Investment Strategies
Global Impact-Aligned Portfolio (Institutional)
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Global Impact-Aligned Fact Sheet

Global Impact-Aligned Portfolio (Institutional)

Managers

Noran Eid Portfolio Manager and Senior Research Analyst
    Introduction
    Highlights
    Top Five Holdings
    Sector Diversification
    Portfolio Characteristics
    Historical Returns
    Performance Statistics

The KAR Global Impact-Aligned Portfolio is a global impact-aligned portfolio that invests in high-quality companies purchased at attractive valuations. It is a high-conviction strategy that utilizes a bottom-up fundamental research approach to identify what we believe are the best companies at the most attractive prices within the high-quality universe.

Highlights

Asset Class: Sustainable Impact
Primary Index: MSCI ACWI Sustainable Development Index
Inception Date: January 1, 2023
Holdings Range: 25-35
Sector Constraint: Seek broad diversification, but no sector constraints

Geographic Constraint: Seek broad diversification, but no country constraints
Portfolio Turnover: 25% – 35%

Top Five Holdings

As of March 31, 2025

This report is based on the assumptions and analysis made and believed to be reasonable by Advisor. However, no assurance can be given that Advisor’s opinions or expectations will be correct. This report is intended for informational purposes only and should be not considered a recommendation or solicitation to purchase securities. Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. Data is obtained by FactSet Research Systems and is assumed to be reliable. Numbers may not always add up due to rounding. Past performance is no guarantee of future results.

Company

Percent of equity (%)

Country
Trane Technologies 7.1 United States
Mastercard 6.3 United States
Waste Management 5.5 United States
Badger Meter 5.4 United States
Moody's 5.1 United States
Total 29.4

Sector Diversification

As of March 31, 2025
KAR Global Impact-Aligned
MSCI® ACWI Sustainable Development Index

Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. The sector information represented above is based on GICS sector classifications. Data is obtained by FactSet Research Systems and is assumed to be reliable.

Portfolio Characteristics

As of March 31, 2025

KAR utilizes the interquartile method when calculating Debt/EBITDA. The interquartile method excludes outliers from an aggregate statistic such as weighted average. The interquartile method does not assume that data from the top or bottom of the distribution are outliers—only the extreme ends are excluded—and that it can be applied consistently as a quantitative method for most fundamental characteristics. Debt/EBITDA utilizes net debt for the calculation.

This material is deemed supplemental and complements the performance and disclosure at the end of the Disclosure page of the KAR Global Impact-Aligned fact sheet. Data is obtained from FactSet Research Systems and BNY Mellon and is assumed to be reliable. Other principal consultant firms may use different algorithms to calculate selected statistics. Estimates are based on certain assumptions and historical information. Past performance is no guarantee of future results. Returns could be reduced, or losses incurred, due to currency fluctuations.
Concept

KAR
Global
Impact-Aligned

MSCI® ACWI
Sustainable Development
Index
Quality
Return on Equity-Past 5 Years 20.9% 9.9%
Debt/EBITDA 0.7x 2.2x
Earnings Variability-Past 10 Years 41.1% 49.4%
Growth
Sales Per Share Growth—Past 5 Years 13.0% 8.2%
Earnings Per Share Growth-Past 10 Years 14.7% 10.1%
Dividend Per Share Growth-Past 10 Years 11.4% 4.7%
Value
P/E Ratio-Trailing 12 Months 30.4x 22.4x
P/E Ratio—1-Year Forecast FY EPS 27.0x 14.4x
Market Characteristics
$ Weighted Average Market Cap $73.2 B $120.8 B

Historical Returns (Institutional)

*January 1, 2023

†All periods less than one year are total returns and are not annualized. Returns are final.

‡Net of all fees and expenses. Assumes a 0.75% annual fee. Fees presented on the Disclosure page of the KAR Global Impact-Aligned fact sheet could vary from the assumed fee in the net-of-fee calculation, as actual fees paid by a particular client account differ depending on a variety of factors including, but not limited to, business unit and size of mandate. The fee used on the Disclosure page of the KAR Global Impact-Aligned fact sheet utilizes an assumed maximum fee across the firm’s business units, which is further detailed on that page.
This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR Global Impact-Aligned fact sheet. Returns of the Kayne Anderson Rudnick composite are final. For further details on the composite, please see the Disclosure page of the KAR Global Impact-Aligned fact sheet. Data is obtained from FactSet Research Systems and is assumed to be reliable. Past performance is no guarantee of future results. Returns could be reduced, or losses incurred, due to currency fluctuations.
Period KAR Global
Impact-Aligned (gross)		 KAR Global
Impact-Aligned (net)‡		 MSCI® ACWI
Sustainable Development Index
Annualized Returns (%)† As of March 31, 2025
1st Quarter(3.42)(3.61)0.26
1 Year(4.06)(4.78)(6.18)
Inception*7.36 6.57 (2.10)
Annual Returns (%)
20244.27 3.49 (9.39)
202316.52 15.66 4.94

Performance Statistics (Institutional)

Inception*  to March 31, 2025

*January 1, 2023

This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR Global Impact-Aligned fact sheet. Returns of the Kayne Anderson Rudnick composite are final. For further details on the composite, please see the Disclosure page of the KAR Global Impact-Aligned fact sheet. Past performance is no guarantee of future results. Returns could be reduced, or losses incurred, due to currency fluctuations.
Concept

KAR Global
Impact-Aligned (gross)

KAR Global
Impact-Aligned (net)

MSCI® ACWI
Sustainable Development
Index
Alpha 8.45 7.64 0.00
Sharpe Ratio 0.12 0.08 (0.48)
Information Ratio 0.76 0.69 N/A
Beta 0.78 0.78 1.00
Downside Capture 64.58 65.94 100.00
Tracking Error 12.50 12.50 N/A