The fund aims to generate capital growth (i.e. the increase in the value of the shares in the fund) over the longer term (at least 5 years).

The composition of the portfolio will reflect the Investment Manager's view of the potential future return of different asset classes and specific investments - for this fund the Investment Manager aims to take an adventurous approach, with a greater proportion of the fund exposed to assets which it considers 'higher risk' (such as certain equities) and less on those which may be 'lower risk'.

The fund will be actively managed and will typically invest at least 80% of its Net Asset Value in collective investment schemes (including exchange traded funds and investment trusts, and which may include schemes which are managed and/or advised by the ACD and/or Investment Manager).

The fund will generally be exposed to equity markets. However, the fund will also have exposure (directly or indirectly) to other asset classes such as fixed income and alternatives (including, but not limited to, UCITS Long Short funds, market neutral funds and structured products), although exposure to such assets will not exceed 35% of the Net Asset Value of the fund except in exceptional circumstances (e.g. where the Investment Manager anticipates sharp falls in asset values due to severe market stress).

The fund may also invest directly in transferable securities (including equities), money market instruments, cash and near cash.

Investments will not be confined by geographical, industrial or economic sector.

Derivatives may be used only for Efficient Portfolio Management (including hedging) in accordance with the FCA Rules. Efficient portfolio management means using derivatives in a way that is designed to reduce risk or cost and/or generate extra income or growth. Derivative use is expected to be limited.

Prospectus

Key Investor Information Class A

Application Form Class A

The latest net asset value per share is as follows:

Past performance is not necessarily an indication of future results