The Fund aims to provide a return, in excess of that achieved by the FTSE customised North America Index (the reference index), before the deduction of charges, over any 5 year period, while carefully controlling deviation from the reference index.
The Fund invests at least 80% of its assets in shares (also known as equities) of companies, of any size, in any industry, which are included in the reference index.
The Fund may also invest in other assets including bonds, cash and money market instruments, and may use derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund’s objective, to reduce risk or to manage the Fund more efficiently.
The Fund is in part passively managed as its core investments seek to replicate the reference index. The constituents of the reference index will not be identically replicated and this can lead to differences in performance. The ‘customised’ aspect of the reference index indicates that its performance is adjusted to reflect the actual tax rates applicable to dividend income received by the fund.
In addition the investment manager will use active investment strategies aimed at enhancing the Fund’s returns whilst taking a low level of additional risk. These strategies seek to generate returns based on differences in the prices of securities issued by, or associated with, companies that form part of the reference index. They can include, but are not limited to, liquidity strategies (investing in ‘blocks of stock’ at discounted prices), and relative value strategies (taking advantage of differences between the prices of securities related to the same company).
The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
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