Notification of changes to the underlying funds of various Ninety One funds

Before the Effective Date

With effect from the Effective Date

Objective and Policy of the underlying fund of J06 Ninety One GS Global Equity

The Fund aims to achieve long term capital growth primarily through investment in a focused portfolio of equities issued by companies established in the larger, more liquid equity markets of the USA, Continental Europe, UK and Japan and in derivatives the underlying assets of which are equities issued by companies established in the larger, more liquid equity markets of the USA, Continental Europe, UK and Japan. The Fund will not be dominated by a specific investment style.

At least two thirds of the Fund’s total assets will be in equities issued by companies established in the larger, more liquid equity markets of the USA, Continental Europe, UK and Japan and in derivatives the underlying assets of which are equities issued by companies established in the larger, more liquid equity markets of the USA, Continental Europe, UK and Japan for investment purposes in order to meet the investment objectives of the Fund and/or Efficient Portfolio Management purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the longer term rather than just for tactical short term purposes.

Up to one third of the Fund’s total assets could be in cash and near cash (which includes money market instruments and deposits) denominated in a freely convertible currency, other derivatives, other transferable securities and units or shares in other collective investment schemes, although only up to 5% of the Fund could be held in collective investment schemes.

Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.

The Fund aims to provide capital growth (to grow the value of your investment) over at least 5 years.

The Fund invests primarily (at least two-thirds) in the shares of companies around the world and in related derivatives (financial contracts whose value is linked to the price of the shares of such companies). Investment opportunities are identified using in-depth analysis and research on individual companies. These companies may be of any size and in any industry sector.

The Fund may also invest in other transferable securities, money market instruments, cash or near cash, deposits, up to 10% in units or shares in other funds (which may be managed by a Ninety One group company, or a third party) and derivatives. Derivatives may be used for investment purposes and/or managing the Fund in a way that is designed to reduce risk or cost and/or generate income or growth with a low level of risk.

Before the Effective Date

With effect from the Effective Date

Objective and Policy of the underlying fund of J74 Ninety One GS Global Strategic Equity

The Fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the world that are believed to offer above average opportunities for capital gains, and in related derivatives.

At least two thirds of the Fund’s total assets will be in such equities and derivatives. The equities will be those issued by companies that are believed to be of high quality (such as global brands) or offer good value (meaning they are undervalued within the market), those expected to benefit from increases in profit expectations or are currently or expected to receive increased investor demand. Opportunities may also be sought for investments in companies which are expected to see their profits benefit over time from operational and structural improvements. Derivatives may be used for investment purposes in order to meet the investment objectives of the Fund and/or Efficient Portfolio Management purposes.

Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the longer term rather than just for tactical short term purposes.

Up to one third of the Fund’s total assets could be in cash and near cash (which includes money market instruments and deposits) denominated in a freely convertible currency, other derivatives, other transferable securities and units or shares in other collective investment schemes, although only up to 5% of the Fund could be held in collective investment schemes.

Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.

The Fund aims to provide capital growth (to grow the value of your investment) over at least 5 years. The Fund invests primarily (at least two-thirds) in the shares of companies around the world and in related derivatives (financial contracts whose value is linked to the price of the shares of such companies). The Fund focuses on investing in companies expected to become more profitable due to operational and/or structural improvements.

Investment opportunities are identified using in-depth analysis and research on individual companies. These companies may be of any size and in any industry sector.

The Fund may also invests in other transferable securities, money market instruments, cash or near cash, deposits, up to 10% in units or shares in other funds (which may be managed by a Ninety One group company, or a third party) and derivatives. Derivatives may be used for managing the Fund in a way that is designed to reduce risk or cost, generating income or growth with a low level of risk and, occasionally, investment purposes.

Before the Effective Date

With effect from the Effective Date

Objective and Policy of the underlying fund of P41 Ninety One Cautious Managed

The Fund aims to provide a combination of income and long term capital growth by investing conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability.

The Fund targets a return of UK Consumer Prices Index (CPI) +4% each year (gross of fees), over 5 year rolling periods.

While the Fund aims to achieve its objective and its performance target, there is no guarantee that either will be achieved, over 5 year rolling periods or over any period and there is a risk of loss.

At all times the Fund’s equity exposure will be limited to a maximum of 60% of the portfolio value.

Where reference is made to investment in “high quality” bonds this shall be defined as investment grade bonds. Bonds held may be corporate or Government and of any duration and may be investment grade or sub investment grade.
Furthermore up to 10% in value of the property of this Fund may be invested in units or shares in other collective investment schemes.
The Fund may also invest, at the ACD’s discretion, in other transferable securities

The Fund may, in addition to its other investment powers, use cash and near cash (which includes money market instruments and deposits) and exchange traded and over the counter derivatives and forward currency contracts for investment purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the long term rather than just for tactical short-term purposes.

Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.

The Fund aims to provide capital growth (to grow the value of your investment) and income over at least 5 years.

The Fund targets a return of UK Consumer Prices Index (CPI) +4% each year (before fees), over 5-year rolling periods.

While the Fund aims to achieve its objective and its performance target, there is no guarantee that either will be achieved, over 5-year rolling periods or over any period and there is a risk of loss.

The Fund invests primarily (at least two-thirds) in the shares of companies, and bonds (or similar debt-based assets) of borrowers, around the world. These bonds will be investment grade (have a relatively high credit rating).

The Fund focuses on investing in assets that offer opportunities for capital growth and a reliable level of income in many market conditions. Investment opportunities are identified using in-depth analysis and research on individual companies.

The Fund may invest up to 60% in the shares of companies. These companies may be of any size and in any industry sector.

