FOR WHOLESALE CLIENTS ONLY. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT.

USING A MULTI-ASSET STRATEGY WITHIN A BROADER PORTFOLIOOCTOBER 2019

• Multi-asset strategies have gained in popularity but not all strategies have proven they can meet their target returns over extended periods, including through periods of extreme market volatility

• The insight broad opportunities strategy is able to dynamically allocate across a broad range of beta and alpha strategies so as to have greater flexibility under various market conditions

• The strategy has historically generated returns comparable with global equity markets but with significantly lower volatility

• When we analyse how this strategy could fit within adviser portfolios we can observe clear benefits across the three most commonly used portfolio frameworks

EXECUTIVE SUMMARY

USING A MULTI-ASSET STRATEGY WITHIN A BROADER PORTFOLIO

1 While the Insight Diversified Inflation Plus Fund aims to deliver an absolute return above Australian inflation, it is not an inflation-hedged product and as such will not attempt to directly move in line with Australian inflation rates. 2 As at 30 June 2019. Gross returns. Strategy initiated 31 December 2004. The long-term track record of Insight’s broad opportunities strategy has a base currency of USD. This performance record has been adjusted by interest rate differentials to derive an AUD proxy. No currency adjustments have been made to the underlying investments.

MULTI-ASSET STRATEGIES WITH BROAD FREEDOMS PROVIDE THE FLEXIBILITY TO NAVIGATE EVER-CHANGING

MARKET CONDITIONS, BUT HOW IS THIS TO BE ACCOMMODATED WITHIN A BROADER PORTFOLIO? THIS

PAPER OBSERVES THE APPLICATION OF A MULTI-ASSET STRATEGY WITHIN SEVERAL COMMON PORTFOLIO

CONSTRUCTION FRAMEWORKS.

NOT ALL MULTI-ASSET STRATEGIES ARE THE SAME

In recent years, multi-asset strategies have become increasingly

popular. They typically seek to derive returns from multiple

investment sources, with the objective of delivering greater

diversification than more traditional investment strategies.

However, many of these offerings were released after the Global

Financial Crisis (GFC) as a response to demand from investors

seeking an inflation-plus objective that was less correlated to the

vagaries of investment markets.

Insight Investment took a leadership role in this sector with the

inception of its broad opportunities strategy in 2004. It remains

one of the few strategies in this sector to have been tested over

an extended period of extreme market conditions. To provide

investors access to this strategy in Australia, the Insight Diversified

Inflation Plus Fund (IDIPF) was launched in 2014. This fund is

managed by the same team and uses the same strategy, but

targets RBA CPI+5% over rolling 5 year periods1.

Figure 1: Insight’s broad opportunities strategy long-term

track record2

100

150200

250

300

350

Jun 19Jun 16Jun 13Jun 10Jun 07Dec 04

Insight broad opportunities strategy (gross, AUD proxy) Inflation +5%

Retu

rns,

reb

ased

to 1

00

ACCESSING A BROAD OPPORTUNITY SET

When designing our strategy we wanted to access an opportunity

set broad enough to give us high levels of confidence that we could

deliver a smoother path towards our targeted returns, through a

wide range of market environments. A distinguishing feature of our

approach is that we access traditional market-based returns, as well

as a range of alternative strategies which are generally less

correlated with broad asset-class returns.

In order to be confident of delivering a targeted return through a

wide range of market environments while managing volatility, it is

important that a strategy is able to access the broadest possible

opportunity set. As market conditions change, the manager can

then allocate towards those assets or strategies that should be best

positioned to benefit from the investment environment.

Figure 2: A broad opportunity set provides more options to deliver a smoother path to attractive growth

Commodities

Real estate

High yield

Investment grade

Government bonds

EMD

Equities

Directional Less directional

Dividend

Relative value

Range- bound Breakout

Infra- structure

Absolute return

Traditional/market directional Alternative/less directional

MARKETS RISING

MARKETS FALLING

Directional trades are attractive when markets are trending up

Opportunities for alternative less-directional strategies increasewhen markets are falling and more volatile

A dynamic blend of both market-directional and alternative strategiesBeta-driven returns Alpha-driven returns

BETA, ALPHA OR BOTH?

It is notable that challenging environments for traditional beta-

driven strategies (generally characterised by higher volatility)

tend to be more rewarding for strategies targeting alpha and

vice versa. This means there can be prolonged periods when

investors focused solely on either beta or alpha strategies

can face unfavourable market conditions. Many multi-asset

strategies tend to rely on either beta or alpha as their primary

source of returns.

