Most of the fund holds investments from a particular market sector, that of property company shares and REITs. Funds like this can be more volatile than funds that invest across many market sectors. This is because the value of the fund can go up and down more often and by larger amounts than funds that are spread more widely, especially in the short term.

The fund invests in property companies and REITs. These investments tend to be more volatile than investing directly in property because they can go up and down in value more often and by larger amounts, especially in the short term. These risks may increase with market uncertainty and it could become even less easy for your fund to buy and sell investments. If this happens, the value of your fund may fall and in extreme circumstances this may also force a delay in buying and selling your investment in the fund, which may mean you have to wait for your money to be invested or returned. The fund can only delay paying out if it is in the interests of all investors and with the permission of the fund trustee or depositary.

The fund could lose money if any institution providing services such as acting as counterparty to derivatives or other instruments, becomes unwilling or unable to meet its obligations to the fund.

Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains.

The fund may have underlying investments that are valued in currencies that are different from sterling (British pounds). Exchange rate fluctuations will impact the value of your investment. Currency hedging techniques may be applied to reduce this impact but may not entirely eliminate it.

We may take some or all of the ongoing charges from the fund's capital rather than the fund's income. This increases the amount of income, but it reduces the growth potential and may lead to a fall in the value of the fund.