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Gold Fields, a South African","page_number":8,"box":{"x":267,"y":623,"width":629,"height":10}},{"id":"e22db9d2-5513-4f71-878f-cf916c04ba63","block_type":"box","text":"miner with operations in South Africa, Australia, and the Americas, underperformed amid a broader","page_number":8,"box":{"x":267,"y":639,"width":661,"height":10}},{"id":"f5d8dc53-5618-45b6-9d41-22230f6bb49f","block_type":"box","text":"sector sell-off, compounded by cost pressures at South Deep and integration challenges at Salares","page_number":8,"box":{"x":267,"y":654,"width":665,"height":10}},{"id":"a27255df-aec0-48d3-b90b-365641cb3c7a","block_type":"box","text":"Norte that led to guidance revisions.","page_number":8,"box":{"x":267,"y":670,"width":242,"height":10}},{"id":"89eddd8c-282b-4602-a58e-1de2bb6194fe","block_type":"box","text":"Portfolio activity","page_number":8,"box":{"x":267,"y":693,"width":115,"height":10}},{"id":"05ae77ea-4606-43e8-8764-72a760015bef","block_type":"box","text":"Significant purchases","page_number":8,"box":{"x":267,"y":715,"width":149,"height":10}},{"id":"30de4a1c-37b0-4fa2-82b3-a91f11f9401b","block_type":"box","text":"There were no significant purchases over the period.","page_number":8,"box":{"x":267,"y":738,"width":353,"height":10}},{"id":"d33a7eb1-9315-44d2-b604-e8979f187f26","block_type":"box","text":"Significant Sales","page_number":8,"box":{"x":267,"y":761,"width":114,"height":10}},{"id":"2295f0fa-9f36-41f9-bba5-f37bcd8534cf","block_type":"box","text":"Eastroc Beverage: Food Beverage & Tobacco. The central pillar of the investment case, regional","page_number":8,"box":{"x":267,"y":784,"width":640,"height":10}},{"id":"7dd1e10f-bb1d-4161-aa51-33d15b2bff76","block_type":"box","text":"catch-up, is proceeding too slowly to support upside to consensus","page_number":8,"box":{"x":267,"y":800,"width":449,"height":10}},{"id":"b88444b9-2eaf-4f2e-947f-f47115df2787","block_type":"box","text":"revenue expectations.","page_number":8,"box":{"x":721,"y":800,"width":147,"height":10}},{"id":"d3321d2b-6384-4488-b4f0-c00a0bcc3a13","block_type":"box","text":"Additionally, disclosure changes around regional reporting has reduced comparability over time,","page_number":8,"box":{"x":266,"y":815,"width":644,"height":10}},{"id":"a89fc476-193b-41b6-be2c-29af7f821c68","block_type":"box","text":"which limits our ability to track the catch-up thesis with precision - is itself a reason for caution.","page_number":8,"box":{"x":266,"y":831,"width":641,"height":10}},{"id":"509de7a3-fc6a-4bfd-9ea5-7d6182c62902","block_type":"box","text":"Emerging Markets Leaders Fund (continued)","page_number":8,"box":{"x":167,"y":139,"width":304,"height":10}},{"id":"4f0867cf-017c-49fa-bc54-84d9d4ad81ee","block_type":"box","text":"9","page_number":9,"box":{"x":497,"y":966,"width":5,"height":6}},{"id":"974ae795-944b-4b44-b40a-8e2d9a598b39","block_type":"box","text":"Outlook","page_number":9,"box":{"x":267,"y":163,"width":55,"height":8}},{"id":"3c7da9b9-eb0f-4607-905c-136382d734c2","block_type":"box","text":"In a mining boom often the best business to be in is the supply of picks and shovels to the miners;","page_number":9,"box":{"x":267,"y":185,"width":651,"height":10}},{"id":"3e2ee536-f0d5-499b-b6c4-9368018aac2b","block_type":"box","text":"i","page_number":9,"box":{"x":267,"y":201,"width":1,"height":7}},{"id":"661d1d65-3610-4a46-8e34-5d4cdf77c142","block_type":"box","text":"t