Open ended investment Company (OEIC)
These funds can mix different types of investment strategies such as income and growth, and smaller as well as large capitalised businesses.
A simple description is that they are a type of company or fund held in the UK that is structured to invest in other companies with the ability to adjust constantly its investment criteria and fund size. These are open ended, which means that they can adjust the number of shares in the fund by either issuing or eliminating shares. When shares are issued, the fund receives money and invests it, when eliminating shares, the fund pays out money from the fund.
The value of investments and income from them can go down. You may not get back the original amount invested.