Regnan Global Equity Impact Solutions Fund – Class W Exclusionary screen change

Regnan Global Equity Impact Solutions Fund – Class W (APIR: PDL7011AU)

(the “Fund”)

The following information contains an important update to the Fund’s exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement dated 2 September 2024 for the Regnan Global Equity Impact Solutions Fund (PDS) and should be read in conjunction with the PDS.

Effective from 30 June 2025, the Fund will introduce an additional exclusionary screen and not invest in companies directly involved in the supply of goods or services specifically related to controversial weapons.

In our view, this change ensures that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds. 

Further, we have provided clarified that the Fund’s definition of controversial weapons includes white phosphorus weapons.

Exclusionary Screens Effective 30 June 2025

Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 5 of the Product Disclosure Statement is replaced with the following:

Exclusionary Screens

The Fund will not invest in companies which directly:

• produce tobacco (including e-cigarettes and inhalers); or

• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or

• supply good or services specifically related to controversial weapons.

Additional exclusionary screens are applied differently across industries and business activities. For further information on the Fund’s exclusionary screens, go to the ‘Exclusionary Screens’ heading in the ‘Labour, environmental, social and ethical considerations’ section of the ‘Additional Information to the Product Disclosure Statement’, a copy of which can be obtained by calling us.

The Fund may also hold cash and may use derivatives from time to time. Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets. Exclusionary screens are not applied to cash or derivatives. The use of derivatives may result in the Fund having indirect exposure to the excluded companies.

Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 3 of the Additional Information to the Product Disclosure Statement is replaced with the following:

Exclusionary Screens

The Fund will not invest in companies which directly:

• produce tobacco (including e-cigarettes and inhalers);

• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons);

• supply good or services specifically related to controversial weapons; or

• extract or explore for fossil fuels (specifically, coal, oil and natural gas).

The Fund will also not invest in companies which derive 10% or more of their gross revenue directly from:

• fossil fuel-based power generation, or fossil fuel distribution or refinement (coal, oil and natural gas)*;

• the production of alcoholic beverages;

• manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering;

• manufacture of non-controversial weapons or armaments;

• manufacture or distribution of pornography; or

• uranium mining for the purpose of nuclear power generation.

*Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases Regnan considers credible.

All reasonable care has been taken to implement the Fund’s exclusionary screens to meet the criteria described above. Regnan draws on internal and supplementary external research, believed to be accurate, to determine whether a company is subject to the exclusionary screens. Regnan reviews companies subject to the exclusionary screens monthly and monitors the Fund’s compliance with its investment guidelines (including exclusionary screens) daily. If Regnan discovers an investment no longer meets our criteria, Regnan will divest the holding as soon as Regnan considers appropriate, having regard to the interests of investors (and this will be on a case by case basis). However, as the nature and conduct of businesses may change over time, and publicly available financial or other Information is not always comprehensive or up to date, we do not guarantee that the Fund will meet all of these criteria at all times