PenSam’s passive investment strategy wins this award for its innovative, disciplined, and purpose-driven approach to long-term value creation. The judges selected the fund as the winner due to its clear, evidence-based strategy combining consistent member returns with disciplined, cost-efficient investment management. The judges praised the fund’s blend of internal and external management, a thoughtful shift towards passive investing since 2019, and its five clearly defined strategic pillars – selective passive implementation, custom climate-aligned benchmarks, factor-based enhanced indexing, integrated ESG oversight, and rigorous performance attribution. Exceptional cost control, intelligent and climate-aware factor indexing, and strong governance were highlighted as setting a benchmark in passive investment. The judges endorsed the fund’s own description, “passive with purpose”, noting the impressive balance achieved between low tracking error investing and ambitious sustainability goals. Overall, the strategy was commended for being well-argued, repeatable, and demonstrably effective.