Fund Objective: The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment regardless of market conditions. Under normal market conditions, the Fund will seek to gain at least 70% of its investment exposure through global equity securities (e.g. shares) and equity related securities. The Fund may also invest in fixed income (FI) securities (such as bonds), FI related securities, funds, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash. In order to achieve its investment objective and policy, the Fund will utilise a variety of investment strategies and instruments. In particular, the Fund will employ a fundamentals-based investment process focussed on identifying investments that are undergoing a sufficiently defined catalyst event. Catalyst events range across a broad spectrum and include, but are not limited to, announced mergers and acquisitions, company offers, spinoffs and split-offs, financial and strategic restructuring and management changes. The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities which have a relatively low credit rating or which are unrated. The investment adviser (IA) will use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective and the Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). A significant portion of the Fund’s assets may be invested in total return swaps and contracts for difference that aim to achieve a specified return based on underlying assets such as equity securities. The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The ICE BofAML 3-MO US Treasury Bill should be used by shareholders to compare the performance of the Fund. Recommendation: This Fund may not be appropriate for short-term investment.

Asset Allocation

Fund size: 1,193,436,070.18 GBP

Chart date: July 15, 2025

What is ESG?

ESG stands for Environmental, Social and Governance and is an approach for evaluating to what extent a company works towards social goals. For investors this can be used in order to understand how their funds and the assets they are made up of work towards these goals and use that information to help make sustainable investment choices.