Ninety One Global Gold Fund - A USD ACC Fonds

The Fund invests primarily (at least two-thirds) in the shares of companies around the world involved in gold mining and in related derivatives (financial contracts whose value is linked to the price of the shares of such companies). The Fund may invest up to one-third of its assets in the shares of companies around the world that are involved in mining for precious metals other than gold, non-precious metals and minerals and related derivatives. Investment opportunities are identified using macroeconomic research (based on a view of the economy as a whole) and research on individual companies. The Fund may at times invest in a relatively small number of companies. These companies may be of any size. The Fund may also invest in other transferable securities, money market instruments, cash or near cash, deposits, up to 10% in units or shares in other funds (which may be managed by a Ninety one group company, or a third party) and derivatives.