YFS Argonaut Flexible Fund I GBP Accumulation

To provide positive returns (a combination of capital and income) over a 5 year period. Capital invested in the Fund is at risk and there is no guarantee that the investment objective will be met over a 5 year, or any other, period. The Fund will seek to achieve its objective by investing in a portfolio of stocks that is, at times, concentrated (meaning, at times, approximately 30-60 stocks). The Fund is not constrained by any allocation limits and therefore may invest up to 100% in such stocks, with no minimum requirement. However, the Fund will typically invest between 50% to 80% of its assets in the shares of companies incorporated in countries in Europe (including the United Kingdom) and the United States (the “US”). The Fund may also invest in companies that are headquartered or quoted outside Europe or the US whose securities are listed or traded on a developed exchange markets. The Fund will not concentrate on any particular sector but will invest in a broad range of companies whose shares are liquid and marketable and have a capitalisation of at least £500 million. The Fund may also invest in other shares, fixed interest securities (including mainly US Treasury Bills, but also other government bonds and investment grade corporate bonds), gold and silver (via indirect investment only such as investment in exchange traded funds, exchange traded commodities and exchange traded notes), units in collective investment schemes, money market instruments, cash and deposits. In pursuit of its investment objective, 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 also invest in warrants. The Fund may also make use of certain financial contracts known as derivatives and forward transactions for the purpose of efficient portfolio management, including the use of hedging. It is not intended that the use of derivatives for efficient portfolio management purposes will be significant or that it will increase the risk profile of the Fund. The Fund is not managed against any formal benchmark. The Fund uses the Investment Association’s (IA) IA Flexible Sector for performance comparison purposes only (performance comparator). If you hold accumulation shares, income from the Fund will be added to the value of your investment (i.e. dividend income will be included in the value of your shares). If you hold income shares, any income from the Fund will be distributed quarterly. You can buy and sell shares on any business day in London. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years. For full investment objectives and policy details please refer to the prospectus.