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AUDITOR’S REPORT TO THE UNITHOLDERS OF AVIVA INVESTORS LTAF ACS","page_number":8,"box":{"x":73,"y":94,"width":848,"height":11}},{"id":"c149848a-c3a0-4e1a-b661-ce2b587b5c96","block_type":"box","text":"INDEPENDENT AUDITORS’ REPORT","page_number":8,"box":{"x":73,"y":0,"width":327,"height":0}},{"id":"2fff21a4-3517-4a50-9e49-899a19aa5c4b","block_type":"box","text":"OPINION","page_number":8,"box":{"x":72,"y":145,"width":60,"height":7}},{"id":"d020dcb4-51b3-4f75-9d84-c4d0ac99d514","block_type":"box","text":"We have audited the financial statements of Aviva Investors","page_number":8,"box":{"x":71,"y":156,"width":379,"height":8}},{"id":"dda1395f-ac9b-48d1-80c4-42b701d22723","block_type":"box","text":"LTAF ACS (“the Scheme”) comprising each of its Sub-funds","page_number":8,"box":{"x":72,"y":168,"width":367,"height":10}},{"id":"8f2dac21-84c0-43ab-bc95-57239dcf09fd","block_type":"box","text":"for the period ended 31 December 2025, which comprise 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The financial reporting framework","page_number":8,"box":{"x":72,"y":239,"width":415,"height":10}},{"id":"4ff0ae48-1307-406e-80db-cdf9ccca83cd","block_type":"box","text":"that has been applied in their preparation is applicable law","page_number":8,"box":{"x":71,"y":251,"width":373,"height":10}},{"id":"e813c8ff-6d28-4ffd-b8e6-40787f18abec","block_type":"box","text":"and United Kingdom Accounting Standards including FRS","page_number":8,"box":{"x":72,"y":263,"width":364,"height":10}},{"id":"a2745a54-21a5-4c86-a737-2c0093b07c72","block_type":"box","text":"102 ‘The Financial Reporting Standard applicable to the UK","page_number":8,"box":{"x":73,"y":275,"width":373,"height":10}},{"id":"2e200345-0a48-4369-98f9-f977be43335f","block_type":"box","text":"and Republic of Ireland’ (United Kingdom Generally Accepted","page_number":8,"box":{"x":72,"y":287,"width":389,"height":10}},{"id":"6e80f2fa-6eb8-4e46-aefc-0ab6b214e3e4","block_type":"box","text":"Accounting Practice).","page_number":8,"box":{"x":71,"y":299,"width":133,"height":10}},{"id":"17f15a63-4f4a-45da-a462-62ac8ecb08e6","block_type":"box","text":"In our opinion, the financial statements:","page_number":8,"box":{"x":72,"y":316,"width":251,"height":10}},{"id":"81a4eba4-17b3-4993-8505-89d28fd48484","block_type":"box","text":"–","page_number":8,"box":{"x":71,"y":339,"width":7,"height":0}},{"id":"b4915737-6a6a-44d6-aa51-0d0091ae30a6","block_type":"box","text":"give a true and fair view of the financial position of the Scheme","page_number":8,"box":{"x":82,"y":334,"width":399,"height":10}},{"id":"e1d2f90a-619e-4793-9126-c3b8b2554ab6","block_type":"box","text":"comprising each of its Sub-funds as at 31 December 2025 and","page_number":8,"box":{"x":82,"y":346,"width":391,"height":10}},{"id":"57f0a619-c258-477a-8e52-1c776d74e5ee","block_type":"box","text":"of the net revenue/expense and the net capital gains/losses on","page_number":8,"box":{"x":82,"y":358,"width":399,"height":10}},{"id":"1c2f6d32-5917-45d1-bc27-6e6b4cd444ec","block_type":"box","text":"the scheme property of the Scheme comprising each of its Sub\u0002","page_number":8,"box":{"x":82,"y":370,"width":400,"height":10}},{"id":"ee315436-fd48-4dcb-b741-5e4540b7db60","block_type":"box","text":"funds for the period then ended; and","page_number":8,"box":{"x":82,"y":382,"width":234,"height":10}},{"id":"009ac0d5-78e3-47e7-a8eb-7559fc7b8d81","block_type":"box","text":"–","page_number":8,"box":{"x":71,"y":404,"width":7,"height":1}},{"id":"0eb834a3-3cf8-41eb-88d0-c3d922999e16","block_type":"box","text":"have been properly prepared in accordance with United","page_number":8,"box":{"x":83,"y":400,"width":352,"height":9}},{"id":"c6506766-6591-44d2-a7d7-fbf2d7cf698e","block_type":"box","text":"Kingdom Generally Accepted Accounting Practice.","page_number":8,"box":{"x":83,"y":412,"width":317,"height":9}},{"id":"5a878f69-83e8-460c-a34d-21a21199d71f","block_type":"box","text":"BASIS FOR OPINION","page_number":8,"box":{"x":72,"y":437,"width":136,"height":7}},{"id":"6f41d4d7-b56e-40ec-af32-1c06c2627964","block_type":"box","text":"We conducted our audit in accordance with International","page_number":8,"box":{"x":71,"y":448,"width":364,"height":8}},{"id":"3f3a0a5d-8544-4cf8-aac0-2f69250c0b82","block_type":"box","text":"Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our","page_number":8,"box":{"x":72,"y":460,"width":397,"height":10}},{"id":"2ecb36e3-697f-44c0-989c-32f7401eb47f","block_type":"box","text":"responsibilities under those standards are further described in the","page_number":8,"box":{"x":72,"y":472,"width":415,"height":9}},{"id":"2474faee-558c-4c6e-99a1-9388caab8aa8","block_type":"box","text":"Auditor’s responsibilities for the audit of the financial statements","page_number":8,"box":{"x":71,"y":484,"width":411,"height":9}},{"id":"99667ade-57f9-42cb-94c4-dd5ea79a1582","block_type":"box","text":"section of our report below. We are independent of the Scheme","page_number":8,"box":{"x":72,"y":495,"width":404,"height":10}},{"id":"1eecf207-ba11-412e-840a-8490efc8ed2f","block_type":"box","text":"in accordance with the ethical requirements that are relevant","page_number":8,"box":{"x":72,"y":507,"width":386,"height":10}},{"id":"986f3c05-5c20-4b52-bb99-8886afe2c3a1","block_type":"box","text":"to our audit of the financial statements in the UK, including the","page_number":8,"box":{"x":71,"y":519,"width":400,"height":10}},{"id":"23db247c-6830-48b1-af30-f9660a796f6a","block_type":"box","text":"Financial Reporting Council’s (the “FRC”) Ethical Standard, and","page_number":8,"box":{"x":72,"y":531,"width":392,"height":10}},{"id":"714a6f52-dc9c-4845-824c-bed59ca677a8","block_type":"box","text":"we have fulfilled our other ethical responsibilities in accordance","page_number":8,"box":{"x":71,"y":543,"width":402,"height":10}},{"id":"e63eb087-1740-4914-9ffe-f2b49bfa410d","block_type":"box","text":"with these requirements.","page_number":8,"box":{"x":71,"y":555,"width":158,"height":10}},{"id":"3d51ebc3-1f05-45db-bca7-bc79fb24f094","block_type":"box","text":"We believe that the audit evidence we have obtained is sufficient","page_number":8,"box":{"x":71,"y":573,"width":413,"height":7}},{"id":"12692640-070f-42bd-93fa-9bca785eada6","block_type":"box","text":"and appropriate to provide a basis for our opinion.","page_number":8,"box":{"x":72,"y":584,"width":318,"height":10}},{"id":"83bc1d07-1a81-4e7e-a1fe-2326ada2c204","block_type":"box","text":"CONCLUSIONS RELATING TO GOING CONCERN","page_number":8,"box":{"x":72,"y":610,"width":320,"height":7}},{"id":"9f83e9b0-ee0c-4251-8a3a-1ec93d8ae4d8","block_type":"box","text":"In auditing the financial statements we have concluded that the","page_number":8,"box":{"x":72,"y":621,"width":405,"height":10}},{"id":"243f8361-4bde-48ae-b8db-8b16a54328e2","block_type":"box","text":"ACS Manager’s use of the going concern basis of accounting in","page_number":8,"box":{"x":71,"y":633,"width":398,"height":10}},{"id":"091043df-74c4-4b56-b14a-854ec9cabbb9","block_type":"box","text":"the preparation of the financial statements is appropriate.","page_number":8,"box":{"x":71,"y":645,"width":367,"height":9}},{"id":"5a3997b3-c97f-4f4b-8bb3-b3e255978814","block_type":"box","text":"Based on the work we have performed, we have not identified","page_number":8,"box":{"x":72,"y":662,"width":394,"height":10}},{"id":"ae3e6170-2016-436e-b0ee-842206afa19e","block_type":"box","text":"any material uncertainties relating to events or conditions","page_number":8,"box":{"x":72,"y":674,"width":365,"height":10}},{"id":"c2c7acdd-199d-4eec-b78a-bfbaa4e7f428","block_type":"box","text":"that, individually or collectively, may cast significant doubt","page_number":8,"box":{"x":71,"y":686,"width":368,"height":10}},{"id":"3c447faf-231a-4d52-99a9-5e1d3fe7bf62","block_type":"box","text":"on the Scheme’s ability to continue as a going concern for a","page_number":8,"box":{"x":72,"y":698,"width":376,"height":10}},{"id":"911f57fe-0b06-4301-82ca-2ac3bde47dc1","block_type":"box","text":"period of 12 months from when the financial statements are","page_number":8,"box":{"x":72,"y":710,"width":382,"height":10}},{"id":"30ab5139-8843-44dd-9058-363f532b286b","block_type":"box","text":"authorised for issue.","page_number":8,"box":{"x":72,"y":722,"width":126,"height":8}},{"id":"52c70cc4-5276-450a-93f0-3a8a4396d30e","block_type":"box","text":"Our responsibilities and the responsibilities of the ACS Manager","page_number":8,"box":{"x":72,"y":740,"width":402,"height":10}},{"id":"954f2225-ccbb-42eb-8ce8-bba4700bb848","block_type":"box","text":"with respect to going concern are described in the relevant","page_number":8,"box":{"x":71,"y":752,"width":374,"height":9}},{"id":"7619643c-2cbd-400c-bcc1-2ca6dd3bbcf4","block_type":"box","text":"sections of this report. However, because not all future events or","page_number":8,"box":{"x":72,"y":763,"width":406,"height":10}},{"id":"2b8d083b-8922-4c2c-a667-f0ac2b7afd4f","block_type":"box","text":"conditions can be predicted, this statement is not a guarantee as","page_number":8,"box":{"x":72,"y":775,"width":408,"height":10}},{"id":"a50cb6fb-31e8-4ea2-91e3-0e15ec234be0","block_type":"box","text":"to the Scheme’s ability to continue as a going concern.","page_number":8,"box":{"x":71,"y":787,"width":345,"height":10}},{"id":"713b2f8a-ae55-4e72-89db-0f5ec07b0922","block_type":"box","text":"OTHER INFORMATION","page_number":8,"box":{"x":512,"y":145,"width":152,"height":7}},{"id":"a4922511-f98e-4236-9698-0a7baf321615","block_type":"box","text":"The other information comprises the information included in","page_number":8,"box":{"x":512,"y":156,"width":384,"height":10}},{"id":"cc03f414-208e-4c61-8d2e-4f20dab15834","block_type":"box","text":"the Annual Report other than the financial statements and our","page_number":8,"box":{"x":512,"y":168,"width":397,"height":10}},{"id":"7fbddf75-a13e-449f-9eb9-142f699821e6","block_type":"box","text":"auditor’s report thereon. The ACS Manager is responsible for the","page_number":8,"box":{"x":512,"y":180,"width":408,"height":10}},{"id":"b84d5318-f42f-49c8-aef5-8fdeda6c4ec0","block_type":"box","text":"other information contained within the Annual Report.","page_number":8,"box":{"x":512,"y":192,"width":348,"height":9}},{"id":"96d36600-32dd-44c6-9b78-73ec519c5e2c","block_type":"box","text":"Our opinion on the financial statements does not cover the","page_number":8,"box":{"x":512,"y":209,"width":374,"height":10}},{"id":"9f0f176b-18e5-4fbd-89d6-06ce21a83054","block_type":"box","text":"other information and, except to the extent otherwise explicitly","page_number":8,"box":{"x":512,"y":221,"width":402,"height":10}},{"id":"2e3e3019-af8a-4164-99f1-33d71fb97a9b","block_type":"box","text":"stated in this report, we do not express any form of assurance","page_number":8,"box":{"x":512,"y":233,"width":388,"height":10}},{"id":"720f6a2b-9acd-4e80-a03d-423da04af06b","block_type":"box","text":"conclusion thereon.","page_number":8,"box":{"x":512,"y":245,"width":124,"height":8}},{"id":"b27e6b2d-a309-43a1-889a-20d4f6ade509","block_type":"box","text":"Our responsibility is to read the other information and, in","page_number":8,"box":{"x":512,"y":263,"width":360,"height":10}},{"id":"480988ea-0ac7-4533-ad8c-212a213581e2","block_type":"box","text":"doing so, consider whether the other information is materially","page_number":8,"box":{"x":512,"y":275,"width":393,"height":10}},{"id":"a2132ef1-bd9b-4493-8380-31b8823bf5de","block_type":"box","text":"inconsistent with the financial statements or our knowledge","page_number":8,"box":{"x":513,"y":287,"width":380,"height":10}},{"id":"f252025c-b494-4080-bf5c-8367d241ad54","block_type":"box","text":"obtained in the audit or otherwise appears to be materially","page_number":8,"box":{"x":512,"y":299,"width":374,"height":9}},{"id":"9cfac5ad-c874-4aeb-8d93-ff227904f4ed","block_type":"box","text":"misstated. If we identify such material inconsistencies or","page_number":8,"box":{"x":513,"y":310,"width":354,"height":10}},{"id":"85380240-25f7-4e30-8751-48339ed252a3","block_type":"box","text":"apparent material misstatements, we are required to determine","page_number":8,"box":{"x":512,"y":322,"width":403,"height":10}},{"id":"9cd1f997-6cb2-447b-a6b0-06f8c6c2e1fa","block_type":"box","text":"whether this gives rise to a material misstatement in the","page_number":8,"box":{"x":512,"y":334,"width":354,"height":10}},{"id":"67474e35-6b3f-4f36-8d0d-f28cc803acdc","block_type":"box","text":"financial statements themselves. If, based on the work we have","page_number":8,"box":{"x":512,"y":346,"width":399,"height":9}},{"id":"9fe0822b-f7d6-4019-930f-dc39c93b22af","block_type":"box","text":"performed, we conclude that there is a material misstatement of","page_number":8,"box":{"x":513,"y":358,"width":408,"height":10}},{"id":"ba92d408-be08-4589-9ac0-3db207316bd2","block_type":"box","text":"the other information, we are required to report that fact.","page_number":8,"box":{"x":512,"y":370,"width":365,"height":10}},{"id":"8cff8063-67e0-40b7-b5df-7d600247e33c","block_type":"box","text":"We have nothing to report in this regard.","page_number":8,"box":{"x":512,"y":388,"width":258,"height":9}},{"id":"d8cc8d82-5393-4adc-b21d-21e2b1ca1463","block_type":"box","text":"OPINIONS ON OTHER MATTERS PRESCRIBED BY THE RULES","page_number":8,"box":{"x":512,"y":413,"width":404,"height":7}},{"id":"9e3098f9-43af-4552-bbb8-82f5842738c3","block_type":"box","text":"OF THE COLLECTIVE INVESTMENT SCHEMES SOURCEBOOK","page_number":8,"box":{"x":512,"y":424,"width":404,"height":8}},{"id":"0c240d97-b62d-4e8e-a9f3-87b04405d8cd","block_type":"box","text":"OF THE FINANCIAL CONDUCT AUTHORITY (THE “FCA”)","page_number":8,"box":{"x":512,"y":436,"width":374,"height":9}},{"id":"56236475-8bdd-4248-91b1-506edb67604b","block_type":"box","text":"In our opinion:","page_number":8,"box":{"x":513,"y":448,"width":91,"height":9}},{"id":"34cbb388-2d23-45e4-871a-725e9c4da730","block_type":"box","text":"–","page_number":8,"box":{"x":511,"y":470,"width":8,"height":1}},{"id":"ca48889d-0dbf-4e5b-9420-2cb7f66ab15a","block_type":"box","text":"the financial statements have been properly prepared in","page_number":8,"box":{"x":522,"y":466,"width":355,"height":9}},{"id":"5c54313b-fd93-4827-ba56-5e6065c5da88","block_type":"box","text":"accordance with the Statement of Recommended Practice","page_number":8,"box":{"x":523,"y":477,"width":368,"height":8}},{"id":"61e7d113-1d05-4a3b-82f0-ef9d48ff3cd4","block_type":"box","text":"relating to Authorised Funds, the rules of the Collective","page_number":8,"box":{"x":523,"y":489,"width":348,"height":10}},{"id":"a0a675fd-1311-4803-836f-a5aeffc9663f","block_type":"box","text":"Investment Schemes Sourcebook of the FCA and the Co\u0002","page_number":8,"box":{"x":523,"y":501,"width":356,"height":8}},{"id":"fbd00d65-62dd-4235-814e-0ee5d2a34537","block_type":"box","text":"Ownership Deed; and","page_number":8,"box":{"x":523,"y":513,"width":136,"height":10}},{"id":"9e58d191-96ee-4bfd-af53-d52b4bb2e1b8","block_type":"box","text":"–","page_number":8,"box":{"x":511,"y":536,"width":8,"height":0}},{"id":"df13b480-c8e0-46ad-99eb-a97c0d03f03f","block_type":"box","text":"there is nothing to indicate that adequate accounting 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The extent to which our procedures are","page_number":9,"box":{"x":71,"y":430,"width":368,"height":10}},{"id":"c8ab65eb-f4eb-4b1b-a0f1-47de637dd414","block_type":"box","text":"capable of detecting irregularities, including fraud is detailed","page_number":9,"box":{"x":72,"y":442,"width":384,"height":10}},{"id":"affde4c6-5a3b-4288-8daa-2d506c288478","block_type":"box","text":"below. 