dVAM Growth Active PCP USD D1

Fund objective

Investment Objective: The investment objective of the Fund is to achieve long term capital growth. Investment Policy: The Fund is actively managed with reference to the Lipper Global Mixed GBP Flexible (the Benchmark) by virtue of the fact that it uses the Benchmark in the appropriate currency for performance comparison purposes. However, the Benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmark. The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e.g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies. It is intended that the Fund will maintain a bias towards growth and may invest up to 100% of net assets in equities. The Funds exposure to Fixed Income Securities, property, commodities and currencies may be on an ancillary basis. Additional risks that may have a significant effect on Fund performance includes: Credit Risk / Debt Securities: bonds may be subject to significant fluctuations in value. Bonds are subject to credit risk and interest rate risk. Equity: investments in equities (directly or indirectly via derivatives) may be subject to significant fluctuations in value. Operational Risk / Third Parties: investments in other funds have direct and indirect dependence on other service providers. The Fund may suffer disruption or loss in the event of their failure. Liquidity Risk (Fund of Funds): investments in other funds are subject to the liquidity of those underlying funds. If underlying funds suspend or defer payment of redemption proceeds, the Fund’s ability to meet redemption requests may also be affected. Brexit Risk: The regulatory regime to which certain of the Investment Managers are subject to in the UK could be materially and adversely affected. The decision to leave the EU could also result in substantial volatility in foreign exchange markets and a sustained period of uncertainty for the UK, the EU and the global markets in general. The value of the Fund’s investments and the shares in the Fund may rise as well as fall and an investor may not get back the amount s/he invests. Any investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors. The risk category of the Fund is not fixed and may well change over time. A full list of risks applicable to this Fund can be found in the Prospectus and Supplement. See under “Practical Information” for how to obtain a copy. 1/2 Key Investor Information Macro considerations will be used in determining the allocation of investments in order to achieve the Fund’s investment objective. Shares in the Fund can be bought and sold daily (every Business Day of the Fund). Any income arising from this Share Class will be accumulated.