IFSL Marlborough 7 Portfolio Class P Acc

Essentials Portfolio Analysis Background Data Investment Risk Performance View PDF Factsheet
Portfolio data accurate as at:

Performance

Discrete performance - to last month end

30/11/20
to
30/11/21		 30/11/21
to
30/11/22		 30/11/22
to
30/11/23		 30/11/23
to
30/11/24		 30/11/24
to
30/11/25
Fund n/a n/a n/a n/a n/a
Sector 9.6% -7.6% 2.8% 13.3% 9.5%
Rank n/a n/a n/a n/a n/a
Quartile n/a n/a n/a n/a n/a

Annualised performance

Annualised
3 Years to
30/11/25		 5 Years to
30/11/25		 10 Years to
30/11/25
Fund n/a n/a n/a
Sector 8.4% 5.2% 5.7%
Rank n/a n/a n/a
Quartile n/a n/a n/a

Top 10 Holdings

Stock % Weight
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 1.44
TENCENT HOLDINGS LIMITED 0.54
SAMSUNG ELECTRONICS CO. LTD 0.51
ALIBABA GROUP HOLDING LIMITED 0.42
NVIDIA CORPORATION 0.40
TESLA 0.32
NOVARTIS AG 0.32
META PLATFORMS 0.31
MITSUBISHI UFJ FINANCIAL GROUP 0.29
HDFC BANK LIMITED 0.29
Total 4.85

Fund Aims

The aim of the Fund is to increase the value of an investment over a minimum of 5 years. The Fund will do this through a combination of capital growth, which is profit on investments held, and income, which is money paid out of investments, such as interest from bonds and dividends from shares. This will be achieved whilst aiming to maintain a risk rating classification of ‘7’. The risk classification is a range the Investment Manager maintains from 1 which is classified as the lowest risk to 10 which is classified as the highest risk.

Fund Overview

Mid (05/12/2025) 111.03p
Historic yield 0.70%
Fund size (31/10/2025) £22.54m
Number of holdings 20929
Entry Charge 0.00%
Ongoing Charges 0.62%
Launch date 21/03/2025

Asset Allocation

pie chart
  International Equities 36.64%
  Commodities 28.19%
  International Bonds 8.83%
  UK Equities 5.18%
  UK Gilts 3.20%
  Cash and Equivalents 1.83%
  UK Corporate Bonds 0.95%
  Alternative Trading Strategies 0.75%
  Property 0.17%
  Other Assets 14.26%
Portfolio data accurate as at: 31/10/25
Portfolio data accurate as at:

Asset Allocation

pie chart
  International Equities 36.64%
  Commodities 28.19%
  International Bonds 8.83%
  UK Equities 5.18%
  UK Gilts 3.20%
  Cash and Equivalents 1.83%
  UK Corporate Bonds 0.95%
  Alternative Trading Strategies 0.75%
  Property 0.17%
  Other Assets 14.26%

Equity Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
 Commodities 28.19% - - -
 
