Please note, with effect from the 1 July 2020 the benchmark used as the basis for the fund’s performance target will be amended to MSCI Zhong Hua 10/40 Index instead. The MSCI Zhong Hua Index currently has two constituents that exceed 10% and as a UCITS fund the manger is unable to achieve an overweight position relative to the index in those companies. The MSCI Zhong 10/40 Index is a UCITS compliant version of the current benchmark index (which reweights its constituents to reduce the size of the largest to below the 10% UCITS holding restriction.

This change allows the manager to better express an overweight position to several investments whilst remaining compliant with the UCITS rules. The fund’s outperformance target of +2.5% remains the same. You do not need to take any action as a result of this change.