UK: Suitable for retail and professional clients.

The third quarter, while ending on an overall positive note, was something of a step change from the strong recovery seen towards the end of the second quarter. While investment markets made steady progress in July, August was a surprisingly strong period for investments, with major US indices reaching decade highs in what is traditionally a quiet summer holiday period, before a stumble by technology stocks in early September saw some of those gains eroded.

its peers.

environment.

life to return to ‘normal’?

Regards,

Paul Craig Rasmus Soegaard

A note from yourportfolio managers Paul

CraigRasmus

Soegaard

Equities

Market overview

their feet.

Commentary and analysis from your portfolio managers

Continued on next page

Continued on next page

(All data in sterling terms and rounded to one decimal place unless otherwise stated.)

Performance analysis

demonstrates the impact of successful stock picking.

value strategies.

Continued on next page

Changes to the portfolio over the quarter

Activity Fund name Manager Rationale

Sold Invesco European Invesco

Increased BlackRock

Tracker Fund

BlackRock Asset

Sold

Increased Berkshire

improvement in the coming months.

IncreasedOpportunities Fund International

IncreasedInternational

ReducedAsset exiting manager has such faith in his co-manager, team and process that he is leaving

IncreasedSelect Fund

Granahan

Fixed Income

Market overview

Portfolio managers’ outlook (equities)

challenges of the ongoing pandemic, US elections and Brexit negotiations.

Continued on next page

(All data in sterling terms and rounded to one decimal place unless otherwise stated.)

Performance analysis

some overseas assets.

Changes to the portfolio over the quarter

Activity Fund name Manager Rationale

New

as he seeks to recreate his previous portfolios.

New

as he seeks to recreate his previous portfolios.

New

as he seeks to recreate his previous portfolios.

Continued on next page

Alternatives

Overview

environment.

Performance analysis and changes to the portfolio

Portfolio manager’s outlook (alternatives)

recovers.

look attractive.

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of

overseas investments to rise or fall.

.

prospectus.