GSF | Report & Accounts Investec Global Previously Investec Asset Management Strategy Fund R.C.S. Luxembourg B139420 Investment Fund under Luxembourg Law Annual report and accounts for the year ended 31 December 2019 Investec Global Strategy Fund With respect to the following sub-funds, no registration notification was filed with BaFin and consequently Shares in these sub-funds must not be distributed in Germany: Asia Pacific Franchise Fund, Global Multi-Asset Total Return Fund, Latin American Investment Grade Corporate Debt Fund. Investment Fund under Luxembourg Law Registered address 49, Avenue J.F. Kennedy, L-1855 Luxembourg Grand Duchy of Luxembourg Correspondence address – Global Distributor c/o Investec Asset Management Guernsey Limited PO Box 250, Guernsey GY1 3QH Channel Islands Annual report and accounts for the year ended 31 December 2019 Contents Material changes to the Fund 2 Annualised performance over 5 years 4 Calendar year performance over 5 years 11 The Fund 15 Directors of the Fund 17 Report of the Directors 18 Statistical information 20 Portfolio details – Schedule of Investments 48 Statement of Operations 446 Statement of Changes in Shareholders’ Equity 454 Statement of Assets and Liabilities 462 Notes forming part of the financial statements 472 Independent Auditor’s report to the Shareholders 580 Securities Financing Transactions Regulation (SFTR) disclosure (Unaudited) 583 Performance Records 590 Other information (Unaudited) 666 Risk Management (Unaudited) 669 Fair Value Hierarchy (Unaudited) 676 Additional information for investors in the Federal Republic of Germany 698 Notice to Investors in Switzerland 699 Notice of Meeting 700 Portfolio Turnover 702 Report of the depositary 704 Administration of the Fund 705 How to contact Ninety One 708 1 Material changes to the Fund The following material changes to the Fund were undertaken during the financial year ended 31 December 2019, having received prior approval from the Board of Directors, the Commission de Surveillance du Secteur Financier (‘CSSF’) and where required Shareholders. Where appropriate, notices were sent to Shareholders notifying them of the respective changes: Sub-Fund launches — Global Environment Fund launched on 25 February 2019 Sub-Fund mergers — Merger of the Enhanced Natural Resources Fund into the Global Natural Resources Fund on 7 June 2019 — Merger of the Global Endurance Equity Fund with the Global Quality Equity Income Fund on 6 December 2019 Other material changes — Amendment of the dividend policy for the Global Total Return Credit Fund on 31 May 2019. — Management Fee reduction for the I, IX, J and JX share classes of the All China Bond Fund on 31 May 2019. — Management Fee reduction for the A, F, I, IX, J, JX and Z share classes of the Global Multi-Asset Income Fund on 31 May 2019. — A name change of the Asia Pacific Quality Equity Fund to the Asia Pacific Franchise Fund and update to its investment policy on 31 May 2019. — A change to the initial minimum subscription and minimum shareholding amount for the ‘J’ and ‘JX’ Share Classes on 31 May 2019. — Amendments to reflect a change to the registered address of the Global Distributor and Service Provider on 22 July 2019. — Amendments to reflect the change of Depositary, Administrator and Domiciliary Agent to State Street Bank International GmbH, Luxembourg Branch on 4 November 2019. — Amendments to the investment policy of Global Multi-Asset Income Fund on 30 November 2019. — A change of the reference portfolio for the purposes of calculating the relative VaR of the Emerging Markets Blended Debt Fund on 30 November 2019. — A change to the initial charge to clarify that no part of this charge will be retained by a Ninety One (previously Investec Asset Management) company on 30 November 2019. — Amendments to the investment policy of the Emerging Markets Investment Grade Corporate Debt Fund, Emerging Markets Local Currency Total Return Debt Fund and the Investment Grade Corporate Bond Fund on 30 November 2019. — Removal of the list of the types of legal and natural persons that qualify as an Institutional Investor from section 5.2 of the prospectus on 30 November 2019. — An amendment to the Fund’s distribution policy to give the power to change the mandate of a shareholder who has elected to be paid out their dividends in cash to automatic reinvestment of all future dividends, where the Fund has been unable to pay a dividend/the shareholder has not claimed their dividend within a period of 6 months from the ex-dividend date on 30 November 2019. 