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Monetary amounts in","page_number":10,"box":{"x":71,"y":278,"width":850,"height":10}},{"id":"fd1197a5-63ca-4688-ae11-5460f6c04431","block_type":"box","text":"these financial statements are rounded to the nearest thousand (£’000).","page_number":10,"box":{"x":71,"y":290,"width":456,"height":9}},{"id":"b37abbdf-20a6-41a0-96d3-4650eb76c7d5","block_type":"box","text":"b) Going concern","page_number":10,"box":{"x":72,"y":312,"width":114,"height":10}},{"id":"b77bc2c2-c6ef-4797-a74f-21230f50d4c7","block_type":"box","text":"The financial statements of the ACS have been prepared on a going concern basis. In assessing the going concern status, the ACS","page_number":10,"box":{"x":71,"y":324,"width":816,"height":10}},{"id":"a415f675-6258-4d62-a0fa-b85b75167bbc","block_type":"box","text":"Manager has considered the financial position and liquidity of each Sub-fund individually, reflecting the fact that each Sub-fund is a","page_number":10,"box":{"x":72,"y":335,"width":831,"height":10}},{"id":"17699d8e-206f-4055-9087-abd9c0d8ff2f","block_type":"box","text":"legally segregated portfolio of assets and liabilities.","page_number":10,"box":{"x":72,"y":347,"width":322,"height":10}},{"id":"4eb13ddc-986f-4216-b72c-6874a1dbec70","block_type":"box","text":"Going concern is therefore assessed at the Sub-fund level, as the obligations of one Sub-fund cannot be met from the assets of","page_number":10,"box":{"x":72,"y":365,"width":801,"height":10}},{"id":"1c66003e-e853-40c8-a22a-b77580a60f1d","block_type":"box","text":"another. Based on this assessment, the ACS Manager is satisfied that each of the four Sub-funds has adequate financial resources to","page_number":10,"box":{"x":72,"y":377,"width":832,"height":10}},{"id":"7c684dca-62ca-4608-a169-97d03266fcac","block_type":"box","text":"continue in operational existence and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of","page_number":10,"box":{"x":72,"y":389,"width":850,"height":10}},{"id":"92f05e72-7187-4caf-8cd1-8fce29dae64a","block_type":"box","text":"these financial statements.","page_number":10,"box":{"x":71,"y":401,"width":169,"height":8}},{"id":"44da0e2d-969c-4171-946b-a326d2190459","block_type":"box","text":"c) Basis of consolidation","page_number":10,"box":{"x":71,"y":422,"width":159,"height":9}},{"id":"b738572c-6b45-44d7-b5ec-95ef1a85a74c","block_type":"box","text":"The ACS has assessed its interests in underlying entities in accordance with FRS 102, including Section 9 Consolidated and Separate","page_number":10,"box":{"x":71,"y":434,"width":829,"height":10}},{"id":"6e7c5fb3-7ea6-44b7-883e-8dd87ed3311b","block_type":"box","text":"Financial Statements, and the IMA SORP.","page_number":10,"box":{"x":72,"y":446,"width":256,"height":9}},{"id":"ab503abb-b65c-4a31-8e3a-7836d0443260","block_type":"box","text":"Under FRS 102, control exists where the ACS has the power to govern the financial and operating policies of an entity so as to obtain","page_number":10,"box":{"x":72,"y":464,"width":837,"height":10}},{"id":"94356c98-fdf6-4d36-996f-deb22b8b6d13","block_type":"box","text":"benefits from its activities. Certain interests held by the Sub","page_number":10,"box":{"x":72,"y":476,"width":373,"height":10}},{"id":"34ff28ca-d641-4ef1-ab43-ba2244a51196","block_type":"box","text":"‑","page_number":10,"box":{"x":446,"y":480,"width":4,"height":1}},{"id":"a1db3b85-c0bc-4616-9660-b93654fc1841","block_type":"box","text":"funds meet the definition of subsidiaries, joint ventures or associates under","page_number":10,"box":{"x":450,"y":476,"width":476,"height":10}},{"id":"22458c5f-37a3-45ba-b69b-94b35c7f81db","block_type":"box","text":"FRS 102 based on ownership interests and governance arrangements.","page_number":10,"box":{"x":72,"y":488,"width":441,"height":9}},{"id":"b00a581c-41ad-4d72-9f7c-7acae67f2d02","block_type":"box","text":"However, authorised funds, including Long","page_number":10,"box":{"x":72,"y":505,"width":271,"height":10}},{"id":"af91ea7f-a488-4360-a200-fbceae8222c3","block_type":"box","text":"‑T","page_number":10,"box":{"x":344,"y":510,"width":4,"height":1}},{"id":"03863773-4e70-426b-a28e-fc2a97be540d","block_type":"box","text":"‑Term Asset Funds, are exempt from preparing consolidated financial statements unless","page_number":10,"box":{"x":348,"y":505,"width":549,"height":10}},{"id":"9677cc6b-bec7-466d-b58c-91832d8a8acb","block_type":"box","text":"they hold investment property through Intermediate Holding Vehicles (IHVs). The ACS has reassessed the nature and purpose","page_number":10,"box":{"x":71,"y":517,"width":793,"height":10}},{"id":"d99c4608-8ffa-46aa-9745-d6d64cd0c099","block_type":"box","text":"of its underlying entities and concluded that none meet the definition of an IHV for the purposes of the IMA SORP. Accordingly,","page_number":10,"box":{"x":72,"y":529,"width":805,"height":10}},{"id":"3f0bc78a-026f-4829-8ce2-50c51825c834","block_type":"box","text":"consolidated financial statements are not prepared.","page_number":10,"box":{"x":72,"y":541,"width":326,"height":10}},{"id":"049fbd39-8da9-4e46-9c6e-008069de1714","block_type":"box","text":"Subsidiary interests are therefore accounted for as investments and measured at fair value through profit or loss, unless another","page_number":10,"box":{"x":72,"y":559,"width":808,"height":10}},{"id":"1f85d24d-f4c1-4102-8c68-cfe806d07063","block_type":"box","text":"accounting treatment is required. Interests where the ACS has joint control or significant influence are accounted for using the equity","page_number":10,"box":{"x":72,"y":571,"width":843,"height":10}},{"id":"76f02e51-619c-432f-b43f-41e491240eb8","block_type":"box","text":"method in accordance with FRS 102. All other investments are measured at fair value.","page_number":10,"box":{"x":72,"y":582,"width":539,"height":8}},{"id":"0984dde3-4af5-44ec-9b4c-f37c5532591d","block_type":"box","text":"During the year, the presentation of the Aviva Investors Real Estate Active LTAF financial statements was updated to reflect this","page_number":10,"box":{"x":72,"y":600,"width":801,"height":10}},{"id":"1c9e095f-b7df-4f80-a7b9-eb52fbb5fa16","block_type":"box","text":"reassessment. The clarification represents a change in presentation rather than a change in accounting policy or the correction of an","page_number":10,"box":{"x":72,"y":612,"width":835,"height":10}},{"id":"8567e393-f549-4726-a30e-378168752110","block_type":"box","text":"error and has been applied prospectively.","page_number":10,"box":{"x":72,"y":624,"width":259,"height":10}},{"id":"1eaef6b8-14bf-4dc1-9867-d4356f9b52c0","block_type":"box","text":"The above assessment and change in presentation relate to the Aviva Investors Real Estate Active LTAF only. The Aviva Investors","page_number":10,"box":{"x":71,"y":642,"width":805,"height":10}},{"id":"3af57604-7a86-42f4-9a60-b0eac9650ddd","block_type":"box","text":"Climate Transition Real Assets LTAF did not previously present consolidated information and continues to apply its existing accounting","page_number":10,"box":{"x":72,"y":654,"width":846,"height":10}},{"id":"9ed54a8b-edd8-4133-a74d-2a2e46ec1d65","block_type":"box","text":"policies. 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If an asset is impaired, the impairment loss is the","page_number":17,"box":{"x":72,"y":857,"width":851,"height":10}},{"id":"887e2632-8960-41eb-9467-fbbc178b8ef6","block_type":"box","text":"difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective","page_number":17,"box":{"x":72,"y":869,"width":844,"height":10}},{"id":"12d002a6-dc86-4b86-9400-697dd065a5f5","block_type":"box","text":"interest rate. The impairment loss is recognised in profit or loss.","page_number":17,"box":{"x":72,"y":881,"width":397,"height":9}},{"id":"6f285e7a-a5e1-45dd-9536-1869804761bc","block_type":"box","text":"If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is","page_number":17,"box":{"x":72,"y":898,"width":831,"height":10}},{"id":"da08cddf-8bff-467e-abf0-dfee4f6578f2","block_type":"box","text":"reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the","page_number":17,"box":{"x":72,"y":910,"width":839,"height":10}},{"id":"ea8bf112-ce8b-43e2-a837-84c8c960408f","block_type":"box","text":"impairment not previously been recognised. The impairment reversal is recognised in profit or loss.","page_number":17,"box":{"x":72,"y":922,"width":622,"height":10}},{"id":"58a0c5ff-a43c-4d70-a6fa-96632b35f57d","block_type":"box","text":"Aviva Investors LTAF ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025","page_number":18,"box":{"x":215,"y":974,"width":603,"height":8}},{"id":"a12a5403-f736-46c3-8823-d0560a18f47a","block_type":"box","text":"|","page_number":18,"box":{"x":822,"y":973,"width":1,"height":8}},{"id":"89ec640a-9edf-4829-bb98-fcba290e2c57","block_type":"box","text":"avivainvestors.com","page_number":18,"box":{"x":828,"y":974,"width":99,"height":6}},{"id":"f3453a02-03d5-4143-92d1-995deec6ecae","block_type":"box","text":"Accounting Policies, Estimates and Judgements and Financial instruments and Risk Management policies","page_number":18,"box":{"x":369,"y":19,"width":559,"height":8}},{"id":"d5392724-fe8d-427f-9cec-f045f96ce0a3","block_type":"box","text":"16","page_number":18,"box":{"x":72,"y":974,"width":12,"height":6}},{"id":"ede0f2eb-3502-4a25-923f-dff4c30efc7f","block_type":"box","text":"ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS AND","page_number":18,"box":{"x":71,"y":95,"width":584,"height":12}},{"id":"29f7b626-e5ca-4c8d-b6f8-1103db1a559b","block_type":"box","text":"FINANCIAL INSTRUMENTS AND RISK MANAGEMENT POLICIES (CONTINUED)","page_number":18,"box":{"x":73,"y":112,"width":724,"height":13}},{"id":"2fd23802-138d-4b7f-ae01-302350d0d169","block_type":"box","text":"c) Derecognition of financial assets","page_number":18,"box":{"x":71,"y":144,"width":233,"height":10}},{"id":"b9352d0c-81e3-421c-a433-101220b5c8bf","block_type":"box","text":"Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the","page_number":18,"box":{"x":72,"y":156,"width":837,"height":10}},{"id":"daba089d-d679-4ed7-9b53-a8e8b83ecda6","block_type":"box","text":"Sub-funds transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant","page_number":18,"box":{"x":72,"y":168,"width":843,"height":10}},{"id":"a50cb2af-dade-4ae6-98f6-07332f94e263","block_type":"box","text":"risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its","page_number":18,"box":{"x":72,"y":180,"width":840,"height":10}},{"id":"dc31750c-ba18-4466-ae41-00079f5a13b6","block_type":"box","text":"entirety to an unrelated third party.","page_number":18,"box":{"x":72,"y":192,"width":222,"height":10}},{"id":"f41fdae0-4aa4-42ad-a2e2-61a4ab0b380c","block_type":"box","text":"d) Classification of financial liabilities","page_number":18,"box":{"x":72,"y":213,"width":247,"height":9}},{"id":"18975dac-e137-477b-ba8f-c18149770225","block_type":"box","text":"Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An","page_number":18,"box":{"x":72,"y":225,"width":840,"height":10}},{"id":"6c320288-66a2-4b4d-9144-e6eb1aa349a2","block_type":"box","text":"equity instrument is any contract that evidences a residual interest in the assets of the Sub-fund after deducting all of its liabilities.","page_number":18,"box":{"x":72,"y":237,"width":820,"height":10}},{"id":"8fc2e035-2866-4e8d-9b84-037a3cc49f9f","block_type":"box","text":"e) Basic financial liabilities","page_number":18,"box":{"x":72,"y":258,"width":174,"height":9}},{"id":"012b34ae-f7ca-432c-b089-d7fcb214ae5a","block_type":"box","text":"Basic financial liabilities, including trade and other creditors, bank loans, and amounts due to related parties are initially recognised