Funds

The American Fund aims to outperform (after deduction of costs) the S&P 500 Index, as stated in Sterling, by at least 1.5% per annum over rolling five-year periods.

The High Yield Bond Fund aims to produce a combination of income and capital growth.

The Pacific Fund aims to outperform (after deduction of costs) the MSCI AC Asia ex Japan Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods.

The Worldwide Long Term Global Growth Fund aims to provide strong returns over the long term by investing primarily in a concentrated, unconstrained global equity portfolio.

The Worldwide Global Alpha Fund aims to provide returns comprising capital growth and dividend income over the long term by investing primarily in global equities which are listed, traded or dealt in on Regulated Markets worldwide.

The British Smaller Companies Fund aims to outperform (after deduction of costs) the Numis Smaller Companies Index (excluding Investment Companies) by at least 2% per annum over rolling five-year periods.

The China Fund aims to outperform (after deduction of costs) the MSCI China All Shares Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods.

The Developed Asia Pacific Fund aims to outperform (after deduction of costs) the MSCI Pacific Index, as stated in Sterling, by at least 1.5% per annum over rolling five-year periods.

The Emerging Markets Growth Fund aims to outperform (after deduction of costs) the MSCI Emerging Markets Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods.

The Emerging Markets Leading Companies Fund aims to outperform (after deduction of costs) the MSCI Emerging Markets Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods.

Europe is home to many high quality businesses with good growth prospects, which are often global leaders in their industry. As fundamental, long-term investors, we aim to build a portfolio of shares of such companies which we expect to hold for a long time. We believe that by doing so we will earn attractive returns for our clients over the long term, regardless of the external environment.

The Global Alpha Growth Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods.

The International Fund aims to outperform (after deduction of costs) the MSCI ACWI ex-UK Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods.

The Japanese Income Growth Fund aims to outperform (after deduction of costs) the TOPIX, as stated in Sterling, by at least 1% per annum over rolling five-year periods through a combination of income and capital growth whilst maintaining a portfolio yield higher than the TOPIX.

The Japanese Smaller Companies Fund aims to outperform (after deduction of costs) the MSCI Japan Small Cap Index, as stated in Sterling, by at least 1.5% per annum over rolling five-year periods.

The Long Term Global Growth Investment Fund aims to outperform (after deduction of costs) the FTSE All World Index, as stated in Sterling, by at least 2.5% per annum over rolling five-year periods.

The Positive Change Fund will invest in companies for whom delivering a positive change by contributing towards a more sustainable and inclusive world is core to their business, rather than simply looking to filter out firms that are perceived to cause harm.

The UK Equity Alpha Fund aims to outperform (after deduction of costs) the FTSE All-Share Index by at least 2% per annum over rolling five-year periods.

The Worldwide Asia Ex Japan Fund aims to produce returns comprising capital growth over the long term through investment primarily in equity securities in Asia (excluding Japan). It is not proposed to concentrate investments in any one country, market or sector.

The Worldwide Emerging Markets Leading Companies Fund aims to maximise total return principally through investment primarily in a portfolio of companies deriving a substantial part of their income from, or having a substantial proportion of their assets located in, one or more Emerging Market Countries.

The Worldwide European High Yield Bond Fund aims to produce a combination of income and capital growth.

The Worldwide Global Credit Fund aims to achieve a high level of total return by investing in a diversified portfolio consisting primarily of corporate bonds which are listed, traded or dealt in on one or more Regulated Markets worldwide.

The Worldwide Health Innovation Fund aims to provide strong returns over the long term by investing primarily in a global equity portfolio selected from companies engaged in the health care industry.

The Worldwide Japanese Fund aims to maximise total return principally through investment in equity securities which are listed, traded or dealt on Regulated Markets in Japan.

The Worldwide Pan-European Fund aims to maximise total return principally through investment in equity securities which are listed, traded or dealt on Regulated Markets across Europe.

The Worldwide Positive Change Fund aims to produce capital growth over the long term by investing primarily in the equities of companies whose products, behaviour or services make a positive social impact.

The Worldwide US Equity Growth Fund aims to maximise total return principally through investment in equities which are listed on Regulated Markets in the US.