Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Governance Achievements

• Board refreshment process ongoing
• Commitment to board diversity

Climate Goals & Targets

Environmental Challenges

• Challenging year for investment performance, underperforming benchmark
• Widening share price discount to NAV
• Underweight in large pharmaceutical companies, overweight in emerging markets and biotechnology
• Growth-to-value rotation favoring established companies
• Investor risk aversion impacting smaller capitalization stocks
• Drawdown in biotechnology and other sectors due to investor sentiment
• Leverage detracted from performance

Mitigation Strategies

• Portfolio Manager pursuing a pragmatic and tactical approach to leverage
• Share issuance program and share buybacks to manage share price discount
• Continued focus on long-term investment strategy
• Engagement with investee companies on ESG matters

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: SASB

Certifications: ISO 14001

Awards & Recognition

• Best Investment Trust in the specialist sector – FT Adviser Investment 100 Club Awards 2021

Environmental Metrics

ESG Focus Areas

• Climate Change

Climate Goals & Targets

Environmental Challenges

• Data gaps in emissions data from smaller companies and derivative investments.

Mitigation Strategies

• Uses Morningstar as primary data provider; Morningstar uses estimation methodologies where data is missing; Frostrow does not use internal estimation where no reported or estimated data is available from Morningstar.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Physical loss and business disruption (quantified under RCP 2.6 and RCP 8.5 scenarios)

Transition Risks

• Policy and market risks associated with transition to Net Zero economy

Reporting Standards

Frameworks Used: TCFD