TM Admiral Fund A GBP Accumulation

The investment objective of the Company is to provide capital growth, with income being of secondary importance, net of fees, over a rolling 5 year period. The Company will invest in a global portfolio, in any or all economic sectors which, in normal market conditions, will comprise of at least 70% in equities (which will mainly be directly but can also be indirectly via collective investment vehicles). The remainder of the Scheme Property may be invested in fixed income assets (which may include government and public securities) and other transferable securities, warrants, money market instruments, cash, near cash and deposits. The exposure to equities may fall below 70% under difficult market conditions in which the Investment Managers believe that markets are expensive or when higher volatility is anticipated. This could include (but is not limited to) markets resulting from, or anticipating, extreme events (for example, the 2008 global financial crisis). The above exposure may be gained directly or through the use of collective investment vehicles (including exchange traded vehicles, exchange traded commodities and investment trusts) which may include collective investment vehicles managed by the ACD or its associates or the Investment Managers or their associates. The Company may invest in alternatives (e.g. gold and infrastructure) indirectly via permitted instruments such as collective investment vehicles. Derivatives will only be used for Efficient Portfolio Management (including hedging), although use is expected to be limited. The investment policy of the Company may mean that at times, where it is considered appropriate, the Scheme Property of the Company will not be fully invested and that prudent levels of liquidity will be maintained in order to reduce risk and preserve capital. The ACD has appointed multiple Investment Managers with different investment styles to achieve the investment objective. Allocations to the Investment Managers are subject to change in order to meet the Company’s investment objective and further details regarding the allocations are available upon request from the ACD. The Investment Managers will actively manage the Company. This means the Investment Managers actively make decisions about how to invest the Scheme Property (and which investments to buy and sell) instead of simply following a market index. The Company uses the ARC Sterling Steady Growth Private Client Index for performance comparison purposes only. This index is not a target and the Company is not constrained by it. The ARC Sterling Steady Growth Private Client Index is a risk-based index that is designed to provide an accurate reflection of the actual returns an investor can expect for a given risk appetite. For the ARC Sterling Steady Growth Private Client Index the relative risk to equity markets is 60-80%. This index has been selected as a comparator because this risk is aligned with the Company’s equity exposure as defined in the Company’s investment policy. The ACD reserves the right to change the benchmark following consultation with the Depositary and in accordance with the rules of COLL. A change could arise, for example, where the ACD determines that an alternative may be more appropriate. Shareholders will be notified of such a change through an update to the Prospectus and the change noted in subsequent annual and half yearly reports.