At Insight, we believe that a fund or strategy should be able

to dynamically allocate between alpha and beta strategies,

depending on market conditions, utilising both in varying

proportions.

But even with this ability, timing when to reallocate is difficult.

Key to this decision is identifying shifts in the economic cycle and

market dynamics via careful analysis and modelling of data to help

form a view. Market pricing is also important. When volatility

changes, and with it the risk premium embedded in option prices,

the most attractive way in which to express a position may

change. During periods of high volatility, for example, reallocating

from a beta strategy towards an option-based strategy can

provide similar upside exposure, but can also build in an element

of capital protection.

This extends the potential for diversification and could provide

more consistent return generation over a typical economic or

market cycle.

Figure 3: Investors should retain the flexibility to shift the emphasis between market-based and alternative less-directional sources of return

Sources of return reliant onasset-class performance

(fairly static asset allocation)

Returndrivers

BETA-FOCUSEDMANAGERS

ALPHA-FOCUSEDMANAGERS

INSIGHT

A DYNAMICBLEND

Alternative sources ofreturn less reliant on

rising markets

A DYNAMIC ASSET ALLOCATION

In order to harness the potential of our broad investment universe

we have wide flexibility to vary levels of exposure to asset classes

and strategies. As an outcome-focused strategy, we do not follow

an asset-weighted benchmark index, and minimum exposures to

individual asset classes can be zero. The below chart

demonstrates the wide range of asset allocation moves between

‘growth’ assets (e.g. equities) and ‘defensive’ assets (e.g. fixed

income and cash) in the context of more traditional asset

definitions. For example, during the worst of the GFC period (2008)

the full range of defensive assets were actively utilised to mitigate

investment risk. Once the risk/reward profile moved in favour of

‘growth’ assets in early 2009, larger exposure was directed to

these assets.

DOES IT WORK?

Has the application of a broad opportunity set and dynamic asset

allocation been worthwhile? As can be seen below, the strategy

has been able to reduce large drawdowns for investors (relative to

other investment methodologies available) while delivering its

growth target.

3 As at 30 June 2019. Positions are shown on a net basis. Cash: includes cash at the bank, FX forwards and money market instruments. 4 As at 30 June 2019. Gross returns. Strategy initiated 31 December 2004. The long-term track record of Insight’s broad opportunities strategy has a base currency of USD. This performance record has been adjusted by interest rate differentials to derive an AUD proxy. No currency adjustments have been made to the underlying investments. Inflation represents RBA CPI (trimmed mean). Static asset allocation is based on a 60% global equities (MSCI World Index, net of withholding taxes, hedged into AUD) and 40% bonds (JP Morgan GBI index hedged into AUD) allocation. Global equity is based on the MSCI World Index, net of withholding taxes, hedged into AUD. Global government bonds represents JP Morgan GBI index hedged into AUD. Hedge Fund Return Index represents HFRX Global Hedge Fund (AUD) index. Macro Hedge Fund Return Index represents HFRX Macro/CTA (AUD) index. Indices shown as Total Return. The global equities index is shown to illustrate the strategy’s volatility against equities. Drawdown is calculated as the largest peak-to-trough change in the period, based on monthly data.

Figure 4: Insight broad opportunities strategy historical asset allocation3

0

20

40

60

80

100

Jun 19Jun 17Jun 15Jun 13Jun 11Jun 09Jun 07

Port

folio

wei

ght (

%)

Net cash Fixed income Equity Real assets (inc. infrastructure) Alternative strategies

Figure 5: Insight broad opportunities strategy risk/return comparison4

Ann

ualis

ed p

erfo

rman

ce

sinc

e 31

Dec

embe

r 20

04 (%

)

Downside risk/drawdown (%)

0

2

4

10

-50-40-30-20 -100

Global government bonds6

8

Macro hedge fund return index

Static asset allocation (60/40)

Global hedge fund return index

Global equitiesInsight broad opportunities strategy (gross, AUD proxy)

HOW DOES IT FIT WITHIN ADVISER PORTFOLIO CONSTRUCTION?

So how could the Insight broad opportunities strategy, with

such broad freedoms, fit within broader portfolio construction

frameworks?

