GSF | Report & Accounts Ninety One Global Previously Investec Asset Management Strategy Fund R.C.S. Luxembourg B139420 Investment Fund under Luxembourg Law Semi-Annual report and accounts for the period ended 30 June 2020 Ninety One 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 Macro Allocation 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 Ninety One Guernsey Limited PO Box 250, Guernsey GY1 3QH Channel Islands Semi-annual report and accounts for the period ended 30 June 2020 Contents Material changes to the Fund 2 Annualised performance over 5 years 4 The Fund 11 Directors of the Fund 13 Statistical information 14 Portfolio details – Schedule of investments 38 Statement of Operations 418 Statement of Changes in Shareholders’ Equity 426 Statement of Assets and Liabilities 434 Notes forming part of the financial statements 443 Securities Financing Transactions Regulation (SFTR) Disclosures 542 Other information 548 Additional information for investors in the Federal Republic of Germany 549 Notice to investors in Switzerland 550 Portfolio turnover 551 Report of the depositary 553 Administration of the Fund 554 How to contact Ninety One 557 1 Material changes to the Fund The following material changes to the Fund were undertaken during the period ended 30 June 2020, 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: Fund name change — On 2 June 2020 the Fund has changed its name from Investec Global Strategy Fund to Ninety One Global Strategy Fund. Sub-Fund liquidation — Liquidation of Global Real Estate Securities Fund on 13 May 2020. Other material changes — 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 — Temporary increase to the maximum swing adjustment to the net asset value per share from 2% to 5% effective 1 April 2020 — On 2 June 2020 the Global Distributor and Service Provider changed its name from Investec Asset Management Guernsey Limited to Ninety One Guernsey Limited. — Changes in prospectus to reflect the possibility to issue Brazilian Real hedged share classes on 2 June 2020. — The appointment of Ninety One Hong Kong Limited as a sub-investment of the Emerging Markets Corporate Debt Fund, Emerging Markets Investment Grade Corporate Debt Fund, All China Bond Fund and Asia Local Currency Bond Fund on 2 June 2020. — The appointment of Ninety One SA (Pty) Ltd as a sub-investment manager of the Emerging Markets Corporate Debt Fund, Emerging Markets Investment Grade Corporate Debt Fund, All China Bond Fund, Asia Local Currency Bond Fund and Asia Pacific Franchise Fund on 2 June 2020. 2 Material changes to the Fund (continued) — The appointment of Ninety One North America, Inc. as a sub-investment manager of the Global Quality Equity Fund on 2 June 2020. — Changes to the prospectus to the reflect the benchmark(s) used to compare the performance of the Sub-Funds on 2 June 2020. — Amendments to the investment policy of the European High Yield Bond Fund and Target Return Bond Fund on 2 June 2020. — A change of name of the Global Multi-Asset Total Return Fund to the Global Macro Allocation Fund on 2 June 2020. — A reduction in the management fee of the A, C, F, I, IX, J and JX share classes of the Global Total Return Credit Fund on 2 June 2020. — A reduction in the management fee of the J and JX share classes of the Emerging Markets Local Currency Dynamic Debt Fund on 2 June 2020. — A reduction in the management fee of the A, C, F, I, IX, J, JX and Z share classes of the Emerging Markets Investment Grade Corporate Debt Fund on 2 June 2020. — A reduction in the management fee of the J and JX share classes of the All China Equity Fund on 2 June 2020. 