Title: URL Source: https://doc.morningstar.com/document/f7cd5dbe6be008ffbaa70ab91b7ce6e1.msdoc/?clientid=ajbell&key=805803a4ca9fc338 Markdown Content: Key Informa on Document # River UK Micro Cap Limited # A sub fund of River UK Micro Cap Limited # Ordinary shares of no par value (“Ordinary Shares”) # Purpose This document provides you with key informa on about this investment product. It is not marke ng material. The informa on is required by law to help you understand the nature, risks, costs, poten al gains and losses of this product and to help you compare it with other products. # Product Name: River UK Micro Cap Limited Ordinary shares of no par value (“Ordinary Shares”) ISIN: GG00BNDMJP11 PRIIP Manufacturer: River UK Micro Cap Limited PRIIP Manufacturer Website: hps://river.global/our-funds/fund-centre#/fund/search/ fi lter Telephone: +44 (0)1534 679510 Guernsey Financial Services Commission is responsible for supervising River UK Micro Cap Limited in rela on to this Key Informa on Document. This PRIIP is authorised in Guernsey Financial Services Commission. Carne Global AIFM Solu ons (C.I.) Limited is authorised in Guernsey Financial Services Commission and regulated by Guernsey Financial Services Commission. The key informa on document is accurate as at 17 July 2024. You are about to purchase a product that is not simple and may be di ffi cult to understand. # What is this product? Type: Ordinary shares in a closed-ended investment company incorporated in Guernsey. Save for payments of dividends or other returns (e.g. on a redemp on of Ordinary Shares under the Company’s compulsory redemp on mechanism or on a winding-up), the Company is not expec ng to pay you and you are expected to generate returns through selling your shares through a bank or stockbroker. Ordinary Shares are bought and sold via markets. Typically, at any given me on any given day, the price you pay for a share will be higher than the price at which you could sell it. The price at which you can sell your shares will vary depending on market condi ons and will not necessarily re fl ect the net asset value of the Company. Term: No fi xed term. Objec ves: The Company aims to achieve long-term capital growth from investment in a diversi fi ed por olio of UK “micro cap” companies, typically comprising companies with a free fl oat market capitalisa on of less than £100 million at the me of purchase. Intended retail investor: This product is intended for UK retail investors who plan to hold their investment for the long term. Poten al investors should fully understand the addi onal risks associated with this par cular asset class, the poten al risk of capital loss and that there may be limited liquidity in the Ordinary Shares. The Ordinary Shares are suitable for investors as part of a diversi fi ed investment por olio and who are able to take a long-term view of any investment in the Company. The Fund's assets are held through its Depositary, which is BNP Paribas SA, Guernsey Branch. Distribu on type: The product is distribu ng. #  #  # River UK Micro Cap Limited / Ordinary shares of no par value (“Ordinary Shares”) / GG00BNDMJP11 1What are the risks and what could I get in return? Investment performance informa on The main factors likely to a ff ect future returns for the investor include the por olio manager successfully iden fying growth opportuni es within UK companies below £100m market cap, the broader economic cycle, sen ment towards the UK and economic growth within the UK and sen ment towards smaller companies. While the NAV of the fund is impacted by the factors above, the factors which may a ff ect the share price of The Company include (but are not limited to): (i) the Company’s expected and actual performance; (ii) other secondary issues in the market; and (iii) general economic and market condi ons. While The Company will not be benchmark-driven in its asset alloca on, the most relevant index is Numis Small Cap + AIM ex ICs. Due to the Company's strategy of inves ng in companies which, on average, are much smaller than the average benchmark company, the fund is likely to experience notably higher vola lity than the benchmark. The fund has the poten al to outperform the benchmark considerably, typically during periods where smaller companies are outperfomring and risk sen ment is either above average or improving. However it also has the poten al to return considerably below benchmark, especially during down-market periods and risk-o ff market environments. What could a ff ect my return posi vely? Condi ons that are conducive to higher returns include improved con fi dence in the UK from investors, an increased appe te for risk and the outperformance of smaller companies. The fund aims to take advantage of the illiquidity premium inherent in the UK micro cap space, the success of which is largely dependent on market condi ons and succesfully iden fi ed growth opportuni es. What could a ff ect my return nega vely? Condi ons that are likely to generate lower returns or lead to investment loss include decreased con fi dence in the UK from investors, a reduced appe te for risk, a heightened short-term sense of fear in the markets, increased funding issues/bankruptcies within small caps, and por olio manager change The rela vely small market capitalisa on of Micro Cap Companies can make the market in their shares illiquid. Therefore, prices of Micro Cap Securi es are o en more vola le than prices of larger capitalisa on stocks, and even small cap companies. The Company may invest in securi es that are not readily tradable, which may make it di ffi cult for the Company to sell its investments and may lead to vola lity in the market price of Shares in the Company. Under severely adverse market condi ons, investors may expect di ffi culty in