- Strong coverage of all Euro issuers.
- Expertise in deep credit research.
- Conservatively managed with a focus on minimising downside risk.
- Incorporate ESG factors in the evaluation of issuers (especially for Financials).

- Highly diversified across all sectors.
- Limited large positions versus the benchmark (i.e. a benchmark aware approach).
- Moderate active risk with respect to duration, ratings and subordination versus the benchmark (under/overweights).

- Limit underpeformance in down markets versus our benchmark.
- 3 year track record as of 30 Sept 2022 - we will not consider shorter track records.
- Target an annualised alpha of 100 basis points over 5 year period.

Fundamental process such as:
- Bottom-up stock picker with or without top-down/thematic/country/sector considerations.
- Perform desk-based and on-site fundamental company research.
- Your philosophy will be based on the belief that markets are inefficient and that an active process can be used to generate alpha.

Managers who should not apply:
- Pure quantitative managers should not respond to this questionnaire. Instead they should consider our parallel search on RFPnetworks to add a complementary quantitative manager to our equity portfolio.
- Fund of funds, or multi-managers will not be considered.

- Your universe should be limited to developed markets as defined by the countries in our benchmark.
- Investments in non-benchmark companies listed in developed markets are allowed, without limitation.
- Number of portfolio holdings: Lower limit of 35 companies (soft minimum). Upper limit 120 companies (soft limit)
- Active country/sector/stock risk limits versus our benchmark – flexible.

Limitations
- No investments in companies listed in emerging market countries as defined by MSCI.
- Pure Value or Pure Growth managers will not be considered.
- Exposure to both Value and Growth companies is required - weightings at the discretion of the manager.

- Your product should be designed to outperform our benchmark by at least 150 basis points p.a. net of your annual management fee.
- (Hard knock-out) A live track record of less than 3 years as of 31 July 2022 for the product being proposed will not be considered. Unless supported by a 3 year track record at a previous firm for the same key investment professionals & process (e.g. as a result of a team lift out into the current firm, or to form a new boutique).
- Performance data should be in USD, not GBP.

Pure quantitative process such as:
- Enhanced or re-engineered indexing.
- Factor risks or smart beta based.
- Data-driven quantitative models designed to generate bottom-up/top-down country/sector/stock decisions.
- Systematic processes that combine elements of any of the above.

Your philosophy will be grounded in academic research and/or internal proprietary insights that have identified specific market, and/or benchmark inefficiencies, that can be structurally exploited by a quantitative, model-based process.

Managers who should not apply:
- Traditional bottom-up fundamental stock-pickers should not respond to this questionnaire. Instead they should consider our parallel search on RFPnetworks to add a complementary fundamental manager to our equity portfolio.
- Fund of funds, or multi-managers will not be considered.
- Managers proposing passive benchmark replication will not be considered.
- Managers whose process cannot be executed against our benchmark should not respond.

- Your universe should be limited to developed markets as defined by the countries in our benchmark.
- Investments in non-benchmark companies listed in developed markets are allowed, without limitation.
- Number of portfolio holdings: Lower limit of 100 companies (soft minimum). Upper limit unbounded.
- Active country/sector/stock risk limits versus our benchmark – flexible.
- Active value, momentum, quality, size, dividend, volatility factor tilt limits versus our benchmark – flexible.

Limitations
- No investments in companies listed in emerging market countries as defined by MSCI.
- Exposure to both value and growth companies is required - weightings at the discretion of the manager.

- Your product should be designed to outperform our benchmark by at least 50 basis points p.a. net of your annual management fee.
- (Hard knock-out) A live track record of less than 1 year as of 31 July 2022 for the product being proposed will not be considered.
- (Hard knock-out) A live track record of less than 3 years will need to be supported by a back-tested validation, or track record at a previous firm, for the model(s) being used in the process.
- Performance data should be in USD, not GBP.

- Active investment style.

- Blend or Growth manager.

- Combine top-down country & sector decisions with fundamental, bottom-up, stock-picking.

- Active share greater than 50% (soft minimum).

Your portfolio should be flexible and adapt to the changing risks and opportunities in Asia.
Main indicative investment guidelines (to be agreed with selected manager):
- Cash limit: (open to discussion).
- Benchmark investments: (up to 100%)
- Off-benchmark Asian* companies listed in countries covered by our benchmark are allowed (no individual limit).
- Off-benchmark Asian* companies listed in countries not covered by our benchmark are allowed (no individual limit).
- Off-benchmark investments in companies listed in Australia and New Zealand are allowed (no individual limit).
- Total off-benchmark exposure: (30% soft maximum - open to discussion).
- Country and Sector deviations from our benchmark are allowed (no individual limit).

*We define Asian companies as companies that are either:
1) Headquartered in a country within our benchmark, irrespective of their country of listing.
Or,
2) Headquartered in a country outside of our benchmark, who derive >66% (open to discussion) of their total revenues from countries within our benchmark.

- 3 year track record as of 30 June 2022 (hard minimum).
- Be attributable to a clear, consistent process run by a stable team.
- Minimize under-performance, and maximize out-performance of our benchmark in both up and down markets, by using tracking error effectively.

