Cooper Investors Global Equities Fund (Unhedged) - Cooper Investors Pty Limited on PrairieSky Royalty

PrairieSky Royalty is held in the Real Assets capital pool as a perpetual energy royalty owner over significant acreage in the Western Canadian Sedimentary Basin. Cooper expects real assets to preserve value over the long term, particularly in periods of elevated inflation, and avoids excessive leverage in this part of the portfolio. PrairieSky benefited from stronger underlying commodity prices during the year. The fund remains an enthusiastic owner, although it redeployed some capital from the position into a broader set of real assets.