The following risks apply to all the above mentioned Funds:
Derivatives: The use of derivatives is not intended to increase the overall level of risk in the Fund. However, the use of derivatives may still lead to large changes in the value of the Fund and includes the potential for large financial loss.
Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. bankruptcy), the owners of their equity rank last in terms of any financial payment from that company.
The following are fund specific risks:
Geographic / Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean the value of the Fund may decrease whilst more broadly invested funds might grow.
(UK Alpha, UK Equity Income Fund)
Charges from capital: For Inc-2 shares classes, expenses are charged to the capital account rather than to income. This has the effect of increasing income (which may be taxable) whilst reducing capital to an equivalent extent. This could constrain future capital and income growth.
(UK Equity Income Fund, Global Quality Equity Income Fund)
Concentrated portfolio: The Fund invests in a relatively small number of individual holdings. This may mean the value of the Fund may fluctuate more widely than more broadly invested funds.
(Global Quality Equity Income Fund, Global Franchise Fund)
Currency exchange: Changes in the relative values of different currencies may adversely affect the
(Global Franchise Fund, Global Quality Equity Income Fund)