Granahan US SMID Select Fund - A GBP ACC

The investment objective of the Fund is to seek capital appreciation through investment in small and midcapitalisation, dynamic and emerging growth companies. The Fund invests primarily in equity securities of small and mid-capitalisation ('SMID Cap') companies located in or whose businesses are closely associated with the United States. All securities issued by SMID Cap companies in which the Fund will invest will be listed or traded on a Regulated Market and meet the conditions of a transferable security as defined in the UCITS Regulations. Granahan Invesment Management Inc (the 'Investment Manager') currently considers SMID Cap companies to be those companies with market capitalisations, at the time of purchase, within the range of the Index (the 'SMID Cap Range'). The Fund is typically invested across the sectors reflected in the Index. Because the Investment Manager's stock selections are determined by an analysis of each individual stock, the characteristics of the Fund may differ from the overall SMID Cap Range. The Fund will typically comprise a portfolio of 40-60 stocks. The Investment Manager seeks to diversify the Fund's investment holdings to minimise risk and manage position size. For full investment objective and policy details, please refer to the 'Investment Objective' and 'Investment Policies' sections of the Fund's supplement.