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NGAM INVESTMENT FUNDS U.K. ICVC
ANNUAL SHORT REPORT
For the year ended 31 December 2016
Contents
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund 1
Loomis Sayles U.S. Equity Leaders Fund 12
H2O MultiReturns Fund 17
Harris Associates Global Concentrated Equity Fund 23
Seeyond Factor Plus Europe Ex U.K. Equity Fund 28
Seeyond Factor Plus U.K. Equity Fund 32
Company Information 36
General Information 37
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund
1Annual Short Report
Investment objective:The investment objective of Loomis Sayles Strategic Income
Fund (the “Fund”) is to achieve high income with a
secondary objective of long-term growth of capital.
Principal investment strategy:In order to meet its objective, the Fund will invest at least
80% of its assets in income-producing securities (including
below investment-grade securities, or “junk bonds”) with a
focus on corporate, convertible and government bonds on a
global basis, including emerging markets.
Income-producing securities may also include where
permitted in accordance with FCA Rules: preferred stocks,
asset-backed securities, mortgage-related securities, Rule
144A securities, Regulation S securities, structured notes,
pay-in-kind bonds and bank loans qualifying as money market
instruments. These securities may also be issued or
guaranteed by government agencies or supranational
entities. The Fund may invest no more than 10% of its total
assets in bank loans that qualify as money market
instruments. Except as described elsewhere, the Fund is not
limited in the percentage of its assets that it may invest in
these instruments.
The Fund may invest up to 20% of its assets in securities
other than those described above. The Fund may invest no
more than 20% of its assets in dividend-paying common
stocks. The Fund may invest no more than 10% of its assets
in other investment funds (subject to the eligibility criteria as
set out in Appendix 1 in the Prospectus).
Loomis, Sayles & Company, L.P., the Investment Manager,
may shift the Fund’s assets among various types of income-
producing securities based upon changing market conditions.
The Investment Manager performs its own extensive credit
analyses to determine the creditworthiness and potential for
capital appreciation of a security. It uses a flexible approach
to identify securities in the global financial markets with
characteristics including discounted price compared to
economic value, undervalued credit ratings with strong or
improving credit profiles and attractive yield (although not all
of the securities selected will have these attributes).
In deciding which securities to buy and sell, the Investment
Manager will consider, among other things, the financial
strength of the issuer, current interest rates, current
valuations, its expectations regarding future changes in
interest rates and comparisons of the level of risk associated
with particular investments with the Investment Manager’s
expectations concerning the potential return of those
investments. The Investment Manager generally seeks to
maintain a high level of diversification.
For a more complete description of the investmentpolicy and risks relevant to each Fund, please refer to thelatest version of the Company Prospectus.
Fund Manager’s ReportThe Fund outperformed its Reference Index in the 12-month
period ended 31 December 2016.
• Security selection within out-of-Index allocations to high
yield industrials, common stocks and convertible bonds
primarily drove the Fund’s outperformance. High yield
credit was a top performer in 2016. The Fund’s high yield
securities outperformed their investment grade
counterparts and duration-matched Treasurys for the
year. Within the sector, energy, metals and mining, and
chemicals issues were top contributors. To a lesser
extent, high yield financials also aided relative and
absolute performance.
• Convertible bond holdings contributed to the Fund’s
outperformance. Within the out-of-Index allocation, issue
selection among securities in the communication,
energy and insurance sectors drove performance. In
addition, a significant out-of-Index allocation to common
stocks, particularly individual technology and consumer
cyclical holdings, bolstered performance. Despite a
difficult start to the year, the equity market continued to
advance throughout 2016, rallying strongly at year-end.
• The Fund maintained a meaningful underweight to
Treasuries throughout the year. This positioning,
combined with a significantly shorter duration stance,
and significantly aided relative outperformance.
• Investment grade corporates produced positive returns
overall for the year. Investment grade industrials
generated positive returns for the 12-month period,
buoyed by the recovery in the energy sector. In addition,
selection among investment grade financials also
contributed to absolute and relative performance.
Meanwhile, a small allocation to investment grade
utilities weighed on relative performance, but returns
generated within other investment grade sectors muted
the effect.
• Non-U.S.-dollar-denominated issues weighed modestly
on relative performance for the year but contributed
positively to absolute return. Positions in Mexican bonos
(fixed-rate, peso-denominated coupon bonds) were the
main detractors.
Period Performance%
Share Class I/AG USD 18.00
Barclays U.S. Aggregate Bond Index TR USD 2.65
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund
2 Annual Short Report
Sector Breakdown
31/12/16 31/12/15Portfolio of investments % %
US Dollar Denominated Bonds 73.50 67.38
Equities 5.02 7.34
Mexican Peso Denominated Bonds 2.84 2.15
Norwegian Krone Denominated Bonds 2.00 1.17
Australian Dollar Denominated Bonds* 1.99 1.51
Preference Shares 1.93 2.64
Euro Denominated Bonds 1.86 2.47
Icelandic Krona Denominated Bonds 1.24 0.63
Canadian Dollar Denominated Bonds 0.61 5.29
Brazilian Real Denominated Bonds – 0.67
New Zealand Dollar Denominated Bonds* – 2.55
Sterling Denominated Bonds – 1.44
Derivatives (2.12) (0.49)
Investment assets 88.87 94.75
Net other assets 11.13 5.25
Total net assets 100.00 100.00
* Prior Year Comparative restated.
Top Ten Holdings31/12/16
%
United States Treasury Note 0.01% 22/06/2017 3.95
Intel 2.81
Chesapeake Energy 4.875% 15/04/2022 2.66
Telecom Italia Capital 6% 30/09/2034 2.39
Hexion Nova Scotia Finance 9% 15/11/2020 2.23
ArcelorMittal 7.75% 01/03/2041 2.09
Norway Government Bond 4.5% 22/05/2019 2.00
Morgan Stanley 4.75% 16/11/2018 1.99
Corning 1.97
Meccanica USA 6.25% 15/01/2040 1.97
31/12/15%
United States Treasury Note 0.5% 30/04/2017 4.81
United States Treasury Note 0.625% 31/07/2017 4.58
United States Treasury Note 0.5% 30/06/2016 4.41
United States Treasury Note 2.375% 31/03/2016 4.37
Intel 3.83
Canadian Government Bond 1% 01/08/2016 3.32
Portugal Government International Bond 5.125% 15/10/2024 2.32
General Electric Capital 4.25% 17/01/2018 1.59
Weyerhaeuser 6.375% 01/07/2016 1.58
Alcatel-Lucent USA 6.45% 15/03/2029 1.48
Portfolio MovementsFor the year ended 31 December 2016
£’000
Total purchases for the year 11,939
Major Purchases Cost
United States Treasury Note 0.75% 30/04/2018 1,970
United States Treasury Note 0.75% 31/03/2018 1,233
United States Treasury Note 0.75% 28/02/2018 1,230
United States Treasury Note 0.75% 31/08/2018 1,221
United States Treasury Note 0.75% 31/07/2018 1,218
Ford Motor 4.389% 08/01/2026 900
United States Treasury Note 0.5% 31/07/2017 740
United States Treasury Note 0.01% 22/06/2017 739
Amer Airline 5.25% 15/07/2025 304
Santander Issuances 5.179% 19/11/2025 275
£’000
Total sales for the year 29,058
Major Sales Proceeds
United States Treasury Note 0.75% 30/04/2018 1,972
United States Treasury Note 0.5% 30/04/2017 1,550
United States Treasury Note 0.625% 31/07/2017 1,483
United States Treasury Note 0.5% 30/06/2016 1,419
United States Treasury Note 2.375% 31/03/2016 1,402
United States Treasury Note 0.75% 31/03/2018 1,229
United States Treasury Note 0.75% 28/02/2018 1,229
United States Treasury Note 0.75% 31/08/2018 1,215
United States Treasury Note 0.75% 31/07/2018 1,215
Canadian Government 1% 01/08/2016 1,145
The Fund has a valuation currency in USD and this has been
converted to GBP.
Portfolio Credit Rating AnalysisMarket Total net
Value assetsBonds: £'000 %
Investment grade 2,498 12.16
Non-Investment grade 13,033 63.54
Unrated 1,712 8.34
Total of debt securities 17,243 84.04
Preference shares 393 1.93
Equities 1,030 5.02
Forward currency contracts (442) (2.12)
Investment assets(including investment liabilities) 18,224 88.87
Net other assets 2,282 11.13
Net assets 20,506 100.00
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund
3Annual Short Report
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15 Final 31/12/14
I/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 101.76 105.06 98.58
Closing net asset value per share – 101.76 105.06
PerformanceReturn after charges† 6.01% (2.28%) 7.49%
Operating charges 0.65% 0.65% 0.65%
I/A (GBP) – Net shares is currently dormant with no active shareholders.
