Your personal illustration

Transcription

1 Your personal illustration Including Fund Specific Information and/or Key Investor Information Documents For individual investors with an adviser or intermediary This document must be read in conjunction with 'Doing Business with FundsNetwork' (Including the Key Features of the Investment Fund Account and ISA) and the FundsNetwork Client Terms. FundsNetwork ISA Fund Name Lump Sum Monthly Savings Plan FP Crux European Special Situations I Acc 2,540 Fundsmith Equity Fund I Class Accumulation 2,540 Invesco Perpetual Global Smaller Companies Y Acc 2,540 JPM Emerging Markets Fund B - Net Accumulation 2,540 Neptune Japan Opportunities C Acc 2,540 Schroder Asian Alpha Plus Fund Z Accumulation 2,540 Total Investment Amount 15,240 Adviser Initial Fee 0 What you will pay 15,240

2 Your personal FundsNetwork ISA projection Below is a summary of your investment choices, and an illustration of what you might get back after ten years if your investments grow at the example growth rates shown and the charges for buying and owning each fund are deducted. Each fund is projected at a lower, mid and higher growth rate. For funds investing mainly in equities or shares we use the standard mid growth rate set by the Financial Conduct Authority (FCA). However, for funds where we believe the standard mid growth rate is not realistic, we use a lower mid growth rate. This includes funds investing predominantly in bonds or cash. The lower growth rate is 3% below the mid growth rate and the higher growth rate is 3% above the mid growth rate as set by the FCA. Note that these example growth rates assume that you will hold these investments for around 10 years or more. Using standard growth rates for similar types of fund helps to demonstrate the effect of a fund's charges on the growth of that fund, and makes it easier to compare one set of fund charges with another. Note that the fund charges can vary over time. Please note that the real growth rate of each fund will depend on future movements in share prices, which can go down as well as up, so you could get back less than you invest therefore the projections should only be considered as examples, are not guaranteed, and are not minimum or maximum amounts. You should also bear in mind that inflation will reduce what you could buy in the future with the amounts shown. A more detailed projection and information about the charges that apply to each fund can be found in its 'effect of charges' table in this document. What your investment may be worth after 10 years Fund Name Lump Sum Monthly Savings Plan over 10 years Amount invested plus Adviser Fees paid at the end of Year 10 Growth Projections at 2.00% 5.00% 8.00% FP Crux European Special Situations I Acc 2,540 2,540 2,660 3,560 4,710 Fundsmith Equity Fund I Class Accumulation 2,540 2,540 2,600 3,470 4,600 Invesco Perpetual Global Smaller Companies Y Acc JPM Emerging Markets Fund B - Net Accumulation 2,540 2,540 2,620 3,500 4,640 2,540 2,540 2,630 3,520 4,670 Neptune Japan Opportunities C Acc 2,540 2,540 2,640 3,530 4,680 Schroder Asian Alpha Plus Fund Z Accumulation 2,540 2,540 2,600 3,480 4,610 Total 15, ,240 15,750 21,060 27,910 Notes: All projected figures are rounded down and shown to 3 significant figures. Any monthly savings plan (MSP) contributions are based on the total contributed over the whole duration you specified. Important Information The Financial Conduct Authority is our financial services regulator. It requires us to give you this important information to help you decide whether our ISA and / or Investment Fund Account is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference. Please note that we do not provide advice, and, therefore, are not required to assess the suitability or appropriateness of investments that you choose, that we may hold for you, or for other services provided to you by FundsNetwork. This means you do not benefit from the protection of the rules of the Financial Conduct Authority on assessing suitability. If you have received a recommendation from your adviser they will be responsible for the suitability of the recommendation. 2

