Massachusetts Water Resources Authority (“MWRA”) Employees’ Retirement System

Investment Philosophy Our investment philosophy is grounded in three elemental tenets. Great Businesses Rigorous Research Disciplined Investing We are focused on owning only what we believe are the world's best businesses. We are committed to understanding our businesses better than our peers through independent, granular and continuous research. We generate investment ideas internally and vet them with the assistance of our dedicated Qualitative Field Research and Data & Analytics Teams. We wait patiently for the market to present opportunities to deploy capital at attractive discounts to intrinsic values. 7

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