FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2020 Insight INVESTMENT ABSOLUTE INSIGHT FUNDS PLC ANNUAL REPORT AND FINANCIAL STATEMENTS • BNY MELLON I INVESTMENT MANAGEMENT Additional information for investors in the Federal Republic of Germany For the Absolute Insight Dynamic Opportunities Fund of Absolute Insight Funds plc no notification for distribution in the Federal Republic of Germany has been submitted and Shares in this sub-fund may NOT be offered to investors within the scope of the German Investment Code. Société Générale, Frankfurt branch, Neue Mainzer Strasse 46-50, D-60311 Frankfurt, has undertaken the function of Paying and Information Agent for the Company in the Federal Republic of Germany (the “German Paying and Information Agent”). Applications for the redemption and conversion of Shares may be sent to the German Paying and Information Agent. All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through the German Paying and Information Agent. The Prospectus together with its below listed supplements, the key investor information documents, the memorandum and articles of association of the Company and the annual and semi-annual reports may be obtained, free of charge, in hardcopy form at the office of the German Paying and Information Agent during normal opening hours. The following supplements to the Prospectus contain specific information relating to the individual sub-funds and represent an integral part of the Prospectus: · Supplement for Absolute Insight Emerging Market Debt Fund, · Supplement for Absolute Insight Currency Fund, · Supplement for Absolute Insight Credit Fund, · Supplement for Absolute Insight Broad Opportunities Fund. Issue, redemption and conversion prices of the Shares are available, free of charge, from the German Paying and Information Agent. Furthermore the documents listed in section “Documents for Inspection” are also available at the office of the German Paying and Information Agent. The issue, redemption and conversion prices of the Shares will also be published on the following website www.fundinfo.com. Any other information relevant to Shareholders in Germany will be published on the following website http://www.insightinvestment.com/de/ The statement of changes in the composition of the investment portfolio is also free of charge upon request at the office of the German Paying and Information Agent available. Additional information for investors in Austria Société Générale, Vienna Branch, Prinz-Eugen-Straße 32, A-1040 Wien, has been appointed as the paying and information agent in Austria. /3706439v1 Contents Page Directors and Other Information 1 Directors’ Report 3 Statement of Directors’ Responsibilities 8 Investment Manager’s Reports 9 Depositary’s Report to the Shareholders 15 Independent Auditor’s Report 16 Schedules of Investments: Absolute Insight Equity Market Neutral Fund 18 Absolute Insight Currency Fund 25 Absolute Insight Emerging Market Debt Fund 30 Absolute Insight Credit Fund 37 Insight Broad Opportunities Fund 44 Absolute Insight Dynamic Opportunities Fund 55 Statements of Financial Position 62 Statements of Comprehensive Income 66 Statements of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 70 Notes forming part of the Financial Statements 74 Unaudited Appendices 155 Schedules of Significant Portfolio Changes (unaudited) 163 Directors and other information Directors Michael Boyce (Irish)* Charles Farquharson (British)** John Fitzpatrick (Irish)* Barry McGrath (Irish)* Greg Brisk (British)** *Independent and non-executive Directors **Non-executive Directors Registered Office 32 Molesworth Street Dublin 2 Ireland (up to 3 September 2020) Riverside Two Sir John Rogerson’s Quay Dublin 2 Ireland (from 4 September 2020) Manager Insight Investment Management (Europe) Limited 32 Molesworth Street Dublin 2 Ireland (up to 3 September 2020) Riverside Two Sir John Rogerson's Quay Dublin 2 Ireland (from 4 September 2020) Administrator State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland Investment Manager Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England Sub-Investment Manager Insight Investment Management (Global) Limited 160 Queen Victoria Street London EC4V 4LA England Irish Legal Advisor Maples and Calder 75 St. Stephen’s Green Dublin 2 Ireland 1 Directors and other information (continued) Secretary MFD Secretaries Limited 32 Molesworth Street Dublin 2 Ireland (up to 3 September 2020) Insight Investment Management (Europe) Limited Riverside Two Sir John Rogerson's Quay Dublin 2 Ireland (from 4 September 2020) Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland Independent Auditor KPMG Chartered Accountants 1 Harbourmaster Place International Financial Services Centre Dublin 1 Ireland Listing Sponsor Maples and Calder 75 St. Stephen’s Green Dublin 2 Ireland Registered Number 431087 2 Directors’ Report for the financial year ended 31 October 2020 The Directors present their report together with the audited financial statements of Absolute Insight Funds plc (the “Company”) for the financial year ended 31 October 2020. The Company has segregated liability between its funds and is organised under the laws of Ireland as a public limited company pursuant to the Companies Act 2014 (as amended) (the “Companies Act”). The Company is subject to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (as amended) (the “Central Bank UCITS Regulations”). The financial statements of the Company are prepared in conformity with FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”). Principal Activities As at 31 October 2020, the Company comprises six funds each a “Fund”, collectively (the “Funds”): Absolute Insight Equity Market Neutral Fund Absolute Insight Currency Fund Absolute Insight Emerging Market Debt Fund Absolute Insight Credit Fund Insight Broad Opportunities Fund Absolute Insight Dynamic Opportunities Fund Review of performance of the business and future developments The performance of each of the Funds within the Company is set out in the Investment Manager’s Report for each Fund. The Company’s principal activity is collective investment in transferable securities of capital raised from the public and which operates on the basis of risk spreading. The Company will continue to act as an investment vehicle as set out in its Prospectus. Results for the financial year and state of affairs The results for the financial year are set out in the Statement of Comprehensive Income for the financial year ended 31 October 2020. The state of affairs of each Fund is set out in the Statement of Financial Position as at 31 October 2020. Risk management objectives and policies, principal risks and uncertainties The main risks arising from the Company’s financial instruments are market risk (including market price risk, currency risk and interest rate risk), credit risk and liquidity risk (including cash flow risk). Details of the Company’s principal risks and uncertainties, risk management objectives and policies and how these are managed are set out in note 9 to the financial statements. Going concern The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements, with the exception of the Absolute Insight Equity Market Neutral Fund, for which the shareholders have been provided with notice of termination post year end 31 October 2020 and for which the going concern basis is therefore no longer appropriate. Changes in the UK political environment In a referendum held on 23 June 2016 the electorate of the United Kingdom voted to leave the EU. This has set in train a sustained period of uncertainty which has brought about political and economic instability and volatility in the financial markets of the United Kingdom and more broadly across the EU. Although the Brexit deal agreed on 24 December 2020 has brought about some political certainty, some aspects remain under discussion. The extent of the impact of Brexit is still largely unknown and may depend in part upon the nature and implementation of the Brexit deal, as well as extent to which the United Kingdom intends to implement existing EU legislation. Those decisions could materially and adversely affect the regulatory regime to which Insight Investment Funds Management Limited (the Investment Manager) and Insight Investment Management (Global) Limited (the Sub- Investment Manager) are currently subject in the United Kingdom, particularly in respect of financial services regulation and taxation. The longer term process to implement the political, financial and legal framework that is agreed between the United Kingdom and the EU, may lead to continuing uncertainty and periods of volatility in the United Kingdom and some or all of the other 27 members of the EU (some of which are countries in which the Investment Manager and/or Sub- Investment Manager conducts business) and/or the Eurozone. 3 Directors’ Report (continued) for the financial year ended