Rating Release

Agusto & Co. hereby affirms the AA-(IM) rating assigned to Chapel Hill Denham Management Limited

The rating expires on 27 December 2026

Agusto & Co. hereby affirms the ‘AA-(IM)’ rating assigned to Chapel Hill Denham Management Limited (‘CHDM’ or ‘the Manager’). The rating is upheld by CHDM’s good operational track, well-documented investment and risk management processes and adoption of ESG principles. The rating also reflects the Manager’s well-experienced decision-making committees and a stable base of long-serving employees leading key teams. However, the rating is constrained by the limited capability of the portfolio management tool to conduct automated pre-trade checks. We have also taken into consideration the growing uncertainty in the macroeconomic