121,284,952) (93,968,412) Single swing price adjustment 445 5,362 Change in net assets attributable to shareholders from investment activities (see above) 10,273,873 (17,027,663) Retained distribution on accumulation shares 710,475 920,869 Unclaimed distributions 196 200 Closing net assets attributable to shareholders 301,439,105 558,379,600
1 The sub-fund's interim accounting date was moved from 30 June 2026 t o 3 July 2026 as a one-off change arising from the transition of depositary services. The amendment was administrative in nature and did not affect the calculation of distributable income or the amount of the interim distribution payable to shareholders. 2 The opening net assets attributable to shareholders for 2026 differs to th e closing comparative position by the change in shareholders’ net assets for the second half of the comparative financial year.
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SARASIN Thematic Global Equity
Balance Sheet As at 3 July 2026 (unaudited) 03.07.2026 1 31.12.2025 £ £
Assets Investments 300,494,521 405,546,055 Amounts receivable 8,286,584 383,085 Cash and cash equivalents 6,245,074 7,973,741 Total assets 315,026,179 413,902,881
Liabilities Investments (47,016) (81,488) Distribution payable (1,861,852) (1,252,843) Other amounts payable (11,678,206) (829,482) Total liabilities (13,587,074) (2,163,813) Net assets attributable to shareholders 301,439,105 411,739,068
1 The sub-fund's interim accounting date was moved from 30 June 2026 to 3 July 2026 as a one-off change arising from the transition of depositary services. The amendment was administrative in nature and did not affect the calculation of distributable income or the amount of the interim distribution payable to shareholders.
All items in the balance sheet above are current.
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SARASIN Thematic Global Equity
Notes to the Financial Statements For the period ended 3 July 2026 (unaudited)
1. Accounting Policies
The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Investment Association in October 2025 (‘SORP 2025’) and in compliance with UK Financial Reporting Standard 104 Interim Financial Reporting (‘FRS 104’).
The sub-fund has not applied the full disclosure requirements of FRS 102 as according to FRS 104, issued by the Financial Reporting Council, disclosures demanded by Financial Reporting Standards are generally not required for interim reports.
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2025 and are described in those financial statements. In this regard, comparative figures from previous periods are prepared to the same standards as the current period, with the exception of the basis of valuation of investments. As per SORP 2025, all investments are valued at their fair value using the mid prices determined at the last valuation point of the accounting period. This change has been applied prospectively and in accordance with SORP requirements. Accordingly, comparative amounts have not been restated and continue to reflect bid prices and are therefore not directly comparable to the current period.
The Financial Statements have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The ACD is confident that the sub-fund will continue in operation and be able to meet its liabilities as they fall due for at least the next twelve months from the approval of these financial statements. The sub-fund has adequate financial resources and its assets consist of securities, which are readily realisable. As such, it is appropriate to continue to adopt the going concern basis in preparing the financial statements of the sub-fund.
2. Related Parties
The ACD is regarded as a related party to the sub-fund because it provides key management personnel services to the sub-fund. Sarasin Investment Funds Limited acts as the principal on all the transactions of the shares of the sub-fund. The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders on page 50 . The balance due to Sarasin Investment Funds Limited at the period end in respect of this transaction was £119,436 (31 December 2025: £129,888).
At the period end, Sarasin Thematic Global Equity held no shares in any other sub-fund or collective investment schemes managed by associated companies of Sarasin Investment Funds (31 December 2025: same).
At the period end, BNY (OCS) Nominees Limited owned 70.28% of the sub-fund on behalf of multiple beneficiaries (31 December 2025: 76.49%).
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Notes to the Financial Statements (continued)
3. Fair Value of Financial Assets and Liabilities
There is no material difference between the value of the financial assets and liabilities, as shown in the balance sheet, and their fair value.
Valuation technique as at 3 July 2026 1
Financial Assets
Level 1 £
Level 2 £
Level 3 £
Total £ Equities 299,726,098 – – 299,726,098 Forward Currency Contracts – 768,423 – 768,423 299,726,098 768,423 – 300,494,521
Financial Liabilities Forward Currency Contracts – (47,016) – (47,016)
– (47,016) – (47,016)
Valuation technique as at 31 December 2025
Financial Assets
Level 1 £
Level 2 £
Level 3 £
Total £ Equities 405,058,010 – – 405,058,010 Forward Currency Contracts – 488,045 – 488,045 405,058,010 488,045 – 405,546,055
Financial Liabilities Forward Currency Contracts – (81,488) – (81,488)
– (81,488) – (81,488)
1 The sub-fund's interim accounting date was moved from 30 June 2026 to 3 July 2026 as a one-off change arising from the transition of depositary services. The amendment was administrative in nature and did not affect the calculation of distributable income or the amount of the interim distribution payable to shareholders.
Level 1 The unadjusted quoted price in an active market for an identical instrument that the entity can access at the measurement date.
Level 2 Valuation techniques using observable inputs other than quoted prices within Level 1 (i.e., developed using market data).
Level 3 Valuation techniques using unobservable inputs (i.e., for which market data is unavailable).
