The VT Downing Global Investors Fund follows a consistent but evolving and logical investment theme. The fund manager, Anthony Eaton, has applied the same philosophy and principles over the last 15 years. His investment process is focused on producing compounding returns, with a view to generating growth over the long term.

Our belief is that trends determine events. The overarching trend for the foreseeable future is the expansion of the global middle-class population, which is projected to rise from 3.3 billion today to 5.3 billion* by 2030 (i.e. by 200 million each year). During this decade, global middle-class spend is projected to increase by around 80%**. The fund looks to take advantage of the consequences of such a dramatic rise in global demand.

By 2030, around 75% of the global middle-class population is likely to live in Asia. Anthony Eaton's investment strategy is, to a large extent, to invest in businesses, regardless of their location, who service the needs and aspirations of this population. As such, the investment fund is not restricted by geography or index categorisation.

* Brookings, 28 February 2017.

** Global Economy & Development, Brookings February 2017.

Our funds are not suitable for everyone, so we recommend seeking financial advice. This fund may not be appropriate if you plan to withdraw your money within five years. As with all investments, there are risks you should be aware of before you invest.

• The value of your portfolio can go down as well as up so your capital is at risk and there is no guarantee you will get your investment amount back

• Investing overseas can bring additional returns and spread risk to different markets. There are risks, however, that changes in currency exchange rates may cause the value of your investment to go up and down

• Emerging markets or less developed countries may face more political, economic, or structural challenges than developed countries. This means your money is at greater risk in a global equity fund

• In difficult market conditions, the value of some investments may be less predictable than normal and the manager may not be able to buy and sell these investments at the best time or at a fair price

• The level of targeted income is not guaranteed and may not be achieved.

• The past performance of our fund is not a reliable indicator of future results

Please note that this is only a brief overview of the risks involved with investing in the VT Downing Global Investors Fund. Please read the full details of all the risks here before investing.

Our typical investment process is laid out below:

• We believe that markets in our investment universe are broadly efficient and therefore asset allocation is the key element. Our investment process is focused on identifying the sectors that sit within our chosen themes and constructing a diversified portfolio within those sectors

• While this is a thematic global equity fund, the identification of themes does not in itself lead to successful investment. The evolution of pricing power of underlying companies within the theme must be followed

• Success lies in identifying broad themes and the companies that take advantage of these themes. This leads us to select appropriate buckets of investments within our chosen themes, rather than picking individual stocks

• Fund manager Anthony Eaton initially screens the highest quality companies across the globe. We look at favourable pricing patterns and technical indicators. We assess investments through bottom-up analysis using our list of preferred metrics to determine whether we invest

• Stock analysis includes established winners, strong margins, geographically diversified earnings, demand and governance

The charges you pay go towards the costs of running the fund. These charges reduce the potential growth of your investment.

‍Entry charge: no initial charge

Ongoing charges*:
Class A - 0.98%
Class F - 0.83%

*Please note: This percentage is based on the net asset value of the sub-fund attributable to the relevant share class (plus VAT if applicable) as at 29 December 2023. This figure may vary from year to year. It excludes portfolio transaction costs. There may be further charges for buying and selling assets for the fund and 'dilution levy' costs associated with entering or exiting the fund. This is to cover costs associated with your transaction.

The Investment Manager of the Fund has undertaken to absorb any costs that would otherwise cause the shares of the Fund to have ongoing charges (excluding underlying collective investment undertaking holding charges) in excess of 1.00% per annum.

Please see the prospectus for more information.

Class F shares were only available to those who invested at the launch of the global equity fund.