Final 31/12/16 Final 31/12/15 Final 31/12/14I/A (USD) – Net Shares (c) (c) (c)
Opening net asset value per share 97.10 105.54 101.68
Closing net asset value per share – 97.10 105.54
PerformanceReturn after charges† 3.08% (7.16%) 4.73%
Operating charges 0.65% 0.65% 0.65%
I/A (USD) – Net shares is currently dormant with no active shareholders.
Final 31/12/16 Final 31/12/15 Final 31/12/14I/DG (GBP) – Gross Shares (p) (p) (p)
Opening net asset value per share 92.83 99.13 93.46
Closing net asset value per share 126.06 92.83 99.13
PerformanceReturn after charges† 41.26% (2.18%) 10.73%
Operating charges 0.65% 0.65% 0.65%
Final 31/12/16 Final 31/12/15 Final 31/12/14I/AG (USD) – Gross Shares (c) (c) (c)
Opening net asset value per share 98.03 105.72 100.90
Closing net asset value per share 115.73 98.03 105.72
PerformanceReturn after charges† 18.06% (7.27%) 4.78%
Operating charges 0.65% 0.65% 0.65%
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15 Final 31/12/14
H-I/AG (EUR) – Gross Shares (c) (c) (c)
Opening net asset value per share 98.42 106.31 101.73
Closing net asset value per share 114.51 98.42 106.31
PerformanceReturn after charges† 16.35% (7.42%) 4.50%
Operating charges 0.65% 0.65% 0.65%
Final 31/12/16 Final 31/12/15 Final 31/12/14H-I/DG (EUR) – Gross Shares (c) (c) (c)
Opening net asset value per share 87.22 98.38 98.46
Closing net asset value per share 97.07 87.22 98.38
PerformanceReturn after charges† 16.22% (7.25%) 4.59%
Operating charges 0.65% 0.65% 0.65%
Final 31/12/16 Final 31/12/15 Final 31/12/14H-N/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 96.82 105.46 101.58
Closing net asset value per share 112.83 96.82 105.46
PerformanceReturn after charges† 17.54% (7.38%) 4.75%
Operating charges 0.75% 0.75% 0.75%
Final 31/12/16 Final 31/12/15 Final 31/12/14N/D (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 93.65 100.01 94.30
Closing net asset value per share 127.18 93.65 100.01
PerformanceReturn after charges† 41.25% (2.25%) 10.62%
Operating charges 0.75% 0.75% 0.75%
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund
4 Annual Short Report
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15 Final 31/12/14
H-N/D (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 87.94 99.02 98.78
Closing net asset value per share 98.50 87.94 99.02
PerformanceReturn after charges† 16.95% (7.16%) 4.82%
Operating charges 0.75% 0.75% 0.75%
Final 31/12/16 Final 31/12/15 Final 31/12/14H-Q/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 99.86 106.83 102.47
Closing net asset value per share – 99.86 106.83
PerformanceReturn after charges† (4.68%) (5.23%) 5.29%
Operating charges 0.25% 0.25% 0.25%
H-Q/A (GBP) – Net shares is currently dormant with no active shareholders.
Final 31/12/16 Final 31/12/15 Final 31/12/14Q/AG (USD) – Gross Shares (c) (c) (c)
Opening net asset value per share 101.38 108.87 103.51
Closing net asset value per share – 101.38 108.87
PerformanceReturn after charges† 18.16% (6.88%) 5.18%
Operating charges 0.25% 0.25% 0.25%
Q/AG (USD) – Gross shares is currently dormant with no active shareholders.
Final 31/12/16 Final 31/12/15 Final 31/12/14H-I/D (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 83.56 94.10 100.00
Closing net asset value per share – 83.56 94.10
PerformanceReturn after charges† 4.46% (7.11%) (4.58%)
Operating charges 0.65% 0.65% 0.65%
H-I/D (GBP) – Net shares were launched on 1 September 2014.
H-I/D (GBP) – Net Shares is currently dormant with no active shareholders.
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund
5Annual Short Report
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15 Final 31/12/14
H-I/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 87.43 95.19 100.00
Closing net asset value per share – 87.43 95.19
PerformanceReturn after charges† 3.26% (7.31%) (4.55%)
Operating charges 0.65% 0.65% 0.65%
H-IA (GBP) – Net shares were launched on 1 September 2014.
H-IA (GBP) – Net shares is currently dormant with no active shareholders.
Final 31/12/16 Final 31/12/15 Final 31/12/14I/D (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 93.77 100.14 100.00
Closing net asset value per share – 93.77 100.14
PerformanceReturn after charges† 6.38% (2.14%) 1.49%
Operating charges 0.65% 0.65% 0.65%
I/D (GBP) – Net shares were launched on 1 September 2014.
I/D (GBP) – Net shares is currently dormant with no active shareholders.
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund
6 Annual Short Report
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund
7Annual Short Report
Distribution in pence and cents per share
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
I/A (GBP) – Net Shares (p) (p)
First interim shares 0.2776 0.3435
Second interim shares 0.3483 0.2987
Third interim shares – 0.3768
Fourth interim shares – 0.2697
Fifth interim shares – 0.2958
Sixth interim shares – 0.2965
Seventh interim shares – 0.2846
Eighth interim shares – –
Ninth interim shares – –
Tenth interim shares – –
Eleventh interim shares – 1.2113
Final shares – 0.2250
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
I/A (USD) – Net Shares (c) (c)
First interim shares 0.2666 0.3310
Second interim shares 0.3200 0.2903
Third interim shares – 0.3710
Fourth interim shares – 0.2676
Fifth interim shares – 0.2893
Sixth interim shares – 0.3003
Seventh interim shares – 0.2590
Eighth interim shares – 0.2376
Ninth interim shares – 0.2316
Tenth interim shares – 0.1826
Eleventh interim shares – 0.4903
Final shares – 0.2830
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
I/DG (GBP) – Gross Shares (p) (p)
First interim shares 0.3140 0.4057
Second interim shares 0.3983 0.3482
Third interim shares 0.4094 0.4444
Fourth interim shares 0.3691 0.3154
Fifth interim shares 0.4608 0.3444
Sixth interim shares 0.5162 0.3446
Seventh interim shares 0.4509 0.2968
Eighth interim shares 0.5269 0.3096
Ninth interim shares 0.4653 0.3253
Tenth interim shares 0.5033 0.2628
Eleventh interim shares 0.3887 0.3424
Final shares 0.2712 0.4043
Distribution TableFor the year ended 31 December 2016
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund
8 Annual Short Report
Distribution in pence and cents per share
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
I-AG (USD) – Gross Shares (c) (c)
First interim shares 0.3184 0.4180
Second interim shares 0.3951 0.3686
Third interim shares 0.4345 0.4522
Fourth interim shares 0.3902 0.3360
Fifth interim shares 0.4840 0.3637
Sixth interim shares 0.4739 0.3769
Seventh interim shares 0.4267 0.3228
Eighth interim shares 0.5075 0.3397
Ninth interim shares 0.4479 0.3475
Tenth interim shares 0.4534 0.2845
Eleventh interim shares 0.3248 0.3633
Final shares 0.2773 0.4077
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
H-I/AG (EUR) – Gross Shares (c) (c)
First interim shares 0.3161 0.4246
Second interim shares 0.4036 0.3755
Third interim shares 0.4267 0.4588
Fourth interim shares 0.3851 0.3237
Fifth interim shares 0.4923 0.3734
Sixth interim shares 0.4847 0.3778
Seventh interim shares 0.4223 0.3167
Eighth interim shares 0.5086 0.3272
Ninth interim shares 0.4533 0.3428
Tenth interim shares 0.4535 0.2919
Eleventh interim shares 0.3409 0.3702
Final shares 0.2859 0.4628
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
H-I/DG (EUR) – Gross Shares (c) (c)
First interim shares 0.2817 0.3930
Second interim shares 0.3566 0.3459
Third interim shares 0.3735 0.4213
Fourth interim shares 0.3372 0.2960
Fifth interim shares 0.4252 0.3442
Sixth interim shares 0.4186 0.3433
Seventh interim shares 0.3774 0.2867
Eighth interim shares 0.4382 0.2972
Ninth interim shares 0.3808 0.3081
