CGWM Total Return Bond Fund

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1 To us there are no foreign markets. TM CGWM Total Return Bond Fund Supplement dated 6 October 2015 to the Prospectus dated 6 October 2015 This Supplement contains specific information in relation to the CGWM Total Return Bond Fund (the Fund), a sub-fund of Canaccord Genuity Investment Funds plc (the Company), an open ended umbrella investment company with variable capital and with segregated liability between its sub-funds incorporated with limited liability in Ireland and authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, This Supplement forms part of the Prospectus dated 6 October 2015 (the Prospectus) and should be read in the context of and together with the Prospectus. Unless otherwise set out herein, capitalised terms shall have the meaning given to them in the Prospectus. Potential investors should note that all ongoing investment management fees and any Performance Fees payable will be charged to capital. This may have the effect of lowering the capital value of an investor s investment in the Fund. Investors should also note that income will be achieved by foregoing the potential for future capital growth and on a realisation of their investment in the Fund, they may not receive back the full amount invested. Investment Objective The investment objective of the Fund is to generate income from a portfolio of investment grade bonds and money market instruments whilst seeking to increase and preserve capital value. The Fund will aim to deliver a net total return in excess of 2% per annum over 3 Month Sterling LIBOR, whilst paying a semi-annual dividend equivalent to the then current Sterling base rate. Investment Policy The Fund aims to achieve its objective by investing into a concentrated portfolio of investment grade bonds and money market instruments denominated in a variety of currencies from a Group of Ten (G10) countries, using Sterling as the base currency. At least 90% of the Fund s investments will be listed or dealt in on permitted stock exchanges and markets (Permitted Markets) primarily located in the G10 countries and which are listed in Appendix IV of the Prospectus. The Fund s portfolio will consist primarily of debt securities issued by the governments of G10 countries (currently comprising Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States). Money market instruments, comprising fixed and/or floating rate instruments, commercial paper, floating rate notes, certificate of deposits and fixed and/or floating rate bonds, may also be acquired. All such instruments must be issued by an issuer having a Standard & Poor s or Moody s credit rating of at least A. The Fund has no limitations on the range of maturities of the debt securities in which it can invest and may hold securities with short-, medium- or long-term maturities as well as fixed and floating rate securities and coupon or non-coupon bearing securities. The investment process to be adopted by the Investment Manager will be influenced by the prevailing global macro-economic outlook. The Fund s portfolio of investments will be selected on the basis of, among other things, currency and interest rate trends in different parts of the world, the relative attractiveness of bonds and of different maturities within individual G10 countries and credit risk. In addition, the Fund will pursue a policy of diversification across the range of G10 countries and currencies. The Investment Manager may hedge unwanted currency exposure to non-sterling denominated assets. Decisions regarding the hedging policy of the Fund will be based, in part, on the Investment Manager s view of the likely trend of future exchange rates. In general, the Investment Manager will ensure that not more than 50% of its assets are invested in non-sterling denominated assets at any point in time. To the extent that some of the Fund s assets may not be hedged, the Fund performance may be influenced by adverse movements in foreign exchange rates because currency positions held by the Fund may not correspond with the securities positions held. The Investment Manager may also use financial derivative instruments (FDIs) to determine the exposure of the Fund to bond markets. The Fund may not have a net long exposure to the bond market greater than 100% of the Net Asset Value of the Fund or a net short exposure of more than 25%. The principal objective of the Investment Manager, when using FDIs, will be risk reduction and overall capital preservation. The Fund may also invest in securities which are not listed or traded on Permitted Markets, subject to an overall exposure of 10% of the Fund s net assets. Investment Instruments The Fund will use the following investment instruments for investment and/or hedging purposes in the manner described below: OECD government issued bonds. Investment grade corporate bonds - As part of its investment strategy, the Fund may also invest up to 30% of its assets in corporate issuers with a credit rating of at least A from Standard and Poor s or Moody s. Typically, corporate issues will only be considered where there is a compelling tactical opportunity, such as when spread trades are