at","page_number":18,"box":{"x":72,"y":270,"width":844,"height":10}},{"id":"d4b9dca3-fd99-4fd0-a9fe-f82c45614d04","block_type":"box","text":"transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present","page_number":18,"box":{"x":71,"y":282,"width":832,"height":10}},{"id":"947f7a21-826f-49b9-8d98-7a2b17042f90","block_type":"box","text":"value of the future payments discounted at a market rate of interest.","page_number":18,"box":{"x":71,"y":294,"width":433,"height":10}},{"id":"99f12e28-c5f9-4481-a402-840905284080","block_type":"box","text":"Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.","page_number":18,"box":{"x":72,"y":312,"width":642,"height":10}},{"id":"bd06d12e-5d28-4cc9-ad8d-3e073c5ae7e2","block_type":"box","text":"f) Other financial liabilities","page_number":18,"box":{"x":71,"y":333,"width":179,"height":9}},{"id":"181071d1-33ee-4a6c-a6e9-ad7cf3cb99a2","block_type":"box","text":"Derivatives, including interest rate caps are not basic financial instruments.","page_number":18,"box":{"x":72,"y":345,"width":470,"height":10}},{"id":"98b1f7d6-37f3-42f6-96e3-5c50553d2b77","block_type":"box","text":"Debt instruments where the contractual returns, repayment of the principal, or other terms (such as prepayment provisions or term","page_number":18,"box":{"x":72,"y":363,"width":828,"height":10}},{"id":"db50f628-0f64-44b4-8cd0-3016e8e49e78","block_type":"box","text":"extensions) do not meet the conditions to be measured at amortised cost, are subsequently measured at fair value through profit or","page_number":18,"box":{"x":72,"y":375,"width":834,"height":10}},{"id":"03364b1f-b38d-46b6-ad90-f24511903e86","block_type":"box","text":"loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting","page_number":18,"box":{"x":72,"y":387,"width":840,"height":9}},{"id":"18eb9dd4-92b8-41f4-950a-26a6cf1640fa","block_type":"box","text":"mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented","page_number":18,"box":{"x":72,"y":398,"width":843,"height":10}},{"id":"6aa35ff1-5693-4b26-b539-a497e26f29a5","block_type":"box","text":"risk management or investment strategy.","page_number":18,"box":{"x":72,"y":410,"width":258,"height":10}},{"id":"75a39cfe-3c87-4a06-937f-2fd8a46b17df","block_type":"box","text":"g) Derecognition of financial liabilities","page_number":18,"box":{"x":72,"y":432,"width":256,"height":10}},{"id":"32f38d40-9144-4f63-b2c1-be153f8326dd","block_type":"box","text":"Financial liabilities are derecognised when, and only when, the Sub-fund’s contractual obligations are discharged, cancelled,","page_number":18,"box":{"x":72,"y":444,"width":785,"height":9}},{"id":"8ede9578-c471-4097-8a8f-b5dd910018e8","block_type":"box","text":"or they expire.","page_number":18,"box":{"x":72,"y":455,"width":89,"height":10}},{"id":"8e2668bf-5555-4c0d-94b7-5ee6cc99f92f","block_type":"box","text":"3.2 Risk management policies","page_number":18,"box":{"x":72,"y":485,"width":197,"height":10}},{"id":"53ee2710-c81b-43d7-941d-5bf30a394709","block_type":"box","text":"The Sub-funds’ financial instruments comprise shares in collective investment schemes, cash balances, liquid resources and debtors and","page_number":18,"box":{"x":71,"y":497,"width":854,"height":10}},{"id":"bcee2118-7a3c-4550-8042-a5f88b6d75ae","block_type":"box","text":"creditors that arise directly from its operations.","page_number":18,"box":{"x":72,"y":509,"width":293,"height":10}},{"id":"3d52ad07-6948-486b-987f-26d52ab5cc12","block_type":"box","text":"The Scheme has exposure to a number of different risks to varying degrees. The main risks it faces from its financial instruments and the","page_number":18,"box":{"x":71,"y":527,"width":856,"height":10}},{"id":"a772e51e-ae8c-4e56-ba2b-8042dc7be2a1","block_type":"box","text":"ACS Manager’s policies for managing these risks are summarised below:","page_number":18,"box":{"x":71,"y":539,"width":456,"height":9}},{"id":"79155ad1-5a33-4771-b04e-0599a71d435d","block_type":"box","text":"a) Market risk","page_number":18,"box":{"x":71,"y":560,"width":92,"height":9}},{"id":"f44c4d08-6176-488f-a35b-5a4156602096","block_type":"box","text":"Market risk is the risk that the fair value of the Sub-funds’ investments will fluctuate as a result of changes in market conditions. The","page_number":18,"box":{"x":72,"y":572,"width":830,"height":10}},{"id":"4bac1a2f-9bc5-4941-a04c-abead8b3d6f8","block_type":"box","text":"Sub-funds are exposed to market risk across a range of asset classes, including investment property, venture capital, private credit","page_number":18,"box":{"x":72,"y":584,"width":816,"height":10}},{"id":"db071236-27ad-420c-82b7-19486843e4e5","block_type":"box","text":"and other private market investments. Market risk arises from factors such as changes in economic conditions, interest rates, business","page_number":18,"box":{"x":72,"y":596,"width":840,"height":9}},{"id":"7f2a7cbb-037b-4741-8242-c7f5cd87a7e1","block_type":"box","text":"performance of underlying invested entities.","page_number":18,"box":{"x":72,"y":607,"width":280,"height":10}},{"id":"2930c06c-06d8-4905-9d01-d914634553f1","block_type":"box","text":"The Sub-funds’ investment portfolios are exposed to market price fluctuations which are monitored by the ACS Manager in pursuance","page_number":18,"box":{"x":71,"y":625,"width":849,"height":10}},{"id":"02f601e1-5acf-48da-baa9-1773f29532db","block_type":"box","text":"of the investment objective and policy of the Sub-funds. Adherence to investment and borrowing powers set out in the Prospectus and","page_number":18,"box":{"x":72,"y":637,"width":854,"height":10}},{"id":"d460dd99-4f6f-4925-a362-3d6904c0e6cc","block_type":"box","text":"in the Collective Investment Schemes Sourcebook of the Financial Conduct Authority, mitigates the risk of excessive exposure to any","page_number":18,"box":{"x":72,"y":649,"width":834,"height":10}},{"id":"850bf973-0771-4628-a3d8-512a94ac7e03","block_type":"box","text":"particular type of security or issuer.","page_number":18,"box":{"x":72,"y":661,"width":218,"height":10}},{"id":"e8c41af3-bc57-47bc-80fd-45c218dd3525","block_type":"box","text":"In particular, for investment property, market risk arises from the following factors:","page_number":18,"box":{"x":72,"y":679,"width":519,"height":10}},{"id":"462567ca-27b5-4b3d-abd0-a9b5d2a43402","block_type":"box","text":"There is a risk that a property might be sold for a different value to the Independent Valuer’s valuation, due to market conditions,","page_number":18,"box":{"x":71,"y":697,"width":816,"height":9}},{"id":"03b1d26e-86aa-41e2-bed0-3706d663f0bb","block_type":"box","text":"economic risks and environmental risks being different to the valuer’s assumptions. There is also a risk that the price at which an","page_number":18,"box":{"x":72,"y":708,"width":807,"height":10}},{"id":"b1a9ce5f-2e8d-4542-aaf3-a5564e219db3","block_type":"box","text":"asset is valued may not be realisable in the event of sale. This could be due to a mis-estimation of the asset’s value, other investment","page_number":18,"box":{"x":72,"y":720,"width":835,"height":10}},{"id":"28145420-4f99-46ea-aaff-e2fde46bc63d","block_type":"box","text":"opportunities or due to lack of liquidity in the relevant market.","page_number":18,"box":{"x":72,"y":732,"width":393,"height":10}},{"id":"eee064b8-799e-4fd4-a00c-8fdf04ce1df6","block_type":"box","text":"Property values are also affected by a number of factors including, local conditions, physical characteristics of the building, property","page_number":18,"box":{"x":72,"y":750,"width":830,"height":10}},{"id":"0d8bf3ad-0d2e-46ab-a810-93e34b59b1f6","block_type":"box","text":"management, competition on rental rates, length of lease(s), financial condition of the tenant and tenant default risk (the value of","page_number":18,"box":{"x":72,"y":762,"width":824,"height":10}},{"id":"179393a2-edaa-4460-9a40-734357dbd8d5","block_type":"box","text":"the building is a function of its rental income and therefore the creditworthiness of the underlying tenants), quality of maintenance,","page_number":18,"box":{"x":71,"y":774,"width":835,"height":10}},{"id":"c9af1bfc-29c1-48dd-8bf8-1a1f4564ecb6","block_type":"box","text":"management services and changes in operational cost.","page_number":18,"box":{"x":72,"y":786,"width":346,"height":9}},{"id":"5f5cd174-8706-410f-b5e2-f7ad9dd1935b","block_type":"box","text":"The value of a property includes an element of a valuer’s opinion and professional experience.","page_number":18,"box":{"x":71,"y":803,"width":594,"height":10}},{"id":"12bf0dd7-f74c-4218-b63f-c82a3e2af5fa","block_type":"box","text":"The ACS Manager ensures that the valuer is independent, holds a recognised and relevant professional qualification and has recent","page_number":18,"box":{"x":71,"y":821,"width":830,"height":10}},{"id":"921899b6-e635-4990-8287-ae9a3c0e319a","block_type":"box","text":"experience in the location and category of the investment property being valued.","page_number":18,"box":{"x":72,"y":833,"width":513,"height":10}},{"id":"48bffa69-fb12-4cc3-a7c5-079015806683","block_type":"box","text":"The investment properties were valued to fair value, in accordance with the Appraisal and Valuation Manual of The Royal Institution of","page_number":18,"box":{"x":71,"y":851,"width":853,"height":10}},{"id":"9e72a5db-fa58-46c8-912e-508703cf6498","block_type":"box","text":"Chartered Surveyors, as at 31 December 2025 by CBRE Limited and Knight Frank LLP, professionally qualified chartered surveyors. The","page_number":18,"box":{"x":72,"y":863,"width":842,"height":10}},{"id":"169d0a95-43a4-4051-b1bf-60019bc4151b","block_type":"box","text":"valuers have significant experience in the location and class of the investment property being valued.","page_number":18,"box":{"x":71,"y":875,"width":638,"height":10}},{"id":"84c06eaa-6a9a-457a-a74b-fe42807bcd7b","block_type":"box","text":"b) Foreign currency risk","page_number":18,"box":{"x":72,"y":896,"width":156,"height":10}},{"id":"122ae81b-bb0a-48a9-8a6c-10a4ceca8ca6","block_type":"box","text":"The Sub-funds can be exposed to foreign currency risk as a result of investing in assets denominated in currencies other than sterling.","page_number":18,"box":{"x":71,"y":908,"width":841,"height":10}},{"id":"4d79b527-4467-4aa1-95ee-b83be4b1a502","block_type":"box","text":"Where the Manager deems it necessary, the exposure to foreign currency fluctuations is mitigated by the use of forward currency","page_number":18,"box":{"x":71,"y":920,"width":818,"height":10}},{"id":"df4abcd1-9517-4b57-b849-d10945a917e3","block_type":"box","text":"contracts. Numerical disclosures can be found in the notes to the financial statements.","page_number":18,"box":{"x":72,"y":932,"width":543,"height":7}},{"id":"84751f77-b2bd-4f65-b3a8-207bd9f44ac4","block_type":"box","text":"avivainvestors.com","page_number":19,"box":{"x":71,"y":974,"width":100,"height":6}},{"id":"0a678fb7-6884-4923-8c10-6d5b03e13d96","block_type":"box","text":"|","page_number":19,"box":{"x":176,"y":973,"width":1,"height":8}},{"id":"46d09ade-e850-4475-b2a2-6f4e63b774b6","block_type":"box","text":"Aviva Investors LTAF ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025","page_number":19,"box":{"x":181,"y":974,"width":602,"height":8}},{"id":"76eaacc6-e32c-4ba8-9af0-cd7616fcec3e","block_type":"box","text":"Accounting Policies, Estimates and Judgements and Financial instruments and Risk Management policies","page_number":19,"box":{"x":71,"y":19,"width":558,"height":8}},{"id":"220dba56-77b2-4af9-ad37-57b0336c1f68","block_type":"box","text":"17","page_number":19,"box":{"x":916,"y":974,"width":11,"height":6}},{"id":"95bf9b37-d298-471b-9330-c28ec424c221","block_type":"box","text":"ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS AND","page_number":19,"box":{"x":71,"y":95,"width":584,"height":12}},{"id":"aa934c7c-5b29-4f50-b3cb-d1333018b73f","block_type":"box","text":"FINANCIAL INSTRUMENTS AND RISK MANAGEMENT POLICIES (CONTINUED)","page_number":19,"box":{"x":73,"y":112,"width":724,"height":13}},{"id":"f75f1edf-faf6-4968-bcee-e44d8fe20da8","block_type":"box","text":"c) Interest rate risk","page_number":19,"box":{"x":71,"y":144,"width":124,"height":9}},{"id":"320fb8db-5d91-420d-9e73-c1f05f89b325","block_type":"box","text":"The value of derivative and debt securities may be affected by interest rate movements or the expectation of such movements in the","page_number":19,"box":{"x":71,"y":156,"width":837,"height":10}},{"id":"113ed162-5486-48eb-903e-d93f83676bdb","block_type":"box","text":"future. Changes in interest rates may affect both the fair value of these instruments and underlying net asset values and the level of","page_number":19,"box":{"x":71,"y":168,"width":831,"height":10}},{"id":"5cd843ed-93af-489c-84d2-890c3c50c439","block_type":"box","text":"interest income or expense recognised. In such circumstances, the Sub-funds could be subject to losses especially after charges are","page_number":19,"box":{"x":72,"y":180,"width":823,"height":10}},{"id":"1be7f479-2273-4efd-8666-9ff01afe7706","block_type":"box","text":"deducted. The Sub-funds continuously review interest rates and the assessment of this may result in a change in investment strategy.","page_number":19,"box":{"x":72,"y":192,"width":839,"height":10}},{"id":"014d5cd2-c624-4b15-9c88-64a2e6a34162","block_type":"box","text":"The Sub-funds assess the interest rate risk on an ongoing basis and where it is not considered significant, no sensitivity analysis is","page_number":19,"box":{"x":71,"y":210,"width":812,"height":9}},{"id":"ab5375f0-78db-478a-a3cf-be9f268e1ad3","block_type":"box","text":"being performed.","page_number":19,"box":{"x":72,"y":221,"width":110,"height":10}},{"id":"86b23b89-61d9-413d-9f85-2f8a3daaf3cf","block_type":"box","text":"d) Credit and counterparty