IFSL Church House Human Capital Fund Class B GBP Accumulation

The aim of the Fund is to provide capital growth, which is profit on investments held, over the long term (at least five years). The Fund is actively managed, which means the Investment Manager decides which investments to buy or sell and when. At least 90% of the Fund will be invested directly in the shares of companies in developed markets with no geographic limitations. The Investment Manager will construct a concentrated portfolio of up to 30 holdings in companies that demonstrate strong human capital and entrepreneurship characteristics. Human Capital refers to the skills, knowledge, experience, and abilities that people possess, which are valuable and contribute to their productivity and economic potential and entrepreneurship refers to the skill in spotting opportunities to start/develop and own a business. This means the Investment Manager will be investing in companies that in their opinion demonstrate certain qualities, for example: A proven, and highly motivated management team A history of growing by acquiring other businesses Opportunities for continuous growth Strong and consistent profit margins The ability to generate significant cash The Fund may hold up to 10% in cash to enable the ready settlement of liabilities, for the efficient management of the portfolio or in pursuit of the Fund’s investment objective. The Fund does not invest in derivatives. A concentrated portfolio of investments will be meticulously chosen based on a comprehensive assessment of a company's human capital and entrepreneurial qualities. The Investment Manager will utilise a blend of quantitative metrics and qualitative analysis. Quantitative metrics involves numerical measures used to assess and evaluate. Qualitative analysis is the study of non-numeric data, focusing on qualities, behaviours, and characteristics to understand and interpret information beyond numbers. This approach aims to identify companies that have a history of nurturing and leveraging their human capital characteristics for sustained growth, typically resulting in the Fund having a high exposure to shares of companies with medium and small market capitalisation. The Fund is not managed to a benchmark, however the Authorised Corporate Director (“ACD”) conducts an annual assessment of value on the Fund which is designed to help investors understand whether the charges are justified in the context of the overall service delivered. As part of this assessment the ACD will carefully consider the performance taking the focused nature of the Fund into consideration, investors should refer to this annually to assess the performance of the Fund. The assessment is published at the latest on 31 December each year on the ACD’s website, www.ifslfunds.com. Alternatively, you can contact the ACD directly for a copy of this assessment. The Fund pays income. If you wish to receive this please tell us. If you do not want to receive income you will be given accumulation shares which means income is invested back into the Fund and reflected in the price of your shares. You can buy or sell all or part of your investment on any business day subject to the minimum holding requirements.