Default Replacement Fund: AXA Framlington Global Thematics Fund
Closing Fund TER: 1.55%
Default Replacement Fund TER: 1.56%
Objective of Default Replacement Fund:
The aim of this Fund is to provide long-term capital growth over a period of 5 years or more. 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 (meaning at least 80% of its assets) 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 Manager has full discretion to select investments for the Fund in line with the above investment policy and in doing so may take into consideration the MSCI All Country World index.
This fund invests in the underlying retail fund in order to track its performance, this means that fund performance may differ to the underlying fund.
The merging fund will be suspended from 23/01/2025. Customers will be invested in the new fund from 24/01/2025, however their switches will not process until at least a week following the conversion.
New Fund Name: OMR AXA Global Sustainable Managed Fund
New Investment Objective: The aim of this Fund is to:
(i) provide long-term capital growth over a period of 5 years or more.
(ii) contribute to the global transition to net zero by investing in shares in companies which demonstrate a clear and credible commitment to achieving net zero carbon emissions by 2050 or are decreasing their carbon emissions intensity to achieve net zero emissions by 2050.
The fund invests: between 70 – 85% of its Net Asset Value in shares of listed companies of any size and based anywhere in the world (including emerging markets), which the Manager believes will provide above-average returns, relative to their industry peers and at least 70% of its Gross Asset Value in companies which are categorised by the Manager as either Committed to Align, Aligning or Aligned to a net zero carbon economy; and between 15 – 30% of its Net Asset Value in bonds issued by developed markets, governments and cash.
This fund invests in the underlying retail fund in order to track its performance, this means that fund performance may differ to the underlying fund.
New Fund Name: OMR AXA UK Sustainable Equity Fund
New Investment Objective: The aim of this Fund is to:
(i) provide long-term capital growth over a period of 5 years or more.
(ii) contribute to the global transition to net zero by investing in shares in companies which demonstrate a clear and credible commitment to achieving net zero carbon emissions by 2050 or are decreasing their carbon emissions intensity to achieve net zero emissions by 2050.
The Fund invests:
• at least 70% of its Net Asset Value in shares of companies domiciled, incorporated or having significant business in the UK which the Manager believes will provide above-average returns, relative to their industry peers; and at least 70% of its Gross Asset Value in companies which are categorised by the Manager as either Committed to Align, Aligning or Aligned to a net zero carbon economy.
• at least 80% of its Net Asset Value in shares in large and medium-sized companies.
This fund invests in the underlying retail fund in order to track its performance, this means that fund performance may differ to the underlying fund.
Default Replacement Fund: OMR Columbia Threadneedle UK Fund
Closing Fund TER: 0.77%
Default Replacement Fund TER: 1.14%
Objective of Default Replacement Fund:
The Fund aims to achieve investment growth over the long term (5 years, or more). It also looks to outperform the FTSE All-Share Index (the “Index”) over rolling 3-year periods, after the deduction of charges.
The Fund invests at least 90% of its assets in shares of companies listed on the London Stock Exchange; predominantly companies domiciled in the UK, or which have significant UK business operations. There is no restriction on size, but investment tends to focus on the larger companies.
This fund invests in the underlying retail fund in order to track its performance, this means that fund performance may differ to the underlying fund.
Customers will be invested in the new fund from 31/01/2025, but these changes may not be visible until up to 2 weeks following this date.
On 4th December 2024 we were informed by Artemis Fund Managers Limited that the Artemis European Select Fund would be merged with the Artemis SmartGARP European Equity Fund on 10th January 2025. As a result there will be a change to the fund customers currently hold.
Default replacement fund: Artemis SmartGARP European Equity Fund
Closing Fund IMC: 0.84%
Default Replacement Fund IMC: 0.86%
Objective of Default Replacement Fund: To grow capital over a five year period. The Fund invests 80% to 100% in company shares. Up to 20% in bonds, cash and near cash, other transferable
securities, other funds (up to 10%) managed by Artemis and third party funds, money market instruments, and derivatives. At least 80% in Europe (excluding the United Kingdom). Up to 20% in other countries.
The Fund Manager Aegon Asset Management has advised that they are closing the fund to all purchases with immediate effect whilst they complete the process of closing the fund. The decision to close the fund has been taken due to fund size having not grown as anticipated since the launch. The fund is still open for redemptions, so customers are still able to withdraw and switch out of the fund until valuation point 28/01/2025.
The fund will close on 31/01/2025. We will provide an update to customers invested shortly explaining what this means for them and what their options are.
Default Replacement Fund: OMR Man Japan CoreAlpha Fund
Closing Fund TER: 0.83%
Default Replacement Fund TER: 0.87%
Objective of Default Replacement Fund:
The investment objective of the Fund is to provide capital growth by outperforming (net of fees) each of (i) TOPIX Total Return Index and (ii) the Russell/Nomura Large Cap Value Total Return Index, both converted to sterling, in a rolling five year period. To achieve the objective, the Fund invests at least 80% of its assets in (i) equities of Japanese companies; or (ii) companies which derive a substantial part of their revenues from activities in Japan.
This fund invests in the underlying retail fund in order to track its performance, this means that fund performance may differ to the underlying fund.
Customers will be invested in the new fund from 20/01/2025, but these changes may not be visible until up to 2 weeks following this date.
We are expecting to receive a fourth payment from M&G which we will be passing on to customers shortly after. Those customers invested in the impacted funds will have their payments added to their plans in the following replacement funds:
OMR M&G Feeder of Property Portfolio > OMR L&G Property Feeder
AL M&G Property > AL abrdn Property
M&G Feeder of Property Portfolio (Life&Pension)> L&G Property Feeder
We will be issuing a letter to customers shortly after the units have been added to plans. We expect to receive further payments in future and will provide further information when we do.
Old share class: A
New share class: C
Old share class: A
New share class: C
