ESG Equities Fund – 2nd Quarter 2024 Management Report

In the 2nd Quarter 2024 Management Report, we highlight the solid operational performance of our investees, even in a more challenging business environment. We also introduce our most recent investment in Vittia, one of the country’s leading producers of biological products, well-positioned to participate in the growing appreciation of regenerative agriculture practices.

Amid the macroeconomic volatility we have been experiencing, we find security in the strength of the businesses in which we invest. In this context, market leaders with significant competitive advantages, good returns on invested capital, robust management and governance, and better access to financing tend to emerge stronger. We observe this consistently in our portfolio, with numerous investees taking advantage of this more challenging environment to develop good growth and value creation opportunities.

We are committed to a prudent and responsible management approach, dedicated to creating sustainable value for our investors.