Investment Strategy

Objectives and Outcome
This strategy is designed to deliver strong, risk-adjusted returns over time through disciplined diversification, global reach, and a focus on total performance.

Investment Philosophy
The investment approach is centered on achieving the highest possible total return. Investments are made globally in individual equities and listed investment funds, such as index funds and ETFs, with a preference for assets issued by well-established companies on reputable exchanges. High liquidity and transparency are key selection criteria, and markets with minimal political risk are generally favored.

Diversification and Allocation
Diversification is a core principle, with capital allocated across different sectors, geographies, and investment themes to reduce risk and enhance long-term growth potential. The portfolio is structured with a target allocation of 80% in funds and 20% in individual stocks. No single company share may exceed 20% of the portfolio’s value, and as the portfolio grows, the aim is to limit each individual position to a maximum of 5%.

Decision-Making and Rebalancing
Investment decisions are guided by a combination of historical performance and forward-looking assessments, always with the objective of optimizing total return. The portfolio is rebalanced periodically to maintain the desired allocation and risk profile. When rebalancing, liquidity may be withdrawn to fund grants, provided that the total assets never fall below the accumulated value of all prior donations.

Investments are made in individual shares or listed dividend-paying investment funds, which

• Are issued by well-established companies listed on a well-recognized stock exchange providing high liquidity and level of information,

• Are expected to distribute stable – hopefully growing - dividends.

The investment focus is global.

Investments are to have a high degree of liquidity and be located in markets with minimal political risk. Thus, many European and American companies are considered to fit these criteria.