Performance overview:
Global equities advanced during the quarter. The fund generated a positive return but lagged the benchmark.

Drivers of fund performance:
Vistra Corp. was the strongest individual contributor during the quarter. Vistra supplies power to millions of US homes, and to a significant portion of Texas residents.
It suffered a financial setback when the Texas winter storms of February 2021 caused supply issues and a grid operating error that affected pricing. Neither of these
issues were, in our view, illustrative of Vistra’s long-term operational strength and we felt the market’s sell-reaction was excessive. Over the quarter, the market began to recognise Vistra’s robust earnings power and cash flow generation potential, and the share price rose materially.

Energy sector holding Repsol was a drag on performance. Energy is a sector that is sensitive to the broader economy, and it was negatively affected by worries over
the new Omicron variant of Covid-19 and its potential impact on demand. We continue to see Repsol as attractively valued.

Portfolio activity:
We initiated a number of new positions in the period. One of which, being Axa that we see as attractively valued with a high dividend yield which we believe can be
sustained.

In October, we exited the position in UK supermarket group WM Morrison after takeover interest in the company culminated in an auction between rival bidders
Fortress Investment Group and Clayton, Dubilier & Rice. UK-listed companies have been taken private at an average premium of 47% in 2021, which is well above
the long-term average according to data from Refinitiv. Clayton, Dubilier & Rice’s final offer for Morrison was at a 61% premium to the undisturbed share price. M&A tends to be a double-edged sword for value investors, and unlike some of our peers, we do not believe it is a meaningful contributor to performance. The reason is that M&A tends to take businesses out lower than our fair value. This was the case with Morrison, although we acknowledge that a takeover can (partially) realise upside ahead of our expected investment horizon