June 2025

In this commentary, we review: Q3 performance: Higher bond yields weighed on listed infrastructure during the quarter, however the Fund remained resilient. Greencoat UK Wind and The Renewables Infrastructure Group were our largest positive contributors, while Grenergy and Brookfield Renewable were the largest detractors. Portfolio changes: We explain our new investment in Ferrovial following recent share-price weakness, alongside our exits from Boralex, Sequoia Economic Infrastructure and Primary Health Properties. Company developments: We discuss Northland Power’s progress in battery storage and how transactions at Transurban and Equinix are expanding their asset portfolios.

October 2026

Asian markets were broadly flat over Q3 (as measured by the MSCI AC Asia Pacific ex Japan Index) but were generally weaker in September, although performance differed considerably across the region. Taiwan and Korea were the notable exceptions, supported by continued strength in the semiconductor and AI supply chain. The underlying technology cycle remained strong, with September manufacturing activity accelerating in both economies and Korea driven by surging semiconductor demand. However, the quarterly picture was quite different, with a decline for Korea following the exceptional earlier rally in Samsung Electronics and SK Hynix and a sharp unwind in memory companies in July, alongside growing concerns around valuations and the longer-term risk of additional capacity. This divergence is a useful illustration of how strong, underlying AI demand is no longer translating uniformly into equity returns. In this commentary we consider the drivers of Asian equity returns by sector and geography and the implications for our 36-stock portfolio. As the US Federal Reserve returns to monetary tightening, we assess how this affects Asian markets and our holdings.  We also review the outlook. The strong performance in the quarter of Health Care, Energy, Financials and Materials suggests Asian equity returns are becoming less dependent on the narrow group of technology companies that dominated earlier in the year. Greater differentiation between countries, sectors and individual companies is therefore likely to persist.

October 2026

Asian markets were broadly flat over Q3 (as measured by the MSCI AC Asia Pacific ex Japan Index) but were generally weaker in September, although performance differed considerably across the region. Taiwan and Korea were the notable exceptions, supported by continued strength in the semiconductor and AI supply chain. The underlying technology cycle remained strong, with September manufacturing activity accelerating in both economies and Korea driven by surging semiconductor demand. However, the quarterly picture was quite different, with a decline for Korea following the exceptional earlier rally in Samsung Electronics and SK Hynix and a sharp unwind in memory companies in July, alongside growing concerns around valuations and the longer-term risk of additional capacity. This divergence is a useful illustration of how strong, underlying AI demand is no longer translating uniformly into equity returns. In this commentary we consider the drivers of Asian equity returns by sector and geography and the implications for our 36-stock portfolio. As the US Federal Reserve returns to monetary tightening, we assess how this affects Asian markets and our holdings.  We also review the outlook. The strong performance in the quarter of Health Care, Energy, Financials and Materials suggests Asian equity returns are becoming less dependent on the narrow group of technology companies that dominated earlier in the year. Greater differentiation between countries, sectors and individual companies is therefore likely to persist.

October 2026

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