dVAM Growth Active PCP GBP D1

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.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. The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund’s use of derivatives can be found under the Derivatives section within the Fund’s Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund’s Net Asset Value. Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 5 years.