IFSL Meon Adaptive Growth Fund P GBP Inc

In normal market conditions, at least 80% of the Fund will be invested in the shares of large-cap companies listed on any UK, USA and European stock markets. The Investment Manager defines large-cap companies as those with a value over £1bn in the UK, $4bn in the USA and €2.5bn in Europe. The Fund may also invest in Exchange Traded Products (“ETPs”), such as exchange traded funds (“ETFs”), which can give exposure to company shares, bonds (which are loans typically issued by companies and governments) and/or commodities (such as precious metals). Exposure to ETPs is not expected to be a significant part of the Fund in normal market conditions, less than 20%, and they may not always be held. The Fund is actively managed, which means the Investment Manager decides which investments to buy or sell and when. The Fund’s adaptive nature allows it to react to changes in stock market conditions with the aim of achieving the growth objective. The Fund will have no minimum or maximum exposure to any geographic location. In normal market conditions, the Fund may hold up to 20% in cash to enable the ready settlement of liabilities (including redemptions), for the efficient management of the Fund and in pursuit of the Fund’s objectives. In extreme market conditions, such as a stock market crash, the Investment Manager may reduce the Fund’s investment in company shares to below 80%. When this occurs, the Fund may increase the holding in ETPs above 20% and may also have exposure to money market instruments (short term loans), money market funds, cash and near cash instruments. In the most extreme situations, the Fund may reduce exposure to company shares to 0%, although this is considered unlikely.