In our discussions with financial advisers and consultants, we have

identified a number of portfolio construction models commonly

used by financial advisers. The following is not an exhaustive

list, but aims to represent several frameworks that have been

observed in practice. We also note that the below frameworks

are not necessarily mutually exclusive:

STRATEGIC ASSET ALLOCATION

1Strategic asset allocation (SAA) is perhaps one of the most common forms of portfolio construction and involves long-term

allocations to particular asset classes, based on the historical risk/reward profile of each asset class. The weighting to each major

asset class is then adjusted to match a particular investor risk profile. Most commonly manifest in traditional ‘balanced’ or

‘diversified’ funds, SAA is also applied by some financial advisers as part of their governance framework for portfolio construction.

1

Strategic asset allocation

2

Core/satellite

3

Buckets strategy

Perhaps the most traditional form of

portfolio construction. Allocation and

regular rebalancing of exposure to major

asset sectors to reflect a given risk profile.

Passive/low-cost strategies for market-beta

exposure as the ‘core’, with specialist funds

utilised to target potential sources of alpha

and diversification.

Where funds for the purpose of short to

medium-term living expenses are separated

from funds to be invested for the medium to

longer term. Cash and term deposits are

typically used for living expenses, with the

use of diversified funds or equity funds to

meet individual client risk and time horizon

profiles for investment purposes.

The potential benefit of a ‘smoother return path’ or ‘better

distribution of returns’ is, in our view, a worthwhile consideration

for a broader portfolio within an SAA regime.

To demonstrate this we observe the Insight broad opportunities

strategy (net of fees), a passive balanced fund (utilising SAA)

and a mix of both portfolios on a 50:50 basis, rebalanced quarterly.

The observation period is 31/12/2004 to 30/06/2019, as per Table 1.

During the stated period, the combination of both portfolios delivered

several positive outcomes. The mixed portfolio displayed a greater

return, lower standard deviation along with a substantially reduced

drawdown and recovery period through the GFC period than the

passive balanced fund. In this instance, the benefits of adding a

dynamic asset allocation capability to an SAA framework are evident.

One important question when adding a dynamically allocating

fund to a broader SAA governance framework is whether the

addition could trigger breaches of that framework. We examine

this by combining a 50% allocation to the Insight broad

opportunities strategy with a 50% allocation to a passive balanced

fund. Historically, even with a 50% allocation to the Insight broad

opportunities strategy the range of allocation between growth

and defensive assets would remain within a 30% to 70% range

(see Figure 6, the observation period is 31/12/2006 to 30/06/2019).

Clearly, for allocations below 50% the ranges would become

further compressed.

Figure 6: Historical allocation between growth and defensive

assets of 50%:50% IBOF/Passive strategy5

n Defensive assets n Growth assets

%

0

20

40

60

80

10

30

50

70

90100

Sep 08 Mar 12 Sep 15 Jun 19

Table 1: Comparison and combination of a passive balanced fund with the Insight broad opportunities strategy6

Portfolio Annualised return Standard deviation

(%, annualised)

Largest drawdown Peak date Recovery date

IBOF/Passive 50:50, Qtrly rebalance 7.32 5.23 -16.26 1/11/2007 31/12/2009

IBOF strategy, net of fees 7.63 5.89 -11.86 1/11/2007 31/08/2009

Passive Balanced Fund 6.97 5.56 -21.06 1/11/2007 31/01/2011

5 Insight Investment. Defensive assets include cash and fixed income securities. Growth assets include equity, real assets, and Total Return Strategies. Passive Balanced Fund reflects Vanguard’s Balanced Index fund which maintains a 50:50 growth:defensive asset allocation. Source: Morningstar Direct. 6 Source: Morningstar Direct. Time period 31 December 2006 to 30 June 2019. 5,6 Source: Insight as at 30 June 2019. Strategyinitiated 31 December 2004. The long-term track record of the Insight broad opportunities strategy has a base currency of USD. This performance record has been adjusted by interest rate differentials to derive a AUD proxy. No currency adjustments have been made to the underlying investments. Returns are net of 0.90% pa management fee.

CORE/SATELLITE

2

The genesis of the core/satellite model was based around the notion of separating sources of market returns into beta (in this

context, the broader market risk/return profile) and alpha (in this context, potential outperformance above a benchmark or

diversification to the core). The concept also extends from risk budgeting to cost budgeting, with exposure to beta largely

executed via low cost passive funds or exchange-traded funds, with higher fees only accommodated within alpha exposures,

where the financial adviser believes the potential for diverse sources of returns justifies the higher cost. This approach is

utilised due to the perception of control over risk and fee budget for the adviser and their clients.