risk","page_number":19,"box":{"x":72,"y":243,"width":205,"height":10}},{"id":"111e4323-f03a-4826-b0a4-4b8176c788de","block_type":"box","text":"Credit risk is the risk that counterparties including occupational tenants will default on their contractual obligations resulting in","page_number":19,"box":{"x":72,"y":255,"width":803,"height":10}},{"id":"b2fa6baf-721d-4352-ae81-8014a238a18b","block_type":"box","text":"financial loss to the Sub-funds. The Sub-funds will be subject to the risk of the inability of any counterparty to perform with respect to","page_number":19,"box":{"x":71,"y":267,"width":844,"height":10}},{"id":"11a1ac29-e7e6-40d6-a5d5-cac41600641e","block_type":"box","text":"transactions, whether due to insolvency, bankruptcy or other causes.","page_number":19,"box":{"x":71,"y":279,"width":433,"height":9}},{"id":"1a0af33d-94bc-4cfc-85d4-7964432a1cd0","block_type":"box","text":"Concentration of credit risk refers to disproportionally large risk exposure to specific credit risks, such as, certain individual tenants,","page_number":19,"box":{"x":72,"y":296,"width":822,"height":10}},{"id":"61c083f4-b816-47d0-98f4-cd31f1b8ac39","block_type":"box","text":"specific industry sectors and or regions of the counterparty. The Sub-funds could be subject to significant losses if they holds a large","page_number":19,"box":{"x":72,"y":308,"width":830,"height":10}},{"id":"86ddc1d8-6a3b-4da1-8b45-10bfdba260c5","block_type":"box","text":"position in a particular investment that declines in value or is otherwise adversely affected, including default of the counterparty.","page_number":19,"box":{"x":72,"y":320,"width":812,"height":10}},{"id":"e7444e50-a7d9-4725-bc32-6eb8e24c25f1","block_type":"box","text":"In managing counterparty and concentration of credit risk, rental income from any one tenant or tenants, specific industry sectors and","page_number":19,"box":{"x":72,"y":338,"width":848,"height":10}},{"id":"4748f6c1-6ed0-4a08-ba2f-a250498a8114","block_type":"box","text":"or regions within the Sub-funds are monitored so that it does not exceed a certain threshold of the aggregate revenue in relation to","page_number":19,"box":{"x":72,"y":350,"width":834,"height":10}},{"id":"feb857f3-c539-47e0-a092-5b3cd7b6a895","block_type":"box","text":"the property investments in any accounting year as determined from time to time by the ACS Manager. Rent is collected from tenants","page_number":19,"box":{"x":71,"y":362,"width":845,"height":10}},{"id":"c9942a15-855a-4c38-ab7e-ddd8a286c2f7","block_type":"box","text":"in advance, usually quarterly. Cash is placed on deposit with reputable financial institutions and is subject to limits as disclosed in","page_number":19,"box":{"x":72,"y":373,"width":811,"height":10}},{"id":"357b764d-f901-4e21-a1e3-d60e4575adfb","block_type":"box","text":"the Prospectus.","page_number":19,"box":{"x":71,"y":385,"width":96,"height":10}},{"id":"5c826dbf-9dc1-4ddf-949c-58057b5e3b9e","block_type":"box","text":"In the event of the insolvency of a counterparty, the Sub-funds might not be able to recover cash or assets of equivalent value in full.","page_number":19,"box":{"x":72,"y":403,"width":835,"height":10}},{"id":"7a2eae85-2d15-46fd-862d-3733f3ddd03d","block_type":"box","text":"The Sub-funds have been closely monitoring the ability of tenants to pay their rent and adjusting bad debt provision accordingly. The","page_number":19,"box":{"x":71,"y":415,"width":843,"height":10}},{"id":"f3d6c34c-ea81-4361-9051-56326d329139","block_type":"box","text":"Sub-funds also work with the tenants to determine any rent concessions on a case-by-case basis.","page_number":19,"box":{"x":72,"y":427,"width":609,"height":10}},{"id":"5d915cd4-06f1-4442-9828-3bb6efbf3389","block_type":"box","text":"There are no significant concentrations of credit risk, whether through exposure to certain individual tenants, specific industry","page_number":19,"box":{"x":71,"y":445,"width":797,"height":10}},{"id":"b7506929-3778-4887-af43-b5dd8a280e80","block_type":"box","text":"sectors and or regions. The credit ratings of the investments are monitored frequently for credit deterioration. By diversifying the","page_number":19,"box":{"x":72,"y":457,"width":812,"height":10}},{"id":"f862a2aa-8739-491e-8c14-8d2f796eb2f9","block_type":"box","text":"portfolio, where this is appropriate and consistent with the ACS’s objectives, the risk that a significant change in the credit risk or","page_number":19,"box":{"x":72,"y":468,"width":812,"height":10}},{"id":"20bf16ef-079a-4f4b-830c-2d0c481c1443","block_type":"box","text":"quality of certain individual tenants, particular sector, specific industry and or regions will have a material impact on the Net Asset","page_number":19,"box":{"x":72,"y":480,"width":819,"height":10}},{"id":"c7788598-e26f-466c-95ed-52865af638bb","block_type":"box","text":"Value of the Sub-funds are minimised. The investment concentrations within the portfolio are disclosed in the portfolio statement by","page_number":19,"box":{"x":71,"y":492,"width":841,"height":10}},{"id":"347bebdd-a3d6-4181-bded-ae1dc2e206b4","block_type":"box","text":"investment type.","page_number":19,"box":{"x":72,"y":505,"width":104,"height":9}},{"id":"8959a277-a7b4-4949-90a8-c7bfbb42d55c","block_type":"box","text":"The Sub-funds adhere to regulatory and fund management guidance and investment strategy and that mitigates any risk of excessive","page_number":19,"box":{"x":71,"y":522,"width":847,"height":10}},{"id":"f9a734d8-2fe2-449f-b7fe-af9969219899","block_type":"box","text":"exposure to any particular type of sector or tenant type.","page_number":19,"box":{"x":72,"y":534,"width":351,"height":10}},{"id":"ad3c3096-be04-4e5a-953e-4d16255cfed2","block_type":"box","text":"Deposits and interest rate deposits were placed with financial institutions with BBB+ or better credit ratings.","page_number":19,"box":{"x":72,"y":552,"width":681,"height":10}},{"id":"01f658c2-a15a-4a9c-a01c-349987e68671","block_type":"box","text":"e) Liquidity risk","page_number":19,"box":{"x":72,"y":573,"width":102,"height":10}},{"id":"01489e36-2980-4291-83b5-26ef02b9c38c","block_type":"box","text":"Liquidity risk is the risk that cash cannot be raised, or investments sold at limited cost or in an adequate time frame to meet financial","page_number":19,"box":{"x":72,"y":585,"width":833,"height":10}},{"id":"3f8b9645-9dc6-4a7d-b988-a270f188bbfd","block_type":"box","text":"commitments such as redemptions.","page_number":19,"box":{"x":72,"y":597,"width":223,"height":10}},{"id":"f88ed36f-7328-4617-8f52-d0a2788d82ee","block_type":"box","text":"The Sub","page_number":19,"box":{"x":71,"y":615,"width":50,"height":7}},{"id":"7cbf1929-5631-4267-8afc-6117a286d3a2","block_type":"box","text":"‑","page_number":19,"box":{"x":123,"y":619,"width":3,"height":1}},{"id":"3f462e76-f7af-4a1b-b92e-3896a72c4bf5","block_type":"box","text":"funds invest in a range of assets, including immovable property, unlisted equity investments and private debt, which are","page_number":19,"box":{"x":127,"y":615,"width":758,"height":9}},{"id":"d0b89cd9-805b-47e4-89f0-ad3f821e9c24","block_type":"box","text":"generally less liquid than listed equities and bonds. As a result, the Sub","page_number":19,"box":{"x":72,"y":626,"width":445,"height":10}},{"id":"5a287465-ce94-4ce7-a460-fd5151dc09cd","block_type":"box","text":"‑","page_number":19,"box":{"x":518,"y":631,"width":4,"height":1}},{"id":"1ec6b8eb-be8d-4ba2-9636-24ae81bca507","block_type":"box","text":"funds are exposed to liquidity risk in relation to their ability to","page_number":19,"box":{"x":523,"y":626,"width":389,"height":10}},{"id":"daf15dec-906c-4958-b976-adaa41553454","block_type":"box","text":"maintain sufficient cash, access committed credit facilities and meet obligations arising from distribution payments and redemptions.","page_number":19,"box":{"x":72,"y":638,"width":840,"height":10}},{"id":"ecc62daf-7741-4e0b-bff8-2f460e5d4187","block_type":"box","text":"Included in the ACS Manager’s responsibilities for managing and monitoring the liquidity risk of the Sub-funds is to maintain","page_number":19,"box":{"x":72,"y":656,"width":788,"height":10}},{"id":"63604546-7f1d-44e4-803d-33e04fa37315","block_type":"box","text":"liquidity risk management policies and procedures. The liquidity risk management policies and procedures include the management,","page_number":19,"box":{"x":72,"y":668,"width":838,"height":10}},{"id":"756a59bf-bf8f-4b76-9235-5dc0103666d7","block_type":"box","text":"implementation and maintaining of appropriate liquidity limits for the Sub-funds. In determining its risk management policies, the ACS","page_number":19,"box":{"x":72,"y":680,"width":853,"height":10}},{"id":"de507de3-9ca2-4791-8a44-3d131ad82499","block_type":"box","text":"Manager has taken into account the nature, scale and complexity of its activities, and has liquidity risk profiles that are consistent with","page_number":19,"box":{"x":72,"y":692,"width":845,"height":10}},{"id":"023282d6-47e3-4da3-9f1a-d79d0318c476","block_type":"box","text":"those required for a well-functioning and robust system including the requirement to meet redemption requests from unitholders on","page_number":19,"box":{"x":71,"y":704,"width":843,"height":10}},{"id":"9d723aa8-6c77-4bb0-a70f-cf581a126039","block_type":"box","text":"each dealing day.","page_number":19,"box":{"x":72,"y":716,"width":109,"height":9}},{"id":"e786fc3b-80b7-4080-9a64-0c9379790749","block_type":"box","text":"The maturity analysis of each individual Sub-fund’s financial liabilities showing the remaining contractual maturities on an","page_number":19,"box":{"x":71,"y":733,"width":771,"height":10}},{"id":"66e33912-bf01-4055-b37a-bc2d5edb8d05","block_type":"box","text":"undiscounted basis are disclosed in the Sub-fund’s notes where applicable.","page_number":19,"box":{"x":72,"y":745,"width":472,"height":10}},{"id":"83198c5c-d44c-4c60-a19b-2e1721d2ddd0","block_type":"box","text":"In exceptional circumstances, such as market uncertainty, the ACS Manager may defer redemptions where the ACS Manager considers","page_number":19,"box":{"x":72,"y":763,"width":849,"height":10}},{"id":"89b06faf-db99-4d06-bc83-6273c35e0495","block_type":"box","text":"it to be in the best interests of the unitholders. Any deferral of redemptions will allow the ACS Manager to protect the interests of","page_number":19,"box":{"x":72,"y":775,"width":819,"height":10}},{"id":"62107c44-53b6-48c3-a465-732e7859e6c5","block_type":"box","text":"continuing Unitholders by allowing the ACS Manager to match the sale of Scheme Property to the level of redemptions. This aims to","page_number":19,"box":{"x":72,"y":787,"width":835,"height":10}},{"id":"6a140543-9652-4f37-9db4-40deaa88d722","block_type":"box","text":"reduce the impact of dilution on the Scheme.","page_number":19,"box":{"x":72,"y":799,"width":285,"height":9}},{"id":"63915f02-6d05-4c2c-bfb7-fdf458afe2fc","block_type":"box","text":"Aviva Investors LTAF ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025","page_number":20,"box":{"x":215,"y":974,"width":603,"height":8}},{"id":"838bea16-cfcb-4fb0-a62d-8c9b4dd582cf","block_type":"box","text":"|","page_number":20,"box":{"x":822,"y":973,"width":1,"height":8}},{"id":"fcd7e54a-7110-427b-89d2-24f859fd6bbd","block_type":"box","text":"avivainvestors.com","page_number":20,"box":{"x":828,"y":974,"width":99,"height":6}},{"id":"b3edbeb3-0506-4059-a3a9-968d5c22aa37","block_type":"box","text":"Accounting Policies, Estimates and Judgements and Financial instruments and Risk Management policies","page_number":20,"box":{"x":369,"y":19,"width":559,"height":8}},{"id":"48495e93-fd42-45aa-a378-5046654057cc","block_type":"box","text":"18","page_number":20,"box":{"x":72,"y":974,"width":12,"height":6}},{"id":"fdac0495-b7fc-4332-b358-afd453f34eb9","block_type":"box","text":"ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS AND","page_number":20,"box":{"x":71,"y":95,"width":584,"height":12}},{"id":"42744112-f242-4365-83b8-b3e55d3188ac","block_type":"box","text":"FINANCIAL INSTRUMENTS AND RISK MANAGEMENT POLICIES (CONTINUED)","page_number":20,"box":{"x":73,"y":112,"width":724,"height":13}},{"id":"642f33b3-ce8d-4b6a-ba85-ccc687743c0a","block_type":"box","text":"f) Leverage","page_number":20,"box":{"x":71,"y":144,"width":75,"height":10}},{"id":"642e0685-66e2-4b00-80f6-bca1a615afbc","block_type":"box","text":"A Sub-fund may be able to use leverage, including through use of derivative instruments, in accordance with its investment objective","page_number":20,"box":{"x":71,"y":156,"width":841,"height":10}},{"id":"eb59f83d-6305-4367-9919-e16b4dd826b7","block_type":"box","text":"and the investment restrictions set out in the Prospectus. Leverage will generally be generated by using derivatives that are inherently","page_number":20,"box":{"x":72,"y":168,"width":845,"height":10}},{"id":"9bb0a072-c387-4412-a235-c9711c89fc6e","block_type":"box","text":"leveraged due to the relatively small amount of deposit required to open a position, including among others, forward contracts and","page_number":20,"box":{"x":72,"y":180,"width":832,"height":10}},{"id":"2f04dfe1-7468-402b-a53a-b111f52aa93a","block_type":"box","text":"futures contracts. A relatively small market movement may therefore have a potentially larger impact on derivatives than on standard","page_number":20,"box":{"x":71,"y":192,"width":843,"height":10}},{"id":"ab28b14c-e33b-4729-940d-dab14d5f948d","block_type":"box","text":"bonds or equities, with the result that leveraged derivative positions may increase Sub-fund’s volatility.","page_number":20,"box":{"x":72,"y":204,"width":647,"height":10}},{"id":"0513192e-5351-4a08-a0ba-736e546eb710","block_type":"box","text":"The Sub-funds may have higher levels of leverage in atypical or volatile market conditions, for