Investment objective summary

The Fund aims to provide long-term capital growth.

The Fund invests primarily in the shares of UK smaller companies.

UK smaller companies are companies considered to be small based on the size of their issued capital (the value of all shares held by their shareholders added together) and which are included in the Numis Smaller Companies plus AIM (excluding Investment Trusts) Index (the Fund’s primary investment universe). The constituents of this index are used to broadly define the list of companies the Fund is able to invest in. We believe this index is the best available representation of the universe of listed, smaller market capitalisation companies in the UK. The index is independently calculated.

As well as investing in the shares of UK smaller companies within the Fund’s primary investment universe, the Fund may invest in other assets such as shares of companies which are not in this benchmark index.

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.

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.