3 s and Expenses Field Title Description Investment s, set by the fund manager or externally. Initial charge Ongoing charges Other charges Fund Manager's Buy Fund Manager's Sell Negotiated Fund Manager Discount For some investments, this is a percentage of the total amount invested, paid to us each time you invest money in a fund (that's each regular monthly savings plan payment). Most funds we offer do not have initial charges, however when you invest you may pay the bid offer spread, if there is one, for a dual priced fund. These are shown as a percentage amount of the value of your funds each year. All funds have ongoing charges. These are referred to as the ongoing charge figure (OCF) or total expense ratio (TER), both of which include the annual management charge (AMC) and other expenses for a fund. Other charges you may pay depending on the type of fund you invest in. For example a performance fee, paid to the fund manager if a fund exceeds pre-set performance targets, or 0.5% Stamp Duty Reserve Tax on the purchase of certain Investment Trusts. A percentage amount that may be set, charged and retained by the fund manager each time you buy Shares. Not all funds incur a Fund Manager's Buy. A percentage amount that may be set, charged and retained by the fund manager each time you sell Shares. Not all funds incur a Fund Manager's Sell. For some investments we may receive a rebate from the fund manager, known as a Negotiated Fund Manager Discount. After deducting any tax that is due we will reinvest the rebate back into your account, if applicable, so that you benefit from it. Service s, set by us as the provider of platform services or by our service provider partners Platform fees Investor Fee Client Fee Service Fee Switching ETP dealing fee We charge platform fees in return for providing platform services associated with your investments. Our fees are made up of three separate annual charges: you will pay the Investor Fee or the Client Fee, and the Service Fee. An annual charge of 45 charged if you have made qualifying transaction after 16 December 2013 (or previously paid the Account Fee). A single Investor Fee covers all your sole accounts, and there is a separate Investor Fee for each set of joint accounts in the same names. An annual charge of 10 charged if you are not subject to the Investor Fee. A single Client Fee covers all your sole accounts, and there is a separate Client Fee for each set of joint accounts in the same names. An annual percentage charge of 0.25% of the investments you hold in certain share classes, charged in addition to the fund s ongoing charges. We don t charge any switching fees, however when you switch investments you may pay the bid offer spread, if there is one, for a dual priced fund, the ETP dealing fee of 0.1% for ETPs, the Stamp Duty Reserve Tax of 0.5% on an Investment Trust buy transaction, or a Fund Manager s Buy or Fund Manager s Sell, if applicable. This is a percentage charge of the value of a transaction, levied and deducted by the stockbroker, each time we ask them to carry out a transaction on your behalf that involves buying or selling an Exchange Traded Product (ETP) through FundsNetwork (including switches and dividend re-investments). Adviser or Intermediary s, agreed between you and your adviser or intermediary for services that may or may not include advice and which you have asked us to pay on your behalf Initial Fee Ongoing Fee Specified Fee Commission This is paid when you make a lump sum investment, regular monthly savings contribution or transfer as a percentage or fixed cash amount, paid on top of or as part of the amount you are investing, as applicable. This is paid on a monthly basis as a percentage or fixed cash amount by deducting units from your account. This is a fixed cash amount paid for a specific purpose by deducting units from your account. For some investments, where you have agreed to pay by commission, an initial commission and/or ongoing commission is paid from the fund charges to your adviser or intermediary. If your adviser or intermediary would normally be paid commission for an investment on which you've also agreed to pay a fee, we will reduce the initial charge by the amount of the initial commission, and pay the ongoing commission back to you as a commission rebate. The following fund tables detail which of the above charges will apply to your selected investments For more details on charges, please refer to the detailed charges information that can be found in the 'Doing Business with FundsNetwork' document and Fund Specific Information documents and/or Key Investor Information documents (KIID) which must be read in conjunction with this illustration. 3

4 The effect of charges on your FundsNetwork ISA This section aims to show you how the charges for your investments might affect their growth, giving first a combined view of all the funds in this illustration, and then a more detailed view of each fund. The first table on the left shows the total invested as a lump sum and/or monthly savings plan in this illustration, and the effective total initial and ongoing charges. The total ongoing charges are based on all the ongoing charges applicable to each fund (as shown in the detailed fund tables following), and the weighting of each fund, to approximate an overall ongoing charge. Please note that the total ongoing charges are calculated in the order that the charges are actually applied (e.g. OCF/TER and other expenses first, then Service Fee, then Adviser Ongoing Fee), rather than by simply adding up the values in the detailed fund tables. The total initial charges are calculated in a similar way (e.g. Adviser Initial Fee first, then any fund based charge or ETP Dealing Fee), noting that the total initial charge is calculated as being applied to 'What you will pay'. The table on the right uses a weighted growth rate for the projection of your investments in this account based on the weighting and assumed growth rate of each fund shown in the table relating to that fund. The table summarises 'What you will pay' (including the amounts invested and any adviser or intermediary Initial Fees that are paid in addition to the investment amounts) and an approximation for 'What you might get back' if the fund grows at the weighted growth rate and the relevant initial and ongoing charges are deducted. Please note that the real growth rate of each fund will depend on future movements in share prices, which can go down as well as up - therefore the projections should only be considered as examples, are not guaranteed, and are not minimum or maximum amounts. You should also bear in mind that inflation will reduce what you could buy in the future with the amounts shown. FundsNetwork ISA Account Investment amount Lump sum 15,240 Monthly Savings Plan N/A Initial and dealing charges Total initial charges (lump sum) 0.00% Ongoing charges Total ongoing charges 1.63% In this example the charges would have the effect of bringing the illustrated investment growth down by 1.70%, reducing it from 5.00% to 3.30%. At end of year What you will pay Effect of charges to date What you might get back at 5.00% 1 15, , , , ,240 1,520 17, ,240 3,730 21,000 The detailed fund tables, following next, show how the charges for buying and owning each particular fund might affect the growth of that fund using an example growth rate. Each fund is projected at the middle growth rate used in the 'your personal account projection' section. This is the standard mid growth rate set by the Financial Conduct Authority for funds investing mainly in equities or shares, and a lower mid growth rate for funds investing predominantly in bonds or cash. Considering each fund in isolation and using standard growth rates for similar types of fund helps to demonstrate the effect of charges on the growth of each fund, and makes it easier to compare one set of fund charges with another. However note that these projections do not show what the value of each fund might actually be in the future - the real growth rate of each fund will depend on that fund's future performance, which is unknown. Also the tables assume that any adviser or intermediary Ongoing Fee will be spread proportionally across all your funds. In practice we will take the adviser or intermediary Ongoing Fee either from a single fund or your CashManager Account. The charge will have a greater effect on a fund where the fee is actually deducted from and a lesser effect on other funds. For each fund, the tables on the left list the initial and ongoing charges that will be included in each projection. If you have agreed to pay your adviser or intermediary an Ongoing Fee, then some of the charge that the fund manager pays to us may be rebated back into your account. If you have agreed to pay your adviser or intermediary a fixed Initial Fee or a fixed Ongoing Fee relating to the funds in this illustration then this will be apportioned to the funds in the illustration according to the initial weighting of each fund. For each fund, the tables on the right will summarise 'What you will pay' (including the lump sum and monthly savings plan (MSP) amounts invested and any adviser or intermediary Initial Fee that is paid in addition to the investment amount) and 'What you might get back' if the fund grows at the example growth rate and the initial and ongoing charges shown in the corresponding table on the left are deducted. Notes: All projected figures are rounded down and shown to 3 significant figures. If you have selected for income to be paid out and the amount of the income plus the amount of the charges paid is more than the amount your investment increases in any year, then the value of your investment (shown in the 'What you might get back' column) will reduce. Ongoing charge figures/ total expense ratios (OCF/TER) are supplied to us semi-annually by fund providers, however they can sometimes change materially during the intervening period. The most up-to-date charges can be obtained directly from the fund provider. For some funds there may be other charges to pay that are not included in these illustrations. These can include performance fees and the additional bid/offer spread applied to dual priced funds. Note that for such investments the figures shown in the 'What you might get back' column would be lower if these other charges were incorporated. 4

