Objectives and Approach

The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests globally at least 70% of its total assets in the equity securities (e.g. shares) of companies engaged in any activity forming part of the food and agriculture value chain as described in the prospectus. The Fund invests in companies which are actively combatting global sustainability challenges within the nutrition theme across the sustainable nutrition trends described in the prospectus. The companies are rated by the Investment Adviser (IA) based on their ability to manage the risks and opportunities associated with the nutrition theme and their environmental, social and governance (ESG) risk and opportunity credentials. The Fund adopts a “best in class” approach to sustainable investing. This means that the Fund selects the best issuers (from an ESG perspective) for each relevant sector of activities (without excluding any sector of activities). More than 90% of the issuers of securities the Fund invests in are ESG rated or have been analysed for ESG purposes.The Fund may gain limited exposure to issuers that do not meet the nutrition and/or the ESG criteria described above. The investment universe of the Fund is represented by any company worldwide which, in the opinion of the IA, prioritises changing consumer preferences towards nutrition as a key strategic driver of its business (“Factset Nutrition Universe”). The weighted average ESG rating of the Fund will be higher than the ESG rating of the Factset Nutrition Universe after eliminating at least 20% of the least well-rated securities from the Factset Nutrition Universe. The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). Any ESG rating or analysis referenced above will apply only to the underlying securities of FDI’s used by the Fund The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The MSCI All Countries World Index should be used by investors to compare the performance of the Fund. Recommendation: This Fund may not be appropriate for short-term investment.