Objective and policy changes

View the funds that have changed their investment objectives and/or policies recently. We list the old and the new objective.

Effective date:15 January 2018

Royal London

Royal London UK Dividend Growth M Acc (ROMGA)

Old Objective

The investment objective and policy of the Fund is to actively seek capital growth through investing predominantly in UK equities. To achieve this objective the Fund may hold transferable securities, including Exchange Traded Funds (but not those which are collective investment schemes), government and public securities, deposits and cash (for the purposes of efficient portfolio management and redemption of units). It may also hold derivatives for purposes of efficient portfolio management only.

New Objective

The Fund seeks to achieve a growing income over the medium term with some capital growth. The Fund invests predominantly in UK equities, focusing on companies which have, in the opinion of the investment manager, both strong business models and cash flows that support continued growth in dividend payments. The Fund may hold equities of companies with any size of market capitalisation. The Fund may also hold transferable securities, including Exchange Traded Funds (but not those which are collective investment schemes), approved money market instruments, deposits and cash. The Fund may use derivatives for efficient portfolio management only.

Effective date: 08 January 2018

Legal & General

Legal & General UK Select Equity Fund (I) - Accumulation (LGSEA)
Legal & General UK Select Equity Fund (I) - Distribution (LGSEI)
Legal & General UK Select Equity Fund (A) - Accumulation (LGKGR)

Old Objective

The objective of this fund is to provide growth. The fund will typically invest between 90% and 100% in company shares. It may also invest in other investment funds. The fund will invest in a broad range of UK company shares. The fund may also hold investments which invest in, or derive income from, overseas operations.

New Objective

The objective of this fund is to provide growth by investing predominantly in shares of UK companies. The fund currently has a target to outperform the benchmark (`The FTSE All-Share Index) by 1.25% per annum before charges, measured over rolling three year periods.

Effective date: 18 December 2017

JP Morgan

JPM Strategic Bond A Acc (SPSBA)
JPM Strategic Bond A Inc (SPSBI)
JPM Strategic Bond Fund C Acc (SPSNA)
JPM Strategic Bond Fund C Income (SPSNI)
JPM Strategic Bond I Acc (SPSTB)
JPM Strategic Bond I Inc (SPSBO)

Old Objective

To maximise returns by investing primarily in a global portfolio of fixed and floating rate Debt Securities. In the fund manager’s view, maximising returns means generating higher returns than those available from money market instruments denominated in Sterling. The Fund may invest in developed and Emerging Market countries and hold Investment Grade, Below-Investment Grade and Unrated Bonds, Asset and Mortgage Backed Securities (ABS and MBS), Credit Linked Notes and Structured Products. The Fund may have a concentrated portfolio and may have a significant exposure to any one country, sector or issuer at any time. Allocations between countries, sectors and ratings of Bonds may vary significantly at any time. The Fund may use Financial Derivative Instruments (derivatives) for investment purposes or Efficient Portfolio Management including hedging, where appropriate. The Fund can take Long and Short Positions in securities. Long Positions will be achieved directly or through the use of Financial Derivative Instruments, and Short Positions will be achieved via the use of Financial Derivative Instruments only. The Fund may invest up to 10% in Convertible Bonds. The Fund may also hold up to 10% in Equity Securities typically as a result of events relating to the Fund’s investment in Debt Securities including, but not limited to, Debt Securities converting or being restructured. The Fund may also use equity derivatives for the purposes of reducing equity exposure as well as the Fund’s correlation to equity markets. The Fund is also permitted to invest up to 100% in government and public securities (see section 3.11(e)). The Fund may invest in assets denominated in any currency and currency exposure will be primarily hedged back to Sterling. The Investment Adviser may also use opportunities in the foreign exchange markets to maximise returns.

