In a quarter that was dominated by discussions of geopolitics, deglobalisation, energy and defence, we explore how the investment team navigates these developing themes and engages with compelling opportunities that fall between the cracks of asset classes and top-down categorisations.

We continue our “Hidden ESG” series by highlighting Canadian royalty business Altius Minerals, which stands out from peers given its primary focus on base metals, aligned management team with a history of strategic capital allocation and innovative extension of the royalty structure into renewables.

Next, we turn to our engagement at Syncona, an investment trust that offers an interesting route into the biotech healthcare sector, an area where the portfolio has consistently been underweight. Over the last year, we have proactively engaged with management, the board and other shareholders to fight a proposal to break up the business and monetise the portfolio at the low point in the cycle. We have been pleased to see what we believe is a better resolution, alongside a new long-term incentive plan that aligns management over a multi-year time horizon.

In our voting section, we revisit Japanese food processing company, Ezaki Glico, where we voted against management’s opposing shareholder recommendations, highlighting our ongoing and growing concerns around the company’s operational activities and governance.