5 FP Crux European Special Situations I Acc Investment amount Lump sum 2,540 Monthly Savings Plan (MSP) Initial charges N/A Initial charge inside ISA (lump sum) 0.00% Adviser Initial Fee (lump sum) 0.00% Ongoing charges Ongoing Figure (OCF) / Total Expense Ratio (TER) 0.75% In this example the charges would have the effect of bringing the illustrated investment growth down by 1.56%, reducing it from 5.00% to 3.44%. At end of year What you will pay Effect of charges to date What you might get back at 5.00% 1 2, , , , , , , ,560 Service Fee (not inc in OCF/TER) * 0.25% Adviser Ongoing Fee 0.50% * This is the rate that will be applied to your holdings in addition to the OCF/TER Fundsmith Equity Fund I Class Accumulation Investment amount Lump sum 2,540 Monthly Savings Plan (MSP) Initial charges N/A Initial charge inside ISA (lump sum) 0.00% Adviser Initial Fee (lump sum) 0.00% Ongoing charges Ongoing Figure (OCF) / Total Expense Ratio (TER) 0.99% In this example the charges would have the effect of bringing the illustrated investment growth down by 1.81%, reducing it from 5.00% to 3.19%. At end of year What you will pay Effect of charges to date What you might get back at 5.00% 1 2, , , , , , , ,470 Service Fee (not inc in OCF/TER) * 0.25% Adviser Ongoing Fee 0.50% * This is the rate that will be applied to your holdings in addition to the OCF/TER 5

6 Invesco Perpetual Global Smaller Companies Y Acc Investment amount Lump sum 2,540 Monthly Savings Plan (MSP) Initial charges N/A Initial charge inside ISA (lump sum) 0.00% Adviser Initial Fee (lump sum) 0.00% Ongoing charges Ongoing Figure (OCF) / Total Expense Ratio (TER) 0.90% In this example the charges would have the effect of bringing the illustrated investment growth down by 1.72%, reducing it from 5.00% to 3.28%. At end of year What you will pay Effect of charges to date What you might get back at 5.00% 1 2, , , , , , , ,500 Service Fee (not inc in OCF/TER) * 0.25% Adviser Ongoing Fee 0.50% * This is the rate that will be applied to your holdings in addition to the OCF/TER JPM Emerging Markets Fund B - Net Accumulation Investment amount Lump sum 2,540 Monthly Savings Plan (MSP) Initial charges Initial charge inside ISA (lump sum) 0.00% Adviser Initial Fee (lump sum) 0.00% N/A Ongoing charges Rebate Ongoing Figure (OCF) / Total Expense Ratio (TER) 1.18% In this example the charges would have the effect of bringing the illustrated investment growth down by 1.67%, reducing it from 5.00% to 3.33%. At end of year What you will pay Effect of charges to date What you might get back at 5.00% 1 2, , , , , , , ,520 Negotiated Fund Manager Discount 0.325% Service Fee (not inc in OCF/TER) * 0.25% Adviser Ongoing Fee 0.50% * This is the rate that will be applied to your holdings in addition to the OCF/TER 6

7 Neptune Japan Opportunities C Acc Investment amount Lump sum 2,540 Monthly Savings Plan (MSP) Initial charges N/A Initial charge inside ISA (lump sum) 0.00% Adviser Initial Fee (lump sum) 0.00% Ongoing charges Ongoing Figure (OCF) / Total Expense Ratio (TER) 0.82% In this example the charges would have the effect of bringing the illustrated investment growth down by 1.64%, reducing it from 5.00% to 3.36%. At end of year What you will pay Effect of charges to date What you might get back at 5.00% 1 2, , , , , , , ,530 Service Fee (not inc in OCF/TER) * 0.25% Adviser Ongoing Fee 0.50% * This is the rate that will be applied to your holdings in addition to the OCF/TER Schroder Asian Alpha Plus Fund Z Accumulation Investment amount Lump sum 2,540 Monthly Savings Plan (MSP) Initial charges N/A Initial charge inside ISA (lump sum) 0.00% Adviser Initial Fee (lump sum) 0.00% Ongoing charges Ongoing Figure (OCF) / Total Expense Ratio (TER) 0.97% In this example the charges would have the effect of bringing the illustrated investment growth down by 1.79%, reducing it from 5.00% to 3.21%. At end of year What you will pay Effect of charges to date What you might get back at 5.00% 1 2, , , , , , , ,480 Service Fee (not inc in OCF/TER) * 0.25% Adviser Ongoing Fee 0.50% * This is the rate that will be applied to your holdings in addition to the OCF/TER 7

