KeyInvestorInformation
Thisdocumentprovidesyouwithkeyinvestorinformationaboutthisfund.Itisnotmarketingmaterial.The
informationisrequiredbylawtohelpyouunderstandthenatureandtherisksofinvestinginthisfund.Youare
advisedtoreaditsoyoucanmakeaninformeddecisionaboutwhethertoinvest.
RAREEmergingMarketsFundͲClassG
ISINIE00B44LFW33(Currency:GBP)asubͲfundofRAREInvestmentFundsPlc
ObjectivesandInvestmentPolicy
dŚĞ ZZ ŵĞƌŐŝŶŐ DĂƌŬĞƚƐ &ƵŶĚ ;͞&ƵŶĚ͟Ϳ ĂŝŵƐ ƚŽ
• depositoryreceipts;and,
ƉƌŽǀŝĚĞ ŝŶǀĞƐƚŽƌƐ ĞdžƉŽƐƵƌĞ ƚŽ Ă ƉŽƌƚĨŽůŝŽ ŽĨ ĞŵĞƌŐŝŶŐ
• collectiveinvestmentschemes.
ŵĂƌŬĞƚƐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶǀĞƐƚŵĞŶƚƐǀŝĂĂƐŝŶŐůĞŝŶǀĞƐƚŵĞŶƚ. dŚĞ &ƵŶĚ ŵĂLJ ŝŶǀĞƐƚ ŝŶ ƐŽǀĞƌĞŝŐŶ͕ ƐƵƉƌĂŶĂƚŝŽŶĂů ĂŶĚ
ĐŽƌƉŽƌĂƚĞďŽŶĚŝƐƐƵĞƐŽĨĨŝdžĞĚĂŶĚͬŽƌĨůŽĂƚŝŶŐƌĂƚĞǁŝƚŚĂ
Performanceismeasuredagainstabenchmarkcomprised ƌĂƚŝŶŐŶŽůĞƐƐƚŚĂŶďLJ^ƚĂŶĚĂƌĚΘWŽŽƌ͛ƐŽƌDŽŽĚLJ͛Ɛ͕
of the Citigroup Global Emerging Market Sovereign ĂŶŽƚŚĞƌƌĂƚŝŶŐĂŐĞŶĐLJŽƌǁŚĞƌĞŶŽƌĂƚŝŶŐŝƐĂǀĂŝůĂďůĞ͕ďLJ
InvestmentGradeIndexplus5%perannum.
ZZ͘
dŚĞ &ƵŶĚ ǁŝůů ŝŶǀĞƐƚ ŝŶ ŵĂƌŬĞƚƐ ŽƵƚƐŝĚĞ ƚŚĞ ƵƌŽƉĞĂŶ
hŶŝŽŶ ĂŶĚ K ĐŽƵŶƚƌŝĞƐ Žƌ ŵĂƌŬĞƚƐ ǁŝƚŚŝŶ ƚŚĞƐĞ
ĐŽƵŶƚƌŝĞƐ ŝĨ ƚŚĞLJ ĂƌĞ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ ͚ĞŵĞƌŐŝŶŐ͛ Žƌ
͚ĨƌŽŶƚŝĞƌ͛ ŵĂƌŬĞƚƐ ǁŝƚŚ ƚŚĞ D^/ ŵĞƌŐŝŶŐ DĂƌŬĞƚƐ
/ŶĚĞdž͘ ZZ ǁŝůů ĨŽĐƵƐ ŽŶ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƚŚĞ ĞƐƐĞŶƚŝĂů
ƐĞƌǀŝĐĞƐ͕ƚƌĂŶƐƉŽƌƚ͕ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ĂŶĚĐŽŵŵƵŶŝƚLJĂŶĚ
ƐŽĐŝĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐĞĐƚŽƌƐ͘
Asaguideline,theFundwillusuallyholdbetween25and
60differentinvestments.Themaininvestmentsarein:
•
•
Equityanddebtsecuritiesinemergingmarketsthat
aresubstantiallyinvolvedininfrastructure;
cashandinterestbearingsecurities;
DividendsarereinvestedintheFund.
