![]() When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates. If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e.Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations. Gains or losses to the Fund may therefore be greater than the cost of the derivative. This can result in leverage (higher levels of debt), which can magnify an investment outcome. The Fund may use derivatives to help achieve its investment objective. ![]() If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.The value of your investment may fall as a result. Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments.The investment manager has discretion to choose individual investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index. The Fund is actively managed with reference to the Russell 2000 Growth Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund's performance target. The investment manager may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund. The Fund may also invest in other assets including companies outside the United States, cash and money market instruments. The Fund may invest up to 5% of its net assets in special purpose acquisition companies. The Fund will invest at least 50% in smaller US companies. Companies will be incorporated, headquartered, listed on an exchange in, or deriving significant revenue from, the United States. The Fund invests at least 80% of its assets in a concentrated portfolio of shares (also known as equities) of companies, in any industry, in the United States.
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