ESG & Impact Investing Performance

Vantage Impact Partners · Article 9 SFDR Impact Fund · €1.4B AUM · Data as of November 2024

Risk-Adjusted ESG Alpha (12M)

+0.73%

+42bp vs. Jan 2023

ESG–Return Correlation (24M)

+0.42

+0.11 vs Q3

Carbon Intensity (tCO2e/$M)

142

+11 vs glidepath

SDG Delivery Rate

71%

+4pp QoQ

Controversy Score (Avg)

2.1

Stable

Engagement Win Rate

64%

+8pp YoY

Stranded Asset Exp (%)

3.2%

-1.3pp YoY

Carbon Intensity vs. Net-Zero Glidepath (2020–2030)

Current: 142 tCO2e/$M revenue · Target 2024: 131 · Gap: +11 units · Glidepath: 7% annual reduction

SDG Outcome Delivery Heatmap (23 Impact Investments)

Q4 '23

Q1 '24

Q2 '24

Q3 '24

Q4 '24

SDG 7 Energy

89%

92%

94%

91%

93%

SDG 8 Growth

78%

82%

85%

83%

86%

SDG 9 Industry

64%

67%

69%

73%

75%

SDG 11 Cities

51%

58%

61%

64%

68%

SDG 13 Climate

87%

88%

90%

89%

91%

Color: ≥80% 70–79% 60–69% <50%

ESG Score Distribution (Portfolio Holdings)

Weighted Avg ESG Score: 7.8 · Target: ≥7.5 · 92% of AUM in AAA–BBB holdings

Controversy Exposure by Severity

1 holding at severity 3.8 (HoldingX labor incident) · Max threshold: 4.0

ESG Momentum Factor Performance (Improver vs. Laggard Spread)

12M cumulative spread: +2.8% · ESG improvers outperformed laggards in 8 of 12 months

Impact Multiplier per €1M Invested by SDG Theme

Multiplier = verified impact outcome units per €1M capital deployed · Climate theme leading

ESG Tracking Error Attribution (12M Rolling)

Total ESG TE: 1.8% · Within 2.0% mandate limit · Climate tilt +0.9%, Governance screens +0.5%

Holdings ESG Audit Table (Top 10 by AUM Weight)

Holding	Sector	Weight	ESG Score	Carbon Intensity	Controversy	SDG Delivery	Status
Ørsted A/S	Utilities	8.2%	9.1 (AAA)	42	1.2	96%	On Track
Vestas Wind Systems	Industrials	7.5%	8.8 (AA)	68	1.8	93%	On Track
Schneider Electric	Industrials	6.9%	8.4 (AA)	98	2.1	89%	On Track
Neste Corporation	Energy	6.1%	8.2 (AA)	124	2.4	87%	On Track
DSM-Firmenich	Materials	5.8%	7.9 (A)	156	1.9	84%	On Track
EcoLab Inc.	Materials	5.3%	7.6 (A)	178	2.2	81%	On Track
HoldingX Renewables	Energy	4.7%	7.1 (BBB)	203	3.8	72%	Watch
Kingspan Group	Industrials	4.4%	7.8 (A)	189	2.0	86%	On Track
Tomra Systems	Industrials	4.1%	8.0 (A)	134	1.6	90%	On Track
Enel SpA	Utilities	3.9%	7.7 (A)	162	2.3	88%	On Track