VT Argonaut European Alpha Fund Class I GBP Income

The Fund aims to achieve returns (capital and income) in excess of the returns of the Investment Association (IA) Europe ex UK Sector over the long term (5 years). The Fund will seek to achieve its objective by investing in a concentrated portfolio of approximately 30-60 stocks. The Fund will invest at least 80% in companies incorporated in countries in Europe. The Fund may also invest in companies that are headquartered or quoted outside Europe which derive a significant part of their business from Europe and whose securities are listed or traded on an eligible securities exchange. The Fund will not concentrate on any particular sector but will invest in a broad range of companies without regard to market capitalisation. The Fund may also invest in other equities, fixed income, units in collective investment schemes, money market instruments and deposits. The Fund may also make use of certain financial contracts known as derivatives and forward transactions for the purpose of efficient portfolio management, including the use of hedging techniques and stock lending. It is not intended that the use of derivatives for efficient portfolio management purposes will increase the risk profile of the Fund. The Fund uses the IA Europe ex UK Sector as a target benchmark against which the performance of the Fund has been set. The IA Europe ex UK Sector is considered to be an appropriate benchmark because it enables investors to compare the performance of the portfolio against competing funds in the same sector. The Fund will be actively managed. Save as noted above, the Fund will not have any particular geographic, industry or economic sector focus and as such weightings in these may vary as required. If you hold accumulation shares, income from the Fund will be added to the value of your investment (i.e. dividend income will be included in the value of your shares). If you hold income shares, any income from the Fund will be distributed twice a year. You can buy and sell shares on any business day in London. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years. For full investment objectives and policy details please refer to the prospectus.