Delivering alignment, deepening sustainability
From commitment to delivery
In July, the fund adopted the Paris-Aligned Benchmark (PAB), a milestone that strengthens its climate credentials. The PAB starts with 50% lower carbon intensity than the broad market index and targets a 7% annual reduction in emissions. It also applies stricter ESG criteria, excludes companies with the highest controversy scores and allocates more to green bonds. The transition to this new benchmark required only limited trading because sustainability has long been embedded in our process. That continuity matters: it shows alignment is not a marketing exercise but a natural extension of how we invest. Today, the portfolio demonstrates clear progress with a carbon intensity of 44 versus 53 for the benchmark, 53.5% of holdings classified as sustainable investments1, and an average AA MSCI ESG rating with zero severe controversies.