February 2023 sector review - Closures impacting our defined fund ranges
As part of our ongoing fund governance we have completed the fourth stage of our latest review, to ensure the fund choices continue to remain appropriate for your investment goals.
For our February 2023 review we have looked at the Specialist, Fixed Interest - Sterling, Fixed Interest - Emerging Markets and Equity North American 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. Those funds you've asked to see in the range will be considered as long as they provide the necessary qualities and fit our parameters.
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 February 2023
We have removed some funds with immediate effect. 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. These clients can continue to invest in the closing fund(s) until we switch them out. Switches will take place between 3 and 17 May 2023. Samples of these letters can be viewed opposite.
If clients are happy with our choice of receiving fund then they do not need to do anything and will be switched automatically (including redirection of any regular payment allocation where applicable). However, if they 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.
REMOVALS - Regular Savings Plan, Oracle, Quantum, Paragon (including Malaysia variants)
REMOVALS - LifePlan
Notes:
Information contained within these tables is sourced from Morningstar® and is correct as at 20 February 2023.
* Ongoing Charge (“OCF”) includes the Annual Management Charge plus other operational expenses, so better reflects the total costs applied to the fund.