example when there are sudden","page_number":20,"box":{"x":71,"y":221,"width":799,"height":10}},{"id":"d902fb3d-ca7f-483c-a647-6d5da2c01e32","block_type":"box","text":"movements in investment prices due to difficult economic conditions in a sector or region. In such circumstances, the ACS Manager or","page_number":20,"box":{"x":72,"y":233,"width":845,"height":10}},{"id":"fe8c5727-1aa5-44dc-bf06-e15c594daaa1","block_type":"box","text":"its delegate may increase its use of derivatives in a Sub-fund in order to reduce the market risk to which that Sub-fund is exposed, this","page_number":20,"box":{"x":72,"y":245,"width":844,"height":10}},{"id":"167d1738-3f97-4035-86af-5b2d56dec0d6","block_type":"box","text":"in turn, would have the effect of increasing its levels of leverage.","page_number":20,"box":{"x":72,"y":257,"width":404,"height":10}},{"id":"8b20f07d-37c3-41bc-af26-1246d06b4094","block_type":"box","text":"Leverage is limited to that derived from the use of derivatives for the purpose of risk reduction or efficient portfolio management. The","page_number":20,"box":{"x":72,"y":275,"width":845,"height":10}},{"id":"27403a78-f9dd-4ed3-829b-a576ce076c34","block_type":"box","text":"overall exposure from combining the derivative positions and other assets held within the Sub-funds shall be such as to fall within the","page_number":20,"box":{"x":72,"y":287,"width":844,"height":10}},{"id":"e8a968da-513b-494a-8a7b-31cdf45f3d4f","block_type":"box","text":"asset allocation guidelines and investment restrictions as set out in the Prospectus.","page_number":20,"box":{"x":72,"y":299,"width":520,"height":10}},{"id":"5328ff1a-eefb-4c0e-beba-a4eb88f5b489","block_type":"box","text":"g) Economical and geopolitical risk","page_number":20,"box":{"x":72,"y":320,"width":232,"height":10}},{"id":"114b5915-4b6b-4120-bfff-6b4c299d2e00","block_type":"box","text":"The performance of the Sub-funds may be adversely affected by the impact of geopolitical and general economic conditions under","page_number":20,"box":{"x":71,"y":332,"width":829,"height":10}},{"id":"e59dc4da-44dc-4e1a-9f1b-c4dc491891cd","block_type":"box","text":"which the Sub-funds operate.","page_number":20,"box":{"x":71,"y":344,"width":187,"height":10}},{"id":"0f8dec7e-c5a2-41d4-a42b-69a349a39466","block_type":"box","text":"Political risks include changes in landlord and tenant, planning, trust or other law in the UK could also materially affect the","page_number":20,"box":{"x":72,"y":362,"width":771,"height":10}},{"id":"ea4c242e-a03a-450a-badd-c309195ac2c7","block_type":"box","text":"investment returns.","page_number":20,"box":{"x":72,"y":374,"width":121,"height":7}},{"id":"4e76063e-efe6-4695-8e3d-1ac29f11bc46","block_type":"box","text":"Geopolitical risk feeds through into real economic activity because uncertainty over future economic conditions, particularly when","page_number":20,"box":{"x":72,"y":391,"width":821,"height":10}},{"id":"6520fdb2-1094-434e-b44b-a4631d8d559a","block_type":"box","text":"caused by a large-scale war, causes firms and consumers to adopt a ‘wait and see’ approach, cutting back on investment and","page_number":20,"box":{"x":72,"y":403,"width":786,"height":10}},{"id":"7f58be80-5244-474d-856d-985fa0101b66","block_type":"box","text":"consumption plans.","page_number":20,"box":{"x":72,"y":415,"width":123,"height":10}},{"id":"1978566e-66ea-4bd0-a36e-e95ab08accac","block_type":"box","text":"h) Climate risk","page_number":20,"box":{"x":72,"y":436,"width":95,"height":10}},{"id":"ea2850e1-6333-42e8-9776-16a7c2e2abb9","block_type":"box","text":"Climate risk is the risk that asset valuations and the wider economy are negatively impacted by the transition to a low carbon economy,","page_number":20,"box":{"x":72,"y":448,"width":854,"height":10}},{"id":"6258df4d-c89d-4717-92b2-7b57fee38199","block_type":"box","text":"as well as the physical risk to asset holdings as a result of severe weather events and longer-term shifts in climate.","page_number":20,"box":{"x":72,"y":460,"width":714,"height":10}},{"id":"0b91bd2e-e050-4a3c-adcb-f28381f83583","block_type":"box","text":"The built environment is particularly susceptible to the effects of climate change. 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As business plans are executed and valuations are","page_number":22,"box":{"x":513,"y":829,"width":402,"height":10}},{"id":"30865c24-d4a8-4970-b564-44563dfa7140","block_type":"box","text":"underpinned by structural growth trends, our expectation is for","page_number":22,"box":{"x":513,"y":841,"width":400,"height":10}},{"id":"cb0983ab-8f98-46ea-b97e-33840926c723","block_type":"box","text":"these assets to continue delivering value. Moreover, ongoing","page_number":22,"box":{"x":512,"y":853,"width":384,"height":10}},{"id":"9c7d1113-5bb7-47c3-9514-6533d440160f","block_type":"box","text":"market repricing, volatility, and shifts in global policy are creating","page_number":22,"box":{"x":513,"y":864,"width":409,"height":10}},{"id":"823d5de3-3a44-424f-aecb-07dd0ad00899","block_type":"box","text":"compelling opportunities to deploy new capital at attractive risk\u0002","page_number":22,"box":{"x":512,"y":876,"width":409,"height":10}},{"id":"cad4c6ea-627f-4923-9ab8-9701fdf1faf9","block_type":"box","text":"adjusted returns. As such, the Sub-fund’s projected returns in Q1","page_number":22,"box":{"x":512,"y":888,"width":405,"height":10}},{"id":"d11c0087-add4-475b-a102-96a53b66aa80","block_type":"box","text":"tracked significantly ahead of target.","page_number":22,"box":{"x":512,"y":900,"width":231,"height":10}},{"id":"4887367d-8fbb-4a81-bab7-86d6b34bef25","block_type":"box","text":"avivainvestors.com","page_number":23,"box":{"x":71,"y":974,"width":100,"height":6}},{"id":"a1d49d2e-bb5b-4114-85b0-40b6c34bfb49","block_type":"box","text":"|","page_number":23,"box":{"x":176,"y":973,"width":1,"height":8}},{"id":"c3e67a90-8204-400f-8546-13dc354c3b2e","block_type":"box","text":"Aviva Investors LTAF ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025","page_number":23,"box":{"x":181,"y":974,"width":602,"height":8}},{"id":"a9ac1327-ea67-4557-b1c2-16da6be20ae9","block_type":"box","text":"Aviva Investors Climate Transition Real Assets LTAF","page_number":23,"box":{"x":71,"y":19,"width":269,"height":7}},{"id":"dc4969b8-07f1-452e-859d-4ed5db40851f","block_type":"box","text":"21","page_number":23,"box":{"x":915,"y":974,"width":11,"height":6}},{"id":"5710bc2b-bc0f-4c38-8479-aaa46ae1bd8f","block_type":"box","text":"AVIVA INVESTORS CLIMATE TRANSITION REAL ASSETS LTAF (CONTINUED)","page_number":23,"box":{"x":71,"y":94,"width":701,"height":13}},{"id":"7b062479-2262-4e28-a709-5c7e45d7f13b","block_type":"box","text":"INVESTMENT MANAGER’S REPORT (CONTINUED)","page_number":23,"box":{"x":73,"y":144,"width":394,"height":11}},{"id":"3d5bfc26-e5d7-4a2f-a12f-54dcf83ca2bd","block_type":"box","text":"Review (continued)","page_number":23,"box":{"x":72,"y":164,"width":129,"height":9}},{"id":"c45b51fb-18c3-4a51-9517-0fe8271912bb","block_type":"box","text":"Quarter One (continued)","page_number":23,"box":{"x":72,"y":176,"width":164,"height":9}},{"id":"594a2083-55c9-4adf-8a09-7a16862e2071","block_type":"box","text":"The Sub-fund has been well-diversified across underlying","page_number":23,"box":{"x":71,"y":188,"width":360,"height":10}},{"id":"84f8c7be-ce6a-4b8d-a41d-14808b394ee5","block_type":"box","text":"Sub-funds, with a look-through to 21 assets across 9 sectors","page_number":23,"box":{"x":72,"y":200,"width":376,"height":9}},{"id":"966dbfba-02bb-4825-8cd0-4e85ae9b17df","block_type":"box","text":"in 9 countries. The quarterly investment reports for the","page_number":23,"box":{"x":72,"y":211,"width":345,"height":10}},{"id":"62413c4e-0d38-496d-a02f-c84f0deeae29","block_type":"box","text":"GBP Real Estate, EUR Real Estate, GBP Infrastructure Equity,","page_number":23,"box":{"x":72,"y":223,"width":371,"height":10}},{"id":"3948d022-0b7f-4155-aac7-e0b19d36719c","block_type":"box","text":"and EUR Infrastructure Equity sub-funds are provided","page_number":23,"box":{"x":72,"y":235,"width":335,"height":10}},{"id":"bdcbc6c5-23e2-4d7b-9777-00b4baf05bcf","block_type":"box","text":"separately. We provide our ESG reporting on the Climate","page_number":23,"box":{"x":72,"y":247,"width":357,"height":10}},{"id":"4de459ec-5551-46ca-bb75-51fb1e5207dd","block_type":"box","text":"Transition Fund’s climate impact and social value metrics in a","page_number":23,"box":{"x":71,"y":259,"width":383,"height":10}},{"id":"ed75578f-1f64-4000-9a4f-f1ea3b92447e","block_type":"box","text":"separate annual report.","page_number":23,"box":{"x":72,"y":271,"width":147,"height":10}},{"id":"9bee4b65-120c-4af0-8af6-46f6f770b7a8","block_type":"box","text":"Quarter Two","page_number":23,"box":{"x":72,"y":289,"width":83,"height":9}},{"id":"6a42d65e-b5e0-4da8-bd5c-88dc3a6a50cc","block_type":"box","text":"UK and EUR Infrastructure were both relatively flat as overall","page_number":23,"box":{"x":72,"y":300,"width":380,"height":10}},{"id":"73a76b31-f242-48d1-8e55-e4eaffaa751a","block_type":"box","text":"market sentiment remains subdued. 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The portfolio comprised 28 assets diversified across","page_number":23,"box":{"x":72,"y":639,"width":400,"height":10}},{"id":"5b870f22-250c-4c80-9ab0-1e6c10ce21a8","block_type":"box","text":"ten sectors and ten countries, with £719.5 million drawn from","page_number":23,"box":{"x":71,"y":651,"width":391,"height":9}},{"id":"dccf06ff-777f-4bb9-96e5-4fcc199e2601","block_type":"box","text":"investors to date.","page_number":23,"box":{"x":72,"y":663,"width":107,"height":7}},{"id":"fc3672fa-b4ca-47d3-b03c-e680deba185d","block_type":"box","text":"During the quarter, the EUR Infrastructure Sub-fund made its","page_number":23,"box":{"x":72,"y":680,"width":384,"height":10}},{"id":"3480fe6d-9e01-49b4-9e5d-2128bc11f70d","block_type":"box","text":"fourth investment, an initial €75m commitment to Terra One","page_number":23,"box":{"x":71,"y":692,"width":384,"height":9}},{"id":"e287453b-57c7-4dd5-a780-ff52afbc775d","block_type":"box","text":"Climate Solutions, a vertically integrated Battery Energy Storage","page_number":23,"box":{"x":72,"y":704,"width":403,"height":10}},{"id":"447b914b-db2d-44fc-ad9b-d5c41b45e32e","block_type":"box","text":"System (BEES) developer and operator based in Berlin. The","page_number":23,"box":{"x":72,"y":716,"width":368,"height":10}},{"id":"57e086bb-78d4-4994-9a1f-a6e59f37d309","block_type":"box","text":"investment will help to finance the construction of c. 500MW","page_number":23,"box":{"x":72,"y":728,"width":387,"height":10}},{"id":"fca7f89a-c1e0-489f-881d-28af7f4b3d6f","block_type":"box","text":"of BESS assets in Germany. The Sub-fund also made a fifth","page_number":23,"box":{"x":72,"y":740,"width":365,"height":10}},{"id":"10735638-e08b-4313-a70a-a7607f7379b8","block_type":"box","text":"investment of €75m into an industrial energy transition platform","page_number":23,"box":{"x":72,"y":752,"width":408,"height":10}},{"id":"71196d53-1095-4c98-9a41-a396931c32b4","block_type":"box","text":"based in Ireland, established in partnership with Astatine, an Irish","page_number":23,"box":{"x":72,"y":764,"width":412,"height":9}},{"id":"092aa32d-44a9-46d8-83d1-f318ed859518","block_type":"box","text":"energy infrastructure specialist.","page_number":23,"box":{"x":72,"y":775,"width":196,"height":10}},{"id":"750d3ea8-eca9-441f-856b-292cd0b52249","block_type":"box","text":"Global macroeconomic and geopolitical uncertainty remained","page_number":23,"box":{"x":72,"y":793,"width":392,"height":10}},{"id":"0dc9c28e-7005-4557-b4f8-0fb727e8f869","block_type":"box","text":"elevated throughout Q3, as signs of moderating growth emerged","page_number":23,"box":{"x":72,"y":805,"width":414,"height":10}},{"id":"3d3f4616-708f-4e94-a5ec-78dec198e3ce","block_type":"box","text":"alongside persistent inflation pressures in the US. In the UK,","page_number":23,"box":{"x":72,"y":817,"width":375,"height":10}},{"id":"94fe7ae0-bd67-45e9-9792-5d57590fa996","block_type":"box","text":"the Bank of England was expected to ease policy gradually and","page_number":23,"box":{"x":71,"y":829,"width":398,"height":10}},{"id":"448bdcf1-454c-45b8-9aff-f1ebd1dfbdc8","block_type":"box","text":"cut rates to a 3.25% terminal rate, while long-dated gilt yields","page_number":23,"box":{"x":72,"y":841,"width":390,"height":10}},{"id":"ad4969b8-79da-4771-af31-869c55945eef","block_type":"box","text":"remained high, and services inflation elevated. Continental","page_number":23,"box":{"x":72,"y":853,"width":371,"height":10}},{"id":"1874fb51-2097-473d-8f4e-caa112a8d5c0","block_type":"box","text":"Europe has been relatively resilient, supported by consumer","page_number":23,"box":{"x":72,"y":865,"width":377,"height":9}},{"id":"459fb77c-5d77-4783-914e-dec215302ed3","block_type":"box","text":"demand and fiscal stimulus, with inflation at target levels and","page_number":23,"box":{"x":72,"y":876,"width":388,"height":10}},{"id":"4736be90-bbb5-4ecb-9228-6190bd0714aa","block_type":"box","text":"lower than in the UK. Despite the continued uncertain backdrop,","page_number":23,"box":{"x":72,"y":888,"width":409,"height":10}},{"id":"1cb75311-40e6-4dc6-be96-1df525b176cc","block_type":"box","text":"the Sub-fund delivered a positive net return of 3.82% for the","page_number":23,"box":{"x":71,"y":900,"width":384,"height":10}},{"id":"8377963d-744c-42f9-b984-855ce54ccaf1","block_type":"box","text":"quarter. This was primarily driven by positive performance in the","page_number":23,"box":{"x":72,"y":912,"width":405,"height":10}},{"id":"edef27a2-77c9-4c11-a0a8-6cda8d86a0c6","block_type":"box","text":"GBP Infrastructure Sub-fund, which was broad-based across