CAZENOVE INVESTMENT FUND MANAGEMENT LIMITED
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CAZENOVE INVESTMENT FUND MANAGEMENT LIMITED Document Transcript

  • 1. CAZENOVE INVESTMENT FUND MANAGEMENT LIMITED Simplified Prospectus for A Class Shares of sub-funds of Cazenove Investment Fund Company Helping you decide January 2009
  • 2. CIFM Simplified Prospectus A Class Shares Contents Helping you decide 4 Your commitment 5 Fund aims 6 Risk factors 8 Questions & answers 10 The cost of investing 11 Additional investment information 14 APPENDIX ONE: 16 Historical performance 3
  • 3. CIFM Simplified Prospectus A Class Shares Helping you decide What you should know before you invest The simplified prospectus gives you information that will help you decide if you want to invest in the A Class Shares of one or more of the sub-funds (the Funds) of the Cazenove Investment Fund Company (the Company). What information do I need before I invest? We have provided information in this simplified prospectus on: • The aims of each Fund • Your commitment • The risk factors associated with each Fund • Questions and answers about investing • What are the charges and expenses of investing • Additional investor information • How to contact us This information will help you decide whether shares in a Fund are suitable for you. You should be comfortable that you understand the simplified prospectus before deciding whether to invest. 4
  • 4. CIFM Simplified Prospectus A Class Shares Your commitment You should be confident that a Fund is right for you before you invest. The following are some of the factors that should be considered in assessing whether one (or more) of our Funds is a suitable investment for you: • E ach Fund may be suitable for investors seeking to spread their risk by investing in a collective investment scheme. Collective investment schemes are a convenient way to invest in equities, bonds or other assets without taking the risk of investing directly in these assets. • Y ou should only invest in a Fund if you are happy for your money to be invested directly in shares, bonds and other assets and intend to hold on to your investment for the medium- to long-term. You must be able to accept that you may not get back all of the money you have invested. • I nvestment in a Fund will not be suitable for all investors and, in particular, will not be suitable for someone who is not prepared to take risks with their capital. Any investment should be considered against your specific investment needs and your appetite for risk. 5
  • 5. CIFM Simplified Prospectus A Class Shares Fund aims The Funds are sub-funds of the Cazenove Investment Fund Cazenove UK Dynamic Fund Company (the Company). The Company is an umbrella This Fund does not issue A Class Shares investment company with variable capital and registered in England and Wales under Regulation 4 of the Open-Ended Cazenove UK Smaller Companies Fund Investment Companies Regulations 2001. The Company Investments held by the fund: shares in UK smaller is established as a UCITS Scheme and authorised by the companies. Financial Services Authority (FSA) in the United Kingdom. It is open-ended which means each Fund can keep on growing • ims to achieve long-term capital growth by investing A as new shareholders invest or contract as shareholders primarily in UK smaller companies. liquidate their holdings. • nvests at least 80% of its assets in UK listed companies I The Authorised Corporate Director (ACD) of the Company that form the bottom 10% by market capitalisation. is Cazenove Investment Management Limited which is • eeks to invest in a broad spread of high quality smaller S authorised and regulated by the FSA. companies that are capable of producing shareholder value through above average growth in earnings and The Aims of each Fund dividends over the medium- to long-term. The investment objective and aim of each Fund is Cazenove UK Equity Income Fund summarised below. The full objective of policy for each Fund Investments held by the fund: predominantly shares in can be found in the full prospectus which is available from us UK companies although may also invest in government on request. and corporate bonds, cash, deposits and money market instruments. Equity Funds • ims to provide a high level of income together with long- A term capital growth by investing predominantly in UK Cazenove UK Growth & Income Fund equities. Investments held by the fund: shares in UK companies. • ay also invest