Navigate Income Fund

ENERGY LINKED INCOME

This strategy is designed for investors seeking resilient, inflation-linked income in an era of rising price pressures and shifting energy markets. By focusing on assets that naturally benefit from energy demand and infrastructure needs, the fund aims to deliver sustainable, high-quality distribution

20 %

GLOBAL EQUITY EXPOSURE

0 %

ENERGY RELATED EXPOSURE

5 - 7

TARGET INCOME *

SYNTHETIC RISK & REWARD

Fund Highlights

1

A fund that gains exposure to listed energy trusts that pass through the majority of earnings as income

2

An actively managed portfolio that can take on more defensive characterstics when needed consistent with our ‘QuadLogic’ investment approach

3

Portfolio revenues often tied to inflation-linked contracts, offering a natural hedge against rising costs

4

Portfolio revenues often tied to inflation-linked contracts, offering a naturla hedge against rising costs

*This Fund is subject to final approval from the MFSA.

Investment Highlights

Focus on essential energy infrastructure with inflation-linked cash flows.
Harness volatility from electrification-driven power markets as a long-term tailwind.
Blend high current income with growth from reinvested cash flows.
Prioritise durable, hard-asset businesses critical to the global energy transition.

Investment Philosophy

Attractive yields underpinned by contractual, inflation-linked revenues.
Exposure to midstream operators that profit from moving, storing, and arbitraging energy.
Resilient cash generation, even during commodity market volatility.
Opportunities for structural growth from rising power demand and renewable integration.

Example Portfolio Companies

Company	Pipeline Capacity	Daily Volumes
Energy Transfer LP	125,000+ miles	Contracted delivery: 450,000 MMBtu/day to a single large data center client
Kinder Morgan	~79,000 miles	Handles ~40% of U.S. natural gas consumption
TC Energy	~57,100 miles	Delivers over 25% of North American daily natural gas demand
Enbridge	8,672 (oil) + 18,952 (gas) miles	~3 million barrels/day of oil & liquids; significant gas transport operations
DCP Midstream	~54,989 miles	No specific daily metrics found

Reasons to Invest

Provides a natural hedge against inflation through energy-linked income streams.
Positioned to benefit from grid electrification and data centre demand growth.
Access to a sector offering both defensive income and long-term capital appreciation.
Exposure to assets that are difficult to replicate, offering scarcity value and strong barriers to entry.

Important Information: Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. The value of your investment and the income from it will vary and your initial investment amount is not guaranteed. Some or all of the Manager’s annual charge for the Fund is taken from capital rather than from income. This increases the income, but reduces the potential for capital growth. Two main risks related to fixed income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to repay the principal and make interest payments. In the event of default, the value of your investment may reduce. Economic conditions and interest rate levels may also impact significantly the values of high yield bonds. All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company.

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How The Fund Works

Leading The Charge

Navigate Global Gas Income Fund (lose capitals) identifies the both the major consequential investing trends driven by a transition towards a more sustainable world, and then the companies leading the charge within those trends.

The Fund does not simply invest in companies with ‘relatively low emissions profiles’, but those who are delivering the means of reducing carbon intensity of the goods and services integral to our daily lives.

Macro Energy Market Assessment

- Analyse global and regional supply–demand dynamics for natural gas, power, and renewables.
- Incorporate inflation, interest rates, and commodity price volatility into scenario planning.
- Identify markets with structural demand growth (e.g., AI/data centres, electrification) and resilience in downturns.

Country Screening

- Identify countries and regions with attractive regulatory, fiscal, and political environments for energy infrastructure investment.
- Assess energy security priorities, government incentives, and grid modernisation needs.
- Prioritise markets with stable rule of law, transparent pricing, and supportive energy transition framework

Sector Allocation

- Rotate portfolio exposure across sub-sectors (e.g., pipelines, storage, processing, energy REITs) based on cyclical outlook.
- Tilt toward more defensive, stable-cashflow assets in “risk-off” market phases.
- Increase exposure to higher-growth, higher-beta assets when macro tailwinds are supportive.

Operator Selection

- Target midstream companies with scale, strong market share, contract structure and resilient business models.
- Focus on those benefitting from secular demand (e.g., backstopping renewables, LNG exports, polymers, blue hydrogen).
- Assess balance sheet strength, management quality, and distribution growth track record.

Valuation & Portfolio Optimisation

- Apply disciplined valuation metrics such as EV/EBITDA, Price-to-Free Cash Flow Yield, and forward earnings growth.
- Balance yield and capital appreciation, constructing a mix of high-cashflow core holdings and tactical growth positions.
- Maintain diversification across jurisdictions, subsectors, and operators to manage volatility while maximising inflation-linked returns.

Determine Carbon Cost Curves

Lifecycle Emissions Analysis

Quantify CO₂e per unit of throughput, factoring in methane leakage, flaring, and operational efficiency.

Benchmarking

Compare emissions intensity against peer operators and global best practice.

Marginal Abatement Cost Curve (MACC)

Plot the cost of reducing emissions across available technologies (e.g., electrification of compressors, CCS, leak detection).

Scenario Stress-Testing

An adaptive model that captures the complex and evolving relationships between macro variables, risk factors and security prices

Gaslighting

The energy midstream opportunity is evolving from a toll-road model (simply moving molecules) into a platform model: Supplying new low-carbon fuels (hydrogen, biomethane, ammonia),

Managing carbon itself as a commodity (via CCUS), and capturing volatility through storage, arbitrage and grid support.

Read of Gaslighting article, to understand how increasing electrification for the grid is driving demand for natural gas as part of the primary useful energy mix.

Supplying new low-carbon fuels (hydrogen, biomethane, ammonia),

Managing carbon itself as a commodity (via CCUS), and capturing volatility through storage, arbitrage and grid support.

leading the energy transition through food, fuel and finance

Agents Of Change

BYOB

June, 2025

BYOB How AI’s energy thirst is rebuilding the gas demand curve There…

Force Majeure

June, 2025

Force Majeure The Qatari shock and the price of energy security It…

Pipe Dreams

June, 2025

Pipe Dreams A four-factor framework for energy infrastructure There is a useful…

What is The Energy Transition

June, 2025

” We believe that many of the ‘big winners’ in the years…

INCOME

Distribution History Table

Fund Name	Dividend Frequency	Distribution Yield	Announcement Date	Ex Date	Record Date	Payment Date
ARIA Global Impact Income Fund	Quarterly	1.50%	05/11/2021	05/11/2021	05/11/2021	05/11/2021
ARIA Global Impact Income Fund	Quarterly	0.89%	28/01/2022	28/01/2022	28/01/2022	28/01/2022
ARIA Global Impact Income Fund	Quarterly	1.25%	08/04/2022	08/04/2022	08/04/2022	08/04/2022
ARIA Global Impact Income Fund	Quarterly	1.50%	01/07/2022	01/07/2022	01/07/2022	01/07/2022
ARIA Global Impact Income Fund	Quarterly	1.50%	30/09/2022	30/09/2022	30/09/2022	30/09/2022
ARIA Global Impact Income Fund	Quarterly	1.50%	31/12/2022	31/12/2022	31/12/2022	31/12/2022
ARIA Global Impact Income Fund	Quarterly	1.50%	31/03/2023	31/03/2023	31/03/2023	31/03/2023

FUND DETAILS

Share Class Information

Fund Name

Share Class

ISIN

Currency

AMC

Minimum Investment