YFS Argonaut Absolute Return Fund Class O EUR Acc

Objectives and Investment Policy The investment objective of the Fund is to provide positive returns over a 3 year period, regardless of market conditions. Capital invested in the Fund is at risk and there is no guarantee that the investment objective will be met over a 3 year, or any other period. The Fund may, at times, invest in a relatively small number of equities, the selection of which will not be restricted either by size, industry, or geographical location of the underlying companies, although exposure is expected to be mainly (over 50% of gross exposure) to companies incorporated in Europe. The Fund may take investment exposure to equities, fixed interest instruments, collective investment schemes (which may include those managed/operated by the ACD) cash and near cash (which includes money market instruments and deposits in any currency. Any such exposures could be gained by direct investment or through funds or derivative instruments. In pursuit of its investment policy, all or a substantial proportion of the Fund's assets may consist of cash, near cash, deposits, warrants and/or money market instruments. The Fund may use derivatives and forward transactions (that is sophisticated investment instruments linked to the rise and fall of the price of other assets) for the purposes of meeting the investment objective or efficient portfolio management. The Fund is not managed against any formal benchmark. The Fund uses the Investment Association’s (IA) IA Targeted Absolute Return Sector for performance comparison purposes only (“Performance Comparator”). The Performance Comparator is not used as a performance target or as a constraint in relation to the composition of the Fund’s portfolio. The Performance Comparator was chosen because it enables investors to compare the performance of the portfolio against competing funds in the same sector. The Fund will be actively managed. Save as noted above, the Fund will not have any particular geographic, industry or economic sector focus and as such weightings in these may vary as required. You can buy and sell shares in the Fund on any business day. Any income this share class generates will be reinvested to grow the value of your investment. You can buy and sell shares on any business day in London.