Important Information

Five questions you should consider before you invest:

1. Is the money you are investing necessary for your day-to-day living?
2. Can you afford to lose the money you are investing?
3. Will you require this money in the next 6-12 months?

If you have answered “yes” to any of these 3 questions, then investing in a fund may not be the right thing for you and you should get advice from a professional financial adviser.

4. Are you aware of the risks involved in investing in the Funds?
5. Does the Fund you are investing in meet your financial goals?

The FCA has a dedicated webpage to help you to make better decisions; take time to understand both the opportunities and risks of any investment you may be considering:

https://www.fca.org.uk/investsmart/5-questions-ask-you-invest

General

All investments involve a degree of risk of some kind.

Our services relate to certain investments whose prices are dependent on fluctuations in the financial markets outside our control. Investments and the income from them may go down as well as up and you may get back less than the amount you have originally invested.

Past performance is not a guide to future performance.

We aim to provide investors with information to help them make their own investment decisions although this should not be interpreted as advice or an investment recommendation to buy, hold or sell. No view is given as to the present or future value or price of any investment, and investors should form their own view in relation to any proposed investment.

Investors should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, we strongly suggest that you consider getting professional financial advice.

Before you invest, you should read the relevant KIID(s) and SID to ensure you are able to make an informed decision. We will ask you to declare that you have received an up-to-date KIID and the SID (the date of each document is listed at the top of both documents).

Important Documentation

Key Investor Information Document (KIID)

All funds which are classified as UK UCITs are required to have a KIID. All three of our Funds are UK UCITs and have a KIID per share/unit class/type.

All the information contained in the KIID is to help you understand the nature of an investment and the risks associated with it. 

All KIIDs can be found here.

Supplementary Information Document (SID)

The SID provides additional useful information that you should be aware of before investing with Slater Investments Limited. It should be read together with the KIID of the Fund and share/unit class/type you are intending to invest in. The terms in this SID form part of the terms of your investment in the chosen Fund.

Collective Investment Schemes (commonly known as ‘funds’)

A fund is a term that covers different types of investment structures, at Slater Investments these are Open Ended Investment Companies (‘OEICs’) or Unit Trusts.

Most funds can be held in tax-efficient wrappers, such as ISAs and pensions. Funds are arrangements that enable a number of investors to ‘pool’ their money, in order to gain access to professional fund managers. Instead of buying and selling individual investments yourself, it can be easier and more cost-effective to invest in the financial markets through a fund. 

Investments held by these funds may typically include gilts, bonds and listed company shares, but depending on the type of scheme, may hold higher risk instruments such as property, derivatives, unquoted securities and other complex products. The value of a fund, and the income resulting from it, can decrease as well as increase and you may not necessarily get back the amount you originally invested. In addition, funds carry investment management risks, insolvency risks and liquidity risks (see ‘Sector/asset-specific risks’ below). You should ensure that you fully understand the nature of any fund before you invest in it. You can do this by making sure you read the Key Investor Information Document (KIID) -which is made available to you for each fund, the Supplementary Information Document (SID) and the fund’s Prospectus for a summary of the main risks. These documents are available on our website. Some of the more common risk factors are detailed below in the ‘Sector/asset-specific risks’ sections. 

Sector/asset-specific risks

This section lists some common risk factors relating to the geographical area, industry and/or asset type relating to a particular investment product, particularly funds.

• different funds carry varying levels of risk depending on the geographical region and industry sector in which they invest. You should make yourself aware of these specific risks prior to investing.
• the funds have a concentrated portfolio which means greater exposure to a smaller number of securities than a more diversified portfolio.
• the funds invest in smaller companies, and this results in a higher degree of risk than funds investing in larger companies. The shares of smaller companies may be less liquid and their performance more volatile over shorter time periods.
• the funds can also invest in smaller companies listed on the Alternative Investment Market (AIM) which also carry the risks described above.
• the funds may invest in derivatives and forward transactions for the reduction of risk or costs, or the generation of additional capital or income with an acceptably low level of risk which is unlikely to increase the risk profile of the funds significantly.

What does Slater Investments do?

We are equity Fund Managers. We manage three Funds investors are able to invest in.

We also provide discretionary portfolio management.

What is a Fund?

Instead of buying and selling individual investments yourself, it can be easier and more cost-effective to invest in the financial markets through a Fund.  There are two types of Funds offered by Slater Investments:

• Authorised Unit Trusts (AUTs) – Slater Growth Fund and Slater Recovery Fund
• Open Ended Investment Schemes (OEICs) – Slater Income Fund

An AUT is a Fund which is created in the legal structure of a trust.  An OEIC is a Fund which takes the legal form of a company.  Both have a Manager (Authorised Corporate Director), which is Slater Investments, and a Depositary (Trustee) who safeguard the assets of the Fund and are a separate entity to Slater Investments.

