Current TER: 0.90875%
New TER: 1.06%
Default Replacement Fund: OMR Blackrock Absolute Return Bond Fund
Closing Fund TER: 0.82%
Default Replacement Fund TER: 0.81%
Objective of Default Replacement Fund:
The aim of the Fund is to provide a positive absolute return on your investment (i.e. an increase in the overall value of the Fund) (gross of fees) over any 12 month period regardless of market conditions. In order to seek to achieve its investment objective the Fund will use a variety of investment strategies and instruments to gain exposure to fixed income securities (i.e. bonds) and money market instruments (i.e. debt securities with short term maturities), issued by companies, governments, government agencies and supranationals worldwide. The Fund will seek to take long investment positions (i.e. buy an equity, bond or currency with the expectation that the asset will rise in value) and use derivatives (i.e. investments the prices of which are based on one or more underlying assets) to take long and short investment positions (i.e. buy or sell a derivative with the expectation that the underlying asset will rise or fall in value).
New objective:
The objective of the Fund is to generate growth over the longer term (5 years or more) by investing in European smaller capitalisation equities (company shares).The Fund aims to achieve the return of
the FTSE Developed Europe Small Cap Index, plus 3% per annum over rolling five year
periods (before charges). The Performance Target is the level of performance that the
management team hopes to achieve for the fund. There is however no certainty or promise
that they will achieve the Performance Target.
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 name: OMR Premier Responsible UK Eq
New name: OMR ASI Global Responsible Equity
New name: Jupiter Global Macro Bond Fund
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.
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.