Tenth interim shares 0.3876 0.2617
Eleventh interim shares 0.2828 0.3320
Final shares 0.2441 0.3998
Distribution TableFor the year ended 31 December 2016
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund
9Annual Short Report
Distribution in pence and cents per share
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
H-N/A (GBP) – Net Shares (p) (p)
First interim shares 0.2518 0.3284
Second interim shares 0.3177 0.2865
Third interim shares 0.3288 0.3583
Fourth interim shares 0.2913 0.2521
Fifth interim shares 0.3721 0.2865
Sixth interim shares 0.4040 0.2885
Seventh interim shares 0.3341 0.2253
Eighth interim shares 0.3900 0.2546
Ninth interim shares 0.3440 0.2441
Tenth interim shares 0.3505 0.1823
Eleventh interim shares 0.2672 0.3822
Final shares 0.2547 0.3211
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
N/D (GBP) – Net Shares (p) (p)
First interim shares 0.2491 0.3207
Second interim shares 0.3159 0.2760
Third interim shares 0.3305 0.3510
Fourth interim shares 0.2897 0.2475
Fifth interim shares 0.3619 0.2715
Sixth interim shares 0.4003 0.2718
Seventh interim shares 0.3572 0.2216
Eighth interim shares 0.4221 0.2346
Ninth interim shares 0.3663 0.2244
Tenth interim shares 0.3896 0.1680
Eleventh interim shares 0.2893 0.3987
Final shares 0.3084 0.3001
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
H-N/D (GBP) – Net Shares (p) (p)
First interim shares 0.2280 0.3083
Second interim shares 0.2882 0.2683
Third interim shares 0.2978 0.3346
Fourth interim shares 0.2616 0.2341
Fifth interim shares 0.3336 0.2657
Sixth interim shares 0.3612 0.2670
Seventh interim shares 0.2884 0.2162
Eighth interim shares 0.3456 0.2282
Ninth interim shares 0.3133 0.2158
Tenth interim shares 0.3085 0.1614
Eleventh interim shares 0.2328 0.4018
Final shares 0.2208 0.2842
Distribution TableFor the year ended 31 December 2016
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund
10 Annual Short Report
Distribution in pence and cents per share
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
H-Q/A (GBP) – Net Shares (p) (p)
First interim shares – 0.3678
Second interim shares – 0.3226
Third interim shares – 0.4010
Fourth interim shares – 0.2891
Fifth interim shares – 0.3252
Sixth interim shares – 0.3297
Seventh interim shares – 0.2505
Eighth interim shares – 0.2426
Ninth interim shares – 0.2360
Tenth interim shares – 0.1978
Eleventh interim shares – 1.5696
Final shares – 1.0107
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
Q/AG (USD) – Gross Shares (c) (c)
First interim shares 0.3611 0.4664
Second interim shares 0.4421 0.4134
Third interim shares 0.4842 0.5045
Fourth interim shares 0.2804 0.3825
Fifth interim shares 0.5421 0.4105
Sixth interim shares 0.7418 0.4274
Seventh interim shares 0.4698 0.3331
Eighth interim shares 0.5682 0.3524
Ninth interim shares 0.5249 0.3656
Tenth interim shares 0.1575 0.3284
Eleventh interim shares 0.3757 0.4111
Final shares – 0.5427
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
H-I/D (GBP) – Net Shares (p) (p)
First interim shares 0.2277 0.2987
Second interim shares 0.2833 0.2522
Third interim shares – 0.3319
Fourth interim shares – 0.2296
Fifth interim shares – 0.2587
Sixth interim shares – 0.2603
Seventh interim shares – 0.2228
Eighth interim shares – 0.2040
Ninth interim shares – 0.1980
Tenth interim shares – 0.1473
Eleventh interim shares – 0.4361
Final shares – 0.2453
Distribution TableFor the year ended 31 December 2016
NGAM Investment Funds U.K. ICVC
Loomis Sayles Strategic Income Fund
11Annual Short Report
Distribution in pence and cents per share
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
H-I/A (GBP) – Net Shares (p) (p)
First interim shares 0.2393 0.3021
Second interim shares 0.2963 0.2579
Third interim shares – 0.3362
Fourth interim shares – 0.2347
Fifth interim shares – 0.2651
Sixth interim shares – 0.2678
Seventh interim shares – 0.2550
Eighth interim shares – 0.2360
Ninth interim shares – 0.2286
Tenth interim shares – 0.1560
Eleventh interim shares – 0.4463
Final shares – 0.2176
Distributions Distributionspaid/payable to paid to
28/02/2017 29/02/2016
I/D (GBP) – Net Shares (p) (p)
First interim shares 0.2590 0.3291
Second interim shares 0.3236 0.2825
Third interim shares – 0.3548
Fourth interim shares – 0.2540
Fifth interim shares – 0.2790
Sixth interim shares – 0.2784
Seventh interim shares – 0.2339
Eighth interim shares – 0.2148
Ninth interim shares – 0.2142
Tenth interim shares – 0.1593
Eleventh interim shares – 0.4729
Final shares – 0.3085
Distribution TableFor the year ended 31 December 2016
NGAM Investment Funds U.K. ICVC
Loomis Sayles U.S. Equity Leaders Fund
12 Annual Short Report
Investment objective:The investment objective of Loomis Sayles U.S. Equity
Leaders Fund (the “Fund”) is to achieve long-term growth of
capital.
Principal investment strategy:In order to meet its objective, the Fund will invest at least
80% of its assets in equity securities of U.S. companies. The
Fund focuses on stocks of large capitalisation companies,
but the Fund may invest in companies of any size.
The Fund’s equity investments include common stocks,
preferred stocks and equity-related instruments.
The Fund may invest up to 20% of its assets in equity-linked
notes and convertible bonds issued by U.S. companies as
well as common stocks, preferred stocks, equity-linked
notes, convertible bonds and other equity-related
instruments issued by non-U.S. companies traded on non-
U.S. exchanges or as depositary receipts. The Fund may
invest no more than 10% of its assets in undertakings for
collective investment.
The Fund normally invests across a wide range of sectors
and industries. Loomis, Sayles & Company, L.P., the
Investment Manager, employs a growth style of equity
management that emphasises companies with sustainable
competitive advantages, secular long-term cash flow growth,
returns on invested capital above their cost of capital and the
ability to manage for profitable growth that can create long-
term value for Shareholders. The Investment Manager aims
to invest in companies when they trade at a significant
discount to the estimate of intrinsic value.
For a more complete description of the investmentpolicy and risks relevant to each Fund, please refer to thelatest version of the Company Prospectus.
Fund Manager’s ReportThe Fund underperformed its Comparative Index in the
12-month period ended 31 December 2016.
• Qualcomm, Cisco and Facebook were among the largest
positive contributors during the year. Stock selection in
the consumer discretionary, industrials and information
technology sectors, along with allocation in the
information technology and consumer discretionary
sectors, contributed positively to relative performance.
• Novo Nordisk, Regeneron and Greenhill were among the
largest detractors during the year. Stock selection in the
healthcare, consumer staples, financials and energy
sectors and allocation to the energy, financials, industrials
and consumer staples sectors detracted from relative
performance.
Period Performance%
Share Class N/A GBP 27.91
S&P 500 Index TR GBP 33.55
Risk and Reward Profile
The risk and reward category is indicated using historical data
which may not be a reliable indicator of the Fund’s future risk
profile. Due to its investment in equity markets, the Fund
may experience significant range and frequency of price
movements (volatility), as expressed by its rank on the above
scale.
The risk category shown is not guaranteed and may shift
over time. There is no capital guarantee or protection on the
value of the Fund. The lowest category does not mean “risk
free”.
