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:25 May 2018

Schroder

Schroder Strategic Credit Fund A Acc (CZSBA)
Schroder Strategic Credit Fund A Inc (CZSBI)
Schroder Strategic Credit Fund L Acc (CXSBA)
Schroder Strategic Credit Fund L Inc (CZSBX)
Schroder Strategic Credit Fund Z Acc (SZSUA)

Old Objective

The Fund aims to provide income and capital growth in excess of 3 Month Treasury Bills over rolling 3 to 5 year periods by investing in fixed and floating rate securities of UK and European companies but this cannot be guaranteed and your capital is at risk.

New Objective

The Fund aims to provide income and capital growth in excess of 3 Month LIBOR Bills over rolling 3 to 5 year periods by investing in fixed and floating rate securities of UK and European companies but this cannot be guaranteed and your capital is at risk.

Effective date:25 May 2018

M&G

M&G European Smaller Companies I Acc (MGSOA)
M&G European Smaller Companies I Inc (MGSOI)
M&G European Smaller Companies A Acc (MEESC)
M&G European Smaller Companies A Inc (MGESI)

Old Objective

The Fund invests in smaller companies in Europe, with the sole objective of long term capital growth. It will invest wholly or mainly in securities of European companies which constitute the bottom third in terms of total market capitalisation of all publicly listed equity in Europe. When not wholly invested as above, the Fund may only invest in medium and larger capitalised companies in order to enhance the liquidity of the Fund.

New Objective

The Fund aims to provide a higher total return (the combination of capital growth and income) than that of the EMIX Smaller European Companies Index, net of the Ongoing Charges Figure, over any five-year period. The Fund will invest at least 80% in the equities of European smaller companies, from the bottom third (by total market capitalisation) of all publicly listed equities in Europe including the UK. The Fund has a concentrated portfolio and usually holds fewer than 45 stocks. The Fund uses an investment process that is based on the fundamental analysis of 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. Companies involved in the production of tobacco and controversial weapons are also excluded. The Fund may also invest in collective investment schemes, including funds managed by M&G, other transferable securities and warrants. Cash and near cash may be held for ancillary purposes and derivatives may be used for efficient portfolio management and hedging purposes.

Effective date:14 May 2018

AXA

AXA Framlington Global Opportunities In (FMINI)
AXA Framlington Global Opportunities Ac (FMINA)
AXA Framlington Global Opportunities Z INC (FMGZI)
AXA Framlington Global Opportunities Z Acc (FMGOA)

Old Objective

The aim of this Fund is to provide long-term capital growth. The Fund invests in shares of listed companies which are based anywhere in the world (including countries which the Manager considers to be emerging markets) and which the Manager believes will provide above-average returns. The Fund invests principally in large and medium-sized companies. The Manager selects shares based upon analysis of a company’s financial status, quality of its management, expected profitability and prospects for growth. The Fund may also invest in other transferable securities and units in collective investment schemes. The Fund may use derivatives for Efficient Portfolio Management. Use may be made of borrowing, cash holdings, hedging and other investment techniques permitted in the applicable Financial Conduct Authority rules.

New Objective

The aim of this Fund is to provide long-term capital growth. The Fund invests in shares of listed companies which are based anywhere in the world (including countries which the Manager considers to be emerging markets) and which the Manager believes will provide above average returns. The Fund invests principally in large and medium-sized companies. The Manager selects shares based upon analysis of a company’s financial status, quality of its management, expected profitability and prospects for growth, taking into account the company’s exposure to long-term themes influencing the global economy.The Fund may also invest in other transferable securities and units in collective investment schemes. The Fund may use derivatives for Efficient Portfolio Management. Use may be made of borrowing, cash holdings, hedging and other investment techniques permitted in the applicable Financial Conduct Authority rules.

Effective date:1 May 2018

Baillie Gifford

Baillie Gifford Corporate Bond Fund A Acc (BFCBA)
Baillie Gifford Corporate Bond Fund A Inc (BFCBI)
Baillie Gifford Corporate Bond Fund B Acc (BFCOA)
Baillie Gifford Corporate Bond Fund B Inc (BFCOI)

Old Objective

The Fund aims to produce a high level of monthly income by investing primarily in a diversified portfolio of investment grade and sub-investment grade fixed interest securities denominated in sterling or denominated in currencies other than sterling and hedged back to sterling. Currency forwards and derivatives may be used from time to time in keeping with the Fund's objective with the intention of either protecting or enhancing the return on the Fund.