tur","page_number":9,"box":{"x":270,"y":201,"width":27,"height":7}},{"id":"c75f7fe5-780d-4d69-90dd-53313d8dbe21","block_type":"box","text":"ns out that in an AI boom one of the best businesses to be in is the manufacturing of the","page_number":9,"box":{"x":299,"y":200,"width":589,"height":11}},{"id":"3b43fea9-28f4-49eb-bdff-62dc5b6e0c58","block_type":"box","text":"hardware integral to the AI build-out such as semiconductors and related services, printed circuit","page_number":9,"box":{"x":267,"y":216,"width":651,"height":10}},{"id":"e8b5885f-b15a-411b-bd5a-f4da175f94ec","block_type":"box","text":"boards, network and switching equipment, and power supply and cooling equipment for","page_number":9,"box":{"x":267,"y":231,"width":588,"height":10}},{"id":"b0e72e00-01c5-47ce-8447-6f5a5ec5b405","block_type":"box","text":"datacentres. The global centre of manufacturing for these industries is north-east Asia, which has","page_number":9,"box":{"x":267,"y":247,"width":653,"height":10}},{"id":"a1f0693b-5609-46a3-98a8-89621033a5a1","block_type":"box","text":"driven an explosive rally in emerging markets year-to-date.","page_number":9,"box":{"x":267,"y":262,"width":391,"height":10}},{"id":"7bfaba5f-d613-46d1-afcd-f64bdb0b78c9","block_type":"box","text":"The debate rages over whether this is a “bubble” or the birth of an era-defining new technology.","page_number":9,"box":{"x":267,"y":285,"width":642,"height":10}},{"id":"7c3c0511-be01-4977-9ba1-5155a5753b40","block_type":"box","text":"For us the answer is clear – it is both – and it was ever thus. If we look at the birth of","page_number":9,"box":{"x":267,"y":301,"width":561,"height":8}},{"id":"29e8c93e-2c01-4b16-afdc-f9e2ed231507","block_type":"box","text":"transformational technologies such as canals, railways, the Internet or indeed AI the emergence of","page_number":9,"box":{"x":267,"y":316,"width":659,"height":10}},{"id":"75344ebe-ce3b-4ccc-b814-c6561c3c43df","block_type":"box","text":"these technologies is accompanied by a frenzy of investment. This drives the rapid roll-out of the","page_number":9,"box":{"x":267,"y":332,"width":650,"height":10}},{"id":"746dec05-8c2d-42dd-8c12-3090d14fa6f0","block_type":"box","text":"technology but also often leads to poor allocation of capital into projects that fail to meet the","page_number":9,"box":{"x":267,"y":347,"width":628,"height":10}},{"id":"730407b5-1574-4754-b3a4-357b683a310a","block_type":"box","text":"enthusiastic expectations of their promoters. So the real-world impact of new technologies is","page_number":9,"box":{"x":267,"y":363,"width":626,"height":10}},{"id":"315bdec8-2eac-4ba0-b460-061a121c94ec","block_type":"box","text":"immense over time, but stock market investors often see a period of very poor returns after the","page_number":9,"box":{"x":267,"y":378,"width":636,"height":10}},{"id":"cce7e5ca-b5ba-430b-b987-61e9d8035e44","block_type":"box","text":"initial boom has passed, as it becomes obvious that animal spirits have driven many investments","page_number":9,"box":{"x":267,"y":394,"width":641,"height":9}},{"id":"d55583e7-e04c-41bc-ab15-e5e28b2ab305","block_type":"box","text":"that will never generate attractive returns.","page_number":9,"box":{"x":267,"y":409,"width":279,"height":10}},{"id":"f6f263d2-be29-46a8-b509-c583d8d7abe1","block_type":"box","text":"Our concern is that, in the short-term, market euphoria has untethered market participants from","page_number":9,"box":{"x":267,"y":432,"width":643,"height":10}},{"id":"31df34ae-e84a-4356-8991-0072770d14c0","block_type":"box","text":"more rational expectations of