New name: OMR Jupiter Global Macro Bd
New Objective: To seek to achieve income and capital growth, delivering a positive total return, net of fees, higher than the Sterling Overnight Interbank Average rate over rolling 3-year periods. Capital invested in the fund is at risk and there is no guarantee that a positive total return will be achieved over rolling 3-year periods or in respect of any other time period.
The Trust aims to provide a total return, including both capital growth and dividend income (after fees have been deducted), in excess of the MSCI Europe ex UK Small Cap (Total Net Return) Index over a rolling five year period by investing in equity and equity related securities in Europe excluding the United Kingdom. The Trust will seek to achieve its Investment objective by investing at least 75% of its total assets directly and indirectly in equities and equity-related securities of smaller companies incorporated in, or exercising the predominant part of their economic activity in Europe. 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.
We wrote over a year ago to let customers know that a number of funds they held with underlying investment in Russia had been suspended. The Barings Eastern Europe Fund (which we referred to as the OMR Barings Eastern Europe in our previous letter) was one of these funds.
The Fund Manager of the underlying fund, Barings, has decided to transfer the available assets, which weren’t linked to Russia, from this fund to a new fund called the Barings Eastern Europe II Fund. This new fund will not be suspended, therefore we will be able to add units back into policies for the equivalent value in the OMR Barings Eastern Europe, after which customers will be able to transact on this new fund.
Please note that because customers will still have some money invested in the original OMR Barings Eastern Europe Fund which holds Russia linked underlying assets, the existing restrictions on what they can and can’t do will still apply to this holding.
We are aiming to have all relevant payments calculated and made to customer plans by the end of July. A further letter will be issued once the payment has been made.
The Fund Manager (Fulcrum Asset Management LLP) has advised that they have closed the underlying fund that is held by the OMR Fulcrum Risk Premia Fund on 26/06/2023. As a result, the closing OMR fund will be closed to new business immediately. We will provide an update to customers invested shortly explaining what this means for them and what their options are.
Default Replacement Fund: L&G JupiterCorporate Bond Fund
Closing Fund TER: 0.35%
Default Replacement Fund TER: 0.35%
Objective of Default Replacement Fund: The objective of the Fund is to provide income with the prospect of capital growth, in order to achieve a return, net of fees, higher than the ICE BofA Sterling Non-Gilt Index over the long term (at least five years). The Fund will aim to achieve its investment oAbjective by investing at least 70% of the Fund in fixed interest securities, as well as convertible bonds and preference shares, issued by companies based anywhere in the world and denominated in sterling or hedged back to sterling.
Default Replacement Fund: OMR Jupiter Corporate Bond Fund
Closing Fund TER: 0.77%
Default Replacement Fund TER: 0.77%
Objective of Default Replacement Fund: The objective of the Fund is to provide income with the prospect of capital growth, in order to achieve a return, net of fees, higher than the ICE BofA Sterling Non-Gilt Index over the long term (at least five years). The Fund will aim to achieve its investment objective by investing at least 70% of the Fund in fixed interest securities, as well as convertible bonds and preference shares, issued by companies based anywhere in the world and denominated in sterling or hedged back to sterling. 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.
Investment Objective paragraph change.
The Fund aims to provide income with the opportunity for capital growth (i.e., to grow the value of your investment) over 5 years. The Fund is actively managed and invests in a broad range of assets around the world (including in developed and emerging markets). These assets include the shares of companies, bonds (or similar debt-based assets) of borrowers, listed property securities (such as real estate investment trusts) and other alternative assets (such as investment trusts in infrastructure). Investments may be held directly in the asset itself (excluding commodities and property) or indirectly (e.g., using derivatives (financial contracts whose value is linked to the price of an underlying asset), exchange traded products and/or in funds). 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.
Investment Objective paragraph change.
The Fund aims to provide income with the opportunity for capital growth (i.e. to grow the value of your investment) over 5 years. The Fund is actively managed and invests in a broad range of assets around the world (including in developed and emerging markets). These assets include the shares of companies, bonds (or similar debt-based assets) of borrowers, listed property securities (such as real estate investment trusts) and other alternative assets (such as investment trusts in infrastructure). Investments may be held directly in the asset itself (excluding commodities and property) or indirectly (e.g., using derivatives (financial contracts whose value is linked to the price of an underlying asset), exchange traded products and/or in funds). 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.
Investment Objective paragraph change.
The Fund aims to provide income with the opportunity for capital growth (i.e., to grow the value of your investment) over 5 years. The Fund is actively managed and invests in a broad range of assets around the world (including in developed and emerging markets). These assets include the shares of companies, bonds (or similar debt-based assets) of borrowers, listed property securities (such as real estate investment trusts) and other alternative assets (such as investment trusts in infrastructure). Investments may be held directly in the asset itself (excluding commodities and property) or indirectly (e.g., using derivatives (financial contracts whose value is linked to the price of an underlying asset), exchange traded products and/or in funds). 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.
To provide income with the prospect of capital growth, in order to achieve a return, net of fees, higher than the ICE BofA Sterling Non-Gilt Indexover the long term (at least five years). At least 70% of the Fund is invested in fixed interest securities issued by companies based anywhere in the world. Up to 30% of the Fund may be invested in other assets, including openended funds (including funds managed by Jupiter and its associates), cash and near 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.
