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: 31 August 2018

M&G

M&G Episode Growth Fund I Inc (MGEWI)

Old Objective

The Fund’s objective is to maximise total return (the combination of income and growth of capital) through investment in a diversified range of asset types. Subject to this, the Fund aims to grow income in the long term.The fund manager adopts a flexible approach to the allocation of capital between asset classes in response to changes in economic conditions and the valuation of assets. Central to this approach is the identification of episodes, which are periods of time during which, in the fund manager’s view, asset prices become over- or under-stated, relative to objective valuation measures, due to the emotional reaction of investors to events. These episodes can exist over both the short and medium term.The Fund invests in transferable securities, fixed income assets (including, but not limited to, corporate bonds and government and public securities), warrants, money market instruments, deposits, cash and near cash.Exposure to these assets, and to property, may be gained via collective investment scheme.

New Objective

The Fund aims to deliver a total return (the combination of capital growth and income) of at least 5% per annum above the 3-month GBP LIBOR rate, before any charges are taken, over any five year period. There is no guarantee that the Fund will achieve a positive return over five years, or any other period, and investors may not get back the original amount they invested. The Fund is a multi-asset fund that invests across a range of asset classes, including equities, fixed income securities, convertibles, cash and near cash. Exposure to these assets may be gained either directly or indirectly via collective investment schemes or derivatives. The Fund may also invest indirectly via collective investment schemes or derivatives in other asset classes such as property and gold. The currency exposure of the Fund will be actively managed, seeking to enhance returns, with a minimum of 30% of the fund exposed to sterling and a minimum of 60% in developed market currencies (including sterling). Derivatives may be used for investment purposes, efficient portfolio management and hedging. The fund manager has a flexible top-down approach to the allocation of capital between different types of assets in response to changes in economic conditions and asset values. This approach combines in-depth research to work out the value of assets over the medium to long term, with analysis of market reactions to events to identify investment opportunities. In particular, the Manager seeks to respond when asset prices move away from a reasonable sense of ‘fair’ long-term value due to market reactions to events. The Fund seeks to manage risk by investing globally across multiple asset classes, sectors, currencies and countries. The Fund will typically invest 20-60% of its assets in equities and convertibles, 30-75% in fixed income securities or cash, and up to 20% in other assets. These allocations reflect the net exposure of the portfolio. The Fund will typically take investment positions at index or sector level, but it may also take positions in individual shares or bonds. The Fund’s investment strategy may involve the use of derivatives to take long or short positions.

M&G Episode Growth Fund I Acc (MGEWA)
M&G Episode Growth Fund A Acc (MGMNA)
M&G Episode Growth Fund X Inc (MGMAI)

Old Objective

'The Fund's objective is to maximise total return (the combination of income and growth of capital). The Fund invests mainly in  securities, fixed income assets, warrants, money market instruments, deposits, cash, near cash, and property mainly via collective investment schemes, but with the exception of property, may invest directly in these assets.The Fund may also invest directly in derivative instruments for the purposes of investment and efficient portfolio management.

New Objective

The Fund aims to deliver a total return (the combination of capital growth and income) of at least 5% per annum above the 3-month GBP LIBOR rate, before any charges are taken, over any five year period. There is no guarantee that the Fund will achieve a positive return over five years, or any other period, and investors may not get back the original amount they invested. The Fund is a multi-asset fund that invests across a range of asset classes, including equities, fixed income securities, convertibles, cash and near cash. Exposure to these assets may be gained either directly or indirectly via collective investment schemes or derivatives. The Fund may also invest indirectly via collective investment schemes or derivatives in other asset classes such as property and gold. The currency exposure of the Fund will be actively managed, seeking to enhance returns, with a minimum of 30% of the fund exposed to sterling and a minimum of 60% in developed market currencies (including sterling). Derivatives may be used for investment purposes, efficient portfolio management and hedging. The fund manager has a flexible top-down approach to the allocation of capital between different types of assets in response to changes in economic conditions and asset values. This approach combines in-depth research to work out the value of assets over the medium to long-term, with analysis of market reactions to events to identify investment opportunities. In particular, the Manager seeks to respond when asset prices move away from a reasonable sense of ‘fair’ long-term value due to market reactions to events. The Fund seeks to manage risk by investing globally across multiple asset classes, sectors, currencies and countries. The Fund will typically invest 20-60% of its assets in equities and convertibles, 30-75% in fixed income securities or cash, and up to 20% in other assets.

