EDP-Energias de Portugal SA

QIA-IM conducts their investment activities and issues their investment decisions in line with generally accepted sound asset management principles. Their aim is to maximize risk-adjusted financial returns in a manner consistent with QIA Investment Policy and based solely on economic and financial grounds without any consideration to any political matters. Each investment decision is considered in the context of the overall Portfolio and not in isolation, as part of the overall investment strategy to incorporate an acceptable level of risk in line with QIA’s Mission and investment objectives. QIA-IM follows a rigorous, four-stage approach for each investment: origination; evaluation; execution and; active portfolio management. They employ derivatives as part of their investment strategy.

EIM seeks to generate a return which is as high as is consistent with a goal of minimizing losses during adverse financial market periods. A basic goal is to avoid significant losses under all market conditions.

Invesco Perpetual constructs portfolios based on in-house research aiming to identify the investment opportunities most likely to provide the strongest long-term returns. They believe that shareholder activism is fundamental to good corporate governance and while they do not intervene in daily management decisions, they do support general standards for corporate activity and, where necessary, take the initiative to ensure those standards are met. They aim at protecting and enhancing value for clients and investors. The firm's fund managers seek to establish a dialogue with company management to promote decision-making which is in the best interests of shareholders and is in accordance with good corporate governance principles including environmental, social and governance matters. Their UK equity team follows a self-described pragmatic approach with no style bias regarding sectors, stocks or market-cap. Their valuation-orientated approach focuses on absolute returns and risk, allowing the portfolio to capture opportunities over time. In addition to high alpha UK equity, the team also manages small-cap equity and benchmark-relative portfolios. Invesco Perpetual 's European equity team follows a flexible, pragmatic approach focused on delivering consistent outperformance against both the index and the peer group. Fundamental analysis and valuation are central to the investment approach, providing a strong investment discipline that ensures that stocks are purchased only when valuations are appropriate. Their fixed-income team manages retail and institutional accounts, combining macro and bottom-up credit analysis to determine investment opportunities.