New Objective

The Fund’s objective is to produce monthly income. Potential capital growth is also sought, subject to prevailing market conditions. The Fund will be actively managed through bond selection and strategic asset allocation. The Fund will invest primarily in a diversified portfolio of fixed interest securities denominated in sterling or denominated in currencies other than sterling and hedged back to sterling. Such securities include investment grade and sub-investment grade bonds issued by companies worldwide. Currency forwards and derivatives may be used from time to time in keeping with the Fund’s objective with the intention of either protecting or enhancing the return. The Fund may also invest in other fixed interest securities, money market instruments, equities, cash and near cash.  Up to 10% of the value of the 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:13 April 2018

JP Morgan

JPM Diversified Growth Fund A - Net Acc (SPMFD)
JPM Diversified Growth Fund C - Net Acc (SPMPA)

Old Objective

To invest in a portfolio of regulated collective investment schemes operated or managed by JPMorgan. The Fund aims to provide capital growth over the long term.

The Fund may have exposure to Emerging Markets and smaller companies.

The Fund will not invest in unregulated collective investment schemes without first giving shareholders at least 60 days' notice of the intention to do so.

The Fund may invest in forward transactions and Financial Derivative Instruments (derivatives) for hedging purposes and for Efficient Portfolio Management. Shareholders will receive at least 60 days' notice of any proposed change of use of derivatives within the Fund and will be informed of the potential impact of the change of use on the risk profile of the Fund. Any increased use of derivatives will lead to a commensurate increase in the risks of trading derivatives.

The Fund may invest in assets denominated in any currency and non-Sterling currency exposure will not normally be hedged back to Sterling.

New Objective

The Fund aims to provide long term capital growth by investing in a diversified mix of asset classes. As a result of its diversified portfolio, the Fund is expected to have a lower level of volatility than equity markets as represented by the MSCI World Index.

The Fund may invest either directly or via collective investment schemes, which may be managed by the Investment Adviser or any other member of JPMorgan Chase & co., in a broad range of assets including, but not limited to, global equities, fixed income (including high yield and emerging market debt), alternatives (including private equity and property) and cash and cash equivalents. The Fund may have exposure to Emerging Markets and smaller companies.

The Fund may use Financial Derivative Instruments (derivatives) for investment purposes or Efficient Portfolio Management including hedging, where appropriate.

The Fund may invest in assets denominated in any currency and non-Sterling currency exposure (excluding Emerging Markets local currency) will normally be hedged back to Sterling.

Effective date:13 March 2018

M&G

M&G Short Dated Corporate Bond Fund (MEHII)
M&G Short Dated Corporate Bond I Inc (MGDBI)

Old Objective

The Fund aims to provide income with stability of capital over a rolling three to five year period. There is no guarantee that the Fund will achieve its objective over this, or any other, period. The income distributions and the value of your investment may rise and fall and investors may not recoup the original amount they invested.

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 investment grade corporate bonds (including variable rate securities and fixed income securities). The Fund invests in securities which on aggregate produce a low portfolio duration, in order to limit the effect of interest rate movements on the Fund’s capital value. These securities may be issued anywhere in the world. The Fund aims to hedge non-GBP assets to GBP. Derivatives can be used to meet the Fund’s investment objective and for efficient portfolio management. The Fund may also invest in other debt securities (including government and public securities denominated in any currency), collective investment schemes, other transferable securities, cash, near cash, other money market securities, warrants, and other derivative instruments.

Effective date:09 March 2018

Barclays

Barclays High Income Portfolio Class A (BCHIA)
Barclays High Income Portfolio R Dist (BCHID)

Old Objective

The aim is to provide a high level of income with potential to increase the value of your investment.

New Objective

The Fund seeks to provide a high level of income with the potential for some capital growth over the long term.

Effective date:09 March 2018

Barclays

Barclays Income Plus Portfolio CL A Acc (BCIPA)
Barclays Income Plus Portfolio Cl A Inc (BCIPI)
Barclays Income Plus Portfolio R Acc (BNPPA)
Barclays Income Plus Portfolio R Dist (BCIPD)

Old Objective

The aim is to provide an income greater than that generally available from cash deposits, with potential to increase the value of your investment.

New Objective

The Fund seeks to provide an ongoing source of income with the potential for some capital growth over the long term.