2 Material changes to the Fund (continued) — Clarification that reinvested cash collateral will be taken into account for the calculation of the risk diversification rule relating to bank deposits (i.e. no more than 10% of a money market sub-fund’s assets and no more than 20% of a non-money market sub-fund’s assets may be deposited with the same counterparty) on 30 November 2019. — Enhancement of swing pricing disclosure in the prospectus on 30 November 2019. — In respect of the Global Strategic Managed Fund, the insertion of prescribed disclosures required by the Securities Financing Transactions Regulation for a fund using total return swaps, namely the rationale for using total return swaps, the types of underlying reference assets and the expected and maximum proportion of assets that that may be subject to total return swaps on 30 November 2019. — General amendments and tidying of the prospectus, including appendix iv of the prospectus where the expected leverage level of the Investment Grade Corporate Debt Fund has been raised from 0% to 25% on 30 November 2019. — Excluding the date on which Thanksgiving falls as a dealing day for the Latin American Corporate Debt Fund and Latin American Investment Grade Corporate Debt Fund with effect from 2020 — On 16 March 2020 the Management Company changed its name from Investec Asset Management Luxembourg S.A. to Ninety One Luxembourg S.A.. The following Investec Asset Management entities have also changed their names: Investec Asset Management (Pty) Ltd (Sub-Investment Manager) to Ninety One SA (Pty) Ltd Investec Asset Management Botswana (Pty) Ltd (Botswana Representative) to Ninety One Botswana (Pty) Ltd Investec Asset Management Hong Kong Limited (Sub-Investment Manager and Hong Kong Representative) to Ninety One Hong Kong Limited Investec Asset Management Limited (Co-ordinator, Investment Manager and UK Facilities Agent) to Ninety One UK Limited Investec Asset Management North America, Inc. (Sub-Investment Manager) to Ninety One North America, Inc. Investec Asset Management Singapore Pte. Limited (Sub-Investment Manager and Singapore Representative) to Ninety One Singapore Pte. Limited Investec Fund Managers SA (RF) (Pty) Ltd (South African Representative) to Ninety One Fund Managers SA (RF) (Pty) Ltd 3 Performance Sub-Fund performance record (Annualised performance over 5 years) Money, Bond and Multi-Asset Sub-Funds 2 year 3 year 5 year 3 year Reference 1 year annualised annualised annualised volatility currency % change % change % change % change annualised Sub-Funds and sector average % Money Sub-Funds Sterling Money Fund GBP 0.18 0.23 0.15 0.11 0.05 GBP Money Market - Short Term GBP 0.42 0.36 0.23 0.20 0.07 U.S. Dollar Money Fund USD 1.79 1.64 1.27 0.82 0.18 USD Money Market - Short Term USD 1.78 1.67 1.37 0.84 0.14 Bond Sub-Funds All China Bond Fund ▲ USD 6.15 2.85 6.98 3.89 5.81 RMB Bond USD 4.54 0.93 4.23 1.61 5.34 Asia Local Currency Bond Fund▲ USD 9.78 4.10 6.74 3.24 5.33 Asia Bond - Local Currency USD 6.36 1.78 4.10 1.61 4.15 Emerging Markets Blended Debt Fund USD 13.09 1.91 5.72 3.04 7.20 Global Emerging Markets Bond USD 11.33 2.35 4.90 3.68 5.03 Emerging Markets Corporate USD 13.30 3.15 5.01 4.26 4.39 Debt Fund▲ Global Emerging Markets Corporate Bond USD 12.12 3.72 5.32 4.75 3.51 Emerging Markets Hard Currency USD 15.42 3.27 5.83 4.95 5.76 Debt Fund▲ Global Emerging Markets Bond USD 11.33 2.35 4.90 3.68 5.03 Emerging Markets Investment Grade USD 15.35 5.29 6.09 4.82 3.65 Corporate Debt Fund▲ Global Emerging Markets Corporate Bond USD 12.12 3.72 5.32 4.75 3.51 Emerging Markets Local Currency USD 12.99 1.09 5.72 0.68 10.23 Debt Fund Global Emerging Markets Bond - Local USD 11.04 0.93 5.03 1.24 9.07 Currency Emerging Markets Local Currency USD 12.23 0.91 5.57 0.65 10.12 Dynamic Debt Fund Global Emerging Markets Bond - Local USD 11.04 0.93 5.03 1.24 9.07 Currency 4 Performance (continued) Sub-Fund performance record (Annualised performance over 5 years) (continued) Money, Bond and Multi-Asset Sub-Funds (continued) 2 year 3 year 5 year 3 year Reference 1 year annualised annualised annualised volatility currency % change % change % change % change annualised Sub-Funds and sector average % (continued) Bond Sub-Funds (continued) Emerging Markets Local Currency Total USD 14.20 3.60 7.22 2.90 7.53 Return Debt Fund▲ ^ Global Emerging Markets Bond - Local USD 11.04 0.93 5.03 1.24 9.07 Currency European High Yield Bond Fund▲ n EUR 9.08 1.47 2.56 2.82 3.38 EUR High Yield Bond EUR 8.66 1.98 2.82 3.41 2.97 Global High Yield Bond Fund▲ USD 13.00 5.52 6.23 – 3.29 Global High Yield Bond USD 12.54 4.21 5.31 4.51 3.60 Global Total Return Credit Fund▲ USD 7.72 2.44 – – – Global Flexible Bond-USD Hedged USD 9.49 3.52 4.36 2.72 2.15 Investment Grade Corporate Bond Fund USD 12.23 4.80 4.70 3.78 3.13 Global Corporate Bond - USD Hedged USD 11.14 4.38 4.80 3.83 2.50 Latin American Corporate Debt Fund USD 11.94 3.17 5.08 4.43 5.19 No relevant Morningstar sector average available Latin American Investment