Sector Breakdown
31/12/16 31/12/15Portfolio of investments % %
Information Technology 35.52 35.23
Consumer Discretionary 15.28 16.41
Consumer Staples 12.99 16.90
Health Care 12.88 11.44
Industrials 9.84 6.64
Financials 9.29 9.72
Energy 2.74 2.38
Investment assets 98.54 98.72
Net other assets 1.46 1.28
Total net assets 100.00 100.00
Top Ten Holdings31/12/16
%
Amazon.com 6.43
Facebook 5.83
Cisco Systems 5.28
Visa 5.02
Qualcomm 4.69
Oracle 4.65
Alibaba ADR 4.15
Monster Beverage 3.77
Procter & Gamble 3.42
Coca-Cola 3.36
Lower risk
Typically lower rewards
Higher risk
Typically higher rewards
1 2 3 4 5 6 7
NGAM Investment Funds U.K. ICVC
Loomis Sayles U.S. Equity Leaders Fund
13Annual Short Report
Top Ten Holdings31/12/15
%
Amazon.com 6.90
Facebook 5.75
Visa 5.28
Cisco Systems 5.16
Oracle 4.72
Monster Beverage 4.31
Alibaba ADR 3.96
Qualcomm 3.75
Coca-Cola 3.70
Procter & Gamble 3.41
Portfolio MovementsFor the year ended 31 December 2016
£’000
Total purchases for the year 190,018
Major Purchases Cost
Alibaba ADR 11,161
Facebook 9,848
Amazon.com 9,637
Novo Nordisk ADR 9,609
Visa 8,529
Cisco Systems 8,250
Danone ADR 8,150
Oracle 7,980
Regeneron Pharmaceuticals 7,555
Monster Beverage 6,958
£’000
Total sales for the year 41,585
Major Sales Proceeds
ARM ADR 7,429
SABMiller ADR 6,104
Alibaba ADR 4,938
Danone ADR 4,099
Novo Nordisk ADR 3,185
Novartis ADR 2,293
Lowe’s 1,943
Amazon.com 1,238
Facebook 837
Cisco Systems 733
Stocks shown as ADRs represent American Depositary
Receipts.
The fund has a valuation currency in USD and this has been
converted to GBP.
Review of Fund Performance
Annual Short Report14
NGAM Investment Funds U.K. ICVC
Loomis Sayles U.S. Equity Leaders Fund
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15 Final 31/12/14
I/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 150.96 130.01 109.62
Closing net asset value per share 193.50 150.96 130.01
PerformanceReturn after charges† 28.18% 16.11% 18.60%
Operating charges 0.80% 0.80% 0.80%
Final 31/12/16 Final 31/12/15 Final 31/12/14I/A (USD) – Net Shares (c) (c) (c)
Opening net asset value per share 144.04 130.60 116.57
Closing net asset value per share 153.26 144.04 130.60
PerformanceReturn after charges† 6.40% 10.29% 12.04%
Operating charges 0.80% 0.80% 0.80%
Final 31/12/16I/D (GBP) – Net Shares (p)
Opening net asset value per share 100.00
Closing net asset value per share 102.20
PerformanceReturn after charges† 2.30%
Operating charges 0.80%
I/D (GBP) – Net shares were launched on 28 September 2016.
Final 31/12/16 Final 31/12/15 Final 31/12/14N/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 153.30 132.24 111.72
Closing net asset value per share 196.13 153.30 132.24
PerformanceReturn after charges† 27.94% 15.93% 18.37%
Operating charges 1.00% 1.00% 1.00%
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
Annual Short Report 15
NGAM Investment Funds U.K. ICVC
Loomis Sayles U.S. Equity Leaders Fund
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15 Final 31/12/14
Q/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 156.10 133.95 112.33
Closing net asset value per share 200.48 156.10 133.95
PerformanceReturn after charges† 28.43% 16.54% 19.25%
Operating charges 0.60% 0.60% 0.25%
Final 31/12/16 Final 31/12/15 Final 31/12/14Q/A (USD) – Net Shares (c) (c) (c)
Opening net asset value per share 153.28 138.82 123.24
Closing net asset value per share 163.38 153.28 138.82
PerformanceReturn after charges† 6.59% 10.42% 12.64%
Operating charges 0.60% 0.60% 0.25%
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
Distribution in pence and cents per share
Distributions Distributions paid/payable to paid to
29/02/2017 28/02/2016
I/A (GBP) – Net Shares (p) (p)
Final shares 0.9434 0.5901
I/A (USD) – Net Shares (c) (c)
Final shares 0.7468 0.6183
I/D (GBP) – Net Shares (p) (p)
Final shares 0.1010 –
N/A (GBP) – Net Shares (p) (p)
Final shares 0.5819 0.3586
Q/A (GBP) – Net Shares (p) (p)
Final shares 1.3600 1.1368
Q/A (USD) – Net Shares (c) (c)
Final shares 1.1158 0.7909
Annual Short Report16
NGAM Investment Funds U.K. ICVC
Loomis Sayles U.S. Equity Leaders Fund
NGAM Investment Funds U.K. ICVC
H2O MultiReturns Fund
17Annual Short Report
Investment objective: The H2O MultiReturns Fund (the “Fund”) seeks to outperform
1-month GBP LIBOR by 4% p.a. over a recommended
investment horizon of 3 years, less the ongoing charges figure.
Principal investment strategy: In order to meet its objective, the Fund seeks diversification of
its assets among asset classes, markets, strategies and time
horizons and does so within a risk allocation framework in the
global fixed income, equity and currency markets.
The Fund may invest up to 100% of its assets in fixed income
securities and money market instruments issued or
guaranteed by sovereign governments and corporations
including fixed income securities issued or guaranteed by
sovereign governments of non-OECD countries and fixed
income securities rated below Investment-Grade as well as
zero coupons bonds, certificates of deposit and commercial
paper.
The Fund may invest no more than 20% of its assets in
Investment-Grade collateralized bonds including asset-backed
securities and mortgage-backed securities.
In connection with its views on interest rates, the Investment
Manager may use derivatives, such as CDX, on one or more
bond markets and/or may use derivatives linked to interest
rates, such as swaps, futures, options, among others, in order
to adjust the interest rate sensitivity of the Fund’s portfolio,
which includes establishing a short position.
The Fund may invest up to 30% of its assets in equity
securities of companies on a global basis. The Fund’s equity
investments include common stocks, preferred stocks,
depositary receipts, warrants and other equity-related
instruments.
In connection with its views on equity markets, the
Investment Manager may reduce the Fund’s exposure to
equities, which includes establishing a short position, through
the use of derivatives such as futures, contracts for difference,
options, among others, on one or more stocks or stock
indexes. Any short position is limited to 30% of the Fund’s
assets.
The Fund may invest up to 10% of its net assets in collective
investment schemes. The Fund will also invest in derivative
instruments in order to gain exposure to these assets
including CDS, CDX, contracts for difference, swaps, futures,
forwards and options, as further detailed in the prospectus.
The Fund may be exposed to any currency including
currencies of non-OECD countries. The dynamic management
of the Fund seeks to extract performance in different market
environments. To this end, H2O Asset Management, the
Investment Manager determines its market views based on
macroeconomic, valuation and flow considerations among
various financial markets in order to establish the investment
strategy and takes long and short positions across global debt,
equity and currency markets.
The Fund’s performance is expected primarily from
investment strategies that seek to capture relative trends
among markets (implemented through relative value positions
and arbitrage strategies). Strategies that seek to benefit from
the general direction of the markets (directional strategies) are
secondary sources of performance.
In the implementation of the investment strategy, the
Investment Manager makes judgments on asset class
valuations, interest rate movements and currencies and
expresses those judgments through various types of
investment decisions. Investment decisions reflecting the
Investment Manager’s judgment that a certain investment has
a more attractive valuation than another are expected to make
a profit as those valuations return to what the Investment
Manager believes are normal levels; these decisions are
typically known as a relative value or arbitrage strategies.
Investment decisions reflecting the Investment Manager’s
judgment that a certain investment is over- or under-valued are
expected to make a profit as the investment’s price falls or
rises; these are typically known as directional strategies.
For a more complete description of the risks relevant toeach Fund, please refer to the latest version of theCompany Prospectus.
Fund Manager’s ReportIn 2016 H2O MultiReturns (I/A share-class in GBP) posted a
positive net absolute performance of +0.30% vs. an advance
of +0.42% for the 1-month GBP LIBOR (compounded daily)
Below is a breakdown of the main contributors to the 2016
performance.
Global sovereign bonds: -2.2%• The short G4 duration exposure posted a loss as bonds
outperformed particularly during the first half of 2016;
• The G4 bond market allocation (short 10y-US Treasuries
– long 10y-Bunds) and the yield curve allocation
(flattening of the US and European yield curves) ended
the year in positive territory;
• The long European peripheral debt exposure ended the
year as a positive contributor as the team’s tactical
management of the positions led to a net positive.
NGAM Investment Funds U.K. ICVC
H2O MultiReturns Fund
18 Annual Short Report
Currencies: +1.2%The performance delivered on foreign exchange markets
originated from:
• The long exposure to the USD vs. the rest of the world’s
currencies;
• Overall of the intra-bloc positions detracted from the
performance, namely the long MXN peso versus USD;
• The short emerging currencies, which were made up
mainly of a basket of Asian currencies, also detracted
from the performance despite a strong rally in Q4.
Equities: +0.6%The equity exposure of the fund was dynamically managed
and after starting the year with a long exposure, we finished
the year overall short.