New Objective

To maximise returns by investing primarily in a global portfolio of fixed and floating rate Debt Securities. In the fund manager’s view, maximising returns means generating higher returns than those of the Fund’s Benchmark (ICE Overnight GBP LIBOR) which includes providing positive returns over a rolling 3 year period in all market conditions. A positive return is not guaranteed over this or any time period and capital loss may occur. The Fund may invest in developed and Emerging Market countries and hold Investment Grade, Below-Investment Grade and Unrated Bonds, Asset and Mortgage Backed Securities (ABS and MBS), Credit Linked Notes and Structured Products. The Fund may have a concentrated portfolio and may have a significant exposure to any one country, sector or issuer at any time. Allocations between countries, sectors and ratings of Bonds may vary significantly at any time. The Fund may use Financial Derivative Instruments (derivatives) for investment purposes or Efficient Portfolio Management including hedging, where appropriate. The Fund can take Long and Short Positions in securities. Long Positions will be achieved directly or through the use of Financial Derivative Instruments, and Short Positions will be achieved via the use of Financial Derivative Instruments only. The Fund may invest up to 10% in Convertible Bonds. The Fund may also hold up to 10% in Equity Securities typically as a result of events relating to the Fund’s investment in Debt Securities including, but not limited to, Debt Securities converting or being restructured. The Fund may also use equity derivatives for the purposes of reducing equity exposure as well as the Fund’s correlation to equity markets. The Fund is also permitted to invest up to 100% in government and public securities (see section 3.11(e)). The Fund may invest in assets denominated in any currency and currency exposure will be primarily hedged back to Sterling. The Investment Adviser may also use opportunities in the foreign exchange markets to maximise returns.

Effective date: 17 November 2017

M&G

M&G Global Select Fund A Acc (MGILA)
M&G Global Select Fund A Inc (MGILI)
M&G Global Select Fund I Acc (MGLRA)
M&G Global Select Fund I Inc (MGLRI)
M&G Global Select X Inc (MGIGI)

Old Objective

The Fund aims to maximise long term total return (the combination of capital growth and income) by investing mainly in a wide range of global equities. Investment policy The Fund will invest globally (including the UK) in the equities of companies across a wide range of geographies, sectors and market capitalisations. Income is of secondary importance to capital growth when investments are selected. The Fund may at any time be concentrated in a limited number of equities.

New Objective

The Fund aims to provide a total return (the combination of capital growth and income). At least 80% of the Fund is invested in companies globally across a wide range of geographies, sectors and market capitalisations. The Fund has a concentrated portfolio and usally holds fewer than 40 stocks. The Fund is based on an investment process that uses fundamental analysis to identify competitively advantaged companies with sustainable business models. Sustainability considerations play an important role in determining the investment universe and assessing business models. Companies that are assessed to be in breach of the United Nations Global Compact principles on human rights, labour, environment and anti-corruption are excluded from the investment universe. Industries such as tobacco and controversial weapons are also excluded. The Fund may also invest in other transferable securities, directly or via collective investment schemes, and may hold cash for liquidity purposes. Collective investment schemes may include funds managed by M&G. Derivatives may be used for efficient portfolio management.

M&G Global Basics Fund A Acc (MGBAA)
M&G Global Basics Fund A Inc (MGBAI)
M&G Global Basics Fund I Acc (MGBSA)
M&G Global Basics Fund I Inc (MGBSI)
M&G Global Basics X Acc (MGGBA)
M&G Global Basics X Inc (MGGBI)

Old Objective

The Fund aims to maximise long term total return (the combination of capital growth and income) by investing mainly in a wide range of global equities. Investment policy The Fund will invest globally (including the UK) in the equities of companies across a wide range of geographies, sectors and market capitalisations. Income is of secondary importance to capital growth when investments are selected. The Fund may at any time be concentrated in a limited number of equities.

New Objective

The Fund aims to provide a higher total return (the combination of capital growth and income) than that of the MSCI All Country World Index over any five-year period. The Fund will invest at least 80% of its Net Asset Value in the equity securities of companies across any sectors and market capitalisations that are domiciled in any country, including emerging markets. The Fund may also invest in collective investment schemes, other transferable securities and may hold cash for liquidity purposes. Derivatives may be used for efficient portfolio management.

M&G Pan European Select Fund A Acc (MGPEA)
M&G Pan European Select Fund A Inc (MGPEI)
M&G Pan European Select Fund I Acc (MGPAA)
M&G Pan European Select Fund I Inc (MGPAI)

Old Objective

The Fund invests wholly or mainly in European (including UK) companies. The Fund may also invest in companies outside Europe but only when these companies derive the majority of their income from European activity. The objective is to maximise long term total return (the combination of income and growth of capital). The Fund may at any time be concentrated in a limited number of securities.