Where reference is made to investment in “high quality” bonds this shall be defined as investment grade bonds.

Bonds (or similar debt-based assets) may be in any currency and may be issued by any borrower e.g. governments or companies.

The Fund may also invest in other transferable securities, money market instruments, cash or near cash, deposits, up to 10% in units or shares of other funds (which may be managed by a Ninety One group company, or a third party) and derivatives. Derivatives may be used for investment purposes and/or managing the Fund in a way that is designed to reduce risk or cost and/or generate income or growth with a low level of risk.

Before the Effective Date

With effect from the Effective Date

Objective and Policy of the underlying fund of P47 Ninety One GS Global Energy

The Fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the globe involved in the exploration, production or distribution of oil, gas and other energy sources or companies which service the energy industry and in derivatives the underlying assets of which are equities issued by companies around the globe involved in the exploration, production or distribution of oil, gas and other energy sources or companies which service the energy industry.

At least two thirds of the Fund’s total assets will be in equities issued by companies around the globe involved in the exploration, production or distribution of oil, gas and other energy sources or companies which service the energy industry and in derivatives the underlying assets of which are equities issued by companies around the globe involved in the exploration, production or distribution of oil, gas and other energy sources or companies which service the energy industry for investment purposes in order to meet the investment objectives of the Fund and/or Efficient Portfolio Management purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the longer term rather than just for tactical short term purposes.

Up to one third of the Fund’s total assets could be in cash and near cash (which includes money market instruments and deposits) denominated in a freely convertible currency, other derivatives, other transferable securities and units or shares in other collective investment schemes, although only up to 5% of the Fund could be held in collective investment schemes.

Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.

The Fund aims to provide capital growth (to grow the value of your investment) over at least 5 years.

The Fund invests primarily (at least two-thirds) in the shares of companies (of any size) around the world involved in the exploration, production or distribution of oil, gas and other energy sources (including renewable energy sources), or companies which service the energy industry, and in related derivatives (financial contracts whose value is linked to the price of the shares of such companies).

Investment opportunities are identified using macroeconomic research (based on a view of the economy as a whole) and research on individual companies.

The Fund may also invest in other transferable securities, money market instruments, cash or near cash, deposits, up to 10% in other funds (which may be managed by a Ninety One group company, or a third party) and derivatives. Derivatives may be used for managing the Fund in a way that is designed to reduce risk or cost, generating income or growth with a low level of risk and, occasionally, investment purposes.

Before the Effective Date

With effect from the Effective Date

Objective and Policy of the underlying fund of R82 Ninety One Multi Asset Protector

The Fund aims to provide long term capital growth from a multi-asset portfolio and to deliver protection at 80% of the Fund’s highest share price ever achieved.

The Fund may take investment exposure to global equities, bonds, property, commodities, cash and alternative assets. From time to time, the Fund’s strategy will be to increase its allocation to low risk interest bearing investments which is designed to deliver the 80% protection.

The proportion of the Fund allocated to each asset class will be actively managed. Any such exposures could be gained by direct investment or through open or closed ended funds. Equity investments will be limited to a maximum of 85% of the Fund value.

The closer the current share price moves downward towards the protected level, 80% of the highest ever share price, the greater the level of cash or near cash (including money market instruments and deposits) held. Depending on market performance the Fund may at times be 100% invested in cash.

The Fund intends to also invest in a derivative contract which will provide further protection against the risk of a decline in the share price below 80% of the highest price ever achieved.

No direct investments in property or commodities will be made and investment in alternative assets will be restricted to UCITS funds and transferable securities.

Bonds held may be corporate or Government and of any duration and may be investment grade or sub investment grade.

The Fund may, in addition to its other investment powers, use cash and near cash (which includes money market instruments and deposits) and exchange traded and over the counter derivatives and forward currency contracts for hedging and investment purposes. Up to 100% in value of the Scheme Property of the Fund may be invested in units or shares in other collective investment schemes.

The Fund may also invest, at the ACD’s discretion, in other transferable securities. Furthermore use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.

The Fund aims to provide capital growth (to grow the value of your investment) over at least 5 years, while protecting the Fund’s share price from dropping below 80% of its all-time high.

The Fund invests in a broad range of assets around the world. These assets may include the shares of companies, bonds (or similar debt-based assets), property, commodities, cash and alternative assets (such as infrastructure funds and private equity funds). Investments may be held directly in the asset itself (excluding commodities or property) or indirectly (e.g. using derivatives (financial contracts whose value is linked to the price of an underlying asset), exchange traded products and/or funds).

Investment in alternative assets will be restricted to UCITS funds (a type of retail investment fund) and transferable securities.

The Fund may invest up to 85% in the shares of companies. These companies may be of any size and in any industry sector.

Bonds (or similar debt-based assets) may be in any currency, have any credit rating or be unrated, and may be issued by any borrower e.g. governments or companies.

As the current share price moves closer towards the protected level, 80% of the highest ever share price, the level of cash or near cash, money market instruments, deposits and/or low risk interest bearing investments (e.g. bonds) may increase. Depending on market performance the Fund may at times be 100% invested in cash.

The Fund also intends to invest in a derivative contract which will provide further protection against the risk of a decline in the share price below 80% of the highest price ever achieved.

The Fund may also invest in other transferable securities, money market instruments, cash or near cash, deposits, up to 100% in units or shares in other funds (which may be managed by a Ninety One group company, or a third party) and derivatives. Derivatives may be used for investment purposes and/or managing the Fund in a way that is designed to reduce risk or cost and/or generate income or growth with a low level of risk.