• The equity market allocation (long EuroStoxx & Nikkei
versus S&P and FTSE) ended up as a negative
contributor as did the short defensives versus long
cyclicals.
• The long-short equity engine added to the performance
over the year.
Credit: +0.9%• The relatively small positive exposure to corporate credit
added to the performance over the year.
Period Performance%
Share Class I/A GBP 0.30
1 Month GBP Libor Index 0.42
Risk and Reward Profile
The risk and reward category of the Fund is indicated using
historical data which may not be a reliable indicator of the
Fund’s future risk profile.
Due to its exposure to derivatives, the Fund may experience
significant range and frequency of price movements
(volatility), as expressed by its rank on the above scale.
The risk category shown is not guaranteed and may shift
over time. There is no capital guarantee or protection on the
value of the Fund. The lowest category does not mean “risk
free”.
The risks of the Fund are managed through the use ofthe “absolute Value-at-Risk” method due to its extensiveuse of derivatives.
Portfolio MovementsFor the year ended 31 December 2016
£’000
Total purchases for the year 342,177
Major purchases
Land Securities 0% 23/03/2016 29,980
Legal & General 0% 11/08/2016 29,952
Weir 0% 08/02/2016 29,943
Hellenic Republic Government Bond 4.75% 17/04/2019 17,334
DGZ Dekabank 0% 03/03/2016 16,987
Legal & General 0% 12/09/2016 9,997
Land Securities 0% 29/02/2016 9,995
SSE 0% 08/02/2016 9,995
Mitsubishi Corporation Finance 0% 11/01/2017 9,994
BP Capital Markets 0% 21/06/2016 9,989
£’000
Total sales for the year 349,801
Major sales
Weir 0% 08/02/2016 35,000
Land Securities 0% 23/03/2016 25,000
Santander Commercial Paper 0% 29/01/2016 20,000
SSE 0% 18/02/2016 20,000
Legal & General 0% 11/08/2016 20,000
Land Securities 0% 29/01/2016 18,000
DGZ Dekabank 0% 03/03/2016 17,000
Hellenic Republic Government Bond 4.75% 17/04/2019 11,077
Commerzbank 0% 15/072016 10,000
BBVA Senior Finance Sociedad 0% 07/11/2016 10,000
1 2 3 4 5 6 7
Lower risk
Typically lower rewards
Higher risk
Typically higher rewards
Review of Fund Performance
Sector Breakdown
31/12/16 31/12/15Portfolio of investments % %
Euro Denominated Bonds 44.74 37.99
Sterling Denominated Bonds 24.57 34.16
US Dollar Denominated Bonds 7.58 2.89
Mexican Peso Denominated Bonds 1.64 0.35
Futures 0.32 0.33
Options 0.04 0.15
Australian Dollar Denominated Bonds – 0.11
Forward Currency Contracts (0.17) (1.10)
Investment assets 78.72 74.88
Net other assets 21.28 25.12
Total net assets 100.00 100.00
Top Ten Holdings31/12/16
%
Hellenic Republic Government Bond 4.75% 17/04/2019 8.86
Portugal Obrigacoes do Tesouro 2.875% 15/10/2025 8.49
Land Securities 0% 09/01/2017 4.32
Mitsubishi Corporation Finance 0% 11/01/2017 4.32
Legal & General 0% 13/02/2017 4.32
Sumitomo Trust and Banking 0% 14/03/2017 4.32
Portugal Obrigacoes do Tesouro 5.65% 15/02/2024 4.31
Italy Buoni Poliennali del Tesoro 4.75% 01/09/2044 3.53
Portugal Obrigacoes do Tesouro 4.1% 15/02/2045 2.58
Bank of Montreal 0% 21/02/2017 2.11
31/12/15%
Portugal Obrigacoes do Tesouro 2.875% 15/10/2025 6.84
Portugal Obrigacoes do Tesouro 4.1% 15/02/2045 5.11
Hellenic Republic Government Bond 4.75% 17/04/2019 4.66
Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044 4.48
Santander Commercial Paper 0% 29/01/2016 4.30
SSE 0% 18/02/2016 4.30
SBAB Statens Bostadsfinansier 0% 14/01/2016 3.44
Paccar Financial Europe 0% 15/01/2016 3.44
Portugal Obrigacoes do Tesouro 5.65% 15/02/2024 2.21
Land Securities 0% 29/01/2016 2.15
Portfolio Credit Rating AnalysisMarket Total net
Value assetsBonds: £'000 %
Investment grade 40,048 17.32
Non-Investment grade 91,927 39.75
Unrated 49,692 21.46
Total of debt securities 181,667 78.53
Forward currency contracts (484) (0.17)
Futures 710 0.32
Options 104 0.04
Investment Assets (including investment liabilities) 181,997 78.72
Net other assets 49,202 21.28
Net assets 231,199 100.00
NGAM Investment Funds U.K. ICVC
H2O MultiReturns Fund
19Annual Short Report
Review of Fund Performance
Annual Short Report20
NGAM Investment Funds U.K. ICVC
H2O MultiReturns Fund
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15 Final 31/12/14
I/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 139.91 115.78 102.81
Closing net asset value per share 140.37 139.91 115.78
PerformanceReturn after charges† 0.73% 21.29% 13.15%
Operating charges 0.80% 0.80% 0.80%
Final 31/12/16 Final 31/12/15 Final 31/12/14N/D (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 134.56 113.11 102.44
Closing net asset value per share 132.75 134.56 113.11
PerformanceReturn after charges† 0.44% 21.40% 12.89%
Operating charges 1.00% 1.00% 1.00%
Final 31/12/16 Final 31/12/15 Final 31/12/14I/D (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 134.51 113.09 102.43
Closing net asset value per share 132.70 134.51 113.09
PerformanceReturn after charges† 0.62% 21.18% 13.09%
Operating charges 0.80% 0.80% 0.80%
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
Annual Short Report 21
NGAM Investment Funds U.K. ICVC
H2O MultiReturns Fund
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15 Final 31/12/14
N/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 139.53 115.56 102.77
Closing net asset value per share 139.77 139.53 115.56
PerformanceReturn after charges† 0.53% 21.16% 12.94%
Operating charges 1.00% 1.00% 1.00%
Final 31/12/16 Final 31/12/15 Final 31/12/14Q/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share – 116.39 102.90
Closing net asset value per share – – 116.39
PerformanceReturn after charges† – 17.99% 13.77%
Operating charges – –% 0.25%
Q/A (GBP) – Net shares were launched on 16 October 2013 and closed on 15 September 2015.
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
Distribution TableFor the year ended 31 December 2015
Annual Short Report22
NGAM Investment Funds U.K. ICVC
H2O MultiReturns Fund
Distribution in pence per share
Distributions Distributions paid/payable to paid to
28/02/2017 29/02/2016
I/A (GBP) – Net Shares (p) (p)
Interim shares 0.9967 1.0041
Final shares 1.2240 1.0579
N/D (GBP) – Net Shares (p) (p)
Interim shares 0.8569 0.8856
Final shares 1.0677 1.3186
I/D (GBP) – Net Shares (p) (p)
Interim shares 0.9572 0.9825
Final shares 1.1674 1.0506
N/A (GBP) – Net Shares (p) (p)
Interim shares 0.8894 0.9064
Final shares 1.1159 1.0358
Q/A (GBP) – Net Shares (p) (p)
Interim shares – 1.2863
Final shares – –
NGAM Investment Funds U.K. ICVC
Harris Associates Global Concentrated Equity Fund
23Annual Short Report
Investment objective:The investment objective of Harris Associates Global
Concentrated Equity Fund (the “Fund”) is to achieve long-
term growth of capital.
Principal investment strategyIn order to meet its objective, the Fund will invest at least
80% of its assets in equity securities of companies around
the world quoted on Eligible Markets, including emerging
markets. The Fund may invest in companies with a market
capitalization greater than $5 billion at the time of initial
purchase.
The Fund’s equity investments include common stocks,
preferred stocks and equity-related instruments such as
warrants, rights, equity-linked notes and convertible bonds,
as well as depositary receipts for any of those equity
investments.
The Fund may invest up to 20% of its assets in cash, cash
equivalents or other types of securities other than those
described above, including, where permitted in accordance
with FCA Rules, Rule 144A securities. The Fund may invest
no more than 10% of its assets in collective investment
schemes. The Fund may invest no more than 10% of its
assets in unlisted securities.
The Fund is actively managed and seeks to hold a limited
number of securities resulting in a concentrated portfolio.
