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May 2022 sector review - A fresh look at the defined fund range
As part of our ongoing fund governance we have completed the second stage of our latest review, to ensure the fund choices continue to remain appropriate for your investment goals.
For our May 2022 review we have looked at the Global Equity, Global Bond, UK Equity and Asian Bond sectors.
Why we conduct reviews
By reviewing funds on a regular basis, using tools from independent global investment research company Morningstar®, the company that powers our interactive fund centres, we seek to identify and add funds that stand out in their respective peer groups for performance, risk/reward balance, objectives or investment style. We also look at funds that analysts at Morningstar believe will outperform their sector.
A review isn't just about adding funds. Importantly, we also take steps to remove funds we feel are no longer appropriate for the range. Our goal is to provide you with a best of breed range of quality funds covering a variety of sectors, regions and asset classes.
THE CHANGES FOR MAY 2022
We are adding a number of new funds across the products listed above, which are available for investment from May 2022. These are now featured in the fund guides published from May onwards and in the fund centres.
We've also removed some funds with immediate effect and these are now closed to new business and switches in. Existing investors affected by the removals have been written to providing them with two months’ notice of our intention to switch their holdings out and into an alternative fund. You can continue to invest in the closing fund(s) until we switch them out. Switches will take place between 20 July and 3 August 2022. Samples of these letters can be viewed opposite.
If you are happy with our choice of receiving fund then you do not need to do anything and will be switched automatically (including redirection of any regular payment allocation where applicable). However, if you would prefer to switch to a different fund it’s very easy to do. Switches can be submitted by completing and returning a Fund switch instruction form or, if registered for online switching, conducting a switch online fast and efficiently.
Click on the sliders below to see details of the changes for each product range.
We've removed ten funds (14 including currency variants) that no longer satisfy the requirements of the range. These funds are no longer available to new business plans or switches in from existing plan owners wishing to invest in the funds for the first time.
The table below outlines the closing funds and the receiving funds we will automatically switch plan owners into.
Sector: Global Equity
Closing fund
OCF**
Receiving fund
OCF**
MFS Meridian Global Equity A1 Acc USD – LU0219441069
1.90%
BNY Mellon Long-Term Global Equity A Acc USD – IE00B29M2J34
2.10%
MFS Meridian Global Equity A1 Acc GBP – LU0219431268
1.90%
BNY Mellon Long-Term Global Equity A Acc GBP – IE00B42QQV61
2.10%
MFS Meridian Global Equity A1 Acc EUR – LU0094560744
1.90%
BNY Mellon Long-Term Global Equity A Acc EUR – IE00B29M2H10
2.10%
Sector: Global Bond
Closing fund
OCF**
Receiving fund
OCF**
M&G Global Macro Bond A Acc GBP – GB0031616815
1.03%
Jupiter Dynamic Bond L Acc GBP – LU0853555547
1.45%
Sector: UK Equity
Closing fund
OCF**
Receiving fund
OCF**
JPM UK Dynamic A Net Acc GBP – GB0009698001
1.55%
BMO Responsible UK Equity 1 Acc GBP – GB0030833981
1.57%
JOHCM UK Dynamic B Acc GBP – GB00B4T7JX59
1.30%
BMO Responsible UK Equity 1 Acc GBP – GB0030833981
1.57%
ASI UK Equity A Acc GBP – GB00B0LG6H52
1.30%
BMO Responsible UK Equity 1 Acc GBP – GB0030833981
1.57%
JOHCM UK Opportunities B Acc GBP – GB00B0LLB757
1.40%
BGF United Kingdom A2 Acc GBP – LU0011847091
1.82%
Ninety One UK Alpha A Acc GBP – GB0031075228
1.58%
Invesco UK Opportunities (UK) Acc GBP – GB0033031153
1.66%
Artemis UK Smaller Companies R Acc GBP – GB0002583598
1.61%
Ninety One UK Smaller Companies A Acc GBP – GB0031075558
1.58%
Sector: Asian Bond
Closing fund
OCF**
Receiving fund
OCF**
Pictet-Asian Local Currency Debt P Acc USD – LU0255797556
1.54%
Schroder ISF Asian Local Currency Bond A Acc USD – LU0358729142
1.23%
Pictet-Asian Local Currency Debt P Acc EUR – LU0280438309
1.54%
Schroder ISF Asian Local Currency Bond A Acc EUR – LU0871640552
1.23%
Templeton Asian Bond A Acc USD – LU0229949994
1.40%
Schroder ISF Asian Local Currency Bond A Acc USD – LU0358729142
1.23%
Templeton Asian Bond A Acc EUR – LU0229951891
1.40%
Schroder ISF Asian Local Currency Bond A Acc EUR – LU0871640552
1.23%
ADDITIONS - LifePlan
We've added three new funds to the range (four including currency variants) for the sectors below.