longer-term returns from the new technology. For an investor this is","page_number":9,"box":{"x":267,"y":447,"width":654,"height":11}},{"id":"da84b9c5-341e-45cd-a085-785ebad0d84f","block_type":"box","text":"potentially a difficult time as market expectations will eventually reset to less lofty heights. It is also","page_number":9,"box":{"x":267,"y":463,"width":659,"height":10}},{"id":"a5dc202b-a7cb-4e14-883f-15efb6cb4d96","block_type":"box","text":"worth noting that the bubble manifests itself in different ways in different regions. In the US","page_number":9,"box":{"x":266,"y":478,"width":607,"height":11}},{"id":"26cf6079-ca6b-442f-904c-119411dbc008","block_type":"box","text":"valuations of certain stocks have clearly become extreme; in Asia the bubble manifests itself in","page_number":9,"box":{"x":266,"y":494,"width":633,"height":10}},{"id":"23cafbed-4faa-43ca-ab36-32c2ddba6f0c","block_type":"box","text":"white-hot semiconductor markets pumped up by spiralling hyper-scaler capital expenditure. While","page_number":9,"box":{"x":266,"y":509,"width":658,"height":10}},{"id":"cff2af66-8b4d-42a0-a731-82a4d29531a5","block_type":"box","text":"semiconductor markets remain extremely tight though, it is unclear what punctures the bubble in","page_number":9,"box":{"x":267,"y":525,"width":647,"height":10}},{"id":"656f0cd9-d0db-415e-83b1-e2cbd83a3955","block_type":"box","text":"the near term, given that new semiconductor supply is clearly lagging demand by an order of","page_number":9,"box":{"x":267,"y":540,"width":622,"height":10}},{"id":"cbd7b461-d05c-497b-b332-58d5b625d3fa","block_type":"box","text":"magnitude. A related and connected issue is the explosive retail investment mania in South Korea,","page_number":9,"box":{"x":267,"y":556,"width":651,"height":10}},{"id":"77a0a1bd-ae4f-4825-b6b6-bc4511b2b568","block_type":"box","text":"centred around its semiconductor manufacturers.","page_number":9,"box":{"x":267,"y":571,"width":332,"height":8}},{"id":"7c445f62-bf13-4372-bc3d-4d6e5ffb1ade","block_type":"box","text":"Our priority is to effectively manage the risks as the market transitions over time from its current","page_number":9,"box":{"x":267,"y":594,"width":643,"height":10}},{"id":"95746346-661b-4f0f-bf86-b0680f82d798","block_type":"box","text":"euphoria to more rational expectations. We are comforted in this by much lower valuations in","page_number":9,"box":{"x":267,"y":610,"width":622,"height":10}},{"id":"90f6c096-00af-4c77-9dab-ec6d882e99fb","block_type":"box","text":"emerging markets and a diversified market landscape with many markets singularly untouched by","page_number":9,"box":{"x":267,"y":625,"width":649,"height":10}},{"id":"6f5277c4-e562-48cc-b797-45e362781321","block_type":"box","text":"AI mania and thus providing a relative","page_number":9,"box":{"x":266,"y":641,"width":250,"height":10}},{"id":"1153f7e7-9bc0-43d2-b8d0-7b283ea86561","block_type":"box","text":"‘","page_number":9,"box":{"x":522,"y":641,"width":2,"height":2}},{"id":"28d0074d-77c6-4d45-880a-df9f93abd84f","block_type":"box","text":"safe haven","page_number":9,"box":{"x":525,"y":640,"width":70,"height":9}},{"id":"480cccd7-52c4-426a-a3ce-1eca5d460abb","block_type":"box","text":"’","page_number":9,"box":{"x":597,"y":641,"width":2,"height":2}},{"id":"0f8fc41d-26c8-4b39-b87b-6d54f68ba582","block_type":"box","text":"(such as India, the Middle East and South","page_number":9,"box":{"x":605,"y":640,"width":274,"height":10}},{"id":"be120fd6-c8cd-4390-a5c1-ae6ef4e29229","block_type":"box","text":"America). In