Insight’s broad opportunities strategy applies a similar philosophy in

focusing on directional and less-directional sources of returns. Cost

effectiveness and precision of implementation are always a focus.

In the directional component, the low cost and liquidity profile of

exchange-traded futures facilitates cost control and flexibility. In the

less-directional component, expertise and execution are critical to

maximising the possibility of alpha, but option strategies also enable

alternative ways to generate returns, some of which can be partially

self-funded under certain market conditions.

Adding alpha with lower volatility

Typical candidates for satellite components have historically been

small company funds, long/short equity funds and concentrated

equity funds along with several others. Below we have compiled a

small selection of well-known funds and compared their historical

risk/return profile. As is evident from Figure 7, Insight’s strategy

has added alpha above the ‘core’ passive Australian shares index

at a significantly lower level of volatility, during the period of

observation.

Figure 7: Insight broad opportunities strategy versus core/satellite

strategies7

Retu

rn, %

Standard deviation, %

n Passive Australian Shares Index n Passive Cash Plusn Insight’s broad opportunities strategy AUD

n Small Company Fund n Australian Equity Long/Short Fundn International Equity Fund

0

3

6

9

12

0 42 6 8 1210 14 16 18

If we observe the correlation relationship over the same period,

it is clear that the Insight broad opportunities strategy also has a

lower correlation with the ‘core’ passive Australian shares index

relative to Small Companies and Long/Short funds.

7 Source: Morningstar Direct. Time period 31 December 2004 to 30 June 2019. Source: Insight as at 30 June 2019. Strategy initiated 31 December 2004. The long-term track record of the Insight broad opportunities strategy has a base currency of USD. This performance record has been adjusted by interest rate differentials to derive a AUD proxy. No currency adjustments have been made to the underlying investments. Returns are net of 0.90% pa management fee. “Passive Australian Shares Index” and “Passive Cash Plus” (a proxy for term deposits) reflect Vanguard performance series sourced via Morningstar Direct. Small Company Fund, Australian Equity Long/Short Fund and International Equity Fund return series were sourced via Morningstar Direct and chosen due to pre-GFC inception dates, broad use across the financial planning industry as demonstrated by positive fund flows pre-GFC. The Australian Long/Short Fund was one of the first long/short Australian equity funds (inception 1998) and the Small Company Fund is one of the few Australian smaller company mandates that have remained open to new applications since inception (1996).

Table 2: Correlations between the Insight broad opportunities strategy, the Australian share index, and a selection of satellite funds7

1 2 3 4 5

1 Passive Australian Shares Index 1.00

2 Insight’s broad opportunities strategy AUD 0.66 1.00

3 Small Company Fund 0.84 0.55 1.00

4 Australian Equity Long/Short Fund 0.96 0.65 0.80 1.00

5 International Equity Fund 0.40 0.40 0.36 0.43 1.00

n 1.00 to 0.80 n 0.80 to 0.60 n 0.60 to 0.40 n 0.40 to 0.20 n 0.20 to 0.00

Furthermore, the below scatter diagram demonstrates the more

consistent risk/reward profile of Insight’s strategy versus the other

satellite funds.

Figure 8: A more consistent risk/reward profile when incorporating

the Insight broad opportunities strategy8

Rolli

ng 3

yea

r re

turn

, %

Standard deviation, %

n Insight’s broad opportunities strategy AUD n Small Company Fund n Australian Equity Long/Short Fund

n International Equity Fund

-10

-5

0

5

10

15

20

25

30

0 5 10 15 20 25 30-15

When observing Insight’s strategy compared to the ‘core’ in

Figure 9, the strategy has a more consistent risk/reward profile,

which is to be expected given the diversification of the portfolio.

On this basis, some may consider Insight’s strategy as a satellite

or a core offering, depending on their own perspective and

governance framework.

Figure 9: Comparison of the Insight broad opportunities strategy

versus core Australian passive share index8

Rolli

ng 3

yea

r re

turn

, %

Standard deviation, %

Passive Australian Shares Index

Insight’s broad opportunities strategy AUD

-20

0

5

10

15

20

0 2 4 6 8 10 12 14 16 18 20

-5

-10

-15

STRATEGIES THAT ATTEMPT TO MITIGATE SEQUENCING RISKS (THE BUCKETS STRATEGY)

3Strategies that attempt to mitigate sequencing risk maintain separation between the investor’s short to medium-term expense

requirements and investible funds. The core philosophy is to maximise cash-flow certainty for investors and to mitigate the

possibility of having to draw down on assets in periods where they are falling in value.

