USS Sharia Fund

Aims to rise or fall in line with the benchmark, which represents shares which meet Islamic investment principles. The fund will invest in shares which meet Islamic
investment principles. The returns generated by the fund are not currency hedged, so may be impacted by currency movements.

Fund overview Sharia Fund Facts

The Fund delivered positive absolute returns over the quarter. The fund is a global passive index fund investing in DJ Islamic Market
Benchmark
equities compliant with Islamic investment principles, so it will tend to hold fewer shares in financial companies Titans 100 Index
(like banks) and more in other sectors, such as technology when compared to global weightings.
Launch date 3 October 2016
Fees (before subsidy) 0.30%#
Fees (after subsidy) 0.00%#
Fund size £29.10m

Fund performance Asset allocation (%) Key:

18.0%
17.0% 17.0%
Global Developed Markets Equity
16.0%

14.0% 13.7% 13.8%

13.1% 13.2%
12.0%
10.3% 10.3%
10.0%

8.0%

6.0%

4.0%

2.0%
0.9% 1.0%
0.0% 100.0
3 months 1 year 3 years p.a 5 years p.a since launch p.a

Fund Benchmark

Risk Measures:
Five-year annualised fund volatility: 14.7%

Find out more about fund performance and cut through the investment jargon with our handy Q3 2023
Investment glossary, both available in the How we invest section of uss.co.uk Page 1 of 3
Performance and risk metrics:
Let Me Do It

Comparative risk Cumulative performance

This chart shows how we expect the risk of the Let Me Do It funds to compare over the Five-year cumulative performance
long term. The risk factors range from Low to High and are shown on a relative basis. 100.0%

Please note the following funds are also available in the Let Me Do It Option:
80.0%
USS Growth, USS Moderate Growth, USS Cautious Growth and USS Liquidity Fund.
(See page 3 for the performance and risk metrics for these funds.)
60.0%
Emerging
Risk Factor Markets
Equity Fund
40.0%

20.0%
Medium
Bond Fund Other equity funds
0.0%

Realised risk and return

This chart shows a comparison of the realised risk and return of the Let Me Do It -20.0%

funds (after subsidy).

14.0 -40.0%

UK Equity Fund
12.0 UK Equity Fund Global Equity Fund EM Equity Fund Bond Fund
5-year annualised fund return %

Ethical Equity Sharia Fund UK CPI

10.0 Global Equity Fund

8.0 Emerging Markets Equity Fund Five-year cumulative performance figures as at end September 2023
6.0
Bond Fund UK Equity Global Emerging Bond Ethical Sharia Inflation
4.0 Fund Equity Markets Fund Equity Fund (UK CPI)
Fund Equity Fund
Ethical Equity Fund
2.0 Fund

0.0 Sharia Fund 5 years 15.4% 48.8% 13.5% 1.1% 45.1% 85.4% 23.8%
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
5-year annualised fund volatility (%)

Find out more about fund performance and cut through the investment jargon with our handy Investment glossary, both available in Q3 2023
2022
Find out more
the How about
we invest of uss.co.ukin the How USS Invests section of www.uss.co.uk
fund performance
section
Pag
age 2 of 3
Important information
Performance shown is after any subsidy, within the relevant USS Fund.

Past performance is not a guide to future performance and so should not solely be relied upon by members when making (or refraining from making) investment decisions.
The value of investments may go down as well as up and the return of your investments is not guaranteed.

Each USS Fund objective and benchmark has been determined by Universities Superannuation Scheme Limited (the 'Trustee'), who is responsible for selecting funds in the USS range, which
may be added to, removed or replaced from time to time. The Trustee may also change the objective and/or benchmark(s) for any of the USS Funds from time to time. Member selections
are to the relevant USS Fund(s) and are not to or made in respect of any underlying fund manager. The underlying fund manager(s) can be changed at any time. In certain circumstances your
investments could be diverted to another fund(s).

The information and data contained in this report have been obtained from Northern Trust and the underlying fund managers and is not verified by the Trustee. The Trustee does not represent
that such information is accurate or complete and it should not be relied on as such. Neither the Trustee nor the third-party sources accept responsibility for any loss caused to any recipient of
this document as a result of any error, inaccuracy or incompleteness of this information or as a result of any third-party error. Any opinions expressed in this report are the Trustee’s own views
and may change.

This quarterly report has been produced by the Trustee and should be read in conjunction with the USS Member Guide and the USS Investment Guide, available on our website. This report
and the data contained therein is for information purposes only and is valid as at the date of publication. It does not consider your personal circumstances and does not constitute financial
advice or a recommendation to make (or refrain from making) any kind of investment decision. If you are not sure what’s best for you, or do not understand the terminology used herein, we
recommend you speak to a financial adviser before making any decisions in relation to your investments or any changes to them. You can find a financial adviser at www.unbiased.co.uk. You
may be charged a fee for any advice you receive.

Fees may be changed at any time by the Trustee and members should check the latest version of this report and the USS website for the current fees and any proposed changes to them.
Information about the Investment Builder default investment strategy and the costs and transaction charges for the Investment Builder funds can also be found in the 'Chair’s defined
contribution statement' in the Governance section of the USS Report and Accounts, available on our website. Part or all of the charges are currently covered by a subsidy paid by employers.
This subsidy is expected to remain in place for a number of years. Members who transfer other pension savings in to USS do not benefit from the employer subsidy on that portion of their
pension savings.

Find out more about fund performance and cut through the investment jargon with our handy Investment glossary, both available in Q3 2023
the How we invest section of uss.co.uk
Page 3 of 3