dVAM Cautious Active PCP CHF A1 Hdg

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 considered to be actively managed, which means that the Investment Manager is not constrained by any index or benchmark in the selection of investments. The Investment Manager has discretion in managing the investments of the Fund. 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. Macro considerations will be used in determining the allocation of investments in order to achieve the Fund’s investment objective. The Advisor will provide advice and recommendations to the Investment Manager as to suitable target Underlying Funds for investment, in accordance with the investment strategy of the Fund and based upon the strategic asset allocation views of the Investment Manager. 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 portfoliomanagement 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.