See the ESG score that CAM has for my Japan’s Universe. It has 100 for each pilar, thus a perfect company should have 3 x 100 = 300. The average score for E is actually good, it has been higher compared to the S or G. Knowing that many companies in their universe have a good E-score, the challenge they have is to find companies which also have a good S-score and G-score. The company with a nearly equal exposure to E,S,G is the firm that goes into the constituent of the fund, and they have been the driver for the fantastic performance. Within 4 years, they achieved +33% above MSCI Japan or TOPIX. At the same time, they also understand that the ESG score has helped them avoid the -38% compared to MSCI Japan. Firms with negative outlook on their ESG activities will have difficulty to sustain the profitability of their business, and it will transformed as lower price for their stock.

1. Please see the last page 「Disclaimer」
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Capital Asset Management Co., Ltd.
Mar 2021
CAM ESG
JAPAN
Fund

2. Please see the last page 「Disclaimer」
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① Long Term investment in ESG’s excellent
companies with good management quality and
growth advantage
② Process-based investment , providing
transparency in historical performance and
company selection
③ Powered by Good Bankers’ ESG content
CAM ESG Japan Fund
『 CAM ESG JAPAN Fund 』

3. Please see the last page 「Disclaimer」
1999
Ecology,
Environment
2005
Corporate
Social
Responsibility
2015
Corporate
Governance Code
Water Polution
Carbon Emissions
Green Building
Renewable
Energy
Contribution to community
Female participation
Labor standards
Board directors structure
Ownerships
Business ethics
Anti corruption / fraud
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 Development of Sustainable Investment in Japan
ESG Investment ①
Customer
Worker Community
FIRM
Supplier

4. Please see the last page 「Disclaimer」
Average ESG Scores for Japanese Companies
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ESG Investment ②
0
30
60
90
120
150
2012 2013 2014 2015 2016 2017 2018 2019
57.6 57.1 57.2 58.5 58.8 57.6 57.9 52.7
27.1 26.4 26.4 28.5 29.7 30.3 31.0 39.6
Environment（E) Social（S） Governance（G）
114.6 111.9 111.7
116.7
129.5
132.9
133.4
137.4

5. Please see the last page 「Disclaimer」
Stock Selection Process
（Integration of ESG Analysis & Financial Analysis）
Japan Listed Companies︓3,800
Good Bankers’ Research Coverage︓1,000
ESG Analysis
(Annual)
Financial Analysis
(Quarterly)
CAM Sustainable Investment Score
（Select Top 100）
CAM Sustainable Investment Model
CAM ESG Portfolio
(Weighted in proportion to ESG Score)
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Investment Process
Rebalance 2x a year (Mar, Sep)

6. Please see the last page 「Disclaimer」
CAM Sustainable Investment Score
ESG
Score
Financial Score
Sustainable Investment Score = ESG Score + Financial Score
（Qualitative） （Quantitative）
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Integration of ESG Analysis & Financial Analysis
1000
Companies
Investment
Candidate
100 Companies

7. Please see the last page 「Disclaimer」
ESG Investment delivers higher return than market indices
Period: 27Jan2017 ⁻ 26Feb2021
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CAM ESG 日
本株
Performance ①
Performance since inception
Return
(annualized)
Risk
Sharpe
Ratio
CAM ESG +54.43%
Excess
Return
Master Fund
11.4 16.8 0.68
TOPIX +20.68% +33.75% 4.8 16.5 0.29
MSCI
Japan
+23.16% +31.27% 5.3 16.4 0.32
CAM ESG
JAPAN
CAM ESG
Master
Fund
NAV 14,191 JPY 15,443 JPY
Change in
NAV since
inception
4,191 JPY 5,443 JPY
Total Net
Asset
741 M JPY
*26 Feb 2021 Above content represents past performance , which is no guarantee of future results.
Source: Prepared by Capital Asset Management based on data from Bloomberg
-24.0%
-16.0%
-8.0%
0.0%
8.0%
16.0%
24.0%
32.0%
40.0%
48.0%
56.0%
64.0%
2017/01 2017/08 2018/02 2018/08 2019/02 2019/08 2020/02 2020/08 2021/02
CAM ESG Master Fund
TOPIX
MSCI Japan

8. Please see the last page 「Disclaimer」
-50.0
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21
CAM ESG Master Fund vs. MSCI Japan
ESG Negative Outlook vs MSCI Japan
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Period︓27Jan2017~26Feb2021
Above content represents past performance, which is no guarantee of future results.
Performance ②
Source: Prepared by Capital Asset Management based on data from Bloomberg
Performance of companies with High ESG Scores (CAM ESG fund)
vs. companies with Negative Outlook on their ESG Score
+31%
-38%