M&G Episode Growth Fund A Inc (MGMNI)

Old Objective

'The Fund's objective is to maximise total return (the combination of income and growth of capital). The Fund invests mainly in securities, fixed income assets, warrants, money market instruments, deposits, cash, near cash, and property mainly via collective investment schemes, but with the exception of property, may invest directly in these assets.The Fund may also invest directly in derivative instruments for the purposes of investment and efficient portfolio management.

New Objective

The Fund's objective is to maximise total return (the combination of income and growth of capital). The Fund invests mainly in  securities, fixed income assets, warrants, money market instruments, deposits, cash, near cash, and property mainly via collective investment schemes, but with the exception of property, may invest directly in these assets.

M&G Episode Allocation Fund I Acc (MGEDA)
M&G Episode Allocation Fund I Inc (MGEDI)
M&G Episode Allocation Fund A Inc (MGCSI)
M&G Episode Allocation Fund A Acc (MGCSA)

Old Objective

The Fund's objective is to maximise long-term total return (the combination of income and growth of capital) through investment in a well diversified range of asset types. Subject to this, the Fund aims to grow income in the long term. Policy for achieving objective: The fund manager adopts a flexible approach to the allocation of capital between asset classes in response to changes in economic conditions and the valuation of assets.  Central to this approach is the identification of episodes, which are periods of time during which, in the fund manager's view, asset prices become over- or under-stated, relative to objective valuation measures, due to the emotional reaction of investors to events. These episodes can exist over both the short and medium term.The Fund invests in transferable securities, fixed income assets (including, but not limited to, corporate bonds and government and public securities), warrants, money market instruments, deposits, cash and near cash.

New Objective

The Fund aims to deliver a total return (the combination of capital growth and income) of at least 5% per annum above the 3-month GBP LIBOR rate, before any charges are taken, over any five year period. There is no guarantee that the Fund will achieve a positive return over five years, or any other period, and investors may not get back the original amount they invested. The Fund is a multi-asset fund that invests across a range of asset classes, including equities, fixed income securities, convertibles, cash and near cash. Exposure to these assets may be gained either directly or indirectly via collective investment schemes or derivatives. The Fund may also invest indirectly via collective investment schemes or derivatives in other asset classes such as property and gold. The currency exposure of the Fund will be actively managed, seeking to enhance returns, with a minimum of 30% of the fund exposed to sterling and a minimum of 60% in developed market currencies (including sterling). Derivatives may be used for investment purposes, efficient portfolio management and hedging. The fund manager has a flexible top-down approach to the allocation of capital between different types of assets in response to changes in economic conditions and asset values. This approach combines in-depth research to work out the value of assets over the medium to long-term, with analysis of market reactions to events to identify investment opportunities. In particular, the Manager seeks to respond when asset prices move away from a reasonable sense of ‘fair’ long-term value due to market reactions to events. The Fund seeks to manage risk by investing globally across multiple asset classes, sectors, currencies and countries. The Fund will typically invest 20-60% of its assets in equities and convertibles, 30-75% in fixed income securities or cash, and up to 20% in other assets.

M&G Managed Growth Fund I Acc (MGMWA)
M&G Managed Growth Fund I Inc (MGMWI)
M&G Managed Growth Fund A Acc (MGMDA)
M&G Managed Growth Fund A Inc (MGMDI)
M&G Managed Growth X Inc (MGMGI)

Old Objective

'The Fund's objective is to achieve long term capital growth.The Fund is an actively managed fund investing predominantly in collective investment schemes in order to provide a well diversified exposure to global equities.The Fund may also invest in other collective investment schemes and directly in securities,fixed income assets,warrants,money market instruments,deposits,cash.near cash and derivatives for the purposes of efficient portfolio management.