short, despite emerging markets providing roughly double the return of developed","page_number":9,"box":{"x":266,"y":655,"width":634,"height":11}},{"id":"6a26d152-4673-4e56-ba00-1257c004f964","block_type":"box","text":"markets over the past 18 months, we believe that emerging market expectations remain anchored,","page_number":9,"box":{"x":267,"y":671,"width":653,"height":11}},{"id":"ba38eaa5-0227-41ae-b349-7ff50e68dc1a","block_type":"box","text":"in stark contrast to the elevated expectations evident in developed markets.","page_number":9,"box":{"x":267,"y":687,"width":507,"height":10}},{"id":"8e8e6116-1b80-4aa2-8beb-d5cdb96fc719","block_type":"box","text":"Emerging Markets Leaders Fund (continued)","page_number":9,"box":{"x":167,"y":139,"width":304,"height":10}},{"id":"8f9de232-2215-4a86-bf1f-e639622fb2be","block_type":"box","text":"*Source: Morningstar, total return, income reinvested, no initial charge, accumulation (acc) share class, net of fees in GBP.","page_number":9,"box":{"x":167,"y":812,"width":698,"height":9}},{"id":"33e3457c-ee9b-43a1-a785-598313876d7b","block_type":"box","text":"**Benchmark (***MSCI disclaimer:","page_number":9,"box":{"x":167,"y":824,"width":193,"height":8}},{"id":"72c79e1c-8b84-4bb5-ac4a-1de388286270","block_type":"box","text":"MSCI Emerging Markets NR","page_number":9,"box":{"x":365,"y":824,"width":156,"height":9}},{"id":"0110bdcd-a9f7-436c-ad10-6f6e8c5dc332","block_type":"box","text":") and peer group sector average","page_number":9,"box":{"x":522,"y":824,"width":185,"height":9}},{"id":"d9a28cf1-3eae-4fd5-9485-357ac3584a15","block_type":"box","text":"(Investment Association Global","page_number":9,"box":{"x":712,"y":824,"width":178,"height":8}},{"id":"44680690-b5e7-4b5e-9850-c7f26c80cef2","block_type":"box","text":"Emerging Markets Sector","page_number":9,"box":{"x":167,"y":836,"width":144,"height":9}},{"id":"45440040-cf76-4221-bb9a-1df8a8fa6916","block_type":"box","text":") shown for performance comparison purposes only.","page_number":9,"box":{"x":312,"y":836,"width":302,"height":9}},{"id":"c7dc717c-4f26-4baf-b899-db033ad97e7c","block_type":"box","text":"***Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Ninety One UK Limite","page_number":9,"box":{"x":167,"y":848,"width":748,"height":9}},{"id":"b5c99b86-9aaf-4205-860d-0d2b63183b6a","block_type":"box","text":"d.","page_number":9,"box":{"x":916,"y":848,"width":9,"height":7}},{"id":"4e187d08-91da-4c40-9ab5-8dff5706aca8","block_type":"box","text":"The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securiti","page_number":9,"box":{"x":167,"y":860,"width":721,"height":9}},{"id":"8263168a-c556-4715-9ae4-8f3d1861751f","block_type":"box","text":"es,","page_number":9,"box":{"x":889,"y":862,"width":15,"height":6}},{"id":"c3eee17f-2160-4b84-a13e-2960428e55c0","block_type":"box","text":"financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating","page_number":9,"box":{"x":167,"y":872,"width":722,"height":9}},{"id":"1ca34302-d61c-465e-aa5d-024ac22332fc","block_type":"box","text":"the","page_number":9,"box":{"x":893,"y":872,"width":18,"height":7}},{"id":"8f9448ea-168c-470a-81b6-56fc3ecfdbe3","block_type":"box","text":"MSCI data (the \"MSCI Parties\") makes any express or implied warranties or representations with respect to such data (or the