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Objective and policy changes

Name Description Fund Range Effective Date
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
Aviva Investors (various funds x7) Objective Change Old Mutual Wealth Limited, and Old Mutual Wealth Life & Pensions Limited 07 Aug 2019
For information: Orange arrowview change details
Aviva Investors Multi-Manager (various funds) Objective Change Old Mutual Wealth Limited, and Old Mutual Wealth Life & Pensions Limited 07 Aug 2019
For information: Orange arrowview change details
Aviva Investors Multi-Asset I-V Objective Change Old Mutual Wealth Limited, and Old Mutual Wealth Life & Pensions Limited 07 Aug 2019
For information: Orange arrowview change details
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.

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
For information: Orange arrowview change details
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).

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.

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
LifeStyle Gilt Objective change Old Mutual Wealth Life Assurance Limited and Professional Life Assurance Limited 28 Jun 2019
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.

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.

Royal London Cash Plus Objective Change Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 20 May 2019
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.
Royal London Duration Hedged Credit -U Objective & IA Sector Change Old Mutual Wealth Limited & Old Mutual Wealth Life & Pensions Limited 01 May 2019
Old objective

To achieve a positive absolute return over the medium (5 years) to long (7 years) term in all market conditions. The Fund does not offer any element of capital protection or guarantee that this return will be achieved. The fund will be actively managed, with the majority of assets in investment grade corporate bonds across a range of maturities.

New objective

To achieve a positive absolute return over rolling three year periods in all market conditions. The fund does not offer any element of capital protection or guarantee that this return will be achieved.The fund will be actively managed, with the majority of assets in investment grade corporate bonds across a range of maturities.

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Please note: the IA sector will change to IA Targeted Absolute Return.
Sarasin Sterling Bond -U Objective change Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited 01 May 2019
Current Objective

To achieve an income at a premium to the FTSE Gilts All Stocks Index and to achieve an overall return higher than that index over the medium term. The fund is expected to invest predominantly either directly or indirectly in fixed income assets with the majority invested either directly or indirectly in Pounds Sterling denominated government, corporate, asset-backed, index-linked, convertible and structured bonds.

New Objective

To achieve an income at a premium to the ICE BOAML UK Gilts All Stocks Index and to achieve an overall return higher than the fund’s benchmark of 50% ICE BOAML UK Gilts All Stocks Index and 50% ICE BOAML UK Sterling non-Gilt Index over the medium term. The fund is expected to invest predominantly either directly or indirectly in fixed income assets with the majority invested either directly or indirectly in Pounds Sterling denominated government, corporate, asset-backed, index-linked, convertible and structured bonds.

Vanguard (Ireland) Limited Objective change Old Mutual Wealth Limited Old Mutual Wealth Life & Pensions Limited 29 Apr 2019
Old objective

To provide returns consistent with the performance of the Index of the Bloomberg Barclays Global Aggregate Ex US MBS 1-5 Year Float Adjusted Bond index or any other similar index selected by the Directors. The Index is a market-weighted index of global government, government-related agencies, corporate and securitised bonds, excluding U.S. mortgage backed securities, with a maturity between 1 and 5 years.

New objective

To provide returns consistent with the performance of the Index of the Bloomberg Barclays Global Aggregate Ex US MBS 1-5 Year Float Adjusted and Scaled index or any other similar index selected by the Directors. The Index is a market-weighted index of global government, government-related agencies, corporate and securitised bonds, excluding U.S. mortgage backed securities, with a maturity between 1 and 5 years.

M&G Japan Smaller Companies Objective change Old Mutual Wealth Limited, Old Mutual Wealth Life & Pensions Limited and Old Mutual Wealth Life Assurance Limited 24 Apr 2019
Old objective

To achieve long term capital growth by investing wholly or predominantly in securities of smaller Japanese companies, the universe for which is the bottom third in terms of total market capitalisation of all publically listed equity in Japan. When not wholly invested as above, the fund may also invest in medium sized and larger companies in order to enhance its liquidity.

New objective

To provide a higher total return (the combination of capital growth and income), net of the ongoing charge figure, than that of the Russell/Nomura Mid-Small Cap Index over any five-year period. At least 80% of the fund will invest in equity securities and equity-related securities of smaller companies that are incorporated, domiciled or do most of their business in Japan.

Threadneedle American Select Objective Change Old Mutual Wealth Life Assurance Limited, Old Mutual International Guernsey Limited, Old Mutual Wealth Limited, and Old Mutual Wealth Life & Pensions Limited 15 Apr 2019
Old objective

To achieve above-average capital growth through investing in companies domiciled in North America or which have significant North American operations. These include smaller and emerging growth companies, those with potential for merger or takeover, those with new management recovery situations and exploration companies. There will be no particular sector specialisation.

New objective

To achieve above average capital growth over the long term by looking to outperform the S&P 500 Index after charges, when measured over rolling 3-year periods. The fund is actively managed and invests at least 75% of its assets in a concentrated portfolio of shares of companies domiciled in the United States of America (US), or which have significant US business operations.

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Please note: there will be no changes to the IA sector, TW sector or Fund Type for Illustrations.
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