Background Origin is a London-based investment management boutique specializing in the management of long-only global, international (ex-US), emerging markets and smaller companies equity portfolios for institutional investors. Formed in November 2004, Origin opened for business in May 2005. Its majority owner is Principal Global Investors, LLC, which is part of Principal Financial Group (NASDAQ: PFG). As of February 29, 2024, Origin’s discretionary assets under management totaled $4.7bn. Origin’s aim is to provide clients with an investment process which is intuitive, logical, clear, systematically applied and value- creating. For the purposes of this brochure, a “client” will refer to a fund (and not the investors in a fund) and/or a separate account client. Origin uses a distinctive, systematic and evidence-based investment process. Origin employs a purely bottom-up approach to build a portfolio of companies that share a very specific set of characteristics. Companies in which it invests will be value creating, undervalued, enjoy improving operating performance and have rising relative share prices. Origin measures these criteria objectively using cash flow return on investment data, consensus earnings data and share price information. All research is based on evidence rather than opinion. Origin does not meet company management, in order to avoid the pitfalls of emotional coloring and to ensure that all competing investment ideas are measured using a uniform data set. Origin assesses management quality in terms of cash flow returns on invested capital. Origin works with each of its separate account clients to develop investment guidelines based upon the client’s specific investment objectives. Separate account advisory services are governed by a written agreement between Origin and the separate account client. Origin manages separate accounts under a range of mandates. Separate account clients may amend their investment guidelines as their needs change or impose restrictions on investing in certain securities or types of securities. Origin does not participate in any wrap fee programs by providing portfolio management services. Investment Strategies Origin offers the following strategies. These are available on either a segregated or pooled basis, and through a variety of vehicles:
• International Equity ex-US
• Global Equity Emerging Markets
• Global Equity Smaller Companies
• China Equity
• Emerging Markets Ex-China Equity International Equity ex-US: The objective is to seek to achieve capital growth through investment in global equities ex the United States, including emerging markets. The Fund is constructed with very limited regard to the characteristics of any market capitalization weighted global equity indices. The benchmark index of the Fund is the MSCI AC World Index ex USA. The Investment Manager reserves the right to change benchmark indices in the future.

Individual stock exposure will normally be limited to 2% of the value of the Fund. Sub-sector exposure will normally be limited to 20% of the value of the Fund. Emerging market exposure will normally be limited to 40% of the value of the Fund. The Fund, under normal circumstances, will hold 5% or less of its assets in cash. Global Equity Emerging Markets: The objective is to achieve capital growth through investment in global emerging markets equities. The Fund is constructed with very limited reference to the characteristics of any market capitalization weighted global emerging markets equity indices. The benchmark index of the Fund is the MSCI Emerging Markets Index. There is no constraint on individual stock exposure. The Fund, under normal circumstances, will hold 5% or less of its assets in cash. Global Equity Smaller Companies: The objective is to achieve capital growth through investment in global smaller companies. The Fund is constructed with very limited reference to the characteristics of any market capitalization weighted global smaller company indices. The benchmark index of the Fund is the MSCI AC World Small Cap Index. The maximum weighting in any sub-sector is normally capped at 20% absolute. The Fund, under normal circumstances, will hold 5% or less of its assets in cash. China Equity: The objective is to achieve capital growth through investment in Chinese companies. The Fund is constructed with very limited reference to the characteristics of any market capitalization weighted China company indices. The benchmark index of the Fund is the MSCI China All Shares Index. The maximum weighting in any sub-sector is normally capped at 20% absolute. The Fund, under normal circumstances, will hold 5% or less of its assets in cash. Emerging Markets Ex-China Equity: The objective is to achieve capital growth through investment in emerging markets ex China companies. The Fund is constructed with very limited reference to the characteristics of any market capitalization weighted emerging markets ex China company indices. The benchmark index of the Fund is MSCI Emerging Markets ex China Index. The maximum weighting in any sub-sector is normally capped at 20% absolute. The Fund, under normal circumstances, will hold 5% or less of its assets in cash. Management Team Origin’s partners have an average of 31 years investment experience. Origin’s global investment team of four has average experience of 22 years. Origin is a limited liability partnership which is 93% owned by the Principal Financial Group (NASDAQ: PFG). Origin’s working partners own the balance of 7% and retain control over investment policy, process, and the day- to-day management of the business. On August 1, 2015 PFG carried out an internal reorganization which resulted in PGI’s holding in Origin being transferred to Principal Global Financial Services (Europe) II Limited (‘PGFS’), an affiliated company which is also a wholly-owned subsidiary of PFG.