res","page_number":9,"box":{"x":167,"y":883,"width":731,"height":9}},{"id":"108f00b1-74c4-456b-976a-a96441dee037","block_type":"box","text":"ults","page_number":9,"box":{"x":900,"y":884,"width":19,"height":7}},{"id":"1ae08028-92a6-4eb3-b3ef-e45f6afc6606","block_type":"box","text":"to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy,","page_number":9,"box":{"x":166,"y":895,"width":688,"height":9}},{"id":"997a4f24-9bab-4df4-a495-e72e38c79049","block_type":"box","text":"completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoi","page_number":9,"box":{"x":167,"y":907,"width":725,"height":9}},{"id":"8677a044-26c2-4dd0-819f-7711c2ccdddd","block_type":"box","text":"ng,","page_number":9,"box":{"x":894,"y":909,"width":16,"height":7}},{"id":"8fab55a5-9365-4ee8-8884-64c78c04f1c0","block_type":"box","text":"in no","page_number":9,"box":{"x":167,"y":920,"width":27,"height":6}},{"id":"650dcc72-ba7c-49aa-bc4f-66c83768217c","block_type":"box","text":"event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other","page_number":9,"box":{"x":198,"y":919,"width":685,"height":9}},{"id":"fcd9c9b3-5548-4768-b59d-06eaf0ea472d","block_type":"box","text":"damages (including lost profits) even if notified of the possibility of such damages.","page_number":9,"box":{"x":167,"y":931,"width":471,"height":9}},{"id":"d78acfa1-cb42-4146-9815-19507dda37ca","block_type":"box","text":"The opinions expressed herein are as at end of June 2026.","page_number":9,"box":{"x":167,"y":943,"width":335,"height":9}},{"id":"4296c5ac-240b-4d18-b0d3-d56ea7177e18","block_type":"box","text":"10","page_number":10,"box":{"x":494,"y":966,"width":11,"height":6}},{"id":"3c2fd48c-01f1-4f9c-ac4d-6608894df3d0","block_type":"box","text":"Risk and reward profile*","page_number":10,"box":{"x":268,"y":163,"width":229,"height":15}},{"id":"cec9c911-7a0d-4d27-ac97-aa71d8ee572d","block_type":"box","text":"Lower risk","page_number":10,"box":{"x":267,"y":189,"width":67,"height":8}},{"id":"b01da004-e1b4-4c4c-a5c4-15cc5593028e","block_type":"box","text":"Higher risk","page_number":10,"box":{"x":863,"y":189,"width":70,"height":11}},{"id":"0df2c07a-cf09-46c0-b087-8bf9012bf81b","block_type":"box","text":"Potentially lower rewards","page_number":10,"box":{"x":267,"y":205,"width":167,"height":10}},{"id":"19754153-93d6-48da-beef-db267e127911","block_type":"box","text":"Potentially higher rewards","page_number":10,"box":{"x":760,"y":205,"width":172,"height":10}},{"id":"66be42cb-e4d7-4b8e-8594-027bb590f7fb","block_type":"box","text":"This indicator is based on historical data and may not be a reliable indication of the future risk","page_number":10,"box":{"x":267,"y":277,"width":625,"height":10}},{"id":"40b46adb-49df-445d-9223-7861f071aed6","block_type":"box","text":"profile of the Fund. 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Global growth momentum","page_number":13,"box":{"x":267,"y":355,"width":657,"height":10}},{"id":"1913c610-9bce-4247-8431-0b5cc2a59758","block_type":"box","text":"is improving, the credit impulse has turned positive, bank lending is picking up, and MSCI ACWI","page_number":13,"box":{"x":267,"y":370,"width":632,"height":10}},{"id":"63c1537d-8c47-4e6f-b17a-7766868d3e6e","block_type":"box","text":"forward earnings expectations have risen by around 14% year-to-date. US jobs reports are","page_number":13,"box":{"x":267,"y":386,"width":604,"height":10}},{"id":"81de57b8-67b3-4153-8942-1cd770b0e22f","block_type":"box","text":"surprising to the upside. Against this, Kevin Warsh","page_number":13,"box":{"x":267,"y":401,"width":330,"height":10}},{"id":"b8f9635e-e6ac-4ecb-8569-7c4b295474dd","block_type":"box","text":"’","page_number":13,"box":{"x":599,"y":401,"width":2,"height":3}},{"id":"a8853492-f3b0-497f-96cd-ba2cae51bf44","block_type":"box","text":"s