Q4

i 31 Dec 2017

USS Global Equity Fund Risk

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USS Global Equity Fund Facts

Fund objective Price 121.1p

Aims to rise or fall in line with the benchmark, which represents shares in Fund Size £33.6m
companies across the world. The fund will mainly invest in shares in companies
across the world, including emerging markets. The returns generated by the Benchmark Composite*
fund are not currency hedged, so may be impacted by currency movements. The Inception Date 3 October 2016
fund is passively managed.
Fees (before subsidy) 0.10% #

Fund commentary
Fees (after subsidy) 0.00% #

The fund performed in line with its benchmark as global equities experienced
strong gains in the fourth quarter. Emerging market equities were the strongest
performing region, helped by political developments such as election of a new
leader in the African National Congress raising hopes of more orthodox policies,
new agreements with international creditors in Greece and India’s plans for
recapitalisation for state-controlled banks.
Fund performance
You can find long term market performance data on the Market Performance
Summary.

Underlying funds:
BlackRock Aquila Connect MSCI World Fund, Emerging Markets
Equity Fund.
(The underlying fund manager(s) can be changed at any time.)

*Composite Benchmark:
MSCI World Index (92.0%), MSCI Emerging Markets Index
(lagged~) (8.0%)

Important Performance shown is after any subsidy of the annual management charge and additional expenses, where
Information applicable, within the USS Global Equity Fund (the "Fund").
Past performance is not necessarily a guide to future performance. The value of investments may go down as
well as up and the return of your investments is not guaranteed.
The Fund objective and benchmark have been determined by Universities Superannuation Scheme Limited (the “Trustee”), who is
responsible for selecting funds in the USS range, which may be added to, removed or replaced from time to time. Member
selections are to the Fund and are not to or made in respect of any underlying fund manager. The underlying fund manager(s) can
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be changed at any time. The information and data contained in this factsheet have been obtained from Northern Trust and the
underlying fund managers and is not verified by USS. USS does not represent that such information is accurate or complete and it
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should not be relied on as such. Neither USS nor the third party sources accept responsibility for any loss caused to any recipient of
this document as a result of any error, inaccuracy or incompleteness of this factsheet or as a result of any third party error. Any
fund performance
opinions expressed in this factsheet are the Trustee’s own views and may change. on the blog
This factsheet has been produced by the Trustee and should be read in conjunction with the USS member guide (available in the
member area at www.uss.co.uk) and the USS Investment Guide (available at My USS). This factsheet and the data contained therein is www.uss.co.uk
for information purposes only and is valid as at the date of publication. It does not take into account your personal circumstances and
does not constitute financial advice or a recommendation to make (or refrain from making) any kind of investment decision. If you are not
sure what’s best for you, the Trustee strongly recommends that you speak to an Independent Financial Adviser (IFA) before making a decision
in relation to your investments or any change to them. You can find an IFA through the following website: www.unbiased.co.uk.
~Some of the component parts of the Composite Benchmark are lagged by one day, meaning they are measured from one day prior to the start and end dates of the period
in question to match the dates at which the respective underlying funds are valued.
#Fees include all investment management charges payable by USS members, including those paid to USS Investment Management, the underlying investment managers and Northern Trust, and additional expenses such as custody,
advisory and other operating expenses. Part or all of the charges are currently covered by a subsidy paid by employers. This subsidy is expected to remain in place for a number of years. Members who transfer other pension savings
in to USS do not benefit from the employer subsidy on that portion of their pension savings.