Santander GO North American Equity Opportunities

The Sub-Fund will typically invest in the equities of well established, large-capitalization companies using a bottom-up stock selection process. The Investment Manager will favour well-known companies with sustainable competitive advantages with the ability to redeploy capital at high rates of return. The Sub-Fund will also invest in companies that are considered underappreciated by the market. The Sub-Fund will invest mainly in equities (including American Depository Receipts (ADRs) and Global Depository Receipts (GDRs)), although depending on the opportunities in the markets it can also invest in exchange traded and over-the-counter options, futures and other financial derivative instruments. On an ancillary basis, up to 10% of its assets may be invested in debt securities convertible into common shares, preference shares, warrants on securities and other equity-linked securities. The Sub-Fund may invest up to 10% of its net assets in securities issued by non-US and non-Canadian companies. The Sub-Fund may invest part of its assets in cash and money market instruments to facilitate transactions and flows. The Sub-Fund may invest up to 10% of its net assets in exchange traded funds qualifying as UCITS. The Sub-Fund will continuously invest at least 51% of its net assets directly or indirectly via UCITS and/or other UCIs in equity assets, excluding depository receipts and financial derivative instruments. The Sub-Fund is actively managed and does neither track the Benchmark nor uses it for portfolio allocation purposes. The reason for referring to the Benchmark in this investment policy is to indicate that it is used for performance comparison purposes only. The Sub-Fund will not invest more than 20% of its net assets in ancillary liquid assets, being cash and deposits at sight (such as cash held in current accounts) for ancillary liquidity purposes in normal market conditions. The Sub-Fund may invest in financial derivative instruments, including futures and swaps