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Objective and Policy Changes – Investec UK Alpha Fund

Changes to the investment objective and policy will take effect on 7 April 2017. Investec considers these changes to be in the interest of the shareholders.

Impacts on
these products

Summary of the changes to the Fund:


  • The addition of an aim in the Fund’s investment objective to provide an income return alongside the primary aim, which is to continue to provide long term capital growth;
  • The removal of the reference to the Fund’s investments being ‘concentrated’ in the Fund’s investment objective;
  • The removal of the reference to the Fund investing in derivatives in the Fund’s investment objective; and
  • The removal of wording referring to the Fund not being dominated by a specific investment style in the Fund's investment policy.

Rationale for the changes to the UK Alpha Fund is to refer explicitly to the production of income as an aim of the Fund. In addition, it would be beneficial to investors to have the ability to hold a greater number of investments i.e. up to a maximum of 90 holdings rather than being restricted to a limited number of holdings in all market conditions.


Current investment objective and policy


The Fund aims to achieve long term capital growth primarily through investment in a concentrated portfolio of equities issued by UK companies and in derivatives the underlying assets of which are equities issued by UK companies. The Fund will be managed actively with a long term investment horizon. The Fund will not be dominated by a specific investment style and will focus on stocks believed to offer above average opportunities for total returns.


The Fund may also invest, at the ACD’s discretion, in other transferable securities, cash and near cash (which includes money market instruments and deposits) and other exchange traded and over the counter derivatives and forward transactions for investment purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the long term rather than just for tactical short-term purposes.


Use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.


Furthermore up to 10% in value of the property of this Fund may be invested in units or shares in other collective investment schemes.


Revised investment objective and policy


The Fund aims to achieve long-term capital growth and provide income primarily through investment in a portfolio of equities issued by UK companies. The Fund will be managed actively with a long term investment horizon and will focus on stocks believed to offer above average opportunities for total returns.


The Fund may also invest, at the ACD’s discretion, in other transferable securities, cash and near cash (which includes money market instruments and deposits) and other exchange traded and over the counter derivatives and forward transactions for investment purposes. Using these investment powers for investment purposes means, in particular, maintaining positions in these investments for the long term rather than just for tactical short-term purposes.


Use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.


Furthermore up to 10% in value of the property of this Fund may be invested in units or shares in other collective investment schemes.


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For more information you can see the notification from Investec Asset Management opposite or visit www.investecassetmanagement.com