8 s on your FundsNetwork ISA s payable to your adviser or intermediary You have agreed a rate for an Initial Fee and an Ongoing Fee with your adviser or intermediary. The Initial Fee may be a percentage of the amount invested, or a fixed monetary amount. For lump sum investments an Initial Fee would be added to the lump sum investment amount (thereby increasing the amount you must pay). For monthly savings plan investments an Initial Fee would be deduced from the monthly payment you make. For transfers an Initial Fee would be deducted from the transfer proceeds we receive from another provider. The Initial Fee you will pay to your adviser or intermediary is illustrated below. The Ongoing Fee may be a percentage of the value of your investments, or a fixed monetary amount, and is charged on a monthly basis. This fee is paid from a fund that has been selected by you, or else it will be deducted from your CashManager Account if you have one, or the largest fund in this account. Note that percentage based Ongoing Fees will vary with the performance of the funds chosen. In the illustration below we provide an example of what your adviser or intermediary will receive if there is no investment growth in the first year, and also what your adviser or intermediary will receive if your investment doubles in value in the first year. Total amount invested in year 1 (includes lump sum and MSP) Adviser Initial Fee Fee Rate Total fee paid in year 1 Adviser Ongoing Fee rate Adviser Ongoing Fee Total fee paid if 0% growth in year 1 Total fee paid if 100% growth in year 1 15, % % Platform fees payable to FundsNetwork FundsNetwork receives a Service Fee, charged on an ongoing basis, in return for providing platform services and is paid to us, where applicable, for custodian services, and other ancillary support activities associated with your investment. These activities include - performing servicing transactions, the safeguarding of your holdings, the provision of reports and statements and access to FundsNetwork personnel in relation to any queries you may have on your account. For funds where the Service Fee is payable in addition to the OCF/TER, then it is displayed as a separate charge on your statement, and is paid from a fund that has been selected by you, or the largest fund in this account. For some funds the Service Fee is included in the OCF/TER charged by the fund provider, and therefore will not show as a separate charge on your statement. Since the Service Fee is a percentage of the value of your investments, it will vary with the performance of the funds chosen. In the illustration below we provide an example of what FundsNetwork will receive if there is no investment growth in the first year, and also what we will receive if your investment doubles in value in the first year. Total amount invested in year 1 (includes lump sum and MSP) Service Fee paid as part of the OCF/TER Total fee paid if 0% growth in year 1 Total fee paid if 100% growth in year 1 Service Fee paid in addition to the OCF/TER Total fee paid if 0% growth in year 1 Total fee paid if 100% growth in year 1 15, Investor Fee Note that in addition to the Service Fee shown above that relates to the funds illustrated in this section, you will also pay an Investor Fee of 0.0 per year to FundsNetwork in relation to the investments that you hold with this adviser or intermediary. If this account is in your sole name, you will pay one Investor Fee irrespective of the number of single accounts in which you invest. If this account is in joint names, only one Investor Fee is payable across multiple accounts where the individuals named on those accounts are the same. If you are a holder of multiple joint accounts, but the individuals named on those accounts differ, an additional Investor Fee will be payable for each different combination of named account holders. 8

9 Fund information We provide you with the essential information you need to know about the fund in either our 'Fund Information' section where you will find a 'Fund Table' and/or in a Key Investor Information Document (KIID). If a performance fee (or charge) is applied to the fund, this information will be detailed in the KIID and in the Fund Table under "Risk factors". Fund Tables The fund tables provide key information about each fund, such as the fund's objectives, charges and risks. Key Investor Information Document (KIID) The KIID is a short document containing the essential characteristics of an investment fund to help you understand the nature and the risks of investing. This will include the fund objectives, risk factors, charges, and performance history. The charges could be different from the charges you pay when investing through FundsNetwork. Where a charge appears in the 'Effect of charges' section and in the KIID, the charges stated in the 'Effects of charges' section are the charges that will apply to your investment. More detailed information is available in the Fund Prospectus which you can obtain from the relevant fund provider. 9

10 Key Investor Information This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. FP Crux European Special Situations Fund, a sub-fund of FP Crux UCITS OEIC Class I Accumulation GBP (ISIN GB00BTJRQ064) The Fund is managed by Fund Partners Limited Objective and investment policy Objective: The investment objective of the Fund is to achieve long term capital growth by investing in European (excluding the UK) equities of companies in special situations. Policy: The Fund will primarily* invest in equity securities of European (excluding the UK) companies in special situations, where it is believed the company is considered undervalued (i.e. with greater potential to rise in price). The Fund will also invest in other European (excluding the UK) equities to mitigate the volatility of the Fund. The Fund s portfolio will be managed on a concentrated basis. The Fund may also invest in other transferable securities, units or shares in collective investment schemes, money market instruments, cash and near cash, and deposits. The use of derivatives is permitted by the Fund for efficient portfolio management purposes (including hedging) to manage risk. Temporary borrowing will be permitted under the terms of the Regulations. Investors should note that while the investment objective of the Fund is to achieve long term capital growth there may be situations in which an income return is also achieved. For this share class, the Fund distributes all available income in pounds sterling. You can buy and sell shares on most business days where the London Stock Exchange is open for a full range of services. Investment in the Fund may be suitable for investors who understand the Fund s risks, would like a European-focussed investment and intend to invest their money for at least seven years. The Fund s base currency is Pounds Sterling. *A minimum of 70% Other information: We carry out investors requests, to buy, sell or switch, at midday on each working day (which excludes UK public holidays). If we receive a request after midday, we deal with it on the next working day. As you hold accumulation shares, income from investments in the Fund will be rolled up into the value of your shares. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years. Risk and reward profile Lower Risk Typically lower rewards Higher Risk Typically higher rewards This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean risk free. The Class I Shares above appear as a 6 on the scale. This is partly because the Fund invests in the shares of companies, whose values tend to vary more widely. Additionally, the Class I Shares (depending on their currency denomination) may be affected by currency exchange rates. The Fund does not provide its investors with any guarantee on performance, nor on monies invested in it. In addition to the risk captured by the indicator, the overall Fund value may be considerably affected by: Counterparty Risk The Fund could lose money if an entity with which it interacts becomes unwilling or unable to meet its obligations to the Fund. Portfolio Concentration Risk The Fund will hold a more con-centrated portfolio of underlying assets than an average fund. Whilst increasing the potential reward, there may also be an increased risk. As such, the returns may be more volatile and will be impacted more by fluctuations in the value of the Fund s underlying assets. Liquidity Risk Certain securities could become hard to value, sell at a desired time and price, or cease to trade altogether. Management Risk Investment management techniques that have worked in normal market conditions could prove ineffec-tive or detrimental at other times. Exchange Rate Risk Fluctuations in exchange rates may cause the value of your investment to rise or fall. For full details of the Fund's risks please see Section 4 of the Fund s Prospectus, which is available from the ACD at Fund Partners Limited CRUX Asset Management, PO Box 12248, Chelmsford CM99 2EG or, during normal business hours on