 Commodities - 28.19% - -
 
 Commodities - - 28.19% -
 
 Commodities - - - 28.19%
 
 Non-Classified 14.29% - - -
 
 Non-Classified - 13.77% - -
 
 Non-Classified - - 13.77% -
 
 Non-Classified - - - 13.77%
 
 Bonds 12.97% - - -
 
 Financials 8.28% - - -
 
 Banks - 5.25% - -
 
 Banks - - 5.25% -
 
 Banks - - - 5.25%
 
 Insurance - 1.91% - -
 
 Non-life Insurance - - 1.05% -
 
 Full Line Insurance - - - 0.63%
 
 Reinsurance - - - 0.21%
 
 Property & Casualty Insurance - - - 0.19%
 
 Insurance Brokers - - - 0.02%
 
 Life Insurance - - 0.86% -
 
 Life Insurance - - - 0.86%
 
 Financial Services - 1.13% - -
 
 Investment Banking & Brokerage Services - - 0.91% -
 
 Investment Services - - - 0.39%
 
 Asset Managers & Custodians - - - 0.30%
 
 Diversified Financial Services - - - 0.22%
 
 Finance & Credit Services - - 0.19% -
 
 Consumer Lending - - - 0.10%
 
 Financial Data & Systems - - - 0.08%
 
 Mortgage Finance - - - 0.01%
 
 Equity Investment Instruments - - 0.02% -
 
 Equity Investment Instruments - - - 0.02%
 
 Technology 8.02% - - -
 
 Technology - 8.02% - -
 
 Technology Hardware & Equipment - - 4.28% -
 
 Semiconductors - - - 2.81%
 
 Production Technology Equipment - - - 0.66%
 
 Electronic Components - - - 0.46%
 
 Computer Hardware - - - 0.33%
 
 Electronic Office Equipment - - - 0.02%
 
 Software & Computer Services - - 3.74% -
 
 Consumer Digital Services - - - 2.16%
 
 Software - - - 1.05%
 
 Computer Services - - - 0.52%
 
 Industrials 7.23% - - -
 
 Industrial Goods & Services - 6.03% - -
 
 Industrial Transportation - - 1.43% -
 
 Railroads - - - 0.51%
 
 Transportation Services - - - 0.30%
 
 Marine Transportation - - - 0.19%
 
 Commercial Vehicles & Parts - - - 0.15%
 
 Railroad Equipment - - - 0.12%
 
 Commercial Vehicle-Equipment Leasing - - - 0.09%
 
 Delivery Services - - - 0.08%
 
 Trucking - - - 0.00%
 
 Aerospace & Defence - - 1.21% -
 
 Aerospace - - - 0.90%
 
 Defense - - - 0.31%
 
 Industrial Support Services - - 1.07% -
 
 Transaction Processing Services - - - 0.44%
 
 Industrial Suppliers - - - 0.29%
 
 Business Training & Employment Agencies - - - 0.19%
 
 Professional Business Support Services - - - 0.14%
 
 Security Services - - - 0.01%
 
 Forms & Bulk Printing Services - - - 0.00%
 
 Electronic & Electrical Equipment - - 0.96% -
 
 Electrical Components - - - 0.84%
 
 Electronic Equipment: Gauges & Meters - - - 0.11%
 
 Electronic Equipment: Control & Filter - - - 0.01%
 
 Electronic Equipment: Pollution Control - - - 0.00%
 
 Electronic Equipment: Other - - - 0.00%
 
 General Industrials - - 0.86% -
 
 Diversified Industrials - - - 0.51%
 
 Containers & Packaging - - - 0.26%
 
 Glass - - - 0.07%
 
 Paints & Coatings - - - 0.01%
 
 Plastics - - - 0.01%
 
 Industrial Engineering - - 0.50% -
 
 Machinery: Industrial - - - 0.26%
 
 Machinery: Engines - - - 0.11%
 
 Machinery: Construction & Handling - - - 0.06%
 
 Machinery: Agricultural - - - 0.05%
 
 Machinery: Tools - - - 0.01%
 
 Machinery: Specialty - - - 0.01%
 
