abrdn Global Absolute Return Strategies Fund Standard Life Accumulation

OBJECTIVES AND INVESTMENT POLICY Investment Objective To generate a positive absolute return over the medium to long term (3 to 5 years or more) irrespective of market conditions, whilst reducing the risk of losses. Invested capital is however at risk and there is no guarantee that the objective will be attained over any time period. Performance target: To exceed the return of SONIA by 5% per annum, evaluated over rolling three year periods (before charges). The performance target is the level of performance that the management team hopes to achieve for the fund. There is however no certainty or promise that they will achieve the performance target. SONIA is currently used as a proxy for the return on cash deposits. Investment Policy Portfolio Securities - The fund invests in a broad range of assets from across the global investment universe, directly and via derivatives. - Assets include equities (company shares), bonds, currencies, commercial property and commodities. - The fund may also invest in other funds (including those managed by abrdn), money-market instruments and cash. Management Process - The management team use their discretion (active management) to make flexible allocations to multiple types of assets depending on market conditions, the price of different assets or their value relative to each other based on their analysis of future economic and business conditions. - The team seeks to generate growth in a wide variety of ways (e.g. if market prices rise or fall). It also means they can build the portfolio to be as resilient as possible to shocks that cause markets generally to fall sharply. - As a result of extensive diversification and during extreme equity market falls, the Fund's value may be expected to fall between approximately one third and one half of the fall in global equity markets. Derivatives and Techniques - The fund will make extensive use of derivatives to reduce risk, reduce cost and / or generate extra income or growth consistent with the risk profile of the fund (often referred to as 'Efficient Portfolio Management'). Derivatives can be used to generate growth, consistent with the fund's risk profile, if market prices are expected to rise ('long positions') or fall ('short positions'). Leverage in the fund arises as a result of the use of derivatives. Examples of investment strategies implemented through derivatives are: - An assessment of the expected level of a given stock market index; - An assessment of one currency relative to another; - An assessment of the direction of interest rates. Investors in the fund may buy and sell shares on any dealing day (as defined in the Prospectus). If you invest in income shares, income from investments in the fund will be paid out to you. If you invest in accumulation shares, income will be added to the value of your shares. Recommendation: the fund may not be appropriate for investors who plan to withdraw their money within five years. Investors should satisfy themselves that their attitude to risk aligns with the risk profile of this fund before investing.