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
Old share class: A
New share class: C
Old share class: A
New share class: C
Old share class: A
New share class: B
Old share class: A
New share class: B