in fixed interest securities, cash, deposits M Mainly larger companies but may have some smaller and money market instruments and in other markets. companies. • A ims to achieve long-term capital and income growth through investment primarily in the UK. • I nvestments will be made predominantly in UK equities, fixed interest and other securities. Cazenove UK Opportunities Fund Investments held by the fund: shares in UK companies. Mainly larger companies but may have some smaller companies. • A ims to achieve an income return, together with long- term capital growth, by investing in any economic sector of the UK market. • I nvestment will be made predominantly in UK equities. 6
  • 6. CIFM Simplified Prospectus A Class Shares Cazenove European Fund Fixed Income Funds Investments held by the fund: shares in European companies. Cazenove UK Corporate Bond Fund • A ims to achieve long-term capital growth by investing in Investments held by the fund: primarily UK based any or all European markets, excluding the UK, and any corporate bonds rated investment grade or better. May or all economic sectors. invest up to 20% of its assets in unrated issues and those of non-investment grade issuers. • nvests in a diversified list of companies and seeks I out industry groups exhibiting above average growth • A ims to achieve a high income return together with prospects, strong financial characteristics and proven capital growth by investing primarily in fixed income management. instruments including bonds, notes of fixed and variable interest, preference shares, convertibles and other • A dditional diversification is provided by a flexible country securities issued by governments, banks and companies. allocation strategy. • C an invest in derivatives (forward foreign exchange Cazenove Multi-Manager Diversity Balanced Fund transactions, credit default swaps, interest rate and Investments held by the Fund: Predominantly collective government bond futures, and other exchange traded investment funds and closed-ended funds and off exchange traded derivative contracts) to meet the investment objectives. • A ims to deliver long term capital growth from a diversified portfolio of investments. • D erivatives used have the potential to significantly increase the fund’s risk profile. We employ a risk • Invests both in the UK and overseas. management process that seeks to control the volatility • T he Fund intends to provide consistent rates of return of fund returns. with lower risk than more traditional approaches to portfolio management which tend to be largely Cazenove Strategic Bond Fund dependent on the performance of equities. Investment held by the fund: primarily investment grade • I nvestment is mainly in collective investment funds bonds, non-investment grade bonds and derivative but investment may also be made in closed-ended instruments, but may include notes of fixed and variable funds, individual transferable securities, money market interest, preference shares, and equities issued by instruments and deposits. governments, banks and corporate entities. May also invest in money market instruments and deposits • I nvestment diversification may be sought by obtaining exposure to alternative asset classes including hedge • A ims to generate a total return above sterling cash funds, private equity, commodities and property through interest rates, primarily through a flexible allocation to investment in closed-ended securities and other investment grade bonds, non-investment grade bonds instruments in which the Fund may invest. and derivative instruments. • M ay invest in rated and unrated securities including bonds, notes of fixed and variable interest, preference shares, equities, convertible and other securities issued by governments, banks and corporate entities. • an use derivatives (forward foreign exchange C transactions, futures, credit default swaps and other exchange traded and off-exchange traded derivative contracts) to meet investment objectives. • D erivatives used have the potential to significantly increase the fund’s risk profile and may create leveraged exposure to the credit market. 7