all","page_number":23,"box":{"x":72,"y":924,"width":395,"height":9}},{"id":"50b5d11f-9605-4dc4-9da4-3b1d823d84aa","block_type":"box","text":"four assets, and the Euro Real Estate Sub-fund, driven by further","page_number":23,"box":{"x":71,"y":936,"width":405,"height":10}},{"id":"bef518c5-271e-4cbb-b73d-9aabd42bf39a","block_type":"box","text":"valuation growth of the Foz (+€1.2 m), and Janzé (+€435k) assets.","page_number":23,"box":{"x":71,"y":948,"width":415,"height":10}},{"id":"a18604f6-029c-48bd-bf56-f116274a6969","block_type":"box","text":"Negative performance in Private Equity was primarily driven by","page_number":23,"box":{"x":513,"y":144,"width":396,"height":10}},{"id":"6648366e-e8f4-4733-814a-09d6abbe4134","block_type":"box","text":"fund fees across the climate tech funds alongside write downs of","page_number":23,"box":{"x":512,"y":156,"width":411,"height":10}},{"id":"f54e4201-3db1-4722-b1e9-50ef17a3d452","block_type":"box","text":"two portfolio companies in Fifth Wall, although the investments","page_number":23,"box":{"x":512,"y":168,"width":405,"height":10}},{"id":"ec0198de-83e6-4b04-a096-bd2028fd3313","block_type":"box","text":"represented only a small portion of the total invested capital.","page_number":23,"box":{"x":513,"y":180,"width":384,"height":10}},{"id":"04d8c3b3-e4c6-4bf2-8275-5fd7783c6783","block_type":"box","text":"Since inception, the Sub-fund had generated an annualised","page_number":23,"box":{"x":512,"y":192,"width":376,"height":9}},{"id":"c55bd580-0af5-4ced-a4d6-007fa4199614","block_type":"box","text":"return of -3.84%, attributable to a broad re-rating of real estate","page_number":23,"box":{"x":513,"y":203,"width":400,"height":10}},{"id":"64be0966-dd3f-4e67-80bc-1f0fe18831c3","block_type":"box","text":"investments in line with wider market trends alongside sector","page_number":23,"box":{"x":513,"y":215,"width":388,"height":10}},{"id":"deb4f8a6-b1c1-4afb-8cb2-3d4d50947214","block_type":"box","text":"headwinds in the GBP Infrastructure Fund’s fibre assets.","page_number":23,"box":{"x":513,"y":227,"width":349,"height":8}},{"id":"45bf79e9-405d-4ecd-8239-f7ed276c4481","block_type":"box","text":"Despite ongoing macroeconomic and geopolitical volatility, we","page_number":23,"box":{"x":513,"y":245,"width":398,"height":10}},{"id":"f110ea82-920a-4d81-bca3-3f9f9dc9c53c","block_type":"box","text":"remained confident that our focus on investments with strong","page_number":23,"box":{"x":513,"y":257,"width":392,"height":10}},{"id":"65db8bee-f813-4302-91f9-ed2efc2501be","block_type":"box","text":"fundamentals and alignment with the transition to a low-carbon","page_number":23,"box":{"x":512,"y":269,"width":409,"height":10}},{"id":"47e5cc7f-8a68-4758-8db5-0a6799a30211","block_type":"box","text":"economy will support robust performance over the medium","page_number":23,"box":{"x":512,"y":281,"width":379,"height":10}},{"id":"94dccdab-cd2d-46a1-9349-e04d1585c6ed","block_type":"box","text":"and long term. As business plans are executed and valuations","page_number":23,"box":{"x":512,"y":293,"width":388,"height":9}},{"id":"28381b33-8323-4b53-992b-19cb34cb2e7d","block_type":"box","text":"are underpinned by structural growth trends, we expect these","page_number":23,"box":{"x":512,"y":304,"width":392,"height":10}},{"id":"caa56dcc-1f60-42d4-b0c2-af2c3519470e","block_type":"box","text":"assets to continue delivering value. Meanwhile, ongoing market","page_number":23,"box":{"x":512,"y":316,"width":405,"height":10}},{"id":"6792afa2-0873-4307-8454-3d4f6ff348d3","block_type":"box","text":"repricing, volatility, and shifts in global policy were creating","page_number":23,"box":{"x":513,"y":328,"width":372,"height":10}},{"id":"47d8c04e-bcbe-4a64-96dc-117e817804e9","block_type":"box","text":"compelling opportunities to deploy new capital at attractive risk\u0002","page_number":23,"box":{"x":512,"y":340,"width":409,"height":10}},{"id":"70c6471e-26bb-4c40-b1e6-6a213e8d7e4a","block_type":"box","text":"adjusted returns. As such, the Sub-fund’s projected returns were","page_number":23,"box":{"x":512,"y":352,"width":406,"height":10}},{"id":"cd9aab6d-2d50-4447-81cb-f350ef089902","block_type":"box","text":"tracking ahead of target for Q3.","page_number":23,"box":{"x":512,"y":364,"width":200,"height":10}},{"id":"30655204-6046-45a9-8275-83ff52c1c450","block_type":"box","text":"Quarter Four","page_number":23,"box":{"x":512,"y":382,"width":86,"height":9}},{"id":"2efcc9fb-e62f-47da-8166-c55951b567ec","block_type":"box","text":"At the end of Q4 2025, all investor capital continued to be legally","page_number":23,"box":{"x":512,"y":393,"width":413,"height":10}},{"id":"a1cfad59-bca5-4db4-8ef5-17b58371d7d6","block_type":"box","text":"committed. The portfolio comprised 29 assets diversified across","page_number":23,"box":{"x":512,"y":405,"width":400,"height":10}},{"id":"7c3b4d42-0ef9-4ff7-838c-e9a2de5a8a56","block_type":"box","text":"eleven sectors and eleven countries, with £719.5 million drawn","page_number":23,"box":{"x":512,"y":417,"width":398,"height":9}},{"id":"fcb57f7a-1d09-47e6-ab8a-19fb7dcafdcc","block_type":"box","text":"from investors to date.","page_number":23,"box":{"x":512,"y":429,"width":142,"height":8}},{"id":"7bae9aa7-ffcb-4251-b14b-ee42f9f8fb13","block_type":"box","text":"During the quarter, the EUR Real Estate Sub-fund continued","page_number":23,"box":{"x":513,"y":447,"width":377,"height":10}},{"id":"e9a2e4dc-cd19-4b4c-a576-58ffdef333d2","block_type":"box","text":"to grow its Spanish Build-to-Rent (BtR) platform with the land","page_number":23,"box":{"x":512,"y":459,"width":389,"height":10}},{"id":"c6ff6235-1d9a-4be0-987c-91b26ba86d20","block_type":"box","text":"acquisition of a 120-unit site in Paterna, on the outskirts of","page_number":23,"box":{"x":512,"y":471,"width":370,"height":9}},{"id":"52bcebbd-f5de-45d5-8c9e-eca8c263d7e7","block_type":"box","text":"Valencia, for €3.3 million. This investment delivered further","page_number":23,"box":{"x":512,"y":482,"width":372,"height":9}},{"id":"4894029f-9e55-49c2-8806-d8d7ca36b78e","block_type":"box","text":"location diversification to the platform as the first investment in","page_number":23,"box":{"x":513,"y":494,"width":400,"height":10}},{"id":"96675f1a-60e2-4a70-b0fe-40bfd2b7fe2f","block_type":"box","text":"Valencia. Construction will commence in May 2026, and delivery","page_number":23,"box":{"x":512,"y":506,"width":407,"height":10}},{"id":"c86d6fba-a502-4f16-b8d7-cd0cd6a792df","block_type":"box","text":"is expected 20-months later. A further €12.1m was committed","page_number":23,"box":{"x":513,"y":518,"width":392,"height":10}},{"id":"fa458af2-f7e4-4a3e-8b2b-0849382f7280","block_type":"box","text":"to Charlottenburg, a 196-bed student accommodation","page_number":23,"box":{"x":512,"y":530,"width":346,"height":10}},{"id":"cf36616c-9f4c-4e07-9fbe-6047f10c1ffb","block_type":"box","text":"development located in Berlin, which is expected to close in Q3","page_number":23,"box":{"x":512,"y":542,"width":399,"height":10}},{"id":"5c9690d0-e134-4a44-9a10-deaebe5b75c4","block_type":"box","text":"2026 subject to the granting of the building permit.","page_number":23,"box":{"x":512,"y":554,"width":327,"height":10}},{"id":"381cbf3b-f93e-4eee-82d5-3457251878e9","block_type":"box","text":"Macroeconomic and geopolitical uncertainty remained elevated","page_number":23,"box":{"x":513,"y":572,"width":405,"height":9}},{"id":"e6212c78-dc78-4cc5-b1da-dd35f603849d","block_type":"box","text":"into Q4 2025, with slowing growth becoming more apparent","page_number":23,"box":{"x":513,"y":583,"width":387,"height":10}},{"id":"a077bbcd-ef1d-4be7-92e4-6a69ac69bb1d","block_type":"box","text":"despite persistent US inflation pressures. In the UK, markets","page_number":23,"box":{"x":512,"y":595,"width":375,"height":10}},{"id":"b3f32c64-1c8f-4cf8-88cd-56cb629ec4b1","block_type":"box","text":"increasingly anticipated a gradual easing cycle in 2026, with the","page_number":23,"box":{"x":513,"y":607,"width":402,"height":10}},{"id":"33cfa3da-600c-4faf-9d66-2f5c7d134ee0","block_type":"box","text":"Bank of England policy rate expected to peak around 3.25%,","page_number":23,"box":{"x":513,"y":619,"width":382,"height":10}},{"id":"fc3e2bea-d16e-4520-ae58-846bf21e22f5","block_type":"box","text":"although long-dated gilt yields and services inflation remained","page_number":23,"box":{"x":512,"y":631,"width":396,"height":10}},{"id":"e3ba8ae0-1032-4dba-a5fd-c68f6ff08afb","block_type":"box","text":"elevated. Looking ahead, Continental Europe is expected to","page_number":23,"box":{"x":512,"y":643,"width":377,"height":10}},{"id":"83918601-1f32-4a40-a784-0dcac0a26ba1","block_type":"box","text":"remain relatively resilient, supported by consumer demand","page_number":23,"box":{"x":513,"y":655,"width":370,"height":10}},{"id":"8e83f219-7a7f-4cc4-9e28-1e1f088ddaf1","block_type":"box","text":"and fiscal measures, with inflation close to target and likely to","page_number":23,"box":{"x":512,"y":667,"width":389,"height":9}},{"id":"0e9e5668-447d-43a2-88b0-8c2de191d441","block_type":"box","text":"continue undershooting UK levels. 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The","page_number":38,"box":{"x":72,"y":392,"width":827,"height":10}},{"id":"54ed0d4e-e581-4594-a6bf-8e9d66c0a293","block_type":"box","text":"balance due to the Manager at the period end in respect of Administration/Management fees was £446,489 (2024: £754,712). Any","page_number":38,"box":{"x":72,"y":404,"width":833,"height":10}},{"id":"d7d7aa9d-e293-4696-bb5c-56ee5c91b60b","block_type":"box","text":"balance due from the Manager in respect to issues is shown in note 11. Any balance due to the Manager in respect of cancellations is","page_number":38,"box":{"x":72,"y":416,"width":841,"height":10}},{"id":"2545b03e-7f29-47dc-aa50-134c4223963b","block_type":"box","text":"shown in note 14.","page_number":38,"box":{"x":72,"y":428,"width":112,"height":8}},{"id":"dee72148-b184-4fea-acaa-132a918ab7fd","block_type":"box","text":"The accumulated distributions attributable to the Manager and related parties of the Manager during the period amounted to","page_number":38,"box":{"x":71,"y":446,"width":803,"height":10}},{"id":"95e3be11-cb2f-4ff9-a73f-bf80d5d618eb","block_type":"box","text":"£10,850,855 (2024: £2,987,818). The amount outstanding at the period end was £10,850,855 (2024: £2,987,818). Related parties","page_number":38,"box":{"x":72,"y":458,"width":820,"height":10}},{"id":"dbaeb768-6554-4413-9cc0-b9089ff0370a","block_type":"box","text":"of the Manager are deemed to be all companies under the control of Aviva Plc. This will include companies which hold Units in the","page_number":38,"box":{"x":72,"y":470,"width":824,"height":10}},{"id":"e9d50a2d-1e04-4dba-a44b-84b0a610cd11","block_type":"box","text":"Sub-fund on behalf of other external investors. During the period, the Sub-fund made purchases amounting to £68,592,072 (2024:","page_number":38,"box":{"x":72,"y":481,"width":829,"height":10}},{"id":"94e6550c-848f-4361-af79-46e0d9ff7329","block_type":"box","text":"£467,518,686) in other Aviva Sub-funds.","page_number":38,"box":{"x":72,"y":493,"width":254,"height":9}},{"id":"f0f129d8-2f88-4ed0-ad86-3f2bd746ce24","block_type":"box","text":"The Intercompany receivables amounting to £Nil (2024: £205,467) are disclosed in Note 11.","page_number":38,"box":{"x":71,"y":511,"width":579,"height":10}},{"id":"b7bcd700-c71c-4489-ac84-6c301bedb963","block_type":"box","text":"All investments managed and advised by Aviva Investors UK Fund Services Limited or associated with the Aviva Group (“Aviva Plc and","page_number":38,"box":{"x":71,"y":529,"width":840,"height":10}},{"id":"26492c67-5906-4f3f-a6bb-e47e8d112273","block_type":"box","text":"its subsidiaries”) are marked on the portfolio statement.","page_number":38,"box":{"x":72,"y":541,"width":352,"height":10}},{"id":"c5944f7c-e62e-48ba-934b-293083645a43","block_type":"box","text":"21 Unitholder funds","page_number":38,"box":{"x":72,"y":571,"width":133,"height":7}},{"id":"9c7024a5-4bbf-4fbc-9f4b-dfefac86c80f","block_type":"box","text":"The net asset value per Unit class, the net asset value per Unit and the number of Units in the class are shown on pages 23 and 25.","page_number":38,"box":{"x":71,"y":582,"width":821,"height":10}},{"id":"c6f70951-8062-4368-a871-dbc887495ac4","block_type":"box","text":"The distributions per Unit class are given in the distribution table on page 38. All the Unit classes have the same rights on winding up.","page_number":38,"box":{"x":71,"y":594,"width":841,"height":10}},{"id":"af48a839-c2ce-4ee2-82ae-b7af7f1c52b7","block_type":"box","text":"avivainvestors.com","page_number":39,"box":{"x":71,"y":974,"width":100,"height":6}},{"id":"74d191a1-8c7e-42ae-a1f4-7126d183f74f","block_type":"box","text":"|","page_number":39,"box":{"x":176,"y":973,"width":1,"height":8}},{"id":"71ece124-e5c6-4cda-8e84-ea40f6b8bee3","block_type":"box","text":"Aviva Investors LTAF ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025","page_number":39,"box":{"x":181,"y":974,"width":602,"height":8}},{"id":"e595e1e2-4c55-46c5-89ef-f17c28a659a0","block_type":"box","text":"Aviva Investors Climate Transition Real Assets LTAF","page_number":39,"box":{"x":71,"y":19,"width":269,"height":7}},{"id":"0d161057-cfde-47ed-9326-c98c7dd4ab21","block_type":"box","text":"37","page_number":39,"box":{"x":915,"y":974,"width":12,"height":6}},{"id":"1c196612-2226-4a70-b147-0b27250836d1","block_type":"box","text":"22 Post balance sheet events","page_number":39,"box":{"x":72,"y":144,"width":191,"height":8}},{"id":"bb999e83-b137-4ca0-aa46-83585c8965ce","block_type":"box","text":"Subsequent to the year end, the net asset value per Unit of the UK Corporate Accumulation class has increased from 75.66p to 76.63p,","page_number":39,"box":{"x":72,"y":156,"width":850,"height":10}},{"id":"7724f4bd-7114-446d-a3a5-c3a76df8f086","block_type":"box","text":"the Insured Pension Accumulation class has increased from 75.66p to 76.63p and the Insured Pension Accumulation Units (Class 1)","page_number":39,"box":{"x":71,"y":168,"width":826,"height":10}},{"id":"aa731bc7-d5ed-475a-b61f-4f0520036ef9","block_type":"box","text":"class has increased from 104.06p to 105.55p. 