Hereford Funds - DSM US Large Cap Growth Fund D USD/  LU0327604905  /

The investment objective of the Sub-Fund is to provide capital appreciation primarily through investments in US-based growing corporations with market capitalizations generally above USD 10 billion. The Sub-Fund is actively managed. The benchmark indices of the Sub-Fund are the S&P 500 and the Russell 1000 Growth. They are used for performance comparison purposes. The Investment Manager is not in any way constrained by the benchmark indices in its portfolio positioning. This means the Investment Manager is taking investment decisions without reference to a benchmark index. The Sub-Fund can deviate significantly from the benchmark indices. In general, the Sub-Fund will invest in equity securities of large capitalization issuers which are domiciled, headquartered or exercise the predominant part of their economic activity in the US. Equity securities, include, but are not limited to, common stocks, preferred stocks, securities convertible into common stocks, rights and warrants. The Sub-Fund may invest up to 15% of its net assets in equity securities of non-US issuers or issuers that do not exercise the predominant part of their economic activity in the US. The Sub-Fund may also invest in equity securities of issuers that have a market capitalization below USD 10 billion at the time of purchase. The Sub-Fund will typically contain 25 to 35 positions. The Sub-Fund may invest in American Depositary Receipts and American Depositary Shares. The Sub-Fund may hold liquid assets on an ancillary basis. Under normal market conditions, investment in liquid assets and debt instruments (including money market instruments) of any kind will not exceed 15% of the Sub-Fund's net assets. In exceptional market circumstances and on a temporary basis only, this limit may be increased to 100% with due regard to the principle of risk spreading. For the avoidance of doubt, the Sub-Fund will not invest more than 10% of its net asset in UCITS and other UCIs.

The investment objective of the Sub-Fund is to provide capital appreciation primarily through investments in US-based growing corporations with market capitalizations generally above USD 10 billion. The Sub-Fund is actively managed. The benchmark indices of the Sub-Fund are the S&P 500 and the Russell 1000 Growth. They are used for performance comparison purposes. The Investment Manager is not in any way constrained by the benchmark indices in its portfolio positioning. This means the Investment Manager is taking investment decisions without reference to a benchmark index. The Sub-Fund can deviate significantly from the benchmark indices.