Equity Markets are inefficient and good active managers can add value.

What we mean by inefficient is that information on companies in these markets is misinterpreted and that other investors, against which we compete for our returns, make mistakes which are both predictable and persistent.

We believe that infrastructure is one of the most compelling asset classes for long-term investors seeking stable income, inflation protection, and downside resilience. Our investment philosophy is founded on the belief that markets are often inefficient and that a disciplined, research-driven active management approach can add significant value over time, through enhanced returns, reduced risk, or both.

The TAMIM Global Infrastructure Fund is designed to provide investors with exposure to essential infrastructure assets that power and connect economies, ranging from energy grids and transportation networks to telecommunications, data centres, and renewable energy systems. These are the systems that underpin global productivity and economic growth, and we believe they will remain vital regardless of market or economic conditions.

By combining rigorous quantitative screening with deep fundamental research, we aim to identify the most attractively valued, high-quality infrastructure businesses from a universe of more than 400 globally listed securities. Our investment process is systematic, repeatable, and grounded in decades of global equity and infrastructure investment expertise.

1. Quantitative Screening – The PAR Model

The Delft PAR model ranks every stock in the Delft global infrastructure universe (~400 companies) using three core dimensions:

• • Premium: Identifies valuation signals through metrics such as EVA and intangible asset-adjusted price/book, and shareholder yield and net cash flow yield.
  • Action: Captures market catalysts including earnings estimate revisions in a number of formulations and volatility adjusted relative performance, which reflect positive and negative changes in investor sentiment.
  • Resilience: Assesses quality and stability via balance sheet strength, earnings volatility, and expected return on equity.

The higher PAR scores are typically considered as candidates for further fundamental review.

2. Fundamental Verification – ASG Framework

Once a company passes the PAR screen, it is subjected to detailed fundamental review under our ASG framework, which seeks to answer: What might the numbers be missing?

• • Accounting – Are financial statements transparent? Are there signs of aggressive accounting practices, unusual goodwill treatment, or shifting accounting policies?

  • Strategic – Is the business model future-proof? Are there risks from structural decline, impaired assets, distressed competitors, or disruptive new entrants?

  • Governance – Is the board independent and aligned with shareholder interests? Does the company comply with ESG and reporting standards? Is capital allocation disciplined?

This combination of quantitative objectivity and fundamental scrutiny results in a portfolio of companies that are not only statistically compelling but fundamentally sound, resilient, and well-governed.

We believe in constructing a concentrated but diversified portfolio, typically holding between 40–60 listed infrastructure stocks. Our portfolio construction process includes:

• • Deliberate management of sector, geographic, and stock-level weights

  • Independent verification of macro factor exposures using Northfield risk models

  • Regular performance attribution analysis and stock-level reviews to ensure alignment with the investment thesis

  • A low turnover structure, reflecting our long-term approach and conviction in portfolio holdings

  • Continuous monitoring and updating of the investable universe to incorporate new listings and relevant corporate developments

Importantly, we do not rely on top-down macro forecasts. Our portfolio risk is driven by bottom-up stock selection

Our investment team is collaborative, not consensus-driven. Each decision is debated, challenged, and vetted, with the objective of avoiding biases and ensuring accountability. This disciplined yet adaptable culture enables us to continuously evolve the process and maintain a competitive edge.

Investing in a disciplined and systematic way, with the use of quantitative models, helps us to identify both risks, and opportunities.

All investing is the result of decisions made by humans – it’s all judgement. However the use of quantitative models (designed by humans) can reduce the tendency to extrapolate the recent past and to ignore signals which run counter to our own beliefs.

Combining forward looking ‘fundamental’ research work with the historic based ‘quantitative’ modelling approach mitigates the errors that each discipline alone tends to make.

The Global Infrastructure unit class is designed to provide investors with long-term capital growth and reliable income by investing in a diversified portfolio of listed infrastructure companies around the world. The Fund’s focus includes traditional infrastructure sectors, such as utilities, transport, and energy, as well as modern digital infrastructure, including data centres, telecom networks, and renewable energy assets. By targeting essential services with stable cash flows and lower betas than the broader market, the Fund offers investors the benefits of equity market liquidity with a differentiated return profile and risk exposure.

Our investment philosophy is founded on the belief that equity markets are inefficient and that skilled active management can systematically extract value from persistent market anomalies. These inefficiencies often arise from misinterpreted information, herd behaviour, and behavioural biases in the investment community. Our approach is multi-dimensional, combining disciplined quantitative analysis with high-conviction fundamental research to build a resilient and high performing portfolio.

Delft Partners are cognisant of accounting tricks management can apply to inflate earnings and hide debt. Delft Partners are also aware that many companies are in strategically weak positions and that their share prices deserve to be depressed. Delft Partners large company research coverage for its global equity strategy is especially useful in identifying areas in which competition is increasing or decreasing, and Delft Partners believes it provides it with a competitive advantage. Delft Partners will often remove companies from consideration if they fail this ‘ASG’ test.

Delft employs a disciplined, repeatable, and research-intensive process that integrates two complementary frameworks: the proprietary PAR model (Premium, Action, Resilience) for quantitative screening, and their fundamental ASG research (Accounting, Strategic, Governance) for qualitative verification

Our quantitative PAR model filters hundreds of global infrastructure stocks, eliminating those that lack value, momentum, or financial resilience. Our risk control tools guide portfolio construction to ensure balanced exposure. Then, our ASG fundamental research narrows the shortlist further, removing companies that fail to meet our strict standards on governance, strategy, and accounting integrity. The result: a high-conviction portfolio of quality infrastructure assets built for long-term performance

• 40–60 listed infrastructure stocks from a global universe of 400+
• Actively managed sector, country, and stock weightings
• Northfield risk model used to monitor and manage exposures
• Low-turnover strategy focused on long-term growth
• Regular performance and stock reviews
• Universe refreshed to include new opportunities and remove weak name