Capital Allocation

We see a compelling opportunity to direct capital towards a more nature-positive economy. The Natural Capital Global Equity Strategy targets companies driving or enabling this shift, using a high-conviction, research-led approach.

We focus on:

Operation leaders – companies actively transforming their business models and operations towards a nature positive economy
Nature solutions providers – companies generating at least 20% of revenue from products and services that help reduce human impact on nature.

This dual focus ensures the strategy captures both resilience and innovation towards the nature positive transition.

Portfolio Holdings Overview

The graph below presents the classification of strategy holdings as at 31/12/2025, illustrating whether companies are categorised as operational leaders or nature solutions providers, and indicating alignment with Sustainable Development Goals 12, 13, 14 and 15.

The table below highlights a selection of NCGE Strategy holdings to illustrate our nature-related rationales and core investment themes. These examples are representative, not exhaustive: all portfolio holdings are deliberately selected for their distinct contribution to the nature transition, consistent with our high‑conviction, research‑led approach and focus on companies capable of supporting measurable progress towards preserving and restoring natural capital.

Security Description	Climate Rationale
Name: Abbot Holdings Holding Classification: Operations	Life science manufacturing has potential for high water use, water and soil pollution from manufacturing discharges, and solid waste from the production line. Abbott has set targets for water use and quality, aiming to implement accredited water stewardship management practices in more than 75% of its manufacturing sites located in water-stressed areas by 2030, and has achieved a 91% recycling rate of operational waste alongside plans to transition 50 million pounds of packaging to sustainable designs by 2050.
Name: Agco Corp Holding Classification: Solutions	AGCO qualifies as a solutions company because its precision‑agriculture technologies optimise land use, improve soil health and cut environmental impacts at scale. By reducing fertiliser and pesticide overuse, its systems directly protect biodiversity and limit harmful runoff, while its sustainability strategy—spanning emissions, water and waste targets alongside electric and alternative‑fuel machinery—supports regenerative agriculture. With agriculture central to climate and biodiversity challenges, AGCO’s technology‑driven model delivers measurable gains in soil conservation, resource efficiency and climate resilience, positioning it as a strong natural‑capital solutions leader.
Name: ASML Holdings Holding Classification: Operations	ASML are not a manufacturer of semis hence their water consumption is only a fraction of most companies in the industry however energy use and hazardous substances from manufacturing products pose the biggest biodiversity risks. ASML have several initiatives to promote eco-design and recycling, such as aiming for over 95% of systems sold in the past 30 years to still be active by 2025, aim to send zero waste from operations to landfill or incineration by 2030, and projects to improve energy efficiency in their operations and supply chain.
Name: Brambles Holding Classification: Solutions	As a global pallet company, their approach to sustainable land and a circular economy is of critical importance. Brambles has set ambitious targets in relation to deforestation and natural resource use. It has adopted a circular approach to its business, with a target to enable the sustainable growth of two trees for every tree it uses and a policy to repair broken pallets to increase their life expectancy and reduce demand for new materials. Further detail includes Brambles’ Planet Positive programme, which has the ambition to build a regenerative nature-positive business by restoring forest ecosystems, going beyond zero waste and drawing down more carbon than it produces. The company has set credible targets in each of those areas and appears to be generally on track with most of them.
Name: Kering Holding Classification: Operations	As a luxury good company, Kering’s main biodiversity impacts are from raw material production, land-use change, GHG emissions, and use of chemicals, water and energy e.g. through leather tanning and textile processing. Kering aims to mitigate these risks through their Biodiversity Strategy targeting 100% alignment of raw materials and manufacturing processes by 2025, commitment to eliminating deforestation in its supply chain by 2025, and enhancements to its Environmental Profit and Loss tool, which assesses environmental impacts, including GHG emissions, water use, and land-use change, translating these into monetary values. The company is involved in impactful biodiversity projects, including the “Regenerative Fund for Nature,” which aims to restore 1 million hectares of farmland by 2025.
Name: Levi Stauss Class A Holding Classification: Operations	In the apparel sector, manufacturing processes and facilities have potentially high water, chemical use intensity, and habitat destruction from natural cotton fibres. However Levi Strauss aims to reduce water use by 50% across key supplier facilities by 2025, their repair and recycling programmes aim to eliminate single-use plastics in packaging by 2030, and they participate in the Better Cotton Initiative to promote sustainable cotton farming.
Name: L'Oréal Holding Classification: Operations	L'Oréal source raw materials and chemicals globally, including areas at high risk of land-use change, biodiversity loss and pollution of water/soil throughout its supply chain. To help mitigate this, they have set ambitious targets to reduce water consumption by 25% per finished product by 2030, and by using 100% recycled or bio-based plastic in their packaging by 2030, reducing plastic waste and promoting a circular economy.
Name: Sherwin Williams Holding Classification: Solutions	Sherwin Williams manufactures paints. Paints often have ‘Volatile Organic Compounds’ (VOC) which can be carcinogenic and pollute the air/ground when they react with nitrogen oxides. Sherwin Williams is a Solutions company under the ‘Green Buildings’ theme in Sustainable Land as it supplies low VOC paints. Another indirect biodiversity risk in this industry is the improper disposal of excess product and packaging by consumers however Sherwin Williams’ 425 store Paintcare® program provides drop-off sites for customers to recycle left over paint.
Name: Tetra Tech Holding Classification: Solutions	Leader in water and environmental consulting, in areas such as water supply, water sanitation, watershed management, wastewater treatment, flood control, coastal and marine resources, management, and stormwater management. Tetra Tech works with clients on air quality, environmental compliance, management, and remediation. Air quality work spans from gas and particle sampling and analysis to air quality improvements and action plans.
Name: Watts Water Technology Holding Classification: Solutions	Watts Water produces solutions that manage and conserve water. A key product line is drainage and rainwater harvesting systems, which help to filter and conserve water resources, while their flow control products reduce potable water contamination risks and their water pressure reducing valves can save up to 30% on water consumption p.a.
As of: 31/12/2025 The information provided is for illustrative purposes only and should not be construed as an investment recommendation.