realising the value of their investment and there may not be a liquid market in the Shares of The Company. Supply and demand for shares in The Company and not the underlying value of The Company will dictate the price at which investors can realise their investments. During mes of market stress, the shares of The Company may trade at a signi fi cant discount to the net asset value of its por olio, which can cause an investor in The Company to experience larger nega ve returns than those experienced by the por olio itself. # What happens if the River UK Micro Cap Limited is unable to pay out? As a shareholder of River UK Micro Cap Limited you would not be able to make a claim to the Financial Services Compensa on Scheme about the Company in the event that the Company were unable to pay any dividends or other returns it may elect to pay from me to me, or if it were unable to pay any amounts due to you on a winding-up. If you sell your Ordinary Shares on the London Stock Exchange, your bank or stockbroker will receive cash on delivery of your shares and should pass that to you. # What are the costs? Costs over me The person advising on or selling you this product may charge you other costs. If so, this person will provide you with informa on about these costs and how they aff ect your investment. The tables show the amounts that are taken from your investment to cover di ff erent types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustra ons based on an example investment amount and di ff erent possible investment periods. We have assumed: In the fi rst year you would get back the amount that you invested (0% annual return) For the other holding periods we have assumed the product performs as shown in the moderate scenario GBP 10,000 is invested Example Investment: GBP 10,000 If you cash in a er 1 year If you cash in a er 3 years If you cash in a er 5 years Total costs GBP 180 GBP 551 GBP 935 Annual cost impact(*) 1.80% 1.80% 1.80% (*)This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 1.80% before costs and 0.00% a er costs. i f Risk indicator 1 2 3 4 5 6 7 Lower risk Higher risk The risk indicator assumes you keep the product for 5 years. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classi fi ed this product as 4 out of 7, which is a medium risk class. This rates the poten al losses from future performance at a medium level. Poor market condi ons could impact the Fund's capacity to pay you. For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the Fund's Prospectus available at h ps://river.global/our-funds/fund-centre#/fund/search/ fi lter. The product does not include any protec on from future market performance, so you could lose some or all of your investment. The price at which the Ordinary Shares are sold in the market has not historically tracked the Company's net asset value per Ordinary Share. If we are not able to pay you what is owed, you could lose your en re investment. #  #  # River UK Micro Cap Limited / Ordinary shares of no par value (“Ordinary Shares”) / GG00BNDMJP11 2Composi on of costs The table below shows the impact each year of the di ff erent types of costs on the investment return you might get at the end of the recommended holding period and the meaning of the di ff erent cost categories. The impact on return per year One-o ff costs Entry costs 0.00% The impact of the costs you pay when entering your investment. Exit costs 0.00% The impact of the costs of exi ng your investment when it matures. Ongoing costs Por olio transac on costs 0.09% The impact of the costs of us buying and selling underlying investments for the product. Other ongoing costs 1.71% The impact of the costs that we take each year for managing your investments and the costs associated with running the Company. Incidental costs Performance fees 0.00% The impact of the performance fee. We take these from your investment if the adjusted NAV of Company outperforms. Carried interests 0.00% The impact of carried interests. # How long should I hold it and can I take my money out early? The recommended minimum holding period: 5 years. Listed funds are designed to be long term investments and the returns from them can be vola le during their life. You should plan to hold your shares for at least a fi ve year investment horizon. As the Company's shares are listed on the London Stock Exchange, you can expect to sell them at any me through your bank or stockbroker. # How can I complain? If you have any complaints about the Company, you may lodge your complaint: via our website: h ps://river.global/our-funds/fund-centre#/fund/search/ fi lter or in wri ng to BNP Paribas SA, Guernsey Branch - BNP Paribas House, 1 St Julian's House,St Peter Port, GY1 1WA, Guernsey. # Other relevant informa on We are required to provide you with further documenta on, such as the Company's annual and interim reports. These documents and other informa on rela ng to the Company are available online at h ps://river.global/our-funds/fund-centre#/fund/search/ fi lter. The past performance of the Company is not a guide to future performance. The price of the Company's shares can go down as well as up. The cost, performance and risk calcula ons included in this Key Informa on Document follow the methodology prescribed by EU rules. In addi on, the costs set out in the “composi on of costs” table are carried by the Company and dividends paid to investors are net of these costs. Past Performance and Performance Scenarios: For details of past performance, please see online at h ps://river.global/our-funds/fund-centre#/fund/search/ fi lter. For previous performance scenarios, please see h ps://river.global/our-funds/fund-centre#/fund/search/ fi lter. #  #  # River UK Micro Cap Limited / Ordinary shares of no par value (“Ordinary Shares”) / GG00BNDMJP11 3