Investment objective summary

The Fund aims to provide income and long-term capital growth.

It targets a performance return of UK Consumer Price Index (CPI, a measure of inflation) +4% gross of fees per annum over rolling 5 year periods and is therefore managed with reference to this benchmark index. The Fund’s performance target is not guaranteed over 5 year rolling periods or any period of time and you may get back less than you invested.

The Fund seeks to invest conservatively around the world in a diverse range of shares of companies (up to 60% of the Fund’s value at any time) and bonds (contracts to repay borrowed money which typically pay interest at fixed times). The Fund also has the flexibility to invest outside of the aforementioned asset classes.

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 performance target has been chosen as we believe it sets a realistic expectation of the Fund’s long-term outperformance of the return an investor can expect, based on the principal asset types available for investment and the current market environment. 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.