 Construction & Materials - 1.21% - -
 
 Construction & Materials - - 1.21% -
 
 Construction - - - 0.37%
 
 Building Materials: Other - - - 0.32%
 
 Cement - - - 0.27%
 
 Engineering & Contracting Services - - - 0.19%
 
 Building: Climate Control - - - 0.03%
 
 Building, Roofing/Wallboard & Plumbing - - - 0.02%
 
 Consumer Discretionary 5.51% - - -
 
 Consumer Products & Services - 1.66% - -
 
 Personal Goods - - 0.72% -
 
 Clothing & Accessories - - - 0.34%
 
 Luxury Items - - - 0.23%
 
 Footwear - - - 0.13%
 
 Cosmetics - - - 0.01%
 
 Leisure Goods - - 0.65% -
 
 Consumer Electronics - - - 0.32%
 
 Electronic Entertainment - - - 0.17%
 
 Photography - - - 0.06%
 
 Recreational Vehicles & Boats - - - 0.06%
 
 Toys - - - 0.03%
 
 Recreational Products - - - 0.00%
 
 Consumer Services - - 0.15% -
 
 Consumer Services: Misc. - - - 0.09%
 
 Vending & Catering Service - - - 0.05%
 
 Education Services - - - 0.01%
 
 Rental & Leasing Services: Consumer - - - 0.00%
 
 Household Goods & Home Construction - - 0.15% -
 
 Home Construction - - - 0.07%
 
 Household Appliance - - - 0.07%
 
 Household Furnishings - - - 0.00%
 
 Household Equipment & Products - - - 0.00%
 
 Automobiles & Parts - 1.50% - -
 
 Automobiles & Parts - - 1.50% -
 
 Automobiles - - - 1.16%
 
 Auto Parts - - - 0.27%
 
 Tires - - - 0.08%
 
 Retail - 1.02% - -
 
 Retailers - - 1.02% -
 
 Diversified Retailers - - - 0.81%
 
 Apparel Retailers - - - 0.09%
 
 Specialty Retailers - - - 0.08%
 
 Home Improvement Retailers - - - 0.05%
 
 Travel & Leisure - 0.82% - -
 
 Travel & Leisure - - 0.82% -
 
 Hotels & Motels - - - 0.30%
 
 Restaurants & Bars - - - 0.21%
 
 Casinos & Gambling - - - 0.15%
 
 Airlines - - - 0.10%
 
 Travel & Tourism - - - 0.05%
 
 Recreational Services - - - 0.01%
 
 Media - 0.50% - -
 
 Media - - 0.50% -
 
 Entertainment - - - 0.39%
 
 Media Agencies - - - 0.09%
 
 Radio & TV Broadcasters - - - 0.01%
 
 Publishing - - - 0.01%
 
 Health Care 2.70% - - -
 
 Health Care - 2.70% - -
 
 Pharmaceuticals & Biotechnology - - 2.14% -
 
 Pharmaceuticals - - - 1.54%
 
 Biotechnology - - - 0.60%
 
 Medical Equipment & Services - - 0.49% -
 
 Medical Equipment - - - 0.26%
 
 Medical Supplies - - - 0.22%
 
 Medical Services - - - 0.01%
 
 Health Care Providers - - 0.07% -
 
 Health Care Facilities - - - 0.06%
 
 Health Care Services - - - 0.01%
 
 Health Care Management Services - - - 0.00%
 
 Consumer Staples 2.22% - - -
 
 Food, Beverage & Tobacco - 1.27% - -
 
 Food Producers - - 0.49% -
 
 Food Products - - - 0.47%
 
 Farming, Fishing, Ranching & Plantations - - - 0.01%
 
 Fruit & Grain Processing - - - 0.01%
 
 Sugar - - - 0.00%
 
 Beverages - - 0.48% -
 
 Soft Drinks - - - 0.21%
 
 Distillers & Vintners - - - 0.14%
 
 Brewers - - - 0.13%
 
 Tobacco - - 0.31% -
 
 Tobacco - - - 0.31%
 
 Personal Care, Drug & Grocery Stores - 0.94% - -
 
 Personal Care, Drug & Grocery Stores - - 0.94% -
 
 Food Retailers & Wholesalers - - - 0.50%
 
 Personal Products - - - 0.29%
 
 Nondurable Household Products - - - 0.13%
 