11 s for this Fund The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest. Class I Acc GBP Entry charge 0.00% Exit charge 0.00% This is the maximum that might be taken out of your money before it is invested (Entry charge) or before the proceeds of your investment are paid out (Exit charge). s taken from the fund over a year Ongoing 0.84% charge s taken from the fund under certain specific conditions Performance - N/A - fee The entry and exit charges shown are maximum figures. In some cases (including when switching to other funds) you might pay less you can find out actual entry and exit charges from your financial adviser. The Ongoing figure is based on an estimate of expenses for that fund at launch. Ongoing charges may vary from year to year. The ongoing charges figure includes any portfolio transaction costs which the Fund pays to its service providers (e.g. to the Fund s custodian) and any entry/exit charges the Fund pays when buying/selling units in another fund. In general, however, the figure excludes other portfolio transaction costs. For more information about charges please see Section 22 of the Fund s Prospectus, which is available from the ACD at Fund Partners Limited CRUX Asset Management, PO Box 12248, Chelmsford, CM99 2EG or, during normal business hours on For more details please see the Supplementary Information Document (SID) which is available at or on the above number. Past performance % Past performance is not a guide to future performance. The Fund launched on 4 June The chart shows the past performance of the Henderson European Special Situations Fund (which merged with the Fund on 4 June 2015) Year Class I Acc GBP 26.9% -14.2% 22.3% 25.3% 1.7% The past performance shown in the chart takes into account all charges except entry and exit charges. Performance for the share class is calculated in the currency indicated. Practical information Depositary: The Fund's depositary is State Street Trustees Limited Documents: Copies of the Fund's Prospectus and the latest annual and semiannual reports for the Fund may be obtained free of charge from the ACD at Fund Partners Limited CRUX Asset Management, PO Box 12248, Chelmsford CM99 2EG or during normal business hours on and can also be obtained from our website at These documents are available in English and Swiss German. Additional information for investors in and from Switzerland: The Prospectus, the Key Investor Information Document, the Instrument of Incorporation and the annual and semi-annual reports are available free of charge from the Swiss Representative and Paying Agent: RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Badenerstrasse 567, PO Box 1292, 8048 Zurich. Liability statement: Fund Partners Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. FP Crux UCITS OEIC is an open-ended investment company with variable capital, structured as an umbrella Company with one sub-fund. The Company is incorporated with limited liability and registered in England and Wales under number IC and is regulated by the Financial Conduct Authority. Prices of shares and further information: The last published prices of shares in the Fund and other information on the Fund, including how to buy and sell shares are available on the ACD's website at or, during normal business hours, from Fund Partners Limited CRUX Asset Management, PO Box 12248, Chelmsford, CM99 2EG or by telephone on You may switch between other funds of Fund Partners. An entry charge may apply. Details on switching are provided in the SID and the Fund s Prospectus. The assets of the Fund belong exclusively to it and are not available to meet the liabilities of any other fund or sub-fund. Tax : UK tax legislation may have an impact on your personal tax position. Under current UK revenue law and practice, UK resident shareholders may be subject to income tax for income distributions received or capital gains tax on disposal of their shares. Shareholders are advised to consult their professional advisers as to their tax position. Further information on the subject of tax is available in the prospectus. This Fund is authorised in the UK and regulated by the Financial Conduct Authority ( FCA ). Fund Partners is authorised and regulated in the UK by the FCA. This key investor information is accurate as at 04 June 2015.

