Ninety One Funds Series i Global Macro Alternative Fund I GBP Acc

Objectives and investment policy Risk and reward profile The Fund aims to provide total returns comprised of capital growth (i.e. to grow the value of your investment) and income over at least 5 years. While the Fund aims to achieve a positive return, there is no guarantee it will be achieved over 5 years or over any period of time and there is risk of loss. The Fund invests in a broad range of assets around the world (including in developed and emerging markets). These assets include the shares of companies, bonds (or similar debt-based assets), commodities and alternative assets such as property, funds which follow hedge fund strategies, infrastructure funds and private equity funds. The Fund may only invest indirectly in alternative assets (e.g. through derivatives, transferrable securities or other funds). The Fund aims to provide an alternative return profile (i.e. a return profile that is expected to differ from that of a traditional portfolio of equities and/or bonds) over the course of a market cycle (typically at least 5 years but cycles can vary in length) through varying its exposure to the broad range of assets listed above and by making use of derivatives. At times, the Fund may have high exposure to equity and/or bond markets while, at other times, these exposures may be low. Bonds (or similar debt-based assets) may be in any currency, have any credit rating or be unrated, and may be issued by any borrower e.g. governments or companies. Investment opportunities are identified using macroeconomic analysis (based on a view of the economy as a whole) and research. The Investment Manager uses a range of investment techniques. This flexibility allows the Investment Manager to respond effectively to market conditions, global trends, and investment opportunities. It also means that the proportions that the Fund invests in particular asset classes, markets, sectors or currencies may vary significantly over time. The Fund may at times, and in response to market conditions or opportunities, be concentrated in certain market sectors, currencies or its permitted asset classes. The Fund may make significant use derivatives to benefit from either rising prices (long positions) or falling prices (short positions) on its permitted asset classes, markets, sectors or currencies. The Fund may also invest in other transferable securities, money market instruments, cash or near cash, deposits, up to 10% in units or shares in other funds (which may be managed by a Ninety One group company, or a third party) and derivatives. Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used in order to achieve the Fund's investment objectives or with the aim of either managing the Fund risks or reducing the costs of managing the Fund. The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives. The Fund does not use a benchmark. However, performance of the Fund may be compared against its investment objective of achieving positive returns over at least 5 years. The Investment Association Flexible Investment Sector (a peer group of broadly similar funds) average is an additional measure by which you can compare the Fund’s performance. Any income due from your investment is reflected in the value of your shares. You can typically buy or sell shares in the Fund on any business day. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.