 Drug Retailers - - - 0.03%
 
 Telecommunications 2.16% - - -
 
 Telecommunications - 2.16% - -
 
 Telecommunications Service Providers - - 1.39% -
 
 Telecommunications Services - - - 1.39%
 
 Cable Television Services - - - 0.00%
 
 Telecommunications Equipment - - 0.78% -
 
 Telecommunications Equipment - - - 0.78%
 
 Utilities 2.00% - - -
 
 Utilities - 2.00% - -
 
 Electricity - - 1.19% -
 
 Conventional Electricity - - - 1.11%
 
 Alternative Electricity - - - 0.08%
 
 Gas, Water & Multi-utilities - - 0.81% -
 
 Multi-Utilities - - - 0.38%
 
 Gas Distribution - - - 0.27%
 
 Water - - - 0.16%
 
 Waste & Disposal Services - - 0.00% -
 
 Waste & Disposal Services - - - 0.00%
 
 Cash and Equivalents 1.86% - - -
 
 Energy 1.57% - - -
 
 Energy - 1.57% - -
 
 Non-Renewable Energy - - 1.35% -
 
 Integrated Oil & Gas - - - 0.58%
 
 Pipelines - - - 0.34%
 
 Oil Refining and Marketing - - - 0.26%
 
 Oil: Crude Producers - - - 0.13%
 
 Coal - - - 0.03%
 
 Oil Equipment & Services - - - 0.00%
 
 Offshore Drilling & Other Services - - - 0.00%
 
 Renewable Energy - - 0.22% -
 
 Renewable Energy Equipment - - - 0.22%
 
 Basic Materials 1.39% - - -
 
 Basic Resources - 0.96% - -
 
 Industrial Metals & Mining - - 0.78% -
 
 General Mining - - - 0.53%
 
 Iron & Steel - - - 0.12%
 
 Copper - - - 0.07%
 
 Aluminum - - - 0.04%
 
 Nonferrous Metals - - - 0.02%
 
 Metal Fabricating - - - 0.01%
 
 Precious Metals & Mining - - 0.12% -
 
 Gold Mining - - - 0.12%
 
 Platinum & Precious Metals - - - 0.00%
 
 Diamonds & Gemstones - - - 0.00%
 
 Industrial Materials - - 0.06% -
 
 Paper - - - 0.04%
 
 Forestry - - - 0.02%
 
 Diversified Materials - - - 0.00%
 
 Textile Products - - - 0.00%
 
 Chemicals - 0.43% - -
 
 Chemicals - - 0.43% -
 
 Chemicals: Diversified - - - 0.25%
 
 Specialty Chemicals - - - 0.08%
 
 Chemicals & Synthetic Fibers - - - 0.08%
 
 Fertilizers - - - 0.01%
 
 Real Estate 0.86% - - -
 
 Real Estate - 0.86% - -
 
 Real Estate Investment & Services - - 0.65% -
 
 Real Estate Holding and Development - - - 0.54%
 
 Real Estate Services - - - 0.11%
 
 Real Estate Investment Trusts - - 0.21% -
 
 Industrial REITs - - - 0.07%
 
 Infrastructure REITs - - - 0.04%
 
 Residential REITs - - - 0.04%
 
 Diversified REITs - - - 0.03%
 
 Retail REITs - - - 0.02%
 
 Office REITs - - - 0.00%
 
 Hotel & Lodging REITs - - - 0.00%
 
 Other Specialty REITs - - - 0.00%
 
 Alternative Trading Strategies 0.75% - - -
 
 Alternative Trading Strategies - 0.75% - -
 
 Alternative Trading Strategies - - 0.75% -
 
 Alternative Trading Strategies - - - 0.75%

Regional Allocation

pie chart
  Developed Europe - Excl UK 38.58%
  Non-Classified 15.01%
  Emerging Asia 10.77%
  UK 9.33%
  North America 9.19%
  Japan 7.24%
  Cash and Equivalents 1.86%
  Developed Asia 1.69%
  South & Central America 1.57%
  Other Regions 4.78%

Fixed Interest Currencies

pie chart
  Non-Fixed Interest Assets 85.27%
  US Dollar 4.82%
  Pound Sterling 4.67%
  Cash 1.75%
  Euro 1.31%
  Yen 0.38%
  Other Currencies 1.78%