The Fund will generally have approximately 20 securities in
its portfolio, but may hold more or less securities depending
on investment opportunities. Investing in a limited number of
securities could result in less diversification than funds that
invest in a larger number of securities.
The Investment Manager, Harris Associates, uses a value
investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over
time, a company’s stock price converges with the company’s
intrinsic or true business value. By “true business value”, the
Investment Manager means an estimate of the price a
knowledgeable buyer would pay to acquire the entire
business. The Investment Manager uses this value
philosophy to identify companies that it believes have
discounted stock prices compared to the companies’ true
business values, and thus present the best opportunity to
achieve the Fund’s investment objective.
On an ancillary basis, the Fund may use derivatives for
hedging and investment purposes and enter into securities
lending and borrowing transactions as well as repurchase
agreements transactions and reverse repurchase
agreements, as described in Appendix 1 above (and
exceptionally up to 100%).
Under certain exceptional market conditions, the Fund may
hold a significant amount of its assets in cash and/or invest in
short-term debt securities, time deposits or money market
instruments, if the Investment Manager believes that it
would be in the best interest of the Fund and its
Shareholders. When the Fund is pursuing a defensive
strategy, it will not be pursuing its investment objective.
For a more complete description of the investmentpolicy and risks relevant to each Fund, please refer to thelatest version of the Company Prospectus.
Fund Manager’s ReportPerformanceThe portfolio outperformed its benchmark for the reporting
period, returning 18.4% compared to the MSCI World Index
that returned 7.5%.
Portfolio Activity• The portfolio’s outperformance for the reporting period
was driven by stock selection, as country weights
detracted from relative results. Stock selection in
Switzerland, the U.K. and the U.S. produced the
strongest relative performance.
• Relative performance was pulled back most by stock
selection in Germany and a lack of exposure to Canada.
• Absolute collective performance was positive in seven of
eight invested countries. Holdings in South Korea
(+40.6%) delivered the largest positive collective return
for the period, followed by France (+33.6%) and
Switzerland (+33.4%).
• Holdings in Germany supplied the only negative absolute
collective performance for the reporting period of -5.4%.
• The top five stocks that helped performance for the
reporting period: Glencore (Switzerland), Caterpillar
(U.S.), Cummins (U.S.), LafargeHolcim (Switzerland) and
Samsung Electronics (South Korea).
• The five stocks that hindered performance most for the
reporting period: Credit Suisse Group (Switzerland),
Daimler (Germany), Richemont (Switzerland), Apple
(U.S.) and Allianz (Germany).
• The portfolio finished the year holding 21 securities
throughout a variety of countries.
Period Performance%
Share Class I/A USD 18.41
MSCI World NR USD 7.51
NGAM Investment Funds U.K. ICVC
Harris Associates Global Concentrated Equity Fund
24 Annual Short Report
Review of Fund Performance
Risk and Reward Profile
The risk and reward category of the Fund is indicated using
historical data which may not be a reliable indicator of the
Fund’s future risk profile. Due to its investment in fixed
income markets, the Fund may experience significant range
and frequency of price movements (volatility), as expressed
by its rank on the above scale.
The risk category shown is not guaranteed and may shift over
time. There is no capital guarantee or protection on the value
of the Fund. The lowest category does not mean “risk free”.
Sector Breakdown31/12/16 31/12/15
Portfolio of investments % %
United States of America 34.15 36.68
Switzerland 13.72 10.53
United Kingdom 12.49 6.36
Germany 10.24 11.58
The Netherlands 9.71 9.32
The Channel Islands 5.90 5.13
Japan 3.87 10.61
France 2.71 4.82
South Korea 2.70 4.26
Investment assets 95.49 99.29
Net other assets 4.51 0.71
Total net assets 100.00 100.00
Top Ten Holdings31/12/16
%
CNH Industrial 6.37
Glencore 5.90
Credit Suisse 5.85
General Motors 5.33
Daimler 5.32
Alphabet ‘A’ Shares 5.26
Lloyds Banking 5.02
HCA 4.92
Allianz 4.92
American International 4.88
Top Ten Holdings31/12/15
%
American International 7.19
Credit Suisse 6.10
Daimler 6.07
General Motors 5.91
Toyota Motor 5.81
Allianz 5.51
Glencore 5.13
Caterpillar 5.04
CNH Industrial 4.92
Kering 4.82
Portfolio MovementsFor the year ended 31 December 2016
£’000
Total purchases for the year 66,739
Major Purchases Cost
Credit Suisse 3,965
Glencore 3,657
Daimler 3,627
Lloyds Banking 3,626
CNH Industrial 3,602
HCA 3,561
American International 3,548
Alphabet ‘A’ Shares 3,504
Diageo 3,369
General Motors 3,341
£’000
Total sales for the year 20,371
Major Sales Proceeds
Daiwa Securities 2,053
Cummins 1,774
American International 1,566
Glencore 1,412
Caterpillar 1,209
Daimler 1,034
Kering 1,033
Koninklijke Philips 972
Samsung Electronics 926
Toyota Motor 912
The fund has a valuation currency in USD and this has been
converted to GBP.
Lower risk
Typically lower rewards
Higher risk
Typically higher rewards
1 2 3 4 5 6 7
NGAM Investment Funds U.K. ICVC
Harris Associates Global Concentrated Equity Fund
25Annual Short Report
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15 Final 31/12/14
I/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 105.65 106.45 100.00
Closing net asset value per share 150.11 105.65 106.45
PerformanceReturn after charges† 42.08% (0.75%) 6.45%
Operating charges 0.95% 0.95% 0.95%
I/A (GBP) – Net shares were launched on 8 July 2014.
Final 31/12/16 Final 31/12/15 Final 31/12/14I/A (USD) – Net Shares (c) (c) (c)
Opening net asset value per share 91.68 97.05 100.00
Closing net asset value per share 108.18 91.68 97.05
PerformanceReturn after charges† 18.00% (5.53%) (2.95%)
Operating charges 0.95% 0.95% 0.95%
I/A (USD) – Net shares were launched on 8 July 2014.
Final 31/12/16 Final 31/12/15 Final 31/12/14N/A (GBP) – Net Shares (p) (p) (p)
Opening net asset value per share 105.15 106.20 100.00
Closing net asset value per share 149.02 105.15 106.20
PerformanceReturn after charges† 41.72% (0.99%) 6.20%
Operating charges 1.20% 1.20% 1.20%
N/A (GBP) – Net shares were launched on 8 July 2014.
Final 31/12/16 Final 31/12/15 Final 31/12/14Q/A (USD) – Net Shares (c) (c) (c)
Opening net asset value per share 92.71 97.71 100.00
Closing net asset value per share – 92.71 97.71
PerformanceReturn after charges† 15.51% (5.12%) (2.29%)
Operating charges 0.25% 0.25% 0.25%
Q/A (USD) – Net shares were launched on 8 July 2014.
Q/A (USD) – Net shares is currently dormant with no active shareholders.
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
NGAM Investment Funds U.K. ICVC
Harris Associates Global Concentrated Equity Fund
26 Annual Short Report
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15 Final 31/12/14
N/A (USD) – Net Shares (c) (c) (c)
Opening net asset value per share 90.98 96.79 100.00
Closing net asset value per share 107.03 90.98 96.79
PerformanceReturn after charges† 17.64% (6.00%) (3.21%)
Operating charges 1.20% 1.20% 1.20%
N/A (USD) – Net shares were launched on 8 July 2014.
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
NGAM Investment Funds U.K. ICVC
Harris Associates Global Concentrated Equity Fund
27Annual Short Report
Distribution TableFor the year ended 31 December 2015
Distribution in pence and cents per share
Distributions Distributions paid/payable to paid to
28/02/17 29/02/16
I/A (GBP) – Net Shares (p) (p)
Final shares 2.0486 1.5470
I/A (USD) – Net Shares (c) (c)
Final shares 1.4664 1.7586
N/A (GBP) – Net Shares (p) (p)
Final shares 1.7142 1.2861
Q/A (USD) – Net Shares (c) (c)
Final shares – 2.0260
N/A (USD) – Net Shares (c) (c)
Final shares 1.2254 1.0884
NGAM Investment Funds U.K. ICVC
Seeyond Factor Plus Europe Ex U.K. Equity Fund
28 Annual Short Report
Investment objective:The investment objective of Seeyond Factor Plus Europe Ex
U.K. Equity Fund (the “Fund”) is to seek to provide capital
growth over a long term horizon.
Principal investment strategy:In order to meet its objective, the Fund will invest at least
80% of its assets in equity securities of companies listed on
Developed Eligible Markets within Europe excluding the U.K.
