Fund updates

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: 28 February 2017

  • Threadneedle Defensive Equity & Bond Fund Z Net Acc (THDQA)
  • Threadneedle Defensive Equity & Bond Institutional Net Accumulation (THDBA)
  • Threadneedle Defensive Equity & Bond RNA (THDEB)

Old Objective
To provide a return by way of capital growth and income from a defensively managed investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust may invest internationally and will invest primarily in collective investment schemes that invest in (i) fixed interest securities and/or (ii) equities of companies that are domiciled in the UK or have significant UK operations. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of no more than 20% of the value of the Scheme Property. Further the Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide a total return by way of income and capital growth. The Fund will invest at least two-thirds of its assets in other funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund will invest with a focus on funds that invest in fixed income securities, but will also have exposure to company shares, particularly the shares of UK companies or companies with significant UK operations. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

  • Threadneedle Defensive Fund RNA (THDFB)
  • Threadneedle Defensive Fund Z Net Acc (THZNA)
  • Threadneedle Defensive Institutional Net Accumulation (THDFA)

Old Objective
To provide a total return primarily by way of income from a defensively managed investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust may invest internationally and will invest primarily in collective investment schemes that invest in fixed interest securities, cash or near cash. The Trust may also invest in collective investment schemes that invest in equities, and these collective investment schemes will not normally represent more than 20% of the portfolio. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of 20% of the value of the Scheme Property. The Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide income with potential for capital growth. The Fund will invest at least two-thirds of its assets in funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund will invest at least two-thirds of its assets in funds that invest in fixed income securities, but will also have some exposure to company shares. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

  • Threadneedle Equity & Bond Fund RNA (THEQB)
  • Threadneedle Equity & Bond Fund Z Net Acc (THENA)
  • Threadneedle Equity & Bond Institutional Net Accumulation (THEBA)

Old Objective
To provide a return by way of capital growth and income from defensively managed investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust may invest internationally and will invest primarily in collective investment schemes that invest in equities, fixed interest securities, cash or near cash. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of no more than 20% of the value of the Scheme Property. Further the Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide a total return by way of capital growth and income. The Fund will invest at least two-thirds of its assets in funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund’s investments will be a balance of funds that invest in fixed income securities and funds that hold company shares. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

  • Threadneedle Global Equity & Bond Fund RNA (THGEB)
  • Threadneedle Global Equity & Bond Fund Z Net Acc (THGNA)
  • Threadneedle Global Equity & Bond Institutional Net Accumulation (THGBA)

Old Objective
To provide capital growth with some income from investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust will invest internationally and will invest primarily in collective investment schemes that invest in equities, and/or fixed income securities. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of no more than 20% of the value of the Scheme Property. Further the Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide a total return by way of capital growth and income. The Fund will invest at least two-thirds of its assets in funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund will invest with a focus on funds that invest in company shares, but will also have exposure to fixed income securities. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

  • Threadneedle Global Equity Fund RNA (THGLE)
  • Threadneedle Global Equity Fund Z Net Acc (THGQA)
  • Threadneedle Global Equity Institutional Net Accumulation (THGLA)

Old Objective
To provide above average capital growth from investment in regulated collective investment schemes managed, operated, or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust will invest internationally and will invest primarily in collective investment schemes that invest in equities. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of no more than 20% of the value of the Scheme Property. Further the Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide a return by way of capital growth. The Fund will invest at least two-thirds of its assets in funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund will invest at least two-thirds of its assets in funds that invest in company shares, but also have some exposure to fixed income securities. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

  • Threadneedle Managed Income Fund Retail Net Income (THMAI)
  • Threadneedle Managed Income Fund Z Net Inc (THZNI)
  • Threadneedle Managed Income Institutional Net Income (THMII)

Old Objective
To provide a growing income with capital growth prospects from investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust may invest internationally and will invest primarily in collective investment schemes that invest in equities, fixed interest securities, cash or near cash. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of no more than 20% of the value of the Scheme Property. Further the Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide a growing income with potential for capital growth. The Fund will invest at least two-thirds of its assets in funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund will invest at least two-thirds of its assets in funds that invest in company shares, but will also have some exposure to fixed income securities. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

