9AT: DUNDAS GLOBAL INVESTORS

DUNDAS GLOBAL INVESTORS

other names

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Adviser Profile

As of Date	01/08/2025
Adviser Type - Large advisory firm - Outside the United States
Number of Employees	16
of those in investment advisory functions	7 -22.22%
Registration	SEC, Approved, 05/19/2015

AUM^*	2,546,966,000 17.37%
of that, discretionary	2,310,928,000 6.49%
Private Fund GAV^*	0
Avg Account Size	181,926,143 67.67%
SMA’s	Yes
Private Funds	0
Contact Info	44 xxxxxxx
Websites

Client Types

- Pooled investment vehicles
- Charitable organizations
- State or municipal government entities
- Other investment advisers

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management

Reported AUM

2B 2B 2B 1B 1B 712M 356M

2015 2016 2017 2018 2019 2020 2021 2022 2023

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Top Holdings

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$78,596,262	% Position6.00%	$ Change1.00%	# Change3.00%
Stck Ticker084423102	Stock NameWR BERKLEY CORP	$ Position$65,736,101	% Position5.00%	$ Change3.00%	# Change0.00%
Stck Ticker384802104	Stock NameWW GRAINGER INC	$ Position$77,630,783	% Position5.00%	$ Change1.00%	# Change0.00%
Stck Ticker874039100	Stock NameTAIWAN SEMICONDUCTOR SP ADR	$ Position$57,108,381	% Position4.00%	$ Change8.00%	# Change-5.00%
Stck Ticker921910725	Stock NameVANGUARD WORLD FD	$ Position$61,301,262	% Position4.00%	$ Change	# Change
Stck Ticker92826C839	Stock NameVISA INC CLASS A SHARES	$ Position$55,316,165	% Position4.00%	$ Change25.00%	# Change9.00%
Stck Ticker02079K107	Stock NameALPHABET INC CL C	$ Position$57,465,080	% Position4.00%	$ Change26.00%	# Change10.00%
Stck Ticker025816109	Stock NameAMERICAN EXPRESS CO	$ Position$51,770,860	% Position4.00%	$ Change9.00%	# Change0.00%
Stck Ticker115236101	Stock NameBROWN & BROWN INC	$ Position$51,327,384	% Position4.00%	$ Change3.00%	# Change5.00%
Stck Ticker038222105	Stock NameAPPLIED MATERIALS INC	$ Position$43,294,058	% Position3.00%	$ Change-20.00%	# Change0.00%

Brochure Summary

Overview

A. The Firm Dundas Partners LLP (Dundas) was founded in 2010. Its principal office is in Edinburgh, United Kingdom. It has been authorized to transact financial services business by the Financial Conduct Authority in the United Kingdom since February 2011. It conducts business under the name Dundas Global Investors. The Firm is owned by its partners. Advisory services Dundas manages equity portfolios for clients in the United States, Australia, New Zealand, and in the United Kingdom using three strategies - Global, International (including ADR) and Global Smaller Companies - all of which follow the Firm’s dividend disciplined growth investment approach. Dundas provides ADR model portfolios to US clients using the International strategy. The Firm’s investment objective is to achieve real, after-inflation dividend and capital growth for the portfolios it manages. Dundas pursues dividend disciplined investment, which is based on the following quote from the London Business School’s 2014 Global Investment Returns Yearbook: The longer the investment horizon, the

more important its dividend income and growth. For the seriously long-term investor, the value of a portfolio corresponds closely to the present value of dividends. There is no assurance Dundas will achieve its objective. See Items 7 and 8 below for more information about the Firm’s United States clients and the strategies the Firm uses to manage their assets. B. Tailoring Services to Client Needs Dundas manages the assets of each of its clients individually within the broad parameters of its three strategies. At the time Dundas enters into a contract with a client and periodically thereafter, Dundas obtains information from the client concerning its financial situation, investment objectives, financial goals, risk tolerance and any specific requests or requirements specific to the client. C. Wrap fee programs Dundas acts as a consultant for wrap programs by unaffiliated investment adviser. D. Assets under management As of 31 March 2023, Dundas had US$2,351 million of assets under management, all of which were managed on a discretionary basis.