Responsible Investing

*UCITS funds are based in the European Union. Units have not and will not be registered in the United States under any applicable legislation. Units are not available for offer or sale in any state in the United States, or to persons (including companies, partnerships, trusts or other entities) who are “US Persons” (as defined in Rule 902 of Regulation S under the Securities Act), nor may Units be owned or otherwise held by such persons.

** ESG best-in-class is defined as the explicit inclusion of certain securities in an investment universe based on certain predetermined ESG metrics of the issuing entity and/or their related products and services.

Muzinich views and opinions subject to change without notice and not to be taken as or construed as investment advice or an offer. The Principles for Responsible Investment (PRI) Assessment is based on information provided by PRI signatories, like Muzinich & Co., Inc. If you have any questions regarding the assessment, please contact Muzinich. The PRI Assessments are not validated by a third party and are not indicative of being compared to other advisers. Signatories report on their responsible investment activities by responding to asset-specific modules in the Reporting Framework. Each module houses a variety of indicators that address specific topics of responsible investment. Signatories’ answers are then assessed, and results are compiled into an Assessment Report. The Assessment Report includes indicator, section, and module scores. As of 2021, PRI includes individual module scores but no overall organisation score. Module scores have moved from alphabetical grading (A+ to E) in 2020 to a new numerical grading system ranging from 1 to 5 making scores of previous years not comparable to the new reporting cycle.  A module score of 90% or higher gets awarded five stars, 65-90% is four, 40-65% three, 25-40% two and those that get 25% or lower get assigned one star. Each module contains core and additional indicators, however only core indicators are assessed according to the new Reporting Framework. They are initially scored with a 0-100 point system and then are weighted with a multiplier (high x2, moderate x1.5 or low x1) reflecting the relative importance of each indicator. The Investment and Stewardship Policy module has the following sections, Responsible Investment Policy and Governance, Stewardship, Climate Change, Sustainability Outcomes, Transparency and Confidence-Building Measures. Direct - Fixed Income Corporate and Direct - Fixed Income Private Debt Assessment Score has Pre-Investment phase, Post-Investment Phase, Reporting/Disclosure and Engagement. For more information on the PRI Assessment see https://www.unpri.org/signatories/reporting-and-assessment.