- Periods of extreme or sustained under-performance must have a credible explanation, and be compensated by evidence of subsequent out-performance.

- You expect your process to deliver a long term average 3 year rolling IR above 0.3.

- Active Manager using a bottom up fundamentally driven credit research process.
- Active Enhanced Index or Smart Beta processes will be considered if they are grounded in fundamental research, and meet the other requirements set out in this specification.
- Pure passive processes aimed at replicating an index will not meet our requirements and should not be proposed.

- A broadly diversified portfolio formed from the analysis of the entire US High Yield Universe.
- Off benchmark exposure will be set according to your recommendation.
- Other constraints will be agreed in co-operation with the manager based on your proposal (e.g. Cash Limits).
- A high quality portfolio with a focus on BB/B ratings.
- Exposure to high quality lower rated issuers is permitted if the credit fundamentals suggest a mis-rating or rating upgrade potential.

- Aim to achieve a minimum of your benchmark's return net of all fees over the credit cycle.
- Hard Minimum of 3 years live track record as of 30 June 2022, using the same process at the current firm.
- Track records built at a previous firm, backtests, paper based portfolios, and theoretical model portfolios will not be accepted as a substitute for a 3 year live track record at the current firm using the current process.

NOTE: All Performance and AuM numbers, and fee schedules requested should be provided in USD, in order to facilitate our comparative analysis. Our currency hedging decision for this mandate will be addressed later in our process.

- This search is to identify an active investment manager for US Equities.
- Your investment process will be driven by fundamental research on companies and sectors.
- We are looking for a manager that picks companies they know 'inside out'.

100% Quant or Systematic-model driven managers, or multi-managers will not be considered.

- The provided benchmark is for reference and comparison purposes only.
- You should be benchmark aware, but not be constrained by this benchmark.
- Opportunities identified outside of the reference benchmark are allowed (no limits).
- A structural mid-cap bias is allowed.
- Style tilts/drift are acceptable, but your portfolio should be characterised as Core (as opposed to only value, or only growth stocks).

3 Year track record is a hard minimum (as of 30 Apr 2022).

- Fundamental bottom-up stock selector, driven by hands-on company research and meetings.
- Stock selection decisions may be supported by your macro, thematic, top-down, region, country and/or sector views.
- ESG risks and opportunities may be taken into consideration in your process. However this is not a search for a pure ESG manager.

- Pure ESG managers will only be considered if all other requirements are met as set out in this specification.
- Pure quantitative driven processes will not be considered, even if they rely on fundamental inputs into their model.
- Multi-managers will not be considered.

- Alpha should primarily be driven by stock selection.
- Country/sector neutrality/deviations versus the index are at the managers discretion.
- Core or Core-Growth strategies only.

- Pure value managers will not be considered.

- Our focus is on finding a high alpha manager that has the ability to strongly outperform the index over the next 7-10 years.
- Our target is an average of 200 basis points alpha annually over the next 7-10 year period, net of fees.
- Your past track record should prove unequivocally that you are a truly active manager.

- Track records of less than 3 years will only be considered if they have demonstrated periods of strong alpha generation.
- We are not looking for a manager whose target is index performance net of fees over the long term.

- We are looking for an unconstrained approach to investing in global financial markets.

- You have the flexibility to invest in any investment category such as Equities, Fixed Income, Commodities etc...

- We have no limitations on investment category, region, country, sector, or sub-investment category (For example: Large Caps, Small Caps, Treasuries, Credit etc...).

- Your process should be simple to explain, structured and repeatable.

- Final responsibility for portfolio decisions relating to the purchase and sale of securities should be clearly identifiable, within your team.

- The portfolio should be designed to take advantage of investment opportunities that arise across a broad range of global financial markets.

- Allocations to investment categories (Equities, Fixed Income, etc...) may change dynamically in accordance with your conviction.

- Our primary objective is to achieve a minimum average absolute annual return of 5% over a 10 year time horizon.

- Preference will be given to firms that can manage the portfolio to minimize sustained negative performance, especially over any 12 month period. For example, using dynamic asset allocation, hedging techniques etc...

Focus on identifying opportunities in quality growth stocks using a systematic or bottom-up fundamental research process.

Or a combination of both.It is important that your process clearly defines what you consider to be a quality growth company, as opposed to a generic growth company.

A structural tilt to quality growth.You are not limited to holding index constituents of the MSCI Europe Growth index.

We do not have a target number of holdings, tracking error limit, or excess return target for this allocation.

Active asset managers only. Passive products will not be considered.

3 year minimum as of 31 Dec 2021 based on a live track record, from the same team, at the same firm, using a consistent process.

We will not consider track records of less than 3 years, carve outs, model portfolios, or back tests.

Focus on identifying opportunities in value stocks using a systematic or bottom-up fundamental research process. Or a combination of both.

A structural tilt to value.

You are not limited to holding index constituents of the MSCI Europe Value index.

We do not have a target number of holdings, tracking error limit, or excess return target for this allocation.

Active asset managers only. Passive products will not be considered.

3 year minimum as of 31 Dec 2021 based on a live track record, from the same team, at the same firm, using a consistent process.

We will not consider track records of less than 3 years, carve outs, model portfolios, or back tests.