dVAM Cautious Active PCP EUR D1

Fund objective

Investment Objective: The Fund aims to achieve long term capital growth with lower volatility than a fund which invests solely in equities. Investment Policy: The Fund is actively managed with reference to the Lipper Global Mixed GBP Conservative (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. The Fund may gain exposure in the range of 20-60% of net assets to equities and long only funds; and will maintain a minimum exposure of 30% to Money Market Instruments, Cash and Funds which invest in Fixed Income Securities. 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. Credit Risk / Non-Investment Grade: non-investment grade securities, which will generally pay higher yields than more highly rated securities, will be subject to greater market and credit risk, affecting he performance of the Fund.The risk category of the Fund is not fixed and may well change over time. Interest Rate Risk: a rise or fall in interest rates causes fluctuations in the value of fixed income securities, which may result in a decline or an increase in the value of such investments. 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.