December 2020 Quarterly Newsletter

In this quarterly edition, we review performance and attribution. We comment on company results and annual general meetings held during the period. As new science transforms our lives we profile, CSL subsidiary and global vaccine manufacturer, Seqirus. From a technology perspective, we contrast global software giant SAP’s, overdue business transition to the cloud, with the journey TechnologyOne has been on since 2016. We discuss the business transition underway at leading electronic circuit board designer Altium. Through our Environmental, Social and Governance (ESG) lens, we highlight the apparent voting inconsistencies we observed during AGM season. Our 2020 ESG review looks at the importance of our company engagement program and why all our voting is conducted in-house. We close the quarter and year with our 2021 climate commitment.