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 model provider on a discretionary or non-discretionary basis 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”). For its non-discretionary relationships Ninety One’s responsibility is limited to providing the Sponsor with recommendations in the form of a model portfolio, and the Sponsor may utilize such recommendations in connection with its management of SMA Program accounts. When we provide discretionary advice, we have authority to make investment decisions in accordance with your stated investment goals and we must act in your best interest and not put our interest ahead of yours. In all “model-based” SMA Programs (“Model-Based Programs”), it is the Sponsor, and not Ninety One, which has trade implementation responsibility for, the Model-Based Program accounts.