HL GROWTH FUND ESG REPORT

This page gives further detail on the carbon emissions profile of the HL Growth Fund, and further information on our recent Stewardship activities.

Key ESG metrics

Data provided by LGIM, 31 December 2025

Carbon footprint

CARBON FOOTPRINT (Corporates)

As of 31 December 2025
Tonnes COâ‚‚e per $1 million invested
28.7
Eligibility
93.30%
Eligible Coverage
96.90%
Total Coverage
90.40%

CARBON FOOTPRINT (Corporates and Sovereigns)

As of 31 December 2025
Tonnes COâ‚‚e per $1 million invested
32.6
Eligibility
98.50%
Eligible Coverage
97.10%
Total Coverage
95.60%

Weighted average carbon intensity (WACI)

WEIGHTED AVERAGE CARBON INTENSITY (WACI) (Corporates)

As of 31 December 2025
Tonnes COâ‚‚e per $1 million invested
63
Eligibility
93.30%
Eligible Coverage
98.30%
Total Coverage
91.70%

WEIGHTED AVERAGE CARBON INTENSITY (WACI) (Corporates and Sovereigns)

As of 31 December 2025
Tonnes COâ‚‚e per $1 million invested
70.7
Eligibility
98.50%
Eligible Coverage
98.40%
Total Coverage
96.90%

Largest contributors to carbon footprint (excluding sovereigns)

Company Name
Contribution to fund carbon footprint:
Shell
3.60%
BP
1.90%
ArcelorMittal
1.50%
Cleveland-Cliffs
1.40%
Alcoa
1.40%
Talen Energy
1.10%
SSAB
1.00%
Heidelberg Materials
1.00%
AGL Energy
0.90%
Linde
0.80%

CARBON FOOTPRINT BREAKDOWN BY COUNTRY (including sovereigns)

Country
% of Fund Total Carbon Footprint
United States
35.60%
United Kingdom
9.10%
Japan
8.10%
Canada
4.30%
Australia
4.20%
Germany
3.30%
France
2.80%
China
2.70%
Hong Kong
2.40%
Other
27.40%

CARBON FOOTPRINT BREAKDOWN BY SECTOR (including sovereigns)

Sector
% of Fund Total Carbon Footprint
Basic Materials
22.80%
Government
16.80%
Energy
16.20%
Industrial
14.00%
Utilities
13.00%
Consumer Cyclical
7.30%
Consumer, Non-cyclical
4.30%
Technology
2.60%
Communications
1.90%
Other
1.20%

CARBON INTENSITY (WACI) BREAKDOWN BY COUNTRY (including sovereigns)

Country
Percentage
United States
44.40%
Canada
6.60%
United Kingdom
6.50%
Japan
5.30%
Australia
3.70%
France
2.50%
Saudi Arabia
2.20%
Taiwan
2.10%
China
2.10%
Other
24.50%

CARBON INTENSITY (WACI) BREAKDOWN BY SECTOR (including sovereigns)

Sector
Percentage
Utilities
20.00%
Basic Materials
18.10%
Government
15.60%
Energy
13.30%
Industrial
12.80%
Technology
5.20%
Consumer, Non-cyclical
5.00%
Consumer, Cyclical
4.60%
Financial
2.60%
Other
2.60%

LGIM carried out a broad range of Stewardship engagements with companies in the HL Growth Fund over the 12 months to 31 December 2025:

VOTING RECORD

Number of company meetings which LGIM were eligible to vote at:
8,995
Number of resolutions (company proposals) LGIM were eligible to vote on:
92,104
% of items of which LGIM were eligible to vote on, and did vote on:
99.89%
Of the items on which LGIM voted: % In line with company management: % Against company management: % Abstained:
75.02% 24.08% 0.90%

ENGAGEMENTS

% Of the HL Growth Fund (by value) which LGIM engaged with over the period:
56%
Number of unique companies which LGIM engaged with
2,007
Number of engagements relating to the environment
2,231
Number of engagements relating to the social topics
68
Number of engagements relating to corporate governance
240
Number of engagements relating to other topics, e.g., finance & strategy
109

TOP ENGAGEMENT SUBJECTS

Climate Impact Pledge
1,600
Deforestation
702
Capital Management Human Rights
156
Remuneration
126
Corporate Strategy
88