The Fund’s Sub-Investment Manager (“Summit Partners Public Asset Management, LLC”) seeks to make investments based on individual theses and focuses on companies that offer disruptive, market-driven solutions to global sustainability challenges.

The Sub-Investment Manager believes that the long-term case for sustainably oriented investing is strong and supported both by the increasing availability of economically viable, sustainably oriented business models and by meaningful demographic tailwinds. Target companies may offer sustainably oriented products or services or take an efficient approach to resource generation or consumption – including through the consideration of environmental, social and governance (“ESG”) factors. The Fund may also sell short securities and apply hedging strategies, the Sub- Investment Manager believes this approach allows for alpha generation, active volatility management relative to the broader market and more effective risk management.

This financial product promotes environmental or social characteristics, but does not have as its objective a sustainable investment.

The characteristics promoted by the Fund consist of investing in companies that may exhibit E/S characteristics such as:

The Sub-Investment Manager focuses on companies that offer market-disruptive/market-driven solutions to global sustainability challenges. The Sub-Investment Manager seeks to make investments based on individual theses and focuses on companies that offer exposure to a broad array of sustainability trends. The Sub-Investment Manager views sustainability as a driver of disruption and sustainably oriented businesses as companies offering lower environmental impact and less resource-intensive products or services than incumbent players.

The Fund is designed to achieve capital appreciated and deliver risk-adjusted returns over a market cycle and seek investments in companies that offer market-driven solutions to global sustainability challenges. The Sub-Investment Manager seeks to make investments based on individual theses and focuses on companies that offer exposure to a broad array of sustainability trends. The Sub-Investment Manager views sustainability as a driver of disruption and sustainably oriented businesses as companies offering lower environmental impact and less resource-intensive products or services than incumbent players.

The Sub-Investment Manager believes that the long-term case for sustainably oriented investing is strong and supported both by the increasing availability of economically viable, sustainably oriented business models and by meaningful demographic tailwinds. Target companies may offer sustainably oriented products or services or take an efficient approach to resource generation or consumption – including through the consideration of environmental, social and governance (“ESG”) factors. The Fund may also enter into hedging transactions of companies it believes have revenues and earnings that may fall short of consensus estimates or that may be susceptible to the impact of sustainability-driven disruption. The Fund may utilize a variety of financial instruments, such as derivatives, options, interest rate swaps, caps and floors, futures and forward contracts, both for investment purposes and for risk management purposes. While the Fund may enter into hedging transactions to seek to reduce risk, such transactions may result in a poorer overall performance for the sub-investment manager if it had not engaged in any such hedging transactions.

The investment strategy has no limits on asset allocations, but historically approximately 60% of long positions have adhered to the E/S characteristics described. The remainder typically falls into investments which may not be associated with a specific sustainability product or service, but generally are investments that follow the same ESG process (such as investments in technology sectors with lower carbon options). Target companies generally operate in the energy, infrastructure, industrials, information technology and consumer industries.

The Fund uses options primarily as a hedging tool around event risk. Options utilised are generally single name hedges meaning that the derivative matches the E/S considerations of the underlying name.

The Sub-Investment Manager may consider the following environmental and social criteria which may vary depending on the sector as well as data availability:

Environment:

Social:

When considering  these criteria, the Sub-Investment Manager aims to:

The data sources used to analyse each of the environmental or social characteristics promoted by the Fund are:

Limitations on methodologies and ESG data include the lack of consistency, reliability, comparability, and quality of the data available. This is driven by issues including, but not limited to:

These limitations are addressed by:

The Sub-Investment Manager assesses sustainability risks at the pre-investment stage and on an ongoing basis as follows:

Pre-investment - due diligence assessment

Any business identified as having a high probability of a potential sustainability risk impacting future returns would not be included in the final portfolio. As a result of this pre-investment due diligence assessment and adherence to the selection process, the Sub-Investment Manager believes that potential impact of sustainability risks on returns are significantly decreased at the outset.

Ongoing assessment

Where there is a marked deterioration in sustainability, evidenced both by quantitative factors and/or qualitative ones such as negative perceptions over a business’ operating practices, the Sub-Investment Manager will seek to engage with the business’ management, and if unsatisfactory, potentially exit from the investment.

The Sub-Investment Manager regularly engages with investee and prospect companies on sustainability and other issues during management interactions and actively votes proxies.

The Fund does not have a sustainable designated reference benchmark.