Both types of Funds are authorised by the FCA and are collective investment schemes.  This means that both types of Fund are a pool of money sourced from a large number of different investors pooled together to purchase investments in a range of assets according to the investment policy of the Fund. The investors themselves do not make any decisions on how the Fund’s assets will be invested, this lies with Slater Investments.

We do not give financial advice, so you should speak to a financial adviser if you need help deciding if an investment in one of our Funds is right for you.

What are the benefits of investing in a Fund?

There are many advantages to investing in a Fund rather than directly:

• diversification – the Fund invests in range of different companies which reduces the investment risk as your money is spread across this range of companies rather than just relying on one company.
• management – your investment is managed by a professional fund manager supported by research and analysts.
• economies of scale – when you invest in a Fund your money is pooled with that of other investors, enabling the fund manager to achieve economies of scale when they buy and sell holdings in the Fund.

The investments discussed on this website may not be suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should get advice from a professional financial adviser.

The value of the Fund’s assets will go down as well as up.  This will cause the value of your investment to fall as well as rise and you may get back less than you originally invested.

What do our Funds invest in?

Our Funds invest almost exclusively in shares of publicly listed companies, and for the most part in companies listed on the AIM Market (which is a sub-market of the London Stock Exchange).

An overview of each Funds’ current composition (i.e. the underlying companies’ shares held) can be found in the latest Fund Factsheets. 

What are the differences between our Funds?

Each of our Funds has its own page on our website outlining its investment style:

• the Slater Growth Fund and the Slater Recovery Fund aim to provide an investor with capital growth
• the Slater Income Fund seeks to provide an investor with a steady and growing income stream

All of our Funds are suitable for investors planning to hold their investments over the medium to long term. 

5 years is therefore the recommended minimum investment period.

The investment objective and policy of each Fund is detailed in the respective Funds Prospectus which can be found on the Funds own page on our website. These links have been provided in the two bullet points above.

What are the different share classes?

Each Fund is divided into three classes; A, B and P. These are known as units or share classes and dictate the total charge you pay. This is called the Ongoing Charges Figure (“OCF”). Each unit/share class has a minimum investment amount.  Further details can be found in each Fund Prospectus or on the website page ‘How to Invest’.

Once you have chosen your share class of your chosen Fund, you then need to decide how you would like your money to work for you. 

If you invest in either the Slater Growth Fund or Slater Recovery Fund, you can only buy Accumulation units.  However, if you choose to invest in the Slater Income Fund you can buy either Income or Accumulation shares.

Accumulation shares keep income within the Fund rather than paying it out.  If you would prefer to receive an income from your investment, you can choose to buy income shares instead. 

How much do you charge me for investing in your Funds?

The most common way to express the annual costs charged to a Fund is using the Ongoing Charges Figure (OCF).

The OCF for each share class of a fund is shown on its Key Investor Information Document (KIID).  The figure may vary from year to year. The ongoing charge is mostly the annual charge paid to Slater Investments to cover all aspects of operating the fund for one year including the management and oversight functions, the depositary fees and custodian charges.  Further details in respect of these charges are clearly set out in each Fund’s prospectus and on our website ‘Our Charges’.

The Funds also incur transaction costs when they buy and sell the underlying investments. This includes broker commissions, clearing and exchange fees and transfer taxes such as stamp duty.  In addition, there is a market spread between the buying and selling prices of the underlying investments.

There are:

• no initial charges
• no exit fees
• no performance fees

Dilution Adjustment

A dilution adjustment is a change to the share/unit price of the fund.  It is applied by the Fund to protect exiting investors from bearing the costs of buying or selling the underlying investments as a result of large inflows into our outflows from a fund.

The use of dilution adjustments is standard industry practice, and its use is detailed in the FCA Rules.  It is applied to protect the value of existing investors’ holdings.  The dilution adjustment is not retained by the fund manager.

Further information on the Dilution Adjustment including when this may be used by the Fund is contained in each Fund’s prospectus.

What happens when I invest?

Once you have placed your deal, you will receive a number of units/shares in the Fund. This is relative to the total assets of the Fund and the amount you have invested.

How much money do I need to invest?

You can open an account with a lump sum, for which the minimum investment amounts of each Fund and share class are detailed on our website ‘How to Invest’.

You can also open an account by setting up a monthly direct debit from £25 a month upwards, steadily building up your invested amount as time passes.

How do I invest and what is the process?

In order to invest, you will be required to complete an application form and send this to us either by:

1. Email to our Administrator JTC at [email protected]
2. Post to JTC Fund & Corporate Services, HX1, 16th Floor, Harbour Exchange Square, London, E14 9GE

You may also Call our Dealing line on +44 (0) 203 893 1001.

