INVESTMENT PHILOSOPHYWe seek to identify companies that possess a Sustainable Cash Flow Advantage (SCFA) through the use of our 3P investment filter. Companies that exhibit SCFA are leveraging sustainable strategies through their People, Process and/or Product to drive enhanced financial performance over time. We believe integrating fundamental and sustainable investment research adds an informational edge that helps us identify high quality investments with SCFA versus their competitors. MAIN AIMSFree Cash Flow We aim to invest in the equity securities of high-quality large-sized companies that we believe have attractive and durable free cash flow yields, favorable capital structures, strong capital discipline, and which are listed or traded on the U.S. markets and exchanges.Capital Discipline We focus on a company’s capital structure and approach to capital allocation. We place a high emphasis on financial flexibility as well as capital returns to shareholders through buybacks and dividends.Sustainability We look for value and sustainability across a wide range of industries and sectors by utilizing our primary sustainable research expertise and seek to uncover SCFA that might be overlooked by the market.Valuation We find value opportunities in durable and sustainable free cash flow businesses that maintain prudent capital structures and exhibit capital discipline.