rewarding. G10 currencies (predominantly Sterling) - The Fund will seek to take advantage of opportunities that arise within G10 currencies via outright purchases or through the use of currency forwards. Currency forwards may also be used to hedge part or all of the Fund s currency exposure. See the section below on Financial Derivative Instruments for further explanation of currency forwards. Cash The Fund may hold liquid assets such as time deposits, cash deposits, certificates of deposit or variable rate notes. The credit ratings of the issuers of these instruments must be at least A1/P1 from Standard & Poor s or an equivalent rating from Moody s. There is no maximum or minimum amount of liquidity which the Fund may hold at any one time. Financial Derivative Instruments Please see next page for further details. CGWM Supplement - CGWM Total Return Bond Fund 1

2 Financial Derivative Instruments The Fund will not invest in FDIs with the sole exception of futures contracts, options and currency forwards described below. All futures contracts (which will be entered into for investment purposes) will be exchange traded and will be listed or traded on a Permitted Market. In the event of counterparty default, the sole risk to the Fund, in terms of such exchange traded contracts will be a loss of margin monies or premium paid by the Fund. All counterparties to any over the counter (OTC) options and currency forwards will have a Standard & Poor s or Moody s credit rating of at least A. The use of FDIs for investment purposes will result in the creation of financial leverage and any such leverage, which may not exceed 100% of the Fund s Net Asset value, will be measured using the commitment approach. The use of financial derivatives will be fully supported by an in-depth risk management process conducted by the Investment Manager, on a real time basis, to ensure that the use of such financial instruments continue to be commensurate with the overall investment objectives of the Fund: Futures - The Fund can only invest in G10 government bond futures. The G10 government bond futures market is a well developed highly liquid market and enables the Investment Manager to efficiently hedge positions and also gain exposure to markets in a cost efficient manner. This is particularly relevant when building exposure to non-sterling denominated markets. In the opinion of the Investment Manager, the Japanese government bond 10 year futures contract is a very efficient way for the Fund to trade the Japanese government bond market - the costs of dealing are minimal, there is no currency risk, there is a highly liquid 24 hour market and as Sterling cash is held against futures there is no significant loss to running yield. The Fund will only invest in the following G10 futures contracts. Contract Market Deliverable Maturity UK Gilt Future UK 8.75 to 10 years US 2 Year Note Future US 1.75 to 5.25 years US 5 Year Note Future US 4 to 5.25 years US 10 Year Note Future US 6.5 to 10 years US Long Bond US At least 15 years Euro-Schatz Europe 1.75 to 2.25 years Euro-Bobl Future Europe 4.5 to 5.5 years Euro-Bund Future Europe 8.5 to 10.5 years Euro-Buxl Future Europe 24 to 35 years Canada 10 Year Future Canada 8 to 10.5 years JGB 10 Year Future Japan 7 to 11 years Options on Futures - Options on the above futures contracts may be used for hedging and to gain market exposure. Market exposure via options on the above listed futures contracts will only be used when the risk to capital inherent in the futures contract is perceived to be disproportionate to the Fund s strategy; under these circumstances options may be purchased as a lower cost means of entry/execution of the investment strategy. Selling Put Options (to open) The Fund will only sell put options for risk reduction and to enhance returns through the receipt of option premium. Put options will be used to provide early exposure to a bond that the Investment Manager favours, without buying the bond directly at the time of entering into the option contract. In the event that the bond price rises, the receipt of premium will generate an absolute return. The option exposure will be monitored on a daily basis. Selling Call Options (to open) The Fund will only sell call options for risk reduction and to enhance returns through the receipt of option premium. Call options will be used to generate premium income during neutral markets. The receipt of premium will provide some protection in the event of a fall in the underlying bonds price. Only options on the above listed futures contracts will be sold to open. The Fund must own the deliverable stock in order to sell call options and must not exceed the underlying amount of the bonds held within the Fund. Interest Rate Futures/Options The Fund will only invest in UK interest rate futures and options on the futures contract. Short Sterling futures contracts will be solely used to hedge interest rate risks. One of the Fund s main investment objectives is to generate income in line with prevailing cash rates, as such the futures contracts will be used for risk reduction, with the aim of protecting the Fund s running yield against adverse moves in UK interest rates. Currency Forwards The Fund