^ŚĂƌĞƐĐĂŶďĞďŽƵŐŚƚĂŶĚƐŽůĚŽŶĂĞĂůŝŶŐĂLJ͕ƵƐƵĂůůLJ
ĞĂĐŚƵƐŝŶĞƐƐĂLJ͘
dŚĞ ŵŝŶŝŵƵŵ ƌĞĐŽŵŵĞŶĚĞĚ ŚŽůĚŝŶŐ ƉĞƌŝŽĚ ŝƐ ŽǀĞƌ ƚŚĞ
ůŽŶŐƚĞƌŵ;ϱнLJĞĂƌƐͿ͘dŚĞ&ƵŶĚŵĂLJŶŽƚďĞĂƉƉƌŽƉƌŝĂƚĞĨŽƌ
ŝŶǀĞƐƚŽƌƐ ǁŚŽ ƉůĂŶ ƚŽ ǁŝƚŚĚƌĂǁ ƚŚĞŝƌ ŵŽŶĞLJ ǁŝƚŚŝŶ Ă
ƉĞƌŝŽĚŽĨϱLJĞĂƌƐ͘
zŽƵ ƐŚŽƵůĚ ƌĞĂĚ ƚŚĞ ĨƵůů /ŶǀĞƐƚŵĞŶƚ WŽůŝĐLJ ŝŶ
^ƵƉƉůĞŵĞŶƚ Ϯ ŽĨ ƚŚĞ ZZ /ŶǀĞƐƚŵĞŶƚ &ƵŶĚƐ WůĐ
WƌŽƐƉĞĐƚƵƐ ;͞WƌŽƐƉĞĐƚƵƐ͟Ϳ ĚĂƚĞĚ ϭϭ :ƵůLJ ϮϬϭϰ ďĞĨŽƌĞ
ŵĂŬŝŶŐ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ĚĞĐŝƐŝŽŶ͘ dŚĞ WƌŽƐƉĞĐƚƵƐ ŝƐ
ĂǀĂŝůĂďůĞĂƚǁǁǁ͘ZZŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ĐŽŵ͘
RiskandRewardProfile
Lowerrisk
Potentiallylowerrewards
1
2
3
Highrisks
Potentiallyhigherrewards
4
5
6
7
•
The risk category shown is not a target and can change.
The lowest category does not mean a riskͲfree
investment.
•
Theriskcategoryisbasedonhistoricaldataandmaynot
beareliableindicatoroftheFund’sfutureriskprofile.
•
The Fund is in category 5 because the Fund invests in
listed equities in emerging markets. Listed equities are
volatileinvestmentsandinvestmentsinemergingmarkets
are regarded as more volatile. Risks that are not
capturedbythisriskcategoryindicatorinclude:
•
•
•
Marketrisk – investmentsinmarketsthatareless
wellͲregulated than those of developed markets
mayaffectthepriceatwhichtheFundcanliquidate
positions to meet redemption requests or other
fundingrequirements.
Emerging markets risk Ͳ the heightened degree of
individual investment risk associated with the
current size of these markets and greater risks of
social,political,legal,regulatoryandeconomicrisks.
Liquidityrisk –theriskthatsecuritiesthat are not
actively traded cannot be sold without loss to
marketvalue.
Currency risk – fluctuations in exchange rates
impact the value of underlying assets of the Fund.
TheFundgenerallydoesnothedgecurrencyrisks.
Creditrisk–theriskthatanissuerofsecuritiesheld
by SubͲfund may not meet its credit obligations
leadingtolossofthesuminvested.
Political,Regulatory,SettlementandSubͲCustodial
Risk – uncertainties such as international political
developments, changes in government policies,
ThisKeyInvestorInformationDocumentisaccurateasat1 December2014.
restrictionsonforeigninvestmentormarketswhere
settlement and custodial systems are not fully
developed can impact the Fund’s ability to
repatriatecapital.
Formoredetailedinformationontheprincipalriskfactors
that may impact the Fund, please read Section 2, ‘Risk
Factors’ in the Prospectus which is available at
www.RAREinfrastructure.com.
Charges
Thechargesyoupayareusedtopaythecostsofrunning
the UCITS including the costs of marketing and
distribution.
Charges impact and can reduce the potential growth of
yourinvestment.
The entry and exit charges shown are the maximum
figures.Insomecases youmightpayless–youcan find
thisoutfromyourfinancialadviserordistributor.