Regional Breakdown

Expand allCollapse all
Region Country
 
 Developed Europe - Excl UK 38.58% -
 
 Ireland - 27.21%
 
 Germany - 2.31%
 
 France - 1.76%
 
 Netherlands - 1.70%
 
 Switzerland - 1.31%
 
 Spain - 1.21%
 
 Italy - 0.97%
 
 Denmark - 0.47%
 
 Sweden - 0.37%
 
 Belgium - 0.31%
 
 Luxembourg - 0.28%
 
 Austria - 0.24%
 
 Finland - 0.21%
 
 Norway - 0.21%
 
 Iceland - 0.01%
 
 Portugal - 0.00%
 
 Liechtenstein - 0.00%
 
 Non-Classified 15.01% -
 
 Emerging Asia 10.77% -
 
 China - 3.30%
 
 Taiwan - 2.33%
 
 India - 2.01%
 
 South Korea - 1.56%
 
 Indonesia - 0.44%
 
 Thailand - 0.29%
 
 Malaysia - 0.24%
 
 Uzbekistan - 0.11%
 
 Viet Nam - 0.11%
 
 Kazakhstan - 0.10%
 
 Philippines - 0.08%
 
 Azerbaijan - 0.05%
 
 Georgia - 0.04%
 
 Sri Lanka - 0.02%
 
 Kyrgyzstan - 0.02%
 
 Pakistan - 0.02%
 
 Tajikistan - 0.02%
 
 Papua New Guinea - 0.02%
 
 Armenia - 0.01%
 
 Mongolia - 0.01%
 
 UK 9.33% -
 
 United Kingdom - 9.33%
 
 North America 9.19% -
 
 United States - 8.50%
 
 Canada - 0.68%
 
 Bermuda - 0.00%
 
 Japan 7.24% -
 
 Japan - 7.24%
 
 Cash and Equivalents 1.86% -
 
 Developed Asia 1.69% -
 
 Hong Kong - 1.12%
 
 Singapore - 0.56%
 
 South & Central America 1.57% -
 
 Mexico - 0.34%
 
 Brazil - 0.32%
 
 Colombia - 0.15%
 
 Chile - 0.09%
 
 Paraguay - 0.08%
 
 Argentina - 0.08%
 
 Peru - 0.07%
 
 Uruguay - 0.07%
 
 Dominican Republic - 0.07%
 
 Venezuela - 0.05%
 
 Cayman Islands - 0.04%
 
 Jamaica - 0.04%
 
 Barbados - 0.03%
 
 Guatemala - 0.03%
 
 Honduras - 0.03%
 
 Ecuador - 0.02%
 
 Suriname - 0.02%
 
 Trinidad and Tobago - 0.02%
 
 El Salvador - 0.01%
 
 Costa Rica - 0.01%
 
 Bolivia - 0.00%
 
 Australia & New Zealand 1.45% -
 
 Australia - 1.41%
 
 New Zealand - 0.04%
 
 Commodities 1.44% -
 
 Middle East & Africa 0.91% -
 
 South Africa - 0.28%
 
 United Arab Emirates - 0.11%
 
 Cote D'Ivoire - 0.06%
 
 Saudi Arabia - 0.06%
 
 Nigeria - 0.05%
 
 Egypt - 0.05%
 
 Qatar - 0.04%
 
 Morocco - 0.04%
 
 Ghana - 0.03%
 
 Benin - 0.03%
 
 Angola - 0.03%
 
 Mozambique - 0.03%
 
 Kenya - 0.02%
 
 Gabon - 0.02%
 
 Israel - 0.02%
 
 Jordan - 0.02%
 
 Zambia - 0.02%
 
 Kuwait - 0.01%
 
 Togo - 0.01%
 
 Senegal - 0.01%
 
 Oman - 0.00%
 
 Emerging Europe 0.80% -
 
 Poland - 0.18%
 
 Turkey - 0.17%
 
 Hungary - 0.13%
 
 Romania - 0.10%
 
 Serbia - 0.05%
 
 Ukraine - 0.05%
 
 Czech Republic - 0.04%
 
 Bulgaria - 0.03%
 
 Greece - 0.02%
 
 Albania - 0.01%
 
 Montenegro - 0.01%
 
 Slovakia (Slovak Republic) - 0.00%
 
 Lithuania - 0.00%
 
 Latvia - 0.00%
 
 Slovenia - 0.00%
 
 Russian Federation - 0.00%
 
 Property 0.17% -

Breakdown By Market Cap (%)

Mega
 
 
20.65%
Large
 
 
9.87%
Medium
 
 
3.27%
Small
 
 
0.47%
Non-Classified
 
 
50.91%
Bonds
 
 
12.97%
Cash
 
 
1.86%

Top 10 Holdings

Stock % Weight Sector Country
1 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 1.44% Technology Hardware & Equipment Taiwan
2 TENCENT HOLDINGS LIMITED 0.54% Software & Computer Services China
3 SAMSUNG ELECTRONICS CO. LTD 0.51% Telecommunications Equipment South Korea
4 ALIBABA GROUP HOLDING LIMITED 0.42% Retailers China
5 NVIDIA CORPORATION 0.40% Technology Hardware & Equipment United States
6 TESLA 0.32% Automobiles & Parts United States
7 NOVARTIS AG 0.32% Pharmaceuticals & Biotechnology Switzerland
8 META PLATFORMS 0.31% Software & Computer Services United States
9 MITSUBISHI UFJ FINANCIAL GROUP 0.29% Banks Japan
10 HDFC BANK LIMITED 0.29% Banks India