debut as US Fed Chair was materially more","page_number":13,"box":{"x":603,"y":401,"width":297,"height":10}},{"id":"f96ea99c-c484-4c55-a2b9-f47e8fb09e6a","block_type":"box","text":"hawkish than markets had expected, with nine of the eighteen Federal Open Market Committee","page_number":13,"box":{"x":267,"y":417,"width":637,"height":10}},{"id":"303c8e5b-997e-4188-ba34-eb3ea3452572","block_type":"box","text":"members now expecting at least one hike this year.","page_number":13,"box":{"x":267,"y":432,"width":339,"height":10}},{"id":"10e30b38-ef8e-47bd-87f9-ce8291ab6913","block_type":"box","text":"Regionally, we believe Europe remains cheap, under-owned and increasingly supported by the","page_number":13,"box":{"x":267,"y":455,"width":630,"height":10}},{"id":"5e22dd55-8207-4cdb-ad6a-203e3ecbdff9","block_type":"box","text":"German fiscal multiplier, worth around 1% of German GDP in each of 2026 and 2027, while","page_number":13,"box":{"x":267,"y":471,"width":605,"height":10}},{"id":"9a4d52b2-b4ad-4080-afdf-7a62fe33585c","block_type":"box","text":"earnings per share (EPS) revisions are moving up as positioning and sentiment lag. The UK broadly","page_number":13,"box":{"x":267,"y":486,"width":655,"height":10}},{"id":"533b8520-423d-4cba-9af9-3057ca120044","block_type":"box","text":"mirrors Europe, with global franchises offering internationally diversified earnings at reasonable","page_number":13,"box":{"x":267,"y":502,"width":637,"height":10}},{"id":"0ef96f75-716e-4ce0-8079-653307a84b65","block_type":"box","text":"multiples (company valuation metrics). Japan continues to combine rising real wages with","page_number":13,"box":{"x":267,"y":516,"width":600,"height":11}},{"id":"f0c117e7-b571-4ac2-bc62-e347a0e24909","block_type":"box","text":"governance reform and additional fiscal stimulus. China has meaningful insulation from the oil","page_number":13,"box":{"x":267,"y":532,"width":626,"height":11}},{"id":"5c85cfb0-6c21-440d-81cc-422dab1b878f","block_type":"box","text":"shock via its stockpiles, a stabilising Sino-US relationship and a credible domestic AI-cloud story","page_number":13,"box":{"x":267,"y":548,"width":645,"height":10}},{"id":"18c8d2b2-f9c2-448f-9281-f9138cdde8a8","block_type":"box","text":"that has roughly doubled leading digital platforms over the past year, although property remains an","page_number":13,"box":{"x":267,"y":563,"width":662,"height":10}},{"id":"911c2fc4-9746-44cc-983c-570c08b0363d","block_type":"box","text":"overhang, with new home prices down for a 35th consecutive month. Emerging markets more","page_number":13,"box":{"x":267,"y":579,"width":629,"height":10}},{"id":"0a9ba4c8-367d-4cbc-89e4-840e4816e11a","block_type":"box","text":"broadly benefit from a weaker dollar and high real rates (adjusted to remove inflation).","page_number":13,"box":{"x":267,"y":594,"width":573,"height":10}},{"id":"5e1448a0-fde9-478b-91ee-e6be9ac032b6","block_type":"box","text":"On the AI front, the character of the trade is changing. Combined 2026 hyperscaler (large cloud","page_number":13,"box":{"x":267,"y":617,"width":645,"height":10}},{"id":"501b888a-7a25-477d-a998-d2892a6f60df","block_type":"box","text":"computing companies) capital expenditure now sits around US$700–725bn, up roughly 