Team and Additional Fund Information

Portfolio Managers

Luke Layfield

Head of Multi-Asset Portfolio Management | Private Markets

Luke is the Head of the Multi-Asset Portfolio Management team and the co-Fund Manager of the Climate Transition Real Assets Long Term Asset Fund. He is also the co-PM of the Multi-Sector Private Debt LTAF. Luke manages other multi-real asset mandates which deliver secure, consistent and inflation-protected income to help pension schemes meet their liabilities.

Luke joined Aviva Investors in 2008 and previously led the portfolio analysis team, where he was responsible for the financial underwriting of transactions and quantitative portfolio analysis. He previously worked on the Real Estate Research team and as an analyst for the UK specialist real estate funds. Luke holds an MSc in Real Estate Investment from Cass Business School and an MA in Politics and Economics from the University of Cambridge. He holds the Investment Management Certificate and is a CFA® charterholder.

Zoe is a portfolio manager in the Multi-Asset Portfolio Management team within Private Markets. She is the co-Fund Manager of the Climate Transition Real Assets Long Term Asset Fund and manages its forestry investments. She also manages portfolios of alternative income and real assets for pension fund and insurance clients.

Zoe has over 20 years’ experience of private markets, particularly infrastructure investments. Until 2017 she led one of the sterling infrastructure origination and asset management teams with a focus on social infrastructure. Zoe was Business Manager to the Aviva CFO for two years before returning to Aviva Investors in 2019 as portfolio manager. Zoe holds a BA and MA in Economics and an MBA from the University of East Anglia.

Zoe Austin

Portfolio Manager | Private Markets

Key Risks

Investment risk: The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested. Past performance is not a guide to future returns.

Real estate risk: The Fund’s performance will be adversely affected by a downturn in property market capital values or weakening rental yields. Property values are affected by interest rates, economic growth, fluctuations in property yields and tenant default, and on the realisation of the investment, the Fund may receive less than the original amount invested. If tenants default, the Fund will suffer a rental shortfall and likely incur additional cost maintaining, insuring and reletting the property. Certain significant expenditures must be met when property is vacant.

Rural Property risk: The Fund may be exposed to rural property assets, for example, including agricultural land and forestry. Such investments are subject to physical, economic and political risks. Physical risks include natural disasters (fire, windthrow, storms), pests and diseases; economic risk include crop and timber market price and supply and demand risk; political and regulatory risk includes changes in public subsidy, grants and fiscal regimes.

Infrastructure risk: The Fund will be exposed to infrastructure related risks such as: changes in planning laws; credit risks of tenants and borrowers; environmental factors; and environmental, health and safety regulations and permit requirements. Infrastructure is susceptible to adverse economic, political or regulatory changes, and additional costs, competition, and regulatory implications.

Development and construction risks: Where the Fund has exposure to investments involving purchase of land for development and require permissions/licenses and permits to be obtained first, the Fund may receive little or no income during this time. There may also be delays in the administration of these requests and there is also the risk the relevant authority refuses to grant them.

Investment in other funds (including unregulated funds) risk: The Fund will assume any specific risks of the funds into which they invest. Extra costs may be incurred - in addition to fees and expenses levied by the Fund, charges may be levied by the underlying funds. Investments in unregulated funds are subject to less restrictive rules, they can use higher risk investment techniques and may borrow to invest. They are also valued less frequently and there is a risk that any market movements will not be reflected in the daily price of the Fund and that investors may miss out on unrealised profits from underlying investments. Liquidity of unregulated funds is not assured and cannot be relied upon to meet redemption requests as and when made. Lack of liquidity may affect the value and lead to units being suspended.

Valuation risk: The Fund’s assets are inherently difficult to value due to the individual nature of each asset, and as readily assessable market values are not available. Such valuations are subject to uncertainty, subjective and generally a matter of valuers’ opinion rather than fact. There is no assurance that the values determined will reflect the actual sales price even where a sale occurs shortly after the valuation date.

Availability risk: Identifying and structuring transactions is competitive, involves a high degree of uncertainty, is subject to market conditions and competition from other investors. The Fund may be unable to identify and complete attractive investments.

Illiquidity risk: The Fund’s investments are generally illiquid and more difficult to realise than public investments, and the Fund should not be considered suitable for investors with a short-term investment outlook. Assets may not be readily saleable and the Fund operates limited redemption arrangements.

ESG risk: Investing on basis of ESG factors may limit the choice of investments and performance of the fund may be impacted (either positively or negatively).

Net zero and carbon removal certificates: To formally offset carbon emissions carbon removal certificates have to be formally retired and once this happens, they cease to have value. This means when the certificates are retired this will impact financial performance.

Dealing arrangement risk: The Fund requires investors to sign up to a Subscription Agreement, committing to subscribe an amount which will only be drawn down at the discretion of the ACS Manager and Units will only be issued to the investors based on the prevailing net asset value at that point.

Redemption arrangements: Specific redemption arrangements are in place for this Fund, meaning there will be significant time lag between instructions being accepted and processed and investors will bear the risk of any unit price movements in these periods. These arrangements may not fully reflect the time typically needed to sell, liquidate or close out the assets, and in exceptional circumstances the Fund can suspend all dealing until the exceptional circumstances have ceased.

Investments outside of commitment queues: Potential unitholders may be impacted by elongated timescales for drawing down commitments into the Fund and the Fund may experience cash drag, impacting on returns.

This provides a summary of the Fund’s key risks, however, it is not intended to be an exhaustive summary and investors should refer to the Prospectus for full details.

Important Information

THIS IS A MARKETING COMMUNICATION

Except where stated as otherwise, the source of all information is Aviva Investors. Unless stated otherwise any opinions expressed are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as personalised advice of any nature. This document should not be taken as a recommendation or offer by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Portfolio holdings are subject to change at any time without notice and information about specific assets should not be construed as a recommendation to buy or sell any assets. This is a high-risk investment, and assets may take a long time to buy and sell. Only invest if you can wait (possibly several years) to get your money back. You do not have protection against poor performance.

The information within this document is based on our current understanding of taxation and is not to be construed as investment, legal or tax advice. The basis and rates of tax may change in the future.

The Aviva Investors Climate Transition Real Assets LTAF is a sub-fund of the Aviva Investors LTAF ACS, an umbrella co-ownership scheme comprising different sub-funds. Each sub-fund belongs to the “Long-Term Asset Fund” category as specified in Chapter 15 of the Collective Investment Schemes sourcebook and the property attributable to each such sub-fund is managed as such.

A copy of the Prospectus and the annual and interim reports are available free of charge to Unitholders and otherwise at the discretion of the Authorised Fund Manager.

Issued by Aviva Investors UK Fund Services Limited, the Authorised Fund Manager. Registered in England and Wales No. 1973412. Authorised and regulated by the Financial Conduct Authority. Firm Reference No. 119310. Registered address: 80 Fenchurch Street, London EC3M 4AE. An Aviva company.

RA26/0069 Expiry date: 15/07/2027