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SARASIN Global Equity Real Return
Investment Objective and Policy Investment Objective We seek to grow the sub-fund (through increases in investment value and income) by 4% per year more than the Consumer Price Index (CPI) over a rolling 5 year period after deducting fees and costs.
Investment Policy Investments
In normal market conditions, we invest at least 75% of the sub-fund in the shares of companies from around the world. We may however hold more or substantially less than 75% of the sub-fund in shares when we deem it appropriate in order to manage difficult market conditions.
We also invest in derivatives to manage the risk associated with investments in shares. Derivatives are financial contracts whose value is linked to the price of another asset (e.g. indices, rates, share prices, currencies).
We may also invest in cash or bonds or units in funds (including those managed by Sarasin).
Alternative investments include, but are not limited to, infrastructure, commodities and private equity/venture capital which may be accessed through listed investment trusts and open-ended funds or other financial instruments.
Investment Selection
We carefully select the sub-fund’s investments and have free choice to select companies from any country/region, sector or industry.
We identify the long-term investment themes that drive growth and lead to disruption in global economies and industries. We believe that these themes are likely to result in structural consequences for company performance which will be reflected in their share price. We select companies which are most likely to benefit from our investment themes, and are well placed to grow their revenues and cash flows as a result of them, based on our own analysis.
Integral to this analysis is the Sarasin Sustainability Impact Matrix (“SIM”) - an in-house tool devised to examine and quantify any material environmental, social and/or governance (“ESG”) factors. A comprehensive assessment of the related risks and opportunities resulting from these factors that are identified through the SIM, are then embedded within our financial modelling and analysis of companies.
The sub-fund will not therefore always exclude holdings for which material environmental, social and/or governance risks have been identified.
Stewardship
In keeping with our overall stewardship philosophy, we engage, as far as possible, with underlying issuers (both shares and corporate bonds) to promote actions to mitigate material environmental, social and/or governance risks identified through the SIM or other analysis. Engagements are prioritised according to the materiality of our concern, the size of our holding, and also our view of the ability for engagement to have a meaningful impact. Engagements are conducted in line with our Ownership Discipline, further detail of which can be accessed on our website at www.sarasinandpartners.com/stewardship.
Voting is integral to our engagements work where we are a shareholder in a company, and we seek to ensure votes on routine items are aligned with our engagement priorities. Our Corporate Governance and Voting Guidelines are updated annually and published on our website at www.sarasinandpartners.com/stewardship/how-we-vote-for you/.
Finally, we undertake market-level outreach to policy makers, standard setters or other multilateral or non-governmental bodies to support action to tackle market failures that threaten long-term financial performance for investors.
Additional Techniques
We use derivatives to adjust how sensitive the sub-fund is to changes in currencies, to act on opportunities or control risk, to gain cost-effective access to investments, and to generate income. We usually aim for the sub-fund’s exposure to Sterling to be the same as the blended benchmark.
Sustainability Labels Sustainable labels help investors find products that have a specific sustainability goal.
Whilst the sub-fund incorporates environmental, social and governance (ESG) considerations, active ownership and policy outreach, it does not have a defined sustainability goal or objective, therefore this product does not have a UK sustainability investment label.
Benchmark Information Investors may compare the sub-fund’s performance to the Investment Association Global sector. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK investment managers), to help investors to compare funds with broadly similar characteristics. This sub-fund is classified in the IA Global Sector and assessing the sub-fund’s performance against this sector will allow investors to compare how the sub-fund is performing relative to its peers.
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Sensitivity Analysis The exposure to equity markets is then reduced through the use of short futures and options. Exposure to foreign currencies is also altered through the use of forwards and occasionally options. The level of equity exposure varies over time depending on how positive the manager is; generally the level has been in the range of 50-100%.
Options are used on individual stocks to implement views on specific stocks. Views on volatility are sometimes taken using either options or swaps.
Sarasin uses FactSet to measure Fund risk. The FactSet multi-asset class (MAC) risk framework is a set of tools that investors can utilise to estimate, monitor, and control the exposure of their portfolios to market risk (either on an absolute basis or relative to a benchmark) using a Monte Carlo simulation methodology.
The Value at Risk (VaR) is a statistical technique used to measure and quantify the level of risk within an investment portfolio over a specific timeframe.
The VaR statistic adopted for Sarasin funds is the “99% / 20-day VaR” model. To calculate this figure, FactSet ranks the distribution and then calculates the VaR figure based on the 99th percentile.
The “99% / 20-day VaR” for Sarasin Global Equity Real Return, as at 3 Ju ly 202 6 , was 8.12% ( 31 December 202 5 : 6.85%). The lowest, highest, and average utilisation in the period was 6.43%, 8.48% and 7.25%, respectively ( 31 December 202 5 : 5.34%, 7.41% and 6.70%, respectively).
