F & C E U R OP E A N S M A L L C A P F U N D W I N S M OR N I N G S TA R

F U N D A W A R D ( G E R M A N Y )

W e a r e d e l i g h t e d t ha t M o r n i ng s t a r ha s na m e d t he F & C

E u r o p e a n S m al l C a p F u nd a s b e s t f u nd i n t he E u r o p e a n S m al l a nd M i d C a p ca t e g o r y.

We believe the consistency of the fund's outperformance is an affirmation of our investment process since Sam Cosh took over as manager in 2011. By focusing on high-quality companies with robust business models, Sam and the

pan-European equities team have been able to successfully navigate challenging investment conditions and deliver

superb returns for investors over multiple periods.

OUR PHILOSOPHY :

Gaining an objective view of a company's true worth

We focus on We avoid



Cash flow analysis Sell-side recommendations In-depth meetings with company management Initial public offerings Consulting industry experts Sector or stock ownership Team-based idea generation Taking macro-economic bets

Cumulative Performance

1 year 3 years 5 years

Fund 15.6 87.6 152.9

Benchmark 9.6 67.9 83.2

Source: Lipper, in EUR to 31.1.15

Key Facts

WELL SET FOR THE FUTURE

With stock selection being unencumbered by capacity constraints, the fund is scalable for the future. We will continue to take a

long-term view in the stocks we select and, accordingly, portfolio turnover will remain low. We are confident that, thanks to our proven investment process, the fund will continue to outperform over course

of economic cycles.


This document has been produced for the information of investment professionals only and should not be construed as investment advice. Past performance should not be seen as an indication of future performance. Stock markets and currency movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount they originally invested. F&C European SmallCap Fund is a sub-fund of F&C Portfolios Fund, a UCITS fund authorised by the Commission de Surveillance du Secteur Financier in Luxembourg and recognised by the Financial Conduct Authority in the United Kingdom. Where investments are made in emerging markets, unquoted securities or smaller companies, their potential volatility may increase the risk to the value of, and the income from, the investment. All sources F&C Management Limited unless otherwise stated. F&C Management Limited is Authorised and regulated by the Financial Conduct Authority. F&C Management Limited is a member of the F&C Group of companies. The F&C Group is wholly owned by BMO Global Asset Management (Europe) Limited, which is itself a wholly owned subsidiary of the Bank of Montreal. CM04792 03/15.

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