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Please see risks and other important information on following pages. 1 Calculation methodology and scope on page 5. Issued by Comgest Asset Management International Limited, 46 St. Stephen's Green, Dublin 2, Ireland - info@comgest.com Source: CAMIL / FactSet financial data and analytics, unless otherwise stated. All inf ormation and performance data is as at 30/09/2026, unless otherwise indicated, and is unaudited. www. comgest.com Page 1 of 7
MARKETING COMMUNICATION
COMGEST GROWTH EUROPE EX UK GBP SU ACC - IE00BQ1YBM13
NAV per share: £25.81 30 September 2026
CUMULATIVE PAST PERFORMANCE (REBASED TO 100)
Rebased to 100
ROLLING PERFORMANCE (%) Annualised 1 Month QTD YTD 1 Year 3 Years 5 Years 10 Years Since Incep. Fund - 2.8 - 2.2 - 6.3 - 4.9 - 0.7 - 0.8 6.8 8.3 Index - 2.8 - 2.7 6.7 13.2 13.9 8.9 9.2 10.4 Fund Volatility -- -- -- 17.1 15.2 16.9 16.1 16.2 Index Volatility -- -- -- 14.0 12.8 14.6 15.6 15.6 CALENDAR YEAR PAST PERFORMANCE (%) 2017 2018 2019 2020 2021 2022 2023 2024 2025 Fund 17.8 - 1.0 28.3 18.6 26.1 - 17.2 21.4 - 5.5 - 1.0 Index 15.8 - 9.9 20.0 7.5 16.7 - 7.6 14.8 1.9 26.2 ANNUAL PERFORMANCE (%) AS AT QUARTER END 3Q16 - 3Q17 3Q17 - 3Q18 3Q18 - 3Q19 3Q19 - 3Q20 3Q20 - 3Q21 3Q21 - 3Q22 3Q22 - 3Q23 3Q23 - 3Q24 3Q24 - 3Q25 3Q25 - 3Q26 Fund 13.5 16.8 5.9 15.0 24.3 - 16.7 17.7 13.3 - 9.2 - 4.9 Index 21.4 1.3 5.8 - 0.5 20.9 - 12.8 19.0 14.5 13.9 13.2 Performance data expressed in GBP. Returns may increase or decrease as a result of exchange rate fluctuations. Index: MSCI Europe ex UK - Net Return.The index is used for comparative purposes only and the Fund does not seek to replicate the index. Past performance does not predict future returns. Capital is at risk. The value and any income from investments can go down as well as up and are not guaranteed. An investor may get back significantly less than they invest. Performance figures are calculated net of investment management fees, administr ative fees and all other fees with the exception of sales charges. If taken into account, sales charges would have a negative impact on performance. The cumulative graph and “Since Inception" data may refer to the last relaunch date of the share class whi ch may differ from its actual inception date. Calendar year past performance is only shown for years for which a full calendar year of past performance is available.
100
130
160
190
220
250
280
Dec-15 Dec-17 Dec-19 Dec-21 Dec-23 Dec-25 Fund Index
RATINGS (AS AT 31/08/2026)
Morningstar Category: EAA Fund Europe ex - UK Equity (Number of funds in Category: 679)
SFDR CLASSIFICATION: Article 8 The Fund promotes environmental and/or social characteristics. CARBON FOOTPRINT 1
Source: MSCI as at 30/06/2026, tCO 2 e per million GBP invested. BIODIVERSITY FOOTPRINT 1
Source: MSCI as at 30/06/2026, expressed in PDF per million GBP invested, relative to the index.
50
32
Index
Fund
100
94
Index
Fund
COMGEST ATTRIBUTES • Quality Growth philosophy • Focus on long - term EPS growth • Team - based approach • Broad partnership structure INVESTMENT POLICY The objective of the Sub - Fund ("the Fund") is to increase the value of the Fund (capital appreciation) over the long term. The Fund intends to achieve this objective through investment in a portfolio of high quality, long - term growth c ompanies. The Fund will invest at least two - thirds of its assets in shares and preferred shares issued by companies that have their headquarters in, or principally carry out their activities in any European country with the exception of the United Kingdom. The Fund is actively managed. The index is provided for comparative purposes only. The Fund is aimed at investors with a long - term investment horizon (typically 5 years or more).
