Changes to the exclusionary screens for the International fixed interest asset class

Pendal Sustainable Conservative Fund (APIR: RFA0811AU)

(the Fund)

The Fund applies exclusionary screens to its investments in the Australian and International shares, Australian and International fixed interest and part of its Alternative investments asset classes.

Effective 28 November 2025, some of the exclusionary screens applied by the Fund to its International fixed interest asset class will be changing, as outlined below:

• a new exclusionary screen will be added so that the Fund’s International fixed interest asset class will not invest in issuers directly involved in the supply of goods or services specifically related to controversial weapons; and

• the current screen for issuers that mine uranium for the purposes of weapons manufacturing within the Fund’s International fixed interest asset class will be removed.

Issuers who mine uranium for the purposes of weapons manufacturing will now be captured under the new screen for the supply of goods or services specifically related to controversial weapons.

In our view, these changes ensure that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds. 

Fund’s exclusionary screens – International fixed interest

Effective 28 November 2025, the Fund’s International Fixed Interest asset class will apply the following exclusionary screens:

The Fund’s International fixed interest asset class will not invest in issuers which directly:

• Produce tobacco (including e-cigarettes and inhalers);
• Manufacture controversial weapons (including biological weapons, blinding laser weapons, chemical weapons, cluster munitions, depleted uranium weapons, incendiary weapons, landmines, non-detectable fragments and nuclear weapons); or
• Supply goods or services specifically related to controversial weapons.

The Fund’s International fixed interest asset class will also not invest in issuers which derive 10% or more of their gross revenue directly from:

• The extraction of thermal coal and oil sands production;
• The production of alcoholic beverages;
• The manufacture or provision of gambling facilities;
• The manufacture of non-controversial weapons or armaments; or
• The manufacture or distribution of pornography.

Updated Product Disclosure Statement (PDS)

An updated PDS issued on 28 November 2025 is now available on www.pendalgroup.com.