Luke Newman 2017 outlook: volatility and normalisation creates opportunityThe Fund aims to achieve a positive absolute return over the long term regardless of market conditions, though a positive absolute return is not guaranteed overany time period. The Fund will typically invest at least 60% of its total assets, by taking long and short positions, in equities or equity related derivative contracts of: – companies having their registered office in the United Kingdom; and – companies that do not have their registered office in the United Kingdom but either (i) carry out a predominant proportion of their business activity in these markets, or (ii) are holding companies which predominantly own companies with registered offices in the United Kingdom, or (iii) are listed on the London Stock Exchange. In addition, in seeking to implement the Funds investment strategy, manage market exposure and ensure that the Fund remains sufficiently liquid to cover obligations arising from its derivative positions, a substantial proportion of the Funds assets may at any time consist of cash, near cash, deposits and/or Money Market Instruments. The Fund will invest in companies of any market capitalisation. Long positions may be held through a combination of direct investment and/or derivative instruments, and short positions will be held through derivative positions, including but not limited to swaps and futures. The use of derivatives forms an important part of the investment strategy. The Fund may also invest at the Investment Managers discretion in other Transferable Securities, derivative instruments and collective investment schemes.

The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.

Potential investors must read the prospectus, and where relevant, the key investor information document before investing.

This website is for financial promotion purposes and is not investment advice.

Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.

© Morningstar 2018. All rights reserved. NAV-NAV, gross income reinvested where applicable.

Source: Morningstar, based on market prices at close on the date shown. We are not responsible for the accuracy or completeness of the information supplied by Morningstar. We take care to ensure that the information provided by Morningstar is correct but we neither warrant, represent nor guarantee the contents of the information, nor do we accept any responsibility for errors, inaccuracies, omissions or any inconsistencies therein. Prices may be subject to change, errors and omissions excepted.

© Morningstar 2018. All rights reserved. NAV-NAV, gross income reinvested where applicable.

Source: Morningstar, based on market prices at close on the date shown. We are not responsible for the accuracy or completeness of the information supplied by Morningstar. We take care to ensure that the information provided by Morningstar is correct but we neither warrant, represent nor guarantee the contents of the information, nor do we accept any responsibility for errors, inaccuracies, omissions or any inconsistencies therein. Prices may be subject to change, errors and omissions excepted.

Morningstar Europe OE Alt – Long/Short Equity – UK

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

20% (relative to the hurdle rate and high water mark)

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

20% (relative to the hurdle rate and high water mark)

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

20% (relative to the hurdle rate and high water mark)

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

20% (relative to the hurdle rate and high water mark)

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

20% (relative to the hurdle rate and high water mark)

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

20% (relative to the hurdle rate and high water mark)

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

20% (relative to the hurdle rate and high water mark)

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

20% (relative to the hurdle rate and high water mark)

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

20% (relative to the hurdle rate and high water mark)

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

20% (relative to the hurdle rate and high water mark)

The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.

Past performance is not a guide to future performance.

You should note that your tax treatment in relation to any investments held outside an ISA will depend on your individual circumstances and may be subject to change in the future. Governments may change the tax rules which affect you or the Funds in which you have invested.

If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.

Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.

Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.

This fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this fund.

The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund.

If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.

If the Fund or a specific share class of the Fund seeks to reduce risks (such as exchange rate movements), the measures designed to do so may be ineffective, unavailable or detrimental.

Any security could become hard to value or to sell at a desired time and price, increasing the risk of investment losses.

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The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.

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