Strategies following this approach allocate assets that are surplus

to the client’s short to medium-term expense requirements across

funds with asset allocations and objectives that match the risk

profile and investment time horizon of the investor. The options

here typically range from diversified funds with very conservative

asset allocation through to equity funds that hold a greater risk

profile and require a longer-term investment horizon.

Whilst equity funds may be appropriate, in practice investors’

circumstances may change, requiring an adjustment in the

split between expense allocation and investible assets. This in

turn triggers a partial or full redemption and, if coinciding with

a fall in markets, the investor’s circumstances may be further

exacerbated. As witnessed after the GFC period, it may take an

extended period for markets to recover from bouts of volatility.

The SAA model provides simplicity, but may limit the ability to

make adjustments to the risk profile of a portfolio in extreme

market circumstances.

We demonstrate this historically (see Figure 10), mapping the

performance of the Insight broad opportunities strategy (net of

fees) versus a passive balanced index fund (50:50 growth/defensive

profile) utilising an SAA framework and a Passive Australian Share

Fund. The overall long-term outcome is favourable due to its

smoother return path and may have further mitigated sequencing

risk by minimising the impact of extended market drawdowns.

Figure 10: A smoother return path9

50

100

150

200

250

300

Jun 19Jun 16Jun 13Jun 10Jun 07Dec 04

Insight’s broad opportunities strategy AUDPassive Cash PlusPassive Australian Shares IndexPassive Balanced Index Fund

Retu

rns,

reb

ased

to 1

00

8 Source: Morningstar Direct. Time period: 31 December 2004 to 30 June 2019. “Passive Australian Shares Index and Passive Cash Plus reflect Vanguard performance series sourced via Morningstar Direct.” “Small Company Fund, Australian Equity Long/Short Fund and International Equity Fund return series were sourced via Morningstar Direct and chosen due to pre-GFC inception dates and broad use across the financial planning industry.” 9 Source: Morningstar Direct. Time period: for IBOS series of 31 December 2004 to 30 June 2019, ie since inception. 8,9 Source: Insight as at 30 June 2019. Strategy initiated 31 December 2004. The long-term track record of the Insight broad opportunities strategy has a base currency of USD. This performance record has been adjusted by interest rate differentials to derive a AUD proxy. No currency adjustments have been made to the underlying investments. Returns are net of 0.90% pa management fee.

IMPORTANT INFORMATION

RISK DISCLOSURESPast performance is not indicative of future results. Investment in any strategy involves a risk of loss which may partly be due to exchange rate fluctuations.

The performance results shown, whether net or gross of investment management fees, reflect the reinvestment of dividends and/or income and other earnings. Any gross of fees performance does not include fees and charges and these can have a material detrimental effect on the performance of an investment.

Any target performance aims are not a guarantee, may not be achieved and a capital loss may occur. Strategies which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different than expected.

Portfolio holdings are subject to change, for information only and are not investment recommendations.

ASSOCIATED INVESTMENT RISKSMulti-asset

Derivatives may be used to generate returns as well as to reduce costs and/or the overall risk of the portfolio. Using derivatives can involve a higher level of risk. A small movement in the price of an underlying investment may result in a disproportionately large movement in the price of the derivative investment.

Investments in bonds are affected by interest rates and inflation trends which may affect the value of the portfolio.

The investment manager may invest in instruments which can be difficult to sell when markets are stressed.

Property assets are inherently less liquid and more difficult to sell than other assets. The valuation of physical property is a matter of the valuer’s judgement rather than fact.

CONCLUSION

The Insight broad opportunities strategy, which can be accessed in

Australia via the Insight Diversified Inflation Plus Fund, has achieved

its objective over an extended time period, providing investors with

returns comparable with global equity markets but with lower

volatility and drawdown risk10. When we analyse Insight’s broad

opportunities strategy in the context of several common portfolio

methodologies including SAA, core/satellite and mitigation of

sequencing risk strategies, we can observe that the strategy:

• is unlikely to trigger a breach of SAA guidelines in practice, and

may enable greater flexibility within the context of the broader

portfolio

• may provide a credible alternative to traditional satellite funds.