  • 7. CIFM Simplified Prospectus A Class Shares Risk factors The level of risk varies between Funds. In assessing the risk Liquidity Consideration profile of each Fund, the following factors should be taken • ur ability to invest and to liquidate the assets of O into account (note that more detailed information on the risks Funds in smaller companies may, from time to time, mentioned below can be found in the full Prospectus): be restricted by the liquidity of the market for smaller company securities. Market Risk • E ach Fund’s investments are subject to normal market Charges to Capital fluctuation and other risks inherent in investing in • ome Funds may take the annual management charge S securities. There can be no assurance that investments from the capital if insufficient income is generated by the will increase in value, and the capital value of your investment. This may result in the Fund not growing and original investment is not guaranteed. The value of your would result in capital erosion. holding and the income from it may go down as well as up, and you may not get back the original amount Liabilities of the Company invested. There is no assurance that the investment • ach Fund, under normal circumstances, is treated E objective of the Fund will be achieved. as a separate entity with its own assets and liabilities. • P ast performance is not a guide to, nor a guarantee of, However, the Funds are not “ring-fenced’ and, if the future returns. assets of any Fund are insufficient to meet the liabilities attributable to it, the excess liabilities may have to be met Inflation Risk out of the assets of the other funds. • I nflation risk is the loss of purchasing power associated • ou are not liable for the debts of the Company and Y with inflation. It is possible that the value of assets or you are not liable to make any further payment to the income will decrease as inflation impacts the purchasing Company after you have paid the purchase price of the power of your wealth. The value-decreasing effect is Shares. certain but the impact can be mitigated by positive investment returns in excess of inflation. Taxation • he taxation of open-ended investment companies could T Equities change. This may result in the tax borne by each Fund • M ost of our Funds primarily invest in equities and as increasing. such tend to be more volatile than funds investing in bonds, but may also offer greater potential for growth. The value of the underlying investments in equity funds Specific Risks Attached to Funds may fluctuate quite dramatically in response to the activities and results of individual companies, as well Cazenove Multi-Manager Diversity Balanced Fund as in connection with general market and economic • his Fund may invest in stock markets of developing T conditions. countries where price volatility may be greater than that experienced in more developed economies and stock Bonds markets, and deals may be carried out at unfavourable • F unds investing partly or wholly in bonds will tend to prices. There is also a risk associated with different be less volatile than pure equity funds, as bonds are settlement and custody practices. generally considered to be more secure, usually including • T he Fund may invest in closed-ended funds that invest a condition to repay the original sum at a specified date in hedge funds or in funds containing alternative asset in the future and normally provide a fixed level of income. classes. Hedge funds may hold assets where there is However, the capital value of a bond fund and the level of no recognised market in which to sell these investments its income will still fluctuate. or to obtain reliable information about the value of the assets. Hedge funds may significantly increase the risk profile of these Funds. • T he Fund may also invest in funds that invest directly in property. Property values can be volatile, and property 8
  • 8. CIFM Simplified Prospectus A Class Shares valuation can be a matter of judgement by independent may lead to higher volatility of the net asset value. In property valuers. The value of capital and income will general the possible effect on each Fund’s risk profile therefore fluctuate as property values and rental incomes from the use of these instruments and techniques will fluctuate. In certain circumstances the right to buy or sell be to reduce volatility when used for efficient portfolio units in property funds may be restricted or suspended management and could increase volatility when taking additional market or securities exposure. Cazenove UK Smaller Companies Fund • T he use of derivative and forward investments is • T hese are specialist Funds, which invest in small markets supported by a risk management process. The risk or in small, less liquid companies. The Funds are likely management process takes