Royal London Governed Range

Pension fund evidence report · the register

Royal London Governed Range — by block

Level 1, the scheme: Seen 74.81% · adverse 26.72% · excluded 9.87% of the extracted holdings. These are the register’s figures, unchanged; the blocks below add up to them.

LEVEL 2 · THE BLOCKS

Nine blocks, each with its own rule beside its result

Seen, adverse and excluded are our standard, the same on every block: the share of the block’s own lines, and beneath it the block’s contribution to the scheme figure. The rule column is the block’s own, with its threshold as written. A rule shown faded does not reach that block, and nothing in the block is tested against it.

Two dates. Pool weights in RLP Global Managed are as at 30 September 2025; holdings are each fund’s annual report at 31 August 2025.

Block	Weight	Holdings	Evidence	Seen	Adverse	Excluded	Its own rule · result	Whose doing
Royal London US Equity Tilt Fund holdings as at 31 August 2025	29.43% RLP Global Managed, 30 September 2025	510 456 companies	Reported holdings (fund annual report)	93.5% 3.51% of the lines	59.4% 2.08 pp of the scheme	19.8% 0.70 pp of the scheme	any involvementControversial weapons — 12 not yet examined ≥60%Thermal coal — 13 not yet examined as writtenThermal coal (reserves) — not testable on current data — “'2 billion tonnes or more of thermal coal reserves globally': a reserves test in tonnes, not a revenue test. The register holds revenue shar”	Index with a rules-based tilt a holding here is the index’s composition reweighted by a stated tilt, so the question is the choice of index and tilt; the fund’s name says so (“Royal London US Equity Tilt Fund”)
Royal London Global Equity Diversified Fund holdings as at 31 August 2025	12.19% RLP Global Managed, 30 September 2025	191 152 companies	Reported holdings (fund annual report)	86.6% 23.97% of the lines	46.0% 11.03 pp of the scheme	13.5% 3.24 pp of the scheme	any involvementControversial weapons — 9 not yet examined ≥60%Thermal coal — 1 not disclosed · 8 not yet examined as writtenThermal coal (reserves) — not testable on current data — “'2 billion tonnes or more of thermal coal reserves globally': a reserves test in tonnes, not a revenue test. The register holds revenue shar”	Not established the documents on file do not say whether this block tracks an index, so it is not read either way; the fund’s name does not say
Royal London Emerging Markets Equity Tilt Fund holdings as at 31 August 2025	11.38% RLP Global Managed, 30 September 2025	742 159 companies	Reported holdings (fund annual report)	49.8% 21.86% of the lines	1.2% 0.26 pp of the scheme	0.1% 0.02 pp of the scheme	any involvementControversial weapons — 71 not yet examined ≥60%Thermal coal — 1 not disclosed · 107 not yet examined as writtenThermal coal (reserves) — not testable on current data — “'2 billion tonnes or more of thermal coal reserves globally': a reserves test in tonnes, not a revenue test. The register holds revenue shar”	Index with a rules-based tilt a holding here is the index’s composition reweighted by a stated tilt, so the question is the choice of index and tilt; the fund’s name says so (“Royal London Emerging Markets Equity Tilt Fund”)
Royal London Asia Pacific ex Japan Tilt Fund holdings as at 31 August 2025	not disclosed in RLP Global Managed: not published	not disclosed: a staged candidate for a blended pool whose split Royal London does not publish (`include_in_pension_aggregation = FALSE`). Never aggregated into the default’s look-through; a dark pool, not a clean one 503 lines · 113 companies in the holdings file					any involvementControversial weapons — 53 not yet examined ≥60%Thermal coal — 1 over · 1 not disclosed · 45 not yet examined as writtenThermal coal (reserves) — not testable on current data — “'2 billion tonnes or more of thermal coal reserves globally': a reserves test in tonnes, not a revenue test. The register holds revenue shar”	Index with a rules-based tilt a holding here is the index’s composition reweighted by a stated tilt, so the question is the choice of index and tilt; the fund’s name says so (“Royal London Asia Pacific ex Japan Tilt Fund”)
Royal London Europe ex UK Equity Tilt Fund holdings as at 31 August 2025	not disclosed in RLP Global Managed: not published	not disclosed: a staged candidate for a blended pool whose split Royal London does not publish (`include_in_pension_aggregation = FALSE`). Never aggregated into the default’s look-through; a dark pool, not a clean one 473 lines · 239 companies in the holdings file					any involvementControversial weapons — 30 not yet examined ≥60%Thermal coal — 35 not yet examined as writtenThermal coal (reserves) — not testable on current data — “'2 billion tonnes or more of thermal coal reserves globally': a reserves test in tonnes, not a revenue test. The register holds revenue shar”	Index with a rules-based tilt a holding here is the index’s composition reweighted by a stated tilt, so the question is the choice of index and tilt; the fund’s name says so (“Royal London Europe ex UK Equity Tilt Fund”)
