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Objective & Policy Changes

Name Description Fund Range Effective Date
Castlefield BEST UK Opportunities -U Name and objective change Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 01 Nov 2019
Old objective

To invest primarily
for long-term capital growth from a portfolio of investments by actively
investing in those companies, primarily within the UK, where the manager
believes there are above average opportunities for growth. In seeking to
achieve the stated investment objective, the Investment Adviser uses a
responsible investment research process to identify the universe of securities
from which the fund may invest. The four criteria that need to be evidenced by
each investment are reflected in the name of the fund where 'B.E.S.T' indicates
Business & financial, Environmental & ecological, Social and
Transparency & governance, however equal weighting may not be given to each
element of these criteria when screening potential investments.

New objective

To invest primarily
for long term capital growth from a portfolio of investments which is superior
to the median performance of all the funds forming the official peer group of
which the fund is a part. ‘Peer group’ is defined as being the Investment Association
sector to which the fund has been allocated (currently being the UK All
companies Sector) or to which it may be allocated in the future, as determined
by that body.

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Invesco Hong Kong & China (UK) various Name and objective change Old Mutual Wealth Limited, Old Mutual Wealth Life & Pensions Limited and Old Mutual Wealth Life Assurance Limited 31 Oct 2019
Old objective

To achieve long-term (5 years plus) capital growth by investing at least 80% of its assets in shares or other equity related securities of companies incorporated, domiciled or carrying out the main part of their economic activity in China, including Hong Kong. Exposure to China will be largely obtained through investment in securities traded on Hong Kong exchanges and other markets.

New objective

To achieve long-term (5 years plus) capital growth by investing at least 80% of its assets in shares or other equity related securities of companies incorporated, domiciled or carrying out the main part of their economic activity in China, including Hong Kong. Exposure to China will be accessed by investing in securities listed on Hong Kong and other relevant exchanges and China A shares listed on the Shanghai and Shenzhen Stock Exchanges via Stock Connect.

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HSBC Global Asset Management (UK) Limited Objective Change Old Mutual Wealth Life Assurance Limited, Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 01 Oct 2019
Old Objective

HSBC Corporate Bond

To provide a regular and competitive level of income from an underlying portfolio of predominantly sterling corporate bonds.

HSBC Gilt & Fixed Interest

To provide a regular and competitive level of income from an underlying portfolio of gilts and other highly rated fixed interest securities through investment predominantly in British Government stocks and other fixed interest stock whether issued in Great Britain or any other country in the world.

New Objective

HSBC Corporate Bond

To provide higher returns, before charges and tax are deducted from the fund, than the Markit iBoxx GBP Corporates Index plus 1% per year over three-year periods.

HSBC Gilt & Fixed Interest

To provide higher returns, before charges and tax are deducted from the fund, than the FTSE Actuaries UK Conventional Gilts All Stocks Index plus 0.75% per year over three-year periods.

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AXA Framlington Blue Chip Equity Income Name and Objective Change Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 09 Sep 2019
Current Objective

To produce higher than average income with long-term growth of income and capital by investing in shares of companies, primarily listed in the UK, which the manager believes are leading companies within their sector and will provide above-average returns.

 

New Objective

To produce higher than average income with long-term growth of income and capital. The manager also intends to achieve a yield of distributable income in excess of 100% of the FTSE All Share yield at the funds year end on a rolling 3 year basis, and in excess of 90% on an annual basis.

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Please note: The Fund is also changing its name to AXA Framlington UK Equity Income
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Schroder Mixed Distribution Name and Objective Change Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 02 Sep 2019
Old Objective

To provide monthly income through a diversified investment in collective investment schemes invested in equity, equity-related securities, real estate securities and debt or fixed interest securities of companies worldwide.

 

New Objective

To provide monthly income equal to 5% per annum by investing in a diversified range of assets and markets worldwide. This cannot be guaranteed and your capital is at risk. The fund invests at least 80% of its assets directly, or indirectly through collective investment schemes, exchange traded funds, real estate investment trusts or closed end funds, in equity and equity related securities, fixed and floating rate securities and alternative assets worldwide.

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Please note: The fund is also changing its name to Schroder Monthly Income.
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Threadneedle UK Corporate Bond Name and objective change Old Mutual Wealth Life Assurance Limited, Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 31 Aug 2019
Current Objective

To achieve a high level of income by investing primarily in fixed interest investments in the UK and Continental Europe.