12 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. I Class Shares in Fundsmith Equity Fund Accumulation Shares (ISIN: GB00B41YBW71) Income Shares (ISIN: GB00B4MR8G82) The fund is managed by Fundsmith LLP Objectives and investment policy The fund s objective is to achieve long term growth in value, investing in shares of companies on a global basis. The fund s approach is to be a long-term investor in its chosen stocks and it will not adopt short-term trading strategies. The fund aims to invest in businesses: that can sustain a high return on operating capital employed; whose advantages are difficult to replicate; which do not require significant borrowing to generate returns; with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return; that are resilient to change, particularly technological innovation; whose valuation is considered to be attractive; The fund will not invest in derivatives nor hedge any currency exposure. The fund will not borrow money, except in unusual circumstances. The fund does not track a particular benchmark. An investor, or prospective investor, may buy or sell their shares on demand each business day in the UK. Instructions to buy or sell received before noon will be implemented that day; instructions received after noon or on a non-business day will be implemented at noon on the next business day. For the Accumulation Shares, the dividends are reinvested in the fund. For the Income Shares, the dividends are paid out to you from the fund. Recommendation: This fund invests for the long term and may not be appropriate for investors who plan to withdraw their money within 5 years. Risk and reward profile Lower Typically risk lower rewards Typically Lower risk lower rewards Typically higher Higher rewards risk Typically higher Higher rewards risk The risk category reflects the significance of the fund s share price fluctuations based on historical data. Historical data may not be a reliable indication of the future risk profile of the fund. The risk category of the fund is not guaranteed and may change over time. Further, the lowest category of risk does not mean risk free. Generally, the higher the risk category, the greater the potential for higher returns but also the higher the risk of losing money. The fund is in Category 4 reflecting the risks inherent in the fund s investment portfolio, including that of capital losses. The underlying investments are, however, in large companies with shares that are, in most cases, highly liquid. There are a number of other risks that are not covered by the indicator above. A full description is contained in the prospectus under the heading Risk Factors. The most material are: Currency risk: The fund s portfolio is a global share portfolio and many of the investments are not denominated in Sterling. There is no currency hedging in place and the price of shares in the fund may therefore rise or fall purely on account of exchange rate movements. Concentration risk: The investment criteria adopted by the fund significantly limits the number of potential investments. The fund generally holds 20 to 30 stocks and so it is more concentrated than many other funds. This means that the performance of a single stock within the portfolio has a greater effect on the price of the shares of the fund. Operational risk: Failures or delays in operational processes may negatively affect the fund. There is a risk that any company responsible for the safekeeping of the assets of the fund may fail to do so properly or may become insolvent, which could cause loss to the fund.

13 Key Investor Information I Class Shares in Fundsmith Equity Fund s The charges for the fund are shown below. The ongoing charges figure is based on the fund s expenses for the year ended 31 December This includes all costs borne by the fund except for portfolio transaction costs but, because the portfolio turnover is relatively low, these charges should equally be low. The ongoing charges are used to pay the costs of running the fund, including the fee payable to Fundsmith LLP, which is 0.90% per annum, and certain other costs including marketing and distributing the fund. These ongoing charges reduce the potential growth of the investment. The overall ongoing charges may vary from year to year. One-off charges taken before or after you invest Entry charge Exit charge Not charged Not charged s taken from the fund over the year Ongoing charges 0.99% s taken under certain conditions Performance fee Not charged Past performance 30% 25% 20% 15% 10% The fund was launched on 1 November 2010, so the only complete calendar years of performance are 2011, 2012, 2013 and This performance is calculated based on the net asset value per class (which includes all charges) and assuming the income has been re-invested in the fund. Past performance is not necessarily a guide to future performance. The performance is shown in Pounds Sterling. 5% 0% Practical information Further information on the fund is available from the website You can also obtain it by calling us on or by writing to Fundsmith LLP, PO Box 10846, Chelmsford, Essex CM99 2BW. This includes the Supplementary Information Document, the Prospectus, the latest price of shares of the fund, and the latest annual or semi-annual reports as and when they are published. These documents are available free of charge and in English. This key investor information document describes the I Class shares. The equivalent document for other share classes is available from the website and address above. The depository of the fund is State Street Trustees Limited. The tax legislation of the United Kingdom may have an impact on the personal tax position of the investor. We are required, under Money Laundering regulations, to confirm your identity. In the majority of cases, we do this electronically, but we may require additional documents from you if we cannot do this. Fundsmith LLP may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the fund. This fund and Fundsmith LLP are authorised in the United Kingdom and regulated by the Financial Conduct Authority. This key investor information is accurate as at 31 January 2015.

14 Key Investor Information This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. Invesco Perpetual Global Smaller Companies Fund (the Fund ) A sub-fund of Invesco Perpetual Smaller Companies and Markets Investment Series ICVC (the Company ) Y Accumulation share class (ISIN: GB00BJ04HH03) (the Share Class ) This Fund is managed by Invesco Fund Managers Limited, part of the Invesco Group. Objectives and Investment Policy - The objective of the Fund is to achieve capital growth. - The Fund invests primarily in shares of smaller companies globally. - The Fund may use derivatives (complex instruments) to manage the Fund more efficiently, with the aim of reducing risk, minimising costs and/or generating additional capital or income. - The Fund is actively managed within its objectives and is not constrained by a benchmark. - You can buy, sell and switch shares in the Fund on any UK business day. - Any income from your investment is reinvested. - Recommendation: The Fund may not be appropriate if you plan to withdraw your money within 5 years. Risk and Reward Profile Lower Risk Typically lower rewards n n n n n Higher Risk Typically higher rewards The risk category above is not a measure of capital loss or gains, but of how significant the rises and falls in the Share Class price have been historically. For example a share class whose price has experienced significant rises and falls will be in a higher risk category, whereas a share class whose price has experienced less significant rises and falls will be in a lower risk category. As the Share Class risk category has been calculated using historical data, it may not be a reliable indication of the Share Class future risk profile. Please note that the Share Class risk category may change in the future and is not guaranteed. The lowest risk category does not mean a risk free investment. The Share Class is in risk category 5 as its price has experienced significant rises and falls historically. Other risks n The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and you may not get back the full amount invested. Over time, inflation may erode the value of investments. n Smaller company funds are higher risk than funds that can invest in larger company sizes. Market conditions, such as a decrease in market liquidity, may mean that it is not easy to buy or sell securities. n Although the Fund invests mainly in established markets, it can invest in emerging and developing markets, where there is potential for a decrease in market liquidity, which may mean that it is not easy to buy or sell securities. There may also be operational difficulties. n The Fund may use derivatives (complex instruments) in an attempt to reduce the overall risk of its investments, reduce the costs of investing and/or generate additional capital or income, although this may not be achieved. The use of such complex instruments may result in greater fluctuations of the value of the Fund. The Manager, however, will ensure that the use of derivatives within the Fund does not materially alter the overall risk profile of the Fund. n The Fund s performance may be adversely affected by variations in the relative strength of world currencies or if Sterling strengthens against those currencies. n A more detailed description of risk factors that apply to this Fund is set out in Section 30 of the Prospectus.