Please also note the following before investing:

1. You must read the Key Investor Information Document (KIID), Supplementary Information Document (SID) and relevant Terms & Conditions (T&Cs), all of which can be found here on the ‘Key Documents’ page of the website.
2. In the event that a deal is placed after the midday dealing deadline, your order will be placed at the next valuation point. Fund valuations do not occur on weekends or on Non-Dealing Days.

Please remember investing is not for everyone and, as with all investing, you may get back less than you originally invested.

Terms and Conditions

The Terms and Conditions will vary whether you are opening a dealing account or opening an ISA or JISA with Slater Investments.  Each is clearly marked on the ‘Key Documents’ page but if you are in doubt as to which Terms and Conditions are applicable to you, please contact us (see ‘How to contact us’ below). 

It is important and for your own benefit and protection that you read this document as your rights as an investor with Slater Investments are governed by these Terms and Conditions.  If you do not understand any point, please contact us for further information.

How do I find out how much my investment or the Fund is worth?

The Funds are [re-]valued each business day at noon – known as the valuation point. The prices for each Fund are then published on our website daily. You will also be sent statements showing the value of your holding in the Fund every 6 months. Additionally, you are welcome to telephone, email or write to us at any time and we will provide you with an up-to-date valuation. Alternatively, we can also set up an online portal for you where you can view up-to-date valuations. Please email us for more information if this is of interest to you (see ‘How can I register for the online client portal?’ below).

You can find up-to-date Annual and Interim Reports for the Funds on the Funds own page on our website together with the latest Fund Prospectus, fund prices and Fact Sheet.  You can request a copy of the most recent Fund Prospectus, Annual or Interim Report or the Factsheet by contacting us (see the below ‘How to contact us’ section).

How can I register for the online client portal?

Please send an email to [email protected] stating you wish to be set up for the Slater Online Portal and quote your portfolio number. Once we’ve received your request, we will set you up and send you the log in details and link for the portal.

How can I sell my investment?

You can instruct us to sell some or all of your units/shares at any time either by writing to us (your instruction must be signed or by completing a Withdrawal Form. Send your request to us either by:

1. Email our Administrator JTC at [email protected]
2. Post to JTC Fund & Corporate Services, HX1, 16th Floor, Harbour Exchange Square, London, E14 9GE

You may also Call our Dealing line on +44 (0) 203 893 1001.  If you instruct us by telephone you will be required to sign and return a Withdrawal Form before we can pay you.  This Form will be sent to you together with your contract note, which will be sent the day after your units/shares are sold.

Please note that it takes 4 working days from the valuation point at which we receive your instruction to your monies being sent to you.  Where your bank details are held on your account at the time of instruction, payment will be made by BACS.  If your bank details are not held for you on our system, we will contact you to update our records.

Please also note that, as detailed in each Fund’s Prospectus, Slater Investments reserves the right to, in exceptional circumstances and with the prior agreement of the Fund Depositary, temporarily suspend the issue, cancellation, sale, redemption and exchange of any units/shares.

What protection do I have under the client money and asset rules?

Any client money which is held by us is held in accordance with the FCA Client Asset Rules (CASS Rules).  Investment firms such as Slater Investments are very different from banks because we are required to separate client money and assets from our own resources. We are not permitted to use client money and assets in the course of our own business activities, and your money would be ring-fenced from Slater Investments own money in the unlikely event that we became insolvent.

In the case of Slater Investments becoming insolvent, the appointed Insolvency Administrator is entitled to claim their costs for distributing client money and assets from the client money pool. Any shortfall in client money and assets will be covered by the Financial Services Compensation Scheme (FSCS) up to a limit of £85,000 per client.  The FSCS exists to protect customers of financial services firms which have failed. 

Tax

There is no capital gains tax within the Fund.  The tax treatment of your investments depends your your individual circumstances and may be subject to change. Investors should discuss their financial arrangements with their own tax adviser. Levels and bases of taxation may change.

Target Market Information

This document explains who we believe the product is, and is not, suitable for.  This is based on Slater Investments opinion and does not take into account your individual circumstances.

How do I make a complaint?

If you wish to make a complaint about any aspect of our service you have received please either contact us (see ‘How to contact us’ below) or follow the link here.

How to contact us

If you wish to contact us, please send an email to [email protected], write to: The Operations Department.  Slater Investments Limited. Nicholas House, 3 Laurence Pountney Hill, London. EC4R OEU or call 020 7220 9460.

Do you need extra help?

If you would like this page in another format (for example audio, large print, braille) please contact us (see ‘How to contact us’ above).