The Fund may invest in companies of any size.
The Fund’s equity investments may include, but are not
limited to, common stocks, preferred stocks and equity-
related instruments such as warrants, rights, equity-linked
notes and convertible bonds.
The Fund may also invest up to 20% of its assets in cash,
cash equivalents or other types of transferable securities
other than those described above. The Fund may invest no
more than 10% of its assets in collective investment
schemes. The Fund may invest no more than 10% of its
assets in unlisted securities.
In seeking to achieve the investment objective, Natixis Asset
Management S.A. (the “Investment Manager”) uses a Factor
Based Investing process to select equity securities from a
defined Investment Universe. The Investment Manager’s
process will dynamically allocate between multiple factors to
build a diversified portfolio that seeks to provide risk adjusted
capital returns.
For a more complete description of the investmentpolicy and risks relevant to each Fund, please refer to thelatest version of the Company Prospectus.
Fund Manager’s ReportOver 2016, Seeyond Factor Plus Europe ex-UK achieved a
performance net of fees (N/A GBP share class) of +14.81%,
against +18.62% for the MSCI Europe ex UK index.
From the beginning of the year up to February, the Fund was
mainly positioned on the Momentum factor (30.1% of the
weighting) and 75% of the tracking error risk taking. Other
factors value/Low volatility/Small caps represent only 25%
(5.8%, 7.1% and 5.3% in weighting). The weighting from
February switched towards the sentiment portfolio: 25% of
risk taking on Momentum and 75% on the other three
factors.
Period Performance%
Share Class N/D GBP 14.16
MSCI Europe ex U.K. TR GBP 19.65
Risk and Reward Profile
The risk and reward category is indicated using historical data
which may not be a reliable indicator of the Fund’s future risk
profile. Due to its investment in equity markets, the Fund
may experience significant range and frequency of price
movements (volatility), as expressed by its rank on the above
scale.
The risk category shown is not guaranteed and may shift
over time. There is no capital guarantee or protection on the
value of the Fund. The lowest category does not mean “risk
free”.
For further information on specific risks applicable to each
Fund, please refer to the latest version of the Prospectus.
Sector Breakdown
31/12/16 31/12/15Portfolio of investments % %
France 19.39 17.18
Switzerland 18.85 17.79
Germany 17.09 22.29
Spain 9.67 7.74
Italy 8.96 4.49
The Netherlands 8.49 6.64
Sweden 4.63 4.24
Denmark 2.97 7.45
Finland 1.70 1.76
Norway 1.43 0.70
Belgium 1.36 2.42
Luxembourg 1.14 0.47
Ireland 0.45 3.07
Portugal 0.31 0.35
United Kingdom 0.29 0.60
Malta 0.26 –
Austria 0.22 1.48
Bermuda – 0.27
Investment assets 97.21 98.94
Net other assets 2.79 1.06
Total net assets 100.00 100.00
Lower risk
Typically lower rewards
Higher risk
Typically higher rewards
1 2 3 4 5 6 7
NGAM Investment Funds U.K. ICVC
Seeyond Factor Plus Europe Ex U.K. Equity Fund
29Annual Short Report
Top Ten Holdings31/12/16
%
Nestle 2.93
Roche 1.95
Novartis 1.90
SAP 1.59
TOTAL 1.28
Siemens 1.12
ABB 1.12
Banco Santander 1.10
Iberdrola 1.07
Air Liquide 1.05
Top Ten Holdings31/12/15
%
Nestle 3.12
Novartis 2.60
Roche 2.48
International Consolidated Airlines 1.77
Novo Nordisk 1.47
SAP 1.44
Total 1.29
Vestas Wind Systems 1.27
Sanofi 1.22
Fresenius 1.15
Portfolio movementsFor the year ended 31 December 2016
£’000
Total purchases for the year 15,473
Major purchases Cost
STADA Arzneimittel 175
NN 157
Banca Popolare dell'Emilia Romagna 156
Banca Popolare di Milano 154
Wolters Kluwer 152
Ageas 145
Banca Monte dei Paschi di Siena 133
Temenos 130
SBM Offshore 129
UBISOFT Entertainment 120
£’000
Total sales for the year 20,800
Major sales Proceeds
Nestle 275
Novartis 237
STADA Arzneimittel 224
DSV 219
Roche 215
NN 180
Capgemini 177
SAP 174
Novo Nordisk 174
International Consolidated Airlines 172
Review of Fund Performance
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15
N/D (GBP) – Net Shares (p) (p)
Opening net asset value per share 98.43 100.00
Closing net asset value per share 109.49 98.43
PerformanceReturn after charges† 14.36% 0.72%
Operating charges 0.45% 0.45%
N/D (GBP) – Net shares were launched on 27 January 2015.
Final 31/12/16 Final 31/12/15N/A (GBP) – Net Shares (p) (p)
Opening net asset value per share 100.72 100.00
Closing net asset value per share 115.50 100.72
PerformanceReturn after charges† 14.67% 0.72%
Operating charges 0.45% 0.45%
N/A (GBP) – Net shares were launched on 27 January 2015.
Final 31/12/16 Final 31/12/15Q/A (GBP) – Net Shares (p) (p)
Opening net asset value per share 100.80 100.00
Closing net asset value per share 115.74 100.80
PerformanceReturn after charges† 14.82% 0.80%
Operating charges 0.35% 0.35%
Q/A (GBP) – Net shares were launched on 27 January 2015.
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
NGAM Investment Funds U.K. ICVC
Seeyond Factor Plus Europe Ex U.K. Equity Fund
30 Annual Short Report
Distribution in pence per share
Distributions Distributionspaid/payable paid
to 28/02/17 to 29/02/16
N/D (GBP) – Net Shares (p) (p)
Interim shares 2.2108 1.8099
Final shares 0.8577 0.4834
Distributions Distributionspaid/payable paid
to 28/02/17 to 29/02/16
N/A (GBP) – Net Shares (p) (p)
Interim shares 2.2616 1.7968
Final shares 0.8784 0.4930
Distributions Distributionspaid/payable paid
to 28/02/17 to 29/02/16
Q/A (GBP) – Net Shares (p) (p)
Interim shares 2.3200 1.8464
Final shares 0.9603 0.5141
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
NGAM Investment Funds U.K. ICVC
Seeyond Factor Plus Europe Ex U.K. Equity Fund
31Annual Short Report
Distribution TableFor the period 27 January 2015 to 31 December 2015
NGAM Investment Funds U.K. ICVC
Seeyond Factor Plus U.K. Equity Fund
32 Annual Short Report
Investment objective: The investment objective of Seeyond Factor Plus U.K. Equity
Fund (the “Fund”) is to seek to provide capital growth over a
long term horizon.
Principal investment strategy: In order to meet its objective, the Fund will invest at least
80% of its assets in equity securities of companies listed on
Eligible Markets within the U.K. The Fund may invest in
companies of any size.
The Fund’s equity investments may include, but are not
limited to, common stocks, preferred stocks and equity-
related instruments such as warrants1, rights2, equity-linked
notes3 and convertible bonds.
The Fund may also invest up to 20% of its assets in cash,
cash equivalents or other types of transferable securities
other than those described above. The Fund may invest no
more than 10% of its assets in collective investment
schemes. The Fund may invest no more than 10% of its
assets in unlisted securities.
In seeking to achieve the investment objective, Natixis Asset
Management S.A. (the “Investment Manager”) uses a Factor
Based Investing process to select equity securities from a
defined Investment Universe7. The Investment Manager’s
process will dynamically allocate between multiple factors to
build a diversified portfolio that seeks to provide risk adjusted
capital returns.
For a more complete description of the investmentpolicy and risks relevant to each Fund, please refer to thelatest version of the Company Prospectus.
Fund Manager’s ReportOver 2016, Seeyond Factor Plus UK achieved a performance
net of fees (N/A GBP share class) of +5.64%, against
+16.75% for the index FTSE All-Share TR GBP.
From the beginning of the year to February, the Fund was
mainly positioned on the Momentum factor (20% of the
weighting) and 75% of the tracking error risk taking. Other
factors value/Low volatility/Small caps only represented 25%
(5.8%, 6.7% and 6.3% in weighting). The weighting from
February is reversed: 25% of risk taking on momentum and
75% on the other three factors. During the second quarter,
the split remained unchanged. The major source of
underperformance came from fund positioning over the
Brexit period, where we witnessed an unprecedented crash
of the Value and Small Cap factors combined over a few
days.
