The value of investments, and any income generated from them, can fall as well as rise. Where charges are taken from capital, this may constrain future growth.
Past performance is not a reliable indicator of future results. Investment objectives and performance targets may not necessarily be achieved, losses may be made.
Ninety One North America, Inc. (“Ninety One”) acts as a non-discretionary model provider in a variety of separately managed account programs (each, an “SMA Program”) sponsored either by a third-party investment adviser, broker-dealer or other financial services firm (a “Sponsor”). Ninety One’s responsibility is limited to providing non-discretionary investment recommendations (in the form of model portfolios) to the SMA Program Sponsor, and the Sponsor may utilize such recommendations in connection with its management of SMA Program accounts. In such “model-based” SMA Programs (“Model-Based Programs”), it is the Sponsor, and not Ninety One, which serves as the investment manager to, and has trade implementation responsibility for, the Model-Based Program accounts.
The Global Franchise performance composite includes accounts managed according to the same or a substantially similar investment strategy. The composite may include separately managed accounts, institutional accounts and/or mutual funds. Any performance information included herein represents the performance achieved by Ninety One as a discretionary investment manager with trade implementation responsibility for the accounts included in the performance composite. The performance shown does not reflect the performance of Model-Based Program accounts managed by a Sponsor utilizing Ninety One’s non-discretionary investment recommendations. In Model-Based Programs, although it is generally contemplated that the Sponsor will implement Ninety One’s investment
ecommendations in Program accounts, the performance of such accounts may differ from the performance shown for a variety of reasons, including but not limited to: the Sponsor, and not Ninety One, is responsible for implementing trades in the accounts; the availability and weighting of securities; differences in market conditions; client-imposed investment restrictions; the timing of client investments and withdrawals; fees payable by Model-Based Program accounts; and/or other factors. As such this information is presented for illustrative purposes only. Gross composite returns do not reflect actual performance because they do not reflect the deduction of any fees or expenses. Such fees that a client may incur in the management of their investment advisory account may reduce the client’s return. The “net of fees” performance figures reflect the deduction of actual investment advisory fees but do not reflect the deduction of custodial fees.