into account the objectives to provide a higher level of volatility and this may carry and policy of the Fund, its investment limits and the rules increased risk. of the FSA. Cazenove Multi-Manager Diversity Balanced Fund, Leveraged Cazenove UK Corporate Bond Fund, Cazenove UK • S ince many derivatives have a leverage component, Equity Income Fund, Cazenove Strategic Bond Fund and adverse changes in the value or level of the underlying Cazenove UK Growth and Income Fund. asset, rate or index can result in a loss substantially • hese Funds may invest partly or wholly in bonds and T greater than the amount invested in the derivative itself. thus generally tend to be less volatile than investment in Certain derivatives have the potential for unlimited loss pure equity funds. However, the capital value of a bond regardless of the size of the initial investment. If there fund and the level of its income will still fluctuate. is a default by the other party to any such transaction, there will be contractual remedies; however, exercising Cazenove UK Corporate Bond Fund and Cazenove such contractual rights may involve delays or costs which Strategic Bond Fund could result in the value of the total assets of the related • T hese Funds invest partly in higher yielding bonds portfolio being less than if the transaction had not been which will be issued by borrowers with lower credit entered into. ratings. Such bonds will have a greater risk of default by the lender and the incidence of such risk may have a negative impact on income and capital value. • he Funds may extensively use derivative instruments T and forward transactions to meet their investment objectives of the Fund. The use of derivatives for investment purposes involves special risks which may: (i) significantly raise the risk profile of each Fund; (ii) increase the volatility of the share price when taking additional market or securities exposure; (iii) depend on the ability of the fund manager to predict movements in the prices of securities; (iv) place some reliance on the imperfect match between instruments and the underlying securities; and (v) involve investing in instruments that are not traded on investment exchanges, that are not standardised and which in turn may involve negotiations on transactions on an individual basis. • T he value of derivative and forward transactions may fluctuate and, whilst they may in certain circumstances reduce or eliminate risk, they may also limit the potential for capital appreciation. Moreover, the use of derivatives 9
  • 9. CIFM Simplified Prospectus A Class Shares Questions & answers How do I make a lump sum How will I know how a Fund is investment? performing? You can buy shares in a Fund by completing an application The share price of each Fund is available on the Cazenove form and sending it to us at: Capital website. www.cazenovecapital.com Cazenove Investment Fund Management Limited PO Box 21072 What documentation will I receive? London You will be sent a contract note on purchasing shares United Kingdom E14 9GU in a Fund and then on selling those shares back to us. Direct investment into a Fund may also be made by The contract note will normally be sent on the day after telephoning (0)20 7155 5566 between the hours of 9.00 a.m. shares have been bought or sold. You will not be issued and 5.00 p.m. on each business day. with a share certificate. All shares are in registered in an The minimum lump sum investment in A Class Shares of uncertificated form. each Fund is £25,000. Additional investments can be made We will also send you six-monthly valuations of your with a minimum value of £500. investment. You may also be sent half yearly and annual Alternatively you may decide to take the advice of a report and accounts. If you do not receive the report and professional financial adviser. Your adviser will explain to you accounts or you want a copy of the Prospectus then you can about investing in the Fund. request these documents from us. If you require further information about the Funds please Are both accumulation and income telephone us on 020 7155 5566. Telephone calls may be recorded for your protection. shares available? Some of our Funds offer both accumulation and income Can I change my mind? shares whilst others offer just income or just accumulation shares (see Total Expense Ratio section). Accumulation You have the right to cancel your investment in a Fund only shares do not pay income as this is retained and is reflected