Effective date: 17 February 2017

  • Schroder Monthly High Income Acc (SCMHA)
  • Schroder Monthly High Income Fund Z Acc (SZHIA)
  • Schroder Monthly High Income Fund Z Inc (SZHII)
  • Schroder Monthly High Income Inc (SCMHI)

Old Objective
The Fund’s investment objective is to achieve a high level of income from a diversified portfolio of debt securities. The full spectrum of available securities, including unrated issues and those of non-investment grade, will be utilised. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, derivatives, warrants and money market instruments.
New Objective
The Fund aims to provide income by investing in fixed and floating rate securities worldwide. The Fund also aims to provide capital growth. The Fund invests at least 80% of its assets in fixed and floating rate securities (denominated in or hedged back into Sterling) issued by governments, government agencies, supra-nationals and companies worldwide. As the Fund is index-unconstrained it is managed without reference to an index. The Fund invests at least 50% of its assets in Pan-European fixed and floating rate securities. The Fund invests at least 80% of its assets in below investment grade securities (as measured by Standard & Poor’s or any other equivalent credit rating agencies) or in unrated securities. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more. The Fund may use leverage and take short positions.

Effective date: 16 December 2016

  • M&G Extra Income Fund A Acc (MGEXA)
  • M&G Extra Income Fund A Inc (MGEXI)
  • M&G Extra Income Fund I Acc (MGETA)
  • M&G Extra Income Fund I Inc (MGETI)
  • M&G Extra Income X Inc (MGEII)

Old Objective
To deliver a high and rising income stream by investing at least 70% of the Fund in the shares of UK companies. The Fund targets a yield (annual income distributed as a percentage of the share price) that is 50% higher than that of the FTSE All-Share Index, but this may vary in the short term. The level of income provided may also vary over time. Secondary to this, the Fund aims to grow capital. The Fund focuses on good-quality but undervalued stocks that offer a high income by identifying those companies that exhibit the following qualities: strong business operations, good cash flows and attractive dividend growth prospects. The Fund may also invest in high-quality, sterling-denominated fixed income securities that offer a high income, typically those issued by companies. Although this emphasis gives the Fund a bias towards the sectors of the market that typically offer a high income, it aims to be broadly spread across a variety of businesses. Derivatives may be used to reduce risk, minimise costs and generate additional capital and/or income. Derivatives are financial instruments whose value is linked to the expected future price movements of an underlying asset
New Investment Objective
The Fund aims to increase income distributions over time and targets a yield greater than that of the FTSE All-Share Index. Although income will be the primary consideration, the investment manager will also aim for capital growth. At least 70% of the Fund will be invested in UK equities. Exposure to UK equities may be gained by investing in other collective investment schemes. The Fund focuses on good-quality but undervalued stocks that offer a higher income than the FTSE All-Share Index by identifying those companies that exhibit the following qualities: strong business operations, good cash flows and attractive dividend growth prospects. The Fund may also invest in sterling-denominated fixed income securities. Cash and near cash may be held for ancillary purposes and derivatives may be used for efficient portfolio management and hedging purposes.

Effective date: 02 November 2016

  • Legg Mason IF Martin Currie Global Equity Income X In (MAEQI)
  • Legg Mason IF Martin Currie Global Equity Income X Ac (MAEQA)

Old Objective
The Fund aims to provide an income as well as the potential for capital growth.
New Investment Objective
To achieve income, with the potential for capital growth over the long term by investing in securities of companies listed globally.

Effective date: 02 November 2016

  • Legg Mason IF Martin Currie Global Equity Income A In (MAINC)
  • Legg Mason IF Martin Currie Global Equity Income A Ac (MAINA)

Old Objective
The Fund aims to provide capital growth.
New Investment Objective
To achieve income, with the potential for capital growth over the long term by investing in securities of companies listed globally.

