Aberdeen Investment Funds ICVC - Aberdeen Asset Management

More documents

Recommendations

Info

Investment Objectives, Policies and Other Details of the Funds continued ABERDEEN EUROPEAN SMALLER COMPANIES FUND Investment objective: The Fund aims to achieve capital growth primarily by investing in Equity and Equity-Related Securities of European smaller companies. Income is not a consideration. Investment policy: Investments will generally be confined to smaller companies. In this context, smaller companies generally means companies which are, at the time of investment, of a market capitalisation appropriate for a small company sector benchmark. Investments in companies which subsequently outgrow the appropriate small company sector benchmark will not be sold unless, in the opinion of the Investment Adviser, this is in the best interests of Shareholders. This Fund may invest in companies listed or incorporated anywhere in the world, as long as the companies’ principal activities are in, or their main economic exposure is to, Europe. The Fund may also hold ancillary liquid assets and Investment grade debt and debt-related securities. Share classes in issue: Share classes available for investment: Income: Initial issue of shares: Please refer to Appendix III. For up to date details of the share classes available for investment in this Fund, please refer to www.aberdeen-asset.co.uk. Income will be calculated six-monthly as at 31 January and 31 July (final), with the appropriate distributions or allocations made within 3 months of these dates. Shares were first issued pursuant to a scheme of arrangement with Aberdeen European Smaller Companies Fund, a sub-fund of Aberdeen Investments I, in respect of which Aberdeen Unit Trust Managers Limited is the ACD, on 7 April 2006. Calendar Year Performance Year to 31/12/10 % Year to 31/12/09 % 18 Aberdeen Investment Funds ICVC Prospectus November 2011 Year to 31/12/08 % Year to 29/12/07 % Year to 29/12/06 % 24.50 32.95 -37.93 5.73 35.86 Source: Lipper. Basis: Total Return, NAV to NAV, UK Net Income Reinvested The above performance figures are based on NAV to NAV prices. These performance figures are presented as a matter of historical record. Performance is determined by many factors, not just the skill of the ACD and the Investment Adviser, including the general direction and volatility of markets and may not be repeatable. Past performance is not a guide to future rates of return. The latest performance figures may be obtained from the ACD and at www.aberdeen-asset.co.uk. Performance information is shown for a period of five years. However, it should be noted that prior to 7 April 2006, the fund was a sub-fund of Aberdeen Investments I and not a sub-fund of the Company and the historic performance figures reflect this. Risk warnings appropriate to the Aberdeen European Smaller Companies Fund • The value of shares and the income from them can go down as well as up and you may get back less than the amount invested. • Past performance is not a guide to the future. • When cancellation rights apply and you exercise them, you may not get back the full amount invested if the share price falls before written notice of the wish to cancel is received. • Movements in exchange rates can impact on both the level of income received and the capital value of your investment. If the currency in which you invest strengthens against the currency in which the underlying investments of the Fund are made the value of your investment will reduce and vice versa. • The annual management charge for the Fund will be charged to the Fund’s income account. If insufficient income is generated by the Fund to cover the charge, the balance will be deducted from the Fund’s capital and to that extent will constrain capital growth. • Derivatives may be used to hedge against various risks but may not be used for speculative purposes. The use of derivatives for hedging in a rising market may restrict potential gains. • The Fund may invest in emerging markets which tend to be more volatile than mature markets and the value of investments could move sharply up or down. In some circumstances the Fund’s underlying investments may become illiquid which may constrain the ability to realise some, or all, of the portfolio. Registration and settlement arrangements may be less developed than in mature markets, increasing the operational risks. Political risks and adverse economic circumstances are more likely to arise putting the value of investments at risk. • The Fund invests in smaller companies which may be riskier and less liquid than larger companies leading to increased potential volatility. • The Fund may invest largely in companies active in the technology and telecommunications sectors which may be adversely affected by rapid technological advances which may render products or services obsolete. The specialist nature of these companies may result in the market for their shares displaying greater price volatility than less specialised companies.
