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This is a financial promotion for First State Diversified Growth Fund for professional clients only in the EEA and elsewhere where lawful. Investing involves certain risks including:

The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested.

  • Currency risk: changes in exchange rates will affect the value of assets which are denominated in other currencies.
  • Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets.
  • Derivative risk: the use of derivatives may result in large price fluctuations and gains or losses that are greater than an investment in the underlying asset.
  • Credit risk: the issuers of bonds or similar investments may not pay income or repay capital when due.
  • Interest rate risk: interest rates affect the value of investments; if rates go up, the value of investments fall and vice versa.

Reference to specific securities or companies (if any) are included to explain the investment strategy and should not be construed as investment advice, or a recommendation to invest in any of those companies.

For a full description of the terms of investment and the risks please see the prospectus and Key Investor Information Document.

If you are in any doubt as to the suitability of our funds for your investment needs, please seek investment advice.

DGF Investment Process

Investment Objective:


To deliver an investment return of 4.0% above inflation (UK Retail Price Index) over a rolling 5 year period.

Investment Approach:

The Fund's investment strategy is objective based, and implemented through a dynamically managed investment portfolio in order to maximise the likelihood of achieving the objective while minimising deviations from that target.

Unlike traditional multi-asset portfolios, there is no requirement for the First State Diversified Growth Fund to allocate to any particular investment type. Instead, we blend a combination of investments that we believe together have the highest likelihood of delivering the performance target of UK RPI + 4% (over rolling five-year periods, before fees).

The portfolio's design is driven by a detailed assessment of market valuations, macro-economic fundamentals, risk premia and liquidity, resulting in a dynamic asset allocation. The investment approach allows the portfolio to respond to changing market environments, both capturing opportunities and containing risks relative to the objective.

There are two key elements to our process:

1. Neutral Asset Allocation:

– The first step of our Neutral Asset Allocation process is to set the economic climate
– We use the economic climate assumptions within our proprietary models to determine forward looking expected returns.
– The process of determining the Neutral Asset Allocation uses these expected returns for the building blocks of the portfolio allocations incorporating the return objectives, constraints, and investment horizon of the portfolio.

2. Dynamic Asset Allocation:

– Our Dynamic Asset Allocation process takes into account the shorter-term market dynamics to deliver additional returns and seek to abate portfolio risks.
– This part of our investment process is formally reviewed each week and looks at (among other things) markets to take advantage of possible dislocations.
– We have the ability to increase or decrease our Neutral Asset Allocation and Dynamic Asset Allocation dependent on market conditions to maximize the probability of meeting the return objective.



Don't believe we are flexible and dynamic? We'll prove it.

Have any questions about our investment process? Ask our investment team

If you are not a Professional Client or an Eligible Counterparty and are based in the UK please return to www.firststateinvestments.com and select Private Investor.

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IMPORTANT INFORMATION ABOUT ACCESS TO THIS WEBSITE

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This Website (and the information on it unless otherwise specified) is directed only at persons who are Professional Clients or Eligible Counterparties for the purposes of the Markets in Financial Instruments Directive II (“MiFID”) or as otherwise defined under applicable local regulations and at whom this Website (and any information on it) may lawfully be directed in any relevant jurisdiction. Access to this Website is not open to persons resident in, or citizens of any territory outside the United Kingdom where, to allow such access would require any registration, filing, application for any licence or approval or other steps to be taken by First State Investments (UK) Limited or First State Investments International Limited (“First State”) in order to comply with local laws or other regulatory requirements in such overseas territory. The definitions of Professional Client and Eligible Counterparty as set out in MiFID can be found here. Please contact First State if you require any further information on your status.

Following a UK departure from the European Union without a Withdrawal Agreement or transitional period, First State Investments ICVC (“OEIC”) has ceased to qualify as a UCITS scheme and is instead an Alternative Investment Fund (“AIF”) under the terms of the Alternative Investment Fund Managers Directive (2011/61/EU). Accordingly, no marketing activities relating to the OEIC are being carried-out by First State in the European Union (or the additional EEA states) and the OEIC is not available for distribution in those jurisdictions. This website does not constitute an offer or invitation or investment recommendation to distribute or purchase shares in the OEIC in the European Union (or the additional EEA states).

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