RISK AND REWARD PROFILE Lower risk Higher risk Typically lower rewards Typically higher rewards
1 2 3 4 5 6 7 The indicator represents the risk and reward profile presented in the UCITS Key Investor Information Document. The indicator assumes you keep the product for 5 years otherwise the actual risk can vary significantly.
Page 2
RISKS This Fund has the following core inherent risks (non - exhaustive list): • Investing involves risk including possible loss of principal. • The value of all investments and the income derived therefrom can decrease as well as increase. • There is no assurance that the investment objective of the Fund will be achieved. • To the extent that the Fund is invested in or denominated in a currency other than yours, the cost and return in your curren cy may increase or decrease due to exchange rate fluctuations. • A more detailed description of the risk factors that apply to the Fund is set out in the Prospectus. Please see important information on following pages. Issued by Comgest Asset Management International Limited, 46 St. Stephen's Green, Dublin 2, Ireland - info@comgest.com Source: CAMIL / FactSet financial data and analytics, unless otherwise stated. All information and performance data is as at 30/09/2026, unless otherwise indicat ed, and is unaudited. www. comgest.com Page 2 of 7
MARKETING COMMUNICATION
COMGEST GROWTH EUROPE EX UK GBP SU ACC - IE00BQ1YBM13
30 September 2026
FUND COMMENTARY During the period under review, government bond yields in developed markets increased significantly on fiscal deficit concern s, growing competition for capital and the strength of the US economy. The Iran war escalated again and oil prices pushed higher, further stoking concerns about persist ent inflation and prompting central banks in Japan, the Eurozone and the US to raise short - term rates. For Europe ex UK equities, the growth outlook improved further throughout the quarter, with MSCI Europe ex UK earnings per share (EPS) growth expectatio ns for 2026 now standing at 18%. Thanks to this fortress of growth, chiefly driven by AI infrastructure investments and high oil pr ices, Europe ex UK equities proved resilient despite the significant rise in bond yields. Against the rise in long - term bond yields, equity valuations unsurprisingly came down, however this masked distinct realities. The bifurcated technolo gy trade unwoun d, with software - as - a - service (SaaS) companies recovering strongly from depressed valuations while AI capital expenditure (capex) beneficiaries pul led back as extreme positioning was reduced. Defensive, long - duration quality stocks suffered a derating, whi le cyclical momentum stocks in banks and energy rerated on a favourable yield curve and the rise in oil prices. Overall, it remained a beneficial environment for cyclical st ocks in the value segment, as the MSCI Europe ex UK Value index rose 0.1%, while th e MSCI Europe ex UK Growth index declined 3.9%, net returns in EUR. The portfolio is now positioned for high, above - benchmark growth while maintaining strong quality credentials. The portfolio's EPS growth accelerated over the past six months due to portf olio management decisions and organic growth acceleration, particularly among its AI capex - exposed companies. Today the aggregate next - twelve - months (NTM) EPS growth of the portfolio stands at 16% compared with 12% for the MSCI Europe ex UK index. IT, indu strial and healthcare stocks are the three growth pillars of the portfolio. The significant growth deficit relative to the MSCI Europe e x UK index, which emerged in 2026 due to the strong cyclical backdrop, has turned into a growth premium. One of the most severe valuation resets we have experienced in decades has created an attractive entry point for the level of quality growth the portfolio provides. SaaS companies staged a strong recovery from very depressed valuation levels. SAP surged as its current c loud bookings increased by 26% year - on - year, showing no signs of deceleration. Furthermore, management indicated that feedback on Business Data Cloud, its new autonomous enterprise offering, and on its agentic tools roadmap has been positive. Kingspan perf ormed strongly, beating expectations in H1 2026 and delivering significant upgrades to FY 2026 expectations on strong order intake, particularly in the data - centric Advnsys division. The shares also reacted positively to the acquisition of BMC Manufacturin g Group. Sartorius Stedim shares rose strongly. Reporting from bioprocessing equipment peers was supportive and the company c onfirmed that the equipment business has inflected. Biotech funding is improving and advanced therapies are showing early signs of recovery. AI capex beneficiaries pulled back despite a stellar Q2 reporting season, reflecting profit - taking and strong positioning. ASML, for example, declined despite strong results, a significant upgrade to its FY 2026 guidance and positive comments on capacity expansion for 2027, and potentially 2028, driven by solid AI demand. Aon shares declined on the announced