Investment objective summary

The Fund aims to provide long-term capital growth and provide protection (the minimum amount you can expect to get back from your investment) at 80% of the Fund’s highest ever share price.

The Fund invests around the world in shares of companies (up to 85%); bonds (contracts to repay borrowed money which typically pay interest at fixed times); property; commodities; cash (up to 100%); and derivatives (financial contracts whose value is linked to the price of an underlying asset).

Investment may be directly in the assets themselves (excluding property and commodities) or indirectly through other funds (up to 100%). The Fund also has the flexibility to invest outside of the aforementioned asset classes.

The Fund aims to provide the 80% protection by gradually switching from the investment portfolio to a cash portfolio when markets fall. As a further level of security the Fund will invest in a derivative contract with a single counterparty. Where this arrangement fails to support the protection level, the Fund will only be relying on its cash allocation policy to provide the protection.

Derivatives 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 Fund’s performance can be compared to a return of 5% each year in GBP. The performance comparator has been chosen as we believe it is a reasonable benchmark by which to measure the Fund’s returns based on current market conditions and the principal asset types available for investment.

The costs of providing the protection are between 0.15-0.5% and are charged to the Fund. These costs are in addition to the ongoing charge set out in the charges section.