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The CBI Standards are used globally by bond","page_number":43,"box":{"x":71,"y":738,"width":390,"height":10}},{"id":"79156969-3058-4a1c-87c2-8f46c17a727f","block_type":"box","text":"issuers, governments, investors and the financial markets to","page_number":43,"box":{"x":72,"y":750,"width":376,"height":10}},{"id":"e6988f24-a62b-4f84-8edc-9d3f6f8e5e27","block_type":"box","text":"prioritise investments which genuinely contribute to addressing","page_number":43,"box":{"x":72,"y":762,"width":402,"height":10}},{"id":"b1a89fd2-b690-406f-910c-db87a47a7212","block_type":"box","text":"global problems.","page_number":43,"box":{"x":72,"y":774,"width":105,"height":9}},{"id":"af13a7f6-9bd5-4927-9ba7-71e8b0f44da6","block_type":"box","text":"2. 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The portfolio achieved","page_number":44,"box":{"x":72,"y":324,"width":414,"height":10}},{"id":"80af33a8-10cd-4f57-b13c-489985162f16","block_type":"box","text":"a weighted average gross spread of 5.14% over SONIA, a BB","page_number":44,"box":{"x":72,"y":336,"width":379,"height":10}},{"id":"a111ae6b-b401-4fe9-891b-70c5afbd923d","block_type":"box","text":"average credit rating, and a weighted average life of 5.9 years.","page_number":44,"box":{"x":72,"y":348,"width":392,"height":10}},{"id":"e942c4a1-fe9e-4e76-8426-926ff5509834","block_type":"box","text":"These investments were made against a backdrop of","page_number":44,"box":{"x":71,"y":366,"width":333,"height":10}},{"id":"b8f5cb54-7eef-4f63-8318-341c68dbccf4","block_type":"box","text":"macroeconomic uncertainty, requiring us to maintain a","page_number":44,"box":{"x":72,"y":378,"width":346,"height":10}},{"id":"160ce697-8e6e-434c-bda5-0842b33e3618","block_type":"box","text":"disciplined focus on defensive assets backed by strong sponsors","page_number":44,"box":{"x":72,"y":390,"width":401,"height":9}},{"id":"43e161ea-f8d9-4eac-adca-5a415c1e57e9","block_type":"box","text":"and credible business plans, while remaining alert to tactical","page_number":44,"box":{"x":72,"y":401,"width":379,"height":10}},{"id":"01508217-c46a-4ae3-b4da-8b9aba2d931e","block_type":"box","text":"opportunities. Trump’s tariffs weighed on global growth","page_number":44,"box":{"x":72,"y":413,"width":355,"height":10}},{"id":"b3f98b1f-e48b-4c08-9bfe-5f82cb34de2d","block_type":"box","text":"prospects during the quarter. The UK economy had a subdued","page_number":44,"box":{"x":72,"y":425,"width":392,"height":10}},{"id":"642fed2c-37dc-4792-91d2-2c351b3ba873","block_type":"box","text":"start to 2025, with a softening labour market and limited","page_number":44,"box":{"x":72,"y":437,"width":359,"height":10}},{"id":"b5e75a97-6f02-436c-9e66-946673387462","block_type":"box","text":"signs of recovery. The Bank of England is expected to ease","page_number":44,"box":{"x":72,"y":449,"width":365,"height":10}},{"id":"22263402-ed8c-4fc9-a933-8c94bd5947e7","block_type":"box","text":"policy gradually, though we anticipate deeper rate cuts than","page_number":44,"box":{"x":72,"y":461,"width":380,"height":10}},{"id":"c8d2ebb5-ecf0-4f64-8b9e-4d1c697f5937","block_type":"box","text":"currently forecast. In contrast, Europe showed modest resilience,","page_number":44,"box":{"x":72,"y":473,"width":406,"height":10}},{"id":"21581660-2b4d-4128-a5de-8d4defcc4aa0","block_type":"box","text":"supported by consumer spending and fiscal stimulus, though","page_number":44,"box":{"x":72,"y":485,"width":385,"height":9}},{"id":"8fbb7fb3-795c-4ac7-bcbb-b95e705be615","block_type":"box","text":"inflation and geopolitical risks continue to cloud the outlook.","page_number":44,"box":{"x":72,"y":496,"width":385,"height":10}},{"id":"8a34909f-060f-4ea9-8086-dc8a96923145","block_type":"box","text":"Investor appetite for real estate debt strengthened, particularly","page_number":44,"box":{"x":72,"y":514,"width":399,"height":10}},{"id":"20d5f085-1d1e-4d3e-9477-3077aaec81ad","block_type":"box","text":"for larger transactions. Ample liquidity from banks, debt funds,","page_number":44,"box":{"x":71,"y":526,"width":397,"height":10}},{"id":"a8696144-a10c-4365-883f-7ca854f556e4","block_type":"box","text":"and institutions has tightened loan margins and increased","page_number":44,"box":{"x":72,"y":538,"width":367,"height":10}},{"id":"bb90ebd4-b7f0-411f-a211-b0223e78e850","block_type":"box","text":"advance rates. We focused on opportunities outside traditional","page_number":44,"box":{"x":72,"y":550,"width":398,"height":10}},{"id":"c8746e49-9061-4c46-9c5d-15b480d95ad3","block_type":"box","text":"bank appetite, such as our Q1 investment in Brydell.","page_number":44,"box":{"x":72,"y":562,"width":327,"height":10}},{"id":"7b161474-ee0b-471a-8cb7-94d29892052e","block_type":"box","text":"Infrastructure debt markets remained robust, with £30 billion","page_number":44,"box":{"x":72,"y":580,"width":387,"height":9}},{"id":"ba6e415d-fa53-41e2-ab54-7f1856190483","block_type":"box","text":"issued across Europe – £8 billion from the UK. Our investment","page_number":44,"box":{"x":72,"y":591,"width":388,"height":10}},{"id":"efea7dbb-0cd8-46c3-8364-f952486b4158","block_type":"box","text":"in Hyperoptic during the quarter aligns with the growing digital","page_number":44,"box":{"x":72,"y":603,"width":402,"height":10}},{"id":"2b93a043-21f5-496a-8918-623a68cfd644","block_type":"box","text":"infrastructure theme.","page_number":44,"box":{"x":72,"y":615,"width":132,"height":8}},{"id":"26dabf70-4247-4048-9371-571ee0d8da85","block_type":"box","text":"Private corporate debt spreads across the UK and Europe","page_number":44,"box":{"x":72,"y":633,"width":358,"height":10}},{"id":"e4739449-baa4-40f5-9e9b-57d1d04ebfe0","block_type":"box","text":"widened in response to economic uncertainty, offering attractive","page_number":44,"box":{"x":71,"y":645,"width":410,"height":10}},{"id":"a7df262d-d8eb-425c-9244-aeead6f00910","block_type":"box","text":"entry points. During the quarter we advanced a loan to Dexters,","page_number":44,"box":{"x":72,"y":657,"width":403,"height":10}},{"id":"e0d00739-2146-48ac-9b32-d64fe306bed6","block_type":"box","text":"a London-based estate agency with a diversified business model","page_number":44,"box":{"x":72,"y":669,"width":405,"height":9}},{"id":"745253c5-9c4f-457d-a7ce-0ceaf42ddf29","block_type":"box","text":"well-positioned for current economic conditions.","page_number":44,"box":{"x":71,"y":680,"width":308,"height":10}},{"id":"a8f2d20c-b751-422e-9416-295358d39fd5","block_type":"box","text":"In structured finance, CLO spreads spiked amid tariff volatility,","page_number":44,"box":{"x":72,"y":698,"width":388,"height":10}},{"id":"22298620-b700-4d26-b6cd-24aa02f13e6d","block_type":"box","text":"with spreads on BB- tranches rising from low 500s into the","page_number":44,"box":{"x":71,"y":710,"width":369,"height":10}},{"id":"39ab32be-d71c-41b9-9ade-c5e6fb61c5c0","block_type":"box","text":"700s. We invested in several primary deals during the quarter","page_number":44,"box":{"x":72,"y":722,"width":387,"height":10}},{"id":"98b54f1f-a95c-4104-bfa6-787e5685b343","block_type":"box","text":"before refocusing on discounted secondary purchases as tariff","page_number":44,"box":{"x":72,"y":734,"width":391,"height":10}},{"id":"1add84d5-ff64-44ac-ae6e-305197e1abc1","block_type":"box","text":"volatility emerged.","page_number":44,"box":{"x":71,"y":746,"width":117,"height":10}},{"id":"5f533677-f06d-4be4-b162-24e3ba9f0cb9","block_type":"box","text":"The Sub-fund delivered a gross income return of 1.65% in Q1, or","page_number":44,"box":{"x":71,"y":764,"width":408,"height":9}},{"id":"741791b7-4101-4ec3-b735-e344d7205f9d","block_type":"box","text":"1.46% net of fees and expenses, and remains in full compliance","page_number":44,"box":{"x":73,"y":775,"width":400,"height":10}},{"id":"ddace935-4edb-4793-9089-8a07b1447a1f","block_type":"box","text":"with all investment guidelines.","page_number":44,"box":{"x":71,"y":787,"width":192,"height":10}},{"id":"5e7238f0-cd1c-4904-823e-387332e7ea33","block_type":"box","text":"AVIVA INVESTORS MULTI-SECTOR PRIVATE DEBT LTAF (CONTINUED)","page_number":44,"box":{"x":71,"y":94,"width":643,"height":13}},{"id":"07daf741-98a9-46fb-b60b-8db071029d85","block_type":"box","text":"Quarter Two","page_number":44,"box":{"x":512,"y":141,"width":84,"height":9}},{"id":"def0fd7f-f4ae-4612-9856-7f93958e9ac3","block_type":"box","text":"In Q2, we committed £142.7 million across 11 investments,","page_number":44,"box":{"x":513,"y":153,"width":372,"height":9}},{"id":"668500f0-3931-4d2e-bc13-bd4accc1ef4e","block_type":"box","text":"bringing total commitments to £335.2m in 22 investments,","page_number":44,"box":{"x":513,"y":165,"width":373,"height":10}},{"id":"b082b060-99ca-4513-845c-c2c70ea34e35","block_type":"box","text":"with diversification across all four asset classes as at quarter","page_number":44,"box":{"x":512,"y":177,"width":375,"height":9}},{"id":"a98659e4-d057-47a4-b7a4-88d499c63d22","block_type":"box","text":"end. An additional £30 million was subscribed during the","page_number":44,"box":{"x":512,"y":188,"width":362,"height":10}},{"id":"e8324b63-acab-4903-9d90-3f6b55106d52","block_type":"box","text":"quarter, increasing total fund subscriptions from £850 million","page_number":44,"box":{"x":512,"y":200,"width":387,"height":10}},{"id":"1d6ce9ec-2c78-44c8-ae6b-efa50d8c892d","block_type":"box","text":"to £880 million.","page_number":44,"box":{"x":512,"y":212,"width":98,"height":8}},{"id":"9111ddba-d7fb-476c-bd3e-e21471340c17","block_type":"box","text":"As at quarter-end, the portfolio had a weighted average gross","page_number":44,"box":{"x":512,"y":230,"width":392,"height":10}},{"id":"92fea8f8-d740-430f-925a-218e9e554dc0","block_type":"box","text":"spread over SONIA of 5.34%, a weighted average life of","page_number":44,"box":{"x":512,"y":242,"width":352,"height":10}},{"id":"1463e6fc-cc30-4f8a-980f-2f38af7ef071","block_type":"box","text":"6.4 years, and a weighted average credit rating of BB.","page_number":44,"box":{"x":512,"y":254,"width":336,"height":10}},{"id":"50484a47-c82e-4e85-960b-277ec47937e0","block_type":"box","text":"Macroeconomic and geopolitical uncertainty persisted","page_number":44,"box":{"x":513,"y":272,"width":343,"height":9}},{"id":"0402194f-e8ef-490e-bad4-43d56e31ea39","block_type":"box","text":"throughout Q2, exacerbated by US tariff volatility. This","page_number":44,"box":{"x":512,"y":283,"width":343,"height":10}},{"id":"f24630b8-1cc5-4a70-be42-2352782536e9","block_type":"box","text":"environment reinforced the importance of disciplined capital","page_number":44,"box":{"x":512,"y":295,"width":384,"height":10}},{"id":"e04c0a68-2fee-46c1-a913-78df96387c4a","block_type":"box","text":"deployment and the need to distinguish between elevated risk","page_number":44,"box":{"x":512,"y":307,"width":398,"height":10}},{"id":"2561e038-f918-4935-8f9c-37f01377ced6","block_type":"box","text":"and potentially mispriced opportunities. In the UK, the Bank of","page_number":44,"box":{"x":512,"y":319,"width":396,"height":10}},{"id":"f3345756-eb96-4433-9525-581c3be6910d","block_type":"box","text":"England is expected to ease policy gradually and long-dated gilt","page_number":44,"box":{"x":513,"y":331,"width":404,"height":10}},{"id":"b725bf6f-5f89-4e8b-8583-b0ab8060d8d2","block_type":"box","text":"yields remain high and services inflation elevated. Continental","page_number":44,"box":{"x":512,"y":343,"width":391,"height":10}},{"id":"a2c04d38-7cfc-4da1-928a-d44231532c27","block_type":"box","text":"Europe remains resilient, supported by consumer demand and","page_number":44,"box":{"x":513,"y":355,"width":393,"height":10}},{"id":"9cbc376c-5811-4e61-9d66-0e2ad7567935","block_type":"box","text":"fiscal stimulus, with inflation lower than in the UK.","page_number":44,"box":{"x":512,"y":367,"width":317,"height":9}},{"id":"89538ee8-e4ce-4269-abd1-5995099fb297","block_type":"box","text":"The UK real estate debt market remained robust in Q2, with","page_number":44,"box":{"x":512,"y":384,"width":377,"height":9}},{"id":"66563508-13e7-4b0e-82ed-d6647f007883","block_type":"box","text":"strong lender activity in living and logistics and growing appetite","page_number":44,"box":{"x":512,"y":396,"width":409,"height":10}},{"id":"bb3928c5-a75a-41f3-b3d2-e882d1fe207b","block_type":"box","text":"for offices and retail. 