will seek to take advantage of opportunities that arise within G10 currencies through the use of currency forwards. All such contracts will be entered into on an OTC basis. The Fund may also hedge unwanted currency exposure through the use of forwards. Where the Investment Manager decides to hedge part or all of a currency exposure, the hedging process may, from time to time result in a small residual currency exposure due to market movements. It is the intention of the Investment Manager that currency movements should not have material impact on the performance of the Fund. The maximum settlement on all forward contracts will be 3 months after spot. Efficient Portfolio Management The Fund will utilise futures, options and currency forwards for efficient portfolio management purposes. Such transactions entered into may not result in a change of the Fund s investment objective and must be: Economically appropriate; Entered into for reasons of reduction of risk, reduction of cost or the generation of additional capital or income with an appropriate level of risk; and Such that the relevant risks are adequately captured by the risk management process report produced in relation to the Fund. A default by or insolvency of a counterparty to any currency forward transaction may result in the loss of any accrued profit and loss; however, as no margin monies or premium will be paid for entering into such transactions there will be no risk of loss of capital to the Fund. All OTC financial derivative positions will be appropriately covered and will be monitored and reviewed on a daily basis. Profile of a Typical Investor Investment in the Fund is suitable for investors seeking an attractive income stream together with preservation of capital over the medium term (3-5 years) and who are prepared to accept a moderate level of volatility. CGWM Supplement - CGWM Total Return Bond Fund 2

3 Investment Restrictions The investment restrictions and limitations are those included in the Regulations and which are set out in Appendix I to the Prospectus. The principal restrictions and limitations for this Fund are as follows: Not more than 20% of the Fund s net assets may be invested in the securities of any one issuer; unless the issuer is the government of the United Kingdom or United States of America in which case no minimum will apply subject to there being at least 6 different issues of such securities with securities from any one issue not exceeding 30% of the Fund s net assets; The percentage restriction in 1. above is increased to 25% in the case of securities issued by a credit institution which has its registered office in an EU Member State and is subject by law to special public supervision designed to protect bond-holders; The total amount of premium paid or received for options and/or initial margin paid for futures and options contracts may not exceed 5% of the net asset value of the Fund; The total exposure relating to derivative instruments will not exceed 100% of the net asset value of the Fund; The Fund may not hold more than 10% of its net assets in securities which are not listed or traded on Permitted Markets; The Fund will not invest more than 50% of the net asset value of the Fund in non-sterling assets; and No more than 10% of the Fund s net assets may be invested in other collective investment schemes. Investment Manager The Investment Manager to the Fund is Canaccord Genuity Wealth (International) Limited, further details of which are contained in the Prospectus. Base Currency The base currency of the Fund is Sterling, although investments may be denominated in a variety of G10 currencies and the Investment Manager may or may not choose to hedge currency risk back to sterling. Share Class Details Share class name Currency Distribution Policy Investment Management Fee Subscription Charge Redemption Charge Minimum Investment Minimum Subsequent Investment A GBP (Distribution) GBP Distribution 0.75% Up to 3% Nil 10,000 5,000 Business Day A day on which banks are open for business in Dublin, London and New York or such other day as the Directors may, with the approval of the Custodian, determine. Dealing Day The Dealing Day for the Fund is every Business Day. Dealing Deadline The Dealing Deadline is 2.00 pm (Irish time) on the Business Day prior to the relevant Dealing Day. Valuation Point The Valuation Point is pm (Irish time) on the Business Day prior to the relevant Dealing Day. Listing The status of approval of an application list and the admission to listing and trading on the Main Securities Market of the Irish Stock Exchange of the Share Class is set out below: Share class name Approved Admitted A GBP (Distribution) ü 1 August 2008 Distribution Policy It is the intention of the Directors to distribute income on a semi-annual basis. Dividends will be declared on the second Business Day following the end of the relevant half year. Dividends will be paid gross (without the deduction of tax) within one month of the end of the relevant half year. Any dividends payable in a currency other than Sterling will equal the foreign currency equivalent of the Sterling amount on the dividend payment date. UK reporting fund status has been obtained in relation