This report (the “Report”) is for information purposes only and does not constitute a financial promotion, advertising, nor an offer or solicitation of an offer to sell, subscribe for or buy any interests in any fund, investment vehicle or any other product managed and/ or advised by Oakley (an “Oakley Fund”) or any other security. In all respects, it may not be relied on in any manner as legal, tax, investment, accounting or other advice.
Save where mentioned, this Report covers the time period commencing 1 January 2025 and ending 31 December 2025 and information contained in this Report is believed by Oakley Capital Limited to be accurate and correct, and statements of opinion in this Report are considered by Oakley Capital Limited to be reasonable, in each case as at 26 June 2026. Notwithstanding this, the information set forth herein does not purport to be complete and none of Oakley, any Oakley Fund or any of the partners of Oakley accepts responsibility for any such information nor any obligation to update or revise statements or information in this Report to reflect information that subsequently becomes available after the date of this Report. The information provided in this Report has not been audited or verified by Oakley or any third party. Any opinions or views of third parties expressed in this report are those of the third parties identified, and not of Oakley and incorporation of or references to such opinions or views does not equate to endorsement or support of such opinions or views. Except as required by law, none of Oakley, the Oakley Funds or any of the partners of Oakley accept any responsibility to any person for the consequences of any person placing reliance on the content of this Presentation for any purpose.
Past performance is not necessarily indicative of future results. There can be no assurance that any Oakley Fund will be able to achieve comparable results, implement its investment strategy, or achieve its investment objectives. A broad range of risks could cause an Oakley Fund to fail to meet its objectives. Nothing herein should be understood to constitute or represent any binding investment criteria with regard to climate or sustainability-related matters applicable to Oakley in respect of its management of any Oakley Fund or financial product.
Case studies contained herein are for illustrative purposes only and do not constitute recommendations in respect of any particular investment or security. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. A complete list of investments made by Oakley is available upon request. Descriptions of any sustainability achievements or improved practices or outcomes are not necessarily intended to indicate that Oakley has substantially contributed to such achievements, practices or outcomes or such that outcomes are similar for other investments managed across relevant strategies. References to these particular portfolio companies or investments should not be considered a recommendation of any particular security, investment or portfolio company, or be used as an indication of the current or future performance of any Oakley Fund’s investments. Any references to targets are aspirational and there can be no assurance that an Oakley Fund or any portfolio company will be able to reach such targets.
The inclusion of any third-party firm and/or company names, brands, and/or logos does not [necessarily] imply any affiliation with, or endorsement of Oakley, by these firms or companies. All trademarks and logos displayed in this Report are the property of their respective owners, who may or may not be affiliated with our organisation.
Opinions expressed reflect the current opinions of Oakley as of the date appearing in the Report only and are based on Oakley’s opinions of the current market environment, which is subject to change. Certain information contained in the Report discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.
The Report contains select images of certain investments that are provided for illustrative purposes only and may not be representative of an entire asset or portfolio or of an Oakley Fund’s entire portfolio. Such images may be digital renderings of investments rather than actual photos.
This Report may contain “forward-looking statements”. Due to various risks and uncertainties, actual events or results or the actual performance by any Oakley Funds may differ materially from those reflected or contemplated in or forward-looking statements. Statements contained herein are based on the opinions and beliefs of Oakley, which are subject to change without notice. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Nothing contained herein is, or shall be, relied upon as a promise or representation as to the future. Certain information contained herein (including forward-looking statements, economic and market information and portfolio company data) has been obtained from published sources and/or prepared by third parties and in certain cases has not been updated through the date hereof. Oakley does not make any warranty, express or implied, as to the accuracy or completeness of the information contained in this Report and disclaims any responsibility for any errors or omissions in such information.
The integration of relevant material sustainability considerations into Oakley’s investment process as described herein is subject to Oakley’s fiduciary duties and to applicable legal, regulatory, and contractual requirements and is expected to change over time. By taking a holistic view of sustainability and integrating it into the Oakley Funds’ investment strategies, we strive to generate long-term value for our investors while proactively managing our impacts on the world around us consistent with our fiduciary duties to safeguard investors’ financial and non- financial interests; however, the selection and evaluation of relevant material sustainability factors is subjective by nature, and the criteria utilised or judgment exercised by Oakley may not align with the views, internal policies, or preferred practices of any particular investor or other asset manager or with market trends and such factors may not be applied consistently.