New Objective

The Fund aims to deliver a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure#, than that of a composite index comprising 85% global equities and 15% global bonds*, over any five-year period. *as measured by the MSCI ACWI Index and Bloomberg Barclays Global Aggregate Index, respectively. The Fund is a multi-asset fund that invests at least 70% of its assets in other collective investment schemes in order to gain exposure to assets from anywhere in the world, including equities, fixed income, convertibles, cash, or near cash. The Fund may also invest directly in these assets. In aggregate, the Fund will invest at least 70% of its assets in equities, either directly or via collective investment schemes. Derivatives may be used for investment purposes, efficient portfolio management and hedging.

Effective date: 08 August 2018

Legal & General

Legal & General Dynamic Bond Fund I Acc (LGDIA)
Legal & General Dynamic Bond Fund I Inc (LGDII)

Old Objective

To achieve growth of capital and income by investing principally in a range of fixed and variable rate income securities. The Trust will have a wide discretionary (unconstrained) approach to asset allocation and may invest in investment grade and sub-investment grade securities with a credit rating from a recognised credit rating service or which are listed or traded in an OECD Country. A significant proportion (90%) of the Trust’s exposure to non-Sterling denominated holdings will be hedged into Sterling. While the Trust will generally seek to invest principally in a combination of income securities and their derivatives, (including credit default swaps and other Over the Counter (OTC) instruments), it may also invest in any or all of the following: collective investment schemes, equities, other transferable securities, money market instruments/cash, near cash and deposits. At times, the Trust may invest in cash, near cash and/or deposits up to 100% and have derivatives exposures of up to 100% of the Trust’s assets.

New Objective

To achieve growth of capital and provide income by investing principally in a range of fixed and variable rate income securities. The Fund may invest in investment grade and sub investment grade fixed income securities with a credit rating from a recognised credit rating service or which are listed or traded in an OECD Country. The Fund will have a net exposure of at least 80% to Sterling. The Fund may also use a variety of derivative transactions for both investment purposes and efficient portfolio management. Where considered in the interests of investors, derivatives may be used to synthetically alter the characteristic of the fixed income securities, such as to protect against credit and duration risk. The types of derivatives used include credit default swaps, interest rate swaps, foreign exchange and other Over the Counter (OTC) instruments as well as exchange traded instruments including futures and options. The use of derivatives for these purposes may be extensive and may affect the volatility or risk profile of the Fund although this is not the intention. The Fund may also invest in transferable securities, such as equities, asset and mortgage backed securities and loans; regulated collective investment schemes; money market instruments; cash; near cash and deposits. The collective investment schemes in which the Fund may invest in may include schemes which are managed or operated by, or whose authorised corporate director is, the Manager or one of its associates.

Effective date: 03 August 2018

GAM

GAM North American Growth Inst Acc (GANGA)
GAM North American Growth Inst Inc (GAAGI)

Old Objective

The Fund seeks to provide capital appreciation through investing primarily in a concentrated portfolio of quoted securities (e.g. shares) issued by companies in the United States of America and Canada. Please refer to KIID for further details.

New Objective

The objective of the Fund is to provide capital growth, through investment primarily in North American equities. The Fund will invest at least two thirds of its assets in a concentrated portfolio of North American equities.  Of the remaining one third of assets, the Fund may invest up to 5% in units of collective investment schemes and the remainder in fixed interest securities, convertible bonds, money market instruments, warrants, cash, near cash and deposits. The collective investment schemes in which the Fund will invest may include schemes in the UK which are managed or operated by the ACD or an associate of the ACD. The Fund may use derivatives and forward currency transactions for the purposes of efficient portfolio management. North American equities means shares of issuers that have their registered office in the USA or Canada or that have the predominant part of their commercial activity in the USA or Canada or, as holding companies, must predominantly hold stakes in companies with their registered office in the USA or Canada. This condition must be met in addition to the investments being listed on a stock exchange in the USA or Canada. The remaining part (up to a maximum of one third of the total assets of the Fund) may be invested in investments of issuers that do not meet the aforementioned conditions regarding territory.