ABERDEEN HIGH YIELD BOND FUND Investment objective: The investment objective is to provide an attractive level of income with the opportunity for some long-term capital return. Investment Policy The Fund will be primarily invested in non-Investment grade Debt and debt related securities issued by companies, governments, government related bodies and supranational institutions that are domiciled in the UK or a European Country and/or non- Investment grade Debt and debt related securities issued by companies which conduct a significant proportion of their business activities in the UK or a European Country which, in the investment advisor’s opinion, are likely to produce a high yield. The Fund investments may be of any credit quality and may include securities not paying interest currently and securities in default following purchase. The Fund may also invest in other transferable securities, money market instruments, cash, near cash, deposits, shares in collective investment schemes (including other funds managed by the investment adviser or its associates). Derivatives may be used for efficient portfolio management and hedging purposes. Under normal circumstances, the Fund may hold up to 10% of its net assets in cash or near cash assets. However, the Fund may from time to time adopt temporary defensive positions in response to adverse political, economic or bond market events in which case up to 100% of the Funds net assets may be held in cash or near cash assets including short term Debt and debt related securities listed and traded on an eligible market or OTC market. Share classes in issue: Share classes available for investment: Income: Please refer to Appendix III. For up to date details of the share classes available for investment in this Fund, please refer to www.aberdeen-asset.co.uk. Income will be calculated monthly as at the last calendar day with the appropriate distributions or allocations made on the last business day of the following month. Due to the Fund having been launched within the past year and consequently having a performance track record of less than 12 months, the Fund’s performance cannot be shown. Risk warnings appropriate to the Aberdeen High Yield Bond Fund • The value of shares and the income from them can go down as well as up and you may get back less than the amount invested. • Past performance is not a guide to the future. • When cancellation rights apply and you exercise them, you may not get back the full amount invested if the share price falls before written notice of the wish to cancel is received. • Movements in exchange rages can impact on both the level of income received and the capital value of your investment. If the currency in which you invest strengthens against the currency in which the underlying investments of the Fund are made the value of your investment will reduce and vice versa. • The annual management charge for the Fund will be deducted from the Fund’s capital. This may constrain the Fund’s future growth or lead to erosion of capital. • Derivatives may be used to hedge against various risks but may not be used for speculative purposes. The use of derivatives for hedging in a rising market may restrict potential gains. • The Fund invests primarily in non-investment grade securities. These securities carry a high risk of default compensated for by a substantially higher yield than that provided by investment grade securities. • The value of a bond will fall in the event of the default or reduced credit rating of the issuer. • Unlike income from a single bond, the level of income from the Fund is not fixed and will fluctuate. • The underlying investments in the Fund are subject to interest rate risk and credit risk. Where long-term interest rates rise, the capital value of bonds is likely to fall and vice versa. Credit risk reflects the risk of the bond issuer failing to meet its obligations to pay interest and return the capital on redemption date. Aberdeen Investment Funds ICVC Prospectus November 2011 19
Page 1 and 2: Aberdeen Investment Funds ICVC Pros
Page 3 and 4: Summary FUNDS The following Funds a
Page 5 and 6: Definitions In this Prospectus, unl
Page 7 and 8: Details of the investment objective
Page 9 and 10: Investment Objectives, Policies and
Page 11 and 12: ABERDEEN ASIA PACIFIC FUND Investme
Page 13 and 14: ABERDEEN CASH FUND Investment objec
Page 15 and 16: ABERDEEN EMERGING MARKETS BOND FUND
Page 17 and 18: ABERDEEN ETHICAL WORLD FUND Investm
Page 19: ABERDEEN EUROPEAN FRONTIERS FUND In
Page 23 and 24: ABERDEEN JAPAN GROWTH FUND Investme
Page 25 and 26: ABERDEEN MANAGED DISTRIBUTION FUND
Page 27 and 28: ABERDEEN MULTI-ASSET FUND Investmen
Page 29 and 30: ABERDEEN RESPONSIBLE UK EQUITY FUND
Page 31 and 32: ABERDEEN UK EQUITY INCOME FUND Inve
Page 33 and 34: ABERDEEN UK MID-CAP FUND Investment
Page 35 and 36: ABERDEEN WORLD EQUITY FUND Investme
Page 37 and 38: Further Funds Subject to the OEIC R
Page 39 and 40: THE DEPOSITARY The Depositary is Na
Page 41 and 42: 7 All agreements are to be included
Page 43 and 44: STAMP DUTY RESERVE TAX The Finance
Page 45 and 46: 9029 Chelmsford CM99 2WJ, by teleph
Page 47 and 48: An exchange of shares in one Fund f
Page 49 and 50: that class’ proportion of the cos
Page 51 and 52: A shares AMC I shares AMC Aberdeen
Page 53 and 54: The following expenses (being the a
Page 55 and 56: GAINS Shareholders who are resident
Page 57 and 58: 4.1.5 a warrant; or 4.1.6 a certifi
Page 59 and 60: 9.2 Not more than 10% in value of t
Page 61 and 62: 14. SPREAD: GENERAL 14.1 Save as ma
Page 63 and 64: 17.4.2 is recognised under the prov
Page 65 and 66: 21.1.3 The generation of additional
Page 67 and 68: 24.4.2 material information on matt
Page 69 and 70: 32. RELEVANT INDICES 32.1.1 The ind
Page 71 and 72:
39.1.1 redemption of units; or 39.1
Page 73 and 74:
45.3.4 an indemnity given to a pers
Page 75 and 76:
General REPORT AND ACCOUNTS The ann
Page 77 and 78:
Provision of Administration service
Page 79 and 80:
Appendix I Eligible securities Mark
Page 81 and 82:
Appendix III Share Classes in Issue
Page 84:
14 2009_1111 2505346
show all

Aberdeen Investment Funds ICVC - Aberdeen Asset Management

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?