Royal London European Growth Fund holdings as at 31 August 2025	not disclosed in RLP Global Managed: not published	not disclosed: a staged candidate for a blended pool whose split Royal London does not publish (`include_in_pension_aggregation = FALSE`). Never aggregated into the default’s look-through; a dark pool, not a clean one 51 lines · 38 companies in the holdings file					any involvementControversial weapons — 2 not yet examined ≥60%Thermal coal — none over as writtenThermal coal (reserves) — not testable on current data — “'2 billion tonnes or more of thermal coal reserves globally': a reserves test in tonnes, not a revenue test. The register holds revenue shar”	Not established the documents on file do not say whether this block tracks an index, so it is not read either way; the fund’s name does not say
Royal London UK Broad Equity Tilt Fund holdings as at 31 August 2025	not disclosed in RLP Global Managed: not published	not disclosed: a staged candidate for a blended pool whose split Royal London does not publish (`include_in_pension_aggregation = FALSE`). Never aggregated into the default’s look-through; a dark pool, not a clean one 524 lines · 118 companies in the holdings file					any involvementControversial weapons — 19 not yet examined ≥60%Thermal coal — 21 not yet examined as writtenThermal coal (reserves) — not testable on current data — “'2 billion tonnes or more of thermal coal reserves globally': a reserves test in tonnes, not a revenue test. The register holds revenue shar”	Index with a rules-based tilt a holding here is the index’s composition reweighted by a stated tilt, so the question is the choice of index and tilt; the fund’s name says so (“Royal London UK Broad Equity Tilt Fund”)
Royal London UK Core Equity Tilt Fund holdings as at 31 August 2025	not disclosed in RLP Global Managed: not published	not disclosed: a staged candidate for a blended pool whose split Royal London does not publish (`include_in_pension_aggregation = FALSE`). Never aggregated into the default’s look-through; a dark pool, not a clean one 332 lines · 111 companies in the holdings file					any involvementControversial weapons — 10 not yet examined ≥60%Thermal coal — 9 not yet examined as writtenThermal coal (reserves) — not testable on current data — “'2 billion tonnes or more of thermal coal reserves globally': a reserves test in tonnes, not a revenue test. The register holds revenue shar”	Index with a rules-based tilt a holding here is the index’s composition reweighted by a stated tilt, so the question is the choice of index and tilt; the fund’s name says so (“Royal London UK Core Equity Tilt Fund”)
Royal London UK Equity Fund holdings as at 31 August 2025	not disclosed in RLP Global Managed: not published	not disclosed: a staged candidate for a blended pool whose split Royal London does not publish (`include_in_pension_aggregation = FALSE`). Never aggregated into the default’s look-through; a dark pool, not a clean one 66 lines · 53 companies in the holdings file					any involvementControversial weapons — 2 not yet examined ≥60%Thermal coal — 1 not yet examined as writtenThermal coal (reserves) — not testable on current data — “'2 billion tonnes or more of thermal coal reserves globally': a reserves test in tonnes, not a revenue test. The register holds revenue shar”	Not established the documents on file do not say whether this block tracks an index, so it is not read either way; the fund’s name does not say

Block column: funds, ;-separated. 681 of 2,611 issuer lines sit in more than one pool; 2,578 lines are split exactly by royal_london_fund_key_mv.csv (market value per fund and key) and 27 pro rata by the named pools’ total market value, because their key is spelled differently in that file. 6 written-off holdings at nil value carry no pool in the resolved file and take the one the per-fund file names; they weigh nothing.
The three confirmed blocks are 53.00% of RLP Global Managed — the look-through. The six staged pools are shown, because they show which pools are dark, and carry no weight.
Basis of the scheme figures above. They are the register’s, unchanged, and the register weights Royal London by mv_gbp000, the market value of the issuer across all nine pools in the holdings file (£27.9bn, of which the three confirmed are £13.8bn). So the six staged pools’ holdings are inside those figures by market value even though their weight in the default is not disclosed. The block lines below reconcile to them on that basis; the staged rows carry no figure.

LEVEL 3 · INSIDE EACH BLOCK

Grouped by block. A holding in more than one block appears under each.