Effective date: 02 July 2018

FP Crux

FP Crux Global A Inc (WBOLI)
FP Crux Global B Income (WBOGI)
FP Crux UK Fund B Income (WBUBI)
FP Crux UK Fund B Acc (WBUBA)

Old Objective

The investment objective of the Fund is to achieve long term total returns in excess of the Benchmark Index which is the MSCI World Index. The reference to total return means the return from the combination of capital growth and income. The combination of these returns aims to be more than the total return from the Benchmark Index over the medium to long term, which should be seen as five years plus. There is no guarantee that the Fund will achieve a positive return over this, or any other, period and investors may not get back the original amount they invested.

The investment objective of the Fund is to achieve long term total returns in excess of the Benchmark Index which is the FTSE All Share Index. The reference tototal return means the return from the combination of capital growth and income. The combination of these returns aims to be more than the total return from the Benchmark Index over the medium to long term, which should be seen as five years plus. There is no guarantee that the Fund will achieve a positive returnover this, or any other, period and investors may not get back the original amount they invested.

New Objective

The investment objective of the Fund is to achieve long-term capital growth, which should be seen as five years plus, through both capital appreciation and income generation. There is no guarantee that the Fund will achieve a positive return over this, or any other, period and investors may not get back the original amount they invested. In seeking to achieve the Fund's objective, the portfolio will consist predominantly (75% or greater) of listed companies in high-income economies (as defined by the World Bank from time to time). The investments will be ordinary shares and other transferable securities including, but not limited to, preference shares and debt securities convertible into ordinary stocks and shares. The Fund may also invest in cash, money market instruments, deposits, warrants, units in other collective investment schemes and derivatives. The Fund will typically consist of between 25-50 holdings and may also invest in companies which are not listed in high-income economies if the investment manager believes that they should be beneficial for the Fund. Investors attention is drawn to the detailed risk warnings in this Prospectus. The Fund will be managed in a manner that maintains eligibility for ISAs.

The investment objective of the Fund is to achieve long-term growth, which should be seen as five years plus, through both capital appreciation and income generation. There is no guarantee that the Fund will achieve a positive return over this, or any other, period and investors may not get back the original amount they invested. In seeking to achieve the Fund's objective, the portfolio will consist predominantly (75% or greater) of companies listed on a UK equities exchange which are incorporated or domiciled in the UK. The investments will be ordinary shares and other transferable securities including, but not limited to, preference shares and debt securities convertible into ordinary stocks and shares. The Fund may also invest in cash, money market instruments, deposits, warrants, units in other collective investment schemes and derivatives. The Fund will typically consist of between 20 and 40 holdings and may also invest in companies which are not listed, incorporated or domiciled in the UK if the investment manager believes that they should be beneficial for the Fund. Investors attention is drawn to the detailed risk warnings in this Prospectus. The Fund will be managed in a manner that maintains eligibility for ISAs.

Effective date: 02 July 2018

Montanaro

Montanaro European Income Fund (MTEUI)

Old Objective

To outperform its Benchmark, the MSCI Europe (ex-UK) SmallCap (Total Return) Index. The Fund will invest primarily in Small and MidCap companies quoted in the EU (excluding the UK), Iceland, Norway and Switzerland that offer an attractive dividend yield or the potential for dividend growth. No unquoted investments are permitted.

New Objective

To deliver capital growth and income.

Effective date: 07 June 2018

Artemis

Artemis Alpha Trust Plc (ATSLL)

Old Objective

The fund aims to achieve above average rates of total return over the longer term and to achieve a growing dividend stream.

New Objective

To provide long-term capital and income growth by investing predominantly in listed companies and to achieve a net asset value total return greater than the total return of the FTSE All-Share Index.