Old Mutual African Frontiers - C USD ACC

The Fund's investment objective is to achieve long term capital growth. To achieve this objective, the Fund will invest more than 50% of assets in the equities of African domiciled companies or companies that carry out a majority of their economic activities in Africa (excluding South Africa). No more than 50% of the Fund's assets may be invested in equity securities that are listed or traded in on regulated markets worldwide other than Africa provided that such companies generate more than 50% of their activities in Africa (excluding South Africa). The Fund may invest 100% of its assets in securities in emerging markets in Africa (excluding South Africa). The primary geographical focus of the Fund's investment is African (excluding South Africa) exposure and the Fund may allocate across different African countries, companies and industry sectors. The Fund aims to be fully invested but may hold up to 30% of assets in cash and cash equivalents. The Fund may invest 10% of its assets in transferable securities and money market instruments that are not listed or traded on regulated markets. The Fund may invest up to 5% of its assets in warrants, being a form of derivative which gives the right but not the obligation to buy and sell a security before a certain date at a certain price. The Fund may invest up to 10% of its assets in collective investment schemes with a similar objective and policy to the Fund, including exchange traded funds. The Fund may gain market exposure indirectly through the use of specialist financial techniques (known as derivatives). Derivatives may also be used to reduce the Fund's exposures to market risk, or to manage the Fund more efficiently.