to the Shares. As set out below, the Fund will allocate all of its investment management fees and any Performance Fees to capital. This will result in a higher level of income available for distribution than if all fees and expenses were charged to income. Anti-Money Laundering Measures aimed at the prevention of money laundering may require an applicant for Shares to verify their identity to the Administrator. The Administrator will notify applicants if proof of identity is required. Charges and Expenses The following sections on fees should be read in conjunction with the section headed Charges and Expenses in the Prospectus. Investment Management Fee The investment management fee payable to the Investment Manager is set out above under Share Class Details. Such fee accrues daily and is paid monthly in arrears. The Investment Manager is entitled to be reimbursed out of the assets of the Fund for its reasonable out-of-pocket costs and expenses incurred by the Investment Manager in the performance of its duties (plus VAT thereon, if any). CGWM Supplement - CGWM Total Return Bond Fund 3

4 Performance Fee The Investment Manager is also entitled to a performance fee (the Performance Fee) equal to 20% in total of the amount by which the Fund produces a total net return of 2% per annum in excess of 3 Month Sterling LIBOR subject to first having made good any negative performance which was made in previous periods. The Performance Fee is calculated in Sterling. Any Performance Fee payable will accrue on each Dealing Day and will be payable to the Investment Manager after the end of each quarter. The method of calculation is set out below. The Performance Fee shall be calculated by the Administrator and shall be verified by the Custodian: The Offer Price for Shares in the Fund is 100 and this is known as the share base (SB) for the calculation of the Performance Fee; On each Dealing Day the Net Asset Value per Share (NAV) is calculated, in Sterling, after any deductions of expenses but before the payment of any Performance Fee; On each Dealing Day the SB is increased by any pro-rata percentage gain of the 3 Month Sterling LIBOR rate +2%. This value is known as the Hurdle Rate Value (HRV); If the calculated NAV is greater than the HRV then an amount of 20% of the difference between the NAV and the HRV, multiplied by the number of Shares in issue on that Dealing Day, will become payable to the Investment Manager and will be deducted from the Net Asset Value of the Fund as the Performance Fee; The NAV is then recalculated after the deduction of any Performance Fee for a Dealing Day and this NAV will become the SB for the calculation of future Performance Fees. In the event that the NAV is less than the HRV on any Dealing Day then no Performance Fee is payable and the HRV will become the SB for the calculation of future Performance Fees; The calculation of the Performance Fee will be adjusted to take into account any declaration of dividends and any reconstruction to the share capital of the Fund; and Any Performance Fee will be payable at the end of each calendar quarter and be paid to the Investment Manager within 30 days of the end of the relevant quarter. Administration Fee The fees of the Administrator are 0.15% per annum of the Net Asset Value of the Fund. Such fees, which are accrued daily and paid monthly in arrears, will be discharged by the Fund. The Administrator is entitled to be repaid all of its reasonable agreed upon transaction and other charges (which will be at normal commercial rates) and other out-of-pocket expenses out of the assets of the Fund (plus VAT thereon, if any). Custodian Fee The fees of the Custodian are 0.05% per annum on the Net Asset Value of the Fund. Such fees, which are accrued daily and paid monthly in arrears, will be discharged by the Fund. The Custodian is entitled to sub-custodian s fees (which will be charged at normal commercial rates) as well as agreed upon transaction charges (which will be at normal commercial rates) and other out-of-pocket expenses out of the assets of the Fund (plus VAT thereon, if any). Capping of Expenses The Investment Manager has agreed to ensure that the annual Total Expense Ratio (TER) of the Fund, excluding the investment management fee, will be capped at 0.75% of the Net Asset Value of the Fund. Therefore, if the annual TER exceeds 0.75% then the Investment Manager will pay to the Fund an amount that will result in the TER reducing to 0.75%. The TER will be calculated on a quarterly basis and the following costs will be included in the calculation: The Investment Manager s out of pocket expenses; The custodian fee including out of pocket expenses (excluding transaction charges see below); The administration fee including out of pocket expenses; The amortisation of formation costs; and Operating costs. The Custodian s transaction charges, any sub-custody fees and the Investment Manager s annual fee and Performance Fees are not included in the calculation. The effect of the capping of the expenses is that the maximum TER plus the Investment Manager s annual fee will be 1.50%. Allocation of Investment Management Fees and Performance Fee A key feature of the Fund is the ability to distribute