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The portfolio","page_number":45,"box":{"x":72,"y":223,"width":366,"height":10}},{"id":"5cae32d7-d889-43cd-b2e6-17ab4f5bbf92","block_type":"box","text":"remains highly diversified across all four asset classes. An","page_number":45,"box":{"x":72,"y":235,"width":356,"height":10}},{"id":"539d5031-0dc1-4e75-b1b1-15f1097409c1","block_type":"box","text":"additional £401.6 million was subscribed during the quarter,","page_number":45,"box":{"x":72,"y":247,"width":382,"height":10}},{"id":"b1d508cd-3796-436c-9949-0815726e64fa","block_type":"box","text":"increasing total fund subscriptions from £880 million to","page_number":45,"box":{"x":72,"y":259,"width":351,"height":10}},{"id":"7d2a76ad-3d62-493c-823c-19f59b949d4c","block_type":"box","text":"£1,282 million.","page_number":45,"box":{"x":72,"y":271,"width":92,"height":9}},{"id":"b993f21a-9818-46fa-8d3d-f161a606558e","block_type":"box","text":"As at quarter-end, the portfolio had a weighted average gross","page_number":45,"box":{"x":71,"y":289,"width":393,"height":9}},{"id":"bcae0703-4cea-477c-8fe0-7095257d3a1a","block_type":"box","text":"spread over SONIA of 5.06%, a weighted average life of","page_number":45,"box":{"x":72,"y":300,"width":352,"height":10}},{"id":"e709fc08-7055-4979-87e8-00bff891a9c0","block_type":"box","text":"4.70 years, and a weighted average credit rating of BB.","page_number":45,"box":{"x":71,"y":312,"width":345,"height":10}},{"id":"278e5c35-1b53-451e-8f3d-3a3415318070","block_type":"box","text":"Macroeconomic and geopolitical conditions remained","page_number":45,"box":{"x":72,"y":330,"width":341,"height":10}},{"id":"ad405fba-8b61-4c72-9e0a-24c1f090693c","block_type":"box","text":"challenging in Q3 with renewed concerns about persistent","page_number":45,"box":{"x":72,"y":342,"width":371,"height":10}},{"id":"87fb1bfc-ce11-45cd-8aa1-e4ab84494a2d","block_type":"box","text":"inflation. UK inflation hit 3.8%, with GDP expected to slow to","page_number":45,"box":{"x":72,"y":354,"width":386,"height":10}},{"id":"e77ff41a-415b-4a3e-832c-d26383af20bf","block_type":"box","text":"1.2% in 2025 and 1.0% in 2026 amid weaker consumption,","page_number":45,"box":{"x":73,"y":366,"width":374,"height":10}},{"id":"c35eb986-6d20-4753-81dd-2a12a49f261e","block_type":"box","text":"softer labour markets, and tax hikes. The Bank of England is","page_number":45,"box":{"x":72,"y":378,"width":375,"height":10}},{"id":"d9fc7baa-0b19-4d45-b3b3-67d0295d60f9","block_type":"box","text":"expected to continue gradually easing interest rates toward a","page_number":45,"box":{"x":72,"y":390,"width":388,"height":9}},{"id":"824f8aab-e58a-4dff-a6a8-1aee2e90e2a4","block_type":"box","text":"3.25% terminal rate. In Europe, inflation is near target and the","page_number":45,"box":{"x":72,"y":401,"width":393,"height":10}},{"id":"53242f89-ddbc-49ef-9dc2-820e8fed4b63","block_type":"box","text":"ECB is expected to hold rates at around 2.0%.","page_number":45,"box":{"x":72,"y":413,"width":286,"height":10}},{"id":"98afffb0-378d-4fc8-b963-8e335f5724a1","block_type":"box","text":"The UK real estate debt market continues to face margin","page_number":45,"box":{"x":71,"y":431,"width":357,"height":10}},{"id":"507d9269-99d3-477f-b43b-570aa077d9c5","block_type":"box","text":"compression driven by abundant liquidity from insurers and debt","page_number":45,"box":{"x":72,"y":443,"width":410,"height":10}},{"id":"2fb71f96-2200-46f3-8dcb-d51cf74bd857","block_type":"box","text":"funds. Pricing pressure is most pronounced in living and industrial","page_number":45,"box":{"x":71,"y":455,"width":415,"height":10}},{"id":"737a0cd1-9c3f-4e92-9204-18758b6e2fd6","block_type":"box","text":"sectors and is extending to high-quality offices, hotels, and","page_number":45,"box":{"x":72,"y":467,"width":370,"height":10}},{"id":"147c9113-dac6-4bb1-9e04-06859ea28c90","block_type":"box","text":"select retail assets. Borrowers increasingly favour shorter-dated","page_number":45,"box":{"x":72,"y":479,"width":397,"height":9}},{"id":"16eec4f8-0ae9-42c8-a458-9bde4324871f","block_type":"box","text":"structures with limited prepayment restrictions as longer-term","page_number":45,"box":{"x":72,"y":490,"width":392,"height":10}},{"id":"7393d337-797b-4322-817f-76eadfba4175","block_type":"box","text":"debt costs remain elevated. We continue to target construction","page_number":45,"box":{"x":72,"y":502,"width":400,"height":10}},{"id":"0c4abc20-d9c0-48f9-b0b5-0933674ad4da","block_type":"box","text":"and refurbishment projects with strong risk-adjusted returns,","page_number":45,"box":{"x":72,"y":514,"width":384,"height":10}},{"id":"0527a1c3-0257-4e98-8baf-894d777a8311","block_type":"box","text":"exemplified by our £37.6m participation in a B+ rated, four\u0002","page_number":45,"box":{"x":72,"y":526,"width":376,"height":10}},{"id":"5f670fa0-6cac-42d6-adda-56a5e7fd0b17","block_type":"box","text":"year senior secured loan for a Grade A office redevelopment in","page_number":45,"box":{"x":71,"y":538,"width":395,"height":10}},{"id":"1fff3581-b10b-4976-856d-a9c50ee51702","block_type":"box","text":"Fitzrovia. In Q3, the Sub-fund acquired Grammont (~£7.9m)","page_number":45,"box":{"x":72,"y":550,"width":377,"height":10}},{"id":"d6f9064b-d3a8-46df-80a8-7a32aa5b1e2d","block_type":"box","text":"at a ~5% discount as part of Project Pace, which repaid on","page_number":45,"box":{"x":72,"y":562,"width":365,"height":10}},{"id":"6ffab473-c14e-4f5b-b67c-9960bd793724","block_type":"box","text":"18 September, delivering a ~29% IRR and demonstrating our","page_number":45,"box":{"x":73,"y":574,"width":384,"height":9}},{"id":"85bc6206-7004-4cba-ae37-9ffb486360ab","block_type":"box","text":"ability to capture opportunistic, high-return investments.","page_number":45,"box":{"x":72,"y":585,"width":358,"height":10}},{"id":"ae143d5d-5dfd-44ce-a652-6c8ae55d4ce4","block_type":"box","text":"European infrastructure debt issuance stayed strong at ~€54bn","page_number":45,"box":{"x":72,"y":603,"width":398,"height":10}},{"id":"11ec9ada-8091-4f93-aabb-fbf961315546","block_type":"box","text":"in Q3, led by Germany, Spain, and France, with solar projects","page_number":45,"box":{"x":72,"y":615,"width":380,"height":10}},{"id":"ad248578-ae29-4a56-9878-0e2ba24203b8","block_type":"box","text":"dominating. Most deals were refinancings, though notable","page_number":45,"box":{"x":72,"y":627,"width":372,"height":10}},{"id":"56cd1887-d5db-4430-9fa7-cdc0bfdc2453","block_type":"box","text":"greenfield projects included Portugal’s High-Speed Rail Phase 1.","page_number":45,"box":{"x":72,"y":639,"width":402,"height":10}},{"id":"034d9226-b3c1-4cb2-8288-ad7a43ec7338","block_type":"box","text":"UK activity reached ~£15bn, featuring East Anglia 3 Offshore","page_number":45,"box":{"x":72,"y":651,"width":383,"height":10}},{"id":"60afc60e-6718-4bc0-bbd0-be461d33e841","block_type":"box","text":"Wind and Haweswater Aqueduct. Pricing remains tight, with","page_number":45,"box":{"x":71,"y":663,"width":384,"height":10}},{"id":"dbca5d69-c75f-4625-9a0d-4056c3a97289","block_type":"box","text":"full-year volumes set to surpass the 2021 record. The Sub-fund","page_number":45,"box":{"x":71,"y":674,"width":394,"height":10}},{"id":"13c7054e-f386-4d05-adc6-85524df22466","block_type":"box","text":"invested £30.45m in Project Fabric, a BB- rated £137m loan to","page_number":45,"box":{"x":72,"y":686,"width":389,"height":10}},{"id":"cab8e8d3-cb24-4020-a07f-9da8a666f504","block_type":"box","text":"Pulsant, a leading UK colocation provider.","page_number":45,"box":{"x":72,"y":698,"width":261,"height":10}},{"id":"41e3cc17-9d3c-44c1-bdd7-df344325a625","block_type":"box","text":"Sub-investment grade private corporate debt activity remained","page_number":45,"box":{"x":72,"y":716,"width":398,"height":10}},{"id":"ac51a8aa-718c-4a67-a649-c6ed38155b9c","block_type":"box","text":"muted in Q3, with subdued M&A activity and elevated interest","page_number":45,"box":{"x":72,"y":728,"width":395,"height":10}},{"id":"0050247d-e8a3-4809-845e-e6748f4e5daa","block_type":"box","text":"rates dampening volumes and intensifying competition. We see","page_number":45,"box":{"x":72,"y":740,"width":403,"height":10}},{"id":"91b155d1-4558-4ee6-a533-b0279b5da3a3","block_type":"box","text":"the best value in senior secured loans with lower leverage. In Q3,","page_number":45,"box":{"x":71,"y":752,"width":410,"height":10}},{"id":"ed5f44fd-a20b-4861-b79a-d9227125d5c0","block_type":"box","text":"the Sub-fund invested £25m in Project Cedar, a BB- rated £85m","page_number":45,"box":{"x":71,"y":764,"width":399,"height":9}},{"id":"c603241e-fd2b-44dd-8bb7-86dd932c9799","block_type":"box","text":"loan to Kisimul, a leading UK provider of specialist education and","page_number":45,"box":{"x":72,"y":775,"width":410,"height":10}},{"id":"6042d992-47b9-4900-8f49-9e6e96d73f18","block_type":"box","text":"care for individuals with acute learning disabilities and autism.","page_number":45,"box":{"x":72,"y":787,"width":392,"height":10}},{"id":"3a196067-c4e7-420e-818e-cf12ba6627cd","block_type":"box","text":"The Sub-fund delivered a gross income return of 1.63% in Q3","page_number":45,"box":{"x":71,"y":805,"width":387,"height":10}},{"id":"d3220be3-9e56-4e6a-aebd-a5e5d049d507","block_type":"box","text":"(1.49% net of fees and expenses) and remains in full compliance","page_number":45,"box":{"x":72,"y":817,"width":406,"height":10}},{"id":"a0f97365-c5f9-4789-ba9b-2db595b7a682","block_type":"box","text":"with all investment guidelines.","page_number":45,"box":{"x":71,"y":829,"width":192,"height":10}},{"id":"20d65102-f3ca-4156-8793-4d6fb15c3631","block_type":"box","text":"Quarter Four","page_number":45,"box":{"x":512,"y":145,"width":86,"height":8}},{"id":"1bfa7b3b-c793-4e80-aa85-5e8f6600cea9","block_type":"box","text":"In Q4, we committed £355.1 million across 33 investments,","page_number":45,"box":{"x":513,"y":156,"width":372,"height":9}},{"id":"1bad133e-5866-404e-b020-d8895ff28679","block_type":"box","text":"bringing total commitments to £917.2 million across","page_number":45,"box":{"x":513,"y":168,"width":331,"height":10}},{"id":"d57fa1ae-505e-46b1-805e-1997f014cc69","block_type":"box","text":"68 investments with a weighted average gross spread over","page_number":45,"box":{"x":512,"y":180,"width":372,"height":10}},{"id":"546da751-7dee-4be7-8947-f3679d8e2cc8","block_type":"box","text":"SONIA of 4.92%, a weighted average life of 4.9 years, and a","page_number":45,"box":{"x":512,"y":192,"width":375,"height":9}},{"id":"da395767-23da-4fb7-b037-172caf5db7de","block_type":"box","text":"weighted average credit rating of BB+. The portfolio is highly","page_number":45,"box":{"x":512,"y":203,"width":385,"height":10}},{"id":"86e80799-ab0b-4cca-a9a0-bfb946a3fb43","block_type":"box","text":"diversified across all four asset classes.","page_number":45,"box":{"x":512,"y":215,"width":239,"height":8}},{"id":"fe5a6c0b-e06c-4e7c-af8e-bc5b44b63e88","block_type":"box","text":"Additional capital commitments of £200m were committed to","page_number":45,"box":{"x":512,"y":233,"width":394,"height":10}},{"id":"efa122d2-1e7f-49c7-ac84-34545b909438","block_type":"box","text":"the Fund post quarter end (8 January 2026); taking total capital","page_number":45,"box":{"x":512,"y":245,"width":400,"height":10}},{"id":"f6800e60-a5df-4732-9430-73edb8a268e8","block_type":"box","text":"commitments to £1.482bn.","page_number":45,"box":{"x":512,"y":257,"width":172,"height":8}},{"id":"68a0fddd-37b6-4fbc-b99a-08203e199d22","block_type":"box","text":"In the first three quarters of 2025, the Eurozone and UK","page_number":45,"box":{"x":513,"y":275,"width":351,"height":9}},{"id":"7a08e392-07ff-4da8-a51a-103ca9dd2b21","block_type":"box","text":"economies grew 0.9% and 1.0% respectively, but growth was","page_number":45,"box":{"x":512,"y":287,"width":390,"height":9}},{"id":"f58cf9df-8672-40a2-92f1-afe01ba3193e","block_type":"box","text":"front loaded largely due to the expected impact of tariffs.","page_number":45,"box":{"x":512,"y":298,"width":362,"height":10}},{"id":"743137b6-7021-4004-9f04-0612e48f00cc","block_type":"box","text":"UK inflation was 3.8% in Q3 but is expected to slow with","page_number":45,"box":{"x":513,"y":310,"width":357,"height":10}},{"id":"f3fc3eb9-2ea3-4d8d-b624-c6ffd879a228","block_type":"box","text":"administered prices dropping out and subdued consumption","page_number":45,"box":{"x":512,"y":322,"width":386,"height":10}},{"id":"edb0d337-ade8-430d-8d2f-914978920bd2","block_type":"box","text":"and wage growth, with GDP forecast at 1.4% in 2025 and 1.0%","page_number":45,"box":{"x":512,"y":334,"width":401,"height":10}},{"id":"7e309a9c-7156-4e8e-ac30-b13f635397e0","block_type":"box","text":"in 2026. The BoE is expected to cut rates gradually to a 3.25%","page_number":45,"box":{"x":513,"y":346,"width":388,"height":10}},{"id":"498a1c96-3e4b-451f-aa4d-05aae8988d15","block_type":"box","text":"terminal rate. In Europe inflation is now back at target levels and","page_number":45,"box":{"x":512,"y":358,"width":408,"height":10}},{"id":"032fa5fc-eca0-496c-90aa-791163fb29c4","block_type":"box","text":"the ECB is expected to hold interest rates at around 2.0% with","page_number":45,"box":{"x":512,"y":370,"width":391,"height":9}},{"id":"8f97bac3-2216-4f94-9c71-7767341a3634","block_type":"box","text":"near term downward inflationary pressures due to energy base","page_number":45,"box":{"x":513,"y":382,"width":398,"height":9}},{"id":"6b17aae6-3e15-43a0-a778-6972251b80a1","block_type":"box","text":"effects in Q1 2026.","page_number":45,"box":{"x":512,"y":393,"width":117,"height":9}},{"id":"519efc59-ad22-4904-bc31-2b874f4b32f6","block_type":"box","text":"However, since the end of 2025, the recent conflict in Iran has","page_number":45,"box":{"x":513,"y":411,"width":389,"height":9}},{"id":"bd369abd-7778-4263-8fb7-f7948afe6158","block_type":"box","text":"raised concerns and uncertainty on future energy prices and","page_number":45,"box":{"x":513,"y":423,"width":378,"height":10}},{"id":"899413d5-977f-4d4f-a240-e3c3c1bd6be7","block_type":"box","text":"inflation. The impact will be a function of the duration of the","page_number":45,"box":{"x":513,"y":435,"width":383,"height":10}},{"id":"e13791e7-f626-42c1-aa1d-4f9f99c2d43b","block_type":"box","text":"conflict, especially the extent to which it disrupts oil & gas supply","page_number":45,"box":{"x":512,"y":447,"width":410,"height":10}},{"id":"2fc091cd-a791-4bfc-84a6-527982b63eab","block_type":"box","text":"and shipping routes in the Strait of Hormuz. 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