YFS JM Finn Conservative Portfolio B GBP Income

The objective of the YFS JM Finn Conservative Portfolio is to provide capital growth and income, over rolling ten­year periods (net of fees), by investing in a diversified range of assets and markets worldwide. The Fund will adopt a conservative risk investment strategy, investing in any sector and in any geographic area. To achieve the objective the investment policy is to invest in global equities and corporate or government bonds either directly or indirectly. The Fund may also invest in alternative assets which may include funds that use absolute return strategies or funds that invest indirectly in real estate, or indirectly in commodities. The Fund may also invest in warrants, money market instruments, cash, near cash and deposits. The Fund may invest indirectly in regulated Collective Investment Schemes (“CIS”), exchange traded funds, or investment trusts, which are managed by the ACD, the Portfolio Manager or their associates. The typical allocation of the Fund to each of these asset classes is set out in middle column in the table below. The Fund’s asset allocation will remain within these typical allocations in normal market conditions (where markets are operating efficiently and reflecting their fair value). The allocation to each of these asset classes may however be higher or lower in line with the range below (right hand column in the table) when the Portfolio Manager considers this appropriate to respond to and manage macroeconomic conditions (such as fiscal, natural, or geopolitical events that broadly affect a regional or national economy) or to protect returns or reduce downside risk.