if you have received advice from a professional financial in the daily share price. Income shares are paid out to the adviser. We will assume that you did not receive advice if you investor or reinvested into a Fund. Income payments are paid invest directly with us (i.e. your investment does not come by cheque or directly to the investor’s bank account, if the through a professional financial adviser). investor has supplied bank account details If you have the right to cancel, you will have 14 business days to cancel from the day you receive the contract note. Can I switch between share To cancel your investment you must telephone us on 020 7155 5566. The value of your investment could fall between classes? subscription and cancellation. In the sale of higher risk You can switch free of charge between share classes of Funds, such a fall in value could be substantial. If the value a Fund provided that you fulfil the minimum investment has fallen you will receive less than you originally invested. requirements. How can I sell my units in a Fund? Your investment can be sold through your professional financial adviser or directly by sending to us a signed, written instruction to sell your holding. Holdings can also be sold by telephoning us on 020 7155 5566. 10
  • 10. CIFM Simplified Prospectus A Class Shares The cost of investing When you invest there are certain fees and expenses Total Expense Ratio (TER) faced either by you directly or paid by each Fund in which you have bought shares. A summary of the most The TER represents our best estimate of the total direct and significant annual operating charges and expense is indirect fees and expenses that will be borne by a Fund. provided below: These expenses are expressed as a percentage of the net assets of that Fund. The TER does not include costs • There is no initial charge on purchasing A Class Shares. associated with buying and selling securities for that Fund. • A n annual management fee of either 0.75% or 1.0% for A TERs help you compare annual operating expenses between Class Shares is charged to each Fund. This is our annual funds. The figures have been calculated for the 12 months to fee for managing that Fund. 31 December 2008. • T here are various other fees and expenses including administration expenses, depositary, audit and regulatory Total Expense Ratios: A Class Shares Annual Income/ Total Total Income/Div fees and other expenses relating to the day-to-day Mngmnt Accum Expense Expense Payment management of each Fund. Charge Shares Ratio Ratio Dates • W e may also charge a dilution adjustment which may (%) (Accum) (Income) mean that the price at which you purchase or sell Shares Cazenove 1.00 Both 1.80* 1.80* Feb, Aug in a Fund may be higher or lower than the mid-market Multi-Manager Diversity value used in calculating the share price. Balanced Fund • C urrently there is no exit charge when you sell your Cazenove UK 1.00 Both 1.18 1.21 Feb, Aug shares. Opportunities Fund Full details of the fees and expenses and an explanation Cazenove 1.00 Both 1.27 1.24 Feb, Aug UK Smaller of the dilution adjustment are in the Prospectus which is Companies Fund available from us on request. Cazenove 0.75 Both 0.89 0.89 Feb, May UK Corporate Aug, Nov Bond Fund Cazenove 1.00 Acc 1.11 - Feb European Fund Cazenove UK 1.00 Both 1.11 1.08 Feb, Aug Growth and Income Fund Cazenove UK N/a N/a N/a N/a N/a Dynamic Fund Cazenove 1.00 Inc - 1.26 Feb, Aug UK Equity Income Fund Cazenove Strategic 0.75 Both 0.86 0.85 Feb, Aug Bond Fund * est. 11
  • 11. CIFM Simplified Prospectus A Class Shares Portfolio Turnover Ratio Cazenove UK Growth and Income Fund A Class Shares - 6% growth for investments The Portfolio Turnover Ratio is defined as the monetary value Income Accumulation of total purchases and total sales of underlying securities At Invest- Effect of Income What you Effect of What you in a Fund less the monetary value of all purchase and sales end ment to deductions to date might get deductions might get of shares in that Fund, divided by the average value of that of date to date at 6% to date at 6% year £ £ £ £ £ £ Fund during the year. The rate is calculated in accordance with an established formula which is set out below. 