3 Performance Sub-Fund performance record (Annualised performance over 5 years) 2 year 3 year 5 year 3 year Reference 6 months 1 year annualised annualised annualised volatility currency % change % change % change % change % change annualised Sub-Funds and sector average % Money Sub-Funds Sterling Money Fund GBP -0.04 0.02 0.15 0.15 0.09 0.06 GBP Money Market - Short Term GBP 0.11 0.28 0.36 0.27 0.21 0.07 U.S. Dollar Money Fund USD 0.32 1.13 1.48 1.30 0.89 0.19 USD Money Market - Short Term USD 0.34 1.14 1.51 1.37 0.92 0.15 Bond Sub-Funds All China Bond Fund ▲ USD 2.06 3.70 3.51 4.90 3.71 5.90 RMB Bond USD 0.54 1.20 1.59 2.67 1.28 5.64 Asia Local Currency Bond Fund▲ USD 0.23 3.80 6.39 4.49 3.42 7.05 Asia Bond - Local Currency USD -0.66 1.39 3.65 2.13 1.67 5.46 Emerging Markets Blended Debt Fund USD -5.16 -1.98 2.29 1.14 2.39 11.89 Global Emerging Markets Bond USD -3.36 -1.33 3.47 1.56 3.07 10.37 Emerging Markets Corporate USD -0.61 2.79 5.94 3.04 3.72 9.81 Debt Fund▲ Global Emerging Markets Corporate Bond USD -2.12 1.18 4.82 2.88 3.79 10.07 Emerging Markets Hard Currency USD -3.77 0.11 4.53 2.29 4.00 12.69 Debt Fund▲ Global Emerging Markets Bond USD -3.36 -1.33 3.47 1.56 3.07 10.37 Emerging Markets Investment Grade USD 2.66 7.46 8.88 5.31 5.11 7.37 Corporate Debt Fund▲ Global Emerging Markets Corporate Bond USD -2.12 1.18 4.82 2.88 3.79 10.07 Emerging Markets Local Currency USD -8.03 -4.20 0.78 -0.58 0.22 13.40 Debt Fund Global Emerging Markets Bond - Local USD -6.99 -4.29 1.07 -0.62 0.77 11.94 Currency Emerging Markets Local Currency USD -7.74 -4.52 0.78 -0.58 0.17 13.04 Dynamic Debt Fund Global Emerging Markets Bond - Local USD -6.99 -4.29 1.07 -0.62 0.77 11.94 Currency 4 Performance (continued) Sub-Fund performance record (Annualised performance over 5 years) (continued) 2 year 3 year 5 year 3 year Reference 6 months 1 year annualised annualised annualised volatility currency % change % change % change % change % change annualised Sub-Funds and sector average % (continued) Bond Sub-Funds (continued) Emerging Markets Local Currency Total USD -3.58 1.00 4.57 2.77 2.99 9.97 Return Debt Fund▲ ^ Global Emerging Markets Bond - Local USD -6.99 -4.29 1.07 -0.62 0.77 11.94 Currency European High Yield Bond Fund▲ n EUR -5.82 -3.39 0.27 -0.57 1.63 8.83 EUR High Yield Bond EUR -5.62 -3.42 0.07 -0.03 1.74 8.71 Global High Yield Bond Fund▲ USD -4.15 -0.11 3.97 3.18 - 8.58 Global High Yield Bond USD -5.15 -1.68 2.22 1.93 3.02 9.25 Global Total Return Credit Fund▲ USD -3.36 -0.76 1.64 0.83 - 7.22 Global Flexible Bond-USD Hedged USD -1.15 1.72 3.75 2.67 2.46 6.02 Investment Grade Corporate Bond Fund USD 5.47 8.81 8.96 5.71 4.98 6.00 Global Corporate Bond - USD Hedged USD 2.66 5.97 6.88 4.58 4.45 5.82 Latin American Corporate Debt Fund USD -8.23 -6.31 1.72 0.42 2.32 13.64 No relevant Morningstar sector average available Latin American Investment Grade USD -0.36 2.94 6.34 3.24 – 9.55 Corporate Debt Fund▲ No relevant Morningstar sector average available Target Return Bond Fund USD 0.51 2.00 1.58 -0.30 0.40 2.35 No relevant Morningstar sector average available Multi-Asset Sub-Funds Emerging Markets Multi-Asset Fund USD -8.26 -3.49 -0.65 1.02 0.96 14.03 Global Emerging Markets Allocation USD -10.22 -6.87 -2.41 -1.44 -0.26 14.61 Global Diversified Growth Fund USD -7.15 -3.13 -0.24 -1.15 -0.16 8.58 USD Flexible Allocation USD -5.14 -1.17 0.26 1.16 0.97 9.14 Global Diversified Growth Fund (Euro)▲ EUR -8.77 -6.34 -3.42 -4.01 – 8.54 EUR Flexible Allocation - Global EUR -5.07 -1.26 -0.84 -0.52 -0.43 8.64 5 Performance (continued) Sub-Fund performance record (Annualised performance over 5 years) (continued) 2 year 3 year 5 year 3 year Reference 6 months 1 year annualised annualised annualised volatility currency % change % change % change % change % change annualised Sub-Funds and sector average % (continued) Multi-Asset Sub-Funds (continued) Global Macro Allocation Fund▲ l USD -3.74 1.51 3.86 4.94 4.75 9.75 USD Flexible Allocation USD -5.14 -1.17 0.26 1.16 0.97 9.14 Global Multi-Asset Income Fund▲ USD -1.46 0.22 1.75 1.81 2.21 4.68 USD Cautious Allocation USD -1.99 1.19 2.38 1.98 1.84 6.10 Global Strategic Managed Fund▲ USD -3.98 0.52 1.25 2.30 2.54 11.34 USD Moderate Allocation USD -5.06 -0.64 1.16 1.91 2.04 9.41 ^ The performance record shown is that of the Emerging Markets Debt Total Return Fund, which changed its name to the Emerging Markets Local Currency Total Return Debt Fund on 31.05.16.