Ennismore European Smaller Comp Fd GBP A Acc

Objective: The investment objective of the Fund is to achieve capital appreciation through investment in a portfolio of equity securities. Policy: In order to achieve its investment objective, the Fund will invest in equities issued by companies listed or traded on Recognised Markets in the United States such as the NASDAQ, the New York Stock Exchange, the American Stock Exchange, the Chicago Mercantile Exchange and the Chicago Board of Trade. The Fund may invest up to a maximum of 20% of the Net Asset Value in non-US companies traded on a Recognised Market in the United States, including ADRs (American Depository Receipts). Up to 10% of the Fund’s portfolio may be invested in equities and equity-related securities issued by companies located worldwide and listed or traded on Recognised Markets in Canada. The Fund may also invest in other collective investment schemes (“CIS”) provided such investments are eligible for investment by UCITS and give exposure to investments in which the Fund may invest directly in accordance with the investment policy of the Fund. Investment in CIS shall not exceed in aggregate 10% of the Net Asset Value of the Fund. The Fund will not invest in financial derivative instruments (“FDIs”) for investment purposes. However, the Fund may use FDIs such as forward foreign currency exchange contracts for hedging purposes. The Investment Manager has discretion in managing the investments of the Fund. Accumulating share classes will accumulate income and gains. Benchmark: The Fund’s benchmark is the Russell Mid-Cap Growth Total Return Index and may be used for comparative purposes only. The Fund is actively managed and as such does not seek to replicate its benchmark index, but instead may differ from the performance benchmark in order to achieve its objective. The sub-investment manager is not constrained by the benchmark in the selection of investments and may use its discretion to invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities. Profile of typical investor: The Fund is suitable for investors seeking capital growth over a 5 to 10 year time horizon with a high level of volatility commensurate with US small and mid cap growth equities. Dealing: Shares in the Fund can be bought and sold daily (every Business Day of the Fund). Further information: Please refer to the Prospectus for more detailed information.