1 25,000 283 638 23,569 290 26,210 (Purchases of securities plus sales of securities) – 3 - 921 1,959 26,746 967 28,808 (Monetary value of shares purchased and sold in the Fund) 5 - 1,665 3,341 27,978 1,791 31,664 Average Fund value over the last 12 months x 100 0 1 - 4,092 7,080 31,311 4,666 40,106 Portfolio turnover has been calculated for the 12 months to 31 December 2008. The last line of the table shows that after 10 years the effect of total charges and expenses could amount to £4,666 if you Portfolio Turnover purchase accumulation shares and £4,092 if you purchase Annual Turnover income shares. Putting it another way, this would have the 2008 (%) same effect as bringing the illustrated investment growth Cazenove Multi-Manager Diversity Balanced Fund 110 from 6.0% p.a. down to 4.9%. Cazenove UK Opportunities Fund 173 Cazenove Multi-Manager Diversity Balanced Fund A Class Cazenove UK Smaller Companies Fund 137 Shares - 6% growth for investments Cazenove UK Corporate Bond Fund 21 Income Accumulation Cazenove European Fund 160 At Invest- Effect of Income What you Effect of What you Cazenove UK Growth and Income Fund 6 end ment to deductions to date might get deductions might get of date to date at 6% to date at 6% Cazenove UK Dynamic Fund N/a year £ £ £ £ £ £ Cazenove UK Equity Income Fund 125 Cazenove Strategic Bond Fund 32 1 25,000 470 582 25,439 473 26,027 3 - 1,523 1,776 26,342 1,566 28,209 5 - 2,741 3,012 27,276 2,882 30,574 How will charges and expenses 0 1 - 6,659 6,298 29,759 7,380 37,391 affect my investment? The last line of the table shows that after 10 years the effect The following tables are calculated to show the way the initial of total charges and expenses could amount to £7,380 if you charge and each Fund’s expenses affect the performance purchase accumulation shares and £6,659 if you purchase of the fund over a ten-year period. The effect of charges income shares. Putting it another way, this would have the calculations (or reduction in yield due to the effect of charges same effect as bringing the illustrated investment growth on the investment) are compiled using standard growth rates from 6.0% p.a. down to 4.1%. of 6% p.a. for direct fund investments. Details of an investment of £25,000 are given. The reduction in yield calculations for all Funds is shown in the table beneath the illustrations. These figures are not guaranteed and are for illustrative purposes only (all figures are for 12 months to 31 December 2008). Examples of the effect of charges and expenses The tables show the reduction in yield for representative balanced, growth and income Funds. 12
  • 12. CIFM Simplified Prospectus A Class Shares Cazenove UK Corporate Bond Fund A Class Shares - 6% growth for investments Income Accumulation At Invest- Effect of Income What you Effect of What you end ment to deductions to date might get deductions might get of date to date at 6% to date at 6% year £ £ £ £ £ £ 1 25,000 231 1,108 25,137 235 26,265 3 - 740 3,342 25,412 785 28,991 5 - 1,316 5,600 25,690 1,457 31,999 0 1 - 3,114 11,354 26,399 3,814 40,957 The last line of the table shows that after 10 years the effect of total charges and expenses could amount to £3,814 if you purchase accumulation shares and £3,114 if you purchase income shares. Putting it another way, this would have the same effect as bringing the illustrated investment growth from 6.0% p.a. down to 5.1%. Reduction in Yield for A Class Shares Reduction in yield 6% Cazenove Multi-Manager Diversity Balanced Fund 4.1% Cazenove UK Opportunities Fund 4.8% Cazenove UK Smaller Companies Fund 4.7% Cazenove UK Corporate Bond Fund 5.1% Cazenove European Fund 4.8% Cazenove UK Growth and Income Fund 4.9% Cazenove UK Dynamic Fund N/a Cazenove UK Equity Income Fund 4.7% Cazenove Strategic Bond Fund 5.1% 13
  • 13. CIFM Simplified Prospectus A Class Shares Additional investor information Is there a provision to pay Stamp Capital gains You may be liable to capital gains tax in respect of capital Duty Reserve Tax? gains arising from the sale or other disposal, including The payment of Stamp Duty Reserve Tax (‘SDRT’) lies redemption, of shares in the Fund. with each Fund. SDRT may either be paid by a fund or on individual purchases and sales of shares (up to a maximum of 0.5% of the value of the transaction). If a SDRT levy is applied Will I need to provide information in this will increase the cost of buying shares and lessen the relation to anti-money laundering? proceeds of sales. We do not intend charging SDRT on the We are required to maintain procedures to combat money purchase and sale of shares, however, we reserve the right to laundering. This means that in certain circumstances persons charge this tax should circumstances arise which make the buying, selling