a high level of income whilst preserving capital. In order to meet this dual investment objective the Fund will allocate 100% of its investment management fees plus any Performance Fees payable to capital. The Directors consider that this allocation will enable the Fund to distribute income in line with Shareholder s expectations whilst at the same time preserving the capital value of the Shareholder s investment. The result of this allocation policy is that the capital growth of the Fund will be less than if all investment management fees were charged to income. The maximum effect in each year would be 0.75% plus any Performance Fee that can be charged in each year, which is 20% of the amount by which the Fund produces a total net return of 2% per annum in excess of 3 Month Sterling LIBOR (subject to first having made good any negative performance). Shareholders should also be aware that as this allocation policy will result in a higher level of income being distributed, than if all investment management fees were charged to income, a larger portion of the overall return of the Fund will, for UK tax payers, be subject to income tax rather than capital gains tax. Risk Factors The general risk factors under the heading Risk Factors of the Prospectus apply to this Fund. In addition, the following risk factors are also relevant: Where Performance Fees are payable by the Fund, these will be based on net realised and net unrealised gains and losses as at the end of each calculation period. As a result, Performance Fees may be paid on unrealised gains which may subsequently never be realised. All investment management fees and any Performance Fees payable will be allocated to capital. This allocation method will enable the Fund to distribute higher income but may constrain future capital growth. Investment in a Fund is not in the nature of a deposit in a bank account and is not protected by any government, government agency or other guarantee scheme which may be available to protect the holder of a bank deposit account. CGWM Supplement - CGWM Total Return Bond Fund 4

5 The base currency of the Fund is Sterling, and although the Investment Manager has the ability to seek to hedge the Fund s exposure to movements in other currencies, there is the risk that any foreign currency exposure will not be fully or successfully hedged and that the Fund s Net Asset Value could move down due to a fall in the value of non Sterling currencies against Sterling. Any OTC options and currency forwards entered into will be in accordance with the requirements of the Central Bank Notices. A default by or insolvency by a counterparty to any OTC transaction may result in a loss of premium payable to the Fund. Any resultant trade will be on a delivery versus payment basis. Any counterparty to an OTC derivative contract will have a Standard & Poor s or Moody s credit rating of at least A. All futures contracts will be exchange traded and will be listed or traded on Permitted Markets. As such, the sole risk to the Fund in terms of such exchange traded contracts, will be with the appropriate Clearing House who will hold any margin due. Where the Investment Manager decides to hedge part or all of a currency exposure, the hedging process may from time to time result in a very small residual currency exposure due to marketing movements. This exposure will be monitored on a daily basis and, if practical and subject to the discretion of the Investment Manager will be re-hedged to adapt the foreign currency exposure once again to the Investment Manager s target. It is not however the intention of the Investment Manager to take substantial foreign exchange positions. Soft Commission Arrangements The Investment Manager may effect transactions or arrange for the effecting of transactions through brokers with whom it has soft commission arrangements. The benefits provided under such arrangements will assist the Investment Manager in the provision of investment services to the Fund. Such services, which may take the form of research services, quotation services, news wire services, portfolio and trade analysis software system, special execution and clearance capabilities, may be used by the Investment Manager in connection with transactions in which the Fund will not participate. The Investment Manager will, however, where practicable seek best execution of all transactions. Details of any soft commission arrangements entered into will be disclosed in the periodic reports of the Company. Material Contracts The Investment Management Agreement dated 30 July 2008 between the Company and the Investment Manager as amended and supplemented from time to time. Miscellaneous There are eleven other Funds of the Company currently in existence, namely: CGWM Select Income Fund; CGWM Select Diversity Fund; CGWM Select Global Diversity Fund; CGWM Select Affinity Fund; CGWM Select Global Affinity Fund; CGWM Select Opportunity Fund; CGWM Select Global Opportunity Fund; CGWM GPS Optimized Portfolio 4 Fund; CGWM GPS Optimized Portfolio 4(i) Fund; CGWM GPS Optimized Portfolio 5 Fund; and CGWM Select Bond Fund. CGWM Supplement - CGWM Total Return Bond Fund 5

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