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Global Impact-Aligned Portfolio

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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 June 30, 2026
Company Percent of equity (%) Country
Trane Technologies 9.9 United States
Watts Water Technologies 8.9 United States
Monolithic Power Systems 5.9 United States
Mastercard 5.7 United States
West Pharmaceutical Services 5.2 United States
Total 35.6

Source: SS&C GWP™ and FactSet Research Systems. Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. Numbers may not always add up due to rounding.

Sector Diversification

As of June 30, 2026
KAR Global Impact-Aligned
MSCI® ACWI Sustainable Development Index
Consumer Discretionary
Consumer Staples
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Utilities
0%
10%
20%
30%
40%
50%
0%
25%
50%

Source: SS&C GWP™ and FactSet Research Systems. 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.

Geographical Exposure

As of June 30, 2026
KAR Global Impact-Aligned
MSCI® ACWI Sustainable Development Index
Africa/Middle East
Asia ex. Japan
Europe ex. U.K.
Japan
Latin America
North America ex. U.S.
United Kingdom
United States
0%
20%
40%
60%
80%
100%
0%
50%
100%

Portfolio Characteristics

As of June 30, 2026
KAR Global Impact-Aligned MSCI® ACWI Sustainable Development Index
Quality
Return on Equity-Past 5 Years 24.0% 12.0%
Debt/EBITDA* 0.6x 2.0x
Earnings Variability-Past 10 Years 39.6% 44.2%
Growth
Sales Per Share Growth-Past 5 Years 13.8% 10.6%
Earnings Per Share Growth-Past 10 Years 17.2% 6.9%
Dividend Per Share Growth-Past 10 Years 14.4% 2.9%
Value
P/E Ratio-Trailing 12 Months 35.2x 22.2x
P/E Ratio-1-Year Forecast FY EPS 26.0x 17.6x
Market Characteristics
$ Weighted Average Market Cap $71.7 B $230.8 B
Largest Market Cap $453.8 B $4,862.2 B

*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.

Source: SS&C GWP™ and BNY Mellon. This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR Global Impact-Aligned fact sheet. Other principal consultant firms may use different algorithms to calculate selected statistics. Estimates are based on certain assumptions and historical information. Returns may be affected by currency fluctuations. Past performance is no guarantee of future results.

Historical Returns

KAR Global Impact-Aligned (gross) KAR Global Impact-Aligned(net) MSCI® ACWI Sustainable Development Index
As of June 30, 2026
2nd Quarter 9.28 9.08 8.45
Year to Date 2.45 2.07 6.61
1 Year (0.92) (1.66) 20.12
3 Year 5.40 4.62 6.35
Inception* 7.79 6.98 5.70
Annual Returns (%)
2025 4.44 3.67 19.76
2024 4.27 3.49 (9.39)
2023 16.52 15.66 4.94

*January 1, 2023

Source: SS&C GWP™ and FactSet Research Systems. This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR Global Impact-Aligned fact sheet. Returns for the Kayne Anderson Rudnick (“KAR”) composite are final. All periods less than one year are total returns and are not annualized. Composite performance does not represent the performance of any individual client account, which can differ based on factors such as cash flows and different fee arrangements. Attribution results are based on a representative client account using an external returns methodology and may differ from composite performance or the performance of any individual client account. Final performance information for existing client accounts is reflected in account statements, where applicable. Net-of-fee returns reflect an assumed maximum fee of 0.75%, as further described on the Disclosure page of the KAR Global Impact-Aligned fact sheet. Returns may be affected by currency fluctuations. Past performance is no guarantee of future results.

Performance Statistics

Inception* to June 30, 2026
KAR Global Impact-Aligned (gross) KAR Global Impact-Aligned (net) MSCI® ACWI Sustainable Development Index
Alpha 2.66 1.90 0.00
Sharpe Ratio 0.19 0.14 0.06
Information Ratio 0.17 0.11 N/A
Beta 0.78 0.78 1.00
Downside Capture 70.38 71.89 100.00
Tracking Error 11.97 11.97 N/A

*January 1, 2023

Source: SS&C GWP™ and FactSet Research Systems. This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR Global Impact-Aligned fact sheet. Returns for the Kayne Anderson Rudnick (“KAR”) composite are final. All periods less than one year are total returns and are not annualized. Composite performance does not represent the performance of any individual client account, which can differ based on factors such as cash flows and different fee arrangements. Attribution results are based on a representative client account using an external returns methodology and may differ from composite performance or the performance of any individual client account. Final performance information for existing client accounts is reflected in account statements, where applicable. Net-of-fee returns reflect an assumed maximum fee of 0.75%, as further described on the Disclosure page of the KAR Global Impact-Aligned fact sheet. Returns may be affected by currency fluctuations. Past performance is no guarantee of future results.