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Investment Review
ew Investment Review Sub-fund Performance Cumulative performance 6 mos 1 yr 3 yrs 5 yrs Since Inception 01 Jan 26 03 Jul 26
01 Jul 25 03 Jul 26
01 Jul 23 03 Jul 26
01 Jul 21 03 Jul 26
08 May 06 03 Jul 26
% % % % % Fund P Acc (Net) 5.50 9.50 26.40 15.20 176.90 Comparator Index 9.00 12.00 27.70 63.60 324.10
Discrete performance 01 Jul 25 03 Jul 26
01 Jul 24 30 Jun 25
01 Jul 23 30 Jun 24
01 Jul 22 30 Jun 23
01 Jul 21 30 Jun 22
% % % % % Fund P Acc (Net) 9.50 1.00 14.30 4.20 -12.60 Comparator Index 12.00 8.30 16.70 11.20 -5.30
Annualised performance (if applicable) 5 yrs
01 Jul 21 03 Jul 26
% Fund P Acc (Net) 2.90 Target CPI + 4% 9.30
Source: Sarasin & Partners LLP and FE Fundinfo. Performance is provided net of fees. Past performance is not a guide to future returns and may not be repeated. Performance is calculated in GBP on the basis of net asset values (NAV) and dividends reinvested. Class P (Acc) has been used as the representative share class in the table above, which launched on 15 October 2012. Performance prior to this date is from the previously merged share class Sarasin Global Equity Real Return A Acc. Prior to 28 November 2016, the sub-fund was named Sarasin EquiSar IIID. Please note that the performance target is to be achieved over a specific annualised time period refer to the investment objective above. Performance figures for other share classes in issue can be obtained by contacting marketing@sarasin.co.uk.
Performance The sub-fund returned 5.50% (net of charges) for the period from 1 January 2026 to 3 July 2026, versus 9.00% for the comparator benchmark. The performance of the sub-fund compared to the benchmark has again been challenging. In particular, the extraordinary moves by the semiconductor and memory stocks within the world equity index have been extremely hard to match. Yes, the sub-fund has exposure to these sectors in the US and Asia, but not at market weights. More generally, the accelerating AI boom has created one of the most powerful momentum-led rallies in recent years, and those diversifying into ‘quality’ or more defensive equity holdings have inevitably underperformed. We are no exception, given that our thematic stocks typically tend to show higher returns on equity, lower financial leverage, and more stable earnings growth, which have often been overlooked in the recent market rally. There are signs that market leadership may be broadening beyond a narrow group of AI winners, which would be beneficial for our thematic equity approach.
Review A combination of factors shaped investor sentiment over the first half of 2026. These included the impact of the US-Iran conflict, which initially caused uncertainty and led to the closure of the Strait of Hormuz, but appeared to be de-escalating as the period progressed. The more optimistic outlook gradually encouraged investors to favour riskier assets such as shares.
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Review (continued) Oil prices fell sharply as the conflict looked to be closer to a resolution, and the easing of energy concerns allowed markets to refocus on Artificial Intelligence (AI), which helped to push technology stocks higher. Further boosts came from companies raising their spending plans for the year and upgraded global earnings forecasts.
Emerging markets were among the strongest performers during the period, driven by the heavy weighting of semiconductor and IT hardware companies in the index.
Global government bonds were generally weaker earlier in the period as the spike in energy prices caused renewed concerns over inflation, especially in the UK, which was seen as particularly exposed to higher fuel prices. However, UK Gilts recovered later in the period as softer-than-expected inflation reduced the likelihood of interest-rate rises.
After a sharp rise in oil and gas prices at the start of the conflict, commodities declined later in the period. Gold and precious metals also fell in value as the US dollar strengthened and expectations of higher US interest rates grew. However, industrial metals rose on demand tied to technology and infrastructure investment.
Positives Among the sub-fund’s holdings, ASML Holding, a leading manufacturer of semiconductor production equipment, delivered strong performance throughout the period. This was driven by record-breaking new orders, profit margins that were at the upper end of expectations and an increase in projected revenues for the full year.
Another positive contributor was BHP Group, a global mining company primarily producing iron ore and copper. The stock was a strong performer as copper prices reached new record highs as a result of mounting supply risks from global mine disruptions. Iron ore was also firm given resilient Chinese demand.
The shares of consumer products company Colgate-Palmolive performed well as the company maintained its upward momentum. This was largely a result of better-than-expected results for the final quarter of 2025 and a strategy aimed at maintaining growth over the next five years.
The holding in Citigroup also proved favourable for returns as the firm’s restructuring plan started to pay off.
Negatives CME Group, a leading derivatives marketplace which enables clients to trade futures and options, was among the weaker performers. The company’s revenues are tied to trading volumes. Having seen higher levels when the US-Iran conflict was most acute, volumes cooled as the period progressed. Investors also grew more concerned about the competitive threat posed by other products which offer greater flexibility.
Shares of ServiceNow, a software specialist, were weaker after the company announced its fourth-quarter 2025 results. The weakness was despite performance that was better than expectations and full-year 2026 guidance which came in ahead of consensus.
Our holding in Netflix, the subscription streaming service, detracted despite the release of results that were ahead of expectations. Investors focused instead on a disappointing outlook for revenue and operating income, plus unchanged
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