Portfolio KPIs

2025 Data Summary Table		Natural Capital Global Equity			MSCI ACWI
2025 Data Summary Table		Dec 2023	Dec 2024	Dec 2025	Dec 2023	Dec 2024	Dec 2025
PAI Indicators	No of companies with activities negatively affecting biodiversity	0	0	0	4	4	2
	No of companies with emissions to water	0	0	0	0	2	0
	No of companies hazardous waste ratio	0	0	0	3	5	7
Other indicators	Percentage of companies in top quartile environmental management scores	76	77	58	34	31	31
	Percentage of companies with Science Based Targets	56	58	73¹⁴	21	31	35¹⁴
	Percentage of companies with a positive contribution to natural capital	56	58	¹⁵	28	28	¹⁵
Solutions revenue	Percentage of companies with ≥20% natural capital or climate change solutions revenue	42	40	40	14	16	14
Stewardship	Voting percentage¹⁶	100	100	100
As of date: 31/12/2025 Source: Aladdin & MSCI

Data Consistency Note

In 2025, we updated our data aggregation methodology for Science Based Targets data. While the most recent data reflects these enhancements, historical figures for 2023 and 2024 have been retained as previously reported. As a result, some year-on-year comparisons may be affected.

^14.From 2025, SBTi ambitions includes validated SBTs or commitment to set validated SBTs.

¹⁵The “positive contribution to natural capital” indicator relied on a bespoke third‑party data provider that has ceased operations. No credible like‑for‑like replacement has been identified that meets Investment Manager’s requirements for data quality, methodology transparency, robustness and coverage. The removal of this indicator does not change the Fund’s investment objective, philosophy, or commitment to natural capital outcomes.
¹⁶The percent of Strategy holdings we have exercised our voting rights on. Due to conflict of interest, in 2023 and 2024 we were unable to vote against all holdings as the GCE had investments in Aviva Investor Funds.