70%","page_number":13,"box":{"x":267,"y":632,"width":619,"height":11}},{"id":"372f99c1-bed4-4a4d-ab67-aa5e47ef3f95","block_type":"box","text":"year","page_number":13,"box":{"x":266,"y":651,"width":29,"height":7}},{"id":"f831afd8-cf8d-4056-a3e9-8a6e78804122","block_type":"box","text":"-","page_number":13,"box":{"x":296,"y":652,"width":5,"height":1}},{"id":"458389b8-44a5-4a29-9bf3-4058d1164e5f","block_type":"box","text":"on-year, with cash capex on track to overtake operating cash flow. This does not break the","page_number":13,"box":{"x":303,"y":648,"width":608,"height":10}},{"id":"486aab79-de42-436b-814f-ceff79e12b6a","block_type":"box","text":"AI t","page_number":13,"box":{"x":266,"y":664,"width":21,"height":8}},{"id":"cc229f17-a1cb-4ee0-b5db-b14a835b9ce9","block_type":"box","text":"hesis, but it does change the free cash flow profile and shifts the risk toward names most","page_number":13,"box":{"x":289,"y":664,"width":597,"height":10}},{"id":"cf6a14ab-f556-45ec-9fee-77d3bd75c823","block_type":"box","text":"dependent on external financing. We remain selective, retaining conviction in enablement while","page_number":13,"box":{"x":267,"y":679,"width":638,"height":10}},{"id":"3624fddb-4381-4948-8e6e-c2362f2cfb58","block_type":"box","text":"treating the software derating as a mean-","page_number":13,"box":{"x":267,"y":695,"width":277,"height":10}},{"id":"2299a3d9-3778-410b-9db9-6329f8a073f8","block_type":"box","text":"rever","page_number":13,"box":{"x":546,"y":697,"width":33,"height":6}},{"id":"86aa1354-8f89-4773-869d-ef33371af06c","block_type":"box","text":"sion opportunity.","page_number":13,"box":{"x":580,"y":695,"width":112,"height":10}},{"id":"ecc46b9c-a9be-4f2e-b748-4628fffd06cb","block_type":"box","text":"At the factor level, momentum (targeting assets with strong recent performance) has had a historic","page_number":13,"box":{"x":266,"y":717,"width":665,"height":11}},{"id":"cd0fa181-d032-4083-a531-a7543031ba67","block_type":"box","text":"run, but is now supported almost entirely by AI. Consistent with the 4Factor process, we have been","page_number":13,"box":{"x":267,"y":733,"width":661,"height":10}},{"id":"bccf6347-b048-419c-a92e-644195995c5c","block_type":"box","text":"taking profit in momentum and redeploying into a broader set of quality, value and low-volatility","page_number":13,"box":{"x":267,"y":749,"width":637,"height":10}},{"id":"bc506b73-adab-454f-a5b2-dc47886be255","block_type":"box","text":"names. Sector-wise we retain structural longs (buying assets to seek to benefit from an increase in","page_number":13,"box":{"x":267,"y":764,"width":661,"height":10}},{"id":"dabf56a1-094a-489e-83ae-3d2d99284f33","block_type":"box","text":"value) in banks, infrastructure and capex beneficiaries, and are finding more opportunity in","page_number":13,"box":{"x":266,"y":779,"width":606,"height":11}},{"id":"7c9c8566-838e-4cca-9c77-88f6f3026997","block_type":"box","text":"reasonably priced quality and value across rate-sensitive healthcare, industrials, materials, gold","page_number":13,"box":{"x":267,"y":795,"width":637,"height":10}},{"id":"38a48b88-15bf-4ab9-b43a-964a520d242a","block_type":"box","text":"and gold miners (a structural bull market despite the recent correction), and copper (tight supply,","page_number":13,"box":{"x":267,"y":810,"width":650,"height":10}},{"id":"4a5ce93b-37be-4a44-9c95-dda1c1594d49","block_type":"box","text":"direct AI-and-electrification play).","page_number":13,"box":{"x":267,"y":825,"width":226,"height":11}},{"id":"bcc10a90-91d1-40b1-b8e1-bf083178f4fc","block_type":"box","text":"Global Strategic Equity Fund (continued)","page_number":13,"box":{"x":167,"y":139,"width":281,"height":10}},{"id":"97138af1-5fc0-4833-9b56-f567ca439c8d","block_type":"box","text":"14","page_number":14,"box":{"x":495,"y":966,"width":9,"height":6}},{"id":"afa10eb3-fcaf-46ff-bf5c-e0622a7c5612","block_type":"box","text":"Overall, we see rising breadth, increasing single-stock dispersion and ongoing factor rotation. This","page_number":14,"box":{"x":267,"y":163,"width":657,"height":10}},{"id":"b066247c-780a-484b-a872-a3faa51b3165","block_type":"box","text":"is a market where dispersion (how much individual asset returns within a group or index vary from","page_number":14,"box":{"x":267,"y":178,"width":652,"height":10}},{"id":"20486a8e-6152-47b0-9f4d-6765db82c53f","block_type":"box","text":"one another) will keep increasing and style rotation will remain a permanent feature – a favourable","page_number":14,"box":{"x":267,"y":193,"width":655,"height":11}},{"id":"9540dada-03c5-46e0-8ef9-2b56ea4a1767","block_type":"box","text":"set-up for stock-pickers and for following our 4Factor investment process.","page_number":14,"box":{"x":267,"y":209,"width":499,"height":10}},{"id":"5609d73c-e951-4877-a512-6e4d6f07130d","block_type":"box","text":"*Source: Morningstar, total return, income reinvested, no initial charge, accumulation share class, net of fees in GBP.","page_number":14,"box":{"x":167,"y":812,"width":664,"height":9}},{"id":"8de802ee-dd27-4821-bf32-7124819f4314","block_type":"box","text":"**Benchmark (MSCI*** All Countries World NDR Index) and peer group sector average (Investment Association Global sector) shown","page_number":14,"box":{"x":167,"y":823,"width":762,"height":10}},{"id":"4afccf96-300c-4cb1-a660-11fed1f7b9b9","block_type":"box","text":"for performance comparison purposes only.","page_number":14,"box":{"x":167,"y":836,"width":252,"height":9}},{"id":"42421472-ad02-4cc9-99d3-07c0a8c18613","block_type":"box","text":"***Source: MSCI. 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Neither MSCI nor any other third party involved in or related to compiling, computing or creating","page_number":14,"box":{"x":167,"y":871,"width":722,"height":9}},{"id":"0b887355-c034-400c-a64b-63d2c68ff4cb","block_type":"box","text":"the","page_number":14,"box":{"x":893,"y":871,"width":18,"height":7}},{"id":"d47ad9d4-a110-40e1-aa6a-447b37c2a4d5","block_type":"box","text":"MSCI data (the \"MSCI Parties\") makes any express or implied warranties or representations with respect to such data (or the res","page_number":14,"box":{"x":167,"y":883,"width":731,"height":9}},{"id":"402624d6-8bf5-4aad-b436-36178c26ba39","block_type":"box","text":"ults","page_number":14,"box":{"x":900,"y":883,"width":19,"height":7}},{"id":"c29a5091-e8d7-44fb-a582-6b1d19d60877","block_type":"box","text":"to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy,","page_number":14,"box":{"x":166,"y":895,"width":688,"height":9}},{"id":"570e5465-f3a5-4193-ae2d-9ef99fb88494","block_type":"box","text":"completeness, merchantability or fitness for a particular purpose with respect to such data. 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We","page_number":18,"box":{"x":267,"y":417,"width":585,"height":10}},{"id":"0bd92785-b8bb-4426-95ab-0d5e7d8d92c4","block_type":"box","text":"subsequently rotated into riskier parts of the market to take advantage of the repricing of credit","page_number":18,"box":{"x":267,"y":432,"width":640,"height":10}},{"id":"850e8813-98f6-4b57-834f-53f7260e4188","block_type":"box","text":"markets, allowing us to capture a significant portion of the market rally. 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