9. Please see the last page 「Disclaimer」
Principal Investment Risks and Fees
Investment in the Fund is speculative and prospective purchasers should consider the following risks before
subscribing for Participating Shares. This chapter is not intended to be a complete explanation of the risks
involved in an investment. Please read the prospectus for details.
Risk
Stock Market Volatility: Stock markets are volatile and can decline significantly in response to adverse issue,
political, regulatory, market, or economic developments. Different parts of the market can
react differently to these developments.
Credit Risk: When a company which issues a stock falls into managerial crisis, bankruptcy and so on,
there is a possibility that invested funds can't be collected. In such case, an investor may
face a possibility that the company value decreases and its NAV falls.
Liquidity Risk: Some securities are illiquid because of legal restrictions, the nature of the investment itself,
settlement terms or for other reasons. Sometimes, there may simply be a shortage of
buyers. In addition, in highly volatile markets, such as in periods of severe market
disruptions, securities that were previously liquid may suddenly and unexpectedly become
illiquid. The fund that has trouble selling a security can lose money or incur extra costs.
NAV fluctuation risk
with outflow of funds of
the fund by the
redemption
There is a possibility that the fund may need to sell invested securities in quantities due to
outflow of funds of the fund by the redemption. In such case, NAV may fall largely because
the fund may have to sell them at the price below fair market value.
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Cost and Fees – CAM ESG Japan Fund
① Fees paid directly for
purchase
■ Sales Charge Fee︓Ask your distributors (Capital Partners Securities: 0% for subscription
over 100 Millions Japanese Yen)
② Fees paid directly for
redemption
■ Redemption Fee︓ None
③ Fees Bore by Funds
and Deducted from their
Assets
■ Management Fee︓ 1.496% (Inc. Tax) per annum
■ Other costs︓ Transaction costs, Execution (Clearing, Settlement and Custodian) fees, Audit
fee, Tax, as well as all other costs

10. Please see the last page 「Disclaimer」
Procedures and Tax
Procedures
Purchase Unit: It is decided by each distributing company.
Purchase Price: During the subscription period at the initial establishment, it is 1 Yen per 1 Unit.
After the subscription period, it is net-asset value per share of purchase order date.
Purchase Amount: Please pay by the date the distributing company requests.
Redemption Unit: It is decided by each distributing company.
Redemption Price: It is net-asset value per share of redemption order date.
Redemption Amount: In principle, the distributing company will pay at the 5th business days after the redemption
order date.
Order Closing Time: In principle, order that the distributing company receives by 3:00 p.m. Tokyo time is effective
as today’s order.
Redemption Limit: Large order for redemption may be limited to accept to pay in cash.
Trust Period: Indefinite period
End of Accounting Period: In principle, January 26th every year.
Profit Distribution: In principle, profit distribution may be paid based on the profit distribution policy at the end of
accounting period
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TAX
① Profit Distribution Profit distributions paid to investors by stock investment trusts are subject to the withholding
tax as the dividend income, and investors are not required to file a return (Alternatively,
investors are able to choose to aggregate profit distributions with other incomes by filing a
return or to tax them separately from other incomes by filing a return). The rate of the
withholding tax is 20.315% ( including special income tax for reconstruction).
② Gains and Losses from
Redemptions
Gains from redemptions of the stock investment trusts are regarded as capital gains and are
taxed separately from other incomes by filing a return or subject to the with holding tax in the
case of the Special Tax Account. The rate of both taxes is 20.315% (including special income
tax for reconstruction).

11. Please see the last page 「Disclaimer」
Disclaimer
1. THERE IS NO ASSURANCE THAT THE INVESTMENT APPROACH OF THE FUND WILL
BE SUCCESSFUL OR THAT IT WILL ACHIEVE ITS INVESTMENT OBJECTIVES.
ACCORDINGLY THE VALUE OF PARTICIPATING SHARES IN THE FUND MAY GO DOWN
AS WELL AS UP AND INVESTORS MAY NOT REALISE THE AMOUNT INITIALLY INVESTED.
FURTHER, PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.
2. This document provided by Capital Asset Management is for information purposes
only. Although the statements of fact in this document have been obtained from and
are based upon sources we believe to be reliable, we do not guarantee its accuracy,
and any such information may be incomplete or condensed. Before purchasing the
fund, please read the Prospectus
3. The data and analysis in this document are based on only the past performance,
but will not guarantee or suggest the future's performance and market volatility.
4. The statement and prospects in this document was described by Capital Asset
Management only when this document was provided and will be changed without
pre-notice in the future due to change in the market circumstance.
http://www.capital-am.co.jp/ E-mail: cam_info@capital-am.co.jp Phone: (+81) 3-5259-7401
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