Dual Aspect Equity Analysis

UK Equities Int'l Equities UK Bonds Int'l Bonds UK Gilts Property Other Cash & Equiv Total
Technology 0.26% 7.76% - - - - - - 8.02%
Telecommunications 0.17% 1.99% - - - - - - 2.16%
Financials 1.31% 6.96% - - - - 0.04% - 8.30%
Real Estate 0.01% 0.69% - - - 0.17% - - 0.86%
Consumer Discretionary 0.45% 5.06% - - - - - - 5.51%
Consumer Staples 0.87% 1.34% - - - - - - 2.22%
Energy 0.42% 1.15% - - - - - - 1.57%
Utilities 0.50% 1.50% - - - - - - 2.00%
Health Care 0.41% 2.29% - - - - - - 2.70%
Industrials 0.45% 6.78% - - - - 0.04% - 7.27%
Basic Materials 0.33% 1.06% - - - - 0.02% - 1.40%
Cash and Equivalents - - - - - - - 1.83% 1.83%
Bonds - - 0.95% 8.83% 3.20% - - - 12.97%
Non-Classified - 0.08% - - - - 43.07% 0.03% 43.19%

Identification Codes

Sedol Code BTZKK85
Mex Code -
Isin Code GB00BTZKK852
Citi Code BSYJS

Fund Charges

Entry Charge 0.00%
Ongoing Charges 0.62%

Aims and Benchmark

Aims The aim of the Fund is to increase the value of an investment over a minimum of 5 years. The Fund will do this through a combination of capital growth, which is profit on investments held, and income, which is money paid out of investments, such as interest from bonds and dividends from shares. This will be achieved whilst aiming to maintain a risk rating classification of ‘7’. The risk classification is a range the Investment Manager maintains from 1 which is classified as the lowest risk to 10 which is classified as the highest risk.
Benchmark IA Volatility Managed
Benchmark Category -
IA Sector Volatility Managed

Fund Background

Valuation frequency Daily
Valuation point -
Fund type OEIC
Launch price -
Fund currency Pound Sterling
Fund domicile United Kingdom
ISA allowable Yes
SIPP allowable Yes

Distribution Details

Income frequency Biannually
Distribution Type No income
Distribution Payment Basis Net

Effect of Deductions

Assuming a growth rate of 6.00% Assuming a growth rate of 7.00%
- -

Fund Administration

Fund Trustee/Depository HSBC Bank plc
Fund Administrator SS&C Financial Services International Limited
Fund Registrar Internal
Fund Custodian HSBC Bank plc

Group Details

Group name IFSL Marlborough
Group address PO Box 13586, Chelmsford. CM99 2GS
Group telephone 0808 145 2500
Dealing telephone -
Email service@marlboroughgroup.com
Homepage www.marlboroughgroup.com
Fax number -

Dealing

Minimum Investment -
Minimum Top Up -
Minimum Regular Saving -
Settlement Period: Buy 4 days
Settlement Period: Sell 4 days
Pricing Basis Forward
Dealing Decimals -

Risk Analysis

Ratio Value
Alpha -
Beta -
Sharpe -
Standard Deviation -
Info Ratio -

Risk Factors

Risk Factor Yes / No
Charges to Capital No
Emerging Markets No
Concentrated Portfolio No
Smaller Companies No
High Yield Bonds No
Sector Specific No
Geared Investments No
Value of Investments Yes
Investments Long Term Yes
Property No
Exchange Rate No
Higher Risk No
Performance Charges No
Derivative Exposure No
Offshore No
Income Eroding Capital Growth Yes
Umbrella Liabilities No
New Fund No
Solvency of Depository No
Solvency of Bond Issuers No
Ethical Restrictions No
Liquidity Yes
Returns Are Not Guaranteed Yes
Inflation Yes
Taxation and Tax Relief Yes

Fund Specific Risks

Value of Investments

The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.

Investments Long Term

Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.

Income Eroding Capital Growth

The fund focuses on providing an income, which can reduce the prospects for capital growth, and in some cases the capital value may fall.

Liquidity

This fund can suffer from partial or total illiquidity, which may lead to considerable price fluctuations and the inability to redeem your investment.

Returns Are Not Guaranteed

What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.

Inflation

Inflation will reduce the real value of your investments in future.

Taxation and Tax Relief

Levels of taxation and tax relief are subject to change.