OneͲoffchargestakenbeforeorafteryouinvest
N/A
Entrycharge
N/A
Exitcharge
Thisisthemaximumthatmightbetakenoutofyourmoneybefore
itisinvestedandbeforeredemptionsarepaidout
Theongoingchargesfigureshownhereisanestimateof
thechargesforthisshareclass.TheUCITS’annualreport
foreachfinancialyearwillincludethedetailontheexact
chargesmade.Ongoingchargesmayvaryfromyear
toyear.
Chargestakenfromthefundoverayear
Ongoingcharge
1.85%
Chargestakenfromthefundundercertainspecificconditions
Performancefee
0%
&Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĐŚĂƌŐĞƐ͕ ƉůĞĂƐĞ ƌĞĨĞƌ ƚŽ
^ƵƉƉůĞŵĞŶƚ Ϯ ŽĨ ƚŚĞ WƌŽƐƉĞĐƚƵƐ͕ ĂǀĂŝůĂďůĞ ŽŶ
ǁǁǁ͘ZZŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ĐŽŵ͘
PastPerformance
1.2
1.0
0.8
0.6
0.4
There is insufficient data to
provide a useful indication of
pastperformance.
WĂƐƚ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ŶŽƚ Ă ƌĞůŝĂďůĞ ŝŶĚŝĐĂƚŽƌ ŽĨ ĨƵƚƵƌĞ
ƉĞƌĨŽƌŵĂŶĐĞ͘
dŚĞ&ƵŶĚǁĂƐĞƐƚĂďůŝƐŚĞĚŽŶϯϬ:ƵŶĞϮϬϭϭ͘ůĂƐƐ'ǁĂƐ
ůĂƵŶĐŚĞĚϭϭƉƌŝůϮϬϭϯ͘
tŚĞŶ ĂǀĂŝůĂďůĞ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁŝůů ďĞ ĐĂůĐƵůĂƚĞĚ ŝŶ 'W
ĂŶĚƐŚŽǁŶĂĨƚĞƌƚŚĞĚĞĚƵĐƚŝŽŶŽĨŽŶŐŽŝŶŐĞdžƉĞŶƐĞƐ͘
0.2
0.0
2008
2009
2010
2011
2012
Practicalinformation
ThecustodianoftheFundisRBCInvestorServicesBank
S.A.,DublinBranch.
&ƵƌƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ &ƵŶĚ ĐĂŶ ďĞ ĨŽƵŶĚ ŝŶ ƚŚĞ
WƌŽƐƉĞĐƚƵƐ͕ĂŶĚƚŚĞůĂƚĞƐƚĂŶŶƵĂůĂŶĚŚĂůĨLJĞĂƌůLJƌĞƉŽƌƚƐĨŽƌ
ZZ /ŶǀĞƐƚŵĞŶƚ &ƵŶĚƐ WůĐ͘ dŚĞ WƌŽƐƉĞĐƚƵƐ ĂŶĚ ƉĞƌŝŽĚŝĐ
ƌĞƉŽƌƚƐ ĂƌĞ ƉƌĞƉĂƌĞĚ ĨŽƌ ZZ /ŶǀĞƐƚŵĞŶƚ &ƵŶĚƐ WůĐ ĂƐ ƚŚĞ
ƵŵďƌĞůůĂ h/d^ ĂŶĚ ĐŽŶƚĂŝŶƐ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞůĂƚŝŶŐ ƚŽ Ăůů ƐƵďͲ
ĨƵŶĚƐ͘ dŚĞƐĞ ĚŽĐƵŵĞŶƚƐ ĂƌĞ ƉƵďůŝƐŚĞĚ ŝŶ ŶŐůŝƐŚ ĂŶĚ
