We start 2025 in sterling contrarian spirit, with a report by portfolio manager Omar Malik outlining our thesis for a basket of names in the downtrodden European chemicals industry.

This is a story that gets to the heart of what we believe it means to invest responsibly: finding and backing management teams who have a genuinely long-term mindset, whose industries operate at the nexus of powerful global trends, and whose priority is the sustainable generation of value for both shareholders and wider societal stakeholders.

In our voting discussion section, we return to Japan, where we continue to act in support of the country’s nascent corporate governance revolution, where a renewed focus on improving ROE is a top priority.

We also report on an ongoing engagement with Platinum Group Metals (PGM) miner and long-term portfolio holding Sibanye Stillwater, who continue to improve their oversight and protection of labour standards in South Africa.

We hope you enjoy the report, and please do reach out with any questions.