New Objective

To provide income, with the prospect of some capital growth over the long term (5 years or more), by investing at least two-thirds of its assets in investment grade corporate bonds that are denominated in sterling (or hedged back to sterling, if a different currency), issued by UK companies and companies worldwide.

Neptune Russia and Greater Russia Name & objective change Old Mutual Wealth Limited, Old Mutual Wealth Life & Pensions and Limited Old Mutual Wealth Life Assurance Limited 07 Aug 2019
Current Objective:

To generate capital growth from investment predominantly in Russian and Greater Russian securities or securities issued by companies transacting a significant proportion of their business in Russia and Greater Russia.

New Objective:

To generate long term (5 years or more) capital growth. The fund invests at least 80% in shares of Russian companies. These are companies which, at the time of purchase, are incorporated, domiciled, listed or conduct significant business in Russia.

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Please note: The fund is also changing it's name to Neptune Russia.
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Aviva Investors (various funds x7) Objective Change Old Mutual Wealth Limited, and Old Mutual Wealth Life & Pensions Limited 07 Aug 2019
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Aviva Investors Multi-Manager (various funds) Objective Change Old Mutual Wealth Limited, and Old Mutual Wealth Life & Pensions Limited 07 Aug 2019
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Aviva Investors Multi-Asset I-V Objective Change Old Mutual Wealth Limited, and Old Mutual Wealth Life & Pensions Limited 07 Aug 2019
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Aviva Investors (various funds) Objective Change Old Mutual Wealth Limited, Old Mutual Wealth Life & Pensions Limited, Old Mutual Wealth Life Assurance Limited, and Professional Life Assurance Limited 07 Aug 2019
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Please note: Aviva Investors UK Equity Income will also be changing name to Aviva Investors UK Listed Equity Income
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Investec Cautious Managed (-U) Objective Change Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 07 Aug 2019
Current Objective

To provide a combination of income and long term capital growth by investing conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability.

New Objective

To provide a combination of income and long term capital growth by investing conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability. The fund targets a return of UK Consumer Prices Index (CPI) + 4% each year (gross of fees) over 5 year rolling periods. While the fund aims to achieve its objective and its performance target, there is no guarantee that either will be achieved, over 5 year rolling periods or over any period and there is a risk of loss.

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Threadneedle Managed funds X5 Objective change Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 01 Aug 2019
Old objective

Threadneedle Managed Bond:

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.

Threadneedle Managed Bond Focused:

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.

Threadneedle Managed Equity & Bond:

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.

Threadneedle Managed Equity:

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.

Threadneedle Managed Equity Focused:

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.

New objective

Threadneedle Managed Bond:

To provide income with potential for capital growth over the long term (5 years or more). The fund is actively managed and invests at least 80% of its assets in other funds. The fund usually invests in other Threadneedle funds, however, funds managed by companies outside the Threadneedle group may also be held, when this is considered appropriate. These funds may invest worldwide.  The fund focuses on investment in funds providing exposure to bonds (including corporate and government bonds), and to a lesser extent, funds investing in equities (company shares).

Threadneedle Managed Bond Focused:

To provide a return over the long term (5 years or more), by way of income and capital growth. The fund is actively managed and invests at least 80% of its assets in other funds. The fund usually invests in other Threadneedle funds, however, funds managed by companies outside the Threadneedle group may also be held, when this is considered appropriate. These funds may invest worldwide. The fund focuses on investment in funds providing exposure to bonds (including corporate and government bonds), and to a lesser extent, funds investing in equities (company shares), particularly the shares of UK companies.

Threadneedle Managed Equity & Bond:

To provide a return over the long term (5 years or more), by way of capital growth and income. The fund is actively managed and invests at least 80% of its assets in other funds. The fund usually invests in other Threadneedle funds, however, funds managed by companies outside the Threadneedle group may also be held, when this is considered appropriate. These funds may invest worldwide. The fund focuses on investment in funds providing exposure to equities (company shares), and bonds (including corporate and government bonds).

