June 2025

The WHEB Sustainable Impact Fund’s Q1 2025 report covers a quarter marked by US trade-policy uncertainty, weaker growth expectations and a sharp pullback in large technology stocks. In GBP, the MSCI World Index fell 4.6%; the Fund’s C share class returned -3.98% in USD, compared with -1.79% for its benchmark. American Water Works, Daifuku and Nextracker were the strongest contributors, while First Solar, Novo Nordisk, ATS and Power Integrations detracted. Resource Efficiency and Health were the weakest themes, and Education was the only positive contributor. The Fund initiated one position, Kurita Water, citing its industrial water-treatment capabilities and exposure to semiconductor manufacturing; there were no sales. The outlook noted continued policy-driven volatility alongside depressed valuations across sustainability-related industries.

December 2025

The WHEB Sustainable Impact Fund’s Q1 2025 report covers a quarter marked by US trade-policy uncertainty, weaker growth expectations and a sharp pullback in large technology stocks. In GBP, the MSCI World Index fell 4.6%; the Fund’s C share class returned -3.98% in USD, compared with -1.79% for its benchmark. American Water Works, Daifuku and Nextracker were the strongest contributors, while First Solar, Novo Nordisk, ATS and Power Integrations detracted. Resource Efficiency and Health were the weakest themes, and Education was the only positive contributor. The Fund initiated one position, Kurita Water, citing its industrial water-treatment capabilities and exposure to semiconductor manufacturing; there were no sales. The outlook noted continued policy-driven volatility alongside depressed valuations across sustainability-related industries.

September 2025

The WHEB Sustainable Impact Fund’s Q1 2025 report covers a quarter marked by US trade-policy uncertainty, weaker growth expectations and a sharp pullback in large technology stocks. In GBP, the MSCI World Index fell 4.6%; the Fund’s C share class returned -3.98% in USD, compared with -1.79% for its benchmark. American Water Works, Daifuku and Nextracker were the strongest contributors, while First Solar, Novo Nordisk, ATS and Power Integrations detracted. Resource Efficiency and Health were the weakest themes, and Education was the only positive contributor. The Fund initiated one position, Kurita Water, citing its industrial water-treatment capabilities and exposure to semiconductor manufacturing; there were no sales. The outlook noted continued policy-driven volatility alongside depressed valuations across sustainability-related industries.

June 2025

The WHEB Sustainable Impact Fund’s Q1 2025 report covers a quarter marked by US trade-policy uncertainty, weaker growth expectations and a sharp pullback in large technology stocks. In GBP, the MSCI World Index fell 4.6%; the Fund’s C share class returned -3.98% in USD, compared with -1.79% for its benchmark. American Water Works, Daifuku and Nextracker were the strongest contributors, while First Solar, Novo Nordisk, ATS and Power Integrations detracted. Resource Efficiency and Health were the weakest themes, and Education was the only positive contributor. The Fund initiated one position, Kurita Water, citing its industrial water-treatment capabilities and exposure to semiconductor manufacturing; there were no sales. The outlook noted continued policy-driven volatility alongside depressed valuations across sustainability-related industries.

March 2025