15 s The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 5.00% Exit charge None Any charges shown are the maximum that might be taken out of your money before it is invested. s taken from the Share Class over a year Ongoing charge 0.90% s taken from the Share Class under certain specific conditions Performance fee None - The entry charge shown is a maximum figure. In some cases you might pay less - you can find this out from your financial adviser or distributor. - The ongoing charge figure is based on a fixed, all-inclusive fee. Investors will be provided with advance notice if any increases to this figure occur. The figure excludes portfolio transaction costs. - If you switch funds within the Invesco Perpetual ICVC fund range you will be charged a maximum 1% entry charge on your new fund. - For more information about charges please see Appendix 1 of the Fund s Prospectus, which is available at Past Performance - The Fund was launched on 22 September This Share Class was launched on 01 April The base currency of the Fund is Sterling. As this Share Class has been in existence for less than one calendar year, there is insufficient data to provide a useful indication of past performance. Practical Information - Depositary: Citibank International Ltd. - The UK tax regime may have an impact on your personal tax position. - You can check the latest price for this Share Class on our website. - You are entitled to switch from this Fund to another fund within the Invesco Perpetual ICVC fund range on request, subject to a switching charge. - The Company is structured by having different sub-funds. The assets and liabilities of each sub-fund are segregated by UK law. As a consequence the assets of the Fund will not be available to meet the liabilities of another sub-fund within the Company. - Invesco Fund Managers Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund. - The following share classes are available for the Fund: Accumulation, Income, Accumulation (No Trail), Income (No Trail), Y Accumulation, Y Income, Z Accumulation and Z Income. - For further details, or to receive a free copy in English of the Prospectus and the latest Annual or Interim Short Report, please visit our website at or call us on This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. Invesco Fund Managers Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority. This Key Investor Information is accurate as at 18 September _7/PDF/180915

16 Key Investor Information This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. JPM Emerging Markets Fund B - Net Accumulation a Share Class of JPM Emerging Markets Fund a Fund of JPMorgan Fund ICVC ISIN GB00B1YX4S73 The Authorised Corporate Director ("ACD") is JPMorgan Funds Limited Objective and Investment Policy Investment Objective: To provide long term capital growth by investing primarily in equity and equity-linked securities of emerging markets companies. Investment Policy: Emerging markets companies are companies that are incorporated under the laws of, and have their registered office in, an emerging market country, or that derive the predominant part of their economic activity from emerging market countries, even if listed elsewhere. Smaller companies may be held on an ancillary basis. Other instruments as permitted in the stated investment and borrowing powers of the Company including, but not limited to, fixed interest securities, cash and cash equivalents may be held on an ancillary basis, as appropriate. Redemption and Dealing: Shares of the Fund may be redeemed on demand, with dealing normally on a daily basis. Management Discretion: The Investment Adviser has the discretion to buy and sell investments on behalf of the Fund within the limits of the Objective and Investment Policy. Benchmark: The benchmark of the Fund is MSCI Emerging Markets Index (Net). The benchmark is a point of reference against which the performance of the Fund may be measured. The Fund may bear little resemblance to its benchmark. Distribution Policy: This Share Class will reinvest income. Recommendation: The Fund may not be appropriate for investors who plan to withdraw their money within five years. For an explanation of some of the terms used in this document, please visit the glossary on our website at Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The above rating is based on the historic volatility of the Net Asset Value of the Share Class over the last five years and may not be a reliable indication of the future risk profile of the Share Class. The risk and reward category shown above is not guaranteed to remain unchanged and may change over time. A Share Class with the lowest risk rating does not mean a risk-free investment. Why is this Share Class in this category? This Share Class is classified in category 6 because its Net Asset Value has shown high fluctuations historically. Other material risks: D The value of your investment may fall as well as rise and you may get back less than you originally invested. D D D D The value of equity and equity-linked securities may fluctuate in response to the performance of individual companies and general market conditions. Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Emerging market currencies may be subject to volatile price movements. Emerging market securities may also be subject to higher volatility and be more difficult to sell than non-emerging market securities. Movements in currency exchange rates can adversely affect the return of your investment. Further information about risks can be found in "Part 11: Risk Warnings" of the Prospectus.