Threadneedle Managed Equity:

To provide a return over the long term (5 years or more), by way of capital growth. The fund is actively managed and invests at least 80% of its assets in other funds. The fund usually invests in other Threadneedle funds, however, funds managed by companies outside the Threadneedle group may also be held, when this is considered appropriate. These funds may invest worldwide. The fund focuses on investment in funds providing exposure to equities (company shares), with only limited exposure taken to bonds (including corporate and government bonds).

Threadneedle Managed Equity Focused:

To provide a return over the long term (5 years or more), by way of capital growth and income. The fund is actively managed and invests at least 80% of its assets in other funds.The fund usually invests in other Threadneedle funds, however, funds managed by companies outside the Threadneedle group may also be held, when this is considered appropriate. These funds may invest worldwide. The fund focuses on investment in funds providing exposure to equities (company shares), but also has some exposure to bonds (including corporate and government bonds).

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Threadneedle Dynamic Real Return Objective Change Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 01 Aug 2019
Current Objective:

To achieve a positive real rate of return from capital appreciation and income over the medium to long term, at least above the rate of inflation (defined as the Consumer Price Index). Regardless of market conditions, it also aims to provide a positive return over a maximum period of 3 years. There is a risk to capital, and there is no guarantee that such a return will be achieved in 3 years or any other timescale.

New Objective:

To achieve a higher rate of return from capital appreciation and income than the rate of inflation in the UK (defined as the Consumer Price Index (CPI)), over a period of 3 to 5 years. Currently, the fund looks to achieve an average annual return of CPI +4% when measured over this same time period, before charges are deducted. The fund also seeks to deliver a positive return over any 3-year period (net of charges), regardless of market conditions. However, there is a risk to capital, and there is no guarantee that a positive return will be achieved in 3 years, or any other timescale.

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Threadneedle Ethical UK Equity -U Name and objective change Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 01 Jul 2019
Current objective

To achieve a total return by way of income and capital growth by investing in companies that meet the ACD’s criteria for responsible and ethical practices. The investment policy is to invest predominantly in shares of UK companies that meet the fund’s ethical investment criteria as determined and published by the ACD from time to time.

New Objective

To achieve a return over the long term, consisting of capital growth and some income, achieved through investment in companies that are positively exposed to sustainable themes through their products and services, as well as those with strong or improving environmental, social and governance (ESG) characteristics.

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Please note: the fund is also changing it's name to Threadneedle UK Sustainable Equity -U
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LifeStyle Gilt Objective change Old Mutual Wealth Life Assurance Limited and Professional Life Assurance Limited 28 Jun 2019
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Quilter Investors Equity 2 Objective Change Old Mutual Wealth Limited, Old Mutual Wealth Life & Pensions Limited and Old Mutual Wealth Life Assurance Limited 18 Jun 2019
Old Objective

To provide long term total return from capital growth and income in a portfolio of predominantly UK equities.

New Objective

To achieve a combination of income and capital growth.

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M&G Episode Macro (Share class T) -U Objective change Old Mutual Wealth Limited, and Old Mutual Wealth Life & Pensions Limited 14 Jun 2019
Old objective

To deliver a higher total return, with lower volatility on average, than global equities over a rolling three to five-year period. The fund will typically invest in a variety of equity index futures, currency forwards, interest rate swaps, and other highly-liquid derivatives.

New objective

To deliver a total return (the combination of capital growth and income) of at least 4-8% per annum above the 3-month LIBOR over any five-year period, after charges are taken. The fund typically uses derivatives to gain exposure to a range of asset classes including equities, fixed income securities, convertibles and currencies, from anywhere in the world.

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Royal London Cash Plus Objective Change Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 20 May 2019
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Please note: There is no change to the IA sector, TW sector or Fund Type for Illustrations.
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Baillie Gifford Greater China Name & objective change Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 02 May 2019
Old Objective

To produce capital growth over the long term by investing primarily in the shares of companies that are either domiciled, incorporated or conduct a significant portion of their operations in one or more of mainland China, Hong Kong or Taiwan.

New objective

To achieve long term capital growth by investing at least 90% in the shares of, or depositary receipts representing the shares of, Chinese companies.

Chinese companies are companies that have their headquarters or conduct a significant part of their operations in China and may be listed, quoted or traded on any market. Depositary receipts are transferable securities issued by a bank and which represent the shares of a company. Many Chinese companies are available for investment only through depositary receipts.  

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Please note: the fund is also changing it's name.
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