Concentrated stock-picking approach of 30 securities, designed to ensure a sufficient high level of risk diversification both from a country and sector perspective. There may be occasions where the portfolio holds more than 30 stocks if CWW is transitioning out of one stock position and into another.

Benefits of investing in the C Worldwide Global Equity Trust

Team Approach

CWW's collaborative team approach is key to the decision making process - ideas are shared and actively discussed in a group forum. A key differentiator is the stability and experience of the global decision team which has managed the global portfolio since the early 1990s. The global decision team, with input from other regional portfolio managers, works diligently in understanding each investment to ensure a relatively low risk, high conviction portfolio. The competitive edge is achieved by the simplicity of the focused concept, both from an investment and risk control perspective.

Style Consistency

CWW's investment philosophy has been unchanged since the firm's inception in 1986. The most distinctive feature of this strategy is the 30 high conviction stock target which has been consistent since inception of the strategy. This is one of CWW's competitive advantages, as the relatively concentrated portfolio ensures a disciplined and focused approach emphasising selectivity. Importantly, a focused portfolio results in a disciplined buy and sell approach based on the one in-one out better alternative principle.

Risk Management

CWW's investments are not constrained by Benchmark limitations and restrictions. They accept that their focused portfolio management style of 30 high conviction stocks can result in significant deviations from the Benchmark and therefore a relatively higher Tracking Error. However the resulting portfolio is diversified from a country, sector and company perspective and CWW actively monitors portfolio risk to achieve market-like standard deviation. The concentrated portfolio of stocks results in a high degree of focus which in turn ensures operational simplicity and efficiency as well as easier oversight of portfolio risks.

Global Mandate

The portfolio of 30 stocks gives CWW an edge in focusing on what really matters - they are not necessarily exploiting any market inefficiencies, but rather avoiding over diversification with too much focus on the Benchmark and too many portfolio positions, thereby diluting skill set. Too many investors focus on the short-term and try to maximise portfolio returns by actively trading news flow. CWW believes that by focusing on the long-term structural environment and selected global themes and trends, coupled with a long holding period when investing, the best risk adjusted return can be achieved. Finding and investing in a select few good ideas is the key to how CWW adds value over the long-term.

The Trust is designed for investors seeking capital appreciation over the longer term by investing in companies CWW believes will have superior growth prospects and returns.

The investment objective of the Trust is to achieve long-term capital growth exceeding the return of the market by investing in global equities.

Investment style and approach

The investment style of the Trust is a concentrated stock-picking approach of 30 securities, designed to ensure a sufficient high level of risk diversification both from a country and sector perspective. There may be occasions where the portfolio holds more than 30 stocks if CWW is transitioning out of one stock position and into another.

Asset allocation

The Delegated Investment Manager selects stocks from an unconstrained universe, meaning it has the flexibility to pursue opportunities all around the world. There is no home market bias. The Trust invests in equities listed on global stock exchanges and has no country or sector restrictions. However portfolio diversification, from a country, sector, theme and company perspective is prioritised and Trust exposures are monitored closely.

Currency Management

Currency Hedging is rare and usually only undertaken for defensive purposes and as a part of the security selection process. Therefore, there is no overall currency management strategy for the Trust and the Trust is considered to be "unhedged.

Labour, environmental, social and ethical considerations

Decisions about the selection, retention or realisation of investments for the Trust are primarily based on company fundamentals. CWW takes into account labour standards, environmental, social and ethical issues when making these decisions to the extent that these issues have a material impact on either investment risk or return.

CWW is a UNPRI signatory and is always seeking to improve its way of thinking and investing in order to serve clients in the best possible manner. In each investment case CWW looks at numerous factors including Environmental, Social and Corporate Governance ("ESG). A poor ESG profile can affect the performance of an investment quite significantly and given the long-term holding period CWW aims to avoid these types of companies. CWW uses the consulting services of an ESG screening company, GES Investment Services, which offers valuable input into ESG issues.

How we invest your money

CWW endeavours to understand and capitalise on the trends of the future - an investment approach described as "trend based stock picking. It is a trend/theme influenced top down framework combined with a Bottom-up stock picking approach.

CWW selects stocks from an unconstrained universe, meaning it has the flexibility to pursue opportunities all around the world. The Trust invests in equities listed on global stock exchanges and has no country or sector restrictions. However portfolio diversification, from a country, sector, theme and company perspective is prioritised and Trust exposures are monitored closely.

The Trust can hold stocks that are not in the Benchmark, and this can result in significant differences from the index weightings.

The Trust has some inherent biases - for example large/mega capitalisation stocks are favoured over small/mid cap companies as are higher quality (higher return on equity) companies over lower quality companies. Furthermore companies in the Trust will typically have a growth bias, as CWW strongly believes that earnings growth drives share price growth over the longer term. This focus on companies with an earnings growth profile is coupled with an emphasis on valuation as stock investments are implemented at reasonable valuations (Growth at Reasonable Price, or "GARP, style).

Target asset allocation ranges

• Global equities 90-100%
• Cash & cash equivalents 0-10%