Sustainability is only one of many considerations that Oakley Funds take into account when making investment decisions and managing assets, and other considerations can be expected in certain circumstances to outweigh sustainability considerations. There is no guarantee that such consideration will cause the relevant Oakley Fund to successfully implement and make investments in companies that create positive sustainability-related impact or have enhanced long-term investor value and financial returns. Certain investments may exhibit characteristics that are inconsistent with the principles, initiatives, standards, or metrics otherwise referred to, implied by, or described herein. It should not be assumed that any sustainability principles, initiatives, or standards implied by or referred to in this document apply to any particular Oakley Fund, and nor that any sustainability-related metrics referred to in this document will continue to be tracked for any particular Oakley Fund in the future. Oakley Funds may be subject to detailed disclosure requirements under the Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (the “SFDR”). If applicable, information about the relevant Oakley Fund’s environmental and social characteristics has been or will be made available to investors in accordance with the requirements of SFDR. Any reference to an Oakley Fund’s approach to environmental and social characteristics is qualified in its entirety by reference to such Oakley Fund’s SFDR disclosures, as relevant. Nothing herein should be understood as, and Oakley does not undertake to achieve, specific sustainability or impact-related outcomes and there can be no guarantee that any Oakley Fund will fulfil an investor’s specific impact or sustainability related goals or ambitions. An investor should not make a decision to invest solely on the environmental and/or social characteristics of any Oakley Fund but should take into account all non-environmental and non-social characteristics of such fund as described in the relevant offering documents.
This Report contains climate-related information, including climate-related metrics and estimates of historical emissions, forward-looking climate scenario analysis, projections and forecasts, and statements regarding climate-related risks and opportunities. Climate change and climate-related risks cannot be evaluated in the same way as more conventional financial risks due to their long term nature and complexity, and there may be significant uncertainties, assumptions and judgements underlying climate metrics that limit the extent to which climate metrics can be relied on. Any material change in these variables may cause the assumptions, and therefore, the climate metrics and data based on those assumptions, to be incorrect. Emissions data reported by Oakley is consistent with the framework set out in the GHG Protocol and with the Partnership for Carbon Accounting Financials (PCAF) framework but GHG emissions data may rely on estimates or proxies, including spend-based or activity based calculations that do not utilise direct measurements of emissions, and the actual level of GHG emissions can be subject to significant uncertainty.
In general, Oakley is reliant upon self-reporting of climate and sustainability-related data by portfolio companies and Oakley does not undertake to verify or audit such data. Inherent uncertainties associated with climate and sustainability-related information could lead to under or over estimation of actual emissions and associated climate related risks and opportunities, as well as general sustainability-related data. Climate scenario analysis is a strategic tool that helps firms to assess possible future climate-related risks and opportunities but climate scenarios are not forecasts and should not be relied upon as a guide to the actual future risks or opportunities that will apply to the Oakley Funds. Climate scenario analysis is subject to certain methodological choices, and may rely on estimates, judgements and assumptions as to future matters including the speed and severity of global climate change and the associated impacts, as well as policies, technologies and other matters that are uncertain or not yet known.
This Report describes, among other things, meetings, forums, webinars and other interactions between Oakley and the management teams of its portfolio companies, including meetings at which general approaches to sustainability-related best practices were discussed. Such meetings are held by Oakley solely in its capacity as an investor and in furtherance of its responsible investment and stewardship objectives. Nothing in this Report, and nothing discussed or exchanged at any such meetings, is intended to constitute, and should not be construed as constituting, any agreement, arrangement or concerted practice between Oakley, any Oakley Fund or any portfolio company and any competitor of such portfolio company relating to pricing, output, market allocation, the exchange of competitively sensitive information or any other matter that could restrict or distort competition. Each portfolio company retains full independence in all commercial and strategic decision-making. Any sustainability-related discussions, initiatives or best practices referred to in this Report are of a general and non-binding nature and do not involve the sharing of competitively sensitive business information between portfolio companies or with third parties. Oakley does not direct, require or coordinate conduct between portfolio companies that are or may be competitors in any market.