New Objective

The Fund aims to provide a total return (the combination of capital growth and income). The Fund will invest at least 80% in equity securities of companies that are domiciled in, or conducting the major part of their economic activity in any European country. The Fund has a concentrated portfolio and usually holds fewer than 35 stocks. The Fund is based on an investment process that uses fundamental analysis to identify competitively advantaged companies with sustainable business models. Sustainability considerations play an important role in determining the investment universe and assessing business models. Companies that are assessed to be in breach of the United Nations Global Compact principles on human rights, labour, environment and anti-corruption are excluded from the investment universe. Industries such as tobacco and controversial weapons are also excluded. The Fund may also invest in other transferable securities, directly or via collective investment schemes, and may hold cash for liquidity purposes. Collective investment schemes may include funds managed by M&G. Derivatives may be used for efficient portfolio management.

Effective date: 06 November 2017

7IM

7IM Unconstrained C Acc (SNUCA)

Old Objective

The investment objective of the Sub-fund is to seek growth in real terms over the medium to longer term. The Fund will aim to provide a total return that exceeds UK inflation (as measured by Consumer Prices Index-All Items) by 2% on average over a rolling three year horizon. Capital invested in the Sub-fund is at risk and there is no guarantee that a positive return will be delivered over any one or a number of rolling three year periods. The Sub-fund will have a flexible investment policy, allowing investment in transferable securities, money market instruments, units in collective investment schemes, deposits, cash, near cash, derivative instruments and forward transactions in accordance with the FCA Rules.

New Objective

The investment objective of the Sub-fund is to seek growth in real terms over the medium to longer term. The Fund will aim to provide a total return that exceeds UK inflation (as measured by Consumer Prices Index-All Items) by 2% on average over a rolling three year horizon. Capital invested in the Sub-fund is at risk and there is no guarantee that a positive return will be delivered over any one or a number of rolling three year periods. There may be a moderate risk to capital. The Sub-fund will have a flexible investment policy, allowing investment in transferable securities, money market instruments, units in collective investment schemes, deposits, cash, near cash, and derivative instruments including forward transactions in accordance with the FCA Rules. The Sub-fund may use derivatives for investment purposes as well as for Efficient Portfolio Management.

Effective date: 02 November 2017

RWC

RWC Enhanced Income R Inc (RWEID)
RWC Enhanced Income R Acc (RWEIR)

Old Objective

To provider superior long term capital growth by investing primarily in a portfolio of UK companies.

New Objective

To provide an income and capital return to investors by investing primarily in UK equity securities.

RWC Income Opportunities R Inc (RWIOD)
RWC Income Opportunities R Acc (RWIOR)

Old Objective

To provide capital growth by investing in a concentrated portfolio of UK listed companies.

New Objective

To provide an income and capital return to investors by investing primarily in global equity securities.

Effective date: 01 November 2017

Baillie Gifford

Baillie Gifford Global Alpha Grth B Acc (BFGGA)
Baillie Gifford Global Alpha Grth B Inc (BFGGI)

Old Objective

The objective is to produce attractive returns over the long term by investing primarily in global equities. The Fund may also invest in other transferable securities, money market instruments, cash and near cash.

New Objective

The objective is to outperform the MSCI AC World Index by at least 2.0% per annum over rolling three year periods (before the management fee). There is no guarantee that a positive return will be achieved over rolling three year periods or any time period and capital may be at risk. The Sub-fund will invest primarily in global equities. The Sub-fund is actively managed and investments may be made in companies in any sector or industry and from any part of the world. The Sub-fund may also invest in other transferable securities, money market instruments, cash and near cash and up to 10% in value of the Sub-fund may be invested in each of the following: (1) collective investment schemes including those managed or operated by the ACD and (2) deposits.

Effective date: 01 November 2017

Threadneedle

Threadneedle Japan Fund (THJAG)
Threadneedle Japan Fund RDR Z Acc (THJAZ)

Old Objective

To achieve capital growth. The ACD's investment policy is to invest the assets of the Fund primarily in the equities of companies domiciled in Japan or with significant Japanese operations. If the ACD considers it desirable it may further invest up to one third of the total assets of the Fund in other securities (including fixed interest securities, warrants and convertible bonds, other equities and money market securities). For liquidity purposes it may invest in cash and near cash.

New Objective

To achieve capital growth.The ACD’s investment policy is to invest the assets of the Fund in a concentrated portfolio, primarily in the equities of companies domiciled in Japan or with significant Japanese operations. The investment approach of the Fund means that the ACD has the flexibility to take significant stock and sector positions, which may lead to increased levels of volatility. If the ACD considers it desirable it may further invest up to one third of the total assets of the Fund in other securities (including fixed interest securities, warrants and convertible bonds, other equities and money market securities). For liquidity purposes it may invest in cash and near cash.