ĂǀĂŝůĂďůĞ ĨƌĞĞ ŽĨ ĐŚĂƌŐĞ Ăƚ ǁǁǁ͘ZZŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ĐŽŵ Žƌ
ďLJĐŽŶƚĂĐƚŝŶŐLJŽƵƌĨŝŶĂŶĐŝĂůĂĚǀŝƐĞƌŽƌĚŝƐƚƌŝďƵƚŽƌ͘
ZZ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚƐWůĐŵĂLJďĞŚĞůĚůŝĂďůĞƐŽůĞůLJŽŶƚŚĞ
ďĂƐŝƐ ŽĨ ĂŶLJ ƐƚĂƚĞŵĞŶƚ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚŝƐ ĚŽĐƵŵĞŶƚ ƚŚĂƚ ŝƐ
ŵŝƐůĞĂĚŝŶŐ͕ŝŶĂĐĐƵƌĂƚĞŽƌŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƌĞůĞǀĂŶƚƉĂƌƚƐŽĨ
ƚŚĞWƌŽƐƉĞĐƚƵƐ͘
ZZ /ŶǀĞƐƚŵĞŶƚ &ƵŶĚƐ WůĐ ŝƐ ĂŶ ŽƉĞŶͲĞŶĚĞĚ ƵŵďƌĞůůĂ
ŝŶǀĞƐƚŵĞŶƚĐŽŵƉĂŶLJǁŝƚŚǀĂƌŝĂďůĞĐĂƉŝƚĂůĂŶĚƐĞŐƌĞŐĂƚĞĚ
ůŝĂďŝůŝƚLJ ďĞƚǁĞĞŶ ƐƵďͲĨƵŶĚƐ͘ dŚŝƐ ŵĞĂŶƐ ƚŚĞ ĂƐƐĞƚƐ ŽĨ ƚŚĞ
&ƵŶĚ ĂƌĞ ŚĞůĚ ƐĞƉĂƌĂƚĞůLJ ĨƌŽŵ ƚŚĞ ĂƐƐĞƚƐ ŽĨ ŽƚŚĞƌ ƐƵďͲ
ĨƵŶĚƐ͘ zŽƵƌ ŝŶǀĞƐƚŵĞŶƚ ǁŝůů ŶŽƚ ďĞ ŝŵƉĂĐƚĞĚ ďLJ ĐůĂŝŵƐ
ŵĂĚĞĂŐĂŝŶƐƚĂŶŽƚŚĞƌƐƵďͲĨƵŶĚ͘
zŽƵ ĐĂŶ ĂůƐŽ ƌĞĂĚ ƚŚĞ ůĂƚĞƐƚ Es ƉƌŝĐĞƐ͕ ƚŚĞ &ƵŶĚ
KǀĞƌǀŝĞǁ͕ ŵŽŶƚŚůLJ ĨĂĐƚ ƐŚĞĞƚƐ ĂŶĚ ƋƵĂƌƚĞƌůLJ ƌĞƉŽƌƚƐ Ăƚ
ǁǁǁ͘ZZŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ĐŽŵ͘
/ŶǀĞƐƚŽƌƐ ĐĂŶ ĂůƐŽ ŽďƚĂŝŶ Ă <ĞLJ /ŶǀĞƐƚŽƌ /ŶĨŽƌŵĂƚŝŽŶ
ĚŽĐƵŵĞŶƚ ĨŽƌ ŽƚŚĞƌ ƐŚĂƌĞ ĐůĂƐƐĞƐ ŽĨ ƚŚŝƐ &ƵŶĚ Žƌ ŽƚŚĞƌ
ƐƵďͲĨƵŶĚƐĂƚǁǁǁ͘ZZŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ĐŽŵ͘
Investorsshouldnotethattaxlegislationthatappliesto
/ŶǀĞƐƚŽƌƐĐĂŶƐǁŝƚĐŚƚŚĞŝƌŝŶǀĞƐƚŵĞŶƚƐĨƌŽŵƚŚŝƐƐŚĂƌĞĐůĂƐƐ
ƚŽ ĂŶŽƚŚĞƌ ƐŚĂƌĞ ĐůĂƐƐ͕ Žƌ ƚŽ ĂŶŽƚŚĞƌ ƐƵďͲĨƵŶĚ ŽĨ ZZ
/ŶǀĞƐƚŵĞŶƚ &ƵŶĚƐ WůĐ͘ &Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ
ƐǁŝƚĐŚŝŶŐƌĞĨĞƌƚŽƚŚĞƐĞĐƚŝŽŶ͚ŽŶǀĞƌƐŝŽŶŽĨ^ŚĂƌĞƐ͛ŝŶƚŚĞ
Prospectus.
ƚŚĞ &ƵŶĚ ŵĂLJ ŚĂǀĞ ĂŶ ŝŵƉĂĐƚ ŽŶ ƚŚĞ ƚĂdž ƉŽƐŝƚŝŽŶ ŽĨ LJŽƵƌ
ŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞ&ƵŶĚ͘
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ThisFundisauthorisedinIrelandandregulatedbytheCentralBankofIreland.
ThisKeyInvestorInformationDocumentisaccurateasat1December2014.