acquisition of USI, a leading insurance broker in the mid - market segment. While the deal makes strategic sense, the market reacted negatively as Aon suspended its share buyback programme and guided for EPS dilution in 2027. Straumann fell despite strong fundamentals, including +8.5% organic growth in Q2 2026 and its key North American market outperforming expectations on conti nued market share gains. However, this strong performance was overshadowed by the announcement that CEO Guillaume Daniellot will step down in December after seven years in the role and 20 years with the company. Our portfolio activity focused on raising aggregate portfolio growth while maintaining quality credentials. We used three levers to do so. First, we improved growth and quality in the AI - exposed pocket of the portfolio by adding Nemetschek and increasing ASM International. Second, we reduced exposure to slower growt h consumer - exposed companies by selling LVMH, Lindt and Hermès. Lastly, we increased the contribution from idiosyncratic, and therefore decorrelated, sources of growth by acquiring UCB and Airbus and increasing Scout24, all attractively valued for the leve l of growth they offer. The remaining portfolio changes were related to housekeeping, valuation discipline and quality maintenance. AI or not AI is one of the most decisive questions for a quality growth manager. The growth acceleration we witnessed thro ughout the year is diversified across sectors, yet the biggest contributor is rooted in AI infrastructure demand. The risk highlighted in our H1 2026 report - elevated investor positioning in AI capex triggering share price revaluations - has materialised and as a result valuations can now be viewed as attractive. Our optimism about AI is nurtured by our global research platform, which points to the growth and profitability of the hyperscalers, the rapid revenue ramp of large l anguage models, the shift from training to the structurally larger inference market, and a supply chain that is underwriting a longer cycle, not a shorter o ne. However, hyperscalers' free cash flows have recently started to turn negative (with the exception of Microsoft), while bond is suance and lease obligations have increased meaningfully, which is a point to watch. In our view, the portfolio's growth exposure to the AI capex theme is elevated but not outsized. We value d iversification, as evidenced, for example, by the healthcare poc ket of the portfolio. It offers defensive growth that is decorrelated from the AI theme, as do the many idiosyncratic growth stories we have added to the portfolio. This quarter showed that interest rates are no longer contained. This poses a major risk t o equity market valuations at a time of record - low market risk premia. In our view, growth remains the best antidote to valuation pressure. The views expressed in this document are valid at the time of publication only, do not constitute independent i nvestment research and should not be interpreted as investment advice. The reference to specific companies does not constitute a recommendation to invest directly in these securities. Allocation is subject to change without notice. Remember that past perfo rmance does not predict future returns.
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Past performance does not predict future returns. Data on holdings is provided for information purposes only and is not a recommendation to buy or sell the securities shown. Issued by Comgest Asset Management International Limited, 46 St. Stephen's Green, Dublin 2, Ireland - info@comgest.com Source: CAMIL / FactSet financial data and analytics, unless otherwise stated. All information and performance data is as at 30/09/2026, unless oth erwise indicated, and is unaudited. www. comgest.com Page 3 of 7
PORTFOLIO CHARACTERISTICS
Total Net Assets (all classes, m) £121.5 Number of holdings 33 Average weighted market cap (bn) £101.8 Weight of top 10 stocks 51.3% Active share 77.0% Holdings exclude cash and cash equivalents
TOP 5 HOLDINGS (%) Fund ASML Holding 8.0 Air Liquide 8.0 Novonesis B 5.5 Schneider Electric 5.3 L'Oreal 4.4 Above holdings are provided for information only, are subject to change and are not a recommendation to buy or sell SECTOR BREAKDOWN (%) Fund Index Health Care 21.9 12.7 Industrials 21.7 20.3 Information Technology 18.0 11.9 Materials 15.1 4.5 Consumer Discretionary 7.4 6.7 Consumer Staples 6.4 6.6 Communication Services 4.8 3.8 Financials 4.2 25.0 [Cash] 0.6 -Utilities -- 4.8 Energy -- 3.2 Real Estate -- 0.5 Source: Comgest / GICS sector classification
TOP 10 COUNTRY WEIGHTS (%) Fund Index France 28.1 19.1 Switzerland 14.8 18.3 Netherlands 13.4 11.7 Germany 12.6 17.6 Sweden 8.2 6.9 Denmark 6.4 3.2 Spain 4.0 8.1 Ireland 3.9 0.9 Italy 3.4 6.6 United States 3.1 -[Cash] 0.6 -Source: Comgest / MSCI country classification
CURRENCY BREAKDOWN (%) Fund Index EUR 66.9 69.6 CHF 14.8 18.3 DKK 6.4 3.2 SEK 5.8 6.1 USD 5.4 1.6
CURRENCY BREAKDOWN (%) - CONT. Fund Index GBP 0.6 -NOK -- 1.3 Breakdown based on currencies in which holdings are priced.
TOP 5 QTD CONTRIBUTORS (%) BOTTOM 5 QTD CONTRIBUTORS (%)
Kingspan Group
SAP Sartorius Stedim Bi..
Ferrari
Coloplast B
ASML Holding
Straumann Holding
Aon A EssilorLuxottica
0.1 Nestle
0.2
0.5
0.8
0.8
0.0 0.5 1.0
- 0.8
- 0.7
- 0.6
- 0.5
- 0.3
-1.0 -0.5 0.0
MARKETING COMMUNICATION
COMGEST GROWTH EUROPE EX UK GBP SU ACC - IE00BQ1YBM13
30 September 2026
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Please see methodologies and glossary on following pages. The information above is based on available data and data may not be available for all portfolio holdings. Issued by Comgest Asset Management International Limited, 46 St. Stephen's Green, Dublin 2, Ireland - info@comgest.com Source: CAMIL / FactSet financial data and analytics, unless otherwise stated. www. comgest.com Page 4 of 7
PLEASE NOTE THAT THE DATA SHOWN BELOW IS THE OUTCOME OF OUR INVESTMENT PHILOSOPHY AND STOCK SELECTION. THESE METRICS ARE NOT ALL SPECIFICALLY TARGETED BY COMGEST BUT MAY BE ADDRESSED AS PART OF OUR RESPONSIBLE INVESTMENT PROCESS.
RESPONSIBLE INVESTMENT APPROACH We believe a responsible approach to environmental, social and governance issues has a positive impact on a company's growth over the long term. The assessment of ESG factors is part of our fundamental analysis. Comgest implements a three - pronged responsible investment strategy: Integration / Active Ownership / Partnership.
ENVIRONMENTAL
CARBON FOOTPRINT BIODIVERSITY FOOTPRINT
Source: MSCI as at 30/06/2026, tCO2 O2e 2e per million GBP invested. Source: MSCI as at 30/06/2026, expressed in PDF per million GBP invested, relative to the index.
SCIENCE - BASED TARGETS INITIATIVE (SBTi) PORTFOLIO COVERAGE
Source: MSCI as at 30/06/2026
50
32
Index
Fund
100
94
Index
Fund
82% 18% Approved SBTi targets Committed to SBTi targets No SBTi targets
SOCIAL & GOVERNANCE
BOARD GENDER DIVERSITY
Source: MSCI as at 30/06/2026
NON - VIOLATION OF UNGC PRINCIPLES
Source: MSCI as at 30/06/2026
TAX RATE AVERAGE
Source: MSCI and The Tax Foundation as at 30/06/2026
42%
40%
Index
Fund
100%
100%
Index
Fund
24%
25%
22%
Global average statutory tax rate
Fund statutory tax rate
Fund average effective tax rate
VOTING & ENGAGEMENT
VOTES
Source: ISS, for the 12 months to 30/06/2026
ESG ENGAGEMENT STATISTICS
Source: ISS, for the 12 months to 30/06/2026
ESG ENGAGEMENT THEMES
Source: Comgest as at 30/06/2026
57
519
Against management
With management
30
21
Engagements
No. of companies
Environmental Social Governance
29% 25% 45%
MARKETING COMMUNICATION
INTEGRATION Proprietary ESG research Investment process Exclusions ACTIVE OWNERSHIP Engagement Voting
PARTNERSHIP Working alongside clients Advocacy initiatives Transparency
COMGEST GROWTH EUROPE EX UK
30 September 2026
ALIGNMENT WITH SUSTAINABILITY PREFERENCES
Sustainable investments (SFDR): - Fund exposure: 37.7% of the NAV - Minimum commitment: 10.0% of the NAV Consideration of Principal Adverse Impact Indicators: Yes Source: Comgest as at 30/09/2026
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Issued by Comgest Asset Management International Limited, 46 St. Stephen's Green, Dublin 2, Ireland - info@comgest.com Source: CAMIL / FactSet financial data and analytics, unless otherwise stated. All information and performance data is as at 30/09/2026, unless otherwise indicated, and is unaudited. www. comgest.com Page 5 of 7
MARKETING COMMUNICATION
COMGEST GROWTH EUROPE EX UK GBP SU ACC - IE00BQ1YBM13
30 September 2026
FUND DETAILS ISIN: IE00BQ1YBM13 Bloomberg: CGEXGIA ID Domicile: Ireland Dividend Policy: Accumulation Fund Base Currency: GBP Share Class Currency: GBP Share Class Inception Date: 15/01/2016 Index (used for comparative purposes only): MSCI Europe ex UK - Net Return Ongoing Charges: 0.99% p.a of the NAV Investment Manager's Fees (part of ongoing charges): 0.85% p.a of the NAV Performance Fee: None Maximum Sales Charge: 0% Exit Charge: None Minimum Initial Investment: None Minimum Holding: None Contact for Subscriptions and Redemptions: CACEIS Ireland Limited Dublin_TA_Customer_Support@caceis.com Tel: +353 1 440 6555 / Fax: +353 1 613 0401 Dealing Frequency: Any business day (D) when banks in Dublin are open for business Cut off: 11:00 am Irish time on day D An earlier deadline for receipt of application or redemption requests may apply if your request is sent through a third party. Please enquire with your local representative, distributor or other third party NAV: Calculated using closing prices of D NAV Known: D+1 Settlement: D+2 Legal Structure: Comgest Growth Europe Ex UK, a sub - fund of Comgest Growth plc (an open - ended investment company with variable capital authorised by the Central Bank of Ireland), is an Undertaking for Collective Investment in Transferable Securities (UCITS) Management Company: None as Comgest Growth plc is self - managed Investment Team: Team - based approach. For further details, please refer to our website Investment Manager: Comgest Asset Management International Limited (CAMIL) Regulated by the Central Bank of Ireland and registered as an investment adviser with the U.S. Securities and Exchange Commission SEC registration does not imply a certain level of skill or training Sub - Investment Manager: Comgest S.A. (CSA) Regulated by the Autorité des Marchés Financiers GP 90023
IMPORTANT INFORMATION UK investors may not be able to refer a complaint against the Fund or the Depositary to the UK’s Financial Ombudsman Service. Any claims for losses relating to the Fund or the Depositary will not be covered by the UK Financial Services Compensation Scheme. The Fund is not authorised in the United Kingdom by the Financial Conduct Authority. The Fund is authorised in Irel and by the Central Bank of Ireland and is recognised in the United Kingdom under the Overseas Fund Regime. The Prospectus, the UCITS KIID, the latest annual and interim reports and any country specific addendums can be obtained free of charge from the Investment Manager (at www.comgest.com) or the Administrator and from the facilities agent: The Funds Collective, 7 Gay Street, Bath, BA1 2PH , United Kingdom. This is a marketing communication. Please refer to the fund prospectus and the UCITS KIID before making any final investment decisions. Tax applicable to an investment depends on individual circumstances. Depending on where you live, the Fund may not be available to you for subscription. In particular this Fund cannot be offered or sold publicly in the United States. Prior to investing, consult your financial or professional adviser for more information on investing and taxation. Further information or reporting may be available from the Investment Manager upon request. Complaints handling policies are available on our website at www.comgest.com in the regulatory information section. Comgest Growth Plc may decide to terminate at any time the arrangements made for the marketing of its UCITS. This Financial Promotion has been approved for the UK by The Funds Collective (FRN 1001386) on 09/10/2026. © 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its information providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its information provi ders are responsible for any investment decisions, damages or losses arising from any use of this information or any information provided in conjunction with it. Morningstar Medalist Rating™ is a forward - looking measure derived through research of three key pillars, People, Process, and Parent. It is expressed on a five - tier scale running from Gold to Negative. The Medalist Rating is not a statement of fact, nor is it a credit or risk rating, and should not be used as the sole basis for investment decisio ns. It is not intended to be nor is a guarantee of future performance. Carbon Footprint: estimates the apportioned Scope 1 and 2 greenhouse gases emissions of investee companies. Biodiversity footprint: indicates a company's contribution to potential i rreversible extinction of species on a global level related to land use, water consumption and GHG emissions, measured by Potentially Disappeared Fraction of Species (PDF), per million GBP invested. Results are expressed relative to the index, which is ass igned a value of 100. Science Based Targets Initiative Portfolio Coverage: calculates the % of the Fund's AUM invested in companies with SBTi approved targets or which have committed to set SBTi targets. Board Gender Diversity: this indicator represents the weighted average ratio of female board members to total board members in investee companies, expressed as a percentage of all board members. Non - Violation of UNGC Principles: this indicator represents the percentage of inve stee companies that have not been involved in violations of the United Nations Global Compact (UNGC) principles. Effective and Statutory Tax Rates: these indicators represent the average effective tax rate and average statutory tax rate of investee compa nies. Index Source: MSCI. Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc., MSCI Solutions LLC, or their affiliates (“MSCI”), or information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information is for internal use only and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor does it constitute, an offer to b uy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. Some funds may be based on or linked to MSCI indexes , and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. For regulatory disclosures mandated under the EU ESG Rating Activities Regulation (Regulation (EU) 2024/3005), please visit www.msci.com/legal/sustainability - and - climate - resources - and - disclosures for methodology and organizational disclosures and https://one.msci.com for rating level disclosures. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI Party warrant s or guarantees the originality, accuracy and/or completeness of the Information and each expressly disclaims all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, o r any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. For more detailed information on ESG integration please consult our website: www .comgest.com/en/sustainability/esg
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MARKETING COMMUNICATION
Glossary
Active Share: The percentage of fund holdings that is different from the reference index holdings. A fund that has no holdings in common with the reference index will have an active share of 100%, and a fund that has exactly the same holdings as the ref erence index considered will have an active share of 0%. ADR - American Depositary Receipt: A negotiable security that represents securities of a foreign company and allows that company's shares to trade in the financial markets of the United States. Annualised: A figure converted into an annual rate. Figures covering a period of more than one year are averaged to present a figure for a 12 month period. Bp(s) - Basis point(s): One basis point is equal to one hundredth of 1% (i.e. 0.01%). BV - Book Va lue: The value of the company assets minus its liabilities. CAGR - Compound Annual Growth Rate: The rate of return that would be required for an investment to grow from its beginning balance to its ending balance, assuming the profits were reinvested at t he end of each year of the investment’s lifespan. CapEx - Capital Expenditure: The money invested by a company to acquire or upgrade fixed, physical, non - consumable assets such as property, plants, buildings, technology, or equipment. Cash Flow: The net amount of cash and cash equivalents being transferred in and out of a company. Cash received signifies inflows, and cash spent signifies outflows. CPI - Consumer Price Index: An index that measures the overall change in consumer prices based on a represen tative basket of goods and services over time. It is the metric often used to measure inflation. DY - Dividend Yield: A ratio that shows how much a company pays out in dividends each year relative to its share price. EBITDA - Earnings Before Interest, Ta xes, Depreciation and Amortisation: Used to measure a company's core profitability and is calculated by adding interest, tax, depreciation and amortisation expenses to net income. EBIT - Earnings Before Interest and Taxes: Used to measure a company's core profitability and is calculated by adding interest and tax expenses to net income. EPS - Earnings Per Share: The profits of a company attributed to each share, calculated by dividing profits after tax by the number of shares. EPS serves as an indicator of a company's profitability.
FCF - Free Cash Flow: The cash generated by a company from its normal business operations after subtracting any money spent on capital expenditures. GDP - Gross Domestic Product: The total market value of all the finish ed goods and services produced within in a country's border in a specific time period. GDR - Global Depositary Receipt: A certificate issued by a bank that represents shares in a foreign stock on two or more global markets. A GDR is similar to an American depositary receipt (ADR), except an ADR only lists shares of a foreign country in the markets of the United States. LTM - Last 12 Months: LTM multiples are backward - looking and are based on historical performance. Market Cap(italisation): A measure of a company’s size, calculated by multiplying the total number of shares in issue by the current share price. Companies are commonly grouped according to size, such as small cap, mid cap, large cap or all cap. There is no consensus on the definition of these groupings and they may vary from portfolio to portfolio depending on the country of investment. NAV - Net Asset Value: The current market value of the portfolio's assets minus the portfolio's liabilities. NTM - Next 12 Months: NTM multiples are forward - l ooking and are based on projected performance. Ongoing Charges: A fund’s operational costs over a year. Ongoing Charges are calculated as a percentage of the average fund size over the year and include, for example, investment manager's fees, administrati on fees and custody costs. Operating Margin: Measures how much profit a company makes on a dollar (or relevant currency) of sales after paying for variable costs of production, such as wages and raw materials, but before paying interest or tax. Operating Profit: A company's gross income less operating expenses and other business - related expenses, such as wages, cost of goods sold (COGS) and depreciation. Organic Growth: Growth a company achieves by increasing output and enhancing sales through the busine ss' own operations and internal processes. This does not include profits or growth attributable to mergers, acquisitions, divestitures and foreign exchange but rather an increase in sales and expansion through the company's own resources.
Organic Sal es: Sales generated from within a company that are a direct result of the company's existing operations and internal processes. Organic sales do not include the impacts of mergers, acquisitions, divestitures and foreign exchange. P/B or P/BV - Price - to - Bo ok Value Ratio: Measures the market's valuation of a company relative to its book value. P/B or P/BV is calculated by dividing the company's stock price per share by its book value per share. P/E - Price - to - Earnings Ratio: A ratio used to value a company’ s shares. It is calculated by dividing the current market price by the earnings per share. P/S - Price - to - Sales Ratio: A valuation ratio that compares a company’s stock price to its revenues. It is an indicator of the value that financial markets have pla ced on each dollar of a company’s sales or revenues. PEG - Price/Earnings - To - Growth Ratio: A stock's price - to - earnings (P/E) ratio divided by the growth rate of its earnings for a specified time period. The PEG ratio is used to determine a stock's value w hile also factoring in the company's expected earnings growth. PMI - Purchasing Managers’ Index: An index of the prevailing direction of economic trends in the manufacturing and service sectors. Reference Index: Index against which a fund's performance i s compared. ROE - Return On Equity: Measures financial performance and is calculated by dividing net income by shareholders' equity. ROE is a gauge of a company's profitability and how efficiently it generates those profits. ROIC - Return On Invested Capital: Calculation used to assess a company's efficiency at allocating the capital under its control to profitable investments. SME - Small - Or Medium - Sized Enterprise: A company, or companies considered as a group, that are neither very small nor very large and which employ fewer than a given number of employees. This number varies across countries. Volatility: Measures the movements of an asset up and down over time. Volatility is generally considered to be a measure of risk.
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MARKETING COMMUNICATION
ESG Glossary
Engagement: Purposeful dialogue between investors and companies aimed at understanding and influencing corporate behaviour, practices or disclosure on sustainability - related issues, with the goal of improving long - term outcomes for shareholders and broader stakeholde rs. Environmental Factors: Factors relating to a company's impact on and exposure to the environment, including pollution, climate change, energy efficiency, natural resource use, water, waste management and the preservation of biodiversity and ecosystems. GHG - Greenhouse Gases: Gases that trap heat in the atmosphere and contribute to global warming. The main greenhouse gases include carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O) and fluorinated gases. Governance Factors: Factors relating to the structures, rules and pr ocesses by which a company is directed and controlled, including board composition and effectiveness, executive remuneration, audit quality, internal controls, transparency and accountability, and the rights and treatment of shareholders.
Principal A dverse Impact (PAI): The material negative effects that investment decisions have on environmental, social and governance factors, as defined under the EU Sustainable Finance Disclosure Regulation (SFDR). Scope 1 Emissions: Direct greenhouse gas emissions from sources owned or controlled by a company, such as fuel combustion in company vehicles or industrial facilities. Scope 2 Emissions: Indirect greenhouse gas emissions from the generation of purchased electricity, steam, heating or cooling consumed by a company. SFDR Classification: A categorisation framework established under the EU Sustainable Finance Disclosure Regulation (SFDR) that requires asset managers to classify their funds according to the degree to which sustainability factors are integrate d into their investment process, distinguishing between Article 6, Article 8 and Article 9 products.
Social Factors: Factors relating to a company's relationships with and impact on people, including its employees, supply chain workers, customers and the communities in which it operates. tCO2e: Tonnes (t) of carbon dioxide (CO 2 ) equivalent. Carbon dioxide equivalent is a standard unit for counting greenhouse gas emissions regardless of whether they are from carbon dioxide or another gas, such as methane. UN Global Compact (UNGC) Principles: A United Nations initiative establishing ten principles across four thematic areas (human rights, labour rights, environmental stewardship and anti corruption) to which signatory companies commit to as part of their broader corporate responsibility framework.
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