17 s One-off charges taken before or after you invest Entry charge None Exit charge None This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. s taken from this Share Class over a year Ongoing charge 1.18% s taken from this Share Class under certain specific conditions Performance fee: None D The actual entry and exit charges paid may be less. Information on charges can be obtained from the investor's financial adviser. D The Prospectus permits a fee to be charged for switching between Funds but this fee is currently waived by the Authorised Corporate Director. D The ongoing charge is based on the last year's expenses (excluding performance fees) ending 31 December D s are used to pay the costs of running this Share Class. These charges reduce the potential growth of the investment. D Further information about charges can be found in "Part 5: s and Expenses" section of the Prospectus. Past Performance % Q JPM Emerging Markets Fund B - Net Accumulation (GB00B1YX4S73) Q Benchmark D Past performance is not a guide to future performance. D Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges, in GBP. D Fund launch date: D Share Class launch date: Practical Information Depositary: The fund depositary is National Westminster Bank Plc. Further Information: A copy of the Prospectus and latest annual and semi-annual financial report in English can be downloaded or ordered online from or are available free of charge upon request from our UK-based Investor Services Team on (or if calling from outside the UK) or by writing to J.P. Morgan Asset Management, Client Administration Centre, 60 Victoria Embankment, London EC4Y 0JP. Share prices can be obtained online at or by telephoning (or if calling from outside the UK). Share prices of Class A and E Shares are published daily in the Financial Times. Please note if you call J.P. Morgan Asset Management, calls may be recorded and monitored for security and training purposes. Tax: The Fund is subject to UK tax regulations. This may have an impact on an investor's personal tax position. Legal Information: JPMorgan Funds Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. JPMorgan Fund ICVC consists of separate Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semiannual financial reports are prepared for JPMorgan Fund ICVC. The Fund is part of JPMorgan Fund ICVC. The assets and liabilities of each fund in JPMorgan Fund ICVC are segregated by law. This means that the assets of the Fund belong exclusively to the Fund and will not be used to pay the liabilities of any other person or body, including JPMorgan Fund ICVC or any other Fund within JPMorgan Fund ICVC. Switching and Conversion: Investors may switch into Shares of another Fund of JPMorgan Fund ICVC or convert Shares in one Class in a Fund to Shares of another Class in the same Fund subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information can be found in "section Switching and Conversion of Shares" of the Prospectus. This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). JPMorgan Funds Limited is authorised in the United Kingdom and regulated by the FCA. This Key Investor Information is accurate as at 01/01/2015.

18 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Neptune Japan Opportunities Fund C Acc GBP Neptune Japan Opportunities Fund (the Fund ) C Sterling Accumulation shares ISIN: GB00B3Z0Y815. A sub-fund of Neptune Investment Funds. Neptune Investment Management Limited is the 'Authorised Corporate Director' of the Fund. Objectives and investment policy To provide capital growth by investing mainly in a focused portfolio of approximately Japanese companies, selected at the manager's discretion. Any income the Fund generates will be reinvested to grow the value of your investment. You can buy and sell shares on any working day in London. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years. For full investment objectives and policy details please refer to the prospectus. Risk and reward profile The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund s ranking on the Risk and Reward Indicator. Typically lower rewards, lower risk Typically higher rewards, higher risk This Fund is ranked at 6 because funds of this type have experienced high rises and falls in value in the past. Please note that even the lowest risk ranking can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The indicator does not take into account the following risks of investing in this Fund: Investing overseas can bring additional returns and spread risk to different markets. There are risks, however, that changes in currency rates will reduce the value of your investment. The Manager aims to remove the impact of changes in exchange rates between the yen and pounds sterling by hedging, a currency transaction which can protect against such movements. However, if exchange rates move contrary to the Manager s expectations this can have a significant negative impact on the value of your investment. This Fund holds a limited number of investments. If one of these investments falls in value this can have a greater impact on the Fund s value than if it held a larger number of investments. For a full list of the Fund s risks, please see the prospectus. Page 1 of 2.

19 s The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 0.00% Exit charge 0.00% These are the maximum charges that we might take out of your money before it is invested and before we pay out the sale proceeds of your investment. In some cases, you might pay less and you should speak to your financial adviser about this. The ongoing charges figure is based on the last year s expenses and may vary from year to year. It excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). The ongoing charge is calculated as at 31 December For more information about charges, please see the s section of the Fund s prospectus. s taken from the Fund over a year Ongoing charges 0.82% s taken from the Fund under specific conditions Performance fee NONE Past performance % You should be aware that past performance is not a guide to future performance. Fund launch date: 30/09/2002. Share/unit class launch date: 03/10/2012. Performance is calculated in GBP. Performance is shown gross of tax and includes the ongoing charge but excludes any initial charge Fund Source: FE 2015 Practical information The Fund s Depositary is State Street Trustees Limited. The Fund is a Sub-Fund of Neptune Investment Funds (the Umbrella ). You can switch your shares in the Fund for shares in another Sub- Fund of the Umbrella. The Umbrella is comprised of multiple Sub-Funds, each of which has a distinct pool of assets and liabilities. These Sub-Funds are segregated and their assets shall not be used to pay the liabilities of any other Sub-Fund. This means investors in one Sub- Fund will not pay for any liabilities and debts of another Sub-Fund. Further detailed information regarding the Fund and other funds in the umbrella, the prospectus, the latest annual reports and any subsequent half-yearly reports (including information on how to switch, buy and sell shares of the Fund and other share classes available), are available free of charge from the Investment Manager. You can obtain these documents through our website, or by calling (+44 (0) ). These documents are available in English, Dutch, French and German. Other practical information, including current prices of shares in the Fund, may be obtained from our website. If you do not have access to the internet, please call us on (+44 (0) ) for the latest prices. The tax legislation of the United Kingdom may have an impact on your personal tax position. Neptune Investment Management Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS. This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. Neptune Investment Management Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority. GQLD This Key Investor Information is accurate as at 06/05/2015. Page 2 of 2.