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Investment involves risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

US Large Cap Growth Equity Fund
Seeks to increase the value of its shares, over the long term, through growth in the value of its investments.
ISIN LU0174119429
31-Aug-2016 - Robert W. Sharps, Chief Executive Officer and President,
We expect the current environment of slow but sustained growth to be supportive of select, high-quality, consistent growth stocks whose profitability is not particularly dependent on robust economic growth.

Fund Summary
Actively managed and invests mainly in a diversified portfolio of shares from large capitalisation companies in the United States that have the potential for above-average and sustainable rates of earnings growth.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance. Performance returns are calculated on a NAV-NAV basis, net of fees, with distributions reinvested. Returns for the current year performance is cumulative. Benchmark returns are shown with reinvestment of dividends after the deduction of withholding taxes. The Excess Returns are shown as Fund % minus the Benchmark %. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

30-Nov-2023 - Taymour Tamaddon, Portfolio Manager,
US equities advanced in November, enjoying their best month in over a year as investors welcomed signs of cooling inflation and falling bond yields. Within the portfolio, stock choices and an overweight position in the health care sector detracted, primarily due to our significant holding in a managed care provider whose shares fell on reports that it was considering a sale of its Medicare Advantage business. Unfavourable stock selection in the consumer discretionary sector also hurt performance, led by our lack of exposure to a leading electric vehicle manufacturer that rebounded following a post-earnings sell-off in October. On the positive side, information technology added the most value due to our security choices. Here, our overweight position in an enterprise software provider boosted performance as its shares surged late in the month following its release of consensus-topping quarterly earnings results. Financials also assisted relative results due to security selection. In particular, shares of a leading buy now pay later company climbed higher after reporting better-than-expected gross merchandise volume and improving expense discipline, along with a report that it would be partnering with a large ecommerce company.
30-Nov-2023 - Taymour Tamaddon, Portfolio Manager,
We are content with how the portfolio is currently structured and made no material changes to positioning during the month. While many investors are speculating that continued disinflation trends and resilient economic growth could offer an increasingly suitable runway for a soft landing, with rate cuts to follow in 2024, we continue to exercise caution and maintain some defensive posturing. In addition to traditional defensive exposure, we would note that given the relative strength in fundamentals for many of our mega-cap technology holdings, this sleeve of the portfolio could provide some underappreciated downside support in a downturn.