Period Performance%
Share Class N/D GBP 5.44
FTSE All Share TR GBP 16.75
Risk and Reward Profile
The risk and reward category is indicated using historical data
which may not be a reliable indicator of the Fund’s future risk
profile. Due to its investment in equity markets, the Fund
may experience significant range and frequency of price
movements (volatility), as expressed by its rank on the above
scale.
The risk category shown is not guaranteed and may shift
over time. There is no capital guarantee or protection on the
value of the Fund. The lowest category does not mean “risk
free”.
For further information on specific risks applicable to each
Fund, please refer to the latest version of the Prospectus.
Lower risk
Typically lower rewards
Higher risk
Typically higher rewards
1 2 3 4 5 6 7
NGAM Investment Funds U.K. ICVC
Seeyond Factor Plus U.K. Equity Fund
33Annual Short Report
The sub-fund launched on 27 January 2015 so there are no
prior year comparatives.
Sector Breakdown
31/12/16 31/12/15Portfolio of investments % %
Industrials 17.93 17.28
Financials 17.75 25.12
Consumer Services 14.20 14.62
Oil & Gas 12.90 7.52
Basic Materials 12.77 3.82
Consumer Goods 10.63 13.57
Health Care 5.91 6.38
Utilities 2.80 3.75
Telecommunications 2.29 4.90
Technology 1.32 2.02
Investment assets 98.50 98.98
Net other assets 1.50 1.02
Total net assets 100.00 100.00
Top Ten Holdings31/12/16
%
HSBC 4.59
Royal Dutch Shell ‘A’ Shares (GBP) 3.80
BP 3.35
Royal Dutch Shell ‘B’ Shares 3.10
British American Tobacco 2.84
Rio Tinto 2.29
BHP Billiton 2.05
Glencore 2.03
GlaxoSmithKline 1.99
Tesco 1.56
Top Ten Holdings31/12/15
%
HSBC 3.86
GlaxoSmithKline 2.55
BP 2.36
British American Tobacco 2.29
AstraZeneca 2.22
Royal Dutch Shell ‘A’ Shares (GBP) 2.17
Vodafone 2.03
Lloyds Banking 1.89
Diageo 1.56
Reckitt Benckiser 1.47
Portfolio movementsFor the year ended 31 December 2016
£’000
Total purchases for the year 12,717
Major Purchases Cost
British American Tobacco 177
Royal Dutch Shell ‘A’ Shares (GBP) 176
Just Eat 157
HSBC 153
Petrofac 151
GlaxoSmithKline 146
Travis Perkins 144
Royal Dutch Shell ‘B’ Shares 143
Imperial Tobacco 123
Royal Dutch Shell ‘A’ Shares (EUR) 119
£’000
Total sales for the year 17,609
Major Sales Proceeds
HSBC 324
GlaxoSmithKline 320
British American Tobacco 295
Royal Dutch Shell ‘A’ Shares (GBP) 257
AstraZeneca 252
Vodafone 244
BP 220
Imperial Tobacco 204
SABMiller 195
Halma 181
Review of Fund Performance
NGAM Investment Funds U.K. ICVC
Seeyond Factor Plus U.K. Equity Fund
34 Annual Short Report
Net asset value and ongoing charges figureFinal 31/12/16 Final 31/12/15
N/D (GBP) – Net Shares (p) (p)
Opening net asset value per share 97.20 100.00
Closing net asset value per share 99.17 97.20
PerformanceReturn after charges† 5.37% 0.35%
Operating charges 0.45% 0.45%
N/D (GBP) – Net shares were launched on 27 January 2015.
Final 31/12/16 Final 31/12/15N/A (GBP) – Net Shares (p) (p)
Opening net asset value per share 100.32 100.00
Closing net asset value per share 105.88 100.32
PerformanceReturn after charges† 5.54% 0.32%
Operating charges 0.45% 0.45%
N/A (GBP) – Net shares were launched on 27 January 2015.
Final 31/12/16 Final 31/12/15Q/A (GBP) – Net Shares (p) (p)
Opening net asset value per share 100.41 100.00
Closing net asset value per share 106.09 100.41
PerformanceReturn after charges† 5.66% 0.41%
Operating charges 0.35% 0.35%
Q/A (GBP) – Net shares were launched on 27 January 2015.
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
Distribution in pence per share
Distribution Distributionpaid/payable paid
to 28/02/17 to 29/02/2016
N/D (GBP) – Net Shares (p) (p)
Interim shares 1.7913 1.8719
Final shares 1.4571 1.2737
Distribution Distributionpaid/payable paid
to 28/02/17 to 29/02/2016
N/A (GBP) – Net Shares (p) (p)
Interim shares 1.8428 1.8588
Final shares 1.5110 1.2951
Distribution Distributionpaid/payable paid
to 28/02/17 to 29/02/2016
Q/A (GBP) – Net Shares (p) (p)
Interim shares 1.8982 1.9080
Final shares 1.5693 1.3505
† This figure may differ from the performance figure quoted in the Investment Report. The Investment Report performance figure is calculated using the last available published price for a given
unit class in the period compared to the equivalent for the prior period, the price per the financial statements values the fund on a bid-price basis. the financial statements unit class valuation is
based on market prices on the last day of the period, which can differ from the intraday pricing point of the Fund.
NGAM Investment Funds U.K. ICVC
Seeyond Factor Plus U.K. Equity Fund
35Annual Short Report
Distribution TableFor the period 27 January 2015 to 31 December 2015
36 Annual Short Report
Company Information
NGAM Investment Funds U.K. ICVC
Head OfficeOne Carter Lane
London EC4V 5ER
AdministratorState Street Bank and Trust CompanyA
20 Churchill Place
Canary Wharf
London E14 5HJ
Transfer Agent and RegistrarInternational Financial Data Services
(UK) Limited
St Nicholas Lane Basildon
Essex SS15 5FS
DepositaryState Street Trustees Ltd.A
20 Churchill Place
Canary Wharf
London E14 5HJ
A Authorised and Regulated by the Financial Conduct
Authority.B Registered with the US Securities and Exchange
Commission.C Authorised and Regulated by the Commission de
Surveillance du Secteur Financier.
Investment ManagersFor H2O MultiReturns Fund
H2O Asset Management L.L.P.A
10 Old Burlington Street
London W1S 3AG
For Loomis Sayles Strategic Income and Loomis Sayles U.S.
Equity Leaders Funds
Loomis Sayles & Company, L.P.B
One Financial Center
Boston, Massachusetts 021111, USA
Harris Associates Global Concentrated Equity Fund
Harris Associates L.P.B
111 South Wacker Drive, Suite 4000
Chicago, Illionois 60606, USA
For Seeyond Factor Plus Europe Ex U.K. Equity Fund
Seeyond Factor Plus U.K. Equity Fund
Natixis Assets Management S.A.
21 quai d’Austerlitz
75634 Paris, France
Authorised Corporate DirectorNGAM S.A.C
2 Rue Jean Monnet
L-2180 Luxembourg
Independent AuditorPricewaterhouseCoopers LLP
Atria One
144 Morrison Street
Edinburgh EH3 8EX
NGAM Investment Funds U.K. ICVC
H2O MultiReturns Fund
37Annual Short Report
Ref erences in this document to any fund do not constitute an
offer or invitation to subscribe to shares in such a fund. We
recommend you obtain detailed information before the
purchase of shares. Subscriptions to a fund may only be made
on the basis of the current Prospectus or Key Investor
Information Document (KIID) and the latest annual and interim
reports. Please refer also to the Risk Factors in the
Prospectus.
Past performance is not a guide to future returns. This value of
investments and any income from them is not guaranteed and
may fall as well as rise and the investor may not get back the
original investment. Exchange rate movements could increase
or decrease the value of underlying investments/holdings. The
dealing price of the fund may include a dilution adjustment.
Further details are available in the Prospectus.
SFTR disclosure has been considered and deemed not
applicable to any of the sub funds.
General Information
Please use the details below to ask for additional information, to buy or
sell investments or if you wish to contact us.
IF YOU WISH TO WRITE TO US:
NGAM S.A.
PO Box 12161
Chelmsford CM99 2DZ
United Kingdom
TO LEARN MORE ABOUT NATIXIS GLOBAL ASSET MANAGEMENT’S PRODUCTS AND SERVICES:
Telephone: 0845 2669270
email: [email protected]
Website: www.ngam.natixis.co.uk
The Long Report as of 31 December 2015 is available free of charge upon request and is also available at
the above website.
NGAM Investment Funds U.K. ICVC
Registered No. IC 000968
Authorised and Regulated by the Financial Conduct Authority.
Registered address: Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA.