NorthStar Global Equity Portfolio (Institutional)

Investment Philosophy

We seek to deliver social and financial returns for our clients:​

Markets consistently underestimate the persistency of high returns (CFROI) for businesses with resilient moats, sustainable long term growth characteristics, track record of strong management execution and disciplined capital allocation

Superior excess returns can be realized over medium to long-term by:​

We believe that no publicly traded company is socially responsible, but we seek to drive positive social returns and contributions to our planet and society by:​

Pathways for Social Change:

Portfolio Oriented Towards Long Term Secular Trends

Ecological Limits	Changing & Aging Demographics	Leveling the Playing Field
Our planet’s resources are increasingly under threat from ecological imbalances and decades of extractive growth.	1 out of every 6 Americans is over the age of 65 and this cohort is expected to grow by 35% by 2030.	The world’s population aged 60 and over is growing faster than all younger age groups and is expected to reach 1.4 billion by 2030 up from 1 billion in 2020.

Global Equity Portfolio Investment Process

We are long-term investors with low portfolio turnover (20-25%)

Top Five Holdings (1)

(as of 6/30/2024)

COMPANY	WEIGHT %
Apple	4.6%
Linde	4.4%
Microsoft	4.3%
Stryker Corp.	4.2%
Unilever	4.0%
Total	21.5%

NorthStar Global Equity Portfolio ESG Metrics – September 30, 2024 (2)

NorthStar Global Equity Portfolio Characteristics – September 30, 2024 ⁽⁴⁾

NorthStar Global Equity Portfolio Weights and Historical Ranges (as of September 30, 2024)

Portfolio Team

50+ Years of Combined Portfolio Management Experience

[1] Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. Past performance is not a guarantee of future results.  This report is provided for illustrative purposes only and is neither a guarantee nor a prediction of future performance.  This should not be considered a recommendation or solicitation to purchase securities. Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. Data is obtained by Bloomberg and is assumed to be reliable.

[2] Source: Bloomberg

[3] Due to lack of full data availability for each time period and significant lag on individual company basis, the aggregation methodology is weighted average and utilizes the last reported data for each company which may not aggregate to a single year or time period across the universe; Water Intensity Data is available for 50% of the benchmark constituents and 60% of portfolio holdings

[4] Source: Bloomberg and Axys/Advent

[5] Benchmark : iShares MSCI ACWI ETF. Sharpe Ratio is based on 3% average 3-month treasury note

Disclosures

Investment advisory services are  offered through NorthStar Asset Management, Inc., an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC” or “Commission”).  Registration with the SEC does not constitute an endorsement of the firm by the Commission, nor does it indicate that the adviser has attained a particular level of skill or ability..  This communication is for educational purposes only.  It is neither an offer to sell nor a solicitation of any offer to buy any securities, investment products, or investment advisory services.

This material may contain assumptions that are “forward-looking statements,” which are based on certain assumptions of future events. Actual events are difficult to predict and may differ from those assumed. There can be no assurance that forward-looking statements will materialize or that actual results will not be materially different from those described here.

The performance data quoted represents past performance. Past performance is no guarantee of future results.  All investment portfolios carry risk, including the risk of loss. No assurances can be given that NorthStar will attain its investment objective or that an investor will not lose invested capital.

Composite Characteristics: The NorthStar Global Equity Composite is a collection of separate accounts managed by NorthStar Asset Management. Currently the composite holds approximately 65% equities, 27% fixed income and 8% cash and equivalents. The composite is tracked by Axys (an Advent company). The composite is $609 million dollars of total assets and made up of 372 accounts. (If applicable: These are actual clients of the firm and are all managed by the NorthStar portfolio management team). The strategy is global (US and abroad) equities, fixed income, and cash. The composite does not reinvest dividends. Individual account performance will differ. Past performance is not indicative of future results. The composite was created on 12/31/2012. The firm’s list of composite descriptions is available upon request.

Calculation Methodology: Composite returns are calculated by asset-weighting the individual portfolio returns using beginning-of-period values. Composite returns are calculated on a daily basis and geometrically linked to calculate the monthly return. Cash flow timing method: contributions are recorded at the beginning of the day (AM) and distributions are recorded at the end of the day (PM). We do not use leverage as part of investment strategy. Derivatives are not used. Our policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

Performance is calculated using Axys/Advent. YTD numbers are not annualized. Past performance is no guarantee of future results. Investment involves risk of loss.