or switching shares may be required to payment of the charge fair to all current investors in a Fund. provide proof of identity. Until satisfactory proof of identity is provided, we reserve the right to refuse to issue shares, pay What are the tax implications of the proceeds from the sale of an investment or pay income to that person. investing in a Fund? Levels and bases of, and relief from, taxation are subject to change. You should consult a professional financial adviser How much will advice cost? or tax adviser if you are in any doubt as to your tax position We can only provide information on our products and cannot or if you are subject to tax in a jurisdiction other than the offer advice based on an individual’s circumstances. You UK. The value of tax benefits depends on an individual’s should consider contacting a professional financial adviser if circumstances and the favourable tax treatment of some you are uncertain whether an investment is right for you. We financial products may not be maintained may pay the adviser commission for recommending to you our Funds. This may be paid out of your investment. Dividend distribution will be paid net of 20% income tax. If you do not pay income tax at the higher rate, you should If commission is not paid, you may have to pay a fee to have no further liability. If you are a higher rate income tax the adviser. The adviser will disclose the cost of providing payer then you may have a further income tax liability at the financial advice to you. difference between higher rate tax on the gross distribution and the tax paid. What do I do if I have a complaint Interest Distributions are paid after the deduction of UK income tax. If you do not pay income tax then you should regarding my investment? be able to claim back the tax credit as detailed on the In the first instance you can complain about your investment distribution voucher. If you pay income tax at the basic rate in our Funds by either contacting your professional financial then you should have no further liability. If you are a higher adviser who may then contact us on your behalf or you rate income tax payer then you will need to account to the can write directly to us. Letters should be addressed to the Her Majesty’s Revenue & Customs for the difference between Compliance Officer. the tax deducted and the higher rate of tax. You may also complain directly to the Financial Ombudsman The Cazenove UK Corporate Bond Fund and Cazenove Service (FOS) if you remain dissatisfied with the response Strategic Bond Fund pay out available income in the form you get to your complaint. The FOS can be contacted at the of interest distributions (and not dividend distributions) following address: generally after deduction of income tax (currently 20%). Financial Ombudsman Service Shareholders who are not ordinarily resident in the UK may South Quay Plaza receive interest distributions gross by providing to us a 183 Marsh Walk declaration of non-residence. London E14 9SR Tel 0845 080 1800 www.financial-ombudsman.org.uk Details of your right to lodge a claim with the Financial Services Compensation Scheme, along with our complaints’ 14 procedure are available on request.
  • 14. CIFM Simplified Prospectus A Class Shares Who looks after the Company? The Authorised Corporate Director The ACD of the Company is Cazenove Investment Fund Management Limited. The ACD is located at: 12 Moorgate London United Kingdom EC2R 6DA www.cazenovecapital.com Depositary JP Morgan Trustee and Depositary Company Limited Chaseside Bournemouth United Kingdom BH7 7DA Auditors PricewaterhouseCoopers LLP Hay’s Galleria 1 Hay’s Lane London United Kingdom SE1 2RD Registrar Bank of New York Mellon (International) Limited One Canada Square London United Kingdom E14 5AL Competent Authority The Company is an ICVC authorised by: The Financial Services Authority 25 The North Colonnade Canary Wharf London United Kingdom E14 5HS 15
