Investment objective summary

The Fund aims to provide long-term capital growth by investing primarily in the shares of US companies or companies which carry out a large proportion of their business activities in the US.

The Fund focuses investment on companies deemed by the Investment Manager to be of high quality i.e. companies which have provided sustainably high levels of return on invested capital and free cash flow (a company’s cash earnings after its capital expenditures have been accounted for), typically those associated with strong brands or franchises. The Fund also has the flexibility to invest outside of the aforementioned asset class and country.

Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund’s investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.

The index used in the performance section is deemed to be a good representation of the Fund’s investable universe and is widely used, independently calculated and readily available. Fund performance can also be compared to the IA sector average. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK investment managers), to facilitate comparison between funds with broadly similar characteristics.