• may be considered as part of a portfolio ‘core’ given its

focus on risk management

• may further enhance the capability of mitigating

sequencing risk

Insight’s focus on risk management has produced a consistent

distribution of returns in the period observed in this paper.

The objective of seeking long-term growth whilst maintaining a

close focus on risk management may make it attractive for use

in various portfolio construction frameworks, playing a specific

role of diversification in the portfolio.

For information on the Insight Diversified Inflation Plus Fund, more

information can be found at https://www.insightinvestment.

com/asia-pacific/australia/institutional/investment-range/

diversified-inflation-plus-fund/

10 Source: Insight as at 30 June 2019. Strategy initiated 31 December 2004. The long-term track record of the Insight broad opportunities strategy has a base currency of USD. This performance record has been adjusted by interest rate differentials to derive a AUD proxy. No currency adjustments have been made to the underlying investments. Returns are net of 0.90% pa management fee. 11 Returns for the Insight Diversified Inflation Plus Fund are in Australian dollars (AUD), net of fees. Inception date of fund is 16 July 2014, however for the index data the end of the month, 31 July 2014, is used. Benchmark is RBA CPI (trimmed mean), but this data is only available quarterly with a one-month lag. Cash represents Bloomberg AusBond Bank Bill index.

14767-10-19

Responsible entity disclosure Equity Trustees Limited (Equity Trustees) (ABN 46 004 031 298) AFSL 240975 is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX:EQT). Equity Trustees is the Responsible Entity for the Insight Diversified Inflation Plus Fund. This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Past performance should not be taken as an indicator of future performance. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain a copy of the product disclosure statement before making a decision about whether to invest in this product.

This document is a financial promotion and is not investment advice. This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not be duplicated, amended or forwarded to a third party without consent from Insight Investment.

Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment.

For a full list of applicable risks, and before investing, investors should refer to the Prospectus or other offering documents. Please go to www.insightinvestment.com.

Unless otherwise stated, the source of information and any views and opinions are those of Insight Investment.

Telephone calls may be recorded.

For clients and prospects of Insight Investment Management (Global) Limited: Issued by Insight Investment Management (Global) Limited. Registered in England and Wales. Registered office 160 Queen Victoria Street, London EC4V 4LA; registered number 00827982.

For clients and prospects of Insight Investment Funds Management Limited: Issued by Insight Investment Funds Management Limited. Registered in England and Wales. Registered office 160 Queen Victoria Street, London EC4V 4LA; registered number 01835691.

For clients and prospects of Insight Investment International Limited: Issued by Insight Investment International Limited. Registered in England and Wales. Registered office 160 Queen Victoria Street, London EC4V 4LA; registered number 03169281.

Insight Investment Management (Global) Limited, Insight Investment Funds Management Limited and Insight Investment International Limited are authorised and regulated by the Financial Conduct Authority in the UK. Insight Investment Management (Global) Limited and Insight Investment International Limited are authorised to operate across Europe in accordance with the provisions of the European passport under Directive 2004/39 on markets in financial instruments.

For clients and prospects based in Singapore: This material is for Institutional Investors only. This documentation has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, it and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor pursuant to Section 304 of the Securities and Futures Act, Chapter 289 of Singapore (the ‘SFA’) or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

For clients and prospects based in Australia and New Zealand: This material is for wholesale investors only (as defined under the Corporations Act in Australia or under the Financial Markets Conduct Act in New Zealand) and is not intended for distribution to, nor should it be relied upon by, retail investors. Both Insight Investment Management (Global) Limited and Insight Investment International Limited are exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 in respect of the financial services; and both are authorised and regulated by the Financial Conduct Authority (FCA) under UK laws, which differ from Australian laws. If this document is used or distributed in Australia, it is issued by Insight Investment Australia Pty Ltd (ABN 69 076 812 381, AFS license number 230541) located at Level 2, 1-7 Bligh Street, Sydney, NSW 2000.

© 2019 Insight Investment. All rights reserved.

Insight Investment

Level 2, 1-7 Bligh Street,

Sydney NSW 2000

+61 2 9260 6655

Bruce Murphy

Director, Australia and New Zealand

bruce.murphy@insightinvestment.com

Rob Thompson

Head of Adviser Distribution

rob.thompson@insightinvestment.com

@InsightInvestAU

company/insight-investment-aus

www.insightinvestment.com

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