The past performance of an investment is not a guide to its future performance; the value of an investment and any income from it can go down as well as up. There is a risk that you could get back less than you invested. Find out more General risks All types of investment carry a degree of risk and it is important that you understand and are comfortable with the level of risk to which your capital could be exposed. We recommend that you consult with a financial adviser if unsure in any way. There is the potential for loss of your original investment. The amount of investment risk will depend on the fund’s risk profile. We would typically expect investments that are perceived as lower risk to offer less potential for loss but with potentially lower returns, whereas we would expect higher risk investments to generate higher returns albeit with the extra risk of potential loss over the long-term. However, there are no guarantees as to how an investment will perform in the future. Inflation could erode the relative value of your investment. There is a risk that financial markets will fall, affecting the value of your investment. There is no guarantee that the investment objective of the fund will be achieved. Past performance of a fund is not a guide to future returns. The price of shares and any income from them can go down as well as up and there is the possibility of a loss to your original investment. The levels of taxation and of relief from taxation will depend upon individual circumstances. There may be a variation in the performance between funds with similar objectives due to the different assets selected. Performance of a fund will be affected by the fund manager’s investment decisions. If you withdraw part of your investment to supplement the income paid out to you, there is an increased risk that the residual amount of your investment will be less than your original investment when you decide to sell. Other investment risks The fund may invest directly into, or be exposed to via its underlying investments, a variety of assets which carry specific risks which could impact the returns from your fund. The main risks are summarised here, with further detail available in the fund’s prospectus. Equities: As an asset class, equities can experience high levels of fluctuation in prices. Geographic concentration: Funds that have a strong focus on a particular country or region, can carry a higher risk than funds with a more diversified portfolio. Inflation: Higher inflation can negatively impact investment markets, in particular, fixed interest securities such as government bonds and corporate bonds. Interest rate: Unexpected movements in interest rates will affect all types of assets, in particular, fixed interest securities such as government bonds and corporate bonds. If interest rates go up, the value of the bond may fall, and vice versa. Legal/tax: Arising from a change in legal/tax regulations or the application of them. Liquidity: During difficult market conditions, securities may become more difficult to sell and buy at a desired price. Operational: Processes, systems and controls can fail. This is more likely to happen with more complex products or investments in overseas markets, such as emerging market countries, which may not have the same level of safekeeping, infrastructure or controls as more developed markets. Smaller companies: Investment in smaller companies is typically higher risk than investment in larger companies.