Effective date: 01 November 2016

  • Henderson Instit NA Enhance Equity A Acc (HDNAE)

Old Objective
To provide consistent capital growth relative to the FTSE World North America Index, or such other index as may from time to time replace it, through investing primarily in North American companies.
New Investment Objective
To deliver a return in excess of the FTSE customised North America Index (the reference Index), before management fees, while carefully controlling deviation from the reference index.The Fund invests primarily in Shares of North American companies included in the reference index. The Fund’s holdings are principally selected to replicate the components of the reference index. The index will not be identically replicated and this can lead to differences in performance. There are no restrictions on the size of the companies in which the Fund may invest. The Fund may also invest in securities on other exchanges which are associated with companies that form part of the reference index, money market instruments, bank deposits, derivatives that allow the Fund to achieve its investment objective, reduce risk or to be more efficiently managed. In addition to seeking to reflect the index, the fund manager will make use of investment strategies aimed at enhancing returns. These seek to generate returns based on differences in the prices of securities issued by, or associated with, companies that form part of the reference index. They can include, but are not limited to, liquidity strategies (investing in ‘blocks of stock’ at discounted prices), and relative value strategies (taking advantage of differences between the prices of securities related to the same company.

Effective date: 01 November 2016

  • Henderson Instit NA Enhance Equity I Acc (HMNAE)

Old Objective
Annual return in excess of the FTSE Customised World North America Index.
New Investment Objective
To deliver a return in excess of the FTSE customised North America Index (the reference Index), before management fees, while carefully controlling deviation from the reference index.The Fund invests primarily in Shares of North American companies included in the reference index. The Fund’s holdings are principally selected to replicate the components of the reference index. The index will not be identically replicated and this can lead to differences in performance. There are no restrictions on the size of the companies in which the Fund may invest. The Fund may also invest in securities on other exchanges which are associated with companies that form part of the reference index, money market instruments, bank deposits, derivatives that allow the Fund to achieve its investment objective, reduce risk or to be more efficiently managed. In addition to seeking to reflect the index, the fund manager will make use of investment strategies aimed at enhancing returns. These seek to generate returns based on differences in the prices of securities issued by, or associated with, companies that form part of the reference index. They can include, but are not limited to, liquidity strategies (investing in ‘blocks of stock’ at discounted prices), and relative value strategies (taking advantage of differences between the prices of securities related to the same company.

Effective date: 01 November 2016

  • Henderson Inst Japan Enhanced EQU I Acc (HDJEE)

Old Objective
The Fund aims to provide consistent capital growth relative to the FTSE World Japan Index (or such other index as may from time to time replace it) through investing primarily in Japanese companies.
New Investment Objective
To deliver a return in excess of the FTSE customised Japan Index (the reference Index), before management fees, while carefully controlling deviation from the reference index. The Fund invests primarily in Shares of Japanese companies included in the reference index. The Fund’s holdings are principally selected to replicate the components of the reference index. The index will not be identically replicated and this can lead to differences in performance. There are no restrictions on the size of the companies in which the Fund may invest. The Fund may also invest in Securities on other exchanges which are associated with companies that form part of the reference index, money market instruments, bank deposits, derivatives that allow the Fund to achieve its investment objective, reduce risk or to be more efficiently managed. In addition to seeking to reflect the index, the fund manager will make use of investment strategies aimed at enhancing returns. These seek to generate returns based on differences in the prices of securities issued by, or associated with, companies that form part of the reference index. They can include, but are not limited to, liquidity strategies (investing in ’blocks of stock’ at discounted prices), and relative value strategies (taking advantage of differences between the prices of securities related to the same company.

Effective date: 01 October 2016

  • Kames UK Equity Absolute Return Fund Acc (AEABA)
  • Kames UK Equity Absolute Return B Acc (AEABS)

Old Objective
To provide capital growth over a rolling 12 month period, regardless of market conditions.
New Investment Objective
The investment objective is to achieve a positive return over a 36 month period in all market conditions. By investing in the Fund, capital is at risk. There is no guarantee that the Fund will deliver positive returns over this, or any, time period.

Effective date: 01 October 2016

  • Schroder Euro Absolute Target P2 Acc Hdg (CZABT)
  • Schroder Euro Eq Absolute Rtrn P1 Acc H (CZUKA)

Old Objective
The objective of the Fund is to achieve positive returns (greater than zero) over a rolling three-year period in all market conditions by investing in European equities. Positive returns are not guaranteed over this or longer periods of time and the Fund may not achieve this objective. There is a risk to an investor's capital. Investors may not get back the amount originally invested.
New Investment Objective
The Fund aims to achieve an absolute return by investing in equity and equity related securities of European companies. Absolute return means the Fund seeks to provide a positive return over rolling 12-month periods in all market conditions, but this cannot be guaranteed and your capital is at risk.

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