Sector: Global Bond
Fund name
Currency options
Morningstar category
Morningstar Star Rating*
OCF**
PIMCO GIS Global Bond
USD
Global Bond - USD Hedged
4 Star
1.39%
Sector: UK Equity
Fund name
Currency options
Morningstar category
Morningstar Star Rating*
OCF**
BMO Responsible UK Equity
GBP
UK Flex-Cap Equity
4 Star
1.57%
Sector: Asian Bond
Fund name
Currency options
Morningstar category
Morningstar Star Rating*
OCF**
Schroder ISF Asian Local Currency Bond
USD
EUR
Asia Bond - Local Currency
4 Star
5 Star
1.23%
1.23%
REMOVALS - LifePlan
We've removed four funds (six including currency variants) that no longer satisfy the requirements of the range. These funds are no longer available to new business plans or switches in from existing plan owners wishing to invest in the funds for the first time.
The table below outlines the closing funds and the receiving funds we will automatically switch plan owners into.
Sector: Global Bond
Closing fund
OCF**
Receiving fund
OCF**
M&G Global Macro Bond A Acc GBP – GB0031616815
1.03%
Jupiter Dynamic Bond L Acc GBP – LU0853555547
1.45%
Sector: UK Equity
Closing fund
OCF**
Receiving fund
OCF**
JOHCM UK Opportunities B Acc GBP – GB00B0LLB757
1.40%
BGF United Kingdom A2 Acc GBP – LU0011847091
1.82%
Sector: Asian Bond
Closing fund
OCF**
Receiving fund
OCF**
Pictet-Asian Local Currency Debt P Acc USD – LU0255797556
1.54%
Schroder ISF Asian Local Currency Bond A Acc USD – LU0358729142
1.23%
Pictet-Asian Local Currency Debt P Acc EUR – LU0280438309
1.54%
Schroder ISF Asian Local Currency Bond A Acc EUR – LU0871640552
1.23%
Templeton Asian Bond A Acc USD – LU0229949994
1.40%
Schroder ISF Asian Local Currency Bond A Acc USD – LU0358729142
1.23%
Templeton Asian Bond A Acc EUR – LU0229951891
1.40%
Schroder ISF Asian Local Currency Bond A Acc EUR – LU0871640552
1.23%
ADDITIONS - Protected Lifestyle
We've added one new fund to the range to the sector below.
Sector: Asian Bond
Fund name
Currency options
Morningstar category
Morningstar Star Rating*
OCF**
Schroder ISF Asian Local Currency Bond
USD
Asia Bond - Local Currency
4 Star
1.23%
REMOVALS - Protected Lifestyle
We've removed one fund that no longer satisfies the requirements of the range. This fund is no longer available to new business plans or switches in from existing plan owners wishing to invest in the fund for the first time.
The table below outlines the closing fund and the receiving fund we will automatically switch plan owners into.
Sector: Asian Bond
Closing fund
OCF**
Receiving fund
OCF**
Templeton Asian Bond A Acc USD – LU0229949994
1.40%
Schroder ISF Asian Local Currency Bond A Acc USD – LU0358729142
1.23%
REMOVALS - Protected Lifestyle Lebanon
We've removed one fund that no longer satisfies the requirements of the range. This fund is no longer available to new business plans or switches in from existing plan owners wishing to invest in the fund for the first time.
The table below outlines the closing fund and the receiving fund we will automatically switch plan owners into.
Sector: Asian Bond
Closing fund
OCF**
Receiving fund
OCF**
Pictet-Asian Local Currency Debt P Acc USD – LU0255797556
1.54%
Schroder ISF Asian Bond Total Return A Acc USD – LU0106250508
1.37%
Notes:
Information contained within these tables is sourced from Morningstar® and is correct as at 10 May 2022.
* Morningstar® awards a Star rating based on historic returns adjusted for risk and charges, with the top 10% of funds in a category awarded a 5 Star and the bottom 10% a 1 Star.
** Ongoing Charge (“OCF”) includes the Annual Management Charge plus other operational expenses, so better reflects the total costs applied to the fund.