  • 15. CIFM Simplified Prospectus A Class Shares Appendix one Historical Performance This section provides details on the historical performance of the Fund. Annual Returns The Annual Return chart shows the percentage growth on an annual basis for the last 10 years for the A Class Shares of each Fund as at 31 December 2008. If the Fund has been in operation for less than ten years, but at least one year, annual returns are shown for as many years as are available. Cumulative Performance The Cumulative Performance chart shows the cumulative returns of each fund’s A Class shares for the last ten years. If the fund has been in operation for less than ten years, but at least one year, cumulative performance is shown for as many years as are available. Historical performance figures are calculated net of tax with income reinvested. The performance figures not include the effect of subscription or redemption charges. Past performance does not necessarily indicate future performance. It can in no way provide a guarantee of returns that you will receive in future. The information about past performance does not constitute a projection of the possible future value of an investment in any Fund and should not be taken as an indication that similar returns will be achieved in the future. The value of investments and the income from that investment can go down as well as up and investors may not get back the amount originally invested. All Fund annual and cumulative returns are sourced from Standard & Poors’ Micropal and calculated net of management fees and with income reinvested net of basic rate tax in Sterling terms. 16
  • 16. CIFM Simplified Prospectus A Class Shares International Private Clients specilaists Cazenove UK Corporate Bond Fund Annual Returns (Percentage Growth) 15 Percentage Change 10 5 0 -5 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 -10 (from 1 January 1999 to 31 December 2008) Cumulative Performance (Percentage Growth) 60 Percentage Change 50 40 30 20 10 0 -10 One Two Three Four Five Six Seven Eight Nine Ten Years (for period from 1 January 1999 to 31 December 2008) 17
  • 17. CIFM Simplified Prospectus A Class Shares Cazenove European Fund Annual Returns (Percentage Growth) 70 Percentage Change 60 50 40 30 20 10 0 -10 -20 -30 -40 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 (from 1 January 1999 to 31 December 2008) Cumulative Performance (Percentage Growth) 140 Percentage Growth 120 100 80 60 40 20 0 -20 One Two Three Four Five Six Seven Eight Nine Ten Years (for period from 1 January 1999 to 31 December 2008) 18
  • 18. CIFM Simplified Prospectus A Class Shares Cazenove UK Smaller Companies Fund Annual Returns (Percentage Growth) 100 Percentage Growth 80 60 40 20 0 -20 -40 -60 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 (from 1 January 1999 to 31 December 2008) Cumulative Performance (Percentage Growth) 60 Percentage Growth 40 20 0 -20 -40 -60 One Two Three Four Five Six Seven Eight Nine Ten Years (for period from 1 January 1999 to 31 December 2008) 19
  • 19. CIFM Simplified Prospectus A Class Shares Cazenove UK Opportunities Fund Annual Returns (Percentage Growth) 30 Percentage Growth 20 10 0 -10 -20 -30 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 (from 1 January 1999 to 31 December 2008) Cumulative Performance (Percentage Growth) 70 60 Percentage Growth 50 40 30 20 10 0 -10 -20 -30 One Two Three Four Five Six Seven Eight Nine Ten Years (for period from 1 January 1999 to 31 December 2008) 20
  • 20. CIFM Simplified Prospectus A Class Shares Cazenove Multi-Manager Diversity Balanced Fund 30 Percentage Growth 20 10 0 -10 -20 -30 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 (from 1 January 1999 to 31 December 2008) Cumulative Performance (Percentage Growth) 40 Percentage Growth 30 20 10 0 -10 -20 -30 One Two Three Four Five Six Seven Eight Nine Ten Years (for period from 1 January 1999 to 31 December 2008) 21
  • 21. CIFM Simplified Prospectus A Class Shares Cazenove UK Equity Income Fund Annual Returns (Percentage Growth) 10 5 Percentage Growth 0 -5 -10 -15 -20 -25 -30 2006 2007 2008 (from 1 January 2006 to 31 December 2008) Cumulative Performance (Percentage Growth) 0 Percentage Growth -5 -10 -15 -20 -25 -30 One Two Three Years (from 1 January 2006 to 31 December 2008) 22
  • 22. CIFM Simplified Prospectus A Class Shares Cazenove UK Growth and Income Fund Annual Returns (Percentage Growth) 30 20 10 0 -10 -20 -30 2003 2004 2005 2006 2007 2008 Years (from 1 January 2003 to 31 December 2008) Cumulative Performance (Percentage Growth) 50 40 30 20 10 0 -10 -20 -30 -40 One Two Three Four Five Six Years (from 1 January 2003 to 31 December 2008) 23
  • 23. CIFM Simplified Prospectus A Class Shares Cazenove Strategic Bond Fund Annual Returns (Percentage Growth) 10 5 0 -5 -10 -15 2007 2008 (from 1 January 2007 to 31 December 2008) Cumulative Performance (Percentage Growth) 0 Percentage Change -2 -4 -6 -8 -10 -12 